(registered trademark)
FIDELITY
INSTITUTIONAL
MONEY MARKET
FUNDS
ANNUAL REPORT
MARCH 31, 1995
FIMM-5-95A
CHECK PAGE NUMBERS !!!
CONTENTS
SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS
FIDELITY INSTITUTIONAL CASH PORTFOLIOS:
U.S. TREASURY PORTFOLIO 3
U.S. TREASURY PORTFOLIO II 8
U.S. GOVERNMENT PORTFOLIO 14
DOMESTIC MONEY MARKET PORTFOLIO 20
MONEY MARKET PORTFOLIO 28
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS 37
DAILY MONEY FUND:
FIDELITY U.S. TREASURY INCOME PORTFOLIO 53
NOTES TO THE FINANCIAL STATEMENTS 58
REPORTS OF INDEPENDENT ACCOUNTANTS 62
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, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND
ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE
POSSIBLE LOSS OF PRINCIPAL. NEITHER THE FUNDS NOR FIDELITY DISTRIBUTORS
CORPORATION IS A BANK. FOR MORE INFORMATION ON ANY FIDELITY
FUND INCLUDING CHARGES AND EXPENSES, CALL 1-800-544-8888 FOR A FREE
PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND
MONEY.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO
INVESTMENTS MARCH 31, 1995
Showing Percentage of Total Value of Investments
U.S. TREASURY OBLIGATIONS - 40.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 32.8%
4/20/95 5.97% $ 259,266,800 $ 259,266,800
5/4/95 5.68 22,000,000 21,888,680
7/13/95 6.63 57,000,000 55,953,821
7/27/95 6.40 28,000,000 27,435,800
8/10/95 6.29 35,000,000 34,223,097
8/24/95 5.48 40,000,000 39,161,416
8/31/95 6.19 42,000,000 40,936,000
478,865,614
U.S. TREASURY NOTES - 7.5%
4/30/95 5.54 34,000,000 33,951,603
5/15/95 5.66 15,000,000 15,000,403
5/15/95 6.23 15,000,000 14,992,768
5/15/95 6.33 15,000,000 14,990,977
5/15/95 6.45 15,000,000 15,035,024
5/15/95 6.46 15,000,000 14,988,313
108,959,088
TOTAL U.S. TREASURY OBLIGATIONS 587,824,702
MEDIUM-TERM NOTES (A) (B) - 1.1%
EXPORT-IMPORT BANK, U.S. (AS GUARANTOR FOR K.A. LEASING, LTD.)
4/15/95 6.25 15,608,350 15,608,350
REPURCHASE AGREEMENTS - 58.6%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account
(U.S. Treasury Obligations)
dated 3/31/95, due 4/3/95:
At 6.20% $ 529,273,398 $ 529,000,000
At 6.23% 61,699,018 61,667,000
At 6.24% 263,319,925 263,183,000
TOTAL REPURCHASE AGREEMENTS 853,850,000
TOTAL INVESTMENTS - 100% $ 1,457,283,052
Total Cost for Income Tax Purposes $ 1,457,283,052
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 $15,608,350 or 1.3% of net
assets.
INCOME TAX INFORMATION
At March 31, 1995 the fund had a capital loss carryforward of approximately
$512,000 of which $29,000, 109,000, $122,000, $95,000 and $157,000 will
expire on March 31, 1996, 1997, 1999, 2002 and 2003, respectively.
For the period ended March 31, 1995, approximately 30% of the fund's
dividends to shareholders was derived from interest on U.S. Government
obligations.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1995
1.ASSETS 2. 3.
4.Investment in securities, at value (including repurchase agreements of $853,850,000) - 5. $ 1,457,283,052
See accompanying schedule
6.Cash 7. 16,520
8.Interest receivable 9. 2,639,166
10.Receivable from investment adviser for expense reductions 11. 62,685
12. 13.TOTAL ASSETS 14. 1,460,001,423
15.LIABILITIES 16. 17.
18.Payable for investments purchased $ 259,266,800 19.
20.Dividends payable 2,664,291 21.
22.Accrued management fee 202,084 23.
24.Other payables and accrued expenses 146,781 25.
26. 27.TOTAL LIABILITIES 28. 262,279,956
29.30.NET ASSETS 31. $ 1,197,721,467
32.Net Assets consist of: 33. 34.
35.Paid in capital 36. $ 1,198,232,716
37.Accumulated net realized gain (loss) on investments 38. (511,249)
39.40.NET ASSETS, for 1,198,225,128 shares outstanding 41. $ 1,197,721,467
42.43.NET ASSET VALUE, offering price and redemption price per share 44. $1.00
($1,197,721,467 (divided by) 1,198,225,128 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1995
45.46.INTEREST INCOME 47. $ 63,568,355
48.EXPENSES 49. 50.
51.Management fee $ 2,645,934 52.
53.Transfer agent fees 113,703 54.
55.Accounting fees and expenses 149,193 56.
57.Non-interested trustees' compensation 47,131 58.
59.Custodian fees and expenses 110,308 60.
61.Registration fees 85,803 62.
63.Audit 19,247 64.
65.Legal 17,080 66.
67.Reports to shareholders 469 68.
69.Miscellaneous 14,760 70.
71. Total expenses before reductions 3,203,628 72.
73. Expense reductions (822,285) 2,381,343
74.75.NET INTEREST INCOME 76. 61,187,012
77.78.NET REALIZED GAIN (LOSS) ON INVESTMENTS 79. (156,575)
80.81.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 82. $ 61,030,437
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED MARCH 31,
1995 1994
83.INCREASE (DECREASE) IN NET ASSETS
84.Operations $ 61,187,012 $ 57,501,273
Net interest income
85. Net realized gain (loss) (156,575) (94,848)
86. 87.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 61,030,437 57,406,425
88.Dividends to shareholders from net interest income (61,187,012) (57,501,273)
89.Share transactions at net asset value of $1.00 per share 6,383,701,214 11,024,606,904
Proceeds from sales of shares
90. Reinvestment of dividends from net interest income 34,822,237 29,704,546
91. Cost of shares redeemed (6,832,522,666) (11,479,144,890)
92. Net increase (decrease) in net assets and shares resulting from share transactions (413,999,215) (424,833,440)
93. 94.TOTAL INCREASE (DECREASE) IN NET ASSETS (414,155,790) (424,928,288)
95.NET ASSETS 96. 97.
98. Beginning of period 1,611,877,257 2,036,805,545
99. End of period $ 1,197,721,467 $ 1,611,877,257
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
1995 1994 1993 1992 1991
100.SELECTED PER-SHARE DATA
101.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
102.Income from Investment Operations .047 .030 .035 .053 .076
Net interest income
103.Less Distributions (.047) (.030) (.035) (.053) (.076)
From net interest income
104.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
105.TOTAL RETURN A 4.79% 3.08% 3.51% 5.48% 7.89%
106.RATIOS AND SUPPLEMENTAL DATA
107.Net assets, end of period (000 omitted) $ 1,197,721 $ 1,611,877 $ 2,036,806 $ 2,629,072 $ 1,782,957
108.Ratio of expenses to average net assets .18% .18% .18% .18% .18%
109.Ratio of expenses to average net assets before .24% .23% .23% .25% .24%
expense reductions
110.Ratio of net interest income to average net assets 4.63% 3.03% 3.46% 5.29% 7.57%
</TABLE>
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO II
INVESTMENTS MARCH 31, 1995
Showing Percentage of Total Value of Investments
U.S. TREASURY OBLIGATIONS - 34.8%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 28.8%
5/4/95 5.68% $ 1,102,000,000 $ 1,049,033,360
5/4/95 5.68 77,000,000 76,610,380
7/13/95 6.64 192,000,000 188,472,918
7/27/95 6.40 116,000,000 113,662,600
8/10/95 6.29 134,000,000 131,025,573
8/24/95 5.48 121,000,000 118,465,722
8/31/95 6.19 145,000,000 141,326,666
1,818,597,219
U.S. TREASURY NOTES - 6.0%
4/30/95 5.54 110,000,000 109,843,423
5/15/95 5.66 53,000,000 53,001,423
5/15/95 6.23 54,000,000 53,973,966
5/15/95 6.33 54,000,000 53,967,516
5/15/95 6.45 54,000,000 54,126,086
5/15/95 6.46 57,000,000 56,955,587
381,868,001
TOTAL U.S. TREASURY OBLIGATIONS 2,200,465,220
REPURCHASE AGREEMENTS - 65.2%
MATURITY
AMOUNT
With Barclays de Zoete Wedd Government Securities, Inc.:
At 6.20%, dated 3/31/95, due 4/3/95:
U.S. Treasury Obligations
(principal amount $102,000,609)
3.875% to 11.75%,
7/15/95 to 2/15/23 $ 100,051,667 100,000,000
With Daiwa Securities Co., Ltd.:
At 6.28%, dated 3/31/95, due 4/3/95:
U.S. Treasury Obligations
(principal amount $117,300,933)
0% to 8.375%,
8/15/95 to 8/15/08 115,060,183 115,000,000
With Donaldson, Lufkin & Jenrette Securities Corp.
At 6.30%, dated 3/31/95, due 4/3/95:
U.S. Treasury Obligations
(principal amount $108,120,127)
0% to 8.875%,
4/30/95 to 11/15/24 106,055,650 106,000,000
With Goldman Sachs & Co.:
At 6.30%, dated 3/31/95, due 4/3/95:
U.S. Treasury Obligations
(principal amount $104,028,985)
0%, 6/29/95 102,042,544 101,989,000
REPURCHASE AGREEMENTS - CONTINUED
MATURITY VALUE
AMOUNT (NOTE 1)
With Lehman Government Securities:
At 6.30%, dated 3/31/95, due 4/3/95:
U.S. Treasury Obligations
(principal amount $108,125,627)
7.625% to 15.75%,
8/15/00 to 11/15/12 $ 106,055,650 $ 106,000,000
With Morgan Stanley & Co., Inc.:
At 6.10%, dated 3/31/95, due 4/3/95:
U.S. Treasury Obligations
(principal amount $15,477,458)
6.25% to 7.75%,
12/31/99 to 2/15/03 15,007,625 15,000,000
With Nomura Securities International, Inc.:
At 6.27%, dated 3/31/95, due 4/3/95:
U.S. Treasury Obligations
(principal amount $108,121,051)
6.625% to 11.125%,
3/31/97 to 8/15/03 106,055,385 106,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 3/31/95, due 4/3/95:
At 6.20% 3,149,626,170 3,148,000,000
At 6.23% 332,298,444 332,126,000
TOTAL REPURCHASE AGREEMENTS 4,130,115,000
TOTAL INVESTMENTS - 100% $ 6,330,580,220
Total Cost for Income Tax Purposes $ 6,330,580,220
INCOME TAX INFORMATION
At March 31, 1995, the fund had a capital loss carryforward of
approximately $603,000 of which $21,000, $214,000 and $368,000 will expire
on March 31, 1999, 2002 and 2003, respectively.
For the period ended March 31, 1995, approximately 27% of the fund's
dividends to shareholders was derived from interest on U.S. Government
obligations.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO II
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1995
111.ASSETS 112. 113.
114.Investment in securities, at value (including repurchase agreements of $4,130,115,000) - 115. $ 6,330,580,220
See accompanying schedule
116.Interest receivable 117. 9,087,075
118.Receivable from investment adviser for expense reductions 119. 422,125
120. 121.TOTAL ASSETS 122. 6,340,089,420
123.LIABILITIES 124. 125.
126.Payable for investments purchased $ 1,049,033,360 127.
128.Share transactions in process 329,903 129.
130.Dividends payable 15,497,032 131.
132.Accrued management fee 804,534 133.
134.Other payables and accrued expenses 655,174 135.
136. 137.TOTAL LIABILITIES 138. 1,066,320,003
139.140.NET ASSETS 141. $ 5,273,769,417
142.Net Assets consist of: 143. 144.
145.Paid in capital 146. $ 5,274,371,906
147.Accumulated net realized gain (loss) on investments 148. (602,489)
149.150.NET ASSETS 151. $ 5,273,769,417
152.153.CLASS A: 155. $1.00
154.NET ASSET VALUE, offering price and redemption price per share
($4,688,198,169 (divided by) 4,688,611,950 shares)
156.CLASS B: 158. $1.00
157.NET ASSET VALUE, offering price and redemption price per share
($585,571,248 (divided by) 585,622,931 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1995
159.160.INTEREST INCOME 161. $ 212,775,731
162.EXPENSES 163. 164.
165.Management fee $ 8,680,344 166.
167.Transfer agent fees 1,278,161 168.
Class A
169. Class B 28,447 170.
171.Distribution fees - Class B 418,917 172.
173.Accounting fees and expenses 375,762 174.
175.Non-interested trustees' compensation 86,005 176.
177.Custodian fees and expenses 104,003 178.
179.Registration fees - Class A 342,613 180.
181.Registration fees - Class B 333,235 182.
183.Audit 31,578 184.
185.Legal 49,903 186.
187.Reports to shareholders 1,174 188.
189.Miscellaneous 40,222 190.
191. Total expenses before reductions 11,770,364 192.
193. Expense reductions (3,539,319) 8,231,045
194.195.NET INTEREST INCOME 196. 204,544,686
197.198.NET REALIZED GAIN (LOSS) ON INVESTMENTS 199. (367,507)
200.201.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 202. $ 204,177,179
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED MARCH 31,
1995 1994
203.INCREASE (DECREASE) IN NET ASSETS
204.Operations $ 204,544,686 $ 148,219,217
Net interest income
205. Net realized gain (loss) (367,507) (214,389)
206. 204,177,179 148,004,828
207.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
208.Distributions to shareholders from:
Net interest income
209. (198,121,404) (148,201,826)
Class A
210. (6,423,282) (17,391)
Class B
211.Share transactions - net increase (decrease) at net asset value of $1.00 per share 717,043,407 (1,032,355,168)
212. 716,675,900 (1,032,569,557)
213.TOTAL INCREASE (DECREASE) IN NET ASSETS
214.NET ASSETS 215. 216.
217. Beginning of period 4,557,093,517 5,589,663,074
218. End of period $ 5,273,769,417 $ 4,557,093,517
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS A
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
1995 1994 1993 1992 1991
219.SELECTED PER-SHARE DATA
220.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
221.Income from Investment Operations
222. Net interest income .047 .030 .034 .053 .076
223.Less Distributions
224. From net interest income (.047) (.030) (.034) (.053) (.076)
225.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
226.TOTAL RETURN A 4.78% 3.06% 3.46% 5.41% 7.87%
227.RATIOS AND SUPPLEMENTAL DATA
228.Net assets, end of period (000 omitted) $ 4,688,198 $ 4,551,918 $ 5,589,663 $ 5,476,852 $ 3,281,686
229.Ratio of expenses to average net assets .18% .18% .18% .18% .18%
230.Ratio of expenses to average net assets before .25% .24% .23% .25% .25%
expense reductions
231.Ratio of net interest income to average net
assets 4.71% 3.01% 3.38% 5.12% 7.50%
</TABLE>
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS - CLASS B
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR OCTOBER 22, 1993
ENDED (COMMENCEMEN
MARCH 31, T
OF OPERATIONS) TO
MARCH 31,
1995 1994
232.SELECTED PER-SHARE DATA
233.Net asset value, beginning of period $ 1.000 $ 1.000
234.Income from Investment Operations
235. Net interest income .044 .012
236.Less Distributions
237. From net interest income (.044) (.012)
238.Net asset value, end of period $ 1.000 $ 1.000
239.TOTAL RETURN B 4.45% 1.21%
240.RATIOS AND SUPPLEMENTAL DATA
241.Net assets, end of period (000 omitted) $ 585,571 $ 5,175
242.Ratio of expenses to average net assets .50% .50%A
243.Ratio of expenses to average net assets before expense reductions .81% .56%A
244.Ratio of net interest income to average net assets 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. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. GOVERNMENT PORTFOLIO
INVESTMENTS MARCH 31, 1995
Showing Percentage of Total Value of Investments
FEDERAL AGENCIES - 54.8%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL FARM CREDIT BANK - AGENCY COUPONS (A) - 3.1%
4/3/95 5.71% $ 10,000,000 $ 9,999,268
4/3/95 6.26 94,000,000 93,857,863
103,857,131
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 1.6%
5/2/95 5.80 10,000,000 9,951,434
5/2/95 5.81 36,000,000 35,824,850
5/22/95 6.15 10,000,000 9,915,425
55,691,709
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 2.6%
4/3/95 6.17 88,000,000 87,982,414
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 5.3%
4/24/95 5.80 85,000,000 84,693,717
5/5/95 5.95 45,000,000 44,754,350
6/13/95 6.83 48,000,000 47,357,600
176,805,667
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.9%
4/3/95 5.77 4,000,000 3,998,753
4/3/95 6.40 40,000,000 39,986,044
5/16/95 6.03 11,500,000 11,414,613
5/22/95 6.03 41,000,000 40,654,985
96,054,395
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 5.9%
4/3/95 6.60 (a) 190,000,000 190,000,000
5/10/95 5.58 9,160,000 9,214,973
199,214,973
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 23.9%
4/5/95 5.74 44,000,000 43,972,720
4/18/95 5.66 68,000,000 67,823,389
5/11/95 5.98 45,000,000 44,710,000
5/15/95 6.03 22,800,000 22,634,472
5/16/95 6.03 23,000,000 22,829,225
5/17/95 6.14 95,000,000 94,276,522
6/2/95 6.51 47,000,000 46,490,050
6/28/95 6.40 96,000,000 94,538,026
7/10/95 6.72 38,700,000 38,001,250
7/11/95 6.73 48,000,000 47,123,320
8/7/95 6.38 88,000,000 86,066,346
8/8/95 6.38 26,000,000 25,424,230
8/17/95 6.35 36,000,000 35,151,300
9/14/95 6.28 138,000,000 134,131,093
803,171,943
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 9.5%
4/4/95 6.12 51,000,000 51,009,308
4/4/95 6.14 170,000,000 170,000,000
6/30/95 5.48 100,000,000 100,000,000
321,009,308
TOTAL FEDERAL AGENCIES 1,843,787,540
U.S. TREASURY OBLIGATIONS - 5.0%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS
8/24/95 5.47% $ 95,000,000 $ 93,014,105
8/31/95 6.19 78,000,000 76,024,000
TOTAL U.S. TREASURY OBLIGATIONS 169,038,105
MEDIUM-TERM NOTES (A) (B) - 1.0%
EXPORT-IMPORT BANK, U.S. (AS GUARANTOR FOR K.A. LEASING, LTD.)
