(registered trademark)
FIDELITY
INSTITUTIONAL
MONEY MARKET
FUNDS
SEMIANNUAL REPORT
SEPTEMBER 30, 1996
FIMM-SANN-1196
21094
CONTENTS
SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS
FIDELITY INSTITUTIONAL CASH PORTFOLIOS:
TREASURY 3
GOVERNMENT 10
DOMESTIC 18
MONEY MARKET 28
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT 40
DAILY MONEY FUND:
TREASURY ONLY 62
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET 69
NOTES TO FINANCIAL STATEMENTS 78
FUND GOALS:
EACH OF TREASURY, GOVERNMENT, DOMESTIC, MONEY MARKET, TREASURY ONLY, AND
RATED MONEY MARKET SEEKS TO OBTAIN AS HIGH A LEVEL OF CURRENT INCOME AS IS
CONSISTENT WITH THE PRESERVATION OF PRINCIPAL AND LIQUIDITY WITHIN THE
LIMITATIONS PRESCRIBED FOR THE FUND.
TAX EXEMPT SEEKS AS HIGH A LEVEL OF INTEREST INCOME EXEMPT FROM FEDERAL
INCOME TAX AS IS CONSISTENT WITH A PORTFOLIO OF HIGH-QUALITY, SHORT-TERM
MUNICIPAL OBLIGATIONS SELECTED ON THE BASIS OF LIQUIDITY AND STABILITY OF
PRINCIPAL.
INVESTMENTS IN THE FUNDS ARE NEITHER INSURED NOR GUARANTEED BY THE U.S.
GOVERNMENT, AND THERE CAN BE NO ASSURANCE THAT
THE FUNDS WILL MAINTAIN A STABLE $1.00 SHARE PRICE.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE
FUNDS. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE
INVESTORS IN THE FUNDS UNLESS PRECEDED OR ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY,
ANY DEPOSITORY INSTITUTION.
SHARES ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER
AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
NEITHER THE FUNDS NOR FIDELITY
DISTRIBUTORS IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL THE APPROPRIATE NUMBER LISTED BELOW. READ
THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
RETIREMENT PLAN LEVEL ACCOUNTS
CORPORATE CLIENTS 1-800-962-1375
"NOT FOR PROFIT" CLIENTS 1-800-343-0860
FINANCIAL AND OTHER INSTITUTIONS
NATIONWIDE 1-800-843-3001
To reduce expenses and demonstrate respect for our environment, we have
initiated a project through which we will begin eliminating duplicate
copies of most financial reports and prospectuses to most households, even
if they have more than one account in the fund. If additional copies of
financial reports, prospectuses or historical account information are
needed, please call 1-800-544-6666.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
Showing Percentage of Total Value of Investments
U.S. TREASURY OBLIGATIONS - 15.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS
4/3/97 5.47% $ 5,000,000 $ 4,865,194
4/3/97 5.54 17,000,000 16,543,399
4/3/97 5.55 186,000,000 180,999,494
4/3/97 5.59 157,000,000 152,747,046
5/29/97 5.67 3,000,000 2,891,667
5/29/97 5.71 81,000,000 78,084,000
5/29/97 5.74 161,000,000 155,177,168
7/24/97 5.73 223,000,000 213,060,074
8/21/97 5.63 48,000,000 45,697,440
8/21/97 5.66 48,000,000 45,688,800
8/21/97 5.67 171,500,000 163,226,161
9/18/97 5.65 101,000,000 95,716,576
9/18/97 5.68 60,000,000 56,843,733
9/18/97 5.70 85,000,000 80,520,310
9/18/97 5.71 82,000,000 77,668,395
TOTAL U.S. TREASURY OBLIGATIONS 1,369,729,457
REPURCHASE AGREEMENTS - 84.5%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations)
dated 9/30/96,
due 10/1/96
(Notes 2 and 3)
At 5.75% $ 7,489,321,161 7,488,125,000
TOTAL INVESTMENTS - 100% $ 8,857,854,457
Total Cost for Income Tax Purposes $ 8,857,854,457
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $1,038,000 of which $31,000, $142,000, $1,000, $330,000 and
$534,000 will expire on March 31, 1997, 1999, 2001, 2002 and 2003,
respectively.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1996 (UNAUDITED)
1.ASSETS
Investment in securities, at value (including repurchase agreements of $7,488,125,000) - $ 8,857,854,457
See accompanying schedule
Cash 200,024
Interest receivable 1,196,095
2.TOTAL ASSETS 8,859,250,576
3.LIABILITIES
Distributions payable $ 25,789,406
Accrued management fee 1,202,709
Distribution fees payable 489,330
Other payables and accrued expenses 527,315
4.TOTAL LIABILITIES 28,008,760
5.NET ASSETS $ 8,831,241,816
Net Assets consist of:
Paid in capital $ 8,832,247,076
Accumulated net realized gain (loss) on investments (1,005,260)
6.NET ASSETS $ 8,831,241,816
7.8.CLASS I: $1.00
9.NET ASSET VALUE, offering price and redemption price per share
($6,713,409,673 (divided by) 6,714,069,696 shares)
10.CLASS II: $1.00
11.NET ASSET VALUE, offering price and redemption price per share
($40,563,574 (divided by) 40,567,562 shares)
12.CLASS III: $1.00
13.NET ASSET VALUE, offering price and redemption price per share
($2,077,268,569 (divided by) 2,077,472,793 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
14.15.INTEREST INCOME $ 241,293,066
16.EXPENSES
Management fee $ 9,053,085
Transfer agent fees 888,035
Class I
Class II 6,221
Class III 262,810
Distribution fees 24,368
Class II
Class III 2,568,905
Accounting fees and expenses 368,215
Non-interested trustees' compensation 22,221
Custodian fees and expenses 22,175
Registration fees 165,356
Class I
Class II 44,749
Class III 101,381
Audit 52,071
Legal 35,427
Miscellaneous 18,558
Total expenses before reductions 13,633,577
Expense reductions (1,994,437) 11,639,140
17.NET INTEREST INCOME 229,653,926
18.19.NET REALIZED GAIN (LOSS) ON INVESTMENTS 87,163
20.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 229,741,089
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31,
1996 1996
(UNAUDITED)
21.INCREASE (DECREASE) IN NET ASSETS
Operations $ 229,653,926 $ 370,769,223
Net interest income
Net realized gain (loss) 87,163 106,955
22.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 229,741,089 370,876,178
Distributions to shareholders (178,656,576) (320,652,604)
From net interest income
Class I
Class II (810,432) (1,677,682)
Class III (50,186,918) (48,438,937)
23.TOTAL DISTRIBUTIONS (229,653,926) (370,769,223)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (524,106,664) 1,299,702,691
Class II 93,144 40,474,418
Class III 642,018,957 849,830,905
Net asset value of Class I shares issued in exchange for the net assets of - 1,004,156,957
Fidelity Institutional Cash Portfolios: Treasury
Net asset value of Class I shares issued in exchange for the net assets of - 141,780,306
Fidelity Money Market Trust: U.S. Treasury Portfolio
Net asset value of Class I shares issued in exchange for the net assets of 103,327,567 -
State & Local Asset Management Series: U.S. Government Portfolio
24.TOTAL SHARE TRANSACTIONS 221,333,004 3,335,945,277
25.TOTAL INCREASE (DECREASE) IN NET ASSETS 221,420,167 3,336,052,232
26.NET ASSETS
Beginning of period 8,609,821,649 5,273,769,417
End of period $ 8,831,241,816 $ 8,609,821,649
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS I
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30,
1996
(UNAUDITED) 1996 1995 1994 1993 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .026 .056 .047 .030 .034 .053
Less Distributions
From net interest income (.026) (.056) (.047) (.030) (.034) (.053)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.60% 5.79% 4.78% 3.06% 3.46% 5.41%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 6,713,410 $ 7,134,049 $ 4,688,198 $ 4,551,918 $ 5,589,663 $ 5,476,852
