(registered trademark)
FIDELITY
INSTITUTIONAL
MONEY MARKET
FUNDS
SEMIANNUAL REPORT
SEPTEMBER 30, 1995
FIMM-SANN-1195
4370
CONTENTS
SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS
FIDELITY INSTITUTIONAL CASH PORTFOLIOS:
TREASURY 3
TREASURY II 8
GOVERNMENT 14
DOMESTIC 20
MONEY MARKET 28
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT 38
DAILY MONEY FUND:
TREASURY ONLY 52
NOTES TO THE FINANCIAL STATEMENTS 57
PROXY VOTING RESULTS:
FIDELITY INSTITUTIONAL CASH PORTFOLIOS - TREASURY 63
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 1-800-843-3001 FOR A FREE PROSPECTUS. READ
IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
Showing Percentage of Total Value of Investments
U.S. TREASURY OBLIGATIONS - 18.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES - 18.3%
1/31/96 5.71% $ 24,000,000 $ 23,854,090
1/31/96 5.90 10,000,000 9,933,432
2/15/96 5.84 11,000,000 11,071,434
2/15/96 5.88 3,000,000 2,984,607
2/15/96 6.18 20,000,000 19,877,468
2/15/96 6.21 23,000,000 22,859,104
2/29/96 5.60 9,000,000 8,958,307
4/15/96 5.51 13,000,000 13,245,457
4/30/96 5.58 27,000,000 27,278,250
4/30/96 5.63 28,000,000 27,953,625
4/30/96 5.65 26,000,000 25,955,239
TOTAL U.S. TREASURY OBLIGATIONS 193,971,013
MEDIUM-TERM NOTES (A) (B) - 1.2%
EXPORT-IMPORT BANK, U.S. (AS GUARANTOR FOR K.A. LEASING, LTD.)
10/15/95 5.81 13,304,623 13,304,623
REPURCHASE AGREEMENTS - 80.5%
MATURITY
AMOUNT
With Harris Government Securities, Inc.:
At 6.47%, dated 9/29/95 due 10/2/95:
U.S. Treasury Obligations
(principal amount $235,604,000)
11/15/09 $ 165,088,962 165,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 9/29/95, due 10/2/95
(Notes 2 and 3):
At 6.46% 412,221,685 412,000,000
At 6.47% 161,747,225 161,660,000
At 6.49% 114,822,031 114,760,000
TOTAL REPURCHASE AGREEMENTS 853,420,000
TOTAL INVESTMENTS - 100% $ 1,060,695,636
Total Cost for Income Tax Purposes $ 1,060,695,636
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(b) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on the holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Export-Import Bank, U.S.
(as guarantor for
K.A. Leasing, Ltd.) 2/25/94 $ 19,000,000
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.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1995 (UNAUDITED)
1.ASSETS 2. 3.
4.Investment in securities, at value (including repurchase agreements of $853,420,000) - 5. $ 1,060,695,636
See accompanying schedule
6.Interest receivable 7. 3,721,935
8.Receivable from investment adviser for expense reductions 9. 43,809
10. 11.TOTAL ASSETS 12. 1,064,461,380
13.LIABILITIES 14. 15.
16.Share transactions in process $ 268,375 17.
18.Distributions payable 2,303,219 19.
20.Accrued management fee 178,026 21.
22.Other payables and accrued expenses 97,035 23.
24. 25.TOTAL LIABILITIES 26. 2,846,655
27.28.NET ASSETS 29. $ 1,061,614,725
30.Net Assets consist of: 31. 32.
33.Paid in capital 34. $ 1,062,125,974
35.Accumulated net realized gain (loss) on investments 36. (511,249)
37.38.NET ASSETS, for 1,062,118,386 shares outstanding 39. $ 1,061,614,725
40.41.NET ASSET VALUE, offering price and redemption price per share 42. $1.00
($1,061,614,725 (divided by) 1,062,118,386 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
43.44.INTEREST INCOME 45. $ 32,525,239
46.EXPENSES 47. 48.
49.Management fee $ 1,084,491 50.
51.Transfer agent fees 67,627 52.
53.Accounting fees and expenses 68,816 54.
55.Custodian fees and expenses 15,434 56.
57.Registration fees 44,485 58.
59.Audit 15,457 60.
61.Legal 3,344 62.
63.Reports to shareholders 3,990 64.
65.Miscellaneous 2,204 66.
67. Total expenses before reductions 1,305,848 68.
69. Expense reductions (277,978) 1,027,870
70.71.NET INTEREST INCOME 72. 31,497,369
73.74.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 75. $ 31,497,369
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
SEPTEMBER 30, 199 MARCH 31,
5 1995
(UNAUDITED)
76.INCREASE (DECREASE) IN NET ASSETS
77.Operations $ 31,497,369 $ 61,187,012
Net interest income
78. Net realized gain (loss) - (156,575)
79. 80.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 31,497,369 61,030,437
81.Distributions to shareholders from net interest income (31,497,369) (61,187,012)
82.Share transactions at net asset value of $1.00 per share 2,713,012,671 6,383,701,214
Proceeds from sales of shares
83. Reinvestment of distributions from net interest income 16,784,127 34,822,237
84. Cost of shares redeemed (2,865,903,540) (6,832,522,666)
85.86. (136,106,742) (413,999,215)
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES RESULTING FROM SHARE TRANSACTIONS
87. 88.TOTAL INCREASE (DECREASE) IN NET ASSETS (136,106,742) (414,155,790)
89.NET ASSETS 90. 91.
92. Beginning of period 1,197,721,467 1,611,877,257
93. End of period $ 1,061,614,725 $ 1,197,721,467
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MARCH 31,
ENDED
SEPTEMBER 30,
1995
(UNAUDITED) 1995 1994 1993 1992 1991
94.SELECTED PER-SHARE DATA
95.Net asset value, beginning
of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
96.Income from Investment
Operations .029 .047 .030 .035 .053 .076
Net interest income
97.Less Distributions (.029) (.047) (.030) (.035) (.053) (.076)
From net interest income
98.Net asset value, end
of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
99.TOTAL RETURN B 2.95% 4.79% 3.08% 3.51% 5.48% 7.89%
100.RATIOS AND SUPPLEMENTAL DATA
101.Net assets, end of period
(000 omitted) $ 1,061,615 $ 1,197,721 $ 1,611,877 $ 2,036,806 $ 2,629,072 $ 1,782,957
102.Ratio of expenses to average
net .19% .18% .18% .18% .18% .18%
assets A
103.Ratio of expenses to average
net .24% .24% .23% .23% .25% .24%
assets A
before expense reductions
104.Ratio of net interest
income to average 5.81% 4.63% 3.03% 3.46% 5.29% 7.57%
A
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
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: TREASURY II
INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
Showing Percentage of Total Value of Investments
U.S. TREASURY OBLIGATIONS - 16.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES
1/31/96 5.71% $ 143,000,000 $ 142,130,617
1/31/96 5.90 45,000,000 44,700,446
2/15/96 5.49 36,000,000 35,862,152
2/15/96 5.83 42,000,000 42,273,307
2/15/96 5.88 18,000,000 17,907,640
2/15/96 6.18 90,000,000 89,448,604
2/15/96 6.21 120,000,000 119,264,891
2/29/96 5.60 43,000,000 42,800,800
4/15/96 5.51 61,000,000 62,151,758
4/30/96 5.58 96,000,000 96,989,333
4/30/96 5.63 127,000,000 126,789,656
4/30/96 5.65 121,000,000 120,791,692
TOTAL U.S. TREASURY OBLIGATIONS 941,110,896
REPURCHASE AGREEMENTS - 83.7%
MATURITY
AMOUNT
With Daiwa Securities Co., Ltd.:
At 6.48%, dated 9/29/95 due 10/2/95:
U.S. Treasury Obligations
(principal amount $122,400,463 )
0% to 9.25%
10/12/95 to 2/15/23 $ 120,064,800 120,000,000
With Donaldson, Lufkin & Jenrette Securities Corp.:
At 6.50%, dated 9/29/95 due 10/2/95:
U.S. Treasury Obligations
(principal amount $112,20,316 )
7.875% to 9.125%
4/15/98 to 5/15/99 110,059,583 110,000,000
With Goldman Sachs & Co.:
At 6.48%, dated 9/29/95 due 10/2/95:
U.S. Treasury Obligations
(principal amount $116,687,597 )
6.25% to 7.25%
2/15/03 to 5/15/04 114,460,775 114,399,000
With Morgan Stanley & Co., Inc.:
At 6.50%, dated 9/29/95 due 10/2/95:
U.S. Treasury Obligations
(principal amount $15,501,204 )
4.375% to 14%
8/15/96 to 11/15/11 15,008,125 15,000,000
REPURCHASE AGREEMENTS - CONTINUED
MATURITY VALUE
AMOUNT (NOTE 1)
With Nomura Securities International, Inc.:
At 6.50%, dated 9/29/95 due 10/2/95:
U.S. Treasury Obligations
(principal amount $102,000,531)
0% to 9.25%
7/25/96 to 2/15/01 $ 100,054,167 $ 100,000,000
With Shearson Lehman Government Securities:
At 6.45%, dated 9/29/95 due 10/2/95:
U.S. Treasury Obligations
(principal amount $122,400,280 )
6.25% to 7.50%
8/15/23 to 11/15/24 120,064,500 120,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 9/29/95, due 10/2/95
(Notes 2 and 3):
At 6.47% 306,774,433 306,609,000
At 6.47% 3,961,133,891 3,959,000,000
TOTAL REPURCHASE AGREEMENTS 4,845,008,000
TOTAL INVESTMENTS - 100% $ 5,786,118,896
Total Cost for Income Tax Purposes $ 5,786,118,896
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.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY II
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1995 (UNAUDITED)
105.ASSETS 106. 107.
108.Investment in securities, at value (including repurchase agreements of $4,845,008,000) - 109. $ 5,786,118,896
See accompanying schedule
110.Interest receivable 111. 16,567,141
112.Receivable from investment adviser for expense reductions 113. 168,000
114. 115.TOTAL ASSETS 116. 5,802,854,037
117.LIABILITIES 118. 119.
120.Payable to custodian bank $ 17,430 121.
122.Share transactions in process 522,152 123.
124.Distributions payable 18,069,037 125.
126.Accrued management fee 921,723 127.
128.Other payables and accrued expenses 523,385 129.
130. 131.TOTAL LIABILITIES 132. 20,053,727
133.134.NET ASSETS 135. $ 5,782,800,310
136.Net Assets consist of: 137. 138.
139.Paid in capital 140. $ 5,783,401,767
141.Accumulated net realized gain (loss) on investments 142. (601,457)
143.144.NET ASSETS 145. $ 5,782,800,310
146.CLASS A: 148. $1.00
147.NET ASSET VALUE, offering price and redemption price per share
($4,848,890,453 (divided by) 4,849,279,879 shares)
149.CLASS B: 151. $1.00
150.NET ASSET VALUE, offering price and redemption price per share
($933,909,857 (divided by) 933,984,863 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
152.153.INTEREST INCOME 154. $ 158,853,849
155.EXPENSES 156. 157.
158.Management fee $ 5,293,022 159.
160.Transfer agent fees 616,121 161.
Class A
162. Class B 71,114 163.
164.Distribution fees - Class B 802,056 165.
166.Accounting fees and expenses 223,536 167.
168.Non-interested trustees' compensation 883 169.
170.Custodian fees and expenses 38,907 171.
172.Registration fees - Class B 87,556 173.
174.Audit 48,209 175.
176.Legal 12,330 177.
178.Reports to shareholders 448 179.
180.Miscellaneous 7,950 181.
182. Total expenses before reductions 7,202,132 183.
184. Expense reductions (1,359,131) 5,843,001
185.186.NET INTEREST INCOME 187. 153,010,848
188.189.NET REALIZED GAIN (LOSS) ON INVESTMENTS 190. 1,032
191.192.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 193. $ 153,011,880
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
SEPTEMBER 30, 199 MARCH 31,
5 1995
(UNAUDITED)
194.INCREASE (DECREASE) IN NET ASSETS
195.Operations $ 153,010,848 $ 204,544,686
Net interest income
196. Net realized gain (loss) 1,032 (367,507)
197. 153,011,880 204,177,179
198.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
199.Distributions to shareholders from:
Net interest income
200. (137,883,140) (198,121,404)
Class A
201. (15,127,708) (6,423,282)
Class B
202.Share transactions - net increase (decrease) at net asset value of $1.00 per share 509,029,861 717,043,407
203. 509,030,893 716,675,900
204.TOTAL INCREASE (DECREASE) IN NET ASSETS
205.NET ASSETS 206. 207.
208. Beginning of period 5,273,769,417 4,557,093,517
209. End of period $ 5,782,800,310 $ 5,273,769,417
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS A
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MARCH 31,
ENDED
SEPTEMBER 30,
1995
(UNAUDITED) 1995 1994 1993 1992 1991
210.SELECTED PER-SHARE DATA
211.Net asset value, beginning of
period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
212.Income from Investment
Operations
213. Net interest income .029 .047 .030 .034 .053 .076
214.Less Distributions
215. From net interest income (.029) (.047) (.030) (.034) (.053) (.076)
216.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
217.TOTAL RETURN B 2.94% 4.78 3.06 3.46 5.41 7.87
% % % % %
218.RATIOS AND SUPPLEMENTAL DATA
219.Net assets, end of period
(000 omitted) $ 4,848,890 $ 4,688,198 $ 4,551,918 $ 5,589,663 $ 5,476,852 $ 3,281,686
220.Ratio of expenses to average
net assets .19% .18 .18 .18 .18 .18
A % % % % %
221.Ratio of expenses to average
net assets .24% .25 .24 .23 .25 .25
before expense reductions A % % % % %
222.Ratio of net interest
income to average 5.81% 4.71 3.01 3.38 5.12 7.50
net assets A % % % % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
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> <C>
SIX MONTHS YEAR OCTOBER 22, 1993
ENDED ENDED (COMMENCEMENT
SEPTEMBER 30, MARCH 31, OF OPERATIONS) TO
1995 MARCH 31,
(UNAUDITED) 1995 1994
223.SELECTED PER-SHARE DATA
224.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000
225.Income from Investment Operations
226. Net interest income .028 .044 .012
227.Less Distributions
228. From net interest income (.028) (.044) (.012)
229.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
230.TOTAL RETURN B 2.79% 4.45 1.21%
%
231.RATIOS AND SUPPLEMENTAL DATA
232.Net assets, end of period (000 omitted) $ 933,910 $ 585,571 $ 5,175
233.Ratio of expenses to average net assets .49% .50 .50%
A % A
234.Ratio of expenses to average net assets before expense reductions .56% .81 .56%
A % A
235.Ratio of net interest income to average net assets 5.51% 4.91 2.69%
A % A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
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: GOVERNMENT
INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
Showing Percentage of Total Value of Investments
FEDERAL AGENCIES - 50.6%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 5.0%
10/2/95 5.87% (a) $ 82,000,000 $ 81,963,524
10/2/95 6.01 (a) 94,000,000 93,898,502
11/14/95 5.75 5,000,000 5,003,709
180,865,735
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 11.0%
10/20/95 5.61 50,000,000 49,950,635
10/24/95 5.61 102,000,000 101,900,285
10/2/95 5.77 88,000,000 87,999,532
10/2/95 5.80 93,000,000 92,931,655
10/2/95 6.07 70,000,000 69,987,410
402,769,517
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 0.5%
11/6/95 5.71 7,979,000 7,933,998
11/9/95 5.72 3,979,000 3,954,689
11/16/95 5.72 7,391,000 7,337,735
19,226,422
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 13.2%
10/2/95 5.79 (a) 45,000,000 45,000,000
10/2/95 6.30 (a) 190,000,000 190,000,000
10/4/95 5.81 (a) (c) 113,000,000 113,000,000
11/14/95 5.75 47,000,000 47,024,409
3/15/96 5.60 44,000,000 44,000,000
3/15/96 5.70 22,000,000 22,085,580
6/10/96 5.65 21,765,000 21,754,923
482,864,912
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 15.7%
10/6/95 5.84 46,000,000 45,963,264
10/10/95 6.17 82,000,000 65,901,330
10/20/95 6.08 105,000,000 104,673,042
11/2/95 6.12 84,000,000 83,557,227
11/8/95 5.72 8,405,000 8,354,962
11/13/95 5.72 15,000,000 14,898,950
11/15/95 5.69 28,040,000 27,843,369
11/15/95 5.72 19,650,000 19,511,467
11/17/95 5.71 32,885,000 32,643,286
11/21/95 5.73 10,000,000 9,920,100
2/1/96 5.69 28,000,000 27,473,833
2/21/96 5.76 42,000,000 41,067,401
3/15/96 5.71 94,000,000 91,624,725
573,432,956
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 4.7%
10/3/95 5.51 170,000,000 170,000,000
TENNESSEE VALLEY AUTHORITY - DISCOUNT NOTES - 0.5%
3/4/96 5.68 17,500,000 17,394,468
TOTAL FEDERAL AGENCIES 1,846,554,010
U.S. TREASURY OBLIGATIONS - 6.6%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES
4/30/96 5.58% $ 63,000,000 $ 63,649,250
4/30/96 5.59 126,000,000 127,284,232
4/30/96 5.61 50,000,000 50,507,896
TOTAL U.S. TREASURY OBLIGATIONS 241,441,378
MEDIUM-TERM NOTES (A) (B) - 0.8%
Export-Import Bank, U.S. (as guarantor for K.A. Leasing, Ltd.)