4/15/95 6.25 35,492,196 35,492,196
REPURCHASE AGREEMENTS - 39.2%
MATURITY VALUE
AMOUNT (NOTE 1)
With Bear Stearns & Co., Inc.:
At 6.20%, dated 3/29/95, due 4/5/95:
U.S. Government Obligations
(principal amount $67,268,634)
5.735% to 6.064%,
8/1/18 to 10/1/21 $ 65,078,361 65,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 3/31/95, due 4/3/95:
At 6.24% 251,768,919 251,638,000
(U.S. Government Obligations)
dated 3/31/95 due 4/3/95:
At 6.33% 1,001,982,267 1,001,454,000
TOTAL REPURCHASE AGREEMENTS 1,318,092,000
TOTAL INVESTMENTS - 100% $ 3,366,409,841
Total Cost for Income Tax Purposes $ 3,366,409,841
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 $35,492,196 or 1.1% of net
assets.
INCOME TAX INFORMATION
At March 31, 1995, the fund had a capital loss carryforward of
approximately $1,028,000 of which $40,000, $243,000 and $745,000 will
expire on March, 31, 2001, 2002 and 2003, respectively.
For the period ended March 31, 1995, approximately 20% of the fund's
dividends to shareholders was derived from interest on U.S. Government
obligations.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. GOVERNMENT PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1995
245.ASSETS 246. 247.
248.Investment in securities, at value (including repurchase agreements of $1,318,092,000) - 249. $ 3,366,409,841
See accompanying schedule
250.Interest receivable 251. 7,075,809
252.Receivable from investment adviser for expense reductions 253. 161,277
254. 255.TOTAL ASSETS 256. 3,373,646,927
257.LIABILITIES 258. 259.
260.Share transactions in process $ 1,191,596 261.
262.Dividends payable 10,033,811 263.
264.Accrued management fee 577,815 265.
266.Other payables and accrued expenses 262,538 267.
268. 269.TOTAL LIABILITIES 270. 12,065,760
271.272.NET ASSETS 273. $ 3,361,581,167
274.Net Assets consist of: 275. 276.
277.Paid in capital 278. $ 3,362,609,535
279.Accumulated net realized gain (loss) on investments 280. (1,028,368)
281.282.NET ASSETS 283. $ 3,361,581,167
284.285.CLASS A: 287. $1.00
286.NET ASSET VALUE, offering price and redemption price per share
($3,321,065,528 (divided by) 3,321,584,137 shares)
288.CLASS B: 290. $1.00
289.NET ASSET VALUE, offering price and redemption price per share
($40,515,639 (divided by) 40,521,966 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1995
291.292.INTEREST INCOME 293. $ 165,300,887
294.EXPENSES 295. 296.
297.Management fee $ 6,680,088 298.
299.Transfer agent fees 457,103 300.
Class A
301. Class B 9,105 302.
303.Distribution fees - Class B 46,340 304.
305.Accounting fees and expenses 331,170 306.
307.Non-interested trustees' compensation 57,096 308.
309.Custodian fees and expenses 220,421 310.
311.Registration fees - Class A 45,368 312.
313.Registration fees - Class B 25,663 314.
315.Audit 43,696 316.
317.Legal 42,021 318.
319.Reports to shareholders 933 320.
321.Miscellaneous 35,316 322.
323. Total expenses before reductions 7,994,320 324.
325. Expense reductions (1,936,406) 6,057,914
326.327.NET INTEREST INCOME 328. 159,242,973
329.330.NET REALIZED GAIN (LOSS) ON INVESTMENTS 331. (745,189)
332.333.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 334. $ 158,497,784
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED MARCH 31,
1995 1994
335.INCREASE (DECREASE) IN NET ASSETS
336.Operations $ 159,242,973 $ 148,432,891
Net interest income
337. Net realized gain (loss) (745,189) (243,492)
338. 158,497,784 148,189,399
339.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
340.Distributions to shareholders from:
Net interest income
341. (158,291,994) (148,432,891)
Class A
342. (950,979) -
Class B
343.Share transactions - net increase (decrease) at net asset value of $1.00 per share (402,217,854) (1,921,378,055)
344. (402,963,043) (1,921,621,547)
345.TOTAL INCREASE (DECREASE) IN NET ASSETS
346.NET ASSETS 347. 348.
349. Beginning of period 3,764,544,210 5,686,165,757
350. End of period $ 3,361,581,167 $ 3,764,544,210
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS A
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
1995 1994 1993 1992 1991
351.SELECTED PER-SHARE DATA
352.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
353.Income from Investment Operations
354. Net interest income .048 .031 .035 .054 .077
355.Less Distributions
356. From net interest income (.048) (.031) (.035) (.054) (.077)
357.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
358.TOTAL RETURN A 4.86% 3.13% 3.56% 5.55% 7.94%
359.RATIOS AND SUPPLEMENTAL DATA
360.Net assets, end of period (000 omitted) $ 3,321,066 $ 3,764,544 $ 5,686,166 $ 4,603,781 $ 3,613,838
361.Ratio of expenses to average net assets .18% .18% .18% .18% .18%
362.Ratio of expenses to average net assets before .24% .24% .24% .25% .25%
expense reductions
363.Ratio of net interest income to average net
assets 4.77% 3.07% 3.50% 5.33% 7.62%
</TABLE>
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS - CLASS B
<TABLE>
<CAPTION>
<S> <C>
364. APRIL 4, 1994
(COMMENCEME
NT
OF OPERATIONS) T
O
MARCH 31,
1995
365.SELECTED PER-SHARE DATA
366.Net asset value, beginning of period $ 1.000
367.Income from Investment Operations
368. Net interest income .045
369.Less Distributions
370. From net interest income (.045)
371.Net asset value, end of period $ 1.000
372.TOTAL RETURN B 4.32%
373.RATIOS AND SUPPLEMENTAL DATA
374.Net assets, end of period (000 omitted) $ 40,516
375.Ratio of expenses to average net assets .43%
A
376.Ratio of expenses to average net assets before expense reductions .66%
A
377.Ratio of net interest income to average net assets 5.13%
A
</TABLE>
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. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC MONEY MARKET PORTFOLIO
INVESTMENTS MARCH 31, 1995
Showing Percentage of Total Value of Investments
BANKERS' ACCEPTANCES - 11.7%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Bank of America National Trust & Savings Assoc.
5/11/95 6.08% $ 13,000,000 $ 12,913,334
8/18/95 6.29 5,000,000 4,882,237
8/21/95 6.29 5,000,000 4,879,695
8/23/95 6.32 3,000,000 2,926,440
Chase Manhattan Bank
5/1/95 6.18 7,300,000 7,262,892
5/2/95 6.18 2,787,578 2,772,935
5/15/95 6.08 2,000,000 1,985,284
5/23/95 6.15 2,000,000 1,982,465
5/31/95 6.09 4,959,406 4,909,647
6/6/95 6.24 3,500,000 3,460,730
6/8/95 6.24 2,543,600 2,514,196
6/9/95 6.24 1,271,638 1,256,722
6/16/95 6.25 3,361,096 3,317,670
6/20/95 6.25 3,982,527 3,928,365
6/28/95 6.26 1,994,174 1,964,341
7/5/95 6.30 3,000,000 2,951,313
7/10/95 6.30 3,900,000 3,833,376
NationsBank of North Carolina
4/7/95 6.03 7,500,000 7,492,500
NationsBank of Texas
5/11/95 6.14 18,750,000 18,623,958
TOTAL BANKERS' ACCEPTANCES 93,858,100
COMMERCIAL PAPER - 38.6%
A.H. Robins Company, Inc.
4/7/95 6.04 3,000,000 2,996,989
AT&T Capital Corp.
6/1/95 6.11 2,000,000 1,979,565
American Express Credit Corp.
4/4/95 6.10 25,000,000 24,987,397
American Home Food Products, Inc.
4/5/95 6.08 5,000,000 4,996,638
4/12/95 6.08 6,000,000 5,988,908
American Home Products
4/19/95 6.05 5,977,000 5,959,009
Banc One Corp.
5/25/95 6.09 10,000,000 9,910,000
Bank of New York Company, Inc.
4/3/95 6.07 15,000,000 14,994,983
5/17/95 6.10 5,000,000 4,961,411
Bear Stearns Cos., Inc.
5/30/95 6.18 8,000,000 7,920,153
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Beneficial Corp.
5/8/95 6.14% $ 5,000,000 $ 4,968,755
6/12/95 6.14 5,000,000 4,939,500
Chrysler Financial Corporation
4/18/95 6.25 2,000,000 1,994,163
4/24/95 6.20 10,000,000 9,960,836
CoreStates Capital Corp.
4/15/95 6.12 (a) 15,000,000 15,000,000
Electronic Data Systems Corp.
4/17/95 6.15 4,000,000 3,989,174
4/18/95 6.09 2,000,000 1,994,286
6/15/95 6.24 3,971,000 3,920,287
Enterprise Funding Corp.
4/20/95 6.06 2,695,000 2,686,423
4/24/95 6.07 1,544,000 1,538,052
Ford Motor Credit Corp.
4/25/95 6.08 25,000,000 24,899,667
5/2/95 6.18 10,000,000 9,947,472
8/18/95 6.31 10,000,000 9,763,700
General Electric Capital Corp.
4/27/95 6.19 20,000,000 19,911,889
5/1/95 5.87 15,000,000 14,928,750
General Motors Acceptance Corp.
5/16/95 6.35 19,000,000 18,851,563
Goldman Sachs Group, L.P. (The)
5/24/95 6.18 5,000,000 4,955,098
Household Finance Corp.
5/1/95 6.18 10,000,000 9,949,167
IBM Credit Corp.
4/3/95 6.25 (a) 5,000,000 5,001,188
4/5/95 6.01 10,000,000 9,993,366
ITT Corp.
4/17/95 6.16 2,000,000 1,994,560
4/19/95 6.16 2,000,000 1,993,880
Morgan Stanley Group, Inc.
5/22/95 6.09 10,000,000 9,914,575
Philip Morris Cos., Inc.
5/23/95 6.09 5,000,000 4,956,666
Preferred Receivables Funding Corp.
4/11/95 6.05 1,095,000 1,093,169
Seagram & Sons, Joseph E. (Inc.)
4/17/95 6.07 15,000,000 14,959,866
Sears Roebuck Acceptance Corp.
5/9/95 6.15 4,000,000 3,974,329
Whirlpool Financial Corp.
4/19/95 6.06 6,000,000 5,981,910
TOTAL COMMERCIAL PAPER 308,757,344
FEDERAL AGENCIES - 11.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 4.1%
5/30/95 6.05% $ 15,000,000 $ 14,853,483
6/2/95 6.09 5,000,000 4,948,333
6/2/95 6.11 10,000,000 9,896,323
7/7/95 6.17 3,000,000 2,951,096
32,649,235
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 6.2%
4/24/95 5.95 25,000,000 24,905,923
5/17/95 6.03 10,000,000 9,923,972
6/7/95 6.10 15,000,000 14,832,221
49,662,116
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 1.2%
4/4/95 6.03 10,000,000 10,000,000
TOTAL FEDERAL AGENCIES 92,311,351
BANK NOTES - 15.9%
Boatmen's National Bank of St. Louis
4/15/95 6.09 (a) 5,000,000 4,998,680
Comerica Bank - Detroit
4/3/95 6.65 (a) 15,000,000 15,000,000
Fifth Third Bank - Cincinnati
4/10/95 6.02 15,000,000 15,000,033
First Bank N.A. - Minnesota
4/15/95 6.11 (a) 7,000,000 6,998,705
First of America Bank - Illinois
5/9/95 6.18 20,000,000 19,999,354
5/30/95 6.15 15,000,000 15,007,401
Harris Trust & Savings Bank, Chicago
4/24/95 6.08 15,000,000 14,999,611
Key Bank of New York
4/3/95 6.32 (a) 5,000,000 4,998,161
Mellon Bank, N.A.
5/11/95 6.17 10,000,000 10,000,000
NationsBank of Texas
4/26/95 6.20 10,000,000 10,000,000
PNC Bank, N.A.
4/5/95 6.17 (a) 10,000,000 9,994,918
TOTAL BANK NOTES 126,996,863
MASTER NOTES (A) - 3.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
J.P. Morgan Securities
4/3/95 6.64% $ 12,000,000 $ 12,000,000
Morgan Stanley Group, Inc.
4/3/95 6.64 5,000,000 5,000,000
Norwest Corp.
4/3/95 6.12 9,000,000 9,000,000
TOTAL MASTER NOTES 26,000,000
MEDIUM-TERM NOTES - 6.7%
Beneficial Corp.
4/15/95 6.07 (a) 10,000,000 9,997,692
General Motors Acceptance Corp.
5/7/95 6.32 (a) 6,000,000 6,000,000
5/18/95 6.18 4,000,000 4,015,929
Goldman Sachs Group, L.P. (The)
5/16/95 6.26 (a) (b) 7,500,000 7,500,000
6/1/95 6.22 (a) (b) 8,000,000 8,000,000
John Deere Capital Corp.
4/19/95 6.11 (a) 3,000,000 3,000,000
Merrill Lynch & Co., Inc.
4/3/95 6.27 (a) 3,000,000 3,000,000
Norwest Corp.
9/15/95 6.27 (a) 7,000,000 7,000,000
PHH Corp.
4/3/95 6.00 (a) 5,000,000 4,997,547
TOTAL MEDIUM-TERM NOTES 53,511,168
SHORT-TERM NOTES (A) (C) - 2.7%
CSA Funding - C
4/7/95 6.20 10,000,000 10,000,000
SMM Trust Company (1994-D)
4/28/95 6.29 2,000,000 2,000,000
SMM Trust Company (1994-E)
4/13/95 6.30 10,000,000 10,000,000
TOTAL SHORT-TERM NOTES 22,000,000
MUNICIPAL SECURITIES (A) - 1.0%
New York General Obligation
5/23/95 6.27 8,000,000 8,000,000
REPURCHASE AGREEMENTS - 8.6%
MATURITY VALUE
AMOUNT (NOTE 1)
With First Boston Corporation:
At 6.10%, dated 3/30/95, due 4/6/95:
(principal amount $10,300,001)
5.617%,
6/1/24 to 10/1/27 $ 10,011,861 $ 10,000,000
At 6%, dated 3/17/95, due 4/7/95:
U.S. Government Obligations
(principal amount $25,808,419)
8.75% to 10.75%
2/15/03 to 5/15/17 25,087,500 25,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 3/31/95, due 4/3/95:
At 6.24% 33,588,466 33,571,000
TOTAL REPURCHASE AGREEMENTS 68,571,000
TOTAL INVESTMENTS - 100% $ 800,005,826
Total Cost for Income Tax Purposes $ 800,005,826
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 $15,500,000 or 1.9% 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
SMM Trust Company:
(1994-D) 10/28/94 $ 2,000,000
(1994-E) 4/13/94 $ 10,000,000
INCOME TAX INFORMATION
At March 31, 1995, the fund had a capital loss carryforward of
approximately $98,000 of which $49,000 and $49,000 will expire on March 31,
2001 and 2003, respectively.
For the period ended March 31, 1995, approximately 2% of the fund's
dividends to shareholders was derived from interest on U.S. Government
obligations.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC MONEY MARKET PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1995
378.ASSETS 379. 380.