Ratio of expenses to average net assets .20% A, .20% .18% .18% .18% .18%
C C C C C C
Ratio of net interest income to average net
assets 5.13% A 5.61% 4.71% 3.01% 3.38% 5.12%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED NOVEMBER 6, 1995
SEPTEMBER 30, 1996 (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .025 .021
Less Distributions
From net interest income (.025) (.021)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 2.53% 2.14%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 40,564 $ 40,470
Ratio of expenses to average net assets .35% A, C .35% A,
C
Ratio of net interest income to average net assets 4.99% A 5.18% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS III
SIX MONTHS ENDED YEARS ENDED MARCH 31, OCTOBER 22, 1993
SEPTEMBER 30, (COMMENCEMENT
1996 OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996 1995 1994
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .024 .054 .044 .012
Less Distributions
From net interest income (.024) (.054) (.044) (.012)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.47% 5.50% 4.45% 1.21%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 2,077,269 $ 1,435,302 $ 585,571 $ 5,175
Ratio of expenses to average net assets .45% A, C .46% C .50% C .50% A,
C
Ratio of net interest income to average net assets 4.89% A 5.28% 4.91% 2.69% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
Showing Percentage of Total Value of Investments
FEDERAL AGENCIES - 62.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL FARM CREDIT BANK - AGENCY COUPONS (A) - 2.7%
10/1/96 5.54% $ 6,000,000 $ 5,997,848
10/1/96 5.58 94,000,000 93,971,057
99,968,905
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 4.0%
10/1/96 5.74 2,000,000 1,999,557
10/28/96 5.36 14,000,000 13,990,104
11/2/96 5.26 133,000,000 132,896,340
148,886,001
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 2.9%
1/29/97 5.64 107,000,000 105,045,467
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 6.4%
10/7/96 5.32 65,665,000 65,606,996
10/7/96 5.34 10,000,000 9,991,142
10/10/96 5.32 24,000,000 23,968,200
10/10/96 5.35 23,000,000 22,969,410
11/4/96 5.36 4,000,000 3,980,016
11/4/96 5.42 13,000,000 12,934,437
11/4/96 5.43 49,000,000 48,752,414
11/5/96 5.36 49,600,000 49,344,904
237,547,519
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 33.9%
10/1/96 5.27 108,000,000 107,991,642
10/1/96 5.33 43,000,000 42,959,712
10/1/96 5.34 56,000,000 56,311,207
10/1/96 5.35 11,000,000 10,995,749
10/1/96 5.36 344,000,000 343,862,467
10/1/96 5.38 62,000,000 61,967,519
10/1/96 5.42 54,000,000 53,955,687
10/1/96 5.48 51,000,000 51,000,000
10/1/96 5.51 113,000,000 113,000,000
10/1/96 5.77 6,000,000 6,000,000
10/1/96 5.85 190,000,000 190,000,000
10/11/96 5.39 42,000,000 41,998,898
11/1/96 5.59 95,000,000 94,950,047
11/21/96 5.40 31,000,000 30,989,835
12/20/96 5.54 45,000,000 44,977,788
1,250,960,551
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 7.5%
10/16/96 5.37% $ 86,000,000 $ 85,812,950
10/21/96 5.43 32,000,000 31,904,889
10/23/96 5.43 26,000,000 25,914,994
11/8/96 5.36 26,235,000 26,088,506
2/4/97 5.45 7,000,000 6,870,150
2/5/97 5.45 50,000,000 49,065,139
2/7/97 5.45 50,000,000 49,050,417
274,707,045
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 4.9%
10/1/96 5.41 5,000,000 5,000,000
10/1/96 5.46 170,000,000 170,000,000
10/1/96 5.59 5,000,000 5,001,642
180,001,642
TOTAL FEDERAL AGENCIES 2,297,117,130
U.S. TREASURY OBLIGATIONS - 9.0%
U.S. TREASURY BILLS
4/3/97 5.54 50,000,000 48,657,056
4/3/97 5.55 70,000,000 68,118,089
8/21/97 5.63 17,500,000 16,660,525
8/21/97 5.66 17,500,000 16,657,375
8/21/97 5.67 64,500,000 61,388,265
9/18/97 5.65 30,000,000 28,430,667
9/18/97 5.68 33,000,000 31,264,053
9/18/97 5.70 19,000,000 17,998,658
9/18/97 5.71 44,000,000 41,675,724
TOTAL U.S. TREASURY OBLIGATIONS 330,850,412
MEDIUM-TERM NOTES (A) (B) - 0.8%
Export-Import Bank, U.S. (as guarantor for K.A. Leasing, Ltd.)
10/15/96 5.29 2,718,537 2,718,537
10/15/96 5.56 26,317,511 26,317,511
TOTAL MEDIUM-TERM NOTES 29,036,048
REPURCHASE AGREEMENTS - 27.9%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account (Notes 2 and 3):
(U.S. Treasury Obligations)
dated 9/30/96 due 10/1/96
At 5.75% $ 202,919,418 $ 202,887,000
(U.S. Government Obligations):
dated 9/30/96 due 10/1/96
At 5.87% 265,532,299 265,489,000
dated 9/5/96 due 10/2/96
At 5.39% 123,497,228 123,000,000
dated 9/18/96 due 10/2/96
At 5.34% 262,544,087 262,000,000
dated 9/9/96 due 10/9/96
At 5.40% 89,400,500 89,000,000
dated 9/16/96 due 12/2/96
At 5.40% 89,016,400 88,000,000
TOTAL REPURCHASE AGREEMENTS 1,030,376,000
TOTAL INVESTMENTS - 100% $ 3,687,379,590
Total Cost for Income Tax Purposes $ 3,687,379,590
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due dates on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
2. 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
Export-Import Bank, U.S.
(as guarantor for
K.A. Leasing, Ltd.) 3/1/94 $ 29,036,048
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $1,096,700 of which $200, $53,000, $271,000, $761,000 and
$11,500 will expire on March 31, 1997, 2001, 2002, 2003 and 2004,
respectively.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1996 (UNAUDITED)
3.ASSETS
Investment in securities, at value (including repurchase agreements of $1,030,376,000) - $ 3,687,379,590
See accompanying schedule
Interest receivable
20,055,562
4.TOTAL ASSETS 3,707,435,152
5.LIABILITIES
Payable to custodian bank $ 53,854
Payable for investments purchased 132,896,340
Payable for reverse repurchase agreements 116,789,514
Share transactions in process 250,004
Distributions payable 8,862,949
Accrued management fee 414,703
Other payables and accrued expenses
324,611
6.TOTAL LIABILITIES
259,591,975
7.NET ASSETS $ 3,447,843,177
Net Assets consist of:
Paid in capital $ 3,448,856,602
Accumulated net realized gain (loss) on investments
(1,013,425)
8.NET ASSETS $ 3,447,843,177
9.CLASS I: $1.00
10.NET ASSET VALUE, offering price and redemption price per share
($3,000,952,441 (divided by) 3,001,396,329 shares)
11.CLASS II: $1.00
12.NET ASSET VALUE, offering price and redemption price per share
($58,366,267 (divided by) 58,374,903 shares)
13.CLASS III: $1.00
14.NET ASSET VALUE, offering price and redemption price per share
($388,524,469 (divided by) 388,581,938 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
15.16.INTEREST INCOME $ 96,183,933
17.EXPENSES
Management fee $ 3,533,367
Transfer agent fees 492,719
Class I
Class II 7,942
Class III 61,176
Distribution fees 31,630
Class II
Class III 386,641
Accounting fees and expenses 159,316
Non-interested trustees' compensation 2,283
Custodian fees and expenses 23,970
Registration fees 111,201
Class I
Class II 60,896
Class III 96,577
Audit 18,210
Legal 12,243
Miscellaneous
9,475
Total expenses before reductions 5,007,646
Expense reductions
(1,055,206) 3,952,440
18.NET INTEREST INCOME
92,231,493
19.20.NET REALIZED GAIN (LOSS) ON INVESTMENTS
7,227
21.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 92,238,720