10/15/95 5.77 30,253,698 30,253,698
REPURCHASE AGREEMENTS - 42.0%
MATURITY
AMOUNT
In a joint trading account
(Notes 2 and 3):
(U.S. Treasury Obligations)
dated 9/29/95, due 10/2/95
At 6.49% $ 268,362,979 268,218,000
(U.S. Government Obligations)
dated 9/29/95, due 10/2/95
At 6.59% 1,265,252,198 1,264,558,000
TOTAL REPURCHASE AGREEMENTS 1,532,776,000
TOTAL INVESTMENTS - 100% $ 3,651,025,086
Total Cost for Income Tax Purposes $ 3,651,025,086
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(b) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on the holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Export-Import Bank, U.S.
(as guarantor for
K.A. Leasing, Ltd.) 2/25/94 $ 31,783,929
(c) 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 $1,028,000 of which $40,000, $243,000 and $745,000 will
expire on March, 31, 2001, 2002 and 2003, respectively.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1995 (UNAUDITED)
236.ASSETS 237. 238.
239.Investment in securities, at value (including repurchase agreements of $1,532,776,000) - 240. $ 3,651,025,086
See accompanying schedule
241.Interest receivable 242. 17,741,014
243.Receivable from investment adviser for expense reductions 244. 151,544
245. 246.TOTAL ASSETS 247. 3,668,917,644
248.LIABILITIES 249. 250.
251.Payable for investments purchased 252.
253. Regular delivery $ 22,154,874 254.
255. Delayed delivery 113,000,000 256.
257.Distributions payable 9,075,613 258.
259.Accrued management fee 565,872 260.
261.Other payables and accrued expenses 273,347 262.
263. 264.TOTAL LIABILITIES 265. 145,069,706
266.267.NET ASSETS 268. $ 3,523,847,938
269.Net Assets consist of: 270. 271.
272.Paid in capital 273. $ 3,524,887,704
274.Accumulated net realized gain (loss) on investments 275. (1,039,766)
276.277.NET ASSETS 278. $ 3,523,847,938
279.CLASS A: 281. $1.00
280.NET ASSET VALUE, offering price and redemption price per share
($3,474,689,655 (divided by) 3,475,218,506 shares)
282.CLASS B: 284. $1.00
283.NET ASSET VALUE, offering price and redemption price per share
($49,158,283 (divided by) 49,165,766 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
285.286.INTEREST INCOME 287. $ 105,060,804
288.EXPENSES 289. 290.
291.Management fee $ 3,469,109 292.
293.Transfer agent fees 427,997 294.
Class A
295. Class B 8,196 296.
297.Distribution fees - Class B 52,709 298.
299.Accounting fees and expenses 155,156 300.
301.Non-interested trustees' compensation 13,905 302.
303.Custodian fees and expenses 19,700 304.
305.Registration fees - Class A 26,213 306.
307.Registration fees - Class B 43,262 308.
309.Audit 37,732 310.
311.Legal 9,457 312.
313.Miscellaneous 6,643 314.
315. Total expenses before reductions 4,270,079 316.
317. Expense reductions (918,501) 3,351,578
318.319.NET INTEREST INCOME 320. 101,709,226
321.322.NET REALIZED GAIN (LOSS) ON INVESTMENTS 323. (11,398)
324.325.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 326. $ 101,697,828
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
SEPTEMBER 30, 199 MARCH 31,
5 1995
(UNAUDITED)
327.INCREASE (DECREASE) IN NET ASSETS
328.Operations $ 101,709,226 $ 159,242,973
Net interest income
329. Net realized gain (loss) (11,398) (745,189)
330. 101,697,828 158,497,784
331.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
332.Distributions to shareholders from:
Net interest income
333. (100,290,365) (158,291,994)
Class A
334. (1,418,861) (950,979)
Class B
335.Share transactions - net increase (decrease) at net asset value of $1.00 per share 162,278,169 (402,217,854)
336. 162,266,771 (402,963,043)
337.TOTAL INCREASE (DECREASE) IN NET ASSETS
338.NET ASSETS 339. 340.
341. Beginning of period 3,361,581,167 3,764,544,210
342. End of period $ 3,523,847,938 $ 3,361,581,167
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS A
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MARCH 31,
ENDED
SEPTEMBER 30,
1995
(UNAUDITED) 1995 1994 1993 1992 1991
343.SELECTED PER-SHARE DATA
344.Net asset value, beginning
of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
345.Income from Investment
Operations
346. Net interest income .029 .048 .031 .035 .054 .077
347.Less Distributions
348. From net interest income (.029) (.048) (.031) (.035) (.054) (.077)
349.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
350.TOTAL RETURN B 2.97% 4.86 3.13 3.56 5.55 7.94
% % % % %
351.RATIOS AND SUPPLEMENTAL DATA
352.Net assets, end of period
(000 omitted) $ 3,474,690 $ 3,321,066 $ 3,764,544 $ 5,686,166 $ 4,603,781 $ 3,613,838
353.Ratio of expenses to average
net assets .19% .18 .18 .18 .18 .18
A % % % % %
354.Ratio of expenses to average
net assets .24% .24 .24 .24 .25 .25
before expense reductions A % % % % %
355.Ratio of net interest income
to average 5.86% 4.77 3.07 3.50 5.33 7.62
net assets A % % % % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
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>
SIX MONTHS APRIL 4, 1994
ENDED (COMMENCEME
SEPTEMBER 30, NT
1995 OF OPERATIONS) T
O
MARCH 31,
(UNAUDITED) 1995
356.SELECTED PER-SHARE DATA
357.Net asset value, beginning of period $ 1.000 $ 1.000
358.Income from Investment Operations
359. Net interest income .028 .045
360.Less Distributions
361. From net interest income (.028) (.045)
362.Net asset value, end of period $ 1.000 $ 1.000
363.TOTAL RETURN B 2.84% 4.57%
364.RATIOS AND SUPPLEMENTAL DATA
365.Net assets, end of period (000 omitted) $ 49,158 $ 40,516
366.Ratio of expenses to average net assets .44% .43%A
A
367.Ratio of expenses to average net assets before expense reductions .71% .66%A
A
368.Ratio of net interest income to average net assets 6.72% 5.13%A
A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
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: DOMESTIC
INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
Showing Percentage of Total Value of Investments
BANKERS' ACCEPTANCES - 3.4%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Chemical Bank
10/5/95 6.34% $ 1,028,100 $ 1,027,396
11/15/95 5.78 1,400,000 1,390,025
11/20/95 5.78 5,229,260 5,187,862
12/6/95 5.79 250,000 247,406
12/20/95 5.80 250,000 246,856
2/7/96 5.94 274,515 268,829
3/1/96 5.83 5,720,281 5,583,337
3/26/96 5.72 1,721,522 1,673,380
CoreStates Bank of Delaware, N.A.
11/6/95 5.92 2,300,000 2,286,729
11/14/95 5.93 1,100,000 1,092,243
NationsBank Corp.
10/2/95 5.76 2,500,000 2,499,603
Republic New York Corp.
11/13/95 5.70 3,000,000 2,979,933
3/7/96 5.70 5,100,000 4,975,773
TOTAL BANKERS' ACCEPTANCES 29,459,372
CERTIFICATES OF DEPOSIT - 0.6%
Old Kent Bank & Trust Co.
10/31/95 6.20 5,000,000 5,000,000
COMMERCIAL PAPER - 52.6%
AVCO Financial Services, Inc.
12/18/95 5.76 10,000,000 9,877,150
American Home Food Products, Inc.
11/3/95 5.81 4,500,000 4,476,281
American Home Products
11/15/95 5.81 10,000,000 9,928,125
American Telephone & Telegraph Co.
10/30/95 5.96 19,000,000 18,911,075
11/30/95 5.72 15,000,000 14,859,750
12/8/95 5.72 10,000,000 9,894,600
Associates Corp. of North America
12/4/95 5.77 5,000,000 4,949,422
Banc One Corp.
10/18/95 5.73 4,000,000 3,989,328
Bear Stearns Cos., Inc.
10/5/95 5.78 10,000,000 9,993,633
CIESCO, L.P.
10/20/95 5.73 7,200,000 7,178,530
10/27/95 5.74 15,000,000 14,938,792
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
CIT Group Holdings, Inc.
10/2/95 5.90% (a) $ 10,000,000 $ 9,991,441
11/20/95 5.77 6,000,000 5,952,500
Chrysler Financial Corporation
10/16/95 5.85 5,000,000 4,987,875
10/26/95 5.89 4,000,000 3,983,833
11/6/95 5.85 3,000,000 2,982,645
11/13/95 5.87 2,000,000 1,986,145
11/13/95 5.94 2,000,000 1,986,025
Commercial Credit Co.
11/16/95 5.72 10,000,000 9,927,550
CoreStates Capital Corp.
10/6/95 5.83 (a) 15,000,000 15,000,000
10/15/95 5.83 (a) 2,000,000 2,000,000
Corporate Asset Funding Co., Inc.
10/11/95 5.78 5,000,000 4,992,083
11/2/95 5.77 10,000,000 9,949,334
11/10/95 5.71 10,000,000 9,937,000
du Pont (E.I.) de Nemours & Co.
12/5/95 5.72 10,000,000 9,898,167
Enterprise Funding Corp.
11/2/95 5.88 7,057,000 7,020,304
Fleet Funding Corporation
10/3/95 5.87 1,981,000 1,980,356
Ford Motor Credit Corp.
10/12/95 5.76 10,000,000 9,982,584
10/16/95 5.75 5,000,000 4,988,187
10/26/95 5.86 5,000,000 4,980,139
11/1/95 6.09 5,000,000 4,974,511
GTE Corp.
10/4/95 5.86 4,885,000 4,882,618
General Electric Capital Corp.
10/3/95 5.76 10,000,000 9,996,834
10/4/95 5.76 10,000,000 9,995,250
11/7/95 5.78 10,000,000 9,941,211
12/20/95 5.80 2,000,000 1,974,578
General Motors Acceptance Corp.
10/30/95 5.84 10,000,000 9,953,600
11/21/95 5.89 5,000,000 4,958,916
11/22/95 5.89 5,000,000 4,958,111
Goldman Sachs Group, L.P. (The)
12/19/95 5.74 5,000,000 4,938,007
Hewlett-Packard Co.
10/10/95 5.72 17,000,000 16,976,000
Morgan (J.P.) & Co.
12/20/95 5.73 10,000,000 9,875,778
Morgan Stanley Group, Inc.
12/14/95 5.76 5,000,000 4,941,622
5/16/96 5.95 5,000,000 4,819,595
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
NationsBank Corp.
10/17/95 5.72% $ 7,000,000 $ 6,982,453
New Center Asset Trust
11/8/95 5.84 10,000,000 9,938,778
PHH Corp.
10/2/95 5.88 (a) 6,000,000 5,999,400
10/23/95 5.81 (a) 3,000,000 2,998,964
Pepsico
10/31/95 5.74 1,000,000 995,291
Pitney Bowes Inc.
10/5/95 5.75 8,000,000 7,994,933
Preferred Receivables Funding Corp.
11/1/95 5.80 32,000,000 31,841,004
11/29/95 5.77 10,000,000 9,906,419
Prudential Funding Corp.
11/15/95 5.78 22,000,000 21,843,525
Sears Roebuck Acceptance Corp.
10/25/95 5.80 5,000,000 4,980,833
Transamerica Finance Corp.
11/8/95 5.75 10,000,000 9,939,834
USAA Capital Corp.
11/14/95 5.71 5,000,000 4,965,472
Whirlpool Corp.
10/6/95 5.81 3,000,000 2,997,596
TOTAL COMMERCIAL PAPER 456,093,987
FEDERAL AGENCIES - 8.9%
FEDERAL HOME LOAN BANK - AGENCY COUPONS (a) - 0.6%
10/20/95 5.71 5,000,000 4,995,063
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.3%
11/15/95 5.73 10,000,000 9,929,375
2/9/96 5.64 9,875,000 9,677,363
19,606,738
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (a)- 1.1%
10/15/95 5.78 10,000,000 9,994,416
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 3.7%
10/27/95 5.69 25,000,000 24,898,889
3/6/96 5.64 2,105,000 2,054,601
3/13/96 5.62 5,000,000 4,875,634
31,829,124
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (a)- 1.2%
10/3/95 5.51 10,000,000 10,000,000
TOTAL FEDERAL AGENCIES 76,425,341
BANK NOTES - 17.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Bank of America - Illinois
10/19/95 5.76% $ 5,000,000 $ 5,000,000
Bank of America National Trust & Savings Assoc.
10/2/95 5.81 (a) 5,000,000 4,997,080
10/20/95 5.75 15,000,000 14,999,993
10/27/95 5.76 5,000,000 4,999,960
Boatmen's First National Bank of Kansas City
10/2/95 5.84 (a) 6,000,000 6,000,000
Boatmen's National Bank of St. Louis
10/15/95 5.86 (a) 7,000,000 6,999,056
Comerica Bank - Detroit
10/3/95 5.46 (a) 1,300,000 1,299,822
12/1/95 5.80 (a) 5,000,000 4,996,300
Fifth Third Bank - Cincinnati
10/27/95 6.07 10,000,000 10,000,880
First Bank N.A. - Minnesota
10/6/95 5.82 10,000,000 9,999,972
10/10/95 5.78 16,000,000 15,999,921
First Union National Bank of North Carolina
10/31/95 6.24 5,000,000 5,000,000
11/13/95 5.75 5,000,000 5,000,000
Harris Trust & Savings Bank, Chicago
10/31/95 5.73 5,000,000 5,000,000
Household Bank, N.A.
11/15/95 5.78 5,000,000 5,000,000
Huntington National Bank
11/2/95 6.26 10,000,000 9,999,905
NBD Bank, N.A.
1/31/96 5.73 5,000,000 4,971,117
NationsBank of Georgia
10/27/95 6.25 10,000,000 10,000,000
11/20/95 6.08 10,000,000 10,000,000
Wachovia Bank of North Carolina, N.A.
10/31/95 5.75 10,000,000 9,999,812
TOTAL BANK NOTES 150,263,818
MASTER NOTES (A) - 2.5%
J.P. Morgan Securities
10/2/95 6.70 12,000,000 12,000,000
Morgan Stanley Group, Inc.
10/2/95 5.88 4,000,000 4,000,000
Norwest Corp.
10/2/95 5.90 6,000,000 6,000,000
TOTAL MASTER NOTES 22,000,000
MEDIUM-TERM NOTES (A) - 4.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Beneficial Corp.
9/27/96 5.84% $ 6,000,000 $ 5,997,124
General Motors Acceptance Corp.
