(registered trademark)
FIDELITY
INSTITUTIONAL
MONEY MARKET
FUNDS
ANNUAL REPORT
MARCH 31, 1996
FIMM-ANN-0596
12574
CONTENTS
SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS
FIDELITY INSTITUTIONAL CASH PORTFOLIOS:
TREASURY (FORMERLY TREASURY II) 3
GOVERNMENT 10
DOMESTIC 18
MONEY MARKET 27
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT 38
DAILY MONEY FUND:
TREASURY ONLY 58
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET 65
(FORMERLY DOMESTIC MONEY MARKET PORTFOLIO)
NOTES TO FINANCIAL STATEMENTS 74
REPORT OF INDEPENDENT ACCOUNTANTS / COOPERS & LYBRAND L.L.P. 82
REPORT OF INDEPENDENT ACCOUNTANTS / PRICE WATERHOUSE LLP 83
FUND GOALS:
EACH OF TREASURY, GOVERNMENT, DOMESTIC, MONEY MARKET, TREASURY ONLY, AND
RATED MONEY MARKET SEEKS TO OBTAIN AS HIGH A LEVEL OF CURRENT INCOME AS IS
CONSISTENT WITH THE PRESERVATION OF PRINCIPAL AND LIQUIDITY WITHIN THE
LIMITATIONS PRESCRIBED FOR THE FUND.
TAX EXEMPT SEEKS AS HIGH A LEVEL OF INTEREST INCOME EXEMPT FROM FEDERAL
INCOME TAX AS IS CONSISTENT WITH A PORTFOLIO OF HIGH-QUALITY, SHORT-TERM
MUNICIPAL OBLIGATIONS SELECTED ON THE BASIS OF LIQUIDITY AND STABILITY OF
PRINCIPAL.
INVESTMENTS IN THE FUNDS ARE NEITHER INSURED NOR GUARANTEED BY THE U.S.
GOVERNMENT, AND THERE CAN BE NO ASSURANCE THAT
THE FUNDS WILL MAINTAIN A STABLE $1.00 SHARE PRICE.
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 IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL THE APPROPRIATE NUMBER LISTED BELOW. READ
THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
RETIREMENT PLAN LEVEL ACCOUNTS
CORPORATE CLIENTS 1-800-962-1375
"NOT FOR PROFIT" CLIENTS 1-800-343-0860
FINANCIAL AND OTHER INSTITUTIONS
NATIONWIDE 1-800-843-3001
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY (FORMERLY TREASURY II)
INVESTMENTS MARCH 31, 1996
Showing Percentage of Total Value of Investments
U.S. TREASURY OBLIGATIONS - 32.0%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 1.2%
4/18/96 5.01% $ 75,000,000 $ 74,823,802
4/18/96 5.02 25,000,000 24,941,208
99,765,010
U.S. TREASURY NOTES - 30.8%
4/15/96 5.51 61,000,000 61,081,851
4/15/96 5.66 14,000,000 14,018,786
4/30/96 5.16 100,000,000 100,018,240
4/30/96 5.18 40,000,000 40,072,580
4/30/96 5.58 96,000,000 96,135,333
4/30/96 5.63 127,000,000 126,971,227
4/30/96 5.65 121,000,000 120,971,505
4/30/96 5.73 31,000,000 30,992,976
4/30/96 5.74 59,000,000 59,033,817
5/15/96 5.15 134,000,000 134,335,944
5/15/96 5.18 184,374,000 184,151,185
5/15/96 5.19 200,000,000 199,755,616
5/15/96 5.42 50,000,000 50,100,261
5/15/96 5.20 298,000,000 298,729,355
5/15/96 5.43 66,000,000 66,131,232
5/15/96 5.45 87,000,000 86,860,534
6/30/96 5.16 100,000,000 100,634,894
7/31/96 5.05 8,000,000 8,071,398
8/15/96 5.00 312,000,000 311,217,750
8/15/96 5.01 18,000,000 17,954,100
8/15/96 5.06 48,000,000 47,869,602
9/30/96 4.87 80,000,000 80,547,685
9/30/96 4.89 211,000,000 212,421,503
9/30/96 4.91 19,595,000 19,724,977
9/30/96 4.92 34,000,000 34,223,646
9/30/96 4.95 75,000,000 75,480,634
9/30/96 4.98 63,000,000 63,395,321
2,640,901,952
TOTAL U.S. TREASURY OBLIGATIONS 2,740,666,962
REPURCHASE AGREEMENTS - 68.0%
MATURITY VALUE
AMOUNT (NOTE 1)
With Donaldson, Lufkin & Jenrette Securities Corp.:
At 5.40%, dated 3/29/96 due 4/1/96:
U.S. Treasury Obligations
(principal amount $112,200,513)
0% to 9.00%,
6/27/96 to 2/15/25 $ 110,049,500 $ 110,000,000
With Goldman Sachs & Co.:
At 5.13%, dated 3/6/96 due 5/31/96:
U.S. Treasury Obligations
(principal amount $406,202,881)
8.125% to 12.00%,
8/15/13 to 8/15/19 399,840,725 395,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 3/29/96 due 4/1/96
(Notes 2 and 3):
At 5.31% 401,596,630 401,419,000
At 5.42% 405,640,114 405,457,000
At 5.44% 4,521,040,183 4,518,992,000
TOTAL REPURCHASE AGREEMENTS 5,830,868,000
TOTAL INVESTMENTS - 100% $ 8,571,534,962
Total Cost for Income Tax Purposes $ 8,571,534,962
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $1,038,000 of which $31,000, $142,000, $1,000, $330,000 and
$534,000 will expire on March 31, 1997, 1999, 2001, 2002 and 2003,
respectively.
A total of 23.0% of the dividends distributed during the fiscal year was
derived from interest on U.S. Government securities which is generally
exempt from state income tax.
The fund will notify shareholders in January 1997 of the applicable
percentage for use in preparing 1996 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY (FORMERLY TREASURY II)
FINANCIAL STATEMENTS
*STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1996
ASSETS
Investment in securities, at value (including repurchase agreements of $5,830,868,000) - $ 8,571,534,962
See accompanying schedule
Interest receivable 64,785,759
1.TOTAL ASSETS 8,636,320,721
LIABILITIES
Share transactions in process $ 17,574
Distributions payable 23,813,659
Accrued management fee 1,698,813
Other payables and accrued expenses 969,026
2.TOTAL LIABILITIES 26,499,072
NET ASSETS $ 8,609,821,649
Net Assets consist of:
Paid in capital $ 8,610,868,453
Accumulated net realized gain (loss) on investments (1,046,804)
NET ASSETS $ 8,609,821,649
CLASS I (FORMERLY CLASS A): $1.00
NET ASSET VALUE, offering price and redemption price per share
($7,134,049,336 (divided by) 7,134,803,174 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price and redemption price per share
($40,470,143 (divided by) 40,474,418 shares)
CLASS III (FORMERLY CLASS B): $1.00
NET ASSET VALUE, offering price and redemption price per share
($1,435,302,170 (divided by) 1,435,453,836 shares)
</TABLE>
*STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1996
3.INTEREST INCOME $ 386,318,744
EXPENSES
Management fee $ 13,337,040
Transfer agent fees 1,755,672
Class I (formerly Class A)
Class II 8,541
Class III (formerly Class B) 231,989
Distribution fees 48,843
Class II
Class III (formerly Class B) 2,411,341
Accounting fees and expenses 550,798
Non-interested trustees' compensation 22,009
Custodian fees and expenses 68,020
Registration fees 18,228
Class I (formerly Class A)
Class II 55,492
Class III (formerly Class B) 128,467
Audit 104,633
Legal 43,090
Reports to shareholders 4,550
Miscellaneous 33,773
Total expenses before reductions 18,822,486
Expense reductions (3,272,965) 15,549,521
4.NET INTEREST INCOME 370,769,223
5.NET REALIZED GAIN (LOSS) ON INVESTMENTS 106,955
6.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 370,876,178
</TABLE>
*STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR YEAR
ENDED ENDED
MARCH 31, MARCH 31,
1996 1995
INCREASE (DECREASE) IN NET ASSETS
Operations $ 370,769,223 $ 204,544,686
Net interest income
Net realized gain (loss) 106,955 (367,507)
7.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 370,876,178 204,177,179
Distributions to shareholders from:
Net interest income
Class I (formerly Class A) (320,652,604) (198,121,404)
Class II (1,677,682) -
Class III (formerly Class B) (48,438,937) (6,423,282)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (formerly Class A) 1,299,702,691 136,596,010
Class II 40,474,418 -
Class III (formerly Class B) 849,830,905 580,447,397
Net asset value of Class I shares issued in exchange for the net assets of 1,004,156,957 -
Fidelity Institutional Cash Portfolios: Treasury
Net asset value of Class I shares issued in exchange for the net assets of 141,780,306 -
Fidelity Money Market Trust: U.S. Treasury Portfolio
8.TOTAL INCREASE (DECREASE) IN NET ASSETS 3,336,052,232 716,675,900
NET ASSETS
Beginning of period 5,273,769,417 4,557,093,517
End of period $ 8,609,821,649 $ 5,273,769,417
</TABLE>
*FINANCIAL HIGHLIGHTS - CLASS I (FORMERLY CLASS A)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
1996 1995 1994 1993 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .056 .047 .030 .034 .053
Less Distributions
From net interest income (.056) (.047) (.030) (.034) (.053)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.79% 4.78% 3.06% 3.46% 5.41%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 7,134,049 $ 4,688,198 $ 4,551,918 $ 5,589,663 $ 5,476,852
Ratio of expenses to average net assets .20% .18% .18% .18% .18%
B B B B B
Ratio of net interest income to average net assets 5.61% 4.71% 3.01% 3.38% 5.12%
</TABLE>
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
B FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS II
NOVEMBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000
Income from Investment Operations
Net interest income .021
Less Distributions
From net interest income (.021)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.14%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 40,470
Ratio of expenses to average net assets .35% A
, C
Ratio of net interest income to average net assets 5.18% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIOD SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS III (FORMERLY CLASS B)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
YEARS ENDED MARCH 31, OCTOBER 22, 1993
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996 1995 1994
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .054 .044 .012
Less Distributions
From net interest income (.054) (.044) (.012)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.50% 4.45% 1.21%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,435,302 $ 585,571 $ 5,175
Ratio of expenses to average net assets .46% .50% C .50% A,
C C
Ratio of net interest income to average net assets 5.28% 4.91% 2.69% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
INVESTMENTS MARCH 31, 1996
Showing Percentage of Total Value of Investments
FEDERAL AGENCIES - 77.6%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL FARM CREDIT BANK - AGENCY COUPONS (A) - 5.8%
4/1/96 5.34% $ 7,000,000 $ 6,999,301
4/1/96 5.40 82,000,000 81,991,808
4/1/96 5.54 6,000,000 5,995,481
4/1/96 5.58 94,000,000 93,934,779
188,921,369
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 11.1%
4/1/96 5.29 (a) 5,000,000 4,999,826
4/1/96 5.36 (a) 70,000,000 69,997,560
4/1/96 5.38 (a) 6,000,000 5,998,462
4/1/96 5.40 (a) 93,000,000 92,976,164
4/1/96 5.74 (a) 2,000,000 1,998,985
4/20/96 5.31 (a) 50,000,000 49,976,082
4/24/96 5.30 (a) 112,000,000 111,947,776
5/15/96 5.08 23,000,000 23,023,958
360,918,813
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 5.5%
4/24/96 5.27 71,000,000 70,764,122
4/25/96 5.07 20,580,000 20,511,126
5/7/96 5.06 87,965,000 87,525,175
178,800,423
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 1.5%
5/7/96 5.06 15,273,000 15,196,635
5/13/96 5.06 15,000,000 14,912,500
5/30/96 5.13 9,000,000 8,925,218
6/7/96 5.12 11,000,000 10,896,615
49,930,968
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 34.6%
4/1/96 5.27 (a) 3,000,000 3,000,000
4/1/96 5.37 (a) 11,000,000 10,991,628
4/1/96 5.38 (a) 223,000,000 222,860,135
4/1/96 5.77 (a) 6,000,000 6,000,000
4/1/96 5.85 (a) 190,000,000 190,000,000
4/2/96 5.41 (a) 108,000,000 107,957,655
4/11/96 5.22 (a) 42,000,000 41,978,738
4/25/96 5.37 (a) 166,000,000 165,826,753
5/1/96 5.33 (a) 95,000,000 94,921,097
5/14/96 5.34 (a) 56,000,000 56,403,537
5/21/96 5.15 (a) 31,000,000 30,976,826
6/10/96 5.58 1,000,000 999,872
6/10/96 5.66 21,765,000 21,762,212
6/20/96 5.35 (a) 45,000,000 44,953,877
10/4/96 5.79 (a) 7,000,000 7,000,000
10/4/96 5.81 (a) 113,000,000 113,000,000
1,118,632,330
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 13.1%
4/3/96 5.13% $ 17,900,000 $ 17,894,928
4/15/96 5.12 90,000,000 89,822,200
5/3/96 5.24 95,000,000 94,563,422
5/14/96 5.06 4,020,000 3,995,992
6/4/96 5.10 61,000,000 60,453,982
6/6/96 5.10 71,000,000 70,344,611
9/5/96 5.03 89,000,000 87,098,119
424,173,254
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 6.0%
4/1/96 5.53 5,000,000 5,000,183
4/1/96 5.59 5,000,000 5,004,299
4/2/96 5.32 5,000,000 5,000,000
4/2/96 5.37 170,000,000 170,000,000
6/30/96 5.22 9,100,000 9,117,168
194,121,650
TOTAL FEDERAL AGENCIES 2,515,498,807
U.S. TREASURY OBLIGATIONS - 11.0%
U.S. TREASURY NOTES
4/30/96 5.58 63,000,000 63,088,813
4/30/96 5.59 126,000,000 126,175,674
4/30/96 5.61 50,000,000 50,069,476
4/30/96 5.74 4,000,000 4,005,639
4/30/96 5.76 9,000,000 9,012,548
4/30/96 5.77 5,000,000 5,006,948
8/15/96 5.00 99,000,000 98,751,036
TOTAL U.S. TREASURY OBLIGATIONS 356,110,134
MEDIUM-TERM NOTES (A) (B) - 1.1%
Export-Import Bank, U.S. (as guarantor for K.A. Leasing, Ltd.)
4/15/96 5.37 10,739,403 10,739,403
4/15/96 5.44 26,317,511 26,317,511
TOTAL MEDIUM-TERM NOTES 37,056,914
REPURCHASE AGREEMENTS - 10.3%
MATURITY VALUE
AMOUNT (NOTE 1)
With Goldman Sachs & Co.:
At 5.50%, dated 3/22/96,
due 4/2/96:
(U.S. Treasury Obligations)
(principal amount $36,088,554)
6.933% to 7.50%,
12/1/25 to 9/1/34 $ 35,058,819 $ 35,000,000
With J.P. Morgan Securities, Inc.:
At 5.30%, dated 3/15/96,
due 6/19/96:
(U.S. Government Obligations)
(principal amount $112,708,056)
9.50%, 3/15/18
to 4/15/20 110,540,533 109,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 3/29/96, due 4/1/96:
At 5.31% 71,221,502 71,190,000
(U.S. Government Obligations)
dated 3/29/96, due 4/1/96:
At 5.52% 118,576,479 118,522,000
TOTAL REPURCHASE AGREEMENTS 333,712,000
TOTAL INVESTMENTS - 100% $ 3,242,377,855
Total Cost for Income Tax Purposes $ 3,242,377,855
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(b) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on the holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Export-Import Bank, U.S.
(as guarantor for
K.A. Leasing, Ltd.) 3/1/94 $ 37,056,914
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $1,096,700 of which $200, $53,000, $271,000, $761,000 and
$11,500 will expire on March 31, 1997, 2001, 2002, 2003 and 2004,
respectively.
A total of 29.2% of the dividends distributed during the fiscal year was
derived from interest on U.S. Government securities which is generally
exempt from state income tax.
The fund will notify shareholders in January 1997 of the applicable
percentage for use in preparing 1996 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
FINANCIAL STATEMENTS
*STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1996
ASSETS
Investment in securities, at value (including repurchase agreements of $333,712,000) - $ 3,242,377,855
See accompanying schedule
Interest receivable 26,613,388
9.TOTAL ASSETS 3,268,991,243
LIABILITIES
Share transactions in process $ 89,576
Distributions payable 9,451,748
Accrued management fee 409,623
Other payables and accrued expenses 313,638
10.TOTAL LIABILITIES 10,264,585
NET ASSETS $ 3,258,726,658
Net Assets consist of:
Paid in capital $ 3,259,747,310
Accumulated net realized gain (loss) on investments (1,020,652)
NET ASSETS $ 3,258,726,658
CLASS I (FORMERLY CLASS A): $1.00
NET ASSET VALUE, offering price and redemption price per share
($3,064,135,849 (divided by) 3,064,622,184 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price and redemption price per share
($102,144 (divided by) 102,161 shares)
CLASS III (FORMERLY CLASS B): $1.00
NET ASSET VALUE, offering price and redemption price per share
($194,488,665 (divided by) 194,519,533 shares)
</TABLE>
*STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1996
11.INTEREST INCOME $ 203,258,892
EXPENSES
Management fee $ 6,905,768
Transfer agent fees 956,432
Class I (formerly Class A)
Class II 49
Class III (formerly Class B) 27,168
Distribution fees 61
Class II
Class III (formerly Class B) 192,457
Accounting fees and expenses 309,220
Non-interested trustees' compensation 26,073
Custodian fees and expenses 69,456
Registration fees 55,699
Class I (formerly Class A)
Class II 12,989
Class III (formerly Class B) 90,615
Audit 47,735
Legal 23,574
Reports to shareholders 1,494
Miscellaneous 21,184
Total expenses before reductions 8,739,974
Expense reductions (1,810,837) 6,929,137
12.NET INTEREST INCOME 196,329,755
13.NET REALIZED GAIN (LOSS) ON INVESTMENTS (11,447)
14.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 196,318,308
</TABLE>
*STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR YEAR
ENDED ENDED
MARCH 31, MARCH 31,
1996 1995
INCREASE (DECREASE) IN NET ASSETS
Operations $ 196,329,755 $ 159,242,973
Net interest income
Net realized gain (loss) (11,447) (745,189)
15.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 196,318,308 158,497,784
Distributions to shareholders from:
Net interest income
Class I (formerly Class A) (192,250,800) (158,291,994)
Class II (2,158) -
Class III (formerly Class B) (4,076,797) (950,979)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (formerly Class A) (473,028,897) (442,739,820)
Class II 102,161 -
Class III (formerly Class B) 153,997,567 40,521,966
Net asset value of Class I shares issued in exchange for the net assets of 216,086,107 -
Fidelity Money Market Trust: U.S. Government Portfolio
16.TOTAL INCREASE (DECREASE) IN NET ASSETS (102,854,509) (402,963,043)
NET ASSETS
Beginning of period 3,361,581,167 3,764,544,210
End of period $ 3,258,726,658 $ 3,361,581,167
</TABLE>
*FINANCIAL HIGHLIGHTS - CLASS I (FORMERLY CLASS A)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
1996 1995 1994 1993 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .057 .048 .031 .035 .054
Less Distributions
From net interest income (.057) (.048) (.031) (.035) (.054)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.84% 4.86% 3.13% 3.56% 5.55%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 3,064,136 $ 3,321,066 $ 3,764,544 $ 5,686,166 $ 4,603,781
Ratio of expenses to average net assets .20%B .18%B .18%B .18%B .18%B
Ratio of net interest income to average net assets 5.69% 4.77% 3.07% 3.50% 5.33%
</TABLE>
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
B FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS II
NOVEMBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000
Income from Investment Operations
Net interest income .021
Less Distributions
From net interest income (.021)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.16%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 102
Ratio of expenses to average net assets .35%A,
C
Ratio of net interest income to average net assets 5.33%A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIOD SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS III (FORMERLY CLASS B)
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED APRIL 4, 1994
MARCH 31, (COMMENCEMENT
OF
OPERATIONS) TO
MARCH 31,
1996 1995
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .054 .045
Less Distributions
From net interest income (.054) (.045)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 5.58% 4.57%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 194,489 $ 40,516
Ratio of expenses to average net assets .45%C .43% A,
C
Ratio of net interest income to average net assets 5.30% 5.13% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
INVESTMENTS MARCH 31, 1996
Showing Percentage of Total Value of Investments
BANKERS' ACCEPTANCES - 1.9%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Chase Manhattan Bank, NA
4/2/96 5.23% $ 4,057,919 $ 4,057,334
Chemical Bank
4/8/96 5.21 2,650,000 2,647,336
5/13/96 5.09 10,050,000 9,991,023
5/21/96 5.29 1,000,000 992,778
6/26/96 5.25 1,000,000 987,721
Key Bank of Washington
5/13/96 5.39 3,500,000 3,478,358
TOTAL BANKERS' ACCEPTANCES 22,154,550
CERTIFICATES OF DEPOSIT - 2.9%
Chase Manhattan Bank
6/24/96 5.25 10,000,000 10,000,000
First Tennessee Bank, N.A. Memphis
4/3/96 5.20 20,000,000 20,000,000
Old Kent Bank - Illinois
6/11/96 5.05 5,000,000 5,000,000
TOTAL CERTIFICATES OF DEPOSIT 35,000,000
COMMERCIAL PAPER - 38.6%
A.H. Robins Company, Incorporated
4/4/96 5.70 1,000,000 999,533
5/16/96 5.23 10,000,000 9,935,250
American Express Credit Corp.