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED MARCH 31,
SEPTEMBER 1996
30,1996
(UNAUDITED)
22.INCREASE (DECREASE) IN NET ASSETS
Operations $ 92,231,493 $ 196,329,755
Net interest income
Net realized gain (loss)
7,227 (11,447)
23.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
92,238,720 196,318,308
Distributions to shareholders (83,434,968) (192,250,800)
From net interest income
Class I
Class II (1,069,158) (2,158)
Class III
(7,727,367) (4,076,797)
24.TOTAL DISTRIBUTIONS (92,231,493) (196,329,755)
Share transactions - net increase (decrease) (63,225,855) (473,028,897)
at net asset value of $ 1.00 per share:
Class I
Class II 58,272,742 102,161
Class III
194,062,405 153,997,567
Net asset value of Class I shares issued in exchange for the net assets of
Fidelity Money Market Trust: U.S. Government Portfolio - 216,086,107
25.TOTAL SHARE TRANSACTIONS 189,109,292 (102,843,062)
26.TOTAL INCREASE (DECREASE) IN NET ASSETS 189,116,519 (102,854,509)
27.NET ASSETS
Beginning of period
3,258,726,658 3,361,581,167
End of period $ 3,447,843,177 $ 3,258,726,658
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1996
(UNAUDITED) 1996 1995 1994 1993 1992
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .026 .057 .048 .031 .035 .054
Less Distributions
From net interest income (.026) (.057) (.048) (.031) (.035) (.054)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.66% 5.84% 4.86% 3.13% 3.56% 5.55%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 3,000,952 $ 3,064,136 $ 3,321,066 $ 3,764,544 $ 5,686,166 $ 4,603,781
Ratio of expenses to average net assets .20% A, .20% .18% .18% .18% .18%
C C C C C C
Ratio of net interest income to average 5.24% A 5.69% 4.77% 3.07% 3.50% 5.33%
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED NOVEMBER 6,
SEPTEMBER 30, 1996 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .026 .021
Less Distributions
From net interest income (.026) (.021)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 2.58% 2.16%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 58,366 $ 102
Ratio of expenses to average net assets .35% A, C .35% A,
C
Ratio of net interest income to average net assets 5.10% A 5.33% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS III
SIX MONTHS ENDED YEAR ENDED APRIL 4, 1994
SEPTEMBER 30, MARCH 31, (COMMENCEMENT
1996 OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .025 .054 .045
Less Distributions
From net interest income (.025) (.054) (.045)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.53% 5.58% 4.57%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 388,524 $ 194,489 $ 40,516
Ratio of expenses to average net assets .45% A, C .45% C .43% A,
C
Ratio of net interest income to average net assets 5.00% A 5.30% 5.13% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
Showing Percentage of Total Value of Investments
BANKERS' ACCEPTANCES - 2.0%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC BANKERS' ACCEPTANCES
Chase Manhattan Bank (USA)
10/7/96 5.33% $ 3,581,945 $ 3,578,787
11/12/96 5.42 3,409,989 3,388,705
11/14/96 5.36 2,072,746 2,059,344
11/18/96 5.36 6,629,347 6,582,588
11/18/96 5.41 2,694,145 2,674,963
11/20/96 5.36 2,663,817 2,644,246
2/19/97 5.72 2,338,950 2,287,832
TOTAL BANKERS' ACCEPTANCES 23,216,465
CERTIFICATES OF DEPOSIT - 4.6%
DOMESTIC CERTIFICATES OF DEPOSIT
Bank of New York - Delaware
4/29/97 5.80 4,000,000 4,000,000
Chase Manhattan Bank (USA)
3/10/97 5.77 15,000,000 15,000,000
First Tennessee Bank, NA Memphis
10/21/96 5.34 4,000,000 4,000,000
Mellon Bank, NA
11/19/96 5.38 10,000,000 10,000,000
3/4/97 5.82 5,000,000 5,000,000
Old Kent Bank - Michigan
11/27/96 5.50 15,000,000 15,000,000
TOTAL CERTIFICATES OF DEPOSITS 53,000,000
COMMERCIAL PAPER - 47.1%
AVCO Financial Services
10/10/96 5.54 16,284,000 16,261,772
American Brands, Inc.
10/25/96 5.42 5,000,000 4,982,000
American Express Credit Corp.
10/17/96 5.35 15,000,000 14,964,667
10/21/96 5.35 25,000,000 24,926,389
Asset Securitization Cooperative Corp.
10/15/96 5.33 3,000,000 2,993,828
10/22/96 5.35 7,000,000 6,978,358
Associates Corp. of North America
10/31/96 5.37 20,000,000 19,911,333
12/31/96 5.45 7,000,000 6,904,981
Bank of New York Company, Inc.
10/3/96 5.48 10,000,000 9,997,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Bear Stearns Cos., Inc.
11/20/96 5.40% $ 5,000,000 $ 4,963,056
CIT Group Holdings, Inc.
10/30/96 5.38 5,000,000 4,978,451
12/3/96 5.56 10,000,000 9,904,100
Chrysler Financial Corporation
12/2/96 5.45 2,000,000 1,981,400
Citibank Credit Card Master Trust I (Dakota Certificate Program)
10/7/96 5.42 5,000,000 4,995,500
11/20/96 5.39 2,000,000 1,985,222
Corporate Asset Funding Co., Inc.
12/19/96 5.45 10,000,000 9,882,049
Dean Witter, Discover & Co.
1/31/97 5.51 10,000,000 9,817,678
Electronic Data Systems
10/7/96 5.40 6,000,000 5,994,630
11/12/96 5.42 5,000,000 4,968,675
Enterprise Funding Corp.
10/3/96 5.32 8,274,000 8,271,568
10/3/96 5.39 1,794,000 1,793,465
11/8/96 5.40 5,000,000 4,971,869
Fleet Funding Corp.
10/10/96 5.40 5,000,000 4,993,275
Ford Motor Credit Corp.
10/4/96 5.37 11,000,000 10,995,096
10/9/96 5.34 15,000,000 14,982,333
10/22/96 5.52 20,000,000 19,936,533
GTE Corp.
10/22/96 5.39 5,000,000 4,984,338
General Electric Capital Corp.
11/4/96 5.48 5,000,000 4,974,831
2/18/97 5.51 20,000,000 19,583,111
3/12/97 5.76 7,000,000 6,823,600
General Electric Co.
10/3/96 5.38 25,000,000 24,992,556
10/22/96 5.35 7,000,000 6,978,358
General Motors Acceptance Corp.
10/8/96 5.42 10,000,000 9,989,500
11/26/96 5.68 5,000,000 4,956,989
12/4/96 5.70 8,000,000 7,921,280
2/20/97 5.70 3,000,000 2,934,384
2/24/97 5.71 3,000,000 2,932,475
2/25/97 5.71 5,000,000 4,886,688
3/31/97 5.70 6,000,000 5,832,877
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Goldman Sachs Group, L.P. (The)
10/29/96 5.38% $ 15,000,000 $ 14,937,583
Household Finance Corp.
10/30/96 5.39 5,000,000 4,978,492
IBM Corp.
10/18/96 5.40 15,000,000 14,961,963
10/23/96 5.32 20,000,000 19,935,589
IBM Credit Corp.
10/11/96 5.39 10,000,000 9,985,111
10/22/96 5.52 13,600,000 13,556,367
11/26/96 5.38 5,000,000 4,958,544
International Lease Finance Corp.
10/1/96 5.39 4,000,000 4,000,000
Lilly (Eli) & Co.
11/12/96 5.45 10,000,000 9,938,167
Lucent Technologies, Inc.
11/18/96 5.41 10,000,000 9,928,933
Merrill Lynch & Co., Inc.
3/11/97 5.76 5,000,000 4,874,778
3/12/97 5.68 4,000,000 3,900,550
Morgan Stanley Group, Inc.
10/15/96 5.35 10,000,000 9,979,389
10/15/96 5.41 10,000,000 9,979,078
10/21/96 5.35 10,000,000 9,970,556
New Center Asset Trust
12/2/96 5.63 2,000,000 1,981,056
2/13/97 5.58 5,000,000 4,898,188
Norwest Financial
10/21/96 5.35 10,000,000 9,970,556
PHH Corp.
10/24/96 5.32 6,185,000 6,164,175
Preferred Receivables Funding Corp.
10/2/96 5.35 5,125,000 5,124,243
10/2/96 5.39 2,000,000 1,999,702
10/3/96 5.32 4,000,000 3,998,824
Sears Roebuck Acceptance Corp.
10/8/96 5.51 3,000,000 2,996,821
10/21/96 5.36 2,000,000 1,994,100
Sherwood Medical Company
10/2/96 5.36 10,847,000 10,845,397
10/21/96 5.49 1,000,000 996,972
Smith Barney, Inc.