11/7/95 5.95 (a) 6,000,000 6,000,000
Goldman Sachs Group, L.P. (The) (b)
12/15/95 5.74 7,500,000 7,500,000
3/1/96 5.88 8,000,000 8,000,000
John Deere Capital Corp.
10/18/95 5.80 3,000,000 3,000,000
Norwest Corp.
12/10/95 5.88 7,000,000 7,000,000
TOTAL MEDIUM-TERM NOTES 37,497,124
SHORT-TERM NOTES (A) (C)- 3.6%
CSA Funding - C
10/6/95 5.83 10,000,000 10,000,000
SMM Trust Company (1994-D)
10/27/95 5.90 2,000,000 2,000,000
SMM Trust Company (1995-B)
10/2/95 5.90 2,000,000 2,000,000
SMM Trust Company (1995-I)
10/18/95 5.92 2,000,000 1,999,617
SMM Trust Company (1995-J)
10/15/95 5.86 15,000,000 15,000,000
TOTAL SHORT-TERM NOTES 30,999,617
REPURCHASE AGREEMENTS - 6.8%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations)
dated 9/29/95, due 10/2/95:
At 6.49% $ 59,348,062 59,316,000
TOTAL INVESTMENTS - 100% $ 867,055,259
Total Cost for Income Tax Purposes $ 867,055,259
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 1.8% 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).
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
(1995-B) 8/4/95 $ 2,000,000
(1995-I) 5/25/95 $ 1,999,421
(1995-J) 5/16/95 $ 16,000,000
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.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1995 (UNAUDITED)
369.ASSETS 370. 371.
372.Investment in securities, at value (including repurchase agreements of $59,316,000) - 373. $ 867,055,259
See accompanying schedule
374.Cash 375. 11,500
376.Interest receivable 377. 2,584,605
378.Receivable from investment adviser for expense reductions 379. 53,452
380. 381.TOTAL ASSETS 382. 869,704,816
383.LIABILITIES 384. 385.
386.Payable for investments purchased $ 1,673,380 387.
388.Share transactions in process 3,106,203 389.
390.Distributions payable 2,449,199 391.
392.Accrued management fee 139,981 393.
394.Other payables and accrued expenses 89,415 395.
396. 397.TOTAL LIABILITIES 398. 7,458,178
399.400.NET ASSETS 401. $ 862,246,638
402.Net Assets consist of: 403. 404.
405.Paid in capital 406. $ 862,340,834
407.Accumulated net realized gain (loss) on investments 408. (94,196)
409.410.NET ASSETS 411. $ 862,246,638
412.CLASS A: 414. $1.00
413.NET ASSET VALUE, offering price and redemption price per share
($820,625,748 (divided by) 820,700,520 shares)
415.CLASS B: 417. $1.00
416.NET ASSET VALUE, offering price and redemption price per share
($41,620,890 (divided by) 41,624,684 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
418.419.INTEREST INCOME 420. $ 26,173,890
421.EXPENSES 422. 423.
424.Management fee $ 862,562 425.
426.Transfer agent fees 107,835 427.
Class A
428. Class B 9,046 429.
430.Distribution fees - Class B 62,766 431.
432.Accounting fees and expenses 57,485 433.
434.Non-interested trustees' compensation 826 435.
436.Custodian fees and expenses 34,224 437.
438.Registration fees - Class B 23,881 439.
440.Audit 14,702 441.
442.Legal 2,962 443.
444.Reports to shareholders 1,043 445.
446.Miscellaneous 2,043 447.
448. Total expenses before reductions 1,179,375 449.
450. Expense reductions (296,787) 882,588
451.452.NET INTEREST INCOME 453. 25,291,302
454.455.NET REALIZED GAIN (LOSS) ON INVESTMENTS 456. 3,659
457.458.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 459. $ 25,294,961
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
SEPTEMBER 30, 199 MARCH 31,
5 1995
(UNAUDITED)
460.INCREASE (DECREASE) IN NET ASSETS
461.Operations $ 25,291,302 $ 47,528,301
Net interest income
462. Net realized gain (loss) 3,659 (48,831)
463. 25,294,961 47,479,470
464.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
465.Distributions to shareholders from:
Net interest income
466. (24,090,281) (46,688,716)
Class A
467. (1,201,021) (839,585)
Class B
468.Share transactions - net increase (decrease) at net asset value of $1.00 per share 63,760,696 141,555,067
469. 63,764,355 141,506,236
470.TOTAL INCREASE (DECREASE) IN NET ASSETS
471.NET ASSETS 472. 473.
474. Beginning of period 798,482,283 656,976,047
475. End of period $ 862,246,638 $ 798,482,283
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS A
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MARCH 31,
ENDED
SEPTEMBER 30,
1995
(UNAUDITED) 1995 1994 1993 1992 1991
476.SELECTED PER-SHARE DATA
477.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
478.Income from Investment Operations
479. Net interest income .029 .049 .031 .034 .054 .078
480.Less Distributions
481. From net interest income (.029) (.049) (.031) (.034) (.054) (.078)
482.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
483.TOTAL RETURN B 2.98% 4.97 3.14 3.50 5.50 8.11
% % % % %
484.RATIOS AND SUPPLEMENTAL DATA
485.Net assets, end of period (000
omitted) $ 820,626 $ 771,937 $ 656,976 $ 804,354 $ 558,727 $ 355,369
486.Ratio of expenses to average net assets .19% .18 .18 .18 .18 .18
A % % % % %
487.Ratio of expenses to average net assets
before .25% .27 .26 .26 .29 .30
expense reductions A % % % % %
488.Ratio of net interest income to
average net assets 5.88% 4.94 3.09 3.43 5.24 7.79
A % % % % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
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>
SIX MONTHS JULY 19, 1994
ENDED (COMMENCEME
SEPTEMBER 30, NT
1995 OF OPERATIONS) T
O
MARCH 31,
(UNAUDITED) 1995
489.SELECTED PER-SHARE DATA
490.Net asset value, beginning of period $ 1.000 $ 1.000
491.Income from Investment Operations
492. Net interest income .028 .035
493.Less Distributions
494. From net interest income (.028) (.035)
495.Net asset value, end of period $ 1.000 $ 1.000
496.TOTAL RETURN B 2.83% 3.51%
497.RATIOS AND SUPPLEMENTAL DATA
498.Net assets, end of period (000 omitted) $ 41,621 $ 26,545
499.Ratio of expenses to average net assets .48%A .50%A
500.Ratio of expenses to average net assets before expense reductions .67%A .79%A
501.Ratio of net interest income to average net assets 5.56%A 5.14%A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
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: MONEY MARKET
INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
Showing Percentage of Total Value of Investments
CERTIFICATES OF DEPOSIT - 30.9%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC CERTIFICATES OF DEPOSIT - 1.0%
National Westminster Bank, USA
11/29/95 5.80% $ 19,000,000 $ 19,000,000
12/6/95 5.77 35,000,000 35,000,000
54,000,000
CHICAGO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.9%
ABN-AMRO Bank
10/11/95 6.01 25,000,000 25,000,000
12/26/95 5.80 25,000,000 25,000,000
50,000,000
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.3%
Bank of Nova Scotia
10/27/95 5.75 20,000,000 20,000,000
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 19.8%
Bank of Montreal
10/30/95 5.75 25,000,000 25,000,000
Bank of Tokyo
10/23/95 5.87 30,000,000 30,000,000
10/25/95 5.94 25,000,000 25,000,000
11/16/95 5.87 30,000,000 30,000,000
Banque Nationale de Paris
11/28/95 5.75 30,000,000 30,000,000
Bayerische Hypotheken-und Weschel
11/8/95 6.00 25,000,000 25,001,946
Bayerische Vereinsbank A.G.
10/31/95 5.75 10,000,000 10,000,000
Canadian Imperial Bank of Commerce
10/23/95 5.75 20,000,000 20,000,000
Commerzbank, Germany
10/10/95 5.85 25,000,000 25,000,000
10/17/95 6.25 25,000,000 25,000,000
Credit Suisse
11/27/95 5.75 50,000,000 50,000,000
Dresdner Bank, A.G.
10/12/95 6.27 10,000,000 10,000,000
12/29/95 6.35 25,000,000 25,045,016
Fuji Bank, Ltd.
10/4/95 5.88 9,000,000 8,999,997
10/13/95 5.95 55,000,000 55,000,365
10/16/95 5.97 10,000,000 10,000,000
Hong Kong & Shanghai Banking Corp.
10/20/95 5.75 50,000,000 50,000,000
Industrial Bank of Japan, Ltd.
10/11/95 5.85 40,000,000 40,000,000
10/30/95 5.90 20,000,000 20,000,000
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - CONTINUED
Landesbank Hessen - Thuringen
10/10/95 6.00% $ 25,000,000 $ 25,000,414
National Westminster Bank, PLC
10/23/95 5.80 50,000,000 50,000,000
Royal Bank of Canada
12/13/95 6.31 11,000,000 11,020,207
Sanwa Bank, Ltd.
10/17/95 5.92 45,000,000 45,000,000
10/25/95 5.95 25,000,000 24,998,733
11/10/95 5.84 20,000,000 20,000,000
Societe Generale
11/27/95 5.75 25,000,000 25,000,000
Sumitomo Bank, Ltd.
10/4/95 5.89 25,000,000 25,000,000
10/16/95 5.97 9,000,000 9,000,000
10/30/95 6.00 20,000,000 19,999,840
10/31/95 5.94 25,000,000 25,000,000
Swiss Bank Corp.
11/6/95 5.77 45,000,000 45,000,000
12/4/95 5.77 25,000,000 25,000,000
12/6/95 5.77 25,000,000 25,000,000
12/26/95 5.75 75,000,000 75,000,000
2/5/96 5.75 50,000,000 50,000,000
Westdeutsche Landesbank
10/19/95 5.75 20,000,000 20,000,000
11/27/95 5.75 75,000,000 75,000,000
1,109,066,518
LONDON BRANCH, EURODOLLAR, DOMESTIC BANKS - 2.2%
Bank of America National Trust & Savings Assoc.
10/26/95 6.00 25,000,000 25,000,000
11/27/95 6.00 25,000,000 25,000,000
Chemical Bank
11/20/95 5.76 50,000,000 50,000,000
Morgan Guaranty Trust Co.
2/7/96 5.78 25,000,000 25,001,740
125,001,740
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 6.7%
ABN-AMRO Bank
3/11/96 5.72 25,000,000 25,001,988
Abbey National (UK), PLC
10/20/95 5.75 30,000,000 30,000,312
3/13/96 5.75 38,000,000 38,000,000
Bayerische Hypotheken-und Weschel
3/14/96 5.71 35,000,000 35,001,559
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - CONTINUED
Dresdner Bank, A.G.
3/25/96 5.71% $ 5,000,000 $ 5,000,429
Landesbank Hessen - Thuringen
3/14/96 5.71 35,000,000 35,000,780
Mitsubishi Bank, Ltd.
10/16/95 5.90 22,000,000 22,000,248
10/25/95 5.96 45,000,000 44,997,582
National Westminster Bank, PLC
11/28/95 5.75 25,000,000 25,000,395
Royal Bank of Scotland, PLC
11/15/95 5.74 10,000,000 10,000,000
11/20/95 5.85 25,000,000 25,000,000
Toronto-Dominion Bank
11/8/95 5.75 45,000,000 45,000,234
Westdeutsche Landesbank
11/1/95 5.75 35,000,000 35,000,129
375,003,656
TOTAL CERTIFICATES OF DEPOSIT 1,733,071,914
COMMERCIAL PAPER - 39.5%
ABN-AMRO North America Finance, Inc.
3/5/96 5.71 48,500,000 47,332,524
American Home Food Products, Inc.
11/14/95 5.81 25,000,000 24,824,306
12/5/95 5.79 37,000,000 36,617,204
American Home Products
10/19/95 5.82 20,000,000 19,942,300
10/24/95 5.82 22,000,000 21,919,321
11/13/95 5.81 16,000,000 15,890,111
11/14/95 5.81 10,000,000 9,929,722
12/6/95 5.78 22,400,000 22,165,920
12/18/95 5.73 10,000,000 9,877,584
American Telephone & Telegraph Co.
3/18/96 5.71 45,000,000 43,829,675
Associates Corp. of North America
11/2/95 6.02 25,000,000 24,870,001
11/15/95 5.78 18,000,000 17,871,525
12/1/95 5.76 25,000,000 24,759,389
12/4/95 5.77 16,000,000 15,838,151
12/5/95 5.76 35,000,000 34,641,056
12/11/95 5.78 12,000,000 11,865,336
BHF Finance (Delaware), Inc.
10/12/95 5.75 10,000,000 9,982,675
11/8/95 5.78 25,000,000 24,849,848
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Bank of Montreal
10/30/95 5.75% $ 5,000,000 $ 4,977,211
Bank of New York Company, Inc.
11/15/95 6.08 25,000,000 24,815,625
Bear Stearns Cos., Inc.
11/29/95 5.77 18,000,000 17,831,850
Beneficial Corp.
10/2/95 7.00 50,000,000 49,990,278
11/16/95 5.75 25,000,000 24,817,917
Bradford & Bingley Building Society
10/19/95 5.75 7,000,000 6,980,156
10/25/95 5.77 25,000,000 24,905,250
CIT Group Holdings, Inc.
10/2/95 5.90 (a) 20,000,000 19,982,882
11/9/95 6.08 15,000,000 14,904,125
11/13/95 5.76 47,000,000 46,680,008
12/4/95 5.78 20,000,000 19,797,333
12/15/95 5.78 30,000,000 29,644,375
Chevron Oil Finance Co.
10/2/95 6.75 6,000,000 5,998,875
Chrysler Financial Corporation
10/16/95 5.85 7,000,000 6,983,025
10/16/95 5.88 5,000,000 4,987,875
10/26/95 5.89 19,000,000 18,923,208
11/7/95 5.85 17,000,000 16,898,924
11/13/95 5.87 10,000,000 9,930,723
11/13/95 5.94 13,000,000 12,909,163
12/4/95 5.88 5,000,000 4,948,268
12/12/95 5.84 24,000,000 23,723,040
Compagnie Bancaire
11/14/95 5.83 5,500,000 5,461,349
CoreStates Capital Corp.
10/10/95 5.81 (a) 15,000,000 14,999,104
Dakota
10/27/95 5.81 10,000,000 9,958,328
Dean Witter, Discover & Co.
11/9/95 5.76 1,900,000 1,888,267
Den Danske Corp., Inc.
10/19/95 5.77 21,000,000 20,940,255
10/20/95 5.78 5,000,000 4,984,985
Enterprise Funding Corp.
10/13/95 5.81 10,221,000 10,201,342
10/18/95 5.78 5,030,000 5,016,343
Ford Motor Credit Corp.
10/27/95 5.86 4,000,000 3,983,475
11/1/95 6.09 10,000,000 9,949,023
11/6/95 5.74 25,000,000 24,857,500
11/7/95 5.74 25,000,000 24,853,542
11/20/95 5.77 25,000,000 24,802,084
11/21/95 5.76 46,000,000 45,628,550
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Ford Motor Credit Corp. - continued
11/22/95 5.77% $ 30,000,000 $ 29,753,000
11/27/95 5.75 65,000,000 64,415,433
Ford Motor Credit, PLC
11/27/95 5.78 25,000,000 24,774,375
11/28/95 5.78 25,200,000 24,968,580
Generale Bank
11/3/95 5.77 10,000,000 9,947,841
3/6/96 5.71 50,000,000 48,788,702
General Electric Capital Corp.
10/10/95 6.29 50,000,000 49,923,750
General Electric Corp.
12/5/95 5.80 25,000,000 24,742,709
General Motors Acceptance Corp.