4/24/96 5.38 2,000,000 1,993,164
4/30/96 5.51 20,000,000 19,912,839
8/2/96 5.17 3,000,000 2,948,135
American Home Food Products, Inc.
4/3/96 5.44 1,000,000 999,701
American Home Products
4/19/96 5.24 6,000,000 5,984,400
4/26/96 5.24 3,000,000 2,989,198
5/9/96 5.19 2,000,000 1,989,170
American Telephone & Telegraph Co.
5/9/96 5.50 10,000,000 9,943,106
Asset Securitization Cooperative Corporation
4/16/96 5.54 2,000,000 1,995,400
Associates Corp. of North America
5/10/96 5.21 7,000,000 6,960,946
6/25/96 5.37 3,000,000 2,962,458
Beneficial Corp.
5/1/96 5.41 5,000,000 4,977,583
CIESCO, L.P.
4/9/96 5.44 15,000,000 14,982,100
5/23/96 5.35 10,000,000 9,923,444
CIT Group Holdings, Inc.
4/29/96 5.21 15,000,000 14,939,800
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
CPC International Inc.
6/25/96 5.09% $ 13,000,000 $ 12,846,528
Chrysler Financial Corporation
4/10/96 5.33 2,000,000 1,997,360
5/3/96 5.31 3,000,000 2,985,973
CoreStates Capital Corp.
4/2/96 5.32 (a) 15,000,000 15,000,000
Corporate Asset Funding Co., Inc.
5/3/96 5.17 2,000,000 1,990,898
Delaware Funding Corporation
4/18/96 5.22 16,077,000 16,037,674
du Pont (E.I.) de Nemours & Co.
4/23/96 5.74 10,000,000 9,965,961
Electronic Data Systems
6/7/96 5.20 4,000,000 3,961,810
Enterprise Funding Corp.
4/2/96 5.26 4,227,000 4,226,386
5/17/96 5.24 5,057,000 5,023,528
Ford Motor Credit Corp.
4/12/96 5.43 5,631,000 5,621,795
6/3/96 5.28 5,000,000 4,954,675
General Electric Capital Corp.
4/1/96 5.71 13,000,000 13,000,000
4/24/96 5.76 10,000,000 9,964,222
6/24/96 5.23 4,000,000 3,952,213
General Electric Co.
5/15/96 5.41 15,000,000 14,902,650
General Motors Acceptance Corp.
5/20/96 5.24 6,000,000 5,957,778
5/21/96 5.24 3,000,000 2,978,458
5/22/96 5.24 3,000,000 2,978,028
6/5/96 5.25 22,000,000 21,794,239
6/12/96 5.15 5,000,000 4,949,400
Goldman Sachs Group, L.P. (The)
4/16/96 5.33 10,000,000 9,977,917
Lilly (Eli) & Co.
4/8/96 5.54 4,000,000 3,995,761
7/12/96 5.08 10,000,000 9,858,900
MetLife Funding Corp.
4/26/96 5.17 12,613,000 12,568,154
Morgan (J.P.) & Co.
9/5/96 5.11 10,000,000 9,782,817
Morgan Stanley Group, Inc.
5/16/96 5.95 5,000,000 4,964,394
6/5/96 5.20 15,000,000 14,861,063
7/22/96 5.12 2,000,000 1,968,889
NationsBank Corp.
4/8/96 5.44 10,000,000 9,989,558
New Center Asset Trust
4/4/96 5.24 20,000,000 19,991,317
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Norfolk Southern Corp.
7/9/96 5.38% $ 2,000,000 $ 1,970,850
PHH Corp.
4/22/96 5.44 (a) 3,000,000 2,999,548
Preferred Receivables Funding Corp.
5/6/96 5.18 26,100,000 25,970,334
Sherwood Medical Company
4/19/96 5.25 3,500,000 3,490,900
Smith Barney, Inc.
4/23/96 5.33 5,000,000 4,983,806
Southern Company
5/13/96 5.18 7,500,000 7,455,200
Standard Credit Card Master Trust I
5/15/96 5.18 2,000,000 1,987,484
5/17/96 5.22 3,000,000 2,980,220
5/17/96 5.24 20,000,000 19,867,622
U.S.L. Capital, Inc.
4/12/96 5.24 10,000,000 9,984,081
TOTAL COMMERCIAL PAPER 459,174,618
FEDERAL AGENCIES - 25.2%
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 2.3%
4/2/96 5.51 5,000,000 4,997,768
4/20/96 5.32 5,000,000 4,997,608
6/13/96 5.26 11,000,000 10,995,159
6/20/96 5.32 7,000,000 6,996,835
27,987,370
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 1.5%
5/7/96 5.05 5,000,000 4,975,050
6/13/96 5.08 9,460,000 9,363,894
6/25/96 5.01 4,000,000 3,953,439
18,292,383
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 6.9%
5/8/96 5.04 21,000,000 20,892,515
5/16/96 5.05 1,298,000 1,289,904
5/20/96 5.06 10,000,000 9,931,944
6/3/96 5.11 15,000,000 14,867,700
6/5/96 5.10 15,000,000 14,863,771
6/6/96 5.10 20,000,000 19,815,567
81,661,401
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 5.3%
4/16/96 5.29 10,000,000 9,997,609
4/29/96 5.34 8,000,000 7,991,155
5/1/96 5.38 15,000,000 14,987,541
5/2/96 5.30 25,000,000 24,978,990
6/20/96 5.35 5,000,000 4,994,875
62,950,170
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 6.7%
4/8/96 5.35% $ 20,640,000 $ 20,618,810
5/3/96 5.24 10,000,000 9,954,044
5/9/96 5.04 10,000,000 9,947,433
5/10/96 5.23 13,025,000 12,952,331
5/13/96 5.06 6,865,000 6,824,954
6/4/96 5.10 20,000,000 19,820,978
80,118,550
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 2.5%
4/2/96 5.37 10,000,000 10,000,000
4/16/96 5.60 20,000,000 20,000,000
30,000,000
TOTAL FEDERAL AGENCIES 301,009,874
BANK NOTES - 13.2%
Bank of America National Trust & Savings Assoc.
4/1/96 5.27 (a) 5,000,000 4,998,770
Bank of New York
8/2/96 5.01 10,000,000 9,999,907
9/3/96 5.16 3,000,000 3,000,000
Bank of New York - Delaware
4/30/96 5.65 (a) 8,000,000 8,000,000
Boatmen's First National Bank of Kansas City
4/1/96 5.30 (a) 6,000,000 6,000,000
Boatmen's National Bank of St. Louis
4/12/96 5.31 (a) 7,000,000 6,999,733
Comerica Bank - Detroit
4/27/96 5.55 (a) 6,000,000 5,998,259
6/1/96 5.22 (a) 5,000,000 4,998,442
First Union National Bank of North Carolina
5/9/96 5.18 50,000,000 50,000,000
6/28/96 5.05 5,000,000 5,000,000
Harris Trust & Savings Bank, Chicago
5/10/96 5.30 10,000,000 10,000,000
NBD Bank, N.A.
6/24/96 5.25 7,000,000 7,000,000
7/15/96 5.00 5,000,000 5,000,143
NationsBank of Texas
4/17/96 5.39 15,000,000 15,000,000
5/24/96 5.27 2,000,000 2,000,000
PNC Bank
4/18/96 5.33 (a) 6,000,000 5,999,840
4/22/96 5.41 (a) 5,000,000 4,998,257
Seattle First National Bank
4/4/96 5.32 (a) 3,000,000 2,997,595
TOTAL BANK NOTES 157,990,946
MASTER NOTES (A) - 2.1%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Goldman Sachs Group L.P. (The)
5/14/96 5.26% $ 6,000,000 6,000,000
J.P. Morgan Securities
4/17/96 5.38 4,000,000 4,000,000
4/22/96 5.41 6,000,000 6,000,000
Norwest Corp.
4/1/96 5.53 9,000,000 9,000,000
TOTAL MASTER NOTES 25,000,000
MEDIUM-TERM NOTES - 4.7%
Beneficial Corp.
4/19/96 5.53 (a) 8,000,000 7,997,419
4/29/96 5.39 (a) 6,000,000 5,998,578
CIT Group Holdings, Inc.
4/1/96 5.40 (a) 10,000,000 9,995,780
General Electric Capital Corp.
7/24/96 5.01 6,475,000 6,521,492
General Motors Acceptance Corp.
4/5/96 5.50 (a) 3,000,000 3,002,169
5/1/96 5.43 (a) 7,000,000 7,000,000
Norwest Corp.
6/10/96 5.40 (a) 7,000,000 7,000,000
PHH Corp.
4/1/96 5.39 (a) 6,000,000 5,999,400
Transamerica Life Insurance and Annuity Co.
6/15/96 5.45 (a) 3,000,000 3,000,000
TOTAL MEDIUM-TERM NOTES 56,514,838
SHORT-TERM NOTES (A) - 5.4%
CSA Funding - C (c)
4/8/96 5.44 10,000,000 10,000,000
Capital One Funding Corp. (1995 - D)
4/8/96 5.46 3,877,000 3,877,000
SMM Trust Company (1995-B) (b)
4/2/96 5.36 2,000,000 2,000,000
SMM Trust Company (1995-D) (b)
4/27/96 5.55 7,000,000 7,000,000
SMM Trust Company (1995-I) (b)
4/29/96 5.47 2,000,000 1,999,908
SMM Trust Company (1995-J) (b)
4/15/96 5.40 10,000,000 10,000,000
SMM Trust Company (1995-N) (b)
5/8/96 5.30 2,000,000 2,000,000
SMM Trust Company (1995-P) (b)
6/15/96 5.43 3,000,000 3,000,000
SMM Trust Company (1996-V) (b)
6/26/96 5.49 24,000,000 24,000,000
TOTAL SHORT-TERM NOTES 63,876,908
REPURCHASE AGREEMENTS - 6.0%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account
(U.S. Treasury Obligations)
dated 3/29/96 due 4/1/96:
At 5.31% $ 42,002,578 $ 41,984,000
(U.S. Government Obligations)
dated 3/29/96 due 4/1/96:
At 5.52% 30,013,790 30,000,000
TOTAL REPURCHASE AGREEMENTS 71,984,000
TOTAL INVESTMENTS - 100% $ 1,192,705,734
Total Cost for Income Tax Purposes $ 1,192,705,734
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $49,999,908 or 4.3% of net
assets.
(c) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
CSA Funding - C 10/28/93 $ 10,000,000
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $93,000 of which $44,000 and $49,000 will expire on March 31,
2001 and 2003, respectively.
A total of 3.3% of the dividends distributed during the fiscal year was
derived from interest on U.S. Government securities which is generally
exempt from state income tax.
The fund will notify shareholders in January 1997 of the applicable
percentage for use in preparing 1996 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
FINANCIAL STATEMENTS
*STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1996
ASSETS
Investment in securities, at value (including repurchase agreements of $71,984,000) - $ 1,192,705,734
See accompanying schedule
Cash 449,260
Receivable for investments sold 123,000
Interest receivable 2,233,049
17.TOTAL ASSETS 1,195,511,043
LIABILITIES
Payable for investments purchased $ 24,978,990
Share transactions in process 1,206
Distributions payable 2,747,398
Accrued management fee 140,988
Distribution fees payable 10,801
Other payables and accrued expenses 214,325
18.TOTAL LIABILITIES 28,093,708
NET ASSETS $ 1,167,417,335
Net Assets consist of:
Paid in capital $ 1,167,510,332
Accumulated net realized gain (loss) on investments (92,997)
NET ASSETS $ 1,167,417,335
CLASS I (FORMERLY CLASS A): $1.00
NET ASSET VALUE, offering price and redemption price per share
($1,117,916,732 (divided by) 1,117,990,819 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price and redemption price per share
($2,104,746 (divided by) 2,104,885 shares)
CLASS III (FORMERLY CLASS B): $1.00
NET ASSET VALUE, offering price and redemption price per share
($47,395,857 (divided by) 47,398,998 shares)
</TABLE>
*STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1996
19.INTEREST INCOME $ 56,357,181
EXPENSES
Management fee $ 1,924,309
Transfer agent fees 289,923
Class I (formerly Class A)
Class II 49
Class III (formerly Class B) 16,685
Distribution fees 102
Class II
Class III (formerly Class B) 110,404
Accounting fees and expenses 122,381
Non-interested trustees' compensation 3,969
Custodian fees and expenses 58,744
Registration fees 159,669
Class I (formerly Class A)
Class II 18,159
Class III (formerly Class B) 62,928
Audit 22,150
Legal 6,614
Reports to shareholders 2,364
Miscellaneous 6,290
Total expenses before reductions 2,804,740
Expense reductions (812,447) 1,992,293
20.NET INTEREST INCOME 54,364,888
21.NET REALIZED GAIN (LOSS) ON INVESTMENTS 4,858
22.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 54,369,746
</TABLE>
*STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR YEAR
ENDED ENDED
MARCH 31, MARCH 31,
1996 1995
INCREASE (DECREASE) IN NET ASSETS
Operations $ 54,364,888 $ 47,528,301
Net interest income
Net realized gain (loss) 4,858 (48,831)
23.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 54,369,746 47,479,470
Distributions to shareholders from:
Net interest income
Class I (formerly Class A) (52,167,430) (46,688,716)
Class II (3,529) -
Class III (formerly Class B) (2,193,929) (839,585)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (formerly Class A) 345,973,988 115,007,390
Class II 2,104,885 -
Class III (formerly Class B) 20,851,321 26,547,677
24.TOTAL INCREASE (DECREASE) IN NET ASSETS 368,935,052 141,506,236
NET ASSETS
Beginning of period 798,482,283 656,976,047
End of period $ 1,167,417,335 $ 798,482,283
</TABLE>
*FINANCIAL HIGHLIGHTS - CLASS I (FORMERLY CLASS A)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
1996 1995 1994 1993 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .057 .049 .031 .034 .054
Less Distributions
From net interest income (.057) (.049) (.031) (.034) (.054)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURNA 5.85% 4.97% 3.14% 3.50% 5.50%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,117,917 $ 771,937 $ 656,976 $ 804,354 $ 558,727
Ratio of expenses to average net assets .20%B .18%B .18%B .18%B .18%B
Ratio of net interest income to average net assets 5.66% 4.94% 3.09% 3.43% 5.24%
</TABLE>
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
B FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS II
NOVEMBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000
Income from Investment Operations
Net interest income .021
Less Distributions
From net interest income (.021)
Net asset value, end of period $ 1.000
TOTAL RETURNB 2.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 2,105
Ratio of expenses to average net assets .35% A,
C
Ratio of net interest income to average net assets 5.20% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIOD SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS III (FORMERLY CLASS B)
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR JULY 19, 1994
ENDED (COMMENCEMENT
MARCH 31, OF OPERATIONS) TO
MARCH 31,
1996 1995
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .054 .035
Less Distributions
From net interest income (.054) (.035)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 5.56% 3.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 47,396 $ 26,545
Ratio of expenses to average net assets .47%C .50% A,
C
Ratio of net interest income to average net assets 5.40% 5.14% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
INVESTMENTS MARCH 31, 1996
Showing Percentage of Total Value of Investments
CERTIFICATES OF DEPOSIT - 33.7%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC CERTIFICATES OF DEPOSIT - 0.4%
Chase Manhattan Bank
7/24/96 5.20% $ 30,000,000 $ 30,000,000
CHICAGO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 1.6%
ABN-AMRO Bank
6/20/96 5.06 35,000,000 35,000,765
7/22/96 5.02 75,000,000 75,000,000
110,000,765
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 1.1%
Bank of Nova Scotia
6/18/96 5.30 25,000,000 25,000,000
7/22/96 5.10 50,000,000 50,000,000
75,000,000
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 19.1%
Australia & New Zealand Banking
7/29/96 5.20 30,000,000 30,000,000
Banque Nationale de Paris
7/8/96 5.06 25,000,000 25,000,000
8/29/96 5.11 29,000,000 29,000,000
Bayerische Hypotheken-und Weschel
5/1/96 5.25 50,000,000 50,000,000
Bayerische Landesbank Girozentrale
7/24/96 5.22 22,000,000 22,000,000
7/25/96 5.22 17,000,000 17,000,529
Bayerische Vereinsbank A.G.
4/30/96 5.61 (a) 30,000,000 30,000,000
5/28/96 5.30 18,000,000 18,000,000
Caisse Nationale de Credit Agricole
4/22/96 5.72 55,000,000 55,000,000
8/7/96 5.03 25,000,000 25,000,000
Canadian Imperial Bank of Commerce
6/4/96 5.19 18,000,000 18,000,000
Commerzbank, Germany
6/3/96 5.17 25,000,000 25,000,432
6/4/96 5.17 10,000,000 10,000,000
Credit Suisse
6/4/96 5.37 50,000,000 50,000,000
7/30/96 5.19 7,000,000 7,000,000
Deutsche Bank, A.G.
7/29/96 5.18 65,000,000 65,000,000
8/1/96 5.19 50,000,000 50,000,000
National Bank of Canada
4/3/96 5.50 10,000,000 10,000,000
National Westminster Bank, PLC
4/30/96 5.18 110,000,000 110,000,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Rabobank Nederland, N.V.