10/1/96 5.41 10,000,000 10,000,000
TOTAL COMMERCIAL PAPER 547,981,349
FEDERAL AGENCIES - 18.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 2.0%
10/2/96 5.46% $ 5,000,000 $ 4,999,988
12/13/96 5.51 11,000,000 10,998,620
12/20/96 5.51 7,000,000 6,999,037
22,997,645
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 8.5%
9/29/96 5.35 8,000,000 7,995,309
10/1/96 5.33 6,000,000 5,994,378
10/1/96 5.42 25,000,000 24,979,485
10/1/96 5.48 15,000,000 15,000,000
10/2/96 5.36 25,000,000 24,988,671
11/1/96 5.59 15,000,000 14,992,113
12/20/96 5.54 5,000,000 4,997,532
98,947,488
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 5.4%
1/21/97 5.65 10,000,000 9,828,889
2/3/97 5.62 20,000,000 19,620,833
2/11/97 5.41 15,000,000 14,708,508
3/11/97 5.62 20,000,000 19,510,739
63,668,969
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 2.6%
10/1/96 5.46 10,000,000 10,000,000
10/16/96 5.68 20,000,000 20,000,000
30,000,000
TOTAL FEDERAL AGENCIES 215,614,102
BANK NOTES - 11.7%
Bank of America National Trust & Savings Assoc.
10/15/96 5.55 15,000,000 14,999,942
12/31/96 5.69 10,000,000 9,998,349
3/12/97 5.75 15,000,000 15,000,000
3/25/97 5.59 10,000,000 10,000,000
Bank of New York - Delaware
10/30/96 5.78 (a) 8,000,000 8,000,000
Comerica Bank
10/27/96 5.68 (a) 6,000,000 5,999,775
Household Bank, FSB
11/15/96 5.42 1,000,000 1,000,000
Huntington National Bank
11/8/96 5.49 10,000,000 9,999,734
BANK NOTES - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Key Bank, NA
10/1/96 5.71% (a) $ 4,000,000 $ 3,997,910
Key Bank of New York
10/1/96 5.44 (a) 7,000,000 6,996,053
LaSalle National Bank
10/10/96 5.55% 15,000,000 15,000,000
NBD Bank, NA
11/18/96 5.37 10,000,000 10,000,000
12/2/96 5.49 10,000,000 10,000,000
PNC Bank
10/8/96 5.47 (a) 7,000,000 6,996,686
10/21/96 5.48 (a) 5,000,000 4,999,470
Seattle First National Bank
10/4/96 5.43 (a) 3,000,000 2,999,377
TOTAL BANK NOTES 135,987,296
MASTER NOTES (A) - 2.9%
Goldman Sachs Group, L.P. (The)
11/8/96 5.50 6,000,000 6,000,000
J.P. Morgan Securities
10/7/96 5.49 15,000,000 15,000,000
10/7/96 5.50 4,000,000 4,000,000
Norwest Corp.
10/1/96 5.44 9,000,000 9,000,000
TOTAL BANK NOTES 34,000,000
MEDIUM-TERM NOTES (A) - 2.9%
Beneficial Corp.
10/19/96 5.63 8,000,000 7,998,900
General Motors Acceptance Corp.
11/1/96 5.68 7,000,000 7,000,000
2/13/97 5.32 2,000,000 1,999,942
Merrill Lynch & Co.
10/18/96 5.44 5,000,000 4,999,130
Morgan Stanley Group, Inc.
10/1/96 5.46 6,000,000 6,000,000
Pacific Mutual Life Insurance Co. (d)
12/9/96 5.72 3,000,000 3,000,000
Transamerica Life Insurance and Annuity Co. (d)
12/15/96 5.59 3,000,000 3,000,000
TOTAL MEDIUM-TERM NOTES 33,997,972
SHORT-TERM NOTES (A) - 5.8%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
CSA Funding - C (c)
10/7/96 5.57% $ 10,000,000 $ 10,000,000
Capital One Funding Corp. (1995-D)
10/7/96 5.61 3,741,000 3,741,000
Capital One Funding Corp. (1996-G)
10/7/96 5.61 10,000,000 10,000,000
SMM Trust (1995-D) (b)
10/27/96 5.68 7,000,000 7,000,000
SMM Trust (1995-N) (b)
11/8/96 5.55 2,000,000 2,000,000
SMM Trust (1995-P) (b)
12/15/96 5.68 3,000,000 3,000,000
SMM Trust (1996-B) (b)
10/4/96 5.49 8,000,000 8,000,000
SMM Trust (1996-V) (b)
12/26/96 5.71 24,000,000 24,000,000
TOTAL SHORT-TERM NOTES 67,741,000
REPURCHASE AGREEMENTS - 4.5%
MATURITY
AMOUNT
In a joint trading account:
(U.S. Treasury Obligations)
dated 9/30/96 due 10/1/96
At 5.75% $ 2,326,372 2,326,000
(U.S. Government Obligations)
dated 9/25/96 due 10/2/96
At 5.40% 50,052,500 50,000,000
TOTAL REPURCHASE AGREEMENTS 52,326,000
TOTAL INVESTMENTS - 100% $ 1,163,864,184
Total Cost for Income Tax Purposes $ 1,163,864,184
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due dates on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
2. 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 $44,000,000 or 3.78% of net
assets.
3. 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
4. Restricted security; subject to resale restrictions.
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $93,000 of which $44,000 and $49,000 will expire on March 31,
2001 and 2003, respectively.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1996 (UNAUDITED)
5.ASSETS
Investment in securities, at value (including repurchase agreements of $52,326,000) - $ 1,163,864,184
See accompanying schedule
Cash 1,837
Receivable for investments sold 130,000
Interest receivable 4,416,700
6.TOTAL ASSETS 1,168,412,721
7.LIABILITIES
Distributions payable $ 2,793,151
Accrued management fee 168,591
Other payables and accrued expenses 207,129
8.TOTAL LIABILITIES 3,168,871
9.NET ASSETS $ 1,165,243,850
Net Assets consist of:
Paid in capital $ 1,165,343,221
Accumulated net realized gain (loss) on investments (99,371)
10.NET ASSETS $ 1,165,243,850
11.CLASS I: $1.00
12.NET ASSET VALUE, offering price and redemption price per share
($1,115,432,972 (divided by) 1,115,513,133 shares)
13.CLASS II: $1.00
14.NET ASSET VALUE, offering price and redemption price per share
($140,910 (divided by) 140,920 shares)
15.CLASS III: $1.00
16.NET ASSET VALUE, offering price and redemption price per share
($49,669,968 (divided by) 49,673,538 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
17.18.INTEREST INCOME $ 34,183,141
19.EXPENSES
Management fee $ 1,255,821
Transfer agent fees 223,180
Class I
Class II 844
Class III 11,174
Distribution fees 115
Class II
Class III 60,797
Accounting fees and expenses 73,367
Non-interested trustees' compensation 4,364
Custodian fees and expenses 15,040
Registration fees 168,867
Class I
Class II 41,525
Class III 35,056
Audit 9,128
Legal 4,455
Miscellaneous 4,667
Total expenses before reductions 1,908,400
Expense reductions (591,670) 1,316,730
20.NET INTEREST INCOME 32,866,411
21.22.NET REALIZED GAIN (LOSS) ON INVESTMENTS (6,374)
23.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 32,860,037
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1996 MARCH 31,
(UNAUDITED) 1996
24.INCREASE (DECREASE) IN NET ASSETS
Operations $ 32,866,411 $ 54,364,888
Net interest income
Net realized gain (loss) (6,374) 4,858
25.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 32,860,037 54,369,746
Distributions to shareholders (31,647,030) (52,167,430)
From net interest income
Class I
Class II (3,918) (3,529)
Class III (1,215,463) (2,193,929)
26.TOTAL DISTRIBUTIONS (32,866,411) (54,364,888)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (2,477,686) 345,973,988
Class II (1,963,965) 2,104,885
Class III 2,274,540 20,851,321
27.TOTAL SHARE TRANSACTIONS (2,167,111) 368,930,194
28.TOTAL INCREASE (DECREASE) IN NET ASSETS (2,173,485) 368,935,052
29.NET ASSETS
Beginning of period 1,167,417,335 798,482,283
End of period $ 1,165,243,850 $ 1,167,417,335