381.Investment in securities, at value (including repurchase agreements of $68,571,000) - 382. $ 800,005,826
See accompanying schedule
383.Interest receivable 384. 2,208,118
385.Receivable from investment adviser for expense reductions 386. 13,024
387. 388.TOTAL ASSETS 389. 802,226,968
390.LIABILITIES 391. 392.
393.Share transactions in process $ 505,030 394.
395.Dividends payable 2,951,365 396.
397.Accrued management fee 152,211 398.
399.Other payables and accrued expenses 136,079 400.
401. 402.TOTAL LIABILITIES 403. 3,744,685
404.405.NET ASSETS 406. $ 798,482,283
407.Net Assets consist of: 408. 409.
410.Paid in capital 411. $ 798,580,138
412.Accumulated net realized gain (loss) on investments 413. (97,855)
414.415.NET ASSETS 416. $ 798,482,283
417.CLASS A: 419. $1.00
418.NET ASSET VALUE, offering price and redemption price per share
($771,937,340 (divided by) 772,016,831 shares)
420.CLASS B: 422. $1.00
421.NET ASSET VALUE, offering price and redemption price per share
($26,544,943 (divided by) 26,547,677 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1995
423.424.INTEREST INCOME 425. $ 49,311,675
426.EXPENSES 427. 428.
429.Management fee $ 1,923,368 430.
431.Transfer agent fees 292,657 432.
Class A
433. Class B 13,633 434.
435.Distribution fees - Class B 52,640 436.
437.Accounting fees and expenses 122,139 438.
439.Non-interested trustees' compensation 14,330 440.
441.Custodian fees and expenses 69,858 442.
443.Registration fees - Class A 96,230 444.
445.Registration fees - Class B 26,745 446.
447.Audit 20,246 448.
449.Legal 8,341 450.
451.Reports to shareholders 2,150 452.
453.Miscellaneous 7,893 454.
455. Total expenses before reductions 2,650,230 456.
457. Expense reductions (866,856) 1,783,374
458.459.NET INTEREST INCOME 460. 47,528,301
461.462.NET REALIZED GAIN (LOSS) ON INVESTMENTS463. 464. (48,831)
465.466.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 467. $ 47,479,470
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED MARCH 31,
1995 1994
468.INCREASE (DECREASE) IN NET ASSETS
469.Operations $ 47,528,301 $ 23,543,671
Net interest income
470. Net realized gain (loss) (48,831) 1,208
471. 47,479,470 23,544,879
472.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
473.Distributions to shareholders from:
Net interest income
474. (46,688,716) (23,543,671)
Class A
475. (839,585) -
Class B
476.Share transactions - net increase (decrease) at net asset value of $1.00 per share 141,555,067 (147,379,298)
477. 141,506,236 (147,378,090)
478.TOTAL INCREASE (DECREASE) IN NET ASSETS
479.NET ASSETS 480. 481.
482. Beginning of period 656,976,047 804,354,137
483. End of period $ 798,482,283 $ 656,976,047
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS A
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
1995 1994 1993 1992 1991
484.SELECTED PER-SHARE DATA
485.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
486.Income from Investment Operations
487. Net interest income .049 .031 .034 .054 .078
488.Less Distributions
489. From net interest income (.049) (.031) (.034) (.054) (.078)
490.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
491.TOTAL RETURN A 4.97% 3.14% 3.50% 5.50% 8.11%
492.RATIOS AND SUPPLEMENTAL DATA
493.Net assets, end of period (000 omitted) $ 771,937 $ 656,976 $ 804,354 $ 558,727 $ 355,369
494.Ratio of expenses to average net assets .18% .18% .18% .18% .18%
495.Ratio of expenses to average net assets before .27% .26% .26% .29% .30%
expense reductions
496.Ratio of net interest income to average net assets 4.94% 3.09% 3.43% 5.24% 7.79%
</TABLE>
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS - CLASS B
<TABLE>
<CAPTION>
<S> <C>
JULY 19, 1994
(COMMENCEME
NT
OF OPERATIONS) T
O
MARCH 31,
1995
497.SELECTED PER-SHARE DATA
498.Net asset value, beginning of period $ 1.000
499.Income from Investment Operations
500. Net interest income .035
501.Less Distributions
502. From net interest income (.035)
503.Net asset value, end of period $ 1.000
504.TOTAL RETURN B 3.36%
505.RATIOS AND SUPPLEMENTAL DATA
506.Net assets, end of period (000 omitted) $ 26,545
507.Ratio of expenses to average net assets .50%A
508.Ratio of expenses to average net assets before expense reductions .79%A
509.Ratio of net interest income to average net assets 5.14%A
</TABLE>
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. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET PORTFOLIO
INVESTMENTS MARCH 31, 1995
Showing Percentage of Total Value of Investments
BANKERS' ACCEPTANCES - 0.2%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Domestic Bankers' Acceptances
Bank of America National Trust & Savings Assoc.
8/21/95 6.29% $ 12,000,000 $ 11,711,266
CERTIFICATES OF DEPOSIT - 28.1%
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 25.4%
Bank of Tokyo
4/17/95 6.11 50,000,000 50,000,000
Banque Paribas
5/3/95 6.12 25,000,000 24,998,900
Caisse Nationale de Credit Agricole
8/21/95 6.42 25,000,000 25,000,000
9/15/95 6.31 10,000,000 10,002,198
Canadian Imperial Bank of Commerce
4/6/95 6.05 40,000,000 40,000,000
Commerzbank, Germany
4/26/95 5.87 25,000,000 25,000,000
Dai-Ichi Kangyo Bank, Ltd.
4/3/95 6.15 8,000,000 8,000,004
4/17/95 6.12 6,000,000 6,000,133
Dresdner Bank, A.G.
4/13/95 5.80 25,000,000 25,000,081
Fuji Bank, Ltd.
4/10/95 6.10 20,000,000 20,000,000
4/10/95 6.13 50,000,000 50,000,000
4/17/95 6.13 20,000,000 20,000,000
5/3/95 6.13 30,000,000 30,000,000
6/23/95 6.19 45,000,000 45,000,000
6/27/95 6.19 35,000,000 35,000,000
Industrial Bank of Japan, Ltd.
4/17/95 6.12 75,000,000 74,999,643
4/28/95 6.13 45,000,000 45,000,000
Landesbank Hessen - Thuringen
4/13/95 6.07 100,000,000 100,000,166
Mitsubishi Bank, Ltd.
6/27/95 6.17 30,000,000 30,000,000
6/30/95 6.25 13,500,000 13,500,000
National Westminster Bank, PLC
4/13/95 6.06 80,000,000 80,000,528
4/17/95 6.07 50,000,000 50,000,197
6/15/95 6.12 75,000,000 75,001,220
Sakura Bank, Ltd.
4/3/95 6.08 40,000,000 40,000,000
4/17/95 6.09 50,000,000 50,000,000
Sanwa Bank, Ltd.
4/3/95 6.06 50,000,000 50,000,039
4/10/95 6.08 72,000,000 72,000,040
4/13/95 6.12 25,000,000 24,999,751
4/18/95 6.12 50,000,000 50,000,861
5/3/95 6.10 25,000,000 25,000,000
CERTIFICATES OF DEPOSIT - CONTINUED
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - CONTINUED
Societe Generale
4/5/95 5.80% $ 35,000,000 $ 35,000,000
5/8/95 6.05 50,000,000 50,000,000
Sumitomo Bank, Ltd.
4/7/95 6.07 25,000,000 24,999,991
4/20/95 6.09 60,000,000 60,000,000
6/26/95 6.20 25,000,000 25,000,000
6/27/95 6.18 50,000,000 50,000,000
Westdeutsche Landesbank
4/19/95 6.03 30,000,000 30,000,000
1,469,503,752
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 2.3%
Barclays Bank, PLC
6/9/95 6.22 25,000,000 25,001,415
Dai-Ichi Kangyo Bank, Ltd.
5/31/95 6.17 40,000,000 40,000,660
6/5/95 6.16 25,000,000 24,998,296
Kredietbank, N.V.
7/10/95 6.25 26,000,000 25,999,770
Mitsubishi Bank, Ltd.
4/18/95 6.13 20,000,000 19,999,899
136,000,040
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.4%
Bank of Nova Scotia
5/8/95 6.13 25,000,000 25,000,000
TOTAL CERTIFICATES OF DEPOSIT 1,630,503,792
COMMERCIAL PAPER - 36.9%
A.H. Robins Company, Inc.
4/5/95 6.08 10,000,000 9,993,278
4/18/95 6.05 20,000,000 19,943,144
Abbey National, North America
6/13/95 6.31 15,000,000 14,812,025
Alliance & Leicester Building Society
5/9/95 6.17 20,000,000 19,871,222
American Express Credit Corp.
4/17/95 6.11 50,000,000 49,865,555
5/8/95 6.11 35,000,000 34,782,368
American Home Food Products, Inc.
4/5/95 6.08 26,000,000 25,982,522
4/17/95 6.05 10,000,000 9,973,245
4/18/95 6.05 20,700,000 20,641,155
4/18/95 6.05 10,000,000 9,971,573
American Home Products
4/13/95 6.05 7,592,000 7,576,765
5/8/95 6.15 15,000,000 14,906,113
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Associates Corp. of North America
4/7/95 6.11% $ 50,000,000 $ 49,949,583
4/28/95 6.07 25,000,000 24,887,125
5/1/95 6.11 20,000,000 19,899,167
5/16/95 6.19 25,000,000 24,809,375
Bear Stearns Cos., Inc.
4/13/95 6.16 15,000,000 14,969,500
5/30/95 6.18 25,000,000 24,750,479
Beneficial Corp.
5/8/95 6.14 25,000,000 24,843,778
CIT Group Holdings, Inc.
4/17/95 6.11 20,000,000 19,946,222
4/20/95 6.12 50,000,000 49,840,347
5/8/95 6.11 40,000,000 39,751,278
7/17/95 6.23 25,000,000 24,546,736
7/24/95 6.22 40,000,000 39,227,967
Canadian Imperial Bank of Commerce
4/7/95 6.05 50,000,000 49,949,841
Canadian Wheat Board
8/16/95 6.40 25,000,000 24,410,139
Cheltenham & Gloucester Building Society
6/29/95 6.15 25,000,000 24,626,076
Chrysler Financial Corporation
4/10/95 6.22 10,000,000 9,984,625
4/11/95 6.22 15,000,000 14,974,375
4/18/95 6.25 8,000,000 7,976,653
4/18/95 6.27 11,000,000 10,967,794
4/24/95 6.20 40,000,000 39,843,345
5/22/95 6.19 10,000,000 9,913,158
5/30/95 6.20 30,000,000 29,698,362
Commerzbank U.S. Finance, Inc.
9/18/95 6.33 20,000,000 19,421,056
Dayton Hudson Corp.
4/17/95 6.05 12,000,000 11,967,894
4/18/95 6.05 8,000,000 7,977,257
Dean Witter, Discover & Co.
5/1/95 6.11 39,010,000 38,813,324
Den Danske Corp., Inc.
6/22/95 6.15 25,000,000 24,655,201
Eaton Corp.
4/11/95 6.11 8,000,000 7,986,555
Electronic Data Systems Corp.
4/17/95 6.15 17,000,000 16,953,986
6/15/95 6.24 14,000,000 13,821,208
Enterprise Funding Corp.
4/3/95 6.07 3,893,000 3,891,692
4/17/95 6.06 15,000,000 14,959,800
5/2/95 6.13 2,621,000 2,607,232
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Ford Motor Credit Corp.
4/5/95 6.16% $ 65,000,000 $ 64,955,946
4/6/95 6.16 20,000,000 19,983,055
4/10/95 6.10 40,000,000 39,939,600
4/17/95 6.11 26,000,000 25,930,089
5/16/95 6.19 45,000,000 44,656,875
5/24/95 6.11 15,000,000 14,867,058
6/23/95 6.24 10,000,000 9,858,669
7/21/95 6.23 25,000,000 24,529,792
7/24/95 6.23 27,000,000 26,478,450
Ford Motor Credit, PLC
4/10/95 6.11 9,000,000 8,986,388
4/17/95 6.12 20,000,000 19,946,134
General Electric Capital Corp.
5/8/95 6.11 100,000,000 99,378,194
6/15/95 6.87 25,000,000 24,653,646
General Motors Acceptance Corp.
4/10/95 6.24 45,000,000 44,930,588
5/1/95 5.95 30,000,000 29,855,500
5/8/95 6.36 35,000,000 34,774,454
5/12/95 6.35 20,000,000 19,857,639
5/15/95 6.37 22,000,000 21,831,407
5/16/95 6.35 25,000,000 24,804,687
Goldman Sachs Group, L.P. (The)
5/25/95 6.18 45,000,000 44,588,250
Government of Canada
8/8/95 6.22 50,000,000 48,916,041
Household Finance Corp.
5/8/95 6.13 20,000,000 19,875,330
ITT Corp.
4/4/95 6.13 10,000,000 9,994,918
4/6/95 6.14 25,000,000 24,978,820
4/17/95 6.16 5,000,000 4,986,400
4/20/95 6.13 4,000,000 3,987,122
ITT Financial
4/4/95 6.13 25,000,000 24,987,292
4/13/95 6.11 7,000,000 6,985,814
4/17/95 6.13 34,000,000 33,907,822
International Nederlanden U.S. Funding Corp.
8/28/95 6.35 25,000,000 24,363,646
Merrill Lynch & Co., Inc.
5/15/95 6.19 25,000,000 24,816,667
Monsanto Co.
5/15/95 6.13 15,000,000 14,889,083
6/19/95 6.20 10,000,000 9,866,578
7/14/95 6.30 7,000,000 6,875,633
Morgan Stanley Group, Inc.
5/24/95 6.13 25,000,000 24,776,590
New Center Asset Trust
4/10/95 6.11 35,000,000 34,947,062
4/13/95 6.16 25,000,000 24,949,167
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
New South Wales Treasury Corp.
8/16/95 6.40% $ 5,000,000 $ 4,882,028
8/17/95 6.43 20,000,000 19,522,367
8/22/95 6.31 25,000,000 24,392,250
Norwest Financial
4/17/95 6.12 10,000,000 9,973,066
Seagram & Sons, Joseph E. (Inc.)
5/31/95 6.17 14,491,000 14,344,158
6/5/95 6.32 27,431,000 27,123,926
Sears Roebuck Acceptance Corp.
5/11/95 6.15 16,000,000 15,891,912
Sherwood Medical Company
4/6/95 6.08 5,500,000 5,495,378
Toronto Dominion Holdings USA, Inc.
10/10/95 6.39 20,000,000 19,342,934
Whirlpool Corp.
4/19/95 6.05 11,000,000 10,966,890
Woolwich Equitable Building Society
4/5/95 6.09 17,000,000 16,988,592
TOTAL COMMERCIAL PAPER 2,138,974,002
FEDERAL AGENCIES - 7.1%
FEDERAL FARM CREDIT BANK - AGENCY COUPONS (A) - 0.7%
4/3/95 6.17 43,000,000 42,967,244
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 0.4%
12/26/95 6.37 25,000,000 25,505,976
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 0.5%
6/13/95 6.10 22,550,000 22,275,185
7/6/95 6.12 6,385,000 6,282,670
28,557,855
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 1.1%
6/13/95 6.11 50,000,000 49,389,639
7/5/95 6.12 15,519,000 15,272,873
64,662,512
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 4.4%
5/31/95 6.09 56,000,000 55,440,000
6/7/95 6.11 10,000,000 9,887,962
6/30/95 6.12 50,000,000 49,250,000
8/14/95 6.40 60,000,000 58,605,000
10/3/95 6.40 25,000,000 24,207,327
10/4/95 6.37 25,000,000 24,206,916
12/18/95 6.52 31,160,000 29,759,358
251,356,563
TOTAL FEDERAL AGENCIES 413,050,150
BANK NOTES - 3.9%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Bank of New York - Delaware
4/3/95 6.36% (a) $ 25,000,000 $ 24,996,754
Bank One - Dayton
4/3/95 6.65 (a) 18,000,000 18,000,000
Boatmen's National Bank of St. Louis
4/15/95 6.09 (a) 50,000,000 49,986,804
Comerica Bank - Detroit
4/3/95 6.66 (a) 20,000,000 19,999,534
First of America Bank - Illinois
6/19/95 6.20 15,000,000 15,000,000
First of America Bank - Indiana
5/17/95 6.15 15,000,000 14,999,861
NBD Bank, N.A.
4/6/95 5.80 35,000,000 35,000,000
Society National Bank
4/3/95 6.66 (a) 50,000,000 49,998,767
TOTAL BANK NOTES 227,981,720
MASTER NOTES (A) - 3.3%
J.P. Morgan Securities
4/3/95 6.64 66,000,000 66,000,000
Morgan Stanley Group, Inc.