6/3/96 5.37% $ 50,000,000 $ 50,000,000
Royal Bank of Canada
8/23/96 5.11 65,000,000 64,981,339
Societe Generale
4/4/96 5.47 96,000,000 96,000,000
5/1/96 5.25 25,000,000 25,000,000
5/6/96 5.25 60,000,000 60,000,000
9/3/96 5.13 95,000,000 95,000,000
Swiss Bank Corp.
5/6/96 5.47 40,000,000 40,000,000
6/3/96 5.40 100,000,000 100,000,000
7/29/96 5.20 50,000,000 50,000,000
8/8/96 5.16 28,000,000 27,983,738
Westdeutsche Landesbank
7/24/96 5.23 18,000,000 18,000,000
8/26/96 5.08 43,000,000 43,000,000
1,315,966,038
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 9.5%
Abbey National Treasury Services
4/23/96 5.75 30,000,000 30,000,000
Banco Bilbao Vizcaya, S.A.
4/11/96 5.46 30,000,000 30,000,322
Bank of Scotland
5/28/96 5.30 25,000,000 25,000,778
6/26/96 5.25 31,000,000 31,001,449
Bayerische Hypotheken-und Weschel
6/7/96 5.20 90,000,000 89,991,610
Bayerische Landesbank Girozentrale
6/4/96 5.25 25,000,000 25,000,436
Bayerische Vereinsbank A.G.
4/15/96 5.45 50,000,000 49,999,905
Commerzbank, Germany
6/4/96 5.16 25,000,000 25,000,000
6/27/96 5.25 25,000,000 25,000,000
Deutsche Bank, A.G.
4/24/96 5.73 45,000,000 45,000,000
7/29/96 5.20 35,000,000 35,000,000
National Westminster Bank, PLC
5/22/96 5.30 13,000,000 13,000,348
7/10/96 5.18 25,000,000 25,000,679
Toronto-Dominion Bank
6/5/96 5.15 20,000,000 20,000,330
6/28/96 5.10 50,000,000 50,000,000
Westdeutsche Landesbank
4/16/96 5.42 100,000,000 100,000,754
5/1/96 5.29 15,000,000 15,000,312
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - CONTINUED
Westdeutsche Landesbank - continued
5/1/96 5.30% $ 25,000,000 $ 25,000,411
658,997,334
LONDON BRANCH, EURODOLLAR DOMESTIC BANKS 1.7%
Bank of America National Trust & Savings Assoc.
6/20/96 5.05 75,000,000 75,000,000
7/16/96 5.02 40,000,000 40,000,000
115,000,000
SAN FRANCISCO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.3%
Banque Nationale de Paris
9/3/96 5.12 20,000,000 19,992,450
TOTAL CERTIFICATES OF DEPOSIT 2,324,956,587
COMMERCIAL PAPER - 34.8%
ABN-AMRO Bank
8/26/96 5.10 45,000,000 44,086,763
ABN-AMRO North America Finance, Inc.
8/28/96 5.13 25,000,000 24,482,639
A.H. Robins Company, Incorporated
4/22/96 5.24 10,000,000 9,969,725
5/16/96 5.25 10,000,000 9,935,000
5/17/96 5.23 7,159,000 7,111,615
Abbey National, North America
6/17/96 5.17 17,000,000 16,814,922
American Express Credit Corp.
4/15/96 5.76 30,000,000 29,934,667
4/24/96 5.51 36,000,000 35,875,570
4/26/96 5.75 15,000,000 14,941,771
7/22/96 5.23 10,000,000 9,841,333
American Home Food Products, Inc.
5/17/96 5.23 9,162,000 9,101,358
5/17/96 5.25 15,000,000 14,900,333
American Home Products
4/26/96 5.24 18,000,000 17,935,188
5/9/96 5.19 9,000,000 8,951,265
5/10/96 5.20 8,000,000 7,955,540
American Telephone & Telegraph Co.
5/9/96 5.50 37,000,000 36,789,491
Asset Securitization Cooperative Corporation
4/4/96 5.43 10,000,000 9,995,525
5/3/96 5.43 10,000,000 9,952,000
5/6/96 5.43 8,000,000 7,958,000
5/8/96 5.43 27,000,000 26,850,150
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Associates Corp. of North America
5/10/96 5.21% $ 35,000,000 $ 34,804,729
5/13/96 5.35 18,000,000 17,888,700
5/21/96 5.17 50,000,000 49,645,833
6/24/96 5.37 44,000,000 43,455,867
Bank of Scotland Treasury Services
4/9/96 5.45 35,000,000 34,958,156
Bear Stearns Cos., Inc.
6/4/96 5.21 25,000,000 24,771,556
Beneficial Corp.
4/1/96 5.65 15,000,000 15,000,000
4/2/96 5.65 20,000,000 19,996,917
5/1/96 5.41 30,000,000 29,865,500
5/8/96 5.34 20,000,000 19,891,056
Bradford & Bingley Building Society
5/9/96 5.19 45,000,000 44,756,325
6/6/96 5.19 12,000,000 11,887,360
CIESCO, L.P.
4/26/96 5.18 25,000,000 24,910,938
CIT Group Holdings, Inc.
4/29/96 5.34 40,000,000 39,835,111
5/6/96 5.34 32,000,000 31,835,111
5/7/96 5.39 15,000,000 14,919,750
CPC International Inc.
5/8/96 5.43 5,300,000 5,270,585
Chemical Banking Corp.
4/15/96 5.45 35,000,000 34,926,908
Chrysler Financial Corporation
4/10/96 5.33 20,000,000 19,973,600
4/22/96 5.41 9,000,000 8,971,755
4/30/96 5.42 11,000,000 10,952,372
5/3/96 5.31 14,000,000 13,934,542
Compagnie Bancaire
5/14/96 5.18 27,000,000 26,834,880
5/23/96 5.17 17,000,000 16,874,767
5/31/96 5.35 12,000,000 11,893,000
CoreStates Capital Corp.
4/8/96 5.30 (a) 15,000,000 14,999,867
Corporate Asset Funding Co., Inc.
5/3/96 5.17 12,000,000 11,945,387
Delaware Funding Corporation
4/18/96 5.22 10,000,000 9,975,539
4/19/96 5.22 31,000,000 30,919,710
Deutsche Bank Financial Inc.
4/2/96 5.46 75,000,000 74,988,771
Dresdner U.S. Finance Inc.
4/3/96 5.47 75,000,000 74,977,542
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Eiger Capital Corp.
6/3/96 5.37% $ 50,000,000 $ 49,534,500
Electronic Data Systems Corp.
6/7/96 5.20 30,000,000 29,713,575
Enterprise Funding Corp.
4/2/96 5.25 10,059,000 10,057,541
4/3/96 5.25 20,120,000 20,114,165
4/4/96 5.25 10,550,000 10,545,411
5/10/96 5.48 4,000,000 3,976,383
Ford Motor Credit Corp.
4/4/96 5.54 25,000,000 24,988,625
4/4/96 5.77 10,000,000 9,995,308
6/3/96 5.27 54,000,000 53,511,435
General Electric Capital Corp.
4/24/96 5.76 70,000,000 69,749,555
5/10/96 5.41 50,000,000 49,711,833
6/24/96 5.23 20,000,000 19,761,067
General Electric Capital Services Inc.
4/29/96 5.73 35,000,000 34,848,372
General Motors Acceptance Corp.
4/24/96 5.41 50,000,000 49,828,458
5/20/96 5.24 36,000,000 35,746,670
5/21/96 5.24 18,000,000 17,870,750
5/22/96 5.24 18,000,000 17,868,165
6/4/96 5.25 55,000,000 54,493,512
6/5/96 5.25 25,000,000 24,766,181
6/12/96 5.15 31,000,000 30,686,280
Glaxo Wellcome, PLC
4/26/96 5.20 28,000,000 27,899,861
Government of Canada
4/8/96 5.74 50,000,000 49,945,847
IBM Credit Corp.
5/2/96 5.38 45,000,000 44,792,687
5/6/96 5.34 17,000,000 16,912,403
John Deere Capital Corp.
4/26/96 5.73 10,000,000 9,961,319
Lilly (Eli) & Co.
5/6/96 5.53 13,000,000 12,931,497
Merrill Lynch & Co., Inc.
6/10/96 5.20 30,000,000 29,700,750
Morgan Stanley Group, Inc.
6/5/96 5.20 25,000,000 24,768,438
6/6/96 5.20 30,000,000 29,717,850
6/26/96 5.38 15,000,000 14,809,725
7/22/96 5.12 7,000,000 6,891,111
National Rural Util. Coop. Fin. Corp.
4/12/96 5.59 5,000,000 4,991,605
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Nationwide Building Society
4/9/96 5.19% $ 35,000,000 $ 34,959,867
6/5/96 5.18 10,000,000 9,907,736
6/6/96 5.19 10,000,000 9,906,133
New Center Asset Trust
5/6/96 5.39 16,000,000 15,916,778
5/9/96 5.34 40,000,000 39,776,222
PHH Corp.
4/22/96 5.44 (a) 18,000,000 17,997,286
Philip Morris Cos., Inc.
4/18/96 5.33 14,000,000 13,964,961
Preferred Receivables Funding Corp.
5/8/96 5.43 4,000,000 3,977,800
Sears Roebuck Acceptance Corp.
4/30/96 5.26 50,000,000 49,790,556
5/16/96 5.37 25,000,000 24,833,750
Sherwood Medical Company
4/22/96 5.24 7,600,000 7,576,991
5/17/96 5.23 41,200,000 40,927,302
Societe Generale North America
7/24/96 5.22 9,000,000 8,855,078
Standard Credit Card Master Trust I
5/15/96 5.18 12,000,000 11,924,907
5/16/96 5.22 20,110,000 19,980,291
Westpac Capital Corp.
8/1/96 5.16 20,000,000 19,657,722
TOTAL COMMERCIAL PAPER 2,400,289,248
FEDERAL AGENCIES (A) - 6.8%
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 0.7%
4/2/96 5.51 18,000,000 17,991,964
6/13/96 5.26 14,000,000 13,993,839
6/20/96 5.32 14,000,000 13,993,670
45,979,473
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 4.6%
4/15/96 (c) 5.24 50,000,000 49,946,560
4/17/96 5.45 53,000,000 52,967,330
4/29/96 5.34 49,000,000 48,945,822
5/2/96 5.30 100,000,000 99,915,960
6/20/96 5.32 43,000,000 42,976,072
6/20/96 5.35 27,000,000 26,972,326
321,724,070
FEDERAL AGENCIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS - 1.5%
4/16/96 5.60% $105,000,000 $ 105,000,000
TOTAL FEDERAL AGENCIES 472,703,543
BANK NOTES - 5.7%
Bank of America National Trust & Savings Assoc.
4/1/96 5.27 (a) 37,000,000 36,990,899
Bank of New York
9/3/96 5.16 17,000,000 17,000,000
Bank of New York - Delaware
4/30/96 5.65 (a) 30,000,000 30,000,000
Boatmen's First National Bank of Kansas City
4/1/96 5.30 (a) 19,000,000 19,000,000
Comerica Bank-Detroit
4/27/96 5.55 (a) 25,000,000 24,992,745
6/1/96 5.22 (a) 50,000,000 49,984,416
First of America Bank - Michigan
5/28/96 5.33 10,000,000 10,000,155
First Union Nat'l. Bank of North Carolina, N.A.
6/27/96 5.39 (a) 33,000,000 32,988,213
NBD Bank, N.A.
6/24/96 5.25 27,000,000 27,000,000
NationsBank of Texas
5/24/96 5.27 15,000,000 15,000,000
PNC Bank, N.A.
4/18/96 5.33 (a) 16,000,000 15,999,574
4/22/96 5.39 (a) 14,000,000 13,995,638
4/22/96 5.41 (a) 38,000,000 37,986,757
Seattle First National Bank
4/4/96 5.32 (a) 25,000,000 24,979,956
Wachovia Bank of North Carolina, N.A.
4/26/96 5.42 (a) 40,000,000 39,974,919
TOTAL BANK NOTES 395,893,272
MASTER NOTES (A) - 2.1%
Goldman Sachs Group L.P. (The)
5/14/96 5.26 39,000,000 39,000,000
J.P. Morgan Securities
4/17/96 5.38 74,000,000 74,000,000
Norwest Corp.
4/1/96 5.53 33,000,000 33,000,000
TOTAL MASTER NOTES 146,000,000
MEDIUM-TERM NOTES (A) - 4.4%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Abbey National Treasury Services (b)
6/9/96 5.44% $ 85,000,000 $ 85,000,000
Beneficial Corp.
4/19/96 5.53 23,000,000 22,992,580
4/29/96 5.39 20,000,000 19,995,259
5/3/96 5.28 8,000,000 7,996,749
CIT Group Holdings, Inc.
4/1/96 5.40 20,000,000 19,991,558
General Motors Acceptance Corp.
4/28/96 5.55 18,000,000 18,049,258
5/1/96 5.43 40,000,000 40,000,000
Norwest Corp.
6/10/96 5.40 65,000,000 65,000,000
Transamerica Life Insurance and Annuity Co.
6/15/96 5.45 24,000,000 24,000,000
TOTAL MEDIUM-TERM NOTES 303,025,404
SHORT-TERM NOTES (A) - 5.6%
Capital One Funding Corp. (1994-C)
4/8/96 5.46 11,114,000 11,114,000
Capital One Funding Corp. (1995-E)
4/8/96 5.46 7,000,000 7,000,000
Capital One Funding Corp. (1996-C)
4/8/96 5.46 18,860,000 18,860,000
SMM Trust Company (1995-B) (b)
4/2/96 5.36 16,000,000 16,000,000
SMM Trust Company (1995-D) (b)
4/27/96 5.55 63,000,000 63,000,000
SMM Trust Company (1995-J) (b)
4/15/96 5.40 59,000,000 59,000,000
SMM Trust Company (1995-I) (b)
4/29/96 5.47 33,000,000 32,998,477
SMM Trust Company (1995-N) (b)
5/8/96 5.30 16,000,000 16,000,000
SMM Trust Company (1995-P) (b)
6/15/96 5.43 11,000,000 11,000,000
SMM Trust Company (1996-V) (b)
6/26/96 5.49 150,000,000 150,000,000
TOTAL SHORT-TERM NOTES 384,972,477
REPURCHASE AGREEMENTS - 6.9%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account
(U.S. Government Obligations)
dated 3/29/96, due 4/1/96:
At 5.52% $ 475,218,337 $ 475,000,000
(U.S. Treasury Obligations)
dated 3/29/96, due 4/1/96:
At 5.42% 2,799,264 2,798,000
At 5.42% 452,204 452,000
TOTAL REPURCHASE AGREEMENTS 478,250,000
TOTAL INVESTMENTS - 100% $ 6,906,090,531
Total Cost for Income Tax Purposes $ 6,906,090,531
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $432,998,477 or 6.4% of net
assets.
(c) Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $2,025,000 of which $336,000, $898,000, $547,000 and $244,000
will expire on March 31, 2001, 2002, 2003, and 2004, respectively.
A total of 2.0% of the dividends distributed during the fiscal year was
derived from interest on U.S. Government securities which is generally
exempt from state income tax.
The fund will notify shareholders in January 1997 of the applicable
percentage for use in preparing 1996 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
FINANCIAL STATEMENTS
*STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1996
ASSETS
Investment in securities, at value (including repurchase agreements of $478,250,000) - $ 6,906,090,531
See accompanying schedule
Receivable for investments sold 289,000
Interest receivable 29,114,643
25.TOTAL ASSETS 6,935,494,174
LIABILITIES
Payable for investments purchased
Regular delivery $ 111,808,960
Delayed delivery 49,946,560
Distributions payable 11,961,290
Accrued management fee 990,761
Other payables and accrued expenses 1,103,185
26.TOTAL LIABILITIES 175,810,756
NET ASSETS $ 6,759,683,418
Net Assets consist of:
Paid in capital $ 6,761,708,786
Accumulated net realized gain (loss) on investments (2,025,368)
NET ASSETS $ 6,759,683,418
$1.00
CLASS I (FORMERLY CLASS A):
NET ASSET VALUE, offering price and redemption price per share
($6,465,953,189 (divided by) 6,467,867,910 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price and redemption price per share
($64,200,249 (divided by) 64,219,260 shares)
CLASS III (FORMERLY CLASS B): $1.00
NET ASSET VALUE, offering price and redemption price per share
($229,529,980 (divided by) 229,597,950 shares)
</TABLE>
*STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1996
27.INTEREST INCOME $ 393,775,074
EXPENSES
Management fee $ 13,337,921
Transfer agent fees 4,975,074
Class I (formerly Class A)
Class II 4,601
Class III (formerly Class B) 75,404
Distribution fees
Class II 23,203
Class III (formerly Class B) 508,094
Accounting fees and expenses 551,158
Non-interested trustees' compensation 42,924
Custodian fees and expenses 164,586
Registration fees
Class I (formerly Class A) 140,305
Class II 13,926
Class III (formerly Class B) 70,319
Audit 82,462
Legal 41,485
Reports to shareholders 3,091
Miscellaneous 35,523
Total expenses before reductions 20,070,076
Expense reductions (7,536,472) 12,533,604
28.NET INTEREST INCOME 381,241,470
29.NET REALIZED GAIN (LOSS) ON INVESTMENTS (244,561)
30.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 380,996,909
</TABLE>
*STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR YEAR
ENDED ENDED
MARCH 31, MARCH 31,
1996 1995
INCREASE (DECREASE) IN NET ASSETS
Operations $ 381,241,470 $ 260,539,373
Net interest income
Net realized gain (loss) (244,561) (546,578)
31.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 380,996,909 259,992,795
Distributions to shareholders from:
Net interest income
Class I (formerly Class A) (370,298,086) (247,999,851)
Class II (817,553) -
Class III (formerly Class B) (10,125,831) (12,539,522)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (formerly Class A) 1,336,131,211 1,930,281,575
Class II 64,219,260 -
Class III (formerly Class B) (227,832,339) 367,934,822
32.TOTAL INCREASE (DECREASE) IN NET ASSETS 1,172,273,571 2,297,669,819
NET ASSETS
Beginning of period 5,587,409,847 3,289,740,028
End of period $ 6,759,683,418 $ 5,587,409,847
</TABLE>
*FINANCIAL HIGHLIGHTS - CLASS I (FORMERLY CLASS A)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
1996 1995 1994 1993 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .057 .049 .032 .035 .055
Less Distributions
From net interest income (.057) (.049) (.032) (.035) (.055)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.90% 4.99% 3.20% 3.58% 5.59%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 6,465,953 $ 5,130,123 $ 3,200,277 $ 4,332,995 $ 3,990,395
Ratio of expenses to average net assets .18% .18% .18% .18% .18%
B B B B B
Ratio of net interest income to average net assets 5.73% 5.00% 3.15% 3.50% 5.42%
</TABLE>
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
B FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS II
NOVEMBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000
Income from Investment Operations
Net interest income .022
Less Distributions
From net interest income (.022)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.17%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 64,200
Ratio of expenses to average net assets .33% A,
C
Ratio of net interest income to average net assets 5.29% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIOD SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS III (FORMERLY CLASS B)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEARS ENDED MARCH 31, NOVEMBER 17, 1993
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996 1995 1994
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .055 .046 .011
Less Distributions
From net interest income (.055) (.046) (.011)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.61% 4.66% 1.08%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 229,530 $ 457,286 $ 89,463
Ratio of expenses to average net assets .45% .50% .50% A,
C C C
Ratio of net interest income to average net assets 5.46% 4.94% 2.83% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT
INVESTMENTS MARCH 31, 1996
Showing Percentage of Total Value of Investments
MUNICIPAL SECURITIES (A) - 100%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
ALABAMA - 0.7 %
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Homewood Gardens Proj.)