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30,
1996
(UNAUDITED) 1996 1995 1994 1993 1992
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .026 .057 .049 .031 .034 .054
Less Distributions
From net interest income (.026) (.057) (.049) (.031) (.034) (.054)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.66% 5.85% 4.97% 3.14% 3.50% 5.50%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,115,433 $ 1,117,917 $ 771,937 $ 656,976 $ 804,354 $ 558,727
Ratio of expenses to average net assets .20% A, .20% C .18% C .18% C .18% C .18% C
after C
expense reductions
Ratio of net interest income to average 5.24% A 5.66% 4.94% 3.09% 3.43% 5.24%
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED NOVEMBER 6, 1995
SEPTEMBER 30, (COMMENCEMENT
1996 OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .026 .021
Less Distributions
From net interest income (.026) (.021)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 2.58% 2.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 141 $ 2,105
Ratio of expenses to average net assets .35% A, C .35% A, C
Ratio of net interest income to average net assets 5.07% A 5.20% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS III
SIX MONTHS ENDED YEAR ENDED JULY 19, 1994
SEPTEMBER 30, MARCH 31, (COMMENCEMENT
1996 OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .025 .054 .035
Less Distributions
From net interest income (.025) (.054) (.035)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.53% 5.56% 3.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 49,670 $ 47,396 $ 26,545
Ratio of expenses to average net assets .45% A, C .47% C .50% A, C
Ratio of net interest income to average net assets 5.00% A 5.40% 5.14% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
Showing Percentage of Total Value of Investments
BANKERS' ACCEPTANCES - 0.1%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC BANKERS' ACCEPTANCES
Chase Manhattan Bank
10/23/96 5.50% $ 2,650,378 $ 2,641,713
11/25/96 5.53 4,062,295 4,029,091
TOTAL BANKERS' ACCEPTANCES 6,670,804
CERTIFICATES OF DEPOSIT - 28.1%
DOMESTIC CERTIFICATES OF DEPOSIT - 2.3%
Chase Manhattan Bank
1/7/97 5.85 50,000,000 50,000,000
Chase Manhattan Bank (USA)
3/10/97 5.75 35,000,000 35,000,000
First Tennessee Bank, NA Memphis
10/21/96 5.34 10,000,000 10,000,000
Mellon Bank, NA
10/7/96 5.38 10,000,000 10,000,000
11/26/96 5.38 50,000,000 50,000,000
Morgan Guaranty Trust, NY
8/12/97 5.80 50,000,000 49,969,918
204,969,918
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.3%
Bank of Nova Scotia
2/19/97 5.54 25,000,000 25,000,000
6/10/97 6.02 8,000,000 7,988,931
32,988,931
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 20.5%
ABN-AMRO Bank
11/15/96 5.45 40,000,000 39,998,987
12/2/96 5.51 5,000,000 5,000,000
2/3/97 5.55 75,000,000 75,000,000
3/3/97 5.77 50,000,000 50,000,000
Bank of Montreal
10/15/96 5.40 18,000,000 18,000,000
Bank of Tokyo - Mitsubishi Ltd.
10/15/96 5.67 131,000,000 131,000,000
11/7/96 5.51 6,000,000 6,000,091
Banque Nationale de Paris
11/4/96 5.37 125,000,000 125,000,000
11/5/96 5.36 75,000,000 75,000,000
11/13/96 5.40 50,000,000 50,000,000
11/18/96 5.40 50,000,000 50,000,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Bayerische Landesbank Girozentrale
10/30/96 5.74% (a) $ 30,000,000 $ 30,000,000
11/6/96 5.38 150,000,000 150,004,437
4/22/97 5.85 47,000,000 47,000,000
Bayerische Vereinsbank A.G.
2/3/97 5.57 100,000,000 100,000,000
Caisse Nationale de Credit Agricole
3/24/97 5.62 100,000,000 100,000,000
Canadian Imperial Bank of Commerce
12/5/96 5.63 15,000,000 15,000,000
Commerzbank, Germany
10/1/96 5.38 100,000,000 100,000,000
11/4/96 5.35 100,000,000 100,000,000
Commonwealth Bank of Australia
11/8/96 5.42 19,000,000 19,000,000
Deutsche Bank, Germany
3/4/97 5.76 50,000,000 50,000,000
Dresdner Bank, Germany
10/15/96 5.43 25,000,000 25,000,000
Landesbank Hessen - Thuringen
11/6/96 5.40 50,000,000 50,000,493
9/5/97 6.20 40,000,000 40,003,544
National Australia Bank
10/2/96 5.41 5,000,000 5,000,006
National Westminster Bank, PLC
2/12/97 5.54 50,000,000 50,000,000
Royal Bank of Canada
10/31/96 5.45 32,000,000 31,998,598
12/31/96 5.52 15,000,000 14,998,711
Sanwa Bank, Ltd.
10/4/96 5.50 35,000,000 35,000,000
10/28/96 5.66 19,000,000 19,000,000
10/31/96 5.68 18,000,000 18,000,000
11/4/96 5.69 52,000,000 52,000,000
Societe Generale, France
11/6/96 5.36 35,000,000 35,000,664
12/2/96 5.52 40,000,000 40,000,000
Sumitomo Bank, Ltd.
10/9/96 5.50 35,000,000 35,000,000
10/15/96 5.50 17,000,000 17,000,000
11/14/96 5.50 17,000,000 17,000,000
Westpac Banking Corp.
3/3/97 5.80 12,000,000 12,000,000
1,833,005,531
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 5.0%
Abbey National, Treasury Services
11/13/96 5.52% $ 25,000,000 $ 25,000,000
12/3/96 5.52 75,000,000 75,000,000
Bank of Scotland Treasury Services
3/17/97 5.75 15,000,000 15,000,000
Bank of Tokyo - Mitsubishi Ltd.
10/2/96 5.47 35,000,000 35,000,124
10/21/96 5.45 5,000,000 5,000,023
Banque Nationale de Paris
12/4/96 5.56 10,000,000 10,000,346
Bayerische Hypotheken-und Weschel
10/17/96 5.44 25,000,000 25,000,108
11/14/96 5.50 9,000,000 8,999,392
11/29/96 5.50 50,000,000 49,998,204
12/6/96 5.44 15,000,000 15,003,037
2/21/97 5.78 20,000,000 19,981,177
3/10/97 5.80 17,000,000 17,000,000
Bayerische Landesbank Girozentrale
2/19/97 5.75 25,000,000 24,978,449
2/19/97 5.77 20,000,000 19,982,062
Bayerische Vereinsbank A.G.
3/10/97 5.80 10,000,000 10,000,000
Kredietbank, N.V.
10/15/96 5.38 15,000,000 15,000,087
Rabobank Nederland, N.V.
6/4/97 5.96 25,000,000 25,000,806
Swiss Bank Corp.
10/11/96 5.55 50,000,000 50,000,274
445,944,089
TOTAL CERTIFICATES OF DEPOSIT 2,516,908,469
COMMERCIAL PAPER - 37.9%
ABN-AMRO North America Finance, Inc.
3/6/97 5.76 50,000,000 48,786,667
A.H. Robins Company, Incorporated
10/9/96 5.37 25,000,000 24,970,389
ANZ (DE), Inc.
11/27/96 5.37 25,000,000 24,789,417
AVCO Financial Services
10/22/96 5.35 10,000,000 9,969,083
American Express Credit Corp.
10/23/96 5.35 100,000,000 99,676,112
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
American Home Food Products, Inc.
10/3/96 5.40% $ 50,000,000 $ 49,985,000
American Home Products
10/3/96 5.40 17,900,000 17,894,650
10/25/96 5.34 25,000,000 24,911,333
10/25/96 5.37 45,000,000 44,839,500
10/28/96 5.36 27,000,000 26,892,067
10/28/96 5.40 10,000,000 9,959,875
11/5/96 5.35 35,000,000 34,818,972
Asset Securitization Coop. Corp.
10/1/96 5.45 15,000,000 15,000,000
10/15/96 5.33 20,000,000 19,958,856
10/22/96 5.35 41,000,000 40,873,242
Associates Corp. of North America
10/1/96 6.00 200,000,000 200,000,000
10/22/96 5.35 12,000,000 11,962,900
11/18/96 5.40 50,000,000 49,643,333
11/19/96 5.40 50,000,000 49,635,903
BHF Finance (Delaware), Inc.