4/3/95 6.64 95,000,000 95,000,000
Norwest Corp.
4/3/95 6.12 32,000,000 32,000,000
TOTAL MASTER NOTES 193,000,000
MEDIUM-TERM NOTES (A) - 7.7%
Abbey National Treasury Service (b)
6/30/95 6.30 85,000,000 85,000,000
Beneficial Corp.
4/15/95 6.07 40,000,000 39,990,765
Corporate Asset Funding Co., Inc. (b)
4/15/95 6.10 20,000,000 19,995,131
General Electric Capital Corp.
4/3/95 6.28 50,000,000 49,986,611
General Motors Acceptance Corp.
5/7/95 6.32 50,000,000 50,000,000
Goldman Sachs Group, L.P. (The) (b)
5/16/95 6.26 56,000,000 56,000,000
6/1/95 6.22 53,000,000 53,000,000
John Deere Capital Corp.
4/19/95 6.11 10,000,000 10,000,000
Norwest Corp.
9/15/95 6.25 65,000,000 65,000,000
PHH Corp.
4/3/95 6.02 20,000,000 19,990,180
TOTAL MEDIUM-TERM NOTES 448,962,687
SHORT-TERM NOTES (A) - 1.0%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Capital One Funding Corp.
4/7/95 6.12% $ 12,000,000 $ 12,000,000
SMM Trust Company (1994-D)
4/28/95 6.29 (c) 44,000,000 44,000,000
TOTAL SHORT-TERM NOTES 56,000,000
TIME DEPOSITS - 8.4%
Bank of Tokyo
4/3/95 6.09 50,000,000 50,000,000
5/3/95 6.13 10,000,000 10,000,000
Berliner Handels-und Frankfurter Bank
4/3/95 6.44 95,000,000 95,000,000
4/4/95 6.25 75,000,000 75,000,000
Dai-Ichi Kangyo Bank, Ltd.
4/17/95 6.13 15,000,000 15,000,000
4/28/95 6.13 40,000,000 40,000,000
5/3/95 6.13 40,000,000 40,000,000
Hongkong & Shanghai Banking Corp.
4/3/95 6.44 25,000,000 25,000,000
Mitsubishi Bank, Ltd.
4/3/95 6.09 10,000,000 10,000,000
Sanwa Bank, Ltd.
4/10/95 6.13 25,000,000 25,000,000
Society National Bank
4/3/95 6.44 100,000,000 100,000,000
TOTAL TIME DEPOSITS 485,000,000
REPURCHASE AGREEMENTS - 3.4%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account
(U.S. Treasury Obligations)
dated 3/31/95, due 4/3/95:
At 6.24% $ 197,295,593 $ 197,193,000
TOTAL INVESTMENTS - 100% $ 5,802,376,617
Total Cost for Income Tax Purposes $ 5,802,376,617
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 $213,995,131 or 3.8% 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).
ACQUISITION ACQUISITION
SECURITY DATE COST
SMM Trust Company
(1994-D) 10/28/94 $ 44,000,000
INCOME TAX INFORMATION
At March 31,1995, the fund had a capital loss carryforward of approximately
$1,781,000 of which $336,000, $898,000 and $547,000 will expire on March
31, 2001, 2002 and 2003, respectively.
For the period ended March 31, 1995, approximately 1% of the fund's
dividends to shareholders was derived from interest on U.S. Government
obligations.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1995
510.ASSETS 511. 512.
513.Investment in securities, at value (including repurchase agreements of $197,193,000) - 514. $ 5,802,376,617
See accompanying schedule
515.Cash 516. 49,875
517.Interest receivable 518. 16,492,586
519.Receivable from investment adviser for expense reductions 520. 208,679
521. 522.TOTAL ASSETS 523. 5,819,127,757
524.LIABILITIES 525. 526.
527.Payable for investments purchased $ 218,498,296 528.
529.Dividends payable 11,206,572 530.
531.Accrued management fee 1,023,355 532.
533.Other payables and accrued expenses 989,687 534.
535. 536.TOTAL LIABILITIES 537. 231,717,910
538.539.NET ASSETS 540. $ 5,587,409,847
541.Net Assets consist of: 542. 543.
544.Paid in capital 545. $ 5,589,190,654
546.Accumulated net realized gain (loss) on investments 547. (1,780,807)
548.549.NET ASSETS 550. $ 5,587,409,847
551.552.CLASS A: 554. $1.00
553.NET ASSET VALUE, offering price and redemption price per share
($5,130,123,367 (divided by) 5,131,736,699 shares)
555.CLASS B: 557. $1.00
556.NET ASSET VALUE, offering price and redemption price per share
($457,286,480 (divided by) 457,430,289 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1995
558.559.INTEREST INCOME 560. $ 270,744,321
561.EXPENSES 562. 563.
564.Management fee $ 10,436,518 565.
566.Transfer agent fees 252,666 567.
Class A
568. Class B 77,911 569.
570.Distribution fees - Class B 812,749 571.
572.Accounting fees and expenses 441,370 573.
574.Non-interested trustees' compensation 67,324 575.
576.Custodian fees and expenses 300,809 577.
578.Registration fees - Class A 603,230 579.
580.Registration fees - Class B 55,604 581.
582.Audit 58,121 583.
584.Legal 52,619 585.
586.Reports to shareholders 5,113 587.
588.Miscellaneous 43,344 589.
590. Total expenses before reductions 13,207,378 591.
592. Expense reductions (3,002,430) 10,204,948
593.594.NET INTEREST INCOME 595. 260,539,373
596.597.NET REALIZED GAIN (LOSS) ON INVESTMENTS 598. (546,578)
599.600.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 601. $ 259,992,795
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED MARCH 31,
1995 1994
602.INCREASE (DECREASE) IN NET ASSETS
603.Operations $ 260,539,373 $ 166,035,073
Net interest income
604. Net realized gain (loss) (546,578) (897,770)
605. 259,992,795 165,137,303
606.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
607.Distributions to shareholders from:
Net interest income
608. (247,999,851) (165,655,489)
Class A
609. (12,539,522) (379,584)
Class B
610.Share transactions - net increase (decrease) at net asset value of $1.00 per share 2,298,216,397 (1,042,357,311)
611. 2,297,669,819 (1,043,255,081)
612.TOTAL INCREASE (DECREASE) IN NET ASSETS
613.NET ASSETS 614. 615.
616. Beginning of period 3,289,740,028 4,332,995,109
617. End of period $ 5,587,409,847 $ 3,289,740,028
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS A
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
1995 1994 1993 1992 1991
618.SELECTED PER-SHARE DATA
619.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
620.Income from Investment Operations
621. Net interest income .049 .032 .035 .055 .078
622.Less Distributions
623. From net interest income (.049) (.032) (.035) (.055) (.078)
624.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
625.TOTAL RETURN A 4.99% 3.20% 3.58% 5.59% 8.13%
626.RATIOS AND SUPPLEMENTAL DATA
627.Net assets, end of period (000 omitted) $ 5,130,123 $ 3,200,277 $ 4,332,995 $ 3,990,395 $ 4,706,936
628.Ratio of expenses to average net assets .18% .18% .18% .18% .18%
629.Ratio of expenses to average net assets before .24% .23% .23% .24% .25%
expense reductions
630.Ratio of net interest income to average net
assets 5.00% 3.15% 3.50% 5.42% 7.80%
</TABLE>
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS - CLASS B
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEAR NOVEMBER 17, 1993
ENDED (COMMENCEMENT
MARCH 31, OF OPERATIONS) TO
1995 MARCH 31,
1994
631.SELECTED PER-SHARE DATA
632.Net asset value, beginning of period $ 1.000 $ 1.000
633.Income from Investment Operations
634. Net interest income .046 .011
635.Less Distributions
636. From net interest income (.046) (.011)
637.Net asset value, end of period $ 1.000 $ 1.000
638.TOTAL RETURN B 4.66% 1.08%
639.RATIOS AND SUPPLEMENTAL DATA
640.Net assets, end of period (000 omitted) $ 457,286 $ 89,463
641.Ratio of expenses to average net assets .50% .50%A
642.Ratio of expenses to average net assets before expense reductions .59% .55%A
643.Ratio of net interest income to average net assets 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. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
INVESTMENTS MARCH 31, 1995
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 - 0.6%
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Homewood Gardens Proj.)
Series 1991 C, 4.55%, LOC Southtrust Bank, VRDN $ 2,350,000 $ 2,350,000
Decatur Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994, 4.10%,
VRDN 3,115,000 3,115,000
Tarrant City Ind. Dev. Board Rev. Rfdg. (Philip Morris Co. Inc.) Series
1993, 4.20%, VRDN 2,300,000 2,300,000
Tuscaloosa County Port Auth. Rev. (Capstone Hotel Ltd. Proj.) Series 1989
A, 4.55%,
LOC Southtrust Bank of Alabama, VRDN 4,420,000 4,420,000
12,185,000
ARIZONA - 2.1%
Apache County Ind. Dev. Auth. Ind. Rev. (Tucson Elec. Pwr. Co.
Springerville Proj.)
Series 1983 A, 4.20%, LOC Barclays Bank, VRDN 21,200,000 21,200,000
Arizona Agricultural Impt. & Pwr. Dist. (Salt River Proj.) 3.65% 4/18/95,
CP 13,000,000 13,000,000
Arizona Health Facs. Auth. Rev. (Voluntary Hosp. Federation Pooled Loan
Prog.)
Series 1985 A, 4.05% (FGIC Insured) (Liquidity Facility Citibank), VRDN
3,700,000 3,700,000
Maricopa County Ind. Dev. Auth. Rev. (Royal Oaks-Sun City Proj.)
Series 1990, 4.35%, LOC Bank of America, VRDN 4,700,000 4,700,000
42,600,000
ARKANSAS - 0.6%
Crossett Poll. Cont. Rev. Rfdg. (Georgia-Pacific Corp. Proj.) Series 1991,
4.20%,
LOC Trust Co. Bank of Georgia, VRDN 3,500,000 3,500,000
Little Rock Health Facs. Board Rev. (S.W. Hosp.) Series 1988, 4.05%
(FGIC Insured) (BPA Bank of Nova Scotia), VRDN 7,600,000 7,600,000
11,100,000
CALIFORNIA - 5.7%
California Gen. Oblig. Adj. Rate RAN Series 1994-95 B, 4.25% 6/28/95
47,000,000 46,997,484
California School Cash Reserve Prog. Auth. TRAN, Pool 1994 Series A, 4.50%
7/5/95 43,000,000 43,080,805
Los Angeles County TRAN 4.50% 6/30/95 9,000,000 9,008,126
Orange County Unit Priced Apt. Dev. Rev. Bonds:
(The Irvine Co.) Series 1985, 4.05% tender 4/27/95,
LOC Dai-Ichi Kangyo Bank Ltd. 5,000,000 5,000,000
(The Irvine Co. II) Series 1985 V, 4.30% tender 4/27/95, LOC Citibank
9,000,000 9,000,000
113,086,415
COLORADO - 1.7%
Colorado Health Facs. Auth. Rev. (Sisters of Charity Health Care) Series
1992 A, 4.05%
(BPA Dresdner Bank AG, Toronto-Dominion Bank), VRDN 4,700,000 4,700,000
Colorado Gen. Fund TRAN 4.50% 6/27/95 5,900,000 5,908,106
Englewood County Multi-Family Hsg. Rev. (The Marks Apts.) Series 1985 A,
4.05%,
LOC Citibank, VRDN 4,080,000 4,080,000
Jefferson County School Dist. #R-1 Gen. Oblig. Participating VRDN, Series
BT-5, 4.375%
(BPA Bankers Trust Co.) (b) 9,500,000 9,500,000
Moffat County Poll. Cont. Rev. Rfdg. (Colorado-UTE Elec. Assoc. Inc.)
Series 1984, 4.30%, VRDN 10,000,000 10,000,000
34,188,106
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
CONNECTICUT - 0.1%
Connecticut Gen. Oblig. Economic Recovery Notes, Series 1991 B, 4.10%
(BPA Canadian Imperial Bank, Ind. Bank of Japan Ltd., Nat'l. Westminster
Bank PLC), VRDN $ 2,700,000 $ 2,700,000
DELAWARE - 2.1%
Delaware Econ. Dev. Auth. Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc.
Proj.)
Series 1992, 4.20%, VRDN 3,300,000 3,300,000
Delaware Econ. Dev. Auth. Rev., VRDN:
(Hosp. Billing & Collection Svcs. Ltd. Proj.):
Series 1985 A, 4.30% (MBIA & BIG Insured) (BPA Morgan Stanley Group Inc.)
17,400,000 17,400,000
Series 1985 C, 4.30% (MBIA & BIG Insured) (BPA Morgan Stanley Group Inc.)
16,200,000 16,200,000
(Peninsula United Methodist Homes Inc.) Series 1992 B, 4.35%, LOC Meridian
Bank 3,800,000 3,800,000
40,700,000
DISTRICT OF COLUMBIA - 1.1%
Dist. of Columbia Gen. Oblig. Fund Recovery Rev. Series B, 4.95%,
LOC Union Bank of Switzerland, VRDN 1,200,000 1,200,000
Dist. of Columbia Gen. Oblig. Participating VRDN, Series PA-64, 4.35%
(Liquidity Facility Merrill Lynch & Co. Inc.) (b) 10,240,000 10,240,000
Dist. of Columbia Gen. Oblig. Rev., VRDN:
Rfdg. Series 1992 A-2, 4.75%, LOC Bank of Nova Scotia 3,000,000
3,000,000
(American Association for the Advancement of Science Issue) 4.60%,
LOC NationsBank of North Carolina 6,700,000 6,700,000
21,140,000
FLORIDA - 11.6%
Broward County Fin. Auth. Multi-Family Hsg. Rev., VRDN:
(Palm Aire-Oxford Proj.) Series 1990, 4.55% 1,620,000 1,620,000
(Sanctuary Apts. Proj.) Series 1985, 4.20%, LOC PNC Bank NA 4,300,000
4,300,000
Dade County Aviation Facs. Rev., Series 1984 A, 4.25%, LOC Fuji Bank Ltd.,
VRDN 1,900,000 1,900,000
Dade County Ind. Dev. Auth. Ind. Dev. Rev., VRDN:
(Dolphins Stadium Proj.) Series 1985 B, 4.10%, LOC Hong Kong & Shanghai
Banking Corp. 1,600,000 1,600,000
(South Dade Jewish Commty. Ctr.) 4.20%, LOC Sunbank of Miami 1,515,000
1,515,000
Dade County Wtr. & Swr. Sys. Rev. 4.15% (FGIC Insured)
( Liquidity Facility Ind. Bank of Japan Ltd.), VRDN 16,800,000
16,800,000
Escambia County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994,
4.10%, VRDN 4,775,000 4,775,000
Escambia County Rev. Rfdg. (Pacer Industries) Series 1991, 4.20%,
LOC Trust Co. Bank of Georgia, VRDN 1,700,000 1,700,000
First Muni. Loan Council Rev. Bonds (Florida League of Cities First Muni.
Pooled Loan Prog.)
Series 2, 4.10% tender 5/10/95, LOC Sumitomo Bank Ltd. 7,200,000
7,200,000
Florida Local Gov't. Fin. Auth. Gov't. Unit Loan Prog. Series 1986 A, 4%,
LOC First Union Nat'l. Bank of Florida, VRDN 5,000,000 5,000,000
Indian River County Hosp. Dist. Hosp. Rev.:
Rfdg. Series 1985, 4.45%, LOC Kedietbank NV, VRDN 3,100,000 3,100,000
Bonds Series 1988, 4.35% tender 5/11/95, LOC Kredietbank NV 2,000,000
2,000,000
Indian Trace Commty. Dev. Dist. Rev. (Broward County Basin I Wtr. Mgmt.
Spl. Benefit)
4.10% (MBIA Insured) (BPA Swiss Bank Corp.), VRDN 17,000,000 17,000,000
Jacksonville Hosp. Rev., VRDN:
(Baptist Med. Ctr. Proj.) Series 1984, 4%,
LOC First Union Nat'l. Bank of North Carolina 2,525,000 2,525,000
(Univ. Med. Ctr.):
Series 1988, 4.325%, LOC Sumitomo Bank Ltd. 14,000,000 14,000,000
Series 1989, 4.325%, LOC Sumitomo Bank Ltd. 5,300,000 5,300,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Jacksonville Ind. Dev. Rev. Rfdg. (Arpt. Hotel Proj.) Series 1993, 4.20%,
LOC Northern Trust Co., VRDN $ 3,000,000 $ 3,000,000
Jacksonville Poll. Cont. Rev. Rfdg. Bonds (Florida Pwr. & Lt. Co. Proj.):
Series 1992, 4.25% tender 5/17/95 5,000,000 5,000,000
Series 1994, 4.25% tender 5/18/95 10,510,000 10,510,000
Jacksonville Spl. Tax (River City Renaissance Prog.), CP:
4.25% 5/8/95 (BPA Morgan Guaranty Trust Co., Sun Bank of Orlando, Credit
Suisse,
Dresdner Bank AG) 10,500,000 10,500,000
4.05% 6/14/95 (BPA Morgan Guaranty, Sun Bank of Orlando, Credit Suisse,
Dresdner Bank AG) 10,000,000 10,000,000
Lee County Hosp. Board Hosp. Rev. Bonds (Lee Mem. Hosp. Proj.)