Series 1991 C,
3.80%, LOC Southtrust Bank, VRDN $ 2,285,000 $ 2,285,000
Decatur Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) VRDN:
Series 1992, 3.35% 900,000 900,000
Series 1994, 3.35% 3,115,000 3,115,000
Tarrant City Ind. Dev. Board Rev. Rfdg. (Philip Morris Co. Inc.) Series
1993, 3.45%, VRDN 2,300,000 2,300,000
Tuscaloosa County Port Auth. Rev. (Capstone Hotel Ltd. Proj.) Series 1989
A, 3.55%,
LOC Southtrust Bank, VRDN 4,295,000 4,295,000
12,895,000
ALASKA - 2.1 %
Alaska Hsg. Fin. Corp. Gen. Mtg. Rev. Series 1991 C, 4% (BPA Swiss Bank
Corp.) VRDN 23,100,000 23,100,000
Anchorage Gen. Oblig. TAN 4.25% 12/13/96 3,300,000 3,317,845
Valdez Marine Terminal Rev. Rfdg. Rev., VRDN:
(Atlantic Richfield Co.) Series 1994 B, 4% 10,000,000 10,000,000
(Exxon Pipeline Co. Proj.) Series 1985, 3.70% 1,500,000 1,500,000
37,917,845
ARIZONA - 5.8 %
Apache County Ind. Dev. Auth. Rev. (Tucson Elec. Pwr. Co. Springerville
Proj.) VRDN:
Series 1983 A, 3.45%, LOC Barclays Bank PLC, VRDN 9,200,000 9,200,000
Series 1983 B, 3.40%, LOC Bank of New York 13,100,000 13,100,000
Series 1983 C, 3.40%, LOC Bankers Trust Co. 14,750,000 14,750,000
Arizona Health Facs. Auth. Rev. (Voluntary Hosp. Federation Pooled Loan
Prog.)
Series 1985 A, 3.40% (FGIC Insured) VRDN 3,700,000 3,700,000
Maricopa County Gen. Oblig. Rfdg. Participating VRDN, Series PT-182, 3.50%
(Liquidity Facility Bankers Trust Co.) (b) 1,800,000 1,800,000
Maricopa County Ind. Dev. Auth. Ind. Dev. Rev. (Royal Oaks-Sun City Proj.)
Series 1990, 3.45%,
LOC Bank of America, VRDN 4,100,000 4,100,000
Maricopa County Poll. Cont. Rev.:
(Arizona Pub. Svc.) Series 1994 E, 3.75%,
LOC Bank of America Nat'l. Trust & Savings, VRDN 8,100,000 8,100,000
(Palo Verde Proj.) Series C, 3.75%, LOC Toronto-Dominion Bank, VRDN
1,400,000 1,400,000
Maricopa County Poll. Cont. Rev. Bonds (Southern California Edison Co.):
Series 1985 D, 3.25%, tender 4/23/96 3,600,000 3,600,000
Series 1985 F, 3.55%, tender 6/18/96 8,150,000 8,150,000
Peoria Unified School Dist. #11 TAN 4.30% 7/31/96 1,000,000 1,002,593
Phoenix Gen. Oblig. Series 1995-2, 3.80%, VRDN 1,300,000 1,300,000
Phoenix Ind. Rev. Auth. Multi-Family Hsg. Rev.:
(Paradise Lakes Apt. Proj.) Series 1995, 3.75%, LOC GE Capital Corp., VRDN
17,500,000 17,500,000
(Paradise Shadows II Apt. Proj.) Series 1989, 3.40%, LOC Citibank, VRDN
5,100,000 5,100,000
Pima County Ind. Dev. Auth. Ind. Rev. (Tucson Elec. Pwr. Co.) (Irvington
Proj.) 3.40%,
LOC Societe Generale, VRDN 6,000,000 6,000,000
Pima County Ind. Dev. Auth. Ind. Rev. Rfdg. (Tucson Retirement Ctr. Proj.)
3.30%,
LOC Swiss Bank, VRDN 1,200,000 1,200,000
Pinal County Ind. Dev. Auth. Hosp. Rev. (Medical Ctr. Proj.) Series1995,
3.35%,
LOC Chemical Bank, VRDN 2,800,000 2,800,000
Pinal County Ind. Dev. Poll. Cont. Rev. (Magna Copper Co. Proj.) (Newmont
Mining Corp.)
Series 1984, 3.85%, LOC Nat'l. Westminster Bank, VRDN 1,400,000
1,400,000
Washington Elementary School Dist. # 6 TAN, 4.30% 7/31/96 1,500,000
1,503,891
105,706,484
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
ARKANSAS - 1.2 %
Arkansas Hosp. Equip. Fin. Auth. Rev., VRDN:
(Baptist Health Proj.) 3.44%, LOC Credit Suisse $ 5,425,000 $ 5,425,000
(Jefferson Hosp. Assoc. Proj.) Series 1989, 3.40%, LOC Kredietbank
4,530,000 4,530,000
Crossett Poll. Cont. Rev. Rfdg. (Georgia-Pacific Corp. Proj.) Series 1991,
3.45%,
LOC SunTrust Bank, VRDN 3,500,000 3,500,000
Little Rock Health Facs. Board Rev. (S.W. Hosp.) Series 1988, 3.35% (FGIC
Insured)
(BPA Bank of Nova Scotia) VRDN 8,200,000 8,200,000
21,655,000
CALIFORNIA - 7.4 %
Butte County Office of Ed. TRAN 4.75% 9/12/96 7,000,000 7,018,067
California Higher Ed. Loan Auth. Student Loan Rev. Sr. Lien Bonds Series
1992 A, 3.90%,
tender 7/1/96, LOC SLMA 10,000,000 10,000,000
California TRAN (Cash Reserve Prog. Auth.) Series 1995 A, 4.75% 7/3/96
(MBIA Insured) 45,000,000 45,110,144
Freemont Almeda County TRAN 4.50% 7/5/96 14,700,000 14,718,327
Los Angeles Unified School Dist. TRAN 4.50% 7/3/96 13,800,000 13,827,043
Oakland Unified School Dist. TRAN 4.50% 8/30/96 5,000,000 5,008,129
San Bernardino County TRAN 4.50% 7/5/96 14,000,000 14,019,218
Santa Clara County TRAN 4.50% 8/2/96 25,000,000 25,048,310
134,749,238
COLORADO - 2.2 %
Colorado Health Facs. Auth. Rev. (Sisters of Charity Health Care) VRDN:
Series 1992 A, 3.35% (BPA Dresdner Bank/Toronto-Dominion Bank) 2,600,000
2,600,000
3.35% (BPA Toronto Dominion Bank) 1,000,000 1,000,000
Colorado RAN 4.50% 6/27/96 1,500,000 1,502,593
Colorado Springs County School Dist. #11 TAN 3.95% 6/28/96 4,500,000
4,500,521
Fort Lupton Water Rev. BAN Series 1996, 4.10% 1/10/97 1,200,000
1,200,000
Larimer County School Dist. #R-1 TAN, Series 1995, 3.55% 6/28/96
10,500,000 10,501,226
Moffat County Poll. Cont. Rev. Rfdg. (Colorado-UTE Elec. Assoc. Inc.)
Series 1984, 3.40% ((Nat'l. Rural Utils. Coop Guaranteed) VRDN 10,000,000
10,000,000
Univ. of Colorado (Enterprise Sys.) 3.35% (BPA Morgan Guaranty Trust Co.)
VRDN 8,500,000 8,500,000
39,804,340
CONNECTICUT - 1.1 %
Connecticut Special Assessment Unemployment Rev. Bonds Series 1993 C,
3.85%, tender 7/1/96
(FGIC Insured) (Liquidity Facility Security Purchase Inc.) 18,000,000
18,000,000
Mashantucket Western Pequot Tribe Series 1996, 3.40% 10/24/96,
LOC Bank of America, CP 2,800,000 2,800,000
20,800,000
DELAWARE - 0.6 %
Delaware Econ. Dev. Auth. Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc.
Proj.)
Series 1992, 3.45%, VRDN 3,300,000 3,300,000
Delaware Econ. Dev. Auth. Rev., VRDN:
(Hosp. Billing & Collection Svcs. Proj.) Series 1985 B, 3.45% (MBIA
Insured)
(BPA Morgan Stanley Group Inc.) 6,100,000 6,100,000
(Peninsula United Methodist Homes Inc.) Series 1992 B, 3.45%, LOC Meridian
Bank 2,040,000 2,040,000
11,440,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FLORIDA - 4.3 %
Alachua County Health Facs. Rev. Bonds (Academic Research Bldg. Proj.)
Series 1989, 3.30%,
tender 5/6/96, LOC Barnett Bank $ 1,500,000 $ 1,500,000
Broward County Hsg. Fin. Auth. Multi-Family Hsg. Rev., VRDN:
(Lake Park Assoc. Ltd. Partnership) Series 1985, 3.40%, LOC Society Bank
4,000,000 4,000,000
(Palm Aire-Oxford Proj.) Series 1990, 3.70% (Continental Casualty
Guaranteed) 1,620,000 1,620,000
(Sanctuary Apts. Proj.) Series 1985, 3.40%, LOC PNC Bank 4,300,000
4,300,000
Dade County Ind. Dev. Auth. Rev. (Florida Pwr. & Light Co. Proj.) Series
1993, 3.75%, VRDN 1,100,000 1,100,000
Dade County Ind. Dev. Rev. (South Dade Jewish Commty. Ctr.) 3.45%,
LOC SunTrust Bank, VRDN 1,515,000 1,515,000
Dade County Wtr. & Swr. Sys. Rev. 3.30% (FGIC Insured) (BPA CommerzBank)
VRDN 5,000,000 5,000,000
Escambia County Rev. Rfdg. (Pacer Industries) Series 1991, 3.45%,
LOC SunTrust Bank, VRDN 1,700,000 1,700,000
Florida Local Govt. Fin. Commission Series A, 3.30% 5/13/96,
LOC First Union National Bank, CP 4,000,000 4,000,000
Florida State Board of Ed. Pub. Participating VRDN, Series CR-163, 3.52%
(Liquidity Facility Citibank) (b) 3,000,000 3,000,000
Indian River County Hosp. Dist. Hosp. Rev. Rfdg. Series 1985, 3.40%,
LOC Kredietbank, VRDN 3,100,000 3,100,000
Jacksonville Ind. Dev. Rev. Rfdg. (Arpt. Hotel Proj.) Series 1993, 3.45%,
LOC Northern Trust Co., VRDN 3,000,000 3,000,000
Jacksonville River City Renaissance Prog., 3.45% 5/16/96, CP 2,000,000
2,000,000
Liberty County Ind. Dev. Rev. (Timber Energy Resources Inc. Proj.) Series
1994, 3.55%,
LOC Bank of Montreal, VRDN 2,100,000 2,100,000
Orlando Utils. Commission Wtr. and Rev. Series 1991, 3.25%
(Liquidity Facility Morgan Guaranty Trust Co.) VRDN 4,000,000 4,000,000
Pasco County Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Carlton Arms of
Magnolia Valley)
Series 1985, 3.42%, LOC Bankers Trust Co., VRDN 2,000,000 2,000,000
Pinellas County Health Fac. Auth. Rev. (Bayfront Med.) 3.35% (FGIC Insured)
(BPA Barnett Bank) VRDN 1,200,000 1,200,000
Putnam County Poll. Cont. Rev. (Seminole Elec. Coop Inc. Proj.) (CFC-Nat'l.
Rural Utilities)
Series 1984 S, 3.40%, VRDN 2,850,000 2,850,000
Sarasota County Pub. Hosp. Dist. Hosp. Bonds (Sarasota Memorial Hosp.):
Series 1991:
3.40%, tender 5/23/96 (Liquidity Facility Goldman Sachs & Company)
5,000,000 5,000,000
3.55%, tender 6/14/96 (Liquidity Facility Goldman Sachs & Company)
8,500,000 8,500,000
Series 1993 A:
3.30%, tender 5/20/96 (Liquidity Facility Goldman Sachs & Company)
6,600,000 6,600,000
3.25%, tender 8/9/96 (Liquidity Facility Goldman Sachs & Company)
3,500,000 3,500,000
Sunshine State Govt. Fing. Commission, CP:
3.15% 4/4/96 5,000,000 5,000,000
3.45% 5/16/96 2,680,000 2,680,000
79,265,000
GEORGIA - 6.7 %
Burke County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co.) VRDN:
Series 1994:
Third Series, 3.70% 2,700,000 2,700,000
Fifth Series, 3.70% 1,800,000 1,800,000
Cobb County Dev. Auth. Rev. (Institute of Nuclear Operations) Series 1992,
3.45%,
LOC SunTrust Bank, VRDN 5,255,000 5,255,000
Cobb County Wtr. & Swr. Participating VRDN, Series BT-11, 3.50%
(BPA Bankers Trust Co.) (b) 5,049,000 5,049,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
GEORGIA - CONTINUED
Columbia County Residential Care Facs. Rev. (Augusta Residential
Ctr./Brandon Wilde Lifecare Ctr.)
3.45%, LOC SunTrust Bank, VRDN $ 7,310,000 $ 7,310,000
DeKalb County Hsg. Auth. Multi-Family Hsg., VRDN:
(Post Ashford Proj.) 3.35% (FNMA Guaranteed) 9,645,000 9,645,000
(Post Brook Proj.) 3.35% (FNMA Guaranteed) 4,050,000 4,050,000
DeKalb County Tender Option Ctfs. Series BT-178, 3.45%
(Liquidity Facility Bankers Trust Co.) (b) 1,750,000 1,750,000
DeKalb Private Hosp. Auth. Rev. (Egleston Children's Hosp.)
Series 1994 A, 3.30%, LOC SunTrust Bank, VRDN 12,100,000 12,100,000
Georgia Muni. Elec. Auth. Participating VRDN, Series 1994 C-B, 3.52%
(Liquidity Facility Citibank) (b) 22,400,000 22,400,000
Fulton County Hsg. Auth. Multi-Family Hsg. Rev., VRDN:
Rfdg. (Spring Creek Crossing Proj.) 3.45%, LOC Wachovia Bank 5,000,000
5,000,000
(Champions Green Apts.) Series A, 3.45%, LOC Southtrust Bank 13,860,000
13,860,000
Fulton County Dev. Auth. Rev. (Robert W. Arts Ctr.) Series 1996, 3.45%,
LOC SunTrust Bank, VRDN 3,500,000 3,500,000
Georgia Muni. Elec. Auth. Pwr. Rev. Bonds Series L, 7.75% 1/1/97
6,950,000 7,312,197
Georgia Muni. Elec. Auth. Pwr. Participating VRDN, Series SG-40, 3.45%
(Liquidity Facility Societe Generale) (b) 8,610,000 8,610,000
Macon-Bibb County Hosp. Auth. Rev. Anticipation Cfts. (Med. Ctr. of
Georgia) 3.45%,
LOC SunTrust Bank, VRDN 1,500,000 1,500,000
Marietta Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Wood Pointe Apts.) Series
1993, 3.40%
(Continental Casualty Guaranteed) VRDN 5,000,000 5,000,000
Roswell Hsg. Auth. Multi-Family Hsg. Rev. (Autumnbrook Apts.) Series 1991
A, 3.60%,
LOC Amsouth Bank, VRDN 5,200,000 5,200,000
122,041,197
IDAHO - 0.3 %
Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994 A,
3.35%, VRDN 3,000,000 3,000,000
Idaho Gen. Oblig. TAN Series 1995, 4.50% 6/27/96 3,000,000 3,004,811
6,004,811
ILLINOIS - 6.5 %
Chicago Gen. Oblig. Rev. Bonds:
Series 1995 B, 4.60% 11/1/96, LOC Morgan Guaranty Trust Co. 11,100,000
11,100,000
Series 1996, 3.10%, tender 2/4/97, LOC Landesbank Hessen-Thuringen
16,000,000 16,000,000
Chicago O'Hare Intl. Arpt. Rev. Series C, 3.35%, LOC Societe Generale, VRDN
4,000,000 4,000,000
Chicago Waterworks Rev. Bonds 6.75% 11/1/96 3,000,000 3,085,718
Cook County Rev. (Catholic Charities Hosp.) Series 1988 A-1, 3.45%,
LOC Nat'l. Westminster Bank, VRDN 1,900,000 1,900,000
Du Page Water Commission Water Rev. Participating VRDN, Series CR-162,
3.47%
(Liquidity Facility Citibank) (b) 13,815,000 13,815,000
Illinois Dev. Fin. Auth. Poll. Cont. Rev. Rfdg. Bonds (UNO-VEN Co. Proj.)
Series 1994, 3.40%,
LOC NBD Bank, VRDN 7,100,000 7,100,000
Illinois Dev. Fin. Auth. Rev. (WBEZ Alliance Inc. Proj.) Series 1994,
3.50%,
LOC Lasalle Nat'l. Bank, VRDN 6,600,000 6,600,000
Illinois Ed. Facs. Auth. Participating VRDN, Series CR-176, 3.47%
(Liquidity Facility Citibank) 10,000,000 10,000,000
Illinois Health Facs. Auth. Rev. Bonds (Evanston Hosp. Corp. Proj.)
Series 1985 B, 2.30%, tender 1/31/97 6,800,000 6,800,000
Illinois Health Facs. Auth. Rev., VRDN:
(Children's Memorial Hosp.) Series B, 3.40%, LOC First Nat'l. Bank of
Chicago, 4,300,000 4,300,000
(Pekin Memorial Hosp.) Series 1993 C, 3.45%, LOC Lasalle Nat'l. Bank of
Chicago 3,400,000 3,400,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
ILLINOIS - CONTINUED
Illinois Health Fac. Auth. Rev.:
(Gottlieb Health Resources Inc.) 3.40%, LOC Harris Trust & Savings Bank of
Chicago, VRDN $ 12,500,000 $ 12,500,000
(Lake Forest Hosp. Proj.) 4.50%, LOC First Nat'l. Bank of Chicago, FRDN
3,000,000 3,000,000
Illinois Gen. Oblig. Participating VRDN, Series BT-174, 3.50% (FGIC
Insured)
(Liquidity Facility Bankers Trust Co.) (b) 2,000,000 2,000,000
Kane, Cook and Du Page County School Dist. # U-46 TAN, Series 1995, 3.94%
9/30/96 2,100,000 2,103,974
Lisle Village Multi-Family Hsg. Mtg. Rev. (Four Lakes Proj.) Series 1985 A,
3.40%,
LOC Chemical Bank, VRDN 4,000,000 4,000,000
Northlake Econ. Dev. Rev. (Dominicks Finer Foods Inc. Proj.) Series 1991 B,
3.45%,
LOC Bankers Trust Co., VRDN 2,400,000 2,400,000
Winnebago & Boone County School Dist. #205 TAN, Series 1996, 4.35% 10/30/96
(FSA Insured) 4,650,000 4,681,765
118,786,457
INDIANA - 2.6 %
Fort Wayne Econ. Dev. Rev. (Edy's Grand Ice Cream Proj.) Series 1985,
3.425%,
LOC Bank of America, VRDN 3,950,000 3,950,000
Indiana Bond Bank Rev. Bonds 4.10% 2/1/97 (AMBAC Insured) 3,000,000
3,025,709
Indiana Hsg. Fin. Auth. Single-Family Mtg. Rev. Bonds
Series 1995 D-1, 3.85%, tender 11/1/96 1,575,000 1,575,000
Jasper County Poll. Cont. Rev. (Northern Indiana Pub. Serv. Proj.)