11/18/96 5.37 15,000,000 14,894,000
Bear Stearns Cos., Inc.
10/31/96 5.44 16,000,000 15,928,467
Beneficial Corp.
10/8/96 5.40 25,000,000 24,973,896
10/30/96 5.52 10,000,000 9,956,178
CIT Group Holdings, Inc.
10/29/96 5.37 75,000,000 74,688,500
11/6/96 5.38 50,000,000 49,732,500
Caisse d'Amortissement de la Dette Sociale
10/11/96 5.54 42,500,000 42,435,424
10/21/96 5.35 9,000,000 8,973,500
10/22/96 5.50 25,000,000 24,920,813
12/20/96 5.64 25,000,000 24,695,556
3/5/97 5.76 30,000,000 29,276,667
3/10/97 5.82 100,000,000 97,488,888
Caisse des Depots et Consignations
10/11/96 5.40 100,000,000 99,850,556
Capital Asset Funding Co., Inc.
10/25/96 5.35 25,000,000 24,911,667
Cheltenham & Gloucester PLC
11/21/96 5.39 10,000,000 9,924,633
Chrysler Financial Corporation
11/4/96 5.40 10,000,000 9,949,283
12/2/96 5.45 10,000,000 9,907,000
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Citibank Credit Card Master Trust I (Dakota Certificate Program)
10/4/96 5.40% $ 5,000,000 $ 4,997,758
10/7/96 5.42 28,000,000 27,974,800
11/4/96 5.46 10,000,000 9,949,189
11/6/96 5.38 10,000,000 9,946,500
CoreStates Capital Corp.
10/7/96 5.46 (a) 10,000,000 10,000,000
Delaware Funding Corp.
10/21/96 5.35 20,000,000 19,941,111
10/29/96 5.35 20,808,000 20,721,740
10/30/96 5.35 24,548,000 24,442,600
Eiger Capital Corp.
10/15/96 5.34 12,000,000 11,975,267
10/15/96 5.41 11,000,000 10,976,986
10/16/96 5.41 15,000,000 14,966,375
11/25/96 5.37 35,000,000 34,715,528
Electronic Data Systems
11/12/96 5.42 52,000,000 51,674,220
Enterprise Funding Corp.
10/3/96 5.39 6,027,000 6,025,202
10/3/96 5.47 10,000,000 9,996,989
10/10/96 5.40 12,055,000 12,038,786
10/23/96 5.39 8,931,000 8,901,801
10/24/96 5.35 11,010,000 10,972,719
10/28/96 5.38 17,568,000 17,497,904
11/4/96 5.42 3,819,000 3,799,595
11/5/96 5.38 10,000,000 9,947,986
11/6/96 5.36 18,954,000 18,852,975
11/7/96 5.36 9,000,000 8,950,698
Ford Motor Credit Corp.
10/3/96 5.37 40,000,000 39,988,111
10/4/96 5.34 50,000,000 49,977,917
10/7/96 5.49 50,000,000 49,954,750
10/30/96 5.52 40,000,000 39,824,711
GTE Corp.
10/10/96 5.43 15,000,000 14,979,713
10/22/96 5.39 7,000,000 6,978,073
10/29/96 5.40 7,000,000 6,970,763
General Electric Capital Corp.
10/21/96 5.35 25,000,000 24,926,389
11/15/96 5.61 75,000,000 74,486,250
11/25/96 5.37 50,000,000 49,593,611
1/22/97 5.75 50,000,000 49,124,250
3/12/97 5.76 50,000,000 48,740,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
General Electric Capital Services Inc.
10/24/96 5.34% $ 25,000,000 $ 24,915,507
11/25/96 5.37 50,000,000 49,593,611
General Electric Co.
10/3/96 5.38 100,000,000 99,970,222
General Motors Acceptance Corp.
10/8/96 5.42 50,000,000 49,947,500
11/26/96 5.68 25,000,000 24,784,944
12/4/96 5.70 22,000,000 21,783,520
2/20/97 5.70 18,000,000 17,606,305
2/24/97 5.71 18,000,000 17,594,850
2/25/97 5.71 36,000,000 35,184,150
3/31/97 5.70 32,000,000 31,108,676
Glaxo Wellcome PLC
10/17/96 5.55 27,700,000 27,632,658
Goldman Sachs Group, L.P. (The)
10/29/96 5.38 100,000,000 99,583,888
Household Finance Corp.
10/22/96 5.35 10,000,000 9,969,083
IBM Credit Corp.
11/26/96 5.38 45,000,000 44,626,900
International Lease Finance Corp.
10/4/96 5.39 7,000,000 6,996,868
Merrill Lynch & Co., Inc.
2/4/97 5.63 25,000,000 24,521,375
3/11/97 5.76 24,000,000 23,398,933
3/12/97 5.68 12,000,000 11,701,650
Morgan Stanley Group, Inc.
10/15/96 5.41 65,000,000 64,864,006
10/16/96 5.41 10,000,000 9,977,583
New Center Asset Trust
10/1/96 5.87 29,000,000 29,000,000
12/2/96 5.63 12,000,000 11,886,333
3/11/97 5.79 10,000,000 9,748,438
Norwest Financial
10/21/96 5.35 25,000,000 24,926,389
Preferred Receivables Funding Corp.
10/2/96 5.39 10,000,000 9,998,508
10/10/96 5.39 10,000,000 9,986,575
10/10/96 5.40 18,000,000 17,975,835
10/16/96 5.37 3,000,000 2,993,350
Royal Bank of Canada
11/29/96 5.58 33,500,000 33,201,878
12/31/96 5.60 10,672,000 10,526,327
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
SBC Finance (DE), Inc.
3/11/97 5.76% $ 75,000,000 $ 73,121,667
Sears Roebuck Acceptance Corp.
10/8/96 5.51 37,000,000 36,960,790
10/21/96 5.36 13,000,000 12,961,650
Sherwood Medical Company
10/21/96 5.49 3,850,000 3,838,343
11/5/96 5.35 32,803,000 32,633,335
Smith Barney, Inc.
10/24/96 5.37 50,000,000 49,829,096
Toronto Dominion Holdings USA, Inc.
3/5/97 5.80 19,000,000 18,538,615
Travelers/Aetna Property Casualty Corp.
10/28/96 5.42 45,000,000 44,817,750
Unifunding, Inc.
10/11/96 5.40 36,000,000 35,946,200
Westpac Capital Corp.
3/11/97 5.76 25,000,000 24,373,889
Wool International
11/6/96 5.43 10,000,000 9,946,500
TOTAL COMMERCIAL PAPER 3,390,859,791
FEDERAL AGENCIES - 7.1%
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 0.5%
10/2/96 5.46 18,000,000 17,999,956
12/13/96 5.51 14,000,000 13,998,243
12/20/96 5.51 14,000,000 13,998,075
45,996,274
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 5.4%
9/29/96 5.35 49,000,000 48,971,269
10/1/96 5.33 35,000,000 34,967,208
10/1/96 5.42 75,000,000 74,938,454
10/1/96 5.48 50,000,000 50,000,000
10/2/96 5.36 100,000,000 99,954,682
10/15/96 5.45 50,000,000 49,971,303
10/17/96 5.56 53,000,000 52,987,875
12/20/96 5.51 43,000,000 42,992,721
12/20/96 5.54 27,000,000 26,986,673
481,770,185
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 1.2%
10/16/96 5.68 105,000,000 105,000,000
TOTAL FEDERAL AGENCIES 632,766,459
BANK NOTES - 5.4%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Bank of America National Trust & Savings Assoc.