Series 1992 B, 4.05% tender 4/24/95 11,500,000 11,500,000
Liberty County Ind. Dev. Board Rev. (Timber Energy Resources Inc. Proj.)
Series 1994, 4.30%,
LOC Bank of Montreal, VRDN 2,300,000 2,300,000
Orange County Health Facs. Auth. Rev. (Mayflower Retirement Commty.)
Series 1988, 4.15%, LOC Banque Paribas, VRDN 5,900,000 5,900,000
Orange County School Dist. TAN 4.75% 6/30/95 15,500,000 15,527,576
Pasco County Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Carlton Arms of
Magnolia Valley)
Series 1985, 4.375%, LOC Bankers Trust Co., VRDN 2,000,000 2,000,000
Sarasota County Pub. Hosp. Dist. Hosp. Bonds (Sarasota Mem. Hosp.):
Series 1985 C:
4.25% tender 5/16/95, LOC Sumitomo Bank Ltd. 3,450,000 3,450,000
4.25% tender 5/18/95, LOC Sumitomo Bank Ltd. 3,340,000 3,340,000
Series 1991:
4.25% tender 4/17/95 5,000,000 5,000,000
4.10% tender 6/13/95 8,500,000 8,500,000
Series 1993 A:
4.10% tender 4/7/95 (Liquidity Facility Goldman Sachs) 15,000,000
15,000,000
4% tender 5/18/95 (Liquidity Facility Goldman Sachs) 6,600,000
6,600,000
Sunshine State Governmental Fing. Commission Rev. Bonds Series 1986:
4.10% tender 5/18/95, LOC Morgan Guaranty Trust Co., Nat'l. Westminster
Bank PLC,
Union Bank of Switzerland 6,050,000 6,050,000
3.90% tender 5/22/95, LOC Morgan Guaranty Trust Co., Nat'l. Westminster
Bank PLC,
Union Bank of Switzerland 5,000,000 5,000,000
Univ. Athletic Assoc. Cap. Impt. Rev. Series 1990, 4.35%,
LOC Sun Bank of Orlando, VRDN 10,400,000 10,400,000
229,912,576
GEORGIA - 6.2%
Burke County Dev. Auth. Poll. Cont. Rev. (Oglethorpe Pwr. Corp. Vogtle
Proj.)
4.15% (FGIC Insured) (Liquidity Facility Ind. Bank of Japan Ltd.), VRDN
2,000,000 2,000,000
Cobb County Dev. Auth. Rev. (Institute of Nuclear Operations) Series 1992,
4.20%,
LOC Trust Co. Bank of Georgia, VRDN 5,565,000 5,565,000
Cobb County Wtr & Swr. Participating VRDN, Series 11, 4.375%
(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.) 4.20%, LOC Trust Co. Bank of Georgia, VRDN $ 2,665,000 $
2,665,000
Fulton County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Spring Creek
Crossing Proj.)
4.20%, LOC Wachovia Bank of Georgia, VRDN 5,000,000 5,000,000
Georgia Gen. Oblig. Participating VRDN, Series 1993 D-A, 4.35%
(Liquidity Facility Citibank) (b) 29,600,000 29,600,000
Georgia Muni. Elec. Auth. Participating VRDN (b):
Series 1994 C-B, 4.35% (Liquidity Facility Citibank) 22,400,000
22,400,000
Series 1994 D, 4.40% (Liquidity Facility Norwest Bank) 6,500,000
6,500,000
Georgia Muni. Gas Auth. Gas Rev. Bonds (Transco Proj. I) Series 1991 A,
4.15% tender 4/26/95, LOC Credit Suisse 9,285,000 9,285,000
Georgia Private Colleges & Univs. Auth. Rev. Bonds (Emory Univ. Proj.)
Series 1993 B, 4% tender 6/12/95 6,000,000 6,000,000
Marietta Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Wood Pointe Apts.)
Series 1993, 4.35%, VRDN 5,000,000 5,000,000
Roswell Hsg. Auth. Multi-Family Hsg. Rev., VRDN:
Rfdg. (Roswell-Oxford Proj.) Series 1990, 4.55% 19,575,000 19,575,000
(Autumnbrook Apts.) Series 1991 A, 4.30%, LOC Amsouth Bank of Birmingham
5,200,000 5,200,000
123,839,000
IDAHO - 0.2%
Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994 A,
4.10%, VRDN 3,000,000 3,000,000
ILLINOIS - 4.4%
Chicago Gen. Oblig. Participating VRDN, Series BT-9, 4.375% (BPA Bankers
Trust Co.) (b) 5,553,900 5,553,900
Cook County Gen. Oblig. Rev. (Cap. Equip. Proj.) Series A, 4.20%, VRDN
4,000,000 4,000,000
Cook County Rev. (Catholic Charities Hosp.) Series 1988 A-1, 4.20%,
LOC Nat'l. Westminster Bank PLC, VRDN 1,900,000 1,900,000
Illinois Dev. Fin. Auth. Multi-Family Hsg. Rev. Rfdg. (Garden Glen Apts.)
Series 1993, 4.35%, VRDN 6,110,000 6,110,000
Illinois Dev. Fin. Auth. Rev., VRDN:
(Museum of Contemporary Art Proj.) Series 1994, 4.15%, LOC Harris Trust,
Lasalle Nat'l. Bank, Nat'l. Bank of Detroit, Northern Trust Co.
20,300,000 20,300,000
(WBEZ Alliance Inc. Proj.) Series 1994, 4.20%, LOC Lasalle Nat'l. Bank
4,600,000 4,600,000
Illinois Edl. Facs. Auth. Rev.:
Bonds (Shedd Aquarium Proj.) 4% tender 6/9/95, LOC Mitsubishi Bank Ltd.
5,000,000 5,000,000
(Northwestern Univ.) Series 1988, 4.15% (BPA Northern Trust Co.), VRDN
2,000,000 2,000,000
Illinois Gen. Oblig. TRAN 4.75% 6/15/95 5,000,000 5,006,663
Illinois Health Facs. Auth. Rev.:
Bonds (Univ. of Chicago Proj.) Series 1985 A, 4.50% tender 8/17/95
5,900,000 5,900,000
(Evangelical Hosp. Proj.) 4.05%, LOC First Nat'l. Bank of Chicago, VRDN
4,800,000 4,800,000
(Healthcorp Affiliates Proj.) Series 1985 B, 4.20%, LOC Fuji Bank Ltd.,
VRDN 1,400,000 1,400,000
(LaGrange Mem. Health Sys.) Series 1990, 4.60%,
LOC First Nat'l. Bank of Chicago, VRDN 3,200,000 3,200,000
(Lake Forest Hosp. Proj.) 4.50%, LOC First Nat'l. Bank of Chicago, VRDN
4,000,000 4,000,000
(Pekin Mem. Hosp.) Series 1993 C, 4.25%, LOC Lasalle Nat'l. Bank of
Chicago, VRDN 3,400,000 3,400,000
(Springfield Mem. Hosp.) Series 1985 C, 4.20%, LOC Fuji Bank Ltd., VRDN
1,500,000 1,500,000
(Univ. Pooled Prog.) Series 1985, 4.20% (FGIC Insured) (BPA Sakura Bank
Ltd.), VRDN 5,000 5,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
ILLINOIS - CONTINUED
Kane County Gen. Oblig. Commty. Unit School Dist. #304 TAN 4.97% 12/1/95 $
2,400,000 $ 2,403,376
Kane, McHenry, Cook & DeKalb County Gen. Oblig. Commty. School Dist. #300
TAN 5.20% 9/29/95 2,400,000 2,405,687
McHenry County Gen. Oblig. Commty. Unit School Dist. #200 TAN 4.45% 9/1/95
(d) 2,300,000 2,300,457
Northlake Econ. Dev. Rev. (Dominick's Finer Foods Inc. Proj.) Series 1991
B, 4.25%,
LOC First Nat'l. Bank of Chicago, VRDN 2,400,000 2,400,000
88,185,083
INDIANA - 2.2%
Fort Wayne Econ. Dev. Rev. (Edy's Grand Ice Cream Proj.) Series 1985,
4.375%,
LOC Bank of America, VRDN 4,750,000 4,750,000
Fort Wayne Hosp. Auth. Hosp. Rev. (Parkview Hosp.), VRDN:
Series B, 4.25%, LOC Fuji Bank Ltd. 1,105,000 1,105,000
Series D, 4.25%, LOC Fuji Bank Ltd. 2,460,000 2,460,000
Hammond Poll. Cont. Rev. Rfdg. (Amoco Oil Co. Proj.) Series 1994, 4.55%,
VRDN 1,500,000 1,500,000
Indiana Hosp. Equip. Fing. Auth. Rev. Series 1985 A, 4.15% (MBIA Insured)
(BPA Bank of New York), VRDN 3,575,000 3,575,000
Indianapolis Econ. Dev. Rev. Rfdg. (Rand McNally & Co. Proj.) Series 1989,
4.15%,
LOC First Union Nat'l. Bank of North Carolina, VRDN 4,000,000 4,000,000
Merrillville Health Care Facs. Participating VRDN, 4.40%
(Liquidity Facility Bank One, Akron) (b) 4,610,000 4,610,000
Petersburg Poll. Cont. Rev. Rfdg. Bonds (Indianapolis Pwr. & Lt. Proj.)
3.60% tender 4/6/95 6,000,000 6,000,000
Richmond Econ. Dev. Rev. Rfdg. (Friends Fellowship Commty.) Series 1993,
4.25%,
LOC Nat'l. Bank of Detroit, VRDN 3,900,000 3,900,000
South Bend Health Care Facs. Participating VRDN, Series 1992 A, 4.40%
(Liquidity Facility Bank One of Akron) (b) 3,375,000 3,375,000
Sullivan Poll. Cont. Rev. (Hoosier Energy Rural Elec. Coop.) Series 1985
L-1, 4.10%,
tender 4/10/95 6,755,000 6,755,000
Vigo County Gen. Oblig. Independent School Corp. TAN 5.30% 12/29/95
2,650,000 2,657,185
44,687,185
KENTUCKY - 0.8%
Jefferson County Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc. Proj.)
Series 1992, 4.20%, VRDN 1,300,000 1,300,000
Kentucky Assoc. of Counties Reinsurance Trust Rev. Series 1990, 4.35%,
LOC Hong Kong & Shanghai Banking Corp., VRDN 13,700,000 13,700,000
15,000,000
LOUISIANA - 3.1%
Desoto Parish Poll. Cont. Participating VRDN, Series 94 W, 4.40%
(Liquidity Facility Norwest Bank of Minnesota) (b) 10,000,000 10,000,000
Lafayette Econ. Dev. Auth. Ind. Dev. Rev. Rfdg. (Holt County of Louisiana
Proj.) 4.50%,
LOC Morgan Guaranty Trust Co., VRDN 4,230,000 4,230,000
New Orleans Aviation Board Rfdg. Series 1993 B, 3.95% (MBIA Insured)
(BPA Ind. Bank of Japan Ltd.), VRDN 1,200,000 1,200,000
Orleans Levee Dist. Participating VRDN, Series 14, 4.375% (BPA Bankers
Trust) (b) 7,068,600 7,068,600
Orleans Levee Dist. Rev., VRDN:
(Cap. Recovery Funding) Series 1988 A, 4.20%, LOC Fuji Bank Ltd.
14,900,000 14,900,000
(Levee Impt.) Series 1986, 4.20%, LOC Fuji Bank Ltd. 1,240,000
1,240,000
(Pub. Impt.) Series 1986, 4.20%, LOC Fuji Bank Ltd. 7,445,000 7,445,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
LOUISIANA - CONTINUED
West Baton Rouge Parish Ind. Dist. #3 Rev. Rfdg. Bonds (Dow Chemical Co.
Proj.)
Series 1991, 4.45% tender 4/26/95 $ 15,500,000 $ 15,500,000
61,583,600
MAINE - 0.7%
Baileyville Poll. Cont. Rev. (Georgia-Pacific Corp. Proj.) Series 1985,
4.25%,
LOC Bank of Tokyo, VRDN 6,500,000 6,500,000
Biddeford Resource Recovery Rev. (Maine Energy Recovery Co. Proj.) Series
1985, 3.45%,
LOC Bank of America, VRDN 6,700,000 6,700,000
13,200,000
MARYLAND - 0.4%
Washington Suburban Sanitation Dist. Participating VRDN, Series 1994 F-A,
4.35%
(Liquidity Facility Citibank) (b) 7,000,000 7,000,000
MASSACHUSETTS - 1.0%
Commonwealth of Massachusetts Gen. Oblig. Participating VRDN, Series
CR-147, 4.35%
(Liquidity Facility Citibank) (b) 6,400,000 6,400,000
Massachusetts Health & Ed. Facs. Auth. Rev. (Cap. Asset Prog.) Series 1985
D, 3.80%
(MBIA Insured) (BPA Sanwa Bank Ltd.), VRDN 14,000,000 14,000,000
20,400,000
MICHIGAN - 1.4%
Dearborn Econ. Dev. Corp. Ltd. Oblig. Variable Rate Rev. (Oakbrook Common)
Series 1993 4.20%, LOC Mellon Bank, VRDN 2,300,000 2,300,000
Michigan Hosp. Fin. Auth. Equip. Loan Prog. Series 1991, 4.15%,
LOC Comerica Bank of Detroit, VRDN 2,400,000 2,400,000
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 1994 C, 4.15%,
LOC Credit Suisse, VRDN 3,000,000 3,000,000
Michigan Muni. Bond Auth. RAN, Series 1994 B, 4.75% 7/20/95 15,000,000
15,032,592
Michigan Strategic Fund (Dow Chemical Proj.)
Series 1986, 4.25% tender 4/3/95 4,500,000 4,499,973
27,232,565
MINNESOTA - 2.4%
Becker Poll. Cont. Rev. Bonds (Northern States Pwr. Co. Sherburne County
Gen. #3)
Series 1993 B, 4.20% tender 4/17/95 17,800,000 17,800,000
Bloomington Multi-Family Hsg. Rev. Rfdg. (Crow/Bloomington Apts. Proj.)
4.25%,
LOC Citibank, VRDN 8,305,000 8,305,000
Dakota County Hsg. & Redev. Auth. Multi-Family Rental Hsg. Rev. Rfdg.
(Southview Gables Apts. Proj.) 4.20%, VRDN 4,575,000 4,575,000
Mendota Heights Hsg. Mtg. Multi-Family Hsg. Rev. (Lexington Heights Apt.
Proj.)
Series 1991 A, 4.35%, LOC Sumitomo Bank Ltd., VRDN 3,420,000 3,420,000
Minnesota Gen. Oblig. Participating VRDN, Series 99, 4.325%
(BPA Bankers Trust Co.) (b) 7,710,000 7,710,000
Richfield Independent School Dist. #280 Participating VRDN, Series 1994 N,
4.35%
(Liquidity Facility First Bank of Minnesota) (b) 1,905,000 1,905,000
St. Paul Port Auth. Tax Increment Bonds (Westgate Office & Ind. Ctr. Proj.)
Series 1991, 4%, LOC First Bank of Minnesota, VRDN 4,200,000 4,200,000
47,915,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
MISSISSIPPI - 0.4%
Harrison County Poll. Cont. Rev. Rfdg. (Mississippi Pwr. Co. Proj.) Series
1992, 4.20%, VRDN $ 8,750,000 $ 8,750,000
MISSOURI - 1.2%
Howell County Ind. Dev. Auth. Rev. Rfdg. Bonds (Safeway Inc. Proj.) Series
1992, 4.90%,
tender 8/1/95, LOC Bankers Trust Co. 4,225,000 4,225,000
Missouri Envir. Impt. & Energy Resources Auth. Poll. Cont. Rev. Bonds
(Union Elec. Co.)
Series 1985 B, 3.95% tender 6/8/95, LOC Westdeutsche Landesbank
Girozentrale 8,000,000 8,000,000
Univ. of Missouri RAN (Cap. Proj.) Series 1994-95 A, 4.50% 6/30/95
11,000,000 11,016,972
23,241,972
MONTANA - 1.5%
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co.) Series 1983 A, 4.15%,
LOC Union Bank of Switzerland, VRDN 4,800,000 4,800,000
Montana Board of Investments Variable Rate Payroll Tax Rev. (Workers Comp.
Prog.)