Series 1988 C, 3.25%, tender 5/20/96, LOC Barclays Bank 3,000,000
3,000,000
Merrillville Health Care Facs. Participating VRDN, 3.60% (Liquidity
Facility Bank One) (b) 4,585,000 4,585,000
Richmond Econ. Dev. Rev. Rfdg. (Friends Fellowship Commty.) Series 1993,
3.50%,
LOC Nat'l. Bank of Detroit, VRDN 3,700,000 3,700,000
Rockport Poll. Cont. Rev. Rfdg. (AEP Generating Co. Proj.) Series 1995 B,
3.85%
(AMBAC Insured) (Liquidity Facility Bank of New York) VRDN 14,600,000
14,600,000
South Bend Health Care Facs. Participating VRDN, Series 1992 A, 3.60% (FHA
Insured) (b) 3,325,000 3,325,000
Sullivan Poll. Poll. Cont. Rev. Bonds (Hoosier Energy Rural Elec. Coop.):
Series 1985 L-5, 3.25%, tender 5/20/96 (Nat'l. Rural Utils.-CFC
Guaranteed) 6,805,000 6,805,000
Series 1985 L-3, 3.45%, tender 5/16/96 (Nat'l. Rural Utils.-CFC
Guaranteed) 3,400,000 3,400,000
47,965,709
IOWA - 0.1 %
Iowa Fin. Auth. Single-Family Rev. Mtg. Bonds Series 1995 A, 3.10%, tender
2/27/97
(FGIC Insured) 1,000,000 1,000,000
Iowa School TRAN Series 1996 B, 4.25% 1/30/97 (MBIA Insured) 1,600,000
1,610,944
2,610,944
KANSAS - 0.7 %
Burlington Poll. Cont. Cont. Rev. Bonds:
(Kansas City Pwr. & Light Co.) Series 1985 B, 3.25%, tender 5/9/96, LOC
Societe Generale 6,700,000 6,700,000
(Kansas Elec. Pwr. Coop) Series 1985 C-2, 3.30%, tender 8/12/96
(Nat'l. Rural Utils.-CFC Guaranteed) 5,500,000 5,500,000
Lawrence Gen. Oblig. BAN Series 1995 D, 3.45% 10/1/96 1,000,000
1,000,000
13,200,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
KENTUCKY - 0.9 %
Jefferson County Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc. Proj)
Series 1992, 3.45%, VRDN $ 1,300,000 $ 1,300,000
Louisville & Jefferson County Participating VRDN, Series PT-69, 3.35%
(Liquidity Facility Bayerische Hypotheken Bank) (b) 1,700,000 1,700,000
Mason County Poll. Cont. Rev. (Nat'l. Rural Utils.-CFC Proj.) Series 1984
B-1, 3.40%, VRDN 12,750,000 12,750,000
15,750,000
LOUISIANA - 2.3 %
Ascension Poll. Cont. Rev. Rfdg., VRDN:
(Borden Inc. Proj.) Series 1992, 4.25%, LOC Credit Suisse 10,000,000
10,000,000
(Shell Oil Co.) Series 1993, 3.75% 1,800,000 1,800,000
Calcasieu Parish Ind. Dev. (Weingarten Realty Proj.) 3.35%,
LOC Texas Commerce Bank, VRDN 1,990,000 1,990,000
Desoto Parish Poll. Cont. Participating VRDN, Series 94 W, 3.60% (MBIA
Insured)
(Liquidity Facility Norwest Bank) (b) 4,000,000 4,000,000
Lafayette Econ. Dev. Auth. Ind. Dev. Rev. Rfdg. (Holt County of Louisiana
Proj.) 3.675%,
LOC Morgan Guaranty Trust Co., VRDN 4,150,000 4,150,000
Louisiana Recovery Dist. Sales Tax Rev.:
Bonds, 5.10% 7/1/96 (MBIA Insured) 2,800,000 2,810,920
Series 1988, 3.80% (MBIA Insured) (BPA Swiss Bank) VRDN 1,300,000
1,300,000
West Baton Rouge Parish Ind. Dist. #3 Rev. Rfdg. Bonds (Dow Chemical Co.
Proj.)
Series 1991, 3.40%, tender 5/7/96 16,000,000 16,000,000
42,050,920
MAINE - 0.5 %
Biddeford (Maine Energy Recovery Co. Proj.) Series 1985, 3.60%,
LOC Bank of America, VRDN 6,500,000 6,500,000
Maine Health & Higher Ed. (VHA-New England Inc.) VRDN:
Series D, 3.30% (AMBAC Insured) (BPA Mellon Bank) 1,290,000 1,290,000
Series E, 3.30% (BPA Mellon Bank) 1,135,000 1,135,000
8,925,000
MARYLAND - 1.6 %
Baltimore County Econ. Dev. Rev. Rfdg. (Blue Circle Inc. Proj.) Series
1992, 3.45%,
LOC Den Danske Bank, VRDN 1,400,000 1,400,000
Baltimore County Metropolitan Dist. 3.30% 4/1/96
(Liquidity Facility West Deutsche Landesbank) CP 3,000,000 3,000,000
Baltimore RAN 4.25% 6/10/96 12,400,000 12,411,131
Maryland Econ. Dev. Corp. Fing. Rev., 3.50%, LOC NationsBank, VRDN
6,000,000 6,000,000
Washington Suburban Sanitation Dist. Participating VRDN, Series 1994 F,
3.52%
(Liquidity Facility Citibank) (b) 7,000,000 7,000,000
29,811,131
MASSACHUSETTS - 1.8 %
Massachusetts Gen. Oblig. Participating VRDN:
Series CR-147, 3.52% (Liquidity Facility Citibank) (b) 6,400,000
6,400,000
Series SG-47, 3.50% (Liquidity Facility Societe Generale) (b) 3,000,000
3,000,000
Mass Bay Transit Auth. RAN Series 1996 A, 3.75% 2/28/97 21,700,000
21,795,686
Mass Bay Trans. Auth. Series C, 3.50% 5/30/96, LOC Westdeutche Landesbank,
CP 2,000,000 2,000,000
33,195,686
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
MICHIGAN - 2.0 %
Dearborn Econ. Dev. Corp. Ltd. Oblig. Variable Rate Rev. (Oakbrook Common)
Series 1993 3.50%, LOC Mellon Bank, VRDN $ 2,300,000 $ 2,300,000
Michigan Hosp. Fin. Auth. Rev.:
Rfdg. (Mt. Clemens Gen. Hosp.) Series 1994, 3.35%,
LOC Comerica Bank - Detroit, VRDN 1,000,000 1,000,000
Daughters of Charity Health Sys. Providence Hosp.)
Series 1984, 3.40%, FRDN 12,450,000 12,450,000
Michigan Hosp. Fin. Auth. (Equip. Loan Prog.) VRDN:
3.55%, LOC First of America Bank 1,400,000 1,400,000
Series A, 3.55% LOC First of America Bank 2,800,000 2,800,000
Series 1991, 3.30%, LOC Comerica Bank of Detroit 5,000,000 5,000,000
Series 1995 A, 3.55%, LOC First of America Bank 4,000,000 4,000,000
Michigan Strategic Fund (Detroit Edison) 3.65%, LOC Barclays Bank, VRDN
2,500,000 2,500,000
Michigan Strategic Fund Bonds (Dow Chemical Co. Proj.):
Series 1986, 3.55%, tender 6/12/96 1,300,000 1,300,000
Series 1987:
3.30%, tender 4/11/96 2,720,000 2,720,000
3.35%, tender 5/13/96 1,000,000 1,000,000
36,470,000
MINNESOTA - 2.3 %
Bloomington Multi-Family Hsg. Rev. Rfdg. (Crow/Bloomington Apts. Proj.)
Series 1993, 3.45%,
LOC Citibank, VRDN 8,305,000 8,305,000
City of Duluth TAN 4.25% 12/31/96 2,050,000 2,059,822
Dakota County Hsg. & Redev. Auth. Multi-Family Rental Hsg. Rev. Rfdg.
(Southview Gables Apts. Proj.) 3.35% (Northwestern Life Mutual Life
Insurance Guaranteed)
VRDN 9,075,000 9,075,000
Duluth Tax Increment Rev. (Lake Superior Paper Co.) Series 1985, 3.55%,
LOC Nat'l. Australia Bank, VRDN 3,000,000 3,000,000
Minneapolis Hsg. Dev. Rfdg. Rev. (One Ten Grant Proj.) Series 1989, 3.35%,
LOC First Bank of Minnesota, VRDN 500,000 500,000
Minnesota Gen. Oblig. Participating VRDN, Series BT-99, 3.50%
(BPA Bankers Trust Co.) (b) 7,710,000 7,710,000
Minnesota Hsg. Fin. Agcy. Single-Family Mtg. Rev. Bonds,
Series T, 3.50%, tender 12/12/96 2,760,000 2,760,000
Minnesota State Rfdg. Bonds 6.80% 8/1/96 1,600,000 1,618,190
St Louis Park Health Care Facs. Rev. Participating VRDN, 3.55%
(Liquidity Facility Norwest Bank) (b) 2,500,000 2,500,000
St. Paul Port Auth. Tax Increment Bonds (Westgate Office & Ind. Ctr. Proj.)
Series 1991, 3.40%, LOC First Bank of Minnesota, VRDN 2,700,000
2,700,000
University of Minnesota Bonds Series G, 3.25%, tender 8/1/96 1,700,000
1,700,000
41,928,012
MISSISSIPPI - 1.4 %
Harrison County Poll. Cont. Rev. Rfdg. (Mississippi Pwr. Co. Proj.)
Series 1992, 3.45%, VRDN 8,750,000 8,750,000
Jackson County Port Facs. Rev. Rfdg. (Chevron U.S.A. Inc.) Series 1993,
3.70%, VRDN 15,000,000 15,000,000
Jackson County Wtr. Sys. Gen. Oblig. Rfdg. Bonds (Chevron Corp.) 3.30%,
tender 8/1/96 1,000,000 1,000,000
24,750,000
MISSOURI - 0.9 %
Missouri Envir. Impt. Energy Resource Auth. Rev. Rfdg. Bonds
(Kansas City Pwr. & Light Co.) Series 1992, 3.45%, VRDN 5,100,000
5,100,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
MISSOURI - CONTINUED
Missouri Health & Ed. Facs. Auth. Rev. (Washington Univ. Proj.) Series 1989
B, 3.85%
(BPA Morgan Guaranty Trust Co.) $ 3,800,000 $ 3,800,000
University of Missouri RAN Series 1995-96, 4.75% 6/28/96 7,000,000
7,017,081
15,917,081
MONTANA - 0.5 %
Montana Board of Investments Variable Rate Payroll Tax Rev. (Workers Comp.
Prog.)
Series 1993, 3.40%, VRDN 4,400,000 4,400,000
Montana Gen. Oblig. TRAN 4.50% 6/30/96 5,000,000 5,008,922
9,408,922
NEBRASKA - 0.2 %
Omaha Pub. Pwr. Dist. Elec. Rev. Bonds Series B, 4.10% 2/1/97 1,400,000
1,409,914
Omaha Pub. Pwr. Dist. Elec. Sys. Participating VRDN, Series 1993 D, 3.40%
(Liquidity Facility Merrill Lynch & Co. Inc.) (b) 2,530,000 2,530,000
3,939,914
NEW HAMPSHIRE - 1.4 %
New Hampshire Ind. Dev. Auth. Resource Recovery Rev. Bonds (Claremont Co.
L.P. Proj.)
Series 1985, 3.80%, tender 7/1/96 (MBIA Insured) 3,205,000 3,205,000
New Hampshire Higher Ed. and Health Facs. Auth. Rev., VRDN:
(Alice Peck Day Lifecare Ctr./Harvest Hill) 3.40%, LOC Corestates Bank
5,700,000 5,700,000
(VHA of New England):
Series 1985 C, 3.30% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
1,700,000 1,700,000
Series 1985 E, 3.30% (AMBAC Insured) (BPA First Nat'l Bank of Chicago)
1,800,000 1,800,000
Series 1985 F, 3.30% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
5,050,000 5,050,000
Series 1985 G, 3.30% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
6,925,000 6,925,000
New Hampshire Muni. Bond Bank Series 1995 A, 5.25% 8/15/96 (AMBAC Insured)
1,795,000 1,809,245
26,189,245
NEW JERSEY - 1.4 %
Camden County Muni Utils. Auth. Swr. Rev. Rfdg. Bonds 4% 7/15/96 (FGIC
Insured) 1,000,000 1,002,120
Cape May BAN 3.50% 2/28/97 2,500,000 2,509,260
East Brunswick BAN 4% 1/3/97 5,000,000 5,016,802
Livingston Township Rfdg. Bonds 3.26% 2/12/97 1,400,000 1,400,231
Morris County Gen. Oblig. BAN 3.47% 12/13/96 1,021,000 1,021,136
New Jersey Gen. Oblig. Participating VRDN, Series 943005, 3.47%
(Liquidity Facility Citibank) (b) 7,400,000 7,400,000
Parsippany-Troy Hills BAN 4% 11/1/96 4,500,000 4,506,795
Washington Township BAN 4% 12/13/96 2,500,000 2,507,570
25,363,914
NEW MEXICO - 0.1 %
Bernallio County Gen. Oblig. Bonds 6% 8/1/96 1,000,000 1,009,222
NEW YORK - 4.8 %
Buffalo Gen. Oblig. RAN 4.20% 7/16/96, LOC Landesbank Hessenth Bank
1,800,000 1,804,091
Hempstead Town BAN 3.50% 2/28/97 17,300,000 17,333,461
New York Metro. Transit Auth. Commuter Facs. Rev. Bonds 8.50% 7/1/96
3,250,000 3,353,282
New York Metro Trans. Auth. Transit Facs. Participating VRDN, Series PW-14,
3.55%
(Liquidity Facility Canadian Imperial Bank) (b) 3,400,000 3,400,000
New York City Gen. Oblig. Rev.:
Bonds Series 1993 A-4, 3.75%, LOC Chemical Bank 1,400,000 1,400,000
RAN Series 1996 B, 4.75%, VRDN 16,550,000 16,585,532
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Muni. Wtr. Fin. Auth. Wtr. and Swr. Rev.
Series 1994 G, 3.70% (FGIC Insured) (BPA FGIC-Security Purchase Inc.) VRDN
$ 3,200,000 $ 3,200,000
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.
Series 1994 C, 3.80% (FGIC Insured) 2,520,000 2,520,000
Suffolk County BAN Series 1996 A, 4% 1/2/97 38,265,000 38,404,372
88,000,738
NORTH CAROLINA - 0.3 %
North Carolina Ed. Facs. Fin. Agcy. Rev. (Duke Univ. Proj.) Series 1987 A,
3.25%, VRDN 1,100,000 1,100,000
North Carolina Med. Care Commission Hosp. Rev. Board (Park Ridge Hosp.)
Series 1988, 3.40%, LOC NationsBank NA, VRDN 5,200,000 5,200,000
6,300,000
OHIO - 0.7 %
Greene County BAN 4% 12/12/96 1,311,200 1,315,165
Ohio Pub. Facs. Higher Ed. Facs. Bonds Series II-B, 5% 11/1/96 (MBIA
Insured) 2,000,000 2,017,611
Ohio Wtr. Dev. Auth. Poll. Cont. Rev. Rfdg. Bonds (Cleveland Elec. Proj.)
Series 1988 A, 3.30%, tender 5/21/96 (FGIC Insured) 8,400,000 8,400,000
Scioto Hosp. Rev. (VHA Central Inc. Cap. Asset Fin. Prog.)
Series 1985 G, 3.25% (AMBAC Insured) VRDN 1,600,000 1,600,000
13,332,776
OREGON - 0.9 %
Multnomah County TRAN 4.50% 6/28/96 11,000,000 11,020,336
Oregon Health Hsg. & Ed. Rev. (Guide Dogs for the Blind) 3.30%,
LOC Banque Nationale de Paris, VRDN 5,400,000 5,400,000
16,420,336
PENNSYLVANIA - 2.9 %
Allegheny County Hosp. Redev. Auth. Health Facs. Rev. (Central Blood Bank
Proj.)
Series 1992, 3.45%, LOC PNC Bank, VRDN 2,225,000 2,225,000
Allegheny County Ind. Dev. Auth. Rev. Rfdg.(N. Versailles Shopping Ctr.)
Series 1992, 3.50%, LOC Bank One, VRDN 3,805,000 3,805,000
Berks County Ind. Dev. Auth. Rev. (Lutheran Home at Topton Proj.)
Series 1993 B, 3.675%, LOC Meridian Bank, VRDN 8,900,000 8,900,000
Emmaus Gen. Auth. Local Govt. Rev., VRDN:
Series 1989 B-10, 3.45%, LOC Midland Bank 1,900,000 1,900,000
Series 1989 D-10, 3.40%, LOC Canadian Imperial Bank 7,200,000 7,200,000
Lehigh County Ind. Dev. Auth. Rev. (The Keebler Co.) Series 1992, 3.45%,
LOC Wachovia Bank, VRDN 4,740,000 4,740,000
Pennsylvania Econ. Dev. Auth. Rev. (Foxdale Village Proj.) Series 1989 C,
3.45%,
LOC PNC Bank, VRDN 2,300,000 2,300,000
Pennsylvania Infrastructure Investment Auth. Rev. (Pennvest Pooled Loan
Program)
Series 1994, 3.45% (Liquidity Facility PNC Bank) 1,000,000 1,000,000
Sayre Health Care Facs. Auth. Hosp. Rev. (VHA of Pennsylvania) Series 1985
A, 3.25%
(AMBAC Insured) (BPA First Nat'l. Bank of Chicago) 7,325,000 7,325,000
Schuylkill County Ind. Dev. Auth. Resource Recovery Rev. (Gilberton Pwr.)
3.45%,
LOC Mellon Bank, VRDN 8,700,000 8,700,000
South Fork Muni. Auth. Hosp. Rev. (Lee Hosp. Proj.) Series 1993 B, 3.45%,
LOC PNC Bank, VRDN 5,210,000 5,210,000
53,305,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
RHODE ISLAND - 0.3 %
Cranston State Aid BAN 4.375% 7/31/96, LOC State Street Bank & Trust Co. $
4,000,000 $ 4,008,732
Rhode Island Hsg. & Mtg. Fin. Corp. Homeownership Opportunity Bonds
Series 19-C, 3.45%, tender 1/30/97 (Societe Generale Guaranteed)
1,000,000 1,000,000
5,008,732
SOUTH CAROLINA - 1.7 %
South Carolina Jobs Econ. Dev. Auth. Healthcare Facs. Rev. Bonds (The
Methodist Home Proj.)