3/12/97 5.75% $ 25,000,000 $ 25,000,000
Bank of New York - Delaware
10/30/96 5.78 (a) 30,000,000 30,000,000
Comerica Bank
10/27/96 5.68 (a) 25,000,000 24,999,063
Fifth Third Bank - Cincinnati
2/24/97 5.80 20,000,000 19,978,058
First National Bank of Boston
10/7/96 5.41 57,000,000 57,000,000
First National Bank of Chicago
11/25/96 5.40 50,000,000 49,999,519
First Union National Bank of North Carolina, NA
11/13/96 5.46 25,000,000 25,000,000
12/27/96 5.56 (a) 33,000,000 32,996,202
Key Bank NA
10/1/96 5.44 (a) 44,000,000 43,975,190
Morgan Guaranty Trust, NY
6/6/97 6.00 25,000,000 24,991,847
PNC Bank
10/8/96 5.47 38,000,000 37,982,011
10/21/96 5.46 (a) 14,000,000 13,998,673
10/21/96 5.48 (a) 38,000,000 37,995,972
Seattle First National Bank
10/4/96 5.43 (a) 25,000,000 24,994,807
Wachovia Bank of North Carolina, NA
10/25/96 5.46 (a) 40,000,000 39,998,476
TOTAL BANK NOTES 488,909,818
MASTER NOTES (A) - 2.5%
Goldman Sachs Group, L.P. (The)
11/8/96 5.50 39,000,000 39,000,000
J.P. Morgan Securities
10/7/96 5.49 60,000,000 60,000,000
10/7/96 5.50 74,000,000 74,000,000
Norwest Corp.
10/1/96 5.44 52,000,000 52,000,000
TOTAL MASTER NOTES 225,000,000
MEDIUM-TERM NOTES (A) - 2.6%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Beneficial Corp.
10/19/96 5.63% $ 23,000,000 $ 22,996,837
11/3/96 5.65 8,000,000 7,999,163
General Motors Acceptance Corp.
10/23/96 5.67 18,000,000 18,005,286
11/1/96 5.68 40,000,000 40,000,000
2/13/97 5.32 20,000,000 19,999,420
Merrill Lynch & Co.
10/18/96 5.44 35,000,000 34,993,929
Morgan Stanley Group, Inc.
10/1/96 5.46 42,000,000 42,000,000
Pacific Mutual Life Insurance Co. (c)
12/9/96 5.72 20,000,000 20,000,000
Transamerica Life Insurance and Annuity Co. (c)
12/15/96 5.59 24,000,000 24,000,000
TOTAL MEDIUM-TERM NOTES 229,994,635
SHORT-TERM NOTES (A) - 4.3%
Capital One Funding Corp. (1994-C)
10/7/96 5.61 10,843,000 10,843,000
Capital One Funding Corp. (1995-E)
10/7/96 5.61 7,000,000 7,000,000
Capital One Funding Corp. (1996-C)
10/7/96 5.61 18,860,000 18,860,000
Liquid Asset Backed Securities Trust (1996-1) (b)
10/15/96 5.53 33,000,000 33,000,000
Liquid Asset Backed Securities Trust (1996-2) (b)
10/1/96 5.47 56,000,000 56,000,000
SMM Trust (1995-D) (b)
10/27/96 5.68 63,000,000 63,000,000
SMM Trust (1995-N) (b)
11/8/96 5.55 16,000,000 16,000,000
SMM Trust (1995-P) (b)
12/15/96 5.68 11,000,000 11,000,000
SMM Trust (1996-B) (b)
10/4/96 5.49 8,000,000 8,000,000
SMM Trust (1996-I) (b)
10/30/96 5.49 15,000,000 15,000,000
SMM Trust (1996-V) (b)
12/26/96 5.71 150,000,000 150,000,000
TOTAL SHORT-TERM NOTES 388,703,000
TIME DEPOSITS - 3.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Bank of Tokyo - Mitsubishi Ltd.
10/7/96 5.50% $ 23,000,000 $ 23,000,000
11/4/96 5.47 36,000,000 36,000,000
Canadian Imperial Bank of Commerce
10/1/96 6.00 100,000,000 100,000,000
Deutsche Bank, A.G.
10/1/96 6.00 33,000,000 33,000,000
Sanwa Bank, Ltd.
10/4/96 5.44 34,000,000 34,000,000
Sumitomo Bank, Ltd.
10/15/96 5.55 20,000,000 20,000,000
10/15/96 5.56 10,000,000 10,000,000
10/16/96 5.56 36,000,000 36,000,000
10/30/96 5.47 22,000,000 22,000,000
TOTAL TIME DEPOSITS 314,000,000
MUNICIPAL OBLIGATIONS - 0.1%
New York City, NY
10/8/96 5.58 8,735,000 8,735,000
REPURCHASE AGREEMENTS - 8.4%
MATURITY
AMOUNT
In a joint trading account:
(U.S. Treasury Obligations)
dated 9/30/96 due 10/1/96
At 5.75% $ 127,249,324 127,229,000
(U.S. Government Obligations):
dated 9/30/96 due 10/1/96:
At 5.87% 125,020,387 125,000,000
dated 9/25/96 due 10/2/96:
At 5.40% 500,525,000 500,000,000
TOTAL REPURCHASE AGREEMENTS 752,229,000
TOTAL INVESTMENTS - 100% $ 8,954,776,976
Total Cost for Income Tax Purposes $ 8,954,776,976
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due dates on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
2. 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 $352,000,000 or 4.02% of net
assets.
3. Restricted security; subject to resale restrictions.
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $2,025,000 of which $336,000, $898,000, $547,000 and $244,000
will expire on March 31, 2001, 2002, 2003 and 2004, respectively.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1996 (UNAUDITED)
4.ASSETS
Investment in securities, at value (including repurchase agreements of $752,229,000) - $ 8,954,776,976
See accompanying schedule
Receivable for investments sold 271,000
Interest receivable 40,317,859
5.TOTAL ASSETS 8,995,365,835
6.LIABILITIES
Payable to custodian bank $ 72,977
Payable for investments purchased 226,003,840
Distributions payable 14,017,338
Accrued management fee 1,148,755
Other payables and accrued expenses 1,054,148
7.TOTAL LIABILITIES 242,297,058
8.NET ASSETS $ 8,753,068,777
Net Assets consist of:
Paid in capital $ 8,755,090,647
Accumulated net realized gain (loss) on investments (2,021,870)
9.NET ASSETS $ 8,753,068,777
10.11.CLASS I: $1.00
12.NET ASSET VALUE, offering price and redemption price per share
($8,408,017,294 (divided by) 8,409,936,727 shares)
13.CLASS II: $1.00
14.NET ASSET VALUE, offering price and redemption price per share
($41,337,878 (divided by) 41,347,315 shares)
15.CLASS III: $1.00
16.NET ASSET VALUE, offering price and redemption price per share
($303,713,605 (divided by) 303,782,939 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
17.18.INTEREST INCOME $ 216,087,428
19.EXPENSES
Management fee $ 7,921,864
Transfer agent fees 2,184,182
Class I
Class II 12,304
Class III 67,868
Distribution fees 53,855
Class II
Class III 362,965
Accounting fees and expenses 324,358
Non-interested trustees' compensation 22,451
Custodian fees and expenses 78,309
Registration fees 487,738
Class I
Class II 73,015
Class III 73,512
Audit 35,556
Legal 25,619
Miscellaneous 16,260
Total expenses before reductions 11,739,856
Expense reductions (4,198,507) 7,541,349
20.NET INTEREST INCOME 208,546,079
21.NET REALIZED GAIN (LOSS) ON INVESTMENTS 3,498
22.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 208,549,577
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31,
1996 (UNAUDITED) 1996
23.INCREASE (DECREASE) IN NET ASSETS
Operations $ 208,546,079 $ 381,241,470
Net interest income
Net realized gain (loss) 3,498 (244,561)
24.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 208,549,577 380,996,909
Distributions to shareholders (199,414,040) (370,298,086)
From net interest income
Class I
Class II (1,840,322) (817,553)
Class III (7,291,717) (10,125,831)
25.TOTAL DISTRIBUTIONS (208,546,079) (381,241,470)
Share transactions - net increase (decrease) 1,942,068,817 1,336,131,211
at net asset value of $ 1.00 per share:
Class I
Class II (22,871,945) 64,219,260
Class III 74,184,989 (227,832,339)
26.TOTAL SHARE TRANSACTIONS 1,993,381,861 1,172,518,132
27.TOTAL INCREASE (DECREASE) IN NET ASSETS 1,993,385,359 1,172,273,571
28.NET ASSETS
Beginning of period 6,759,683,418 5,587,409,847
End of period $ 8,753,068,777 $ 6,759,683,418
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30,
1996
(UNAUDITED) 1996 1995 1994 1993 1992
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .026 .057 .049 .032 .035 .055
Less Distributions
From net interest income (.026) (.057) (.049) (.032) (.035) (.055)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.67% 5.90% 4.99% 3.20% 3.58% 5.59%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 8,408,017 $ 6,465,953 $ 5,130,123 $ 3,200,277 $ 4,332,995 $ 3,990,395
Ratio of expenses to average net assets .18% A, .18% C .18% C .18% C .18% C .18% C
C
Ratio of net interest income to average 5.28% A 5.73% 5.00% 3.15% 3.50% 5.42%
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED NOVEMBER 6, 1995
SEPTEMBER 30,
1996 (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .026 .022
Less Distributions
From net interest income (.026) (.022)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 2.59% 2.17%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 41,338 $ 64,200
Ratio of expenses to average net assets .33% A, C .33% A, C
Ratio of net interest income to average net assets 5.13% A 5.29% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEARS ENDED MARCH 31, NOVEMBER 17, 1993
SEPTEMBER 30, (COMMENCEMENT
1996 OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996 1995 1994
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .025 .055 .046 .011
Less Distributions
From net interest income (.025) (.055) (.046) (.011)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.54% 5.61% 4.66% 1.08%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 303,714 $ 229,530 $ 457,286 $ 89,463
Ratio of expenses to average net assets .43% A, C .45% C .50% C .50% A,
C
Ratio of net interest income to average net assets 5.02% A 5.46% 4.94% 2.83% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT
INVESTMENTS SEPTEMBER 30, 1996 (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 - 3.4 %
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Homewood Gardens Proj.)