10/30/95 5.84 92,000,000 91,573,120
11/20/95 5.89 77,000,000 76,379,722
12/5/95 5.80 43,000,000 42,555,906
Glaxo Holdings, PLC
11/17/95 5.80 38,000,000 37,716,224
11/28/95 5.81 15,000,000 14,861,767
Goldman Sachs Group, L.P. (The)
11/21/95 5.73 45,000,000 44,638,537
Government of Canada
3/18/96 5.69 50,000,000 48,701,986
3/19/96 5.70 25,000,000 24,347,153
Hanson Finance (UK), PLC
10/18/95 5.75 8,000,000 7,978,580
10/27/95 5.77 20,000,000 19,917,955
IBM Corp.
12/4/95 5.76 25,000,000 24,747,556
John Deere Capital Corp.
12/4/95 5.76 25,000,000 24,747,556
Merrill Lynch & Co., Inc.
12/7/95 5.74 15,000,000 14,841,712
3/8/96 5.75 30,000,000 29,259,325
Morgan Stanley Group, Inc.
11/27/95 5.76 25,000,000 24,774,375
12/18/95 5.77 100,000,000 98,769,334
National Australia Funding, Inc.
11/10/95 6.02 25,000,000 24,837,778
Nationwide Building Society
12/14/95 5.76 22,000,000 21,743,139
PHH Corp.
10/23/95 5.78 18,000,000 17,993,788
Preferred Receivables Funding Corp.
11/3/95 5.77 8,000,000 7,957,980
11/27/95 5.77 10,000,000 9,909,592
11/30/95 5.77 10,000,000 9,904,833
Royal Bank of Canada
3/14/96 5.70 25,000,000 24,364,635
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Sears Roebuck Acceptance Corp.
10/25/95 5.80% $ 25,000,000 $ 24,904,167
11/8/95 5.81 14,000,000 13,915,028
11/8/95 5.82 13,000,000 12,921,098
Toronto Dominion Holdings USA, Inc.
10/10/95 6.39 20,000,000 19,969,200
Westpac Capital Corp.
10/23/95 5.87 25,000,000 24,912,306
11/21/95 5.85 20,000,000 19,838,783
12/27/95 5.81 15,000,000 14,795,550
Whirlpool Financial Corp.
10/26/95 5.79 18,500,000 18,426,065
Woolwich Equitable Building Society
10/16/95 5.75 30,000,000 29,929,187
TOTAL COMMERCIAL PAPER 2,214,609,233
FEDERAL AGENCIES - 1.8%
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 0.8%
10/2/95 5.97 43,000,000 42,985,918
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 0.5%
12/26/95 6.37 25,000,000 25,161,763
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 0.5%
12/18/95 6.52 31,160,000 30,741,419
TOTAL FEDERAL AGENCIES 98,889,100
BANK NOTES - 7.3%
Bank of America - Illinois
10/19/95 5.76 12,000,000 12,000,000
Bank of America National Trust & Savings Assoc.
10/2/95 5.81 (a) 37,000,000 36,978,393
Bank of New York
12/11/95 5.75 10,000,000 10,000,000
Boatmen's First National Bank of Kansas City
10/2/95 5.84 (a) 19,000,000 19,000,000
Comerica Bank - Detroit
12/1/95 5.80 (a) 50,000,000 49,963,000
FCC National Bank
10/3/95 5.50 (a) 33,000,000 32,996,097
Fifth Third Bank - Cincinnati
10/27/95 6.07 40,000,000 40,003,520
First Bank N.A. - Minnesota
10/18/95 5.80 (a) 36,000,000 35,992,823
BANK NOTES - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
First Union National Bank of North Carolina
10/31/95 5.75% $ 10,000,000 $ 10,003,274
11/6/95 5.76 45,000,000 45,000,000
Fleet Bank of New York
12/8/95 5.78 14,000,000 14,000,000
Household Bank, N.A.
10/2/95 5.84 12,000,000 11,999,950
11/15/95 5.78 10,000,000 10,000,000
Mellon Bank, N.A.
10/16/95 6.29 10,000,000 10,000,000
Seattle First National Bank
11/6/95 5.77 20,000,000 19,999,297
12/4/95 5.77 13,000,000 12,999,190
Wachovia Bank of North Carolina
10/26/95 5.79 (a) 40,000,000 39,974,920
TOTAL BANK NOTES 410,910,464
MASTER NOTES (A) - 2.1%
J.P. Morgan Securities
10/2/95 6.70 66,000,000 66,000,000
Morgan Stanley Group, Inc.
10/2/95 5.88 25,000,000 25,000,000
Norwest Corp.
10/2/95 5.90 28,000,000 28,000,000
TOTAL MASTER NOTES 119,000,000
MEDIUM-TERM NOTES (A) - 7.0%
Abbey National Treasury Services (b)
9/30/95 6.00 85,000,000 85,000,000
Beneficial Corp.
9/27/96 5.84 20,000,000 19,990,415
General Electric Capital Corp.
10/2/95 6.03 50,000,000 49,993,362
General Motors Acceptance Corp.
11/7/95 5.95 50,000,000 50,000,000
11/22/95 5.91 4,000,000 4,002,128
Goldman Sachs Group, L.P. (The) (b)
12/15/95 5.74 56,000,000 56,000,000
3/1/96 5.88 53,000,000 53,000,000
John Deere Capital Corp.
10/18/95 5.80 10,000,000 10,000,000
Norwest Corp.
12/10/95 5.88 65,000,000 65,000,000
TOTAL MEDIUM-TERM NOTES 392,985,905
SHORT-TERM NOTES (A) - 3.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Capital One Funding Corp.
10/6/95 5.81% $ 11,703,000 $ 11,703,000
SMM Trust Company (1994-D) (c)
10/27/95 5.90 44,000,000 44,000,000
SMM Trust Company (1995-B) (c)
10/2/95 5.90 16,000,000 16,000,000
SMM Trust Company (1995-I) (c)
10/18/95 5.92 33,000,000 32,993,676
SMM Trust Company (1995-J) (c)
10/15/95 5.86 91,000,000 91,000,000
TOTAL SHORT-TERM NOTES 195,696,676
TIME DEPOSITS - 6.4%
Canadian Imperial Bank of Commerce
10/2/95 6.50 216,000,000 216,000,000
Dai-Ichi Kangyo Bank, Ltd.
10/12/95 6.00 38,000,000 38,000,000
10/16/95 6.00 21,000,000 21,000,000
10/18/95 5.98 22,000,000 22,000,000
Mitsubishi Bank, Ltd.
10/30/95 6.06 60,000,000 60,000,000
TOTAL TIME DEPOSITS 357,000,000
MUNICIPAL SECURITIES (A) - 0.2%
New York
10/4/95 6.02 12,050,000 12,050,000
REPURCHASE AGREEMENTS - 1.3%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations)
dated 9/29/95, due 10/2/95:
At 6.49% $ 70,065,852 70,028,000
TOTAL INVESTMENTS $ 5,604,241,292
Total Cost for Income Tax Purposes $ 5,604,241,292
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 $194,000,000 or 3.5% 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
SMM Trust Company:
(1994-D) 10/28/94 $ 44,000,000
(1995-B) 8/4/95 $ 16,000,000
(1995-I) 5/25/95 $ 32,990,447
(1995-J) 5/16/95 $ 97,000,000
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.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1995 (UNAUDITED)
502.ASSETS 503. 504.
505.Investment in securities, at value (including repurchase agreements of $70,028,000) - 506. $ 5,604,241,292
See accompanying schedule
507.Cash 508. 1,952,619
509.Interest receivable 510. 25,122,677
511.Receivable from investment adviser for expense reductions 512. 490,503
513. 514.TOTAL ASSETS 515. 5,631,807,091
516.LIABILITIES 517. 518.
519.Payable to custodian bank $ 736,207 520.
521.Distributions payable 12,351,279 522.
523.Accrued management fee 1,034,358 524.
525.Other payables and accrued expenses 652,098 526.
527. 528.TOTAL LIABILITIES 529. 14,773,942
530.531.NET ASSETS 532. $ 5,617,033,149
533.Net Assets consist of: 534. 535.
536.Paid in capital 537. $ 5,618,817,512
538.Accumulated net realized gain (loss) on investments 539. (1,784,363)
540.541.NET ASSETS 542. $ 5,617,033,149
543.CLASS A: 545. $1.00
544.NET ASSET VALUE, offering price and redemption price per share
($5,481,827,342 (divided by) 5,483,545,656 shares)
546.CLASS B: 548. $1.00
547.NET ASSET VALUE, offering price and redemption price per share
($135,205,807 (divided by) 135,248,190 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
549.550.INTEREST INCOME 551. $ 186,867,841
552.EXPENSES 553. 554.
555.Management fee $ 6,116,954 556.
557.Transfer agent fees 1,951,894 558.
Class A
559. Class B 33,249 560.
561.Distribution fees - Class B 253,898 562.
563.Accounting fees and expenses 254,773 564.
565.Non-interested trustees' compensation 22,492 566.
567.Custodian fees and expenses 86,252 568.
569.Registration fees - Class B 13,849 570.
571.Audit 50,437 572.
573.Legal 15,357 574.
575.Reports to shareholders 897 576.
577.Miscellaneous 10,454 578.
579. Total expenses before reductions 8,810,506 580.
581. Expense reductions (3,056,236) 5,754,270
582.583.NET INTEREST INCOME 584. 181,113,571
585.586.NET REALIZED GAIN (LOSS) ON INVESTMENTS 587. (3,556)
588.589.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 590. $ 181,110,015
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
SEPTEMBER 30, 199 MARCH 31,
5 1995
(UNAUDITED)
591.INCREASE (DECREASE) IN NET ASSETS
592.Operations $ 181,113,571 $ 260,539,373
Net interest income
593. Net realized gain (loss) (3,556) (546,578)
594. 181,110,015 259,992,795
595.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
596.Distributions to shareholders from:
Net interest income
597. (176,754,044) (247,999,851)
Class A
598. (4,359,527) (12,539,522)
Class B
599.Share transactions - net increase (decrease) at net asset value of $1.00 per share 29,626,858 2,298,216,397
600. 29,623,302 2,297,669,819
601.TOTAL INCREASE (DECREASE) IN NET ASSETS
602.NET ASSETS 603. 604.
605. Beginning of period 5,587,409,847 3,289,740,028
606. End of period $ 5,617,033,149 $ 5,587,409,847
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS A
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MARCH 31,
ENDED
SEPTEMBER 30,
1995
(UNAUDITED) 1995 1994 1993 1992 1991
607.SELECTED PER-SHARE DATA
608.Net asset value, beginning
of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
609.Income from Investment Operations
610. Net interest income .030 .049 .032 .035 .055 .078
611.Less Distributions
612. From net interest income (.030) (.049) (.032) (.035) (.055) (.078)
613.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
614.TOTAL RETURN B 3.01% 4.99 3.20 3.58 5.59 8.13
% % % % %
615.RATIOS AND SUPPLEMENTAL DATA
616.Net assets, end of period
(000 omitted) $ 5,481,827 $ 5,130,123 $ 3,200,277 $ 4,332,995 $ 3,990,395 $ 4,706,936
617.Ratio of expenses to average
net assets .18% .18 .18 .18 .18 .18
A % % % % %
618.Ratio of expenses to average
net assets .28% .24 .23 .23 .24 .25
before expense reductions A % % % % %
619.Ratio of net interest income
to average 5.95% 5.00 3.15 3.50 5.42 7.80
net assets A % % % % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
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> <C>
SIX MONTHS YEAR NOVEMBER 17, 199
ENDED ENDED 3
SEPTEMBER 30, MARCH 31, (COMMENCEMENT
1995 OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1995 1994
620.SELECTED PER-SHARE DATA
621.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000
622.Income from Investment Operations
623. Net interest income .028 .046 .011
624.Less Distributions
625. From net interest income (.028) (.046) (.011)
626.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
627.TOTAL RETURN B 2.85% 4.66% 1.08%
628.RATIOS AND SUPPLEMENTAL DATA
629.Net assets, end of period (000 omitted) $ 135,206 $ 457,286 $ 89,463
630.Ratio of expenses to average net assets .47% .50% .50%
A A
631.Ratio of expenses to average net assets before expense reductions .57% .59% .55%
A A
632.Ratio of net interest income to average net assets 5.19% 4.94% 2.83%
A A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
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: TAX-EXEMPT
INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
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 - 1.2%
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev.:
Rfdg. Bonds (Rime Valley Proj.) Series 1988 B, 3.75% tender 11/15/95,
LOC Amsouth Bank $ 10,500,000 $ 10,500,000
(Homewood Gardens Proj.) Series 1991 C, 4.70%, LOC Southtrust Bank, VRDN
2,350,000 2,350,000
Decatur Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994, 4.30%,
VRDN 3,115,000 3,115,000
Tarrant City Ind. Dev. Board Rev. Rfdg. (Philip Morris Co. Inc.) Series
1993, 4.40%, 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
22,685,000
ARIZONA - 4.7%
Apache County Ind. Dev. Auth. Rev. (Tucson Elec. Pwr. Co. Proj.):
(Springerville Proj.)
Series 1983 A, 4.35%, LOC Barclays Bank PLC, VRDN 9,700,000 9,700,000
Series 1983 B, 4.45%, LOC Bank of New York, VRDN 6,800,000 6,800,000
Series 1981 B, 4.45%, LOC Mitsubishi Bank, VRDN 33,700,000 33,700,000
Arizona Health Facs. Auth. Rev. (Voluntary Hosp. Federation Pooled Loan
Prog.)
Series1985 A, 4.35% (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, 4.30%,
LOC Bank of America, VRDN 4,700,000 4,700,000
Maricopa County Poll. Cont. Rev. Bonds (Southern California Edison Co.
Proj.)
Series 1985 D, 3.80% tender 12/11/95 3,600,000 3,600,000
Phoenix Ind. Dev. Board Auth. Multi-Family Hsg. Rev. (Paradise Lakes Apt.
Proj.)
Series 1995, 4.50%, LOC General Electric Capital Corp., VRDN 17,500,000
17,500,000
Pima County Ind. Dev. Auth. (Tucson Elec. Pwr. Co.) (Irvington Proj.)
Series 1982 A, 4.40%,
LOC Societe Generale, VRDN 10,000,000 10,000,000
89,700,000
ARKANSAS - 1.9%
Arkansas Hosp. Equip. Fin. Auth. Rev. (Jefferson Hosp. Assoc. Proj.)
Series 1989, 4.40%, LOC Kredietbank, VRDN 5,950,000 5,950,000
Crossett Poll. Cont. Rev. Rfdg. (Georgia-Pacific Corp. Proj.) Series 1991,
4.40%,
LOC SunTrust Bank, VRDN 3,500,000 3,500,000
Little Rock Health Facs. Board Rev. (Southwest Hosp.) Series 1988, 4.05%
(FGIC Insured)
(Liquidity Facility Bank of Nova Scotia) VRDN 27,200,000 27,200,000
36,650,000
CALIFORNIA - 10.1%
Butte County Office of Ed. TRAN 4.75% 9/12/96 7,000,000 7,038,227
California Cash Reserve Prog. Auth. TRAN Series 1995 A, 4.75% 7/3/96,
LOC Industrial Bank of Japan (MBIA Insured) 45,000,000 45,326,878
California Higher Ed. Loan Auth. Student Loan Rev. Senior Lien Bonds
Series 1992 A, 3.90% 7/1/96, LOC SLMA 10,000,000 10,000,000
Contra Costa County TRAN 4.50% 7/3/96 7,000,000 7,043,258
Freemont County TRAN 4.50% 7/5/96 14,700,000 14,753,630
Fresno Unified School Dist. TRAN 4.50% 10/11/96 15,000,000 15,071,850
Los Angeles County TRAN 4.50% 7/1/96, LOC Bank of America, Credit Suisse,
Morgan Guaranty 32,000,000 32,161,389
Los Angeles County Unified School Dist. TRAN 4.50% 7/3/96 17,000,000
17,098,867
Oakland Unified School Dist. TRAN 4.50% 8/30/96 5,000,000 5,017,981
San Bernardino County TRAN 4.50% 7/5/96, LOC Bank of Nova Scotia
14,000,000 14,056,242
Santa Clara County TRAN 4.50% 8/2/96 25,000,000 25,120,187
192,688,509
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
COLORADO - 1.9%
Colorado Health Facs. Auth. Rev. (Sisters of Charity Health Care) Series
1992 C, 4.35%
(Liquidity Facility Dresdner Bank) VRDN $ 5,300,000 $ 5,300,000
Denver City & County Multi-Family Hsg. Rev.(The Seasons Apts.) Series 1990,
4.35%,
LOC Federal Home Loan Bank, VRDN 8,000,000 8,000,000
Englewood County Multi-Family Hsg. Rev. (The Marks Apts.) Series 1985 A,
4.35%,
LOC Citibank, VRDN 4,080,000 4,080,000
Jefferson County School Dist. #R-1 Gen. Oblig. Participating VRDN, Series
1985B, BTP-5, 4.65%
(BPA Bankers Trust) (b) 9,500,000 9,500,000
Moffat County Poll. Cont. Rev. Rfdg. (Colorado-UTE Elec. Assoc. Inc.)