Series 1993, 4.20%, VRDN 4,400,000 4,400,000
Montana Gen. Oblig. TRAN Series 1994, 5% 6/30/95 20,200,000 20,248,527
29,448,527
NEBRASKA - 0.3%
Lancaster County Hosp. Auth. Rev. (St. Elizabeth Commty. Health Ctr. &
Sisters of Charity Health Care), 4% (MBIA Insured)
(Liquidity Facility Morgan Guaranty), VRDN 3,600,000 3,600,000
Omaha Pub. Pwr. Dist. Elec. Sys. Participating VRDN, Series 1993 D, 4.35%
(Liquidity Facility Merrill Lynch & Co. Inc.) (b) 2,530,000 2,530,000
6,130,000
NEVADA - 0.6%
Clark County Arpt. Impt. Rev. Rfdg. Series 1993 A, 4.15% (MBIA Insured)
(BPA Ind. Bank of Japan Ltd.), VRDN 12,000,000 12,000,000
NEW HAMPSHIRE - 0.3%
New Hampshire Higher Edl. & Health Facs. Auth. Rev. (VHA of New England),
VRDN:
Series 1985 C, 4.10% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
1,700,000 1,700,000
Series 1985 F, 4.10% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
1,250,000 1,250,000
New Hampshire Ind. Dev. Auth. Resource Recovery Rev. Bonds (Claremont Co.
LP Proj.)
Series 1985, 5% tender 7/1/95 (MBIA Insured) 3,205,000 3,205,000
6,155,000
NEW JERSEY - 1.3%
New Jersey Bldg. Auth. Participating VRDN, Series BT-6, 4.375% (BPA Bankers
Trust) (b) 11,861,200 11,861,200
New Jersey Gen. Oblig. Participating VRDN, Series 943005, 4.35%
(Liquidity Facility Citibank) (b) 7,400,000 7,400,000
New Jersey Gen. Oblig. TRAN 5% 6/15/95 7,000,000 7,012,987
26,274,187
NEW YORK - 1.6%
New York City Adj. Rate Rev., VRDN:
Series 1993 A-9, 4.60%, LOC Ind. Bank of Japan Ltd. 1,000,000 1,000,000
Series 1994 A-7, 4.55%, LOC Morgan Guaranty Trust Co. 1,000,000
1,000,000
New York City RAN Series A, 4.50% 4/12/95 20,200,000 20,203,503
New York State Thruway Auth. Gen. Rev. BAN Series 1994, 4.19% 4/14/95
10,200,000 10,200,000
32,403,503
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
NORTH CAROLINA - 1.0%
North Carolina Med. Care Commission Hosp. Rev. Board (Park Ridge Hosp.)
Series 1988, 4.25%, LOC NationsBank of Florida, VRDN $ 5,300,000 $
5,300,000
North Carolina Med. Care Commission Pooled Finances Series 1986 A-2, 4.30%
(MBIA Insured) (BPA Sakura Bank Ltd.), VRDN 1,600,000 1,600,000
North Carolina Med. Care Commission Rev. (Moses H. Cone Mem. Hosp. Proj.)
4.10%,
LOC Wachovia Nat'l. Bank of North Carolina, VRDN 2,500,000 2,500,000
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. 3.95% 4/27/95, CP
11,000,000 11,000,000
20,400,000
OKLAHOMA - 0.7%
Oklahoma County Fin. Auth. Ind. Dev. Rev., VRDN:
(Hutto-Carbon Office Proj.) 3.80% (FGIC Insured) (Liquidity Facility
Sakura Bank Ltd.) 3,000,000 3,000,000
(Perrine Office Proj.) 3.80% (FGIC Insured) (Liquidity Facility Sakura
Bank Ltd.) 4,100,000 4,100,000
Tulsa Ind. Auth. Rev. (Univ. of Tulsa Proj.), VRDN:
Series A, 4.375%, LOC Fuji Bank Ltd. 3,000,000 3,000,000
Series 1985, 4.375%, LOC Fuji Bank Ltd. 4,000,000 4,000,000
14,100,000
OREGON - 0.1%
Port of Morrow (Oregon-Portland Gen. Elec. Co. Boardman Proj.) Series 1988
A, 4.60%,
LOC Ind. Bank of Japan Ltd., VRDN 2,200,000 2,200,000
PENNSYLVANIA - 9.1%
Allegheny County Hosp. Dev. Auth. Health Ctr. Rev. (Presbyterian Univ.
Health Sys.), VRDN:
Series 1990 C, 4.20% (MBIA Insured) (BPA Credit Suisse) 4,500,000
4,500,000
Series 1990 D, 4.20% (MBIA Insured) (BPA Credit Suisse) 4,200,000
4,200,000
Allegheny County Hosp. Redev. Auth. Health Facs. Rev. (Central Blood Bank
Proj.)
Series 1992, 4.20%, LOC PNC Bank, VRDN 2,225,000 2,225,000
Allegheny County Ind. Dev. Auth. Rev. Rfdg.(N. Versailles Shopping Ctr.)
Series 1992,4.30%, LOC Bank One, Columbus, VRDN 4,025,000 4,025,000
Allentown Redev. Auth. Multi-Family Hsg. Rev. Rfdg. (Arcadia Assoc. Proj.)
Series 1990, 4.30%, LOC Sumitomo Bank Ltd., VRDN 2,300,000 2,300,000
Beaver County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Ohio Edision Co.
Mansfield Proj.)
Series 1992 A, 3.45% tender 10/1/95, LOC Barclays Bank PLC 3,700,000
3,672,026
Berks County Ind. Dev. Auth. Rev. (Lutheran Home at Topton Proj.) Series
1993 B, 4.375%,
LOC Meridian Bank NA, VRDN 9,000,000 9,000,000
Delaware Valley Reg'l. Fin. Auth. Local Gov't. Rev., VRDN:
Series 1985 B, 4.30%, LOC Hong Kong & Shanghai Banking Corp. 6,200,000
6,200,000
Series 1985 D, 4.30%, LOC Hong Kong & Shanghai Banking Corp. 10,300,000
10,300,000
Series 1986, 4.30%, LOC Hong Kong & Shanghai Banking Corp. 4,000,000
4,000,000
Emmaus Gen. Auth. Local Gov't. Rev. (Bond Pool Prog.) Series 1989 B, 4.25%,
VRDN 15,000,000 15,000,000
Lehigh County Auth. Swr. Rev. Series 1985 B, 4.10% (FGIC Insured)
(BPA ABN-AMRO Bank), VRDN 2,050,000 2,050,000
Lehigh County Ind. Dev. Auth. Rev. (The Keebler Co.) Series 1992, 4.25%,
LOC Wachovia Bank of North Carolina, VRDN 5,140,000 5,140,000
Pennsylvania Econ. Dev. Auth. Rev. (Foxdale Village Proj.) Series 1989 C,
4.20%,
LOC PNC Bank, VRDN 2,350,000 2,350,000
Pennsylvania Gen. Oblig. TAN 4.75% 6/30/95 41,500,000 41,572,748
Pennsylvania Higher Ed. Auth. for Univ. of Penn. 4.25%, VRDN 1,400,000
1,400,000
Philadelphia Gen. Oblig. Bonds Series 1990:
4.20% tender 4/13/95, LOC Fuji Bank Ltd. 7,000,000 7,000,000
3.90% tender 5/1/95, LOC Fuji Bank Ltd. 6,210,000 6,210,000
3.85% tender 5/9/95, LOC Fuji Bank Ltd. 14,000,000 14,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
PENNSYLVANIA - CONTINUED
Philadelphia Redev. Auth. School Rev. (School for the Deaf) 4.10%,
LOC Fuji Bank Ltd., VRDN $ 1,095,000 $ 1,095,000
Philadelphia TRAN:
Series 1994-95 B, 4.75% 6/15/95 LOC Corestates Bank 14,500,000
14,520,375
Series 1994-95 D, 4.75% 6/15/95, LOC Morgan Guaranty Trust Co.
14,500,000 14,525,872
South Fork Muni. Auth. Hosp. Rev. (Lee Hosp. Proj.) Series 1993 B, 4.20%,
LOC PNC Bank, VRDN 5,350,000 5,350,000
180,636,021
SOUTH CAROLINA - 2.4%
South Carolina Hsg. Fin. & Dev. Auth. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Charleston Oxford) Series 1990 B, 4.55% 10,180,000 10,180,000
(Greenville Oxford) Series 1990 A, 4.55% 4,855,000 4,855,000
(Richland Oxford) Series 1990 C, 4.55% 11,130,000 11,130,000
South Carolina Jobs Econ. Dev. Auth. Healthcare Facs. Rev. Bonds (The
Methodist Home Proj.)
Series 1994, 4.35%, LOC NationsBank of South Carolina, VRDN 4,000,000
4,000,000
South Carolina Pub. Svc. Auth. Rev., CP:
4.10% 4/7/95 11,350,000 11,350,000
4.25% 5/18/95 3,670,000 3,670,000
Walhalla Rev. Rfdg. (Avondale Mills Inc. Proj.) Series 1990, 4.20%,
LOC Trust Co. Bank of Georgia, VRDN 3,300,000 3,300,000
48,485,000
SOUTH DAKOTA - 0.6%
South Dakota Health & Edl. Facs. Auth. Rev., VRDN:
Rfdg. (Sioux Valley Hosp.) Series 1992 A, 4.20% 4,700,000 4,700,000
(McKennan Hosp.) Series 1994, 4.25% (MBIA Insured) (Liquidity Facility
Banque Paribas) 7,000,000 7,000,000
11,700,000
TENNESSEE - 2.1%
Clarksville Pub. Bldg. Auth. Adj. Rate Pooled Fing. Rev. (Tennessee Muni.
Bond Fund)
Series 1990, 4.10% (MBIA Insured) (BPA Credit Suisse), VRDN 3,400,000
3,400,000
Knox County Health Edl. & Hsg. Facs. Board Rev. (Webb School Knoxville
Proj.) 4.20%,
LOC Third Nat'l. Bank of Nashville, VRDN 4,280,000 4,280,000
Metropolitan Nashville & Davidson County Health & Ed. Facs. Multi-Family
Hsg. Rev.
(Brentwood Oaks Apts.) 4.50%, VRDN 4,000,000 4,000,000
Metropolitan Nashville & Davidson County Health & Ed. Facs. Rev.:
Bonds (Vanderbuilt Univ.) 4.25% tender 5/18/95
(Liquidity Facility NationsBank of North Carolina) 10,000,000
10,000,000
(Richland Place Inc. Proj.) 4.10%, LOC Societe Generale, VRDN 1,400,000
1,400,000
Metropolitan Nashville & Davidson County Ind. Dev. Board Multi-Family Hsg.
Rev. Rfdg., VRDN:
(Belle Valley Apts.) Series 1989, 4.30%, LOC Sumitomo Bank Ltd.
4,680,000 4,680,000
(Graybrook) 4.30%, LOC Sumitomo Bank Ltd. 6,710,000 6,710,000
Montgomery County Pub. Bldg. Auth. Adj. Rate Pooled Fing. Rev. Series 1995,
4.30%,
LOC NationsBank of Tennessee, VRDN 8,000,000 8,000,000
42,470,000
TEXAS - 15.3%
Austin Hsg. Fin. Corp. Multi-Family Hsg. Rev. (Riverchase Proj.) Series
1985 A, 4.625%,
LOC Household Fin. Corp., VRDN 6,000,000 6,000,000
Bexar County Hsg. Fin. Corp. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Fountainhead I Proj.) Series 1992 A, 4.25% 3,880,000 3,880,000
(Fountainhead II Proj.) Series 1992 A, 4.25% 8,120,000 8,120,000
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,
4.20%,
LOC Texas Commerce Bank of Houston, VRDN $ 2,500,000 $ 2,500,000
Conroe Independent School Dist. Adj. Rate TRAN 4.704% 8/31/95 (c)
5,500,000 5,500,000
Corpus Christi Port Auth. Rev. Rfdg. Bonds (Union Pacific Corp.) Series
1989, 3.95%,
tender 5/11/95 5,610,000 5,610,000
El Paso Health Facs. Dev. Corp. Hosp. Rev. (Providence Mem. Hosp. Proj.)
Series 1989, 4.55%, LOC Fuji Bank Ltd., VRDN 1,900,000 1,900,000
Goose Creek Consolidated Independent School Dist. Adj. Rate TRAN 4.704%
8/31/95 (c) 17,000,000 17,000,000
Guadalupe-Blanco River Auth. Ind. Dev. Rev. (BOC Group Inc. Proj.) Series
1993, 4.25%,
LOC Wachovia Bank of Georgia, VRDN 12,400,000 12,400,000
Harris County Health Facs. Dev. Corp. Hosp. Rev. Bonds:
(Mem. Hosp. Sys. Proj.) Series 1994 B:
4.15% tender 4/25/95, LOC Societe Generale 10,000,000 10,000,000
4.25% tender 4/27/95, LOC Societe Generale 15,200,000 15,200,000
3.90% tender 5/17/95, LOC Societe Generale 4,500,000 4,500,000
Harris County Health Facs. Dev. Corp. School Health Care Sys. Rev.
(Sisters of Charity Incarnate) 4.20% 4/24/95 (BPA Credit Suisse) CP
10,000,000 10,000,000
Houston Hsg. Fin. Corp. Single-Family Mtg. Participating VRDN, Series PT-1,
4.40%
(Liquidity Facility Banque Nationale de Paris) (b) 6,175,000 6,175,000
Houston Wtr. & Swr. Sys. Rev. Series A, CP:
3.95% 5/9/95 8,000,000 8,000,000
4.30% 5/16/95 10,000,000 10,000,000
4.35% 5/16/95 6,000,000 6,000,000
4.25% 5/17/95 12,000,000 12,000,000
4.30% 5/18/95 5,000,000 5,000,000
Lower Colorado River Auth. Participating VRDN (b):
Series BT-36, 4.325% (BPA Bankers Trust Co.) 4,039,200 4,039,200
Series BT-59, 4.34% (Liquidity Facility Automatic Data Processing Inc.)
8,200,000 8,200,000
North Central Texas Health Facs. Dev. Corp. Hosp. Rev. Bonds (Methodist
Hosp. of Dallas):
Series 1991 A, 3.80% tender 4/25/95 (MBIA Insured) (BPA Fuji Bank Ltd.)
10,100,000 10,100,000
Series 1991 B, 4.10% tender 4/10/95 (MBIA Insured) (BPA Sumitomo Bank
Ltd.) 10,500,000 10,500,000
Plano Health Facs. Dev. Corp. Hosp. Rev. Bonds (Childrens & Presbyterian
Health Care Ctr.)
4.20% tender 4/26/95, LOC Banque Paribas 10,000,000 10,000,000
San Antonio Elec. & Gas. Sys. Series A, 4.10% 4/11/95, CP 9,300,000
9,300,000
San Antonio Gen. Oblig. Participating VRDN, Series 16, 4.375%
(BPA Bankers Trust Co.) (b) 13,785,000 13,785,000
Silsbee Health Facs. Dev. Corp. Hosp. Rev. (Silsbee Doctor's Hosp.) Series
1984, 4.10%,
LOC Citibank, VRDN 3,500,000 3,500,000
Tarrant County Health Facs. Dev. Corp. Hosp. Rev. (Harris Methodist Health
Sys.)
Series 1988, 4.25%, LOC Fuji Bank Ltd., VRDN 2,500,000 2,500,000
Texas A&M Univ. Participating VRDN, Series 15, 4.375% (BPA Bankers Trust)
(b) 5,445,000 5,445,000
Texas Dept. of Hsg. & Commty. Affairs Participating VRDN, Series PT-9,
4.35%
(Liquidity Facility Dai-Ichi Kangyo Bank Ltd.) (b) 5,465,000 5,465,000
Texas Gen. Oblig. TRAN:
Series 1994, 5% 8/31/95 12,800,000 12,839,936
Series 1995, 5% 8/31/95 10,000,000 10,035,300
Texas Health Facs. Dev. Corp. Rev., VRDN:
(Aces North Texas Pooled Healthcare):
Series 1985 A, 4.25%, LOC Banque Paribas 11,900,000 11,900,000
Series 1985 B, 4.25%, LOC Banque Paribas 4,500,000 4,500,000
(Ft. Worth-Cook Children's Hosp.) Series 1985, 4.25%, LOC Societe Generale
1,300,000 1,300,000
Texas Muni. Pwr. Agcy. Rev., CP:
4.10% 4/7/95 9,950,000 9,950,000
4.15% 5/12/95 10,400,000 10,400,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
TEXAS - CONTINUED
Tyler Health Facs. Dev. Corp. Hosp. Rev. Bonds (Texas Med. Ctr. Regional
Health Care Proj.)