Series 1994, 3.55%, LOC NationsBank 4,000,000 4,000,000
South Carolina Hsg. Fin. & Dev. Auth. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Charleston Oxford) Series 1990 B, 3.70% (Continental Casualty Guaranteed)
10,180,000 10,180,000
(Greenville Oxford) Series 1990 A, 3.70% (Continental Casualty Guaranteed)
4,855,000 4,855,000
(Richland Oxford) Series 1990 C, 3.70% (Continental Casualty Guaranteed)
5,130,000 5,130,000
South Carolina Pub. Svc. Auth. Elec. Rev. Elec. Sys. Bonds 8% 7/1/96
2,470,000 2,570,912
West Columbia Wtr. & Swr. Rev. Bonds 7.375% 10/1/96 (MBIA Insured)
1,000,000 1,030,672
York County Poll. Cont. Rev. Bonds (Saluda River Elec.) Series 1984 E,
3.10%,
tender 8/15/96 (Nat'l. Rural Utils.-CFC Guaranteed) 3,800,000 3,800,000
31,566,584
SOUTH DAKOTA - 0.2 %
South Dakota Health & Edl. Facs. Auth. Rev. Rfdg. (Sioux Valley Hosp.)
Series 1992 A, 3.40%, VRDN 4,400,000 4,400,000
TENNESSEE - 2.6 %
Clarksville Pub. Bldg. Auth. Pooled Fing. Rev. Series 1995, 3.50%, LOC
NationsBank, VRDN 6,000,000 6,000,000
Jackson Hsg. Fac. Board Multi-Family Hsg. Rev. Rfdg. (Post House North
Apts. Proj.) 3.40%,
LOC Southtrust Bank, VRDN 3,845,000 3,845,000
Knox County Health Edl. & Hsg. Facs. Board Rev. (Webb School Knoxville
Proj.) 3.45%,
LOC Third Nat'l. Bank of Nashville, VRDN 4,030,000 4,030,000
Knoxville Wtr. Rev. Participating VRDN, Series BT-57, 3.55%
(Liquidity Facility Automatic Data Processing Inc.) (b) 3,540,000
3,540,000
Metropolitan Nashville & Davidson County Gen. Oblig. Participating VRDN,
Series CR-169, 3.47%
(Liquidity Facility Citibank) (b) 6,140,000 6,140,000
Metropolitan Nashville & Davidson County Health & Ed. Facs. Multi-Family
Hsg. Rev.
(Brentwood Oaks Apts.) 3.35%, VRDN 4,000,000 4,000,000
Metropolitan Nashville & Davidson County Health. Facs. Rev. (Richland Place
Inc. Proj.) 3.35%,
LOC Societe Generale, VRDN 1,400,000 1,400,000
Montgomery County Pub. Bldg. Auth. Adj. Rate Pooled Fing. Rev. Series 1995,
3.50%,
LOC NationsBank, VRDN 12,000,000 12,000,000
Tennessee Gen. Oblig. Bonds Series A, 6.70% 7/1/96 1,000,000 1,008,370
Tennessee Local Dev. Auth. BAN 4.75% 5/31/96 6,200,000 6,208,799
48,172,169
TEXAS - 14.5 %
Austin Hsg. Fin. Corp. Multi-Family Hsg. Rev. (Riverchase Proj.) Series
1985 A, 3.80%,
LOC Household Finance Corp., VRDN 6,000,000 6,000,000
Austin Util. Sys. Rev. Series A, 3.20% 5/16/96, LOC Swiss Bank, CP
4,600,000 4,600,000
Bexar County Hsg. Fin. Corp. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Fountainhead I Proj.) Series 1992 A, 3.45% (Continental Casualty
Guaranteed) 3,880,000 3,880,000
(Fountainhead II Proj.) Series 1992 A, 3.45% (Continental Casualty
Guaranteed) 8,070,000 8,070,000
Brazos River Harbor Navigation Dist. Bonds (Dow Chemical Co.)
Series 1990, 3.30%, tender 4/11/96 6,550,000 6,550,000
Brazos River Harbor Navigation Dist. of Brazoria County Rev. Bonds (Dow
Chemical Co.)
Series 1991, 3.45%, tender 4/10/96 8,250,000 8,250,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
TEXAS - CONTINUED
Central Waco Dev. Corp. Ind. Dev. Rev. (HE Butt Grocery Proj.) Series 1992,
3.50%,
LOC Texas Commerce Bank, VRDN $ 2,200,000 $ 2,200,000
Dallas Area Rapid Transit Sales Tax Rev. Series A, CP:
3.35% 4/26/96, LOC Credit Suisse/Swiss Bank 10,000,000 10,000,000
3.40% 5/14/96, LOC Credit Suisse/Swiss Bank 10,000,000 10,000,000
Farmers Branch Ind. Dev. Corp. Rev. Rfdg. (PPG Ind. Inc. Proj.) Series
1992, 3.45%, VRDN 5,000,000 5,000,000
Goose Creek Consolidated Independent School Dist. TRAN 3.936% 8/31/96 (c)
5,000,000 5,000,000
Guadalupe-Blanco River Auth. Ind. Dev. Rev. (BOC Group Inc. Proj.) Series
1993, 3.45%,
LOC Wachovia Bank, VRDN 12,400,000 12,400,000
Harris County Health Fac. Dev. (St. Luke's Episcopal Hosp. Proj.)
Series 1992 A, 3.85%, VRDN 5,600,000 5,600,000
Houston TRAN (c):
4.38% 4/4/96 2,388,000 2,388,000
4.39% 4/4/96 2,388,000 2,388,000
Houston Hsg. Fin. Corp. Single-Family Mtg. Participating VRDN, Series PT-1,
4.50%
(Liquidity Facility Banque Nationale de Paris) (b) 5,570,000 5,570,000
Houston Texas Wtr. & Swr. Sys. Rev.:
Bonds 8.20% 12/1/96 1,915,000 2,010,972
Participating VRDN, Series SG-20, 3.60% (Liquidity Facility Societe
Generale (b) 4,000,000 4,000,000
Series A, CP:
3.45% 4/8/96 (Liquidity Facility Swiss Bank/Westdeutsche Landesbank
1,500,000 1,500,000
3.30% 5/23/96 (Liquidity Facility Swiss Bank/Westdeutsche Landesbank)
10,000,000 10,000,000
3.40% 5/30/96 (Liquidity Swiss Bank/Westdeutsche Landesbank) 3,000,000
3,000,000
3.35% 6/6/96 (Liquidity Facility Swiss Bank/Westdeutsche Landesbank)
10,100,000 10,100,000
3.45% 6/13/96 (Liquidity Facility Swiss Bank/Westdeutsche Landesbank)
10,000,000 10,000,000
Lower Colorado River Auth. Elec. Participating VRDN, Series BT-59, 3.55%
(Liquidity Facility Automatic Data Processing Inc.) (b) 8,200,000
8,200,000
Port Arthur Navigation Dist. Poll. Cont. Rev. Rfdg. (Texaco Inc. Proj.)
Series 1994, 3.75%, VRDN 2,500,000 2,500,000
San Antonio Elec. Gas Rev. Rfdg. Bonds Series A, 6% 2/1/97 (FGIC Insured)
1,000,000 1,022,437
Silsbee Health Facs. Dev. Corp. Hosp. Rev. (Silsbee Doctor's Hosp.) Series
1984, 3.45%,
LOC Citibank, VRDN 3,500,000 3,500,000
Tarrant County Health Facs. Dev. Health Sys. Rev. Bonds (Harris Methodist
Health Sys.)
3.35% 9/1/96 (AMBAC Insured) 1,525,000 1,525,000
Texas A&M Univ. Participating VRDN, Series BT-15, 3.50% (BPA Bankers Trust
Co.) (b) 5,445,000 5,445,000
Texas Dept. of Hsg. & Commty. Affairs Mtg. Rev. Participating VRDN, Series
PT-9, 4.05%
(Liquidity Facility CommerzBank) (b) 4,585,000 4,585,000
Texas Gen. Oblig. Series 1995 B, CP:
3.65% 8/20/96 5,000,000 5,000,000
3.40% 8/15/96 10,000,000 10,000,000
Texas Higher Ed. Auth. Inc. Series B, 3.35% (BPA FGIC Security Purchase
Inc.) VRDN 5,000,000 5,000,000
Texas Pub. Ed. Fin. Auth. Participating VRDN, Series CR-170, 3.47%
(Liquidity Facility Citibank) (b) 5,000,000 5,000,000
Texas Pub. Fin. Auth. Rev.:
Participating VRDN, Series CB-2, 3.51% (Liquidity Facility Chemical Bank)
(b) 2,300,000 2,300,000
Series 1993 A, CP:
3.20% 5/8/96 14,900,000 14,900,000
3.45% 5/8/96 20,000,000 20,000,000
Texas Small Bus. Ind. Dev. Corp. Rev. (Pub. Facs. Prog.) 3.40%,
LOC Nat'l. Westminster Bank, VRDN 17,995,000 17,995,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
TEXAS - CONTINUED
University of Texas Fing. Sys. Rev.:
Bonds Series A, 3.45%, tender 5/16/96 (Liquidity Facility Texas State
Univ.) $ 1,720,000 $ 1,720,000
Series A, CP:
3.25% 5/13/96 4,339,000 4,339,000
3.25% 5/24/96 12,500,000 12,500,000
264,038,409
UTAH - 1.2 %
Intermountain Pwr. Agency Pwr. Supply Rev. Bonds:
Series 1985 E, 3.85% tender 6/17/96 (BPA Bank of America) 9,000,000
9,000,000
Series 1985 F, 3.80% tender 6/17/96 (BPA Bank of America) 4,600,000
4,600,000
Salt Lake Utah Poll. Cont. Rev. Rfdg. (Service Station Holdings,
Inc./British Petroleum Co.)
Series 1994, 3.75%, VRDN 6,800,000 6,800,000
Utah Env. Impt. Rev. Bonds (U.S Steel Corp.) 3.70%, tender 5/1/96, LOC
Wachovia Bank 2,000,000 2,000,000
22,400,000
VERMONT - 0.1 %
Vermont Student Assistance Corp. Student Loan Rev. Series 1985, 3.40%,
LOC Nat'l. Westminster, VRDN 1,325,000 1,325,000
VIRGINIA - 3.8 %
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Rfdg. (Philip Morris
Co. Inc. Proj.)
Series 1992, 3.45%, VRDN 10,000,000 10,000,000
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec.
Pwr. Proj.):
Series B:
3.25%, tender 5/20/96 3,330,000 3,330,000
3.35%, tender 5/22/96 2,000,000 2,000,000
Series 1985, 3.45%, tender 5/21/96 2,000,000 2,000,000
Fairfax County Ind. Dev. Auth. Hosp. Rev. Bonds (Inova Health Sys. Hosp.
Proj.)
Series 1993 B, 3.20%, tender 4/29/96 17,300,000 17,300,000
Harrisonburg Redev. & Hsg. Auth. Multi-Family Hsg. Rev. (Misty Ridge Proj.)
Series 1991 A, 3.45%, LOC BanK One of Columbus, VRDN 5,555,000 5,555,000
Henrico County Ind. Dev. Auth. Health Fac. Rev. (Hermitage at Cedarfield)
Series 1994, 3.85%, LOC NationsBank, VRDN 1,000,000 1,000,000
Louisa County Ind. Dev. Auth. Adj. Rate Pooled Fin. Rev. Series 1995,
3.50%,
LOC NationsBank, VRDN 10,000,000 10,000,000
Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr. Co.
Proj.):
Series 1985, 3.25%, tender 5/22/96 (BPA Bank of New York) 3,385,000
3,385,000
Series 1987, 3.45%, tender 5/21/96 2,000,000 2,000,000
Lynchburg Ind. Dev. Auth. Hosp. Rev. (VHA Mid-Atlantic States, Inc.) VRDN:
Series 1985 B, 3.30% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
2,800,000 2,800,000
Series 1985 F, 3.30% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
1,400,000 1,400,000
Suffolk Redev. & Hsg. Auth. Multi-Family Rental Hsg. Rev., VRDN:
(Windsor at Fieldstone Proj.) 3.50%, LOC NationsBank 7,426,000
7,426,000
(Windsor at Potomac Vista Proj.) 3.50%, LOC NationsBank 1,003,000
1,003,000
York County Ind. Dev. Rev. Rfdg. (Philip Morris Co. Inc. Proj.) Series
1992, 3.45%, VRDN 1,000,000 1,000,000
70,199,000
WASHINGTON - 3.6 %
King County Gen. Oblig. Rfdg. Bonds Series 1996 A, 5% 1/1/97 1,700,000
1,720,550
Seattle Ind. Dev. Corp. Ind. Rev. Rfdg. (Longview Fibre Co. Proj.) Series
1988, 3.40%,
LOC ABN-Amro Bank, VRDN 2,500,000 2,500,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
WASHINGTON - CONTINUED
Snohomish County Pub. Util. Dist. Elec. Rev. Bonds Gen. Sys. Series 1986 A,
7.375% 1/1/97
(MBIA Insured) (BIG Insured) $ 5,000,000 $ 5,249,411
Snohomish County Pub. Util. Dist. #1 Elec. Rev. Bonds Gen. Sys.
Series 1986 A, 7.875% 1/1/97 1,000,000 1,053,572
Washington Healthcare Facs. Auth. Bonds (Sisters of Providence) 4.20%
10/1/96
(AMBAC Insured) 4,200,000 4,212,161
Washington Gen. Oblig. Participating VRDN:
Series BT-125, 3.50% (BPA Bankers Trust Co.) (b) 9,575,000 9,575,000
Series SG-37, 3.45% (Liquidity Facility Societe Generale) (b) 7,000,000
7,000,000
Series 1995 A, 3.43% (Liquidity Facility Internationale Nederlanden Bank)
(b) 5,500,000 5,500,000
Series 93, 3.52% (Liquidity Facility Citibank) (b) 21,700,000
21,700,000
Washington Motor Vehicle Fuel Rev. Rfdg. Bonds 3.70% 9/1/96 2,000,000
2,001,998
Washington Motor Vehicle Fuel Tax Bonds 7.60% 9/1/96 1,000,000 1,016,903
Washington Pub. Pwr. Supply Sys. Bonds (Nuclear Pwr. Proj. #1) Series A,
4.20% 7/1/96 1,750,000 1,750,816
Washington Pub. Pwr. Supply Sys. Rev. Rfdg. Bonds (Nuclear Proj. #2) 4.10%
7/1/96 1,000,000 1,001,085
Washington Pub. Pwr. Supply Sys. Tender Option Ctfs. (Nuclear Proj. #2)
Series BT-61, 3.60%
(Liquidity Facility Automatic Data Processing Inc.) (b) 1,200,000
1,200,000
65,481,496
WEST VIRGINIA - 0.8 %
Kanawha County Commercial Dev. Rev. Rfdg. (McJunkin Corp. Proj.) Series
1991, 3.55%,
LOC NationsBank, VRDN 4,485,000 4,485,000
West Virginia Hosp. Fin. Auth. Hosp. Rev. (VHA Midlantic States) VRDN:
Series 1985 B, 3.30%,(AMBAC Insured) (LOC First Nat'l. Bank of Chicago)
3,000,000 3,000,000
Series 1985 D, 3.30% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
3,800,000 3,800,000
Series 1985 E, 3.30% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
2,990,000 2,990,000
14,275,000
WISCONSIN - 1.9 %
Milwaukee Ind. Dev. Rev. (Longview Fiber Co.) Series 1987, 3.40%,
LOC ABN-Amro Bank, VRDN 1,960,000 1,960,000
Milwaukee RAN Series 1996 A, 3.50% 2/27/97 11,000,000 11,045,424
Milwaukee Redev. Auth. Dev. Rev. (Bradley Ctr. Parking Facs. Proj.)
Series 1986, 3.35%, LOC Nat'l. Westminster Bank, VRDN 2,500,000
2,500,000
New Berlin School Dist. TRAN 4.25% 8/22/96 3,500,000 3,504,230
Village of Rothschild Poll. Cont. Rev. (Weyherhaeuser Co. Proj.)
Series 1982, 3.465%, VRDN 2,400,000 2,400,000
Wisconsin Health & Ed. Facs. Auth., VRDN:
(Daughters of Charity -St. Mary's) Series 1992 A, 3.40% 10,000,000
10,000,000
(SSM Healthcare Proj.) Series 1990 A, 3.40%, LOC Industrial Bank of Japan
2,700,000 2,700,000
34,109,654
WYOMING - 0.0 %
Sweetwater County Poll. Cont. Rev. Rfdg. (Pacific Corp.) Series 1990 A,
3.40%,
LOC Credit Suisse, VRDN 200,000 200,000
MULTIPLE STATES - 0.1 %
NCNB Tax-Exempt Trust Participating VRDN, Series 1990 A, 4.125%,
LOC NationsBank (b) 1,875,000 1,875,000
TOTAL INVESTMENTS - 100% $ 1,829,960,966
Total Cost for Income Tax Purposes $ 1,829,961,511
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
FRDN - Floating Rate Demand Notes
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Provides evidence of ownership in one or more underlying municipal
bonds.
(c) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Goose Creek Consolidated
Independent School Dist. Adj.
Rate TRAN:
3.936% 8/31/96 9/26/95 $ 2,500,000
3.936% 8/31/96 10/13/95 $ 2,500,000
Houston TRAN:
4.38% 4/4/96 11/2/95 $ 2,388,000
4.39% 4/4/96 11/9/95 $ 2,388,000
INCOME TAX INFORMATION
At May 31, 1995, the fund had a capital loss carryforward of approximately
$527,000 which will expire on May 31, 1996.