Series 1984, 4.35%, VRDN 10,000,000 10,000,000
36,880,000
CONNECTICUT - 1.2%
Connecticut Dev. Auth. Health. Care Rev. (Corp. for Independent Living
Proj.)
Series 1990, 4.20%, LOC Chemical Bank, VRDN 2,000,000 2,000,000
Connecticut Gen. Oblig. Economic Recovery Notes, Series 1991 B, 4.35%
(BPA Canadian Imperial Bank, Industrial Bank Of Japan, Nat'l. Westminster
Bank PLC) VRDN 1,900,000 1,900,000
Connecticut Special Assessment Unemployment Rev. Series 1993 C, 3.90%,
tender 7/1/96 (FGIC Insured) 18,000,000 18,000,000
21,900,000
DELAWARE - 0.6%
Delaware Econ. Dev. Auth. Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc.
Proj.)
Series 1992, 4.40%, VRDN 3,300,000 3,300,000
Delaware Econ. Dev. Auth. Rev.:
(Hosp. Billing & Collection Svcs. Proj.) Series 1985 B, 4.40% (MBIA
Insured)
(BPA Morgan Stanley & Co.) VRDN 6,100,000 6,100,000
(Peninsula United Methodist Homes Inc.) Series 1992 B,4.65%,
LOC Meridian Bank, VRDN 2,040,000 2,040,000
11,440,000
FLORIDA - 7.7%
Broward County Hsg. Fin. Auth. Multi-Family Hsg. Rev.:
(Lake Park Assoc. Ltd. Partnership) Series 1985, 4.50% LOC Society Bank,
VRDN 4,000,000 4,000,000
(Palm Aire-Oxford Proj.) Series 1990, 4.75% (Continental Casualty
Guaranteed) VRDN 1,620,000 1,620,000
(Sanctuary Apts. Proj.) Series 1985, 4.50%, LOC PNC Bank, VRDN 4,300,000
4,300,000
Dade County Aviation Facs. Rev., Series 1984 A, 4.40%, LOC Fuji Bank, VRDN
1,900,000 1,900,000
Dade County Ind. Dev. Auth. Ind. Dev. Rev.:
(Dolphins Stadium Proj.) Series 1985 B, 4.35%,
LOC Hong Kong & Shanghai Banking Corp., VRDN 1,600,000 1,600,000
(South Dade Jewish Commty. Ctr.) 4.40%, LOC SunTrust Bank, VRDN
1,515,000 1,515,000
Escambia County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994,
4.30%, VRDN 4,775,000 4,775,000
Escambia County Rev. Rfdg. (Pacer Industries) Series 1991, 4.40%,
LOC SunTrust Bank, VRDN 1,700,000 1,700,000
Florida Hsg. Fin. Agcy. Multi-Family Hsg. Rev.:
(Parrot's Landing Proj.) Series 1985 AA, 4.40% (FNMA Guaranteed) VRDN
6,335,000 6,335,000
(Sun Pointe Cove Apts. Proj.) Series1985 XX, 4.40% (FNMA Guaranteed) VRDN
6,000,000 6,000,000
Indian River County Hosp. Dist. Hosp. Rev. Bonds Series 1988, 3.85% tender
10/12/95,
LOC Kredietbank 2,000,000 2,000,000
Indian River County Hosp. Dist. Rev. Rfdg. Series 1985, 4.40%, LOC
Kredietbank, VRDN 3,100,000 3,100,000
Jacksonville Hosp. Rev. (Univ. Med. Ctr.):
Series 1988, 4.60%, LOC Sumitomo Bank, VRDN 14,000,000 14,000,000
Series 1989, 4.60%, LOC Sumitomo Bank, VRDN 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, 4.35%,
LOC Northern Trust Co., VRDN $ 3,000,000 $ 3,000,000
Jacksonville Notes (River City Renaissance Prog.) 3.75% (Liquidity Facility
Credit Suisse) 10,000,000 10,000,000
Lee County Hsg. Fin. Auth. Multi-Family Hsg. Rev. Rfdg. (Forestwood Apts.
Proj.) 4.40%
(FNMA Guaranteed) VRDN 8,985,000 8,985,000
Liberty County Ind. Dev. Rev. (Timber Energy Resources Inc. Proj.) Series
1994, 4.50%,
LOC Bank of Montreal, VRDN 2,300,000 2,300,000
Naples Hosp. Rev. Series 1992, 4.50%, LOC Mellon Bank, VRDN 8,000,000
8,000,000
Orange County Health Facs. Auth. Rfdg. Rev. Bonds Series 1985 A, 3.75%
tender 10/16/95 (MBIA Insured) 7,000,000 7,000,000
Orange County Hsg. Fin. Auth. Rev. (Smokewood/Sun Key Apt. Proj.) Series
1992 A, 4.35%,
LOC Citibank, VRDN 2,500,000 2,500,000
Palm Beach County Health Facs. Auth. Rev. Bonds 4.60% tender 10/2/95
(Liquidity Facility Credit Suisse) 7,100,000 7,100,000
Pasco County Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Carlton Arms of
Magnolia Valley)
Series 1985, 4.65%, LOC Bankers Trust Co., VRDN 2,000,000 2,000,000
Sarasota County Pub. Hosp. Dist. Rev. Bonds (Sarasota Mem. Hosp.):
Series 1985 A, 3.75% tender 10/25/95, LOC Sumitomo Bank 4,925,000
4,925,000
Series 1991, 3.80% tender 10/12/95 (Liquidity Facility SunTrust Bank)
5,000,000 5,000,000
Series 1991, 3.85% tender 12/11/95 (Liquidity Facility SunTrust Bank)
8,500,000 8,500,000
Series 1993 A, 3.75% tender 10/25/95 (Liquidity Facility Goldman Sachs)
6,600,000 6,600,000
Series 1993 A, 3.80% tender 10/27/95 (Liquidity Facility Goldman Sachs)
15,000,000 15,000,000
149,055,000
GEORGIA - 3.7%
Cobb County Dev. Auth. Rev. (Institute of Nuclear Operations) Series 1992,
4.40%,
LOC SunTrust Bank, VRDN 5,565,000 5,565,000
Cobb County Wtr & Swr. Participating VRDN, Series 11, 4.65% (BPA Bankers
Trust) (b) 5,049,000 5,049,000
Columbia County Residential Care Facs. Rev. (Augusta Residential
Ctr./Brandon Wilde Lifecare Ctr.)
4.40%, LOC SunTrust Bank, VRDN 7,415,000 7,415,000
DeKalb County Hsg. Auth. Multi-Family Hsg. Rev.:
(Post Ashford Proj.) 4.30% (FNMA Guaranteed) VRDN 9,645,000 9,645,000
(Post Brook Proj.) 4.30% (FNMA Guaranteed) VRDN 4,050,000 4,050,000
Fulton County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Spring Creek
Crossing Proj.) 4.40%,
LOC Wachovia Bank of Georgia, VRDN 5,000,000 5,000,000
Georgia Muni. Elec. Auth. Participating VRDN, Series 1994 C-B, 4.49%
(Liquidity Facility Citibank) (b) 22,400,000 22,400,000
Marietta Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Wood Pointe Apts.)
Series 1993, 4.85% (Continental Casualty Guaranteed) VRDN 5,000,000
5,000,000
Roswell Hsg. Auth. Multi-Family Hsg. Rev. (Autumnbrook Apts.) Series 1991
A, 4.45%,
LOC Amsouth Bank of Birmingham, VRDN 5,200,000 5,200,000
69,324,000
IDAHO - 0.8%
Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994 A,
4.30%, VRDN 3,000,000 3,000,000
Idaho Gen. Oblig. TAN Series 1995, 4.50% 6/27/96 12,000,000 12,059,718
15,059,718
ILLINOIS - 5.6%
Cook County Rev. (Catholic Charities Hosp.) Series 1988 A-1, 4.35%,
LOC Nat'l. Westminster Bank PLC, VRDN 1,900,000 1,900,000
Du Page Water Commission Participating VRDN, Series CR-162, 4.44%
(Liquidity Facility Citibank) (b) 13,815,000 13,815,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
ILLINOIS - CONTINUED
Illinois Dev. Fin. Auth. Poll. Cont. Rev. Rfdg. Bonds (UNO-VEN Proj.)
Series 1994, 4.30%,
LOC NBD Bank, VRDN $ 7,100,000 $ 7,100,000
Illinois Dev. Fin. Auth. Rev., VRDN:
(Museum of Contemporary Art Proj.) Series 1994, 4.30%, LOC Harris Trust,
Lasalle Nat'l. Bank, NBD Bank, Northern Trust Co. 30,300,000 30,300,000
(WBEZ Alliance Inc. Proj.) Series 1994, 4.35%, LOC Lasalle Nat'l. Bank
6,600,000 6,600,000
Illinois Edl. Facs. Auth. Rev. (Northwestern Univ.) Series 1988, 4.25%
(BPA Northern Trust Co.) VRDN 2,000,000 2,000,000
Illinois Edl. Facs. Auth. Participating VRDN, Series CR-176, 4.44%
(Liquidity Facility Citibank) (b) 10,000,000 10,000,000
Illinois Health Facs. Auth. Rev., VRDN:
(Children's Mem. Hosp.) Series B, 4.35%, LOC First Nat'l Bank of Chicago
3,100,000 3,100,000
(Gottlieb Health Resources Inc.) 4.30%, LOC Harris Trust & Savings Bank of
Chicago 15,000,000 15,000,000
(Lake Forest Hosp. Proj.) 4.375%, LOC First Nat'l. Bank of Chicago
3,000,000 3,000,000
(Pekin Mem. Hosp.) Series 1993 C, 4.40%, LOC Lasalle Nat'l. Bank of
Chicago, VRDN 3,400,000 3,400,000
Kane County Geneva Commty. Unit School Dist. #304 TAN 4.97% 12/1/95
2,400,000 2,400,844
Lisle Village Multi-Family Hsg. Rev. (Four Lakes Proj.) Series 1985-A,
4.40%,
LOC Chemical Bank, VRDN 4,000,000 4,000,000
Northlake Econ. Dev. Rev. (Dominicks Finer Foods Inc. Proj.) Series 1991 B,
4.35%,
LOC Bankers Trust, VRDN 2,400,000 2,400,000
105,015,844
INDIANA - 2.3%
Fort Wayne Econ. Dev. Rev. (Edy's Grand Ice Cream Proj.) Series 1985,
4.65%,
LOC Bank of America, VRDN 3,950,000 3,950,000
Fort Wayne Hosp. Auth. Hosp. Rev. (Parkview Hosp.):
Series B, 4.60%, LOC Fuji Bank, VRDN 4,805,000 4,805,000
Series D, 4.60%, LOC Fuji Bank, VRDN 3,930,000 3,930,000
Indianapolis Econ. Dev. Rev. Rfdg. (Rand McNally & Co. Proj.) Series 1989,
4.40%,
LOC First Union Nat'l. Bank of North Carolina, VRDN 4,000,000 4,000,000
Indianapolis Gas Util. Sys. (Citizens Gas & Coke Utility) 3.45% 11/2/95,
LOC NBD Bank, CP 3,400,000 3,398,277
Jasper County Poll. Cont. Rev. Bonds (Northern Indiana Pub. Service Proj.):
Series 1988 C, 3.75% tender 10/25/95, LOC Barclays Bank 3,000,000
3,000,000
Series 1988 D, 3.70% tender 10/26/95, LOC Barclays Bank 4,500,000
4,500,000
Merrillville Health Care Facs. Participating VRDN, 4.55%
(Liquidity Facility Bank One of Akron) (b) 4,610,000 4,610,000
Purdue Univ. Rev. (Student Fees) Series H, 4.20%, VRDN 1,800,000
1,800,000
Richmond Econ. Dev. Rev. Rfdg. (Friends Fellowship Commty.) Series 1993,
4.15%,
LOC NBD Bank, VRDN 3,700,000 3,700,000
South Bend Health Care Facs. Participating VRDN, Series 1992 A,
4.55% (FHA Insured) (Liquidity Facility Bank One, Akron) (b) 3,350,000
3,350,000
Vigo County Gen. Oblig. Independent School Corp. TAN 5.30% 12/29/95
2,650,000 2,652,351
43,695,628
KENTUCKY - 0.8%
Jefferson County Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc. Proj)
Series 1992, 4.40%, VRDN 1,300,000 1,300,000
Kentucky Assoc. of Counties Reinsurance Trust Rev. Series 1990, 4.50%,
LOC Hong Kong & Shanghai Banking Corp., VRDN 13,700,000 13,700,000
15,000,000
LOUISIANA - 3.8%
Ascension Poll. Cont. Rev. Rfdg. (Borden Inc. Proj.) Series 1992, 4.25%,
LOC Credit Suisse, VRDN 20,000,000 20,000,000
Desoto Parish Poll. Cont. Participating VRDN, Series 94 W, 4.65%
(Liquidity Facility Norwest Bank) (b) 4,000,000 4,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
LOUISIANA - CONTINUED
Lafayette Econ. Dev. Auth. Ind. Dev. Rev. Rfdg. (Holt County of Louisiana
Proj.) 4.775%,
LOC Morgan Guaranty Trust Co., VRDN $ 4,150,000 $ 4,150,000
Orleans Levee Dist. Rev., VRDN:
(Cap. Recovery Funding) Series 1988 A, 4.50%, LOC Fuji Bank 14,900,000
14,900,000
(Levee Impt.) Series 1986, 4.50%, LOC Fuji Bank 5,550,000 5,550,000
(Pub. Impt.) Series 1986, 4.50%, LOC Fuji Bank 7,445,000 7,445,000
West Baton Rouge Parish Ind. Dist. #3 Rev. Rfdg. Bonds (Dow Chemical Co.
Proj.)
Series 1991, 3.75% 10/23/95 15,500,000 15,500,000
71,545,000
MAINE - 0.4%
Biddeford Resource Recovery Rev. (Maine Energy Recovery Co. Proj.) Series
1985, 3.85%,
LOC Bank of America, VRDN 6,700,000 6,700,000
MARYLAND - 0.7%
Maryland Econ. Dev. Corp. Rev. Series 1995, 4.45%, LOC NationsBank, VRDN
6,000,000 6,000,000
Washington Suburban Sanitation Dist. Participating VRDN, Series 1994 F-A,
4.49%
(Liquidity Facility Citibank) (b) 7,000,000 7,000,000
13,000,000
MASSACHUSETTS - 0.3%
Commonwealth of Massachusetts Gen. Oblig. Participating VRDN, Series
CR-147, 4.49%
(Liquidity Facility Citibank) (b) 6,400,000 6,400,000
MICHIGAN - 2.4%
Dearborn Econ. Dev. Corp. Ltd. Oblig. Rev. (Oakbrook Common)
Series 1993 4.40%, LOC Mellon Bank, VRDN 2,300,000 2,300,000
Detroit Tax Increment Fin. Auth. Rev. (Central Ind. Park Proj.) Series A,
4.35%,
LOC Citibank, VRDN 4,200,000 4,200,000
Michigan Muni. Bond Auth. RAN Series 1995 B, 4.50% 7/3/96 39,000,000
39,198,222
45,698,222
MINNESOTA - 3.2%
Becker Poll. Cont. Rev. Bonds (Northern States Pwr. Co. Sherburne Co. Gen.