Series 1993 C, 4.25% tender 4/7/95, LOC Banque Paribas $ 7,000,000 $
7,000,000
Univ. of Texas Sys. Rev. Fing. Sys. Series A, 4.25% 5/18/95, CP 2,500,000
2,500,000
303,044,436
UTAH - 1.3%
Intermountain Pwr. Agcy. Pwr. Supply Participating VRDN (b):
Series BT-8, 4.375% (BPA Bankers Trust Co.) 11,612,700 11,612,700
Series BT-48, 4.625% (BPA Bankers Trust Co.) 9,601,900 9,601,900
Intermountain Pwr. Agcy. Pwr. Supply Rev. Rfdg. Bonds Series 1985 E-2,
4.10%,
tender 5/25/95 (BPA Fuji Bank Ltd.) 5,000,000 5,000,000
26,214,600
VERMONT - 0.1%
Vermont Student Assistance Corp. Student Loan Rev. Series 1985, 4%,
LOC Nat'l. Westminster Bank PLC, VRDN 1,325,000 1,325,000
VIRGINIA - 5.6%
Chesapeake Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr. Co.)
Series 1985, 4.10% tender 4/10/95 22,000,000 22,000,000
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Rfdg. (Philip Morris
Co. Inc. Proj.)
Series 1992, 4.20%, VRDN 10,000,000 10,000,000
Harrisonburg Redev. & Hsg. Auth. Multi-Family Hsg. Rev. (Misty Ridge Proj.)
Series 1991 A, 4.25%, LOC Bank One, Columbus, VRDN 5,555,000 5,555,000
Louisa County Ind. Dev. Auth. Adj. Rate Pooled Fin. Rev. Series 1995,
4.30%,
LOC NationsBank of Virginia, VRDN 10,000,000 10,000,000
Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co.
Proj.) Series 1985:
4.20% tender 4/17/95 (BPA Bank of New York) 17,735,000 17,735,000
3.75% tender 4/28/95 (BPA Bank of New York) 8,650,000 8,650,000
4.25% tender 5/16/95 (BPA Bank of New York) 3,100,000 3,100,000
Suffolk Redev. & Hsg. Auth. Multi-Family Rental Hsg. Rev., VRDN:
(Windsor at Fieldstone Proj.) 4.30%, LOC NationsBank of Virginia
7,426,000 7,426,000
(Windsor at Potomac Vista Proj.) 4.30%, LOC Nationsbank of Virginia
1,003,000 1,003,000
Virginia Hsg. Dev. Auth. Commonwealth Mtg. Bonds Series 1993 A, 4.25%
tender 7/12/95 15,000,000 15,000,000
Virginia Hsg. Dev. Auth. Hsg. Rev. (AHC Svc. Corp.) Series 1987 A, 4.15%,
LOC Mitsubishi Bank Ltd., VRDN 6,500,000 6,500,000
Williamsburg Ind. Dev. Auth. Museum Rev. (Williamsburg Foundation) 4.30%,
LOC Sanwa Bank Ltd., VRDN 3,604,000 3,604,000
York County Ind. Dev. Rev. Rfdg. (Philip Morris Co. Inc. Proj.) Series
1992, 4.20%, VRDN 1,000,000 1,000,000
111,573,000
WASHINGTON - 2.0%
Seattle Ind. Dev. Corp. Ind. Rev. Rfdg. (Longview Fibre Co. Proj.) Series
1988, 4.20%,
LOC ABN-AMRO Bank, VRDN 2,500,000 2,500,000
Washington Gen. Oblig. Participating VRDN (b):
Series 1993 C-A, 4.35% (Liquidity Facility Citibank) 21,700,000
21,700,000
Series 1995 A, 4.40% (Liquidity Facility Internationale Nederlanden Bank)
5,500,000 5,500,000
Series BT-125, 4.325% (BPA Bankers Trust Co.) 9,575,000 9,575,000
39,275,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
WEST VIRGINIA - 0.2%
Kanawha County Commercial Dev. Rev. Rfdg. (McJunkin Corp. Proj.) Series
1991, 4.35%,
LOC NationsBank of North Carolina, VRDN $ 4,935,000 $ 4,935,000
WISCONSIN - 1.4%
Milwaukee Ind. Dev. Rev. (Longview Fiber Co.) Series 1987, 4.20%,
LOC ABN-AMRO Bank, VRDN 1,960,000 1,960,000
Milwaukee Redev. Auth. Dev. Rev. (Bradley Ctr. Parking Facs. Proj.) Series
1986, 4.15%,
LOC Nat'l. Westminster Bank PLC, VRDN 2,700,000 2,700,000
Wisconsin TRAN Series 1994, 4.50% 6/15/95 23,900,000 23,927,833
28,587,833
WYOMING - 0.0%
Sweetwater County Poll. Cont. Rev. Rfdg. (Pacific Corp.) Series 1990 A,
4.25%,
LOC Credit Suisse, VRDN 200,000 200,000
MULTIPLE STATES - 1.9%
California Student Loan Mktg. Corp. Student Loan Rev. Rfdg. Series 1993 A,
4.10%,
LOC Dresdner Bank AG, VRDN 5,000,000 5,000,000
Clipper Tax-Exempt Trust Participating VRDN, Series 1993 1-A, 4.17%
(Liquidity Facility State Street Bank & Trust Co.) (b) 30,300,000
30,300,000
NCNB Tax-Exempt Trust Participating VRDN, Series 1990 A, 4.50%,
LOC NationsBank of North Carolina (b) 2,800,000 2,800,000
38,100,000
PUERTO RICO - 0.6%
Puerto Rico Gov't. Dev. Bank for Puerto Rico 3.55% 4/5/95, CP 11,000,000
11,000,000
TOTAL INVESTMENTS - 100% $ 1,988,303,609
Total Cost for Income Tax Purposes $ 1,988,294,637
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation 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
Conroe Independent School
Dist. Adj. Rate TRAN
4.704% 8/31/95 10/13/94 $ 5,500,000
Goose Creek Consolidated
Independent School Dist. Adj.
Rate TRAN
4.704% 8/31/95: 9/9/94 $ 7,000,000
10/9/94 $ 10,000,000
(d) Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
INCOME TAX INFORMATION
At March 31, 1995, the fund had a capital loss carryforward of
approximately $528,000 which will expire on March 31, 1996.
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1995
644.ASSETS 645. 646.
647.Investment in securities, at value - See accompanying schedule 648. $ 1,988,303,609
649.Interest receivable 650. 18,003,972
651.Receivable from investment adviser for expense reductions 652. 130,952
653. 654.TOTAL ASSETS 655. 2,006,438,533
656.LIABILITIES 657. 658.
659.Payable to custodian bank $ 1,114,531 660.
661.Payable for investments purchased 662.
663. Regular delivery 120,418,198 664.
665. Delayed delivery 2,300,457 666.
667.Dividends payable 5,147,868 668.
669.Accrued management fee 355,847 670.
671.Other payables and accrued expenses 287,021 672.
673. 674.TOTAL LIABILITIES 675. 129,623,922
676.677.NET ASSETS 678. $ 1,876,814,611
679.Net Assets consist of: 680. 681.
682.Paid in capital 683. $ 1,877,162,768
684.Accumulated net realized gain (loss) on investments 685. (357,129)
686.Unrealized gain from accretion of market discount 687. 8,972
688.689.NET ASSETS, for 1,877,162,768 shares outstanding 690. $ 1,876,814,611
691.692.NET ASSET VALUE, offering price and redemption price per share 693. $1.00
($1,876,814,611 (divided by) 1,877,162,768 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
TEN MONTH PERIOD ENDED MARCH 31, 1995
694.695.INTEREST INCOME 696. $ 64,019,748
697.EXPENSES 698. 699.
700.Management fee $ 3,789,731 701.
702.Transfer agent, accounting and custodian fees and expenses 714,887 703.
704.Non-interested trustees' compensation 12,113 705.
706.Registration fees 228,465 707.
708.Audit 45,114 709.
710.Legal 23,818 711.
712.Miscellaneous 26,281 713.
714. Total expenses before reductions 4,840,409 715.
716. Expense reductions (1,429,650) 3,410,759
717.718.NET INTEREST INCOME 719. 60,608,989
720.REALIZED AND UNREALIZED GAIN (LOSS) 722. 321,344
721.Net realized gain (loss) on investment securities
723.Increase (decrease) in net unrealized gain from accretion of market discount 724. 1,959
725.726.NET GAIN (LOSS) 727. 323,303
728.729.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 730. $ 60,932,292
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
TEN MONTH PERIOD YEAR
ENDED ENDED
MARCH 31, MAY 31,
1995 1994
731.INCREASE (DECREASE) IN NET ASSETS
732.Operations $ 60,608,989 $ 61,444,789
Net interest income
733. Net realized gain (loss) 321,344 125,587
734. Increase (decrease) in net unrealized gain from accretion of market discount 1,959 (5,602)
735. 60,932,292 61,564,774
736.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
737.Dividends to shareholders from net interest income (60,608,989) (61,444,789)
738.Share transactions at net asset value of $1.00 per share 10,940,563,835 14,549,718,245
Proceeds from sales of shares
739. Reinvestment of dividends from net interest income 13,089,613 14,570,091
740. Cost of shares redeemed (11,467,825,372) (14,412,776,499)
741. (514,171,924) 151,511,837
Net increase (decrease) in net assets and shares resulting from share transactions
742. (513,848,621) 151,631,822
743.TOTAL INCREASE (DECREASE) IN NET ASSETS
744.NET ASSETS 745. 746.
747. Beginning of period 2,390,663,232 2,239,031,410
748. End of period $ 1,876,814,611 $ 2,390,663,232
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
TEN MONTH PERI YEARS ENDED MAY 31,
OD
ENDED
MARCH 31,
1995 1994 1993 1992 1991
749.SELECTED PER-SHARE DATA
750.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
751.Income from Investment Operations .027 .024 .026 .040 .053
Net interest income
752.Less Distributions (.027) (.024) (.026) (.040) (.053)
753. From net interest income
754.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
755.TOTAL RETURN B 2.44% 2.66% 4.02% 5.40%
2.74%
756.RATIOS AND SUPPLEMENTAL DATA
757.Net assets, end of period (000 omitted) $ 1,876,815 $ 2,390,663 $ 2,239,031 $ 2,556,995 $ 2,116,841
758.Ratio of expenses to average net assets .18% .18% .18% .18% .18%
A
759.Ratio of expenses to average net assets before .26% .24% .24% .25% .23%
expense reductions A
760.Ratio of net interest income to average net
assets 3.20% 2.41% 2.62% 3.90% 5.28%
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. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
DAILY MONEY FUND: FIDELITY U.S. TREASURY INCOME PORTFOLIO
INVESTMENTS MARCH 31, 1995
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 - 55.4%
4/6/95 5.73% $ 80,818,000 $ 80,754,692
4/6/95 5.75 15,532,000 15,519,790
4/6/95 5.81 10,602,000 10,593,600
4/6/95 5.89 7,612,000 7,605,900
4/13/95 5.84 63,180,000 63,058,906
4/13/95 5.87 815,000 813,435
4/20/95 5.76 34,634,000 34,529,718
4/20/95 5.79 53,445,000 53,283,372
4/20/95 5.80 5,455,000 5,438,546
4/20/95 5.86 60,000,000 59,817,917
4/27/95 5.80 20,156,000 20,072,879
4/27/95 5.93 25,518,000 25,410,555
5/4/95 5.74 1,560,000 1,552,020
5/4/95 5.84 8,249,000 8,205,445
5/4/95 6.10 51,375,000 51,093,850
5/11/95 6.33 11,685,000 11,605,023
5/18/95 6.00 2,101,000 2,084,816
5/25/95 5.76 2,040,000 2,022,619
5/25/95 5.78 37,592,000 37,270,589
5/25/95 5.82 17,611,000 17,459,634
5/25/95 6.03 40,016,000 39,660,658
6/1/95 5.83 25,000,000 24,756,212
6/8/95 5.77 2,470,000 2,443,383
6/8/95 5.83 20,000,000 19,782,589
6/22/95 5.76 19,528,000 19,275,351
6/22/95 5.78 583,000 575,430
6/29/95 5.75 3,262,000 3,192,649
7/13/95 5.97 3,328,000 3,272,297
8/17/95 6.03 3,402,000 3,325,515
TOTAL U.S. TREASURY BILLS 624,477,390
U.S. TREASURY OBLIGATIONS - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES - 44.6%
4/15/95 5.74% $ 40,000,000 $ 40,033,656
4/30/95 5.92 22,319,000 22,281,950
4/30/95 6.18 20,000,000 19,962,064
4/30/95 6.26 11,000,000 10,978,564
4/30/95 6.28 21,076,000 21,034,570
5/15/95 5.82 34,755,000 34,751,856
5/15/95 5.94 32,326,000 32,408,626
5/15/95 5.95 5,056,000 5,054,824
5/15/95 6.07 10,268,000 10,264,231
5/15/95 6.11 20,000,000 19,991,575
5/15/95 6.33 25,000,000 25,062,005
5/15/95 6.38 1,652,000 1,655,967
5/31/95 5.83 5,458,000 5,441,759
5/31/95 5.88 33,099,000 32,997,720
5/31/95 5.99 9,132,000 9,102,712
5/31/95 6.09 3,844,000 3,831,170
5/31/95 6.10 12,029,000 11,988,458
5/31/95 6.13 10,060,000 10,025,615
5/31/95 6.17 10,000,000 9,965,043
6/30/95 5.78 25,000,000 24,893,466
7/15/95 5.96 20,000,000 20,154,483
7/15/95 5.98 37,349,000 37,632,590
7/31/95 5.93 5,633,000 5,600,578
7/31/95 6.00 5,316,000 5,284,407
7/31/95 6.07 23,622,000 23,477,511
7/31/95 6.12 9,859,000 9,796,868
7/31/95 6.26 40,000,000 39,732,351
8/15/95 6.05 10,873,000 10,813,676
8/15/95 6.10 18,617,000 18,775,765
8/15/95 6.11 25,000,000 24,858,449
8/15/95 6.15 15,000,000 14,913,234
TOTAL U.S. TREASURY OBLIGATIONS 562,765,743
TOTAL INVESTMENTS - 100% $ 1,187,243,133
Total Cost for Income Tax Purposes $ 1,187,243,133
INCOME TAX INFORMATION
At March 31, 1995, the fund had a capital loss carryforward of
approximately $184,000 of which $22,000 and $162,000 will expire on March
31, 2001 and 2002, respectively.
DAILY MONEY FUND: FIDELITY U.S. TREASURY INCOME PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1995
761.ASSETS 762. 763.
764.Investment in securities, at value - See accompanying schedule 765. $ 1,187,243,133
766.Receivable for investments sold 767. 73,970,500
768.Interest receivable 769. 9,745,456
770. 771.TOTAL ASSETS 772. 1,270,959,089
773.LIABILITIES 774. 775.
776.Dividends payable $ 4,471,093 777.
778.Accrued management fee 203,425 779.
780. 781.TOTAL LIABILITIES 782. 4,674,518
783.784.NET ASSETS 785. $ 1,266,284,571
786.Net Assets consist of: 787. 788.
789.Paid in capital 790. $ 1,266,266,697
791.Accumulated net realized gain (loss) on investments 792. 17,874
793.794.NET ASSETS, for 1,266,266,697 shares outstanding 795. $ 1,266,284,571
796.797.NET ASSET VALUE, offering price and redemption price per share 798. $1.00
($1,266,284,571 (divided by) 1,266,266,697 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
EIGHT MONTH PERIOD ENDED MARCH 31, 1995
799.800.INTEREST INCOME 801. $ 40,811,110
802.EXPENSES 803. 804.
805.Management fee $ 3,279,429 806.
807.Non-interested trustees' compensation 3,836 808.
809. Total expenses before reductions 3,283,265 810.
811. Expense reductions (1,719,806) 1,563,459
812.813.NET INTEREST INCOME 814. 39,247,651
815.816.NET REALIZED GAIN (LOSS) ON INVESTMENTS 817. 37,522
818.819.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 820. $ 39,285,173
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
EIGHT MONTH PERI YEARS ENDED JULY 31,
OD
ENDED
MARCH 31,
1995 1994 1993
821.INCREASE (DECREASE) IN NET ASSETS
822.Operations $ 39,247,651 $ 36,180,457 $ 35,642,094
Net interest income
823. Net realized gain (loss) 37,522 (162,127) (59,984)
824. 39,285,173 36,018,330 35,582,110
825.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
826.Dividends to shareholders from net interest income (39,247,651) (36,180,457) (35,642,094)
827.Share transactions at net asset value of $1.00 per share 3,322,554,603 4,258,629,047 5,005,239,937
Proceeds from sales of shares
828. Reinvestment of dividends from net interest income 8,674,938 9,408,877 11,294,869
829. Cost of shares redeemed (3,114,152,108) (4,266,497,201) (5,166,243,130)
830. 217,077,433 1,540,723 (149,708,324)
Net increase (decrease) in net assets and shares resulting from
share transactions
831. 217,114,955 1,378,596 (149,768,308)
832.TOTAL INCREASE (DECREASE) IN NET ASSETS
833.NET ASSETS 834. 835. 836.