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT
FINANCIAL STATEMENTS
*STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1996
ASSETS
Investment in securities, at value - See accompanying schedule $ 1,829,960,966
Interest receivable 14,862,684
33.TOTAL ASSETS 1,844,823,650
LIABILITIES
Payable to custodian bank $ 604,818
Payable for investments purchased 31,145,192
Distributions payable 3,772,452
Accrued management fee 212,365
Other payables and accrued expenses 214,606
34.TOTAL LIABILITIES 35,949,433
NET ASSETS $ 1,808,874,217
Net Assets consist of:
Paid in capital $ 1,808,865,499
Accumulated net realized gain (loss) on investments 8,718
NET ASSETS $ 1,808,874,217
$1.00
CLASS I:
NET ASSET VALUE, offering price and redemption price per share
($1,806,917,843 (divided by) 1,806,909,134 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price and redemption price per share
($967,905 (divided by) 967,900 shares)
CLASS III: $1.00
NET ASSET VALUE, offering price and redemption price per share
($988,469 (divided by) 988,465 shares)
</TABLE>
*STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1996
35.INTEREST INCOME $ 74,374,666
EXPENSES
Management fee $ 3,883,600
Transfer agent fees 444,306
Class I
Class II 145
Class III 389
Distribution fees 363
Class II
Class III 2,566
Accounting fees and expenses 249,803
Non-interested trustees' compensation 11,378
Custodian fees and expenses 129,860
Registration fees 220,933
Class I
Class II 39,477
Class III 39,477
Audit 40,168
Legal 5,999
Total expenses before reductions 5,068,464
Expense reductions (1,281,732) 3,786,732
36.NET INTEREST INCOME 70,587,934
REALIZED AND UNREALIZED GAIN (LOSS) 365,847
Net realized gain (loss) on investment securities
Increase (decrease) in net unrealized gain from accretion of market discount (8,972)
37.NET GAIN (LOSS) 356,875
38.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 70,944,809
</TABLE>
*STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED TEN MONTH
MARCH 31, PERIOD ENDED
1996 MARCH 31, 1995
INCREASE (DECREASE) IN NET ASSETS
Operations $ 70,587,934 $ 60,608,989
Net interest income
Net realized gain (loss) 365,847 321,344
Increase (decrease) in net unrealized gain from accretion of market discount (8,972) 1,959
39.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 70,944,809 60,932,292
Distributions to shareholders from:
Net interest income
Class I (70,549,024) (60,608,989)
Class II (7,896) -
Class III (31,014) -
Share transactions - net increase (decrease)
at net asset value of $1.00 per share
Class I (70,253,634) (514,171,924)
Class II 967,900 -
Class III 988,465 -
40.TOTAL INCREASE (DECREASE) IN NET ASSETS (67,940,394) (513,848,621)
NET ASSETS
Beginning of period 1,876,814,611 2,390,663,232
End of period $ 1,808,874,217 $ 1,876,814,611
</TABLE>
*FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEAR TEN MONTH YEARS ENDED MAY 31,
ENDED PERIOD ENDED
MARCH 31, MARCH 31,
1996 1995 1994 1993 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .036 .027 .024 .026 .040
Less Distributions
From net interest income (.036) (.027) (.024) (.026) (.040)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 3.70% 2.74% 2.44% 2.66% 4.02%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,806,918 $ 1,876,815 $ 2,390,663 $ 2,239,031 $ 2,556,995
Ratio of expenses to average net assets .19% .18% A, .18% .18% .18%
C C C C C
Ratio of net interest income to average net assets 3.64% 3.20% A 2.41% 2.62% 3.90%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS II
NOVEMBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996
SELECTED PER-SHARE DATA
Income from Investment Operations
Net asset value, beginning of period $ 1.000
Net interest income .013
Less Distributions
From net interest income (.013)
Net asset value, end of period $ 1.000
TOTAL RETURN B 1.34%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 968
Ratio of expenses to average net assets .35% A,
C
Ratio of net interest income to average net assets 3.17% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIOD SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS III
NOVEMBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996
SELECTED PER-SHARE DATA
Income from Investment Operations
Net asset value, beginning of period $ 1.000
Net interest income .013
Less Distributions
From net interest income (.013)
Net asset value, end of period $ 1.000
TOTAL RETURN B 1.30%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 988
Ratio of expenses to average net assets .45% A, C
Ratio of net interest income to average net assets 3.00% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIOD SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
DAILY MONEY FUND: TREASURY ONLY
INVESTMENTS MARCH 31, 1996
Showing Percentage of Total Value of Investments
U.S. TREASURY OBLIGATIONS - 100.0%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 25.8%
4/18/96 5.21% $ 105,819,000 $ 105,559,903
4/18/96 5.23 737,000 735,187
4/18/96 5.24 2,243,000 2,237,471
4/25/96 5.03 26,983,000 26,893,686
4/25/96 5.13 20,475,000 20,405,385
4/25/96 5.14 83,871,000 83,585,280
4/25/96 5.15 4,500,000 4,484,649
4/25/96 5.18 9,015,000 8,984,018
4/25/96 5.21 409,000 407,588
4/25/96 5.23 198,000 197,312
5/9/96 5.07 47,279,000 47,029,472
6/20/96 5.18 17,285,000 17,091,216
8/1/96 4.86 3,011,000 2,962,633
TOTAL U.S. TREASURY BILLS 320,573,800
U.S. TREASURY NOTES - 74.2%
4/15/96 5.18 39,669,000 39,728,726
4/15/96 5.21 25,000,000 25,036,809
4/15/96 5.23 50,000,000 50,073,281
4/30/96 5.20 20,000,000 20,035,838
4/30/96 5.38 35,759,000 35,814,220
4/30/96 5.40 50,000,000 50,032,999
4/30/96 5.41 24,201,000 24,201,000
4/30/96 5.50 40,000,000 40,063,696
4/30/96 5.60 2,646,000 2,645,469
4/30/96 5.61 25,000,000 25,034,738
4/30/96 5.62 4,530,000 4,536,211
5/15/96 5.18 100,000,000 99,880,058
5/15/96 5.20 30,000,000 30,073,425
5/31/96 5.12 148,770,000 148,919,551
6/30/96 4.94 89,000,000 89,368,379
7/31/96 4.87 30,000,000 30,116,324
7/31/96 4.88 22,188,000 22,361,102
7/31/96 4.93 39,259,000 39,512,308
7/31/96 5.06 22,000,000 22,195,697
8/15/96 5.00 38,000,000 37,903,869
8/15/96 5.02 54,000,000 53,860,373
9/30/96 4.94 31,439,000 31,641,997
TOTAL U.S. TREASURY NOTES 923,036,070
TOTAL INVESTMENTS - 100% $ 1,243,609,870
Total Cost for Income Tax Purposes $ 1,243,609,870
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $299,000 of which $22,000, $162,000 and $115,000 will expire
on March 31, 2001, 2002 and 2004, respectively.
A total of 100% of the dividends distributed during the fiscal year was
derived from interest on U.S. Government securities which is generally
exempt from state income tax.
The fund will notify shareholders in January 1997 of the applicable
percentage for use in preparing 1996 income tax returns.
DAILY MONEY FUND: TREASURY ONLY
FINANCIAL STATEMENTS
*STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1996
ASSETS
Investment in securities, at value - See accompanying schedule $ 1,243,609,870
Cash 20,836
Receivable for investments sold 101,733,000
Interest receivable 24,626,300
41.TOTAL ASSETS 1,369,990,006
LIABILITIES
Distributions payable $ 4,485,239
Accrued management fee 240,284
Distribution fees payable 15,379
42.TOTAL LIABILITIES 4,740,902
NET ASSETS $ 1,365,249,104
Net Assets consist of:
Paid in capital $ 1,365,345,923
Accumulated net realized gain (loss) on investments (96,819)
NET ASSETS $ 1,365,249,104
CLASS I: $1.00
NET ASSET VALUE, offering price and redemption price per share
($1,361,050,160 (divided by) 1,361,146,680 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price and redemption price per share
($102,033 (divided by) 102,040 shares)
CLASS III: $1.00
NET ASSET VALUE, offering price and redemption price per share
($4,096,911 (divided by) 4,097,203 shares)
</TABLE>
*STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1996
43.INTEREST INCOME $ 72,763,820
EXPENSES
Management fee $ 5,448,560
Distribution Fees 1,279
Class II
Class III 49,368
Non-Interested trustees' compensation 5,388
Total expenses before reductions 5,504,595
Expense reductions (2,856,829) 2,647,766
44.NET INTEREST INCOME 70,116,054
45.NET REALIZED GAIN (LOSS) ON INVESTMENTS (114,693)
46.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 70,001,361
</TABLE>
*STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEAR EIGHT MONTH YEAR
ENDED PERIOD ENDED ENDED
MARCH 31, MARCH 31, JULY 31,
1996 1995 1994
INCREASE (DECREASE) IN NET ASSETS
Operations $ 70,116,054 $ 39,247,651 $ 36,180,457
Net interest income
Net realized gain (loss) (114,693) 37,522 (162,127)
47.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 70,001,361 39,285,173 36,018,330
Distributions to shareholders from:
Net interest income
Class I (69,114,113) (39,247,651) (36,180,457)
Class II (42,881) - -
Class III (959,060) - -
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I 94,879,983 217,077,433 1,540,723
Class II 102,040 - -
Class III 4,097,203 - -
48.TOTAL INCREASE (DECREASE) IN NET ASSETS 98,964,533 217,114,955 1,378,596
NET ASSETS
Beginning of period 1,266,284,571 1,049,169,616 1,047,791,020
End of period $ 1,365,249,104 $ 1,266,284,571 $ 1,049,169,616
</TABLE>
*FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
YEAR ENDED EIGHT MONTH PERI YEARS ENDED JULY 31, OCTOBER 3, 1990
MARCH 31, OD (COMMENCEMENT
ENDED OF OPERATIONS) TO
MARCH 31, JULY 31,
1996 1995 1994 1993 1992 1991
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
Net interest income .054 .033 .032 .031 .045 .055
Less Distributions
From net interest income (.054) (.033) (.032) (.031) (.045) (.055)
Net asset value, end of
period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.56% 3.38% 3.27% 3.10% 4.64% 5.63%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of
period (000 omitted) $ 1,361,050 $ 1,266,285 $ 1,049,170 $ 1,047,791 $ 1,197,559 $ 705,543
Ratio of expenses to
average net .20% .20% A, .20% .20% .20% .03% A,
assets C C C C C C
Ratio of net interest
income to average 5.41% 5.02% A 3.22% 3.05% 4.43% 6.34% A
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS II
NOVEMBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996
SELECTED PER-SHARE DATA
Income from Investment Operations
Net asset value, beginning of period $ 1.000
Net interest income .020
Less Distributions
From net interest income (.020)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.04%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 102
Ratio of expenses to average net assets .35% A,
C
Ratio of net interest income to average net assets 5.03% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIOD SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS III
NOVEMBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996
SELECTED PER-SHARE DATA
Income from Investment Operations
Net asset value, beginning of period $ 1.000
Net interest income .020
Less Distributions
From net interest income (.020)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.00%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 4,097
Ratio of expenses to average net assets .45% A,
C
Ratio of net interest income to average net assets 4.86% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIOD SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET (FORMERLY DOMESTIC MONEY
MARKET PORTFOLIO)
INVESTMENTS MARCH 31, 1996
Showing Percentage of Total Value of Investments
BANKERS' ACCEPTANCES - 0.2%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Chemical Bank
4/4/96 5.42% $ 149,938 $ 149,871
5/15/96 5.42 156,759 155,738
6/24/96 5.38 286,996 283,474
TOTAL BANKERS' ACCEPTANCES 589,083
CERTIFICATES OF DEPOSIT - 16.8%
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 7.8%
Bank of Montreal
6/6/96 5.30 1,000,000 1,000,291
Banque Nationale de Paris
8/29/96 5.11 1,000,000 1,000,000
Bayerische Vereinsbank A.G.
5/28/96 5.30 1,000,000 1,000,000
Commerzbank, Germany
5/1/96 5.25 3,000,000 3,000,000
Credit Suisse
4/2/96 5.24 5,000,000 5,000,000
Royal Bank of Canada
6/3/96 5.13 1,000,000 1,000,310
Societe Generale
4/4/96 5.47 2,000,000 2,000,000
5/6/96 5.25 2,000,000 2,000,000
9/3/96 5.13 3,000,000 3,000,000
19,000,601
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 9.0%
Abbey National Treasury Services
4/9/96 5.45 3,000,000 2,999,999
Commerzbank, Germany
6/27/96 5.25 5,000,000 5,000,000
Deutsche Bank, A.G.
7/29/96 5.20 5,000,000 5,000,000
Landesbank Hessen - Thuringen
7/18/96 5.18 3,000,000 3,000,088
National Westminster Bank, PLC
5/22/96 5.30 1,000,000 1,000,027
Westdeutsche Landesbank
5/1/96 5.24 5,000,000 5,000,082
22,000,196
TOTAL CERTIFICATES OF DEPOSIT 41,000,797
COMMERCIAL PAPER - 46.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
ABN-AMRO Bank
8/26/96 5.10% $ 1,000,000 $ 979,706
Abbey National, North America
6/17/96 5.17 1,000,000 989,113
Asset Securitization Cooperative Corporation
4/25/96 5.22 8,000,000 7,972,427
Associates Corp. of North America
5/21/96 5.17 3,000,000 2,978,750
CIT Group Holdings, Inc.
4/29/96 5.34 2,000,000 1,991,756
5/6/96 5.34 1,000,000 994,847
Corporate Asset Funding Co.
5/3/96 5.17 1,000,000 995,449
Delaware Funding Corporation
4/18/96 5.50 10,000,000 9,974,122
Dresdner U.S. Finance Inc.
8/26/96 5.13 2,000,000 1,959,167
du Pont (E.I.) de Nemours & Co.
4/23/96 5.74 5,000,000 4,982,981
Eiger Capital Corp.
4/17/96 5.33 3,000,000 2,992,933
Electricite de France
8/20/96 5.20 5,000,000 4,900,713
Enterprise Funding Corp.
4/8/96 5.24 3,137,000 3,133,822
4/24/96 5.33 5,000,000 4,983,069
Ford Motor Credit Corp.
4/29/96 5.33 2,000,000 1,991,662
6/3/96 5.28 1,000,000 990,935
Glaxo Wellcome, PLC
4/15/96 5.42 5,000,000 4,989,500
Goldman Sachs Group, L.P. (The)
4/16/96 5.33 5,000,000 4,988,958
International Lease Finance Corp.
4/25/96 5.38 5,000,000 4,982,167
4/26/96 5.38 2,000,000 1,992,569
Merrill Lynch & Co., Inc.
6/10/96 5.20 5,000,000 4,950,125
Morgan Stanley Group, Inc.
6/5/96 5.20 3,000,000 2,972,213
New Center Asset Trust
5/6/96 5.39 1,000,000 994,799
5/9/96 5.34 2,000,000 1,988,812
Preferred Receivables Funding Corp.
4/11/96 5.34 1,900,000 1,897,192
4/25/96 5.42 1,000,000 996,400
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Principal Mutual Life Insurance Co.
4/8/96 5.32% $ 2,000,000 $ 1,997,939
4/16/96 5.40 5,000,000 4,988,802
Societe Generale North America, Inc.
6/7/96 5.15 1,000,000 990,546
Standard Credit Card Master Trust I
4/8/96 5.28 10,000,000 9,989,792
Wal-Mart Stores Inc.
4/11/96 5.46 2,000,000 1,996,972
Westpac Capital Corp.
5/13/96 5.20 1,000,000 993,998
Wool International
6/20/96 5.22 5,000,000 4,943,222
7/12/96 5.08 4,000,000 3,943,560
TOTAL COMMERCIAL PAPER 113,409,018
FEDERAL AGENCIES - 23.5%
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 1.0%
4/30/96 5.25 2,500,000 2,489,568
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 2.5%
6/13/96 5.26 6,000,000 5,997,359
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 3.0%
7/9/96 5.12 7,365,000 7,263,731
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.8%
6/21/96 5.13 2,050,000 2,026,845
6/25/96 5.28 5,000,000 4,938,493
6,965,338
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 6.1%
5/1/96 5.38 5,000,000 4,995,847
5/2/96 5.30 10,000,000 9,991,596
14,987,443
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 2.0%
6/25/96 5.27 5,000,000 4,938,611
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 6.1%
4/2/96 5.37 10,000,000 10,000,000
4/16/96 5.60 5,000,000 5,000,000
15,000,000
TOTAL FEDERAL AGENCIES 57,642,050
BANK NOTES - 6.1%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Bank of New York
9/3/96 5.16% $ 2,000,000 $ 2,000,000
First of America Bank - Indiana
5/28/96 5.24 5,000,000 4,999,518
Harris Trust & Savings Bank, Chicago
5/13/96 5.30 5,000,000 5,000,000
NBD Bank, N.A.
6/24/96 5.25 1,000,000 1,000,000
NationsBank of Texas
6/3/96 5.18 2,000,000 2,000,000
TOTAL BANK NOTES 14,999,518
MASTER NOTES (A) - 0.8%
Goldman Sachs Group, L.P. (The)
5/14/96 5.26 2,000,000 2,000,000
SHORT-TERM NOTES (A) - 5.1%
CSA Funding - A (b)
4/8/96 5.44 6,000,000 6,000,000
Capital One Funding Corp. (1994-B)
4/8/96 5.46 4,247,000 4,247,000
Capital One Funding Corp. (1994-E)
4/8/96 5.46 2,311,000 2,311,000
TOTAL SHORT-TERM NOTES 12,558,000
REPURCHASE AGREEMENTS - 1.2%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations)
dated 3/29/96 due 4/1/96:
At 5.31% $ 2,964,311 2,963,000
TOTAL INVESTMENTS - 100% $ 245,161,466
Total Cost for Income Tax Purposes $ 245,161,466
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(b) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
CSA Funding - A 10/28/93 $ 6,000,000
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $47,000 of which $32,000, $2,000 and $13,000 will expire on
March 31, 1997, 1998 and 2004, respectively.
A total of 8.9% of the dividends distributed during the fiscal year was
derived from interest on U.S. Government securities which is generally
exempt from state income tax.
The fund will notify shareholders in January 1997 of the applicable
percentage for use in preparing 1996 income tax returns.
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET (FORMERLY DOMESTIC MONEY
MARKET PORTFOLIO)
FINANCIAL STATEMENTS
*STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1996
ASSETS
Investment in securities, at value (including repurchase agreements of $2,963,000) - $ 245,161,466
See accompanying schedule
Interest receivable 667,885
49.TOTAL ASSETS 245,829,351
LIABILITIES
Payable for investments purchased $ 9,991,596
Share transactions in process 5,498,632
Distributions payable 202,089
Accrued management fee 44,653
Distribution fees payable 1,545
50.TOTAL LIABILITIES 15,738,515
NET ASSETS $ 230,090,836
Net Assets consist of:
Paid in capital $ 230,164,784
Accumulated net realized gain (loss) on investments (73,948)
NET ASSETS $ 230,090,836
CLASS I: $1.00
NET ASSET VALUE, offering price and redemption price per share
($223,771,653 (divided by) 223,843,570 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price and redemption price per share
($4,709,484 (divided by) 4,710,998 shares)
CLASS III: $1.00
NET ASSET VALUE, offering price and redemption price per share
($1,609,699 (divided by) 1,610,216 shares)
</TABLE>
*STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SEVEN MONTHS ENDED MARCH 31, 1996
51.INTEREST INCOME $ 9,782,695
EXPENSES
Management fee $ 714,940
Distribution fees 1,389
Class II
Class III 509
Non-interested trustees' compensation 637
Total expenses before reductions 717,475
Expense reductions (255,565) 461,910
52.NET INTEREST INCOME 9,320,785
53.NET REALIZED GAIN (LOSS) ON INVESTMENTS (12,554)
54.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 9,308,231
</TABLE>
*STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SEVEN MONTHS YEAR YEAR
ENDED ENDED ENDED
MARCH 31, AUGUST 31, AUGUST 31,
1996 1995 1994
INCREASE (DECREASE) IN NET ASSETS
Operations $ 9,320,785 $ 17,187,869 $ 13,764,336
Net interest income
Net realized gain (loss) (12,554) 9,578 2,518
55.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 9,308,231 17,197,447 13,766,854
Distributions to shareholders from:
Net interest income
Class I (9,263,759) (17,187,869) (13,764,336)
Class II (46,808) - -
Class III (10,218) - -
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (77,080,576) (98,479,619) (212,079,914)
Class II 4,710,998 - -
Class III 1,610,216 - -
56.TOTAL INCREASE (DECREASE) IN NET ASSETS (70,771,916) (98,470,041) (212,077,396)
NET ASSETS
Beginning of period 300,862,752 399,332,793 611,410,189
End of period $ 230,090,836 $ 300,862,752 $ 399,332,793
</TABLE>
*FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SEVEN MONTHS YEARS ENDED AUGUST 31, TEN MONTHS YEAR
ENDED ENDED ENDED
MARCH 31, AUGUST 31, OCTOBER 31,
1996 1995 1994 1993 1992 1991
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 .032 .054 .033 .029 .034 .063
Net interest income
Less Distributions (.032) (.054) (.033) (.029) (.034) (.063)
From net interest income
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 3.21% 5.53% 3.34% 2.93% 3.44% 6.44%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 223,772 $ 300,863 $ 399,333 $ 611,410 $ 765,721 $ 851,872
Ratio of expenses to average net assets .27% A, .42% .42% .42% .42% A .42%
C
Ratio of net interest income to average 5.46% A 5.33% 3.24% 2.89% 4.04% A 6.38%
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS II
NOVEMBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000
Income from Investment Operations
Net interest income .021
Less Distributions
From net interest income (.021)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 4,709
Ratio of expenses to average net assets .35% A,
C
Ratio of net interest income to average net assets 5.06% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIOD SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
*FINANCIAL HIGHLIGHTS - CLASS III
NOVEMBER 6, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000
Income from Investment Operations
Net interest income .021
Less Distributions
From net interest income (.021)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.11%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,610
Ratio of expenses to average net assets .45% A,
C
Ratio of net interest income to average net assets 5.01% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIOD SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended March 31, 1996
1. SIGNIFICANT ACCOUNTING POLICIES.
Treasury (formerly Treasury II), Government, Domestic and Money Market are
funds of Fidelity Institutional Cash Portfolios (a trust). Treasury Only is
a fund of Daily Money Fund (a trust). Tax-Exempt is a fund of Fidelity
Institutional Tax-Exempt Cash Portfolios (a trust). Rated Money Market
(formerly Domestic Money Market Portfolio) is a fund of Fidelity Money
Market Trust (a trust). Each 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 and is authorized
to issue an unlimited number of shares.