#3)
Series1993-B, 3.75% tender 10/11/95 18,800,000 18,800,000
Bloomington Multi-Family Hsg. Rev. Rfdg. (Crow/Bloomington Apts. Proj.)
4.50%,
LOC Citibank, VRDN 8,305,000 8,305,000
Dakota County Hsg. & Redev. Auth. Multi-Family Hsg. Rev.
(Southview Gables Apts. Proj.) 4.30%, VRDN 9,075,000 9,075,000
Mendota Heights Hsg. Mtg. Multi-Family Hsg. Rev. (Lexington Heights Apt.
Proj.)
Series1991 A, 4.55%, LOC Sumitomo Bank, VRDN 3,420,000 3,420,000
Minnesota Gen. Oblig. Participating VRDN, BTP-99, 4.60%, (BPA Bankers
Trust) (b) 7,710,000 7,710,000
St. Louis Park Health Care Facs. Participating VRDN, Series 94-U,
4.65% (Liquidity Facility Norwest Bank) (b) 2,500,000 2,500,000
St. Paul Port Auth. Tax Increment Bonds (Westgate Office & Ind. Ctr. Proj.)
Series 1991, 4.05%, LOC First Nat'l. Bank of Minnesota, VRDN 4,200,000
4,200,000
University of Minnesota Series 1991 B, 3.75% 11/16/95 CP 6,500,000
6,500,000
60,510,000
MISSISSIPPI - 0.5%
Harrison County Poll. Cont. Rev. Rfdg. (Mississippi Pwr. Co. Proj.) Series
1992, 4.40%, VRDN 8,750,000 8,750,000
MISSOURI - 1.0%
Columbia Spl. Oblig. Ins. Reserve Series 1988 A, 4.40%,
LOC Toronto-Dominion Bank, VRDN 3,000,000 3,000,000
Missouri Envir. Impt. & Energy Auth. Poll. Cont. Rev. Bonds (Union County
Elec. Co.)
Series 1985 B, 3.45% tender 12/5/95, LOC West Deutsche Landesbank
8,000,000 8,000,000
University of Missouri RAN Series 1995-96, 4.75% 6/28/96 7,000,000
7,052,601
18,052,601
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
MONTANA - 0.2%
Montana Board of Investments Variable Rate Payroll Tax Rev. (Workers Comp.
Prog.)
Series 1993, 4.40%, VRDN $ 4,400,000 $ 4,400,000
NEBRASKA - 0.1%
Omaha Pub. Pwr. Dist. Elec. Sys. Participating VRDN, Series 1993 D, 4.50%
(Liquidity Facility Merrill Lynch & Co., Inc.) (b) 2,530,000 2,530,000
NEVADA - 0.2%
Nevada Hsg. Div. Multi Family Hsg. Rev. (Park Vista Apts. Proj.) Series
1991 A, 4.50%,
LOC Sumitomo Trust & Banking, VRDN 3,700,000 3,700,000
NEW HAMPSHIRE - 0.3%
New Hampshire Higher Edl. & Health Facs. Auth. Rev. (VHA of New England),
VRDN:
Series 1985 C, 4.20% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
1,700,000 1,700,000
Series 1985 F, 4.20% (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, 4%, tender 1/1/96 (MBIA Insured) 3,205,000 3,205,000
6,155,000
NEW JERSEY - 1.0%
New Jersey Bldg. Auth. Participating VRDN, Series BTP-6, 4.65% (BPA Bankers
Trust) (b) 11,861,200 11,861,200
New Jersey Gen. Oblig. Participating VRDN, Series 943005, 4.44% (Liquidity
Facility Citibank) (b) 7,400,000 7,400,000
19,261,200
NEW MEXICO - 0.5%
Albuquerque Hosp. Rev. (Sisters of Charity Healthcare) 4.35%
(Liquidity Facility Dresdner Bank), VRDN 9,600,000 9,600,000
NEW YORK - 3.5%
New York City Gen. Oblig., VRDN:
Series 1995 F-3, 4.45%, LOC Industrial Bank of Japan 11,300,000
11,300,000
Series 1995 F-4, 4.35%, LOC Landesbank Hessen-Thuringen 14,500,000
14,500,000
Series 1995 F-5, 4.45%, LOC Mitsubishi Bank 5,500,000 5,500,000
New York City Gen. Oblig.:
RAN Series 1996 B, 4.75% 6/28/96, LOC Bank of Nova Scotia 13,000,000
13,074,120
TAN 4.50% 2/15/96 21,400,000 21,464,887
65,839,007
NORTH CAROLINA - 1.0%
North Carolina Med. Care Commission Hosp. Rev. (Park Ridge Hosp.) Series
1988, 4.35%,
LOC NationsBank of Florida, VRDN 5,200,000 5,200,000
North Carolina Med. Care Commission Rev. (Moses H. Cone Mem. Hosp. Proj.)
4.40%,
LOC Wachovia Nat'l. Bank of North Carolina, VRDN 2,500,000 2,500,000
Wake County Ind. Facs. & Poll. Cont. Fing. Auth. Rev. (Carolina Pwr. & Lt.
Co.):
Series 1985, 4.50%, LOC Sumitomo Bank, VRDN 7,700,000 7,700,000
Series 1985 B, 4.50%, LOC Sumitimo Bank, VRDN 2,800,000 2,800,000
18,200,000
OKLAHOMA - 0.4%
Tulsa Ind. Dev. Auth. Univ. Rev. (Univ. of Tulsa Proj.), VRDN:
Series 1985, 4.65%, LOC Fuji Bank 4,000,000 4,000,000
Series A, 4.65%, LOC Fuji Bank 3,000,000 3,000,000
7,000,000
OREGON - 0.7%
Multnomah County TRAN 4.50% 6/28/96 11,000,000 11,062,626
Oregon Veterans Welfare Hsg. Rev. Series 1973 G, 4.50%, LOC Fuji Bank, VRDN
2,500,000 2,500,000
13,562,626
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
PENNSYLVANIA - 3.5%
Allegheny County Hosp. Redev. Auth. Health Facs. Rev. (Central Blood Bank
Proj.)
Series 1992, 4.50%, LOC PNC Bank, VRDN $ 2,225,000 $ 2,225,000
Allegheny County Ind. Dev. Auth. Rev. Rfdg. (N. Versailles Shopping Ctr.)
Series 1992, 4.45%,
LOC Bank One of Columbus, VRDN 3,805,000 3,805,000
Allentown Redev. Auth. Multi-Family Hsg. Rev. Rfdg. (Arcadia Assoc. Proj.)
Series 1990, 4.55%, LOC Sumitomo Bank, VRDN 3,300,000 3,300,000
Beaver County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Ohio Edison Mansfield
Proj.)
Series 1992 A, 3.45% tender 10/1/95, LOC Barclays Bank 3,700,000
3,700,000
Berks County Ind. Dev. Auth. Rev. (Lutheran Home at Topton Proj.) Series
1993 B, 4.375%,
LOC Meridian Bank VRDN 9,000,000 9,000,000
Delaware Valley Reg'l. Fin. Auth. Local Gov't. Rev., VRDN:
Series 1985 B, 4.50%, LOC Hong Kong & Shanghai Banking Corp. 6,100,000
6,100,000
Series 1985 C, 4.50%, LOC Marine Midland Bank 3,200,000 3,200,000
Series 1986, 4.50%, LOC Hong Kong & Shanghai Banking Corp. 4,000,000
4,000,000
Emmaus Gen. Auth. Local Gov't. Rev. Series 1989C-10, 4.60% (Liquidity
Facility Fuji Bank) 10,000,000 10,000,000
Lehigh County Ind. Dev. Auth. Rev. (The Keebler Co.) Series 1992, 4.40%,
LOC Wachovia Bank, VRDN 5,140,000 5,140,000
Pennsylvania Econ. Dev. Auth. Rev. (Foxdale Village Proj.) Series 1989 C,
4.50%,
LOC PNC Bank, VRDN 2,300,000 2,300,000
Philadelphia Gen. Oblig. Bonds Series 1990, 3.90% tender 10/19/95, LOC Fuji
Bank 7,000,000 7,000,000
Philadelphia Redev. Auth. School Rev. (School for the Deaf) 4.45%, LOC Fuji
Bank, VRDN 1,095,000 1,095,000
South Fork Muni. Auth. Hosp. Rev. (Lee Hosp. Proj.) Series 1993 B, 4.75%,
LOC PNC Bank, VRDN 5,210,000 5,210,000
66,075,000
RHODE ISLAND - 0.5%
Rhode Island TAN 4.50% 6/28/96, LOC Union Bank of Switzerland 9,000,000
9,052,606
SOUTH CAROLINA - 5.1%
South Carolina Jobs Econ. Dev. Auth. Healthcare Facs. Rev. (The Methodist
Home Proj.)
Series 1994, 4.50%, LOC NationsBank of South Carolina, VRDN 4,000,000
4,000,000
South Carolina Hsg. Fin. & Dev. Auth. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Charleston Oxford) Series 1990 B, 4.75% (Continental Casualty Guaranteed)
10,180,000 10,180,000
(Greenville Oxford) Series 1990 A, 4.75% (Continental Casualty Guaranteed)
4,855,000 4,855,000
(Richland Oxford) Series 1990 C, 4.75% (Continental Casualty Guaranteed)
5,130,000 5,130,000
South Carolina Pub. Svc. Auth. Rev., CP:
3.80% 10/23/95 16,000,000 16,000,000
3.75% 10/24/95 13,350,000 13,350,000
3.75% 10/25/95 13,000,000 13,000,000
3.75% 10/26/95 12,400,000 12,400,000
3.75% 11/16/95 15,000,000 15,000,000
Walhalla Rev. Rfdg. (Avondale Mills Inc. Proj.) Series 1990, 4.40%,
LOC SunTrust Bank, VRDN 3,300,000 3,300,000
97,215,000
SOUTH DAKOTA - 0.6%
South Dakota Health & Edl. Facs. Auth. Rev., VRDN:
Rfdg. (Sioux Valley Hosp.) Series 1992 A,4.40% 4,700,000 4,700,000
(McKennan Hosp.) Series 1994, 4.50% (MBIA Insured) 7,000,000 7,000,000
11,700,000
TENNESSEE - 2.6%
Jackson Hsg. Facs. Board Multi-Family Hsg. Rev. Rfdg.
(Post House North Apts. Proj.) 4.50%, LOC Southtrust Bank, VRDN 3,845,000
3,845,000
Knox County Health Edl. & Hsg. Facs. Board Rev. (Webb School Knoxville
Proj.) 4.40%,
LOC Third Nat'l. Bank of Nashville, VRDN 4,030,000 4,030,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
TENNESSEE - CONTINUED
Metropolitan Nashville & Davidson County Gen. Oblig. Participating VRDN,
Series CR-169, 4.44%, (Liquidity Facility Citibank) (b) $ 6,140,000 $
6,140,000
Metropolitan Nashville & Davidson County Health. Facs. Rev. (Richland Place
Inc. Proj.) 4.40%,
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, 4.55%, LOC Sumitomo Bank 4,680,000
4,680,000
(Graybrook) 4.55%, LOC Sumitomo Bank 6,710,000 6,710,000
Montgomery County Pub. Bldg. Auth. Adj. Rate Pooled Fing. Rev. Series 1995,
4.45%,
LOC NationsBank of Tennessee, VRDN 12,000,000 12,000,000
Nashville & Davidson County Health & Ed. Facs. Board Multi-Family Hsg. Rev.
(Brentwood Oaks Apts.) 4.15%, VRDN 4,000,000 4,000,000
Tennessee Local Dev. Auth. BAN 4.75% 5/31/96 6,200,000 6,235,637
49,040,637
TEXAS - 10.5%
Amarillo Health Fac. Corp. (Panhandle Pooled Health Loan Prog.) Series
1985, 4.40%,
LOC Banque Paribas, VRDN 13,400,000 13,400,000
Austin Hsg. Fin. Corp. Multi-Family Hsg. Rev. (Riverchase Proj.) Series
1985 A, 4.90%,
LOC Household Bank, VRDN 6,000,000 6,000,000
Bexar County Hsg. Fin. Corp. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Fountainhead I Proj.) Series 1992 A, 4.50% (Continental Casualty
Guaranteed) 3,880,000 3,880,000
(Fountainhead II Proj.) Series 1992 A, 4.50% (Continental Casualty
Guaranteed) 8,070,000 8,070,000
Brazos River Hbr. Auth. Nav. Dist. Bonds Series 1990, 3.85% tender 10/26/95
6,550,000 6,550,000
Central Waco Dev. Corp. Ind. Dev. Rev. Rfdg. (HE Butt Grocery Proj.) Series
1992, 4.50%,
LOC Texas Commerce Bank of Houston, VRDN 2,500,000 2,500,000
Farmers Branch Ind. Dev. Corp. Rev. Rfdg. (PPG Ind. Inc. Proj.) Series
1992, 4.45%, VRDN 5,000,000 5,000,000
Goose Creek Cons. Ind. School Dist. TRAN 4.28% 8/31/96 (c) 2,500,000
2,500,000
Guadalupe-Blanco River Auth. Ind. Dev. Rev. (BOC Group Inc. Proj.) Series
1993, 4.40%,
LOC Wachovia Bank of Georgia, VRDN 12,400,000 12,400,000
Houston Hsg. Fin. Corp. Single-Family Mtg. Participating VRDN, Series PT-1,
4.50%
(FSA Insured) (Liquidity Facility Banque Nationale de Paris) (b)
5,900,000 5,900,000
Lower Colorado River Auth. Participating VRDN:
Series 85, BTP-36, 4.60% (Liquidity Facility Bankers Trust) (b)
4,039,200 4,039,200
Series B, BTP-59, 4.23% (AMBAC Insured) (Liquidity Facility Automatic Data
Processing Inc.) (b) 8,200,000 8,200,000
North Central Texas Health Facs. Dev. Corp. Hosp. Rev. Bonds (Methodist
Hosp of Dallas)
Series 1991 A, 3.90% tender 10/10/95, (MBIA Insured) 3,000,000 3,000,000
San Antonio Elec. & Gas Sys. Rev. Series A, CP:
3.75% 11/15/95 7,200,000 7,200,000
3.75% 11/20/95 16,200,000 16,200,000
Silsbee Health Facs. Dev. Corp. Hosp. Rev. (Silsbee Doctor's Hosp.) Series
1984, 4.40%,
LOC Citibank, VRDN 3,500,000 3,500,000
Tarrant County Health Facs. Dev. Corp. Hosp. Rev. (Harris Methodist Health
Sys.)
Series 1988, 4.60%, LOC Fuji Bank, VRDN 3,800,000 3,800,000
Texas A&M Univ. Participating VRDN, BTP-15, 4.65% (BPA Bankers Trust) (b)
5,445,000 5,445,000
Texas Dept. of Hsg. & Commty. Affairs Participating VRDN, Series PT-9,
4.50%
(Liquidity Facility Dai-Ichi Kangyo Bank Ltd.) (b) 5,135,000 5,135,000
Texas Health Facs. Dev. Corp. Rev. (Ft. Worth-Cook Children's Hosp.) Series
1985, 4.40%,
LOC Societe Generale, VRDN 1,300,000 1,300,000
Texas Gen. Oblig. TRAN Series 1995 A, 4.75% 8/30/96 5,800,000 5,834,667
Texas Pub. Ed. Fin. Auth. Participating VRDN, Series CR-170, 4.44%
(Liquidity Facility Citibank) (b) 5,000,000 5,000,000
Texas Pub. Fin. Auth. Rev. Series 1993 A, 3.75% 11/2/95, CP 25,000,000
25,000,000
Texas Muni. Pwr. Agcy. BAN 3.75% 11/16/95 (Liquidity Facility Morgan
Guaranty Trust Co.) 9,950,000 9,950,000
Tyler Health Facs Dev. Corp. Hosp. Rev. Bonds (Texas Med. Center Reg'l.
Healthcare Proj.)