837. Beginning of period 1,049,169,616 1,047,791,020 1,197,559,328
838. End of period $ 1,266,284,571 $ 1,049,169,616 $ 1,047,791,020
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
EIGHT MONTH YEARS ENDED JULY 31, OCTOBER 3, 1990
PERIOD (COMMENCEME
ENDED NT
MARCH 31, OF OPERATIONS) T
O
JULY 31,
1995 1994 1993 1992 1991
839.SELECTED PER-SHARE DATA
840.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
841.Income from Investment Operations .033 .032 .031 .045 .055
Net interest income
842.Less Distributions (.033) (.032) (.031) (.045) (.055)
From net interest income
843.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
844.TOTAL RETURN B 3.38% 3.27% 3.10% 4.64% 5.63%
845.RATIOS AND SUPPLEMENTAL DATA
846.Net assets, end of period (000 omitted) $ 1,266,285 $ 1,049,170 $ 1,047,791 $ 1,197,559 $ 705,543
847.Ratio of expenses to average net assets .20% .20% .20% .20% .03%
A A
848.Ratio of expenses to average net assets
before .42% .42% .42% .42% .42%
expense reductions A A
849.Ratio of net interest income to average
net assets 5.02% 3.22% 3.05% 4.43% 6.34%
A 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. SEE NOTE 5 OF NOTES TO THE FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
For the period ended March 31, 1995
1. SIGNIFICANT ACCOUNTING POLICIES.
U.S. Treasury, U.S. Treasury II, U.S. Government, Domestic Money Market and
Money Market Portfolios are funds of Fidelity Institutional Cash Portfolios
(a trust). Fidelity U.S. Treasury Income Portfolio is a fund of Daily Money
Fund (a trust). Fidelity Institutional Tax-Exempt Cash Portfolios is a fund
of a trust of the same name. 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 February 8, 1995, the Trustees
of Fidelity Institutional Tax-Exempt Cash Portfolios and the Trustees of
Fidelity U.S. Treasury Income Portfolio approved a change in the fiscal
year-end of each fund to March 31. Accordingly, the financial statements of
Fidelity Institutional Tax-Exempt Cash Portfolios and Fidelity U.S.
Treasury Income Portfolio are presented as of and for the ten-month and
eight-month periods ended March 31, 1995, respectively.
Each fund of Fidelity Institutional Cash Portfolios currently offers two
classes of shares, Class A and Class B, each of which has equal rights as
to earnings, 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. As of March 31, 1995, Class B shares were not
operational for the U.S. Treasury fund.
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 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 original issue discount, is accrued as earned. For
Fidelity Institutional Tax-Exempt Cash Portfolios, accretion of market
discount represents unrealized gain until realized at the time of a
security disposition or maturity.
ALLOCATED EARNINGS AND EXPENSES. FIDELITY INSTITUTIONAL CASH PORTFOLIOS:
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.
FIDELITY U.S. TREASURY INCOME PORTFOLIO: 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. Each fund
identifies securities as segregated in its custodial records with a value
at least equal to the amount of the purchase commitment.
REPURCHASE AGREEMENTS. The funds of Fidelity Institutional Cash Portfolios,
through their custodian, receive delivery of the underlying securities,
whose market value is required to be at least 102% of the resale price at
the time of purchase. The funds' investment adviser, Fidelity Management &
Research Company (FMR), is responsible for determining that the value of
these underlying securities remains at least equal to the resale price.
REVERSE REPURCHASE AGREEMENTS. Each fund of Fidelity Institutional Cash
Portfolios (except U.S. Treasury II) is permitted to engage in reverse
repurchase agreements for temporary purposes. The U.S. Treasury fund
engaged in reverse repurchase agreements during the period, earning net
interest income of $89,713, which is included in Interest Income on the
Statement of Operations.
2. OPERATING POLICIES - CONTINUED
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the funds of Fidelity Institutional
Cash Portfolios, along with other affiliated entities of 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.
RESTRICTED SECURITIES. The Domestic Money Market and Money Market funds,
and Fidelity Institutional Tax-Exempt Cash Portfolios 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 $22,000,000 or 2.8% of net assets for
Domestic Money Market fund, $44,000,000 or 0.8% of net assets for Money
Market fund and $22,500,000 or 1.2% of net assets for Fidelity
Institutional Tax-Exempt Cash Portfolios.
3. JOINT TRADING ACCOUNT.
At the end of the period, the U.S. Treasury, U.S. Treasury II and U.S.
Government funds of Fidelity Institutional Cash Portfolios had 20% or more
of their 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
repurchase agreements were dated March 31, 1995 and due April 3, 1995. The
maturity values of the joint trading account investments were $529,273,398
at 6.20%, $61,699,018 at 6.23% and $263,319,925 at 6.24% for U.S. Treasury
fund, $3,149,626,170 at 6.20% and $332,298,444 at 6.23% for U.S. Treasury
II fund, and $251,768,919 at 6.24% and $1,001,982,267 at 6.33% for U.S.
Government fund. The investments in repurchase agreements through the joint
trading account are summarized as follows:
MAXIMUM
AMOUNT AGGREGATE AGGREGATE AGGREGATE
NO. OF WITH ONE PRINCIPAL MATURITY MARKET COUPON MATURITY
DEALERS DEALER AMOUNT OF AMOUNT OF VALUE OF RATES OF DATES OF
OR BANKS OR BANK AGREEMENTS AGREEMENTS COLLATERAL COLLATERAL COLLATERAL
At 6.20% 28 14.5% $ 17,509,591,000 $ 17,518,640,314 $ 17,913,776,926
0%-15.75% 4/6/95-2/15/25
At 6.20% 10 35.6% $ 4,771,000,000 $ 4,773,464,567 $ 4,876,084,071 0%-14.00%
5/15/95-2/15/25
At 6.23% 5 20.4% $ 540,000,000 $ 540,280,375 $ 552,085,587 0%-14.00%
5/15/95-2/15/25
At 6.24% 7 37.2% $ 1,908,426,000 $ 1,909,418,890 $ 1,948,841,061 0%-15.75%
4/6/95-2/15/25
At 6.33% 4 44.4% $ 2,700,000,000 $ 2,701,424,250 $ 2,801,049,764 0%-14.25%
4/5/95-10/1/32
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 for the
funds of Fidelity Institutional Cash Portfolios and for Fidelity
Institutional Tax-Exempt Cash Portfolios.
For Fidelity U.S. Treasury Income Portfolio, FMR pays all expenses except
the compensation of the non-interested Trustees and certain exceptions such
as interest, taxes, brokerage commissions and extraordinary expenses. FMR
receives a fee that is computed daily at an annual rate of .42% of the
fund's average net assets.
SUB-ADVISER FEE. As 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, and after reducing the fee
for any payments by FMR pursuant to each fund's Distribution and Service
Plan.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans of Fidelity Institutional Cash Portfolios Class B, and in accordance
with Rule 12b-1 of the 1940 Act, each
4. FEES AND OTHER TRANSACTIONS WITH
AFFILIATES - CONTINUED
DISTRIBUTION AND SERVICE PLAN - CONTINUED
Class B fund, except U.S. Government fund, pays Fidelity Distributors
Corporation (FDC), an affiliate of FMR, a distribution and service fee that
is based on an annual rate of up to .32% of its average net assets. U.S.
Government fund pays FDC at an annual rate of up to .25% of its average net
assets. For the period, Class B of the U.S. Treasury II, U.S. Government,
Domestic Money Market and Money Market funds paid FDC $418,917, $331,170,
$52,640,and $812,749, respectively, of which $395,473, $44,728, $52,030 and
$784,046 was paid to securities dealers, banks and other financial
institutions for selling shares and providing shareholder support services
on behalf of Class B of the U.S. Treasury II, U.S. Government, Domestic
Money Market and Money Market funds, respectively.
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 of Fidelity Institutional Cash
Portfolios. United Missouri Bank, N.A. (the Bank) is the custodian and
transfer and shareholder servicing agent for Fidelity Institutional
Tax-Exempt Cash Portfolios. The Bank has entered into a sub-contract with
FIIOC to perform the activities associated with the transfer and
shareholder servicing agent functions for Fidelity Institutional Tax-Exempt
Cash Portfolios. During the period April 1, 1994 to December 31, 1994 for
the funds of Fidelity Institutional Cash Portfolios, and June 1, 1994 to
December 31, 1994 for Fidelity Institutional Tax-Exempt Cash Portfolios,
FIIOC received fees based on the type, size, number of accounts and the
number of transactions made by shareholders. Effective January 1, 1995, the
Board of Trustees approved a revised transfer agent fee contract pursuant
to which FIIOC receives account fees and asset-based fees that vary
according to account size. FIIOC pays for typesetting, printing and mailing
of all shareholder reports, except proxy statements. For the ten-month
period ended March 31, 1995, FIIOC received transfer and shareholder
servicing agent fees amounting to $309,306 for Fidelity Institutional
Tax-Exempt Cash Portfolios.
ACCOUNTING FEES. Fidelity Service Co. (FSC), an affiliate of FMR, maintains
the accounting records for the funds of Fidelity Institutional Cash
Portfolios. The Bank also has a sub-contract with FSC to maintain Fidelity
Institutional Tax-Exempt Cash Portfolios' accounting records. The
accounting fee is based on the level of average net assets for the month
plus out-of-pocket expenses. For the ten month period ended March 31, 1995,
FSC received accounting fees amounting to $237,209 for Fidelity
Institutional Tax-Exempt Cash Portfolios.
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 B shares of the funds of Fidelity
Institutional Cash Portfolios) above an annual rate of .18% of average net
assets for Fidelity Institutional Cash Portfolios and Fidelity
Institutional Tax-Exempt Cash Portfolios, and .20% of average net assets
for Fidelity U.S. Treasury Income Portfolio. Effective July 1, 1995, the
expense limitation for Fidelity Institutional Cash Portfolios (excluding
the Money Market fund) and Fidelity Institutional Tax-Exempt Cash
Portfolios will increase to .20% of average net assets.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS. For the period, the reimbursement
reduced expenses by $822,285, $3,539,319, $1,936,406, $866,856 and
$3,002,430 for the U.S. Treasury, U.S. Treasury II, U.S. Government,
Domestic Money Market and Money Market funds, respectively.
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS. For the ten-month period
ended March 31, 1995, the reimbursement reduced expenses by $1,429,650.
FIDELITY U.S. TREASURY INCOME PORTFOLIO. For the eight-month period ended
March 31, 1995, the reimbursement reduced expenses by $1,719,806.
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
U.S. Treasury 2 35%
U.S. Treasury II 2 23%
U.S. Government 1 13%
Domestic Money Market 1 26%
Money Market 1 22%
7. SHARE TRANSACTIONS.
Share transactions for both classes of the U.S. Treasury II, U.S.
Government, Domestic Money Market and Money Market funds of Fidelity
Institutional Cash Portfolios at net asset value of $1.00 per share were as
follows:
YEAR ENDED YEAR ENDED
MARCH 31, 1995** MARCH 31,1994*
U.S. TREASURY II CLASS A
Proceeds from sales of shares $ 51,629,761,018 $ 37,652,306,847
Reinvestment of dividends from net interest income 66,481,161 53,681,583
Shares redeemed (51,559,646,169) (38,743,519,132)
Net increase (decrease) in net assets and shares resulting from share
transactions $ 136,596,010 $ (1,037,530,702)
U.S. TREASURY II CLASS B*
Proceeds from sales of shares $ 4,121,373,809 $ 11,853,621
Reinvestment of dividends from net interest income 1,891,594 14,790
Shares redeemed (3,542,818,006) (6,692,877)
Net increase (decrease) in net assets and shares resulting from share
transactions $ 580,447,397 $ 5,175,534
(*) Share transactions for U.S. Treasury II Class B are for the period
October 22, 1993 (commencement of sale of shares) to March 31, 1994.
U.S. GOVERNMENT CLASS A
Proceeds from sales of shares $ 25,831,576,012 $ 33,376,241,019
Reinvestment of dividends from net interest income 70,455,356 54,284,929
Shares redeemed (26,344,771,188) (35,351,904,003)
Net increase (decrease) in net assets and shares resulting from share
transactions $ (442,739,820) $ (1,921,378,055)
U.S. GOVERNMENT CLASS B**
Proceeds from sales of shares $ 264,194,203 $ -
Reinvestment of dividends from net interest income 736,478 -
Shares redeemed (224,408,715) -
Net increase (decrease) in net assets and shares resulting from share
transactions $ 40,521,966 $ -
(**) Share transactions for U.S. Government Class B are for the period
April 4, 1994 (commencement of sale of shares) to March 31, 1995.
DOMESTIC MONEY MARKET CLASS A
Proceeds from sales of shares $ 7,602,650,013 $ 6,042,925,540
Reinvestment of dividends from net interest income 11,742,701 6,177,168
Shares redeemed (7,499,385,324) (6,196,482,006)
Net increase (decrease) in net assets and shares resulting from share
transactions $ 115,007,390 $ (147,379,298)
DOMESTIC MONEY MARKET CLASS B**
Proceeds from sales of shares $ 273,550,017 $ -
Reinvestment of dividends from net interest income 779,088 -
Shares redeemed (247,781,428) -
Net increase (decrease) in net assets and shares resulting from share
transactions $ 26,547,677 $ -
(**) Share transactions for Domestic Money Market Class B are for the
period July 19, 1994 (commencement of sale of shares) to March 31, 1995.
MONEY MARKET CLASS A
Proceeds from sales of shares $ 46,997,530,563 $ 48,632,985,539
Reinvestment of dividends from net interest income 141,162,693
59,354,442
Shares redeemed (45,208,411,681) (49,824,192,759)
Net increase (decrease) in net assets and shares resulting from share
transactions $ 1,930,281,575 $ (1,131,852,778)
MONEY MARKET CLASS B*
Proceeds from sales of shares $ 1,727,673,441 $ 112,664,085
Reinvestment of dividends from net interest income 10,646,994 379,584
Shares redeemed (1,370,385,613) (23,548,202)
Net increase (decrease) in net assets and shares resulting from share
transactions $ 367,934,822 $ 89,495,467
(*) Share transactions for Money Market Class B are for the period November
17, 1993 (commencement of sale of shares) to March 31, 1994.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of Fidelity Institutional Tax-Exempt Cash
Portfolios and
To the Trustees of Daily Money Fund and the Shareholders of Fidelity U.S.
Treasury Income Portfolio:
We have audited the accompanying statements of assets and liabilities,
including the schedules of portfolio investments, the related statements of
operations and changes in net assets, and the financial highlights of
Fidelity Institutional Tax-Exempt Cash Portfolios and Daily Money Fund:
Fidelity U.S. Treasury Income Portfolio as listed on pages 37 to 52 and 53
to 57, respectively, of this annual report. These financial statements and
financial highlights are the responsibility of the Fidelity Institutional
Tax-Exempt Cash Portfolios' and Daily Money Fund: Fidelity U.S. Treasury
Income Portfolio's 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 which require that we plan and perform the audit 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. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. Our procedures
included confirmation of securities owned as of March 31, 1995 by
correspondence with the custodians and brokers. 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
as of March 31, 1995 and the results of operations, changes in net assets
and the financial highlights for each of the periods indicated on pages 49
to 52 and 54 to 57 of this annual report for Fidelity Institutional
Tax-Exempt Cash Portfolios and Daily Money Fund: Fidelity U.S. Treasury
Income Portfolio, respectively, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
April 26, 1995
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 the
U.S. Treasury Portfolio, the U.S. Treasury Portfolio II, the U.S.
Government Portfolio, the Domestic Money Market Portfolio and the Money
Market Portfolio (constituting Fidelity Institutional Cash Portfolios,
hereafter referred to as the "Fund") at March 31, 1995, 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 in the period then ended and the
financial highlights for each of the five years in the period then ended,
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,
1995 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.
PRICE WATERHOUSE LLP
Dallas, Texas
May 4, 1995
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Leland Barron, VICE PRESIDENT
Fred L. Henning, Jr., VICE PRESIDENT
Burnell Stehman, VICE PRESIDENT
John Todd, VICE PRESIDENT
Sarah H. Zenoble, VICE PRESIDENT
Arthur S. Loring, SECRETARY
Stephen P. Jonas, TREASURER
Thomas D. Maher, ASSISTANT VICE PRESIDENT
Michael D. Conway, ASSISTANT TREASURER
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
TRANSFER AND
SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional Operations Company
Boston, MA
United Missouri Bank, N.A.
Kansas City, MO
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
CUSTODIANS
Morgan Guaranty Trust Company of New York
New York, NY
FIDELITY INSTITUTIONAL CASH PORTFOLIOS:
U.S. TREASURY, U.S. GOVERNMENT, DOMESTIC MONEY MARKET
AND MONEY MARKET
DAILY MONEY FUND: FIDELITY U.S. TREASURY INCOME PORTFOLIO
Bank of New York
New York, NY
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY II
United Missouri Bank, N.A.
Kansas City, MO
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