On June 15, 1995, the Board of Trustees approved a change in the fiscal
year-end of the Rated Money Market fund from August 31 to March 31.
Accordingly, the financial statements of the fund are presented for the
seven-month period ended March 31, 1996.
Each fund currently offers three classes of shares, Class I, Class II and
Class III, each of which has equal rights as to assets and voting
privileges except that each class bears different distribution and transfer
agent expenses and certain registration fees. Each class has exclusive
voting rights with respect to its distribution plans.
The financial statements have been prepared in conformity with generally
accepted accounting principles which permit 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 market discount represents unrealized gain until realized at the time of
a security disposition or maturity.
ALLOCATED EARNINGS AND EXPENSES. Interest income, expenses (other than
expenses incurred under the Distribution and Service Plan, Transfer Agent
Agreement and certain registration fees for each class) and realized and
unrealized gains or losses on investments are allocated to each class of
shares based upon their relative net assets.
TREASURY ONLY: 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. OPERATING POLICIES.
DELAYED DELIVERY TRANSACTIONS. Each fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. The
market value of the securities purchased or sold on a when-issued or
forward commitment basis are identified as such in the fund's schedule of
investments. Each fund may receive compensation for interest forgone in the
purchase of a delayed delivery security. Losses may arise due to changes in
the market value of the underlying securities or if the counterparty does
not perform under the contract.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the 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 that mature in
60 days or less from the date of purchase, and are collateralized by U.S.
Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The funds, through their custodian, receive delivery
of the underlying U.S. Treasury or Federal Agency securities, the market
value of which is required to be at least equal to the repurchase price.
For term
2. OPERATING POLICIES - CONTINUED
REPURCHASE AGREEMENTS - CONTINUED
repurchase agreement transactions, the underlying securities are
marked-to-market daily and maintained at a value at least equal to the
repurchase price. 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.
REVERSE REPURCHASE AGREEMENTS. At all times that a reverse repurchase
agreement is outstanding, the fund identifies cash and liquid securities as
segregated in its custodian records with a value at least equal to its
obligation under the agreement.
RESTRICTED SECURITIES. Government, Domestic, Money Market, Tax-Exempt and
Rated Money Market are permitted to invest in privately placed restricted
securities. These securities 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
$37,056,914 or 1.1% of net assets for Government, $10,000,000 or 0.9% of
net assets for Domestic, $6,000,000 or 2.6% of net assets for Rated Money
Market and $9,776,000 or 0.5% of net assets for Tax-Exempt.
3. JOINT TRADING ACCOUNT.
At the end of the period, the Treasury fund 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 were $401,596,630 at 5.31%, $405,640,114 at
5.42% and $4,521,040,183 at 5.44% for Treasury fund. The investments in
repurchase agreements through the joint trading account are summarized as
follows:
SUMMARY OF JOINT TRADING
DATED MARCH 29, 1996, DUE APRIL 1, 1996 AT 5.31%
Number of dealers or banks 6
Maximum amount with one dealer or bank 26.6%
Aggregate principal amount of agreements $517,556,000
Aggregate maturity amount of agreements $517,785,021
Aggregate market value of collateral $528,814,020
Coupon rates of collateral 0% to 13.25%
Maturity dates of collateral 4/30/96 to 2/15/20
DATED MARCH 29, 1996, DUE APRIL 1, 1996 AT 5.42%
Number of dealers or banks 5
Maximum amount with one dealer or bank 27.9%
Aggregate principal amount of agreements $484,000,000
Aggregate maturity amount of agreements $484,218,586
Aggregate market value of collateral $494,663,171
Coupon rates of collateral 0% to 14.0%
Maturity dates of collateral 4/4/96 to 2/15/20
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED MARCH 29, 1996, DUE APRIL 1, 1996 AT 5.44%
Number of dealers or banks 11
Maximum amount with one dealer or bank 32.9%
Aggregate principal amount of agreements $6,078,307,000
Aggregate maturity amount of agreements $6,081,061,925
Aggregate market value of collateral $6,207,122,522
Coupon rates of collateral 0% to 14.0%
Maturity dates of collateral 3/31/96 to 2/15/25
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 .20% of average net assets except
for Treasury Only and Rated Money Market.
For Treasury Only and Rated Money Market, 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, reduced by the fees and expenses paid by the
fund to the non-interested Trustees.
SUB-ADVISER FEE. As each 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 fees are paid prior to any voluntary
expense reimbursements which may be in effect.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans of Class II and Class III, and in accordance with Rule 12b-1 of the
1940 Act, each fund pays Fidelity Distributors Corporation (FDC), an
affiliate of FMR, a distribution and service fee that is based on an annual
rate of .15% and .25% of the average net assets of the Class II and Class
III shares, respectively. For the period, the distribution fees received by
FDC on behalf of each class of shares are shown on each fund's Statement of
Operations. Of the fees paid to FDC, all were paid to securities dealers,
banks and other financial institutions for selling Class II and Class III
shares and providing shareholder support services.
TRANSFER AGENT FEES. Fidelity Investments Institutional Operations Company
(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 the transfer and shareholder servicing agent
functions for Tax-Exempt. FIIOC receives account fees and asset-based fees
that vary according to account size. FIIOC pays for typesetting and mailing
of all shareholder reports, except proxy statements.
For the period, the transfer agent fees were equivalent to the following
annual rates as a percentage of average net assets:
CLASS I CLASS II* CLASS III
Treasury .03% .03% .03%
Government .03% .12% .04%
Domestic .03% .07% .04%
Money Market .08% .03% .04%
Tax-Exempt .02% .06% .04%*
* ANNUALIZED
ACCOUNTING FEES. Fidelity Service Co. (FSC), an affiliate of FMR, maintains
the accounting records for the funds except for Tax-Exempt. UMB also has a
sub-contract with FSC to maintain Tax-Exempt's accounting records. The
accounting fee is based on the level of average net assets for the month
plus out-of-pocket expenses.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the funds' operating expenses
(excluding interest, taxes, brokerage commissions, extraordinary expenses,
and 12b-1 fees payable by Class II and Class III of each fund) above an
annual rate of .20% (.18% for Money Market) of average net assets. For the
period, the reimbursement reduced expenses by the following:
CLASS I CLASS II CLASS III
Treasury $ 2,735,500 $ 68,481 $ 468,984
Government $ 1,669,857 $ 13,044 $ 127,936
Domestic $ 703,883 $ 18,224 $ 90,340
Money Market $ 7,303,085 $ 23,731 $ 209,656
Tax-Exempt $ 1,202,604 $ 39,567 $ 39,561
Treasury Only $ 2,811,509 $ 1,876 $ 43,444
Rated Money Market $ 253,079 $ 2,037 $ 449
6. BENEFICIAL INTEREST.
At the end of the period, certain shareholders were record owners of
approximately 10% or more of the total outstanding shares of the following
funds:
NUMBER OF %
FUND SHAREHOLDERS OWNERSHIP
Government 1 11%
Domestic 3 39%
Money Market 1 33%
Tax-Exempt 1 13%
7. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:
TREASURY CLASS I YEAR YEAR
ENDED ENDED
MARCH 31, MARCH 31,
1996 1995
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 51,861,896,309 $ 51,629,761,018
Issued in reinvestment of distributions from net interest income 113,431,831 66,481,161
Shares redeemed (50,675,625,449) (51,559,646,169)
1,299,702,691 136,596,010
Issued in exchange for shares of Fidelity Institutional Cash Portfolios: Treasury 1,004,660,627 -
Issued in exchange for shares of Fidelity Money Market Trust: U.S. Treasury Portfolio 141,827,906 -
Net increase (decrease) in shares 2,446,191,224 136,596,010
</TABLE>
TREASURY CLASS II *
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 438,269,291 $ -
Issued in reinvestment of distributions from net interest income 1,519,235 -
Shares redeemed (399,314,108) -
Net increase (decrease) in shares 40,474,418 -
</TABLE>
TREASURY CLASS III
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 14,781,999,217 $ 4,121,373,809
Issued in reinvestment of distributions from net interest income 13,304,486 1,891,594
Shares redeemed (13,945,472,798) (3,542,818,006)
Net increase (decrease) in shares 849,830,905 580,447,397
</TABLE>
GOVERNMENT CLASS I
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 24,152,458,174 $ 25,831,576,012
Issued in reinvestment of distributions from net interest income 79,149,062 70,455,356
Shares redeemed (24,704,636,133) (26,344,771,188)
(473,028,897) (442,739,820)
Issued in exchange for shares of Fidelity Money Market Trust: U.S. Government Portfolio 216,066,944 -
Net increase (decrease) in shares (256,961,953) (442,739,820)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
GOVERNMENT CLASS II *
Shares sold $ 100,001 $ -
Issued in reinvestment of distributions from net interest income 2,160 -
Shares redeemed - -
Net increase (decrease) in shares 102,161 -
</TABLE>
GOVERNMENT CLASS III **
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 850,158,890 $ 264,194,203
Issued in reinvestment of distributions from net interest income 1,766,027 736,478
Shares redeemed (697,927,350) (224,408,715)
Net increase (decrease) in shares 153,997,567 40,521,966
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II ARE FOR THE PERIOD NOVEMBER 6, 1995
(COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
(**) SHARE TRANSACTIONS FOR GOVERNMENT CLASS III ARE FOR THE PERIOD APRIL
4,1994 (COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1995.
7. SHARE TRANSACTIONS - CONTINUED
DOMESTIC CLASS I YEAR YEAR
ENDED ENDED
MARCH 31, MARCH 31,
1996 1995
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 6,513,086,890 $ 7,602,650,013
Issued in reinvestment of distributions from net interest income 21,122,058 11,742,701
Shares redeemed (6,188,234,960) (7,499,385,324)
Net increase (decrease) in shares 345,973,988 115,007,390
DOMESTIC CLASS II *
Shares sold $ 2,101,358 $ -
Issued in reinvestment of distributions from net interest income 3,527 -
Shares redeemed - -
Net increase (decrease) in shares 2,104,885 -
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
DOMESTIC CLASS III **
Shares sold 488,371,167 $ 273,550,017
Issued in reinvestment of distributions from net interest income 1,792,344 779,088
Shares redeemed (469,312,190) (247,781,428)
Net increase (decrease) in shares 20,851,321 26,547,677
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
MONEY MARKET CLASS I
Shares sold $ 51,277,142,050 $ 46,997,530,563
Issued in reinvestment of distributions from net interest income 233,633,869 141,162,693
Shares redeemed (50,174,644,708) (45,208,411,681)
Net increase (decrease) in shares 1,336,131,211 1,930,281,575
MONEY MARKET CLASS II *
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 364,545,650 $ -
Issued in reinvestment of distributions from net interest income 646,687 -
Shares redeemed (300,973,077) -
Net increase (decrease) in shares 64,219,260 -
</TABLE>
MONEY MARKET CLASS III
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 1,782,025,633 $ 1,727,673,441
Issued in reinvestment of distributions from net interest income 5,459,414 10,646,994
Shares redeemed (2,015,317,386) (1,370,385,613)
Net increase (decrease) in shares (227,832,339) 367,934,822
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II ARE FOR THE PERIOD NOVEMBER 6, 1995
(COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
(**) SHARE TRANSACTIONS FOR DOMESTIC CLASS III ARE FOR THE PERIOD JULY 19,
1994 (COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1995.
7. SHARE TRANSACTIONS - CONTINUED
TAX-EXEMPT CLASS I YEAR TEN MONTHS
ENDED ENDED
MARCH 31, MARCH 31,
1996 1995
<TABLE>
<CAPTION>
<S> <C> <C>
shares sold $ 10,356,972,054 $ 10,940,563,835
Issued in reinvestment of distributions from net interest income 17,440,742 13,089,613
Shares redeemed (10,444,666,430) (11,467,825,372)
Net increase (decrease) in shares (70,253,634) (514,171,924)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TAX-EXEMPT CLASS II *
Shares sold $ 960,001 $ -
Issued in reinvestment of distributions from net interest income 7,899 -
Shares redeemed - -
Net increase (decrease) in shares 967,900 -
TAX-EXEMPT CLASS III *
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 4,699,909 $ -
Issued in reinvestment of distributions from net interest income 20,999 -
Shares redeemed (3,732,443) -
Net increase (decrease) in shares 988,465 -
</TABLE>
TREASURY ONLY CLASS I YEAR EIGHT MONTHS YEAR
ENDED ENDED ENDED
MARCH 31, MARCH 31, JULY 31,
1996 1995 1994
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 4,611,358,001 $ 3,322,554,603 $ 4,258,629,047
Issued in reinvestment of distributions from net interest income 13,504,008 8,674,938 9,408,877
Shares redeemed (4,529,982,026) (3,114,152,108) (4,266,497,201)
Net increase (decrease) in shares 94,879,983 217,077,433 1,540,723
</TABLE>
TREASURY ONLY CLASS II *
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 14,117,827 $ - $ -
Issued in reinvestment of distributions from net interest income 9,279 - -
Shares redeemed (14,025,066) - -
Net increase (decrease) in shares 102,040 - -
</TABLE>
TREASURY ONLY CLASS III *
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 364,952,984 $ - $ -
Issued in reinvestment of distributions from net interest income 176,421 - -
Shares redeemed (361,032,202) - -
Net increase (decrease) in shares 4,097,203 - -
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II AND CLASS III ARE FOR THE PERIOD
NOVEMBER 6, 1995 (COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
7. SHARE TRANSACTIONS - CONTINUED
RATED MONEY MARKET CLASS I SEVEN MONTHS YEAR YEAR
ENDED ENDED ENDED
MARCH 31, AUGUST 31, AUGUST 31,
1996 1995 1994
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 1,118,760,375 $ 2,232,610,577 $ 3,064,984,625
Issued in reinvestment of distributions from net interest income 7,202,839 12,093,056 8,647,981
Shares redeemed (1,203,043,790) (2,343,183,252) (3,285,712,520)
Net increase (decrease) in shares (77,080,576) (98,479,619) (212,079,914)
</TABLE>
RATED MONEY MARKET CLASS II *
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 10,100,001 $ - $ -
Issued in reinvestment of distributions from net interest income 10,997 - -
Shares redeemed (5,400,000) - -
Net increase (decrease) in shares 4,710,998 - -
</TABLE>
RATED MONEY MARKET CLASS III *
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 1,600,001 $ - $ -
Issued in reinvestment of distributions from net interest income 10,215 - -
Shares redeemed - - -
Net increase (decrease) in shares 1,610,216 - -
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II AND CLASS III ARE FOR THE PERIOD
NOVEMBER 6, 1995 (COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
8. MERGERS
Pursuant to the Agreements and Plans of Reorganization and Liquidation that
were approved by the shareholders of FICP: Treasury, FMMT: U.S. Treasury
Portfolio and FMMT: U.S. Government Portfolio, at a special meeting of
shareholders held on September 13, 1995, FICP: Treasury Class I (formerly
Treasury II Class A) acquired substantially all of the assets of FICP:
Treasury and FMMT: U.S. Treasury Portfolio. In addition, FICP: Government
Class I (formerly Class A) acquired substantially all of the assets of
FMMT: U.S. Government Portfolio. Each acquisition was accomplished by a
tax-free exchange of shares of the Acquiring Fund for the net assets of the
Acquired Fund on October 31, 1995 as listed below:
ACQUIRING FUND: ACQUIRED FUND:
FICP: Treasury Class I FICP: Treasury
(formerly Treasury II Class A) FMMT: U.S. Treasury
Portfolio
FICP: Government Class I FMMT: U.S. Government
(formerly Class A) Portfolio
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of Fidelity Institutional Tax-Exempt Cash
Portfolios
To the Trustees of Daily Money Fund and the Shareholders of Treasury Only
and
To the Trustees of Fidelity Money Market Trust and the Shareholders of
Rated Money Market:
We have audited the accompanying statements of assets and liabilities,
including the schedules of portfolio investments, as of March 31, 1996, and
the related statements of operations and changes in net assets, and the
financial highlights for the applicable periods indicated, of Fidelity
Institutional Tax-Exempt Cash Portfolios: Tax-Exempt (Class I, II and III),
Daily Money Fund: Treasury Only (Class I, II and III) and Fidelity Money
Market Trust: Rated Money Market (Class I, II and III) as included on pages
38 to 57, 58 to 64 and 65 to 73, respectively, of this annual report. These
financial statements and financial highlights are the responsibility of the
Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of March 31, 1996 by correspondence with the custodians
and brokers. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Institutional Tax-Exempt Cash Portfolios: Tax-Exempt (Class I,
II and III), Daily Money Fund: Treasury Only (Class I, II and III) and
Fidelity Money Market Trust: Rated Money Market (Class I, II and III) as of
March 31, 1996, the results of their operations for the applicable periods
then ended, the changes in their net assets and the financial highlights
for each of the applicable periods, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
May 7, 1996
To the Trustees and Shareholders of Fidelity Institutional Cash Portfolios
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Treasury, Government, Domestic and Money Market (constituting Fidelity
Institutional Cash Portfolios, hereafter referred to as the "Fund") at
March 31, 1996, the results of each of their operations for the year then
ended, the changes in each of their net assets for each of the two years
then ended and the financial highlights for each of the periods indicated,
in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management;
our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these financial statements
in accordance with generally accepted auditing standards which require that
we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities owned at March 31,
1996 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.
PRICE WATERHOUSE LLP
Dallas, Texas
May 9, 1996
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
Fred L. Henning, Jr., VICE PRESIDENT
Leland Barron, VICE PRESIDENT
Robert K. Duby, VICE PRESIDENT
Burnell Stehman, VICE PRESIDENT
John Todd, VICE PRESIDENT
Scott A. Orr, VICE PRESIDENT
Arthur S. Loring, SECRETARY
Kenneth A. Rathgeber, TREASURER
Thomas D. Maher, ASSISTANT VICE PRESIDENT
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, ASSISTANT TREASURER
BOARD OF 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
* INDEPENDENT TRUSTEES
TRANSFER AND
SHAREHOLDER
SERVICING AGENTS
Fidelity Investments Institutional Operations Company
Boston, MA
UMB Bank, n.a.
Kansas City, MO
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
CUSTODIANS
The Bank of New York
New York, NY
FIDELITY INSTITUTIONAL CASH PORTFOLIOS:
TREASURY, GOVERNMENT, DOMESTIC
AND MONEY MARKET
DAILY MONEY FUND: TREASURY ONLY
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
UMB Bank, n.a.
Kansas City, MO
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