Series 1993 C, 3.85% tender 10/10/95, LOC Banque Paribas 7,000,000
6,999,394
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
TEXAS - CONTINUED
University of Texas Rev. Fing. Sys. Series A, CP:
3.70% 10/18/95 $ 6,300,000 $ 6,300,000
3.70% 11/16/95 16,920,000 16,920,000
200,023,261
UTAH - 0.7%
Intermountain Pwr. Agcy. Pwr. Supply Rev. Bonds:
Series 1985 E, 3.85% tender 6/17/96 (BPA Bank of America) 9,000,000
9,000,000
Series 1985-F, 3.80% tender 6/17/96 (BPA Bank of America) 4,600,000
4,600,000
13,600,000
VERMONT - 0.1%
Vermont Student Assistance Corp. Student Loan Rev. Series 1985, 3.90%,
LOC Nat'l. Westminster Bank PLC, VRDN 1,325,000 1,325,000
VIRGINIA - 3.5%
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev.:
Bonds (Virginia Elec. Pwr. Co. Proj.) Series B, 4.25% tender 10/6/95
2,000,000 2,000,000
Rfdg. (Philip Morris Co. Inc. Proj.) Series 1992, 4.40%, VRDN 10,000,000
10,000,000
Harrisonburg Redev. & Hsg. Auth. Multi-Family Hsg. Rev. (Misty Ridge Proj.)
Series 1991 A, 4.40%, LOC Banc One of Columbus, VRDN 5,555,000 5,555,000
Louisa County Ind. Dev. Auth. Adj. Rate Pooled Fin. Rev. Series 1995,
4.45%,
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, 3.75%
tender 10/12/95 (BPA Bank of New York) 26,385,000 26,385,000
Suffolk Redev. & Hsg. Auth. Multi-Family Rental Hsg. Rev., VRDN:
(Windsor at Fieldstone Proj.) 4.45%, LOC NationsBank of Virginia
7,426,000 7,426,000
(Windsor at Potomac Vista Proj.) 4.45%, LOC NationsBank of Virginia
1,003,000 1,003,000
Williamsburg Ind. Dev. Auth. Museum Rev. (Williamsburg Foundation) 4.45%,
LOC Sanwa Bank Ltd., VRDN 3,604,000 3,604,000
York County Ind. Dev. Rev. Rfdg. (Philip Morris Co. Inc. Proj.) Series
1992, 4.40%, VRDN 1,000,000 1,000,000
66,973,000
WASHINGTON - 5.9%
Seattle Ind. Dev. Corp. Ind. Rev. Rfdg. (Longview Fibre Co. Proj.) Series
1988, 4.40%,
LOC ABN-AMRO Bank, VRDN 2,500,000 2,500,000
Washington Gen. Oblig. Participating VRDN (b):
Series R-92A, BTP-125, 4.60% (BPA Bankers Trust) 9,575,000 9,575,000
Series 1993 C-A, 4.49% (Liquidity Facility Citibank) 21,700,000
21,700,000
Series 1995 A, 4.45% (Liquidity Facility Internationale Nederlanden Bank)
5,500,000 5,500,000
Series SG-37, 4.50% (Liquidity Facility Societe Generale) 7,000,000
7,000,000
Washington Pub. Pwr. Supply Sys. Rev. Rfdg., VRDN:
(Nuclear Proj. #1) Series 1993-1A2, 4.45%, LOC Industrial Bank of Japan
13,580,000 13,580,000
Series 1993-3A1, 4.40%, LOC Bank of America 31,140,000 31,140,000
Washington Pub. Pwr. Supply Sys. Rfdg. Elec. Rev., Series 1993 3A-2, 4.45%,
LOC Industrial Bank of Japan, VRDN 20,785,000 20,785,000
111,780,000
WEST VIRGINIA - 0.3%
Kanawha County Commercial Dev. Rev. Rfdg. (McJunkin Corp. Proj.) Series
1991, 4.50%,
LOC NationsBank of North Carolina, VRDN 4,935,000 4,935,000
WISCONSIN - 2.3%
Janesville Ind. Dev. Rev. Rfdg. (Senca Foods Corp. Proj.) Series 1992,
4.45%,
LOC ABN-AMRO Bank, VRDN 7,710,000 7,710,000
Milwaukee Ind. Dev. Rev. (Longview Fiber Co.) Series 1987, 4.40%,
LOC ABN-AMRO Bank, VRDN 1,960,000 1,960,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
WISCONSIN - CONTINUED
Milwaukee Redev. Auth. Dev. Rev. (Bradley Ctr. Parking Facs. Proj.) Series
1986, 4.30%,
LOC Nat'l. Westminster Bank PLC, VRDN $ 2,700,000 $ 2,700,000
Wisconsin Health & Ed. Facs. Auth Health Facs Rev. (SSM Healthcare Proj.)
Series 1990A, 4.70%, LOC Industrial Bank of Japan, VRDN 6,300,000
6,300,000
Wisconsin Operating TRAN Series 1995, 4.50% 6/17/96 25,800,000
25,955,678
44,625,678
WYOMING - 0.0%
Sweetwater County Poll. Cont. Rev. Rfdg. (Pacific Corp.) Series 1990 A,
4.35%,
LOC Credit Suisse, VRDN 200,000 200,000
MULTIPLE STATES - 1.7%
Clipper Tax-Exempt Trust Participating VRDN, Series 1993-1A, 4.22%
(Liquidity Facility State Street Bank & Trust Co.) (b) 30,300,000
30,300,000
NCNB Tax-Exempt Trust Participating VRDN, Series 1990 A, 4.375%,
LOC NationsBank of North Carolina (b) 2,175,000 2,175,000
32,475,000
TOTAL INVESTMENTS - 100% $ 1,899,017,537
Total Cost for Income Tax Purposes $ 1,898,982,859
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
Goose Creek Consolidated
Independent School Dist. Adj.
Rate TRAN
4.28% 8/31/96: 9/26/95 $ 2,500,000
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: TAX-EXEMPT
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1995 (UNAUDITED)
633.ASSETS 634. 635.
636.Investment in securities, at value - See accompanying schedule 637. $ 1,899,017,537
638.Receivable for investments sold 639. 11,084,562
640.Interest receivable 641. 11,411,485
642.Receivable from investment adviser for expense reductions 643. 159,161
644. 645.TOTAL ASSETS 646. 1,921,672,745
647.LIABILITIES 648. 649.
650.Payable to custodian bank $ 100,405 651.
652.Payable for investments purchased 146,915,913 653.
654.Distributions payable 4,198,773 655.
656.Accrued management fee 318,290 657.
658.Other payables and accrued expenses 209,838 659.
660. 661.TOTAL LIABILITIES 662. 151,743,219
663.664.NET ASSETS 665. $ 1,769,929,526
666.Net Assets consist of: 667. 668.
669.Paid in capital 670. $ 1,770,159,779
671.Accumulated net realized gain (loss) on investments 672. (264,819)
673.Unrealized gain from accretion of market discount 674. 34,566
675.676.NET ASSETS, for 1,770,159,779 shares outstanding 677. $ 1,769,929,526
678.679.NET ASSET VALUE, offering price and redemption price per share 680. $1.00
($1,769,929,526 (divided by) 1,770,159,779 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
681.682.INTEREST INCOME 683. $ 40,138,746
684.EXPENSES 685. 686.
687.Management fee $ 2,027,942 688.
689.Transfer agent, accounting and custodian fees and expenses 398,447 690.
691.Non-interested trustees' compensation 5,931 692.
693.Registration fees 155,958 694.
695.Audit 25,343 696.
697.Legal 13,345 698.
699.Miscellaneous 15,160 700.
701. Total expenses before reductions 2,642,126 702.
703. Expense reductions (713,320) 1,928,806
704.705.NET INTEREST INCOME 706. 38,209,940
707.REALIZED AND UNREALIZED GAIN (LOSS) 709. 92,310
708.Net realized gain (loss) on investment securities
710.Increase (decrease) in net unrealized gain from accretion of market discount 711. 25,594
712.713.NET GAIN (LOSS) 714. 117,904
715.716.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 717. $ 38,327,844
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS TEN MONTH
ENDED PERIOD ENDED
SEPTEMBER 30, 199 MARCH 31,
5 1995
(UNAUDITED)
718.INCREASE (DECREASE) IN NET ASSETS
719.Operations $ 38,209,940 $ 60,608,989
Net interest income
720. Net realized gain (loss) 92,310 321,344
721. Increase (decrease) in net unrealized gain from accretion of market discount 25,594 1,959
722. 38,327,844 60,932,292
723.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
724.Distributions to shareholders from net interest income (38,209,940) (60,608,989)
725.Share transactions at net asset value of $1.00 per share 5,374,285,539 10,940,563,835
Proceeds from sales of shares
726. Reinvestment of distributions from net interest income 9,830,608 13,089,613
727. Cost of shares redeemed (5,491,119,136) (11,467,825,372)
728.729. (107,002,989) (514,171,924)
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES RESULTING FROM SHARE TRANSACTIONS
730. (106,885,085) (513,848,621)
731.TOTAL INCREASE (DECREASE) IN NET ASSETS
732.NET ASSETS 733. 734.
735. Beginning of period 1,876,814,611 2,390,663,232
736. End of period $ 1,769,929,526 $ 1,876,814,611
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS TEN MONTH YEARS ENDED MAY 31,
ENDED PERIOD
SEPTEMBER 30, ENDED
1995 MARCH 31,
(UNAUDITED) 1995 1994 1993 1992 1991
737.SELECTED PER-SHARE DATA
738.Net asset value, beginning of
period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
739.Income from Investment Operations .019 .027 .024 .026 .040 .053
Net interest income
740.Less Distributions (.019) (.027) (.024) (.026) (.040) (.053)
From net interest income
741.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
742.TOTAL RETURN B 1.91% 2.74% 2.44% 2.66% 4.02% 5.40%
743.RATIOS AND SUPPLEMENTAL DATA
744.Net assets, end of period
(000 omitted) $ 1,769,930 $ 1,876,815 $ 2,390,663 $ 2,239,031 $ 2,556,995 $ 2,116,841
745.Ratio of expenses to average net .19% .18% .18% .18% .18% .18%
assets A A
746.Ratio of expenses to average net .26% .26% .24% .24% .25% .23%
assets A A
before expense reductions
747.Ratio of net interest income to
average 3.77% 3.20% 2.41% 2.62% 3.90% 5.28%
A A
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
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: TREASURY ONLY
INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
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 - 50.7%
10/5/95 5.73% $ 50,269,000 $ 50,237,637
10/12/95 5.51 44,429,000 44,355,216
10/19/95 5.24 21,093,000 21,037,895
10/19/95 5.47 900,000 897,565
10/19/95 5.52 25,000,000 24,931,625
10/19/95 5.53 11,723,000 11,691,026
10/19/95 5.57 2,590,000 2,582,904
10/19/95 5.58 12,095,000 12,061,799
10/19/95 5.65 1,158,000 1,154,798
10/19/95 6.07 5,046,000 5,031,178
10/26/95 5.51 65,076,000 64,830,524
11/2/95 5.45 400,000 398,085
11/2/95 5.48 5,283,000 5,257,595
11/2/95 5.53 25,000,000 24,878,666
11/9/95 5.25 12,712,000 12,640,182
11/9/95 5.30 6,973,000 6,933,190
11/9/95 5.50 17,836,000 17,731,273
11/9/95 5.51 26,938,000 26,779,537
11/9/95 5.55 25,000,000 24,851,719
11/16/95 5.36 18,105,000 17,981,926
11/16/95 5.49 7,420,000 7,368,660
11/16/95 5.51 40,000,000 39,722,978
12/7/95 5.27 51,077,000 50,581,262
12/14/95 5.28 47,261,000 46,753,889
12/14/95 5.37 97,323,000 96,263,721
12/21/95 5.32 29,355,000 29,008,244
TOTAL U.S. TREASURY BILLS 645,963,094
U.S. TREASURY NOTES - 49.3%
10/15/95 5.49 10,812,000 10,823,826
10/15/95 5.50 35,928,000 35,966,929
10/15/95 5.54 34,362,000 34,398,288
10/15/95 5.69 20,000,000 20,020,427
10/15/95 5.71 14,884,000 14,899,080
10/31/95 5.44 251,000 250,644
10/31/95 5.49 21,535,000 21,504,317
10/31/95 5.50 14,885,000 14,863,354
10/31/95 5.55 2,003,000 2,000,070
11/15/95 5.41 41,700,000 41,674,039
11/15/95 5.48 17,011,000 17,067,777
11/15/95 5.49 10,000,000 9,993,223
11/15/95 5.50 18,789,000 18,775,868
11/15/95 5.60 10,000,000 10,044,344
11/30/95 5.47 6,471,000 6,457,106
11/30/95 5.54 27,955,000 27,891,451
1/15/96 5.56 3,233,000 3,264,589
1/31/96 5.51 15,333,000 15,418,354
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES - CONTINUED
1/31/96 5.71% $ 4,460,000 $ 4,432,909
1/31/96 5.73 2,534,000 2,518,348
2/15/96 5.50 16,000,000 16,123,020
2/15/96 5.64 21,730,000 21,896,218
2/15/96 5.65 10,000,000 10,112,266
2/15/96 5.67 33,624,000 33,877,287
2/29/96 5.49 6,959,000 7,008,006
2/29/96 5.50 41,428,000 41,751,052
2/29/96 5.51 429,000 427,214
2/29/96 5.53 1,808,000 1,800,173
2/29/96 5.54 34,913,000 35,181,164
2/29/96 5.55 2,039,000 2,054,483
2/29/96 5.56 4,915,000 4,894,995
2/29/96 5.57 30,000,000 29,863,674
2/29/96 5.58 4,579,000 4,558,054
3/31/96 5.36 30,000,000 30,301,610
3/31/96 5.37 8,733,000 8,820,405
3/31/96 5.39 35,000,000 35,346,359
4/30/96 5.60 2,646,000 2,642,119
4/30/96 5.61 25,000,000 25,253,949
4/30/96 5.62 4,530,000 4,575,404
TOTAL U.S. TREASURY NOTES 628,752,395
TOTAL INVESTMENTS - 100% $ 1,274,715,489
Total Cost for Income Tax Purposes $ 1,274,715,489
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: TREASURY ONLY
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1995 (UNAUDITED)
748.ASSETS 749. 750.
751.Investment in securities, at value - See accompanying schedule 752. $ 1,274,715,489
753.Receivable for investments sold 754. 60,814,000
755.Interest receivable 756. 14,904,975
757. 758.TOTAL ASSETS 759. 1,350,434,464
760.LIABILITIES 761. 762.
763.Distributions payable $ 4,564,482 764.
765.Accrued management fee 208,441 766.
767. 768.TOTAL LIABILITIES 769. 4,772,923
770.771.NET ASSETS 772. $ 1,345,661,541
773.Net Assets consist of: 774. 775.
776.Paid in capital 777. $ 1,345,646,035
778.Accumulated net realized gain (loss) on investments 779. 15,506
780.781.NET ASSETS, for 1,345,646,035 shares outstanding 782. $ 1,345,661,541
783.784.NET ASSET VALUE, offering price and redemption price per share 785. $1.00
($1,345,661,541 (divided by) 1,345,646,035 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED)
786.787.INTEREST INCOME 788. $ 34,994,414
789.EXPENSES 790. 791.
792.Management fee $ 2,521,686 793.
794.Non-interested trustees' compensation 269 795.
796. Total expenses before reductions 2,521,955 797.
798. Expense reductions (1,321,024) 1,200,931
799.800.NET INTEREST INCOME 801. 33,793,483
802.803.NET REALIZED GAIN (LOSS) ON INVESTMENTS 804. (2,368)
805.806.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 807. $ 33,791,115
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SIX MONTHS EIGHT MONTH PERIO YEAR
ENDED D ENDED
SEPTEMBER 30, 1995 ENDED JULY 31,
(UNAUDITED) MARCH 31, 1994
1995
808.INCREASE (DECREASE) IN NET ASSETS
809.Operations $ 33,793,483 $ 39,247,651 $ 36,180,457
Net interest income
810. Net realized gain (loss) (2,368) 37,522 (162,127)
811. 33,791,115 39,285,173 36,018,330
812.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
813.Distributions to shareholders from net interest income (33,793,483) (39,247,651) (36,180,457)
814.Share transactions at net asset value of $1.00 per share 2,183,325,567 3,322,554,603 4,258,629,047
Proceeds from sales of shares
815. Reinvestment of distributions from net interest income 7,289,663 8,674,938 9,408,877
816. Cost of shares redeemed (2,111,235,892) (3,114,152,108) (4,266,497,201)
817.818. 79,379,338 217,077,433 1,540,723
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES RESULTING FROM
SHARE TRANSACTIONS
819. 79,376,970 217,114,955 1,378,596
820.TOTAL INCREASE (DECREASE) IN NET ASSETS
821.NET ASSETS 822. 823. 824.
825. Beginning of period 1,266,284,571 1,049,169,616 1,047,791,020
826. End of period $ 1,345,661,541 $ 1,266,284,571 $ 1,049,169,616
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS EIGHT MONTH PERI YEARS ENDED JULY 31, OCTOBER 3, 1990
ENDED OD (COMMENCEME
SEPTEMBER 30, ENDED NT
1995 MARCH 31, OF OPERATIONS) T
O
JULY 31,
(UNAUDITED) 1995 1994 1993 1992 1991
827.SELECTED PER-SHARE DATA
828.Net asset value,
beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
829.Income from
Investment Operations .028 .033 .032 .031 .045 .055
Net interest income
830.Less Distributions (.028) (.033) (.032) (.031) (.045) (.055)
From net interest income
831.Net asset value,
end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
832.TOTAL RETURN B 1.91% 3.38% 3.27% 3.10% 4.64% 5.63%
833.RATIOS AND SUPPLEMENTAL DATA
834.Net assets, end of
period (000 omitted) $ 1,345,662 $ 1,266,285 $ 1,049,170 $ 1,047,791 $ 1,197,559 $ 705,543
835.Ratio of expenses to
average net assets .20% .20%A .20% .20% .20% .03%
A A
836.Ratio of expenses
to average net assets .42% .42%A .42% .42% .42% .42%
before expense reductions A A
837.Ratio of net interest
income to average 5.63% 5.02%A 3.22% 3.05% 4.43% 6.34%
net assets A A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
For the period ended September 30, 1995 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Treasury, Treasury II, Government, Domestic and Money Market are funds of
Fidelity Institutional Cash Portfolios (a trust). Treasury Only is a fund
of Daily Money Fund (a trust). Tax-Exempt is a fund of Fidelity
Institutional Tax-Exempt Cash Portfolios (a trust). 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: Tax-Exempt and the Trustees of Daily Money Fund: Treasury Only
approved a change in the fiscal year-end of each fund to March 31.
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 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 September 30, 1995, Class B shares were not operational for
the 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 substantially all of its taxable income for
the fiscal year. The schedules of investments include information regarding
income taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. For
Tax-Exempt, accretion of market discount represents unrealized gain until
realized at the time of a security disposition or maturity.
ALLOCATED EARNINGS AND EXPENSES. 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.
TREASURY ONLY: Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned between
the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
DELAYED DELIVERY TRANSACTIONS. Each fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. The
market value of the securities purchased or sold on a when-issued or
forward commitment basis are identified as such in the fund's schedule of
investments. Each fund may receive compensation for interest forgone in the
purchase of a delayed delivery security. Losses may arise due to changes in
the market value of the underlying securities or if the counterparty does
not perform under the contract.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the funds, along with other affiliated
entities of Fidelity Management & Research Company (FMR), may transfer
uninvested cash balances into one or more joint trading accounts. These
balances are invested in one or more repurchase agreements that mature in
60 days or less from the date of purchase, and are collateralized by U.S.
Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The funds, through their custodian, receive delivery
of the underlying U.S. Treasury or Federal Agency securities, the market
value of which is required to be at least equal to the repurchase price.
For term repurchase agreement transactions, the underlying securities are
marked-to-market daily and maintained at a value at least equal to the
repurchase price. FMR, the funds' investment adviser, is responsible for
determining that the value of the underlying securities remains in
accordance with the market value requirements stated above.
2. OPERATING POLICIES - CONTINUED
REVERSE REPURCHASE AGREEMENTS. At all times that a reverse repurchase
agreement is outstanding, the fund identifies cash and liquid securities as
segregated in its custodian records with a value at least equal to its
obligation under the agreement.
RESTRICTED SECURITIES. Treasury, Government, Domestic, Money Market and
Tax-Exempt 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$13,304,623 or 1.25% of net assets for Treasury, $30,253,698 or 0.9% of
net assets for Government, $30,999,617 or 3.6% of net assets for Domestic,
$183,993,676 or 3.3% of net assets for Money Market and $2,500,000 or 0.1%
of net assets for Tax-Exempt.
3. JOINT TRADING ACCOUNT.
At the end of the period, the following funds 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 maturity values of the
joint trading account investments were $412,221,685 at 6.46 %, $161,747,225
at 6.47% and $114,822,031 at 6.49% for Treasury, $306,774,433 at 6.47% and
$3,961,133,891 at 6.47% for Treasury II, and $268,362,979 at 6.49% and
$1,265,252,198 at 6.59% for Government. The investments in repurchase
agreements through the joint trading account are summarized as follows:
SUMMARY OF JOINT TRADING
TREASURY:
DATED SEPTEMBER 29, 1995, DUE OCTOBER 2, 1995 AT 6.46
Number of dealers or banks 21
Maximum amount with one dealer or bank 20.5%
Aggregate principal amount of agreements $17,444,261,000
Aggregate maturity amount of agreements $17,453,647,241
Aggregate market value of collateral $17,866,421,388
Coupon rates of collateral 0% to 15.75%
Maturity dates of collateral 9/30/95 to 8/15/25
TREASURY AND TREASURY II:
DATED SEPTEMBER 29, 1995, DUE OCTOBER 2 1995 AT 6.47
Number of dealers or banks 4
Maximum amount with one dealer or bank 32.3%
Aggregate principal amount of agreements $620,000,000
Aggregate maturity amount of agreements $620,334,525
Aggregate market value of collateral $632,848,838
Coupon rates of collateral 0.0% to 9.375%
Maturity dates of collateral 10/31/95 to 11/15/24
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
TREASURY II:
DATED SEPTEMBER 29, 1995, DUE OCTOBER 2 1995 AT 6.47
Number of dealers or banks 6
Maximum amount with one dealer or bank 34.0%
Aggregate principal amount of agreements $5,782,000,000
Aggregate maturity amount of agreements $5,785,116,483
Aggregate market value of collateral $5,915,324,772
Coupon rates of collateral 0.0% to 9.25%
Maturity dates of collateral 10/31/95 to 11/15/24
TREASURY AND GOVERNMENT:
DATED SEPTEMBER 29, 1995, DUE OCTOBER 2, 1995 AT 6.49
Number of dealers or banks 5
Maximum amount with one dealer or bank 33.1%
Aggregate principal amount of agreements $1,895,692,000
Aggregate maturity amount of agreements $1,896,716,670
Aggregate market value of collateral $1,938,610,377
Coupon rates of collateral 0.0% to 15.75%
Maturity dates of collateral 9/30/95 to 8/15/25
GOVERNMENT:
DATED SEPTEMBER 29, 1995, DUE OCTOBER 2 1995 AT 6.59
Number of dealers or banks 5
Maximum amount with one dealer or bank 30.3%
Aggregate principal amount of agreements $3.300,000,000
Aggregate maturity amount of agreements $3,301,811,583
Aggregate market value of collateral $3,403,308,842
Coupon rates of collateral 4% to 13.0%
Maturity dates of collateral 11/15/95 to 8/1/34
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, FMR receives a fee that
is computed daily at an annual rate of .20% of average net assets except
for Treasury Only.
For Treasury Only, FMR pays all expenses except the compensation of the
non-interested Trustees and certain exceptions such as interest, taxes,
brokerage commissions and extraordinary expenses. FMR receives a fee that
is computed daily at an annual rate of .42% of the fund's average net
assets, reduced by the fees and expenses paid by the fund to the
non-interested Trustees.
SUB-ADVISER FEE. As each fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fees are paid prior to any voluntary
expense reimbursements which may be in effect, 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 fund, except Government, pays
Fidelity Distributors Corporation (FDC), an affiliate of FMR, a
distribution and service fee that is based on an annual rate of .32% of its
average net assets. Government pays FDC at an annual rate of .25% of its
average net assets. For the period,Class B of Treasury II, Government,
Domestic, and Money Market paid FDC $802,056, $52,709, $62,766 and
$253,898, respectively, all of which was paid to securities dealers, banks
and other financial institutions for selling shares and providing
shareholder support services on behalf of Treasury II, Government,
Domestic, and Money Market, respectively. Effective August 1, 1995, the
distribution and service fee for Class B of Treasury II, Domestic, and
Money Market was decreased to .25% of average net assets.
TRANSFER AGENT FEES. Fidelity Investments Institutional Operations Company
(FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and
shareholder servicing agent for the funds except for Tax-Exempt. UMB Bank,
n.a.(UMB) is the custodian and transfer and shareholder servicing agent for
Tax-Exempt. UMB has entered into a sub-contract with FIIOC to perform the
activities associated with the transfer and shareholder servicing agent
functions for Tax-Exempt. FIIOC receives account fees and asset-based fees
that vary according to account size. FIIOC pays for typesetting, printing
and mailing of all shareholder reports, except proxy statements. For the
period, FIIOC received transfer and shareholder servicing agent fees
amounting to $205,350 for Tax-Exempt.
ACCOUNTING FEES. Fidelity Service Co. (FSC), an affiliate of FMR, maintains
the accounting records for the funds except for Tax-Exempt. UMB also has a
sub-contract with FSC to maintain Tax-Exempt's accounting records. The
accounting fee is based on the level of average net assets for the month
plus out-of-pocket expenses. For the period, FSC received accounting fees
amounting to $237,209 for Tax-Exempt.
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 of Fidelity Institutional Cash
Portfolios) above an annual rate of .18% of average net assets for Fidelity
Institutional Cash Portfolios and Tax-Exempt, and .20% of average net
assets for Treasury Only. Effective July 1, 1995, the expense limitation
for Fidelity Institutional Cash Portfolios (excluding Money Market) and
Tax-Exempt increased to .20% of average net assets.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS. For the period, the reimbursement
reduced expenses by $277,978, $1,359,131, $918,501, $296,787 and $3,056,236
for Treasury, Treasury II, Government, Domestic and Money Market,
respectively.
TAX-EXEMPT. For the period, the reimbursement reduced expenses by $713,320.
TREASURY ONLY. For the period, the reimbursement reduced expenses by
$1,321,024.
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:
FUND NUMBER OF SHAREHOLDERS % OWNERSHIP
Treasury 3 54%
Treasury II 1 12%
Government 1 11%
Domestic 2 28%
Money Market 1 21%
7. SHARE TRANSACTIONS.
Share transactions for both classes of Treasury II, Government, Domestic
and Money Market at net asset value of $1.00 per share were as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
TREASURY II CLASS A SIX MONTHS YEAR
ENDED ENDED
SEPTEMBER 30, 199 MARCH 31,
5 1995 *
(UNAUDITED)
Proceeds from sales of shares 22,241,587,577 51,629,761,018
Reinvestment of distributions from net interest income 47,677,895 66,481,161
Shares redeemed (22,128,597,543) (51,559,646,169)
Net increase (decrease) in net assets and shares resulting from share transactions 160,667,929 136,596,010
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TREASURY II CLASS B
Proceeds from sales of shares 7,813,663,887 4,121,373,809
Reinvestment of distributions from net interest income 4,720,430 1,891,594
Shares redeemed (7,470,022,385) (3,542,818,006)
Net increase (decrease) in net assets and shares resulting from share transactions 348,361,932 580,447,397
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
GOVERNMENT CLASS A
Proceeds from sales of shares 11,792,570,570 25,831,576,012
Reinvestment of distributions from net interest income 41,923,167 70,455,356
Shares redeemed (11,680,859,368) (26,344,771,188)
Net increase (decrease) in net assets and shares resulting from share transactions 153,634,369 (442,739,820)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
GOVERNMENT CLASS B
Proceeds from sales of shares 195,257,988 264,194,203
Reinvestment of distributions from net interest income 647,731 736,478
Shares redeemed (187,261,919) (224,408,715)
Net increase (decrease) in net assets and shares resulting from share transactions 8,643,800 40,521,966
</TABLE>
(*) Share transactions for Government Class B are for the period April
4,1994 (commencement of sale of shares) to March 31, 1995.
<TABLE>
<CAPTION>
<S> <C> <C>
DOMESTIC CLASS A
Proceeds from sales of shares 3,487,982,680 7,602,650,013
Reinvestment of distributions from net interest income 9,370,835 11,742,701
Shares redeemed (3,448,669,826) (7,499,385,324)
Net increase (decrease) in net assets and shares resulting from share transactions 48,683,689 115,007,390
DOMESTIC CLASS B
Proceeds from sales of shares 273,757,415 273,550,017
Reinvestment of distributions from net interest income 1,087,816 779,088
Shares redeemed (259,768,224) (247,781,428)
Net increase (decrease) in net assets and shares resulting from share transactions 15,077,007 26,547,677
</TABLE>
(*) Share transactions for Domestic Class B are for the period July 19,1994
(commencement of sale of shares) to March 31, 1995.
7. SHARE TRANSACTIONS - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
MONEY MARKET CLASS A ENDED ENDED
SEPTEMBER 30, 199 MARCH 31,
5 1995 *
(UNAUDITED)
Proceeds from sales of shares 24,115,515,820 46,997,530,563
Reinvestment of distributions from net interest income 106,427,350 141,162,693
Shares redeemed (23,870,134,213) (45,208,411,681)
Net increase (decrease) in net assets and shares resulting from share transactions 351,808,957 1,930,281,575
MONEY MARKET CLASS B
Proceeds from sales of shares 870,600,515 1,727,673,441
Reinvestment of distributions from net interest income 2,516,148 10,646,994
Shares redeemed (1,195,298,762) (1,370,385,613)
Net increase (decrease) in net assets and shares resulting from share transactions (322,182,099) 367,934,822
</TABLE>
PROXY VOTING RESULTS
A special meeting of the shareholders of Fidelity Institutional Cash
Portfolios: Treasury was held on September 13, 1995. The results of votes
taken among shareholders on the proposal before them are listed below.
PROPOSAL
To approve an Agreement and Plan of Reorganization and Liquidation whereby
Treasury II, a series of Fidelity Institutional Cash Portfolios (FICP),
would acquire substantially all of the assets of FICP: Treasury, in
exchange solely for Class A Shares of beneficial interest in Treasury II,
and the assumption by Treasury II of FICP: Treasury's liabilities.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 662,934,583 83.770
Against 1,436,884 .182
Abstain 126,999,041 16.048
Broker Non-Votes 0,000,000,000 00.000
TOTAL 791,370,509 100.00
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Leland Barron, VICE PRESIDENT
Fred L. Henning, Jr., VICE PRESIDENT
Burnell Stehman, VICE PRESIDENT
John Todd, VICE PRESIDENT
Scott A. Orr, VICE PRESIDENT - TAX-EXEMPT
Arthur S. Loring, SECRETARY
Kenneth A. Rathgeber, TREASURER
Thomas D. Maher, ASSISTANT VICE PRESIDENT
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, ASSISTANT TREASURER
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Marvin L. Mann *
Gerald C. McDonough *
Thomas R. Williams *
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND
SHAREHOLDER
SERVICING AGENTS
Fidelity Investments Institutional Operations Company
Boston, MA
and
UMB 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:
TREASURY, GOVERNMENT, DOMESTIC
AND MONEY MARKET
DAILY MONEY FUND: TREASURY ONLY
Bank of New York
New York, NY
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY II
UMB Bank, n.a.
Kansas City, MO
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
* INDEPENDENT TRUSTEES