Series 1991 C,
4.30%, LOC Southtrust Bank of Alabama, VRDN $ 2,285,000 $ 2,285,000
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rfdg. Rev., VRDN:
(Rime Village Hoover Proj.) Series 1996 A, 3.85% (FNMA Guaranteed)
22,400,000 22,400,000
(Rime Village Huntsville) Series 1996 B, 3.85% (FNMA Guaranteed)
2,000,000 2,000,000
Alabama Private Coll. & Univ. Facs. Auth. Rev. Series 1985 A, 3.90% (FGIC
Insured)
(BPA Southtrust Bank of Alabama) VRDN 5,600,000 5,600,000
Anniston Ind. Dev. Board (Monsanto Company Proj.) Series 1992, 3.80%, VRDN
9,100,000 9,100,000
Anniston Solid Waste Disposal Auth. (Monsanto Co. Proj.) Series 1992,
3.80%, VRDN 2,230,000 2,230,000
Decatur Ind. Dev. Board (Monsanto Co. Proj.) Series 1990, 3.80%, VRDN
5,925,000 5,925,000
Decatur Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) VRDN:
Series 1992, 3.80% 900,000 900,000
Series 1994, 3.80% 3,115,000 3,115,000
Huntsville Ind. Dev. Board Ind. Dev. Rev. (PPG Inds. Inc. Proj.) Series
1992, 3.85%, VRDN 1,000,000 1,000,000
Montgomery BMC Special Care Facs. Hosp. Rev., VRDN:
(VHA Cap. Asset Prog.):
Series 1985 B, 3.90% (AMBAC Insured) (BPA Mellon Bank) 4,500,000
4,500,000
Series 1985 D, 3.90% (AMBAC Insured) (BPA Mellon Bank) 1,000,000
1,000,000
Series 1985 F, 3.90% (AMBAC Insured) (BPA Mellon Bank) 9,000,000
9,000,000
Tarrant City Ind. Dev. Board Rev. Rfdg. (Philip Morris Co. Inc.) Series
1993, 3.90%, VRDN 2,300,000 2,300,000
Tuscaloosa County Port Auth. Rev. (Capstone Hotel Ltd. Proj.) Series 1989
A, 3.90%,
LOC Southtrust Bank of Alabama, VRDN 4,295,000 4,295,000
75,650,000
ALASKA - 1.6 %
Alaska Hsg. Fin. Corp. Gen. Mtg. Rev. Series 1991 C, 3.90% (BPA Swiss Bank
Corp.) VRDN 29,100,000 29,100,000
North Slope Borough Gen. Oblig. Rfdg. Bonds Series 1988 G,
7.50% 6/30/97 (AMBAC Insured) 2,000,000 2,052,035
Valdez Marine Terminal Rev. Rfdg. Bonds (Atlantic Richfield Co.)
Series 1994 A, 3.70%, tender 10/15/96 1,500,000 1,500,000
Valdez Marine Terminal Rev. Rfdg. (Atlantic Richfield Co.) Series 1994 B,
3.95%, VRDN 1,700,000 1,700,000
34,352,035
ARIZONA - 6.4 %
Apache County Ind. Dev. Auth. Rev. (Tucson Elec. Pwr. Co. Springerville
Proj.) VRDN:
Series 1983 A, 3.85%, LOC Barclays Bank PLC 16,600,000 16,600,000
Series 1983 B, 3.85%, LOC Bank of New York NY 25,000,000 25,000,000
Series 1983 C, 3.85%, LOC Bankers Trust Company 19,750,000 19,750,000
Arizona Health Facs. Auth. Rev., VRDN:
(Samcor 1986 Loan Pool-Samaritan Health Care) 3.90% (FGIC Insured)
(BPA Chase Manhattan Bank) 19,430,000 19,430,000
(Voluntary Hosp. Federation Pooled Loan Prog.) Series 1985 A, 3.90%
(FGIC Insured) (Liquidity Facility Citibank, NA) 9,700,000 9,700,000
Maricopa County Ind. Dev. Auth. Ind. Dev. Rev. (Royal Oaks-Sun City Proj.)
Series 1990,
3.80%, LOC Bank of America, VRDN 4,100,000 4,100,000
Phoenix Gen. Oblig. Series 1995-2, 3.95%, (BPA Morgan Guaranty Trust Co.,
NY) VRDN 4,400,000 4,400,000
Phoenix Ind. Dev. Auth. Multi-Family Hsg. Rev., VRDN:
Rfdg. (Paradise Lakes Apt. Proj.) Series 1995, 4.05%, LOC GE Capital Corp.
17,500,000 17,500,000
(Del Mar Terrace Apts. Proj.) Series 1984, 3.80%, LOC Bank of America
11,300,000 11,300,000
(Paradise Shadows II Apt. Proj.) Series 1989, 3.80%, LOC Citibank, NA
5,100,000 5,100,000
Pima County Ind. Dev. Auth. Multi-Family Hsg. Rev. (La Cholla Apt. Proj.)
Series 1996,
3.85%, LOC Texas Commerce Bank, Houston, VRDN 2,000,000 2,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
ARIZONA - CONTINUED
Pinal County Ind. Dev. Auth. Hosp. Rev. (Casa Grande Medical Ctr. Proj.)
Series 1995,
3.75%, LOC Chase Manhattan Bank, VRDN $ 2,800,000 $ 2,800,000
Tempe Ind. Dev. Auth. Multi-Family Hsg. Rev. (Elliot's Crossing Apts.)
Series 1985, 3.80%, LOC Citibank, NA, VRDN 3,950,000 3,950,000
141,630,000
ARKANSAS - 0.6 %
Arkansas Hosp. Equip. Fin. Auth. Rev., VRDN:
(Baptist Health Proj.) Series 1995, 3.90%, LOC Credit Suisse 5,425,000
5,425,000
(Jefferson Hosp. Assoc., Inc. Proj.) Series 1989, 3.85%, LOC Krediet Bank,
NV 4,530,000 4,530,000
Crossett Poll. Cont. Rev. Rfdg. (Georgia-Pacific Corp. Proj.) Series 1991,
3.90%,
LOC SunTrust Bank, Atlanta, VRDN 3,500,000 3,500,000
13,455,000
CALIFORNIA - 3.6 %
Alameda County TRAN 4.50% 6/30/97 5,800,000 5,822,860
California Gen. Oblig.:
Participating VRDN, 3.90% (Liquidity Facility Citibank, NA) (b)
1,555,000 1,555,000
RAN Series 1996-97, 4.50% 6/30/97 12,000,000 12,045,798
California School Cash Reserves Prog. TRAN Series 1996 A, 4.75% 7/2/97
6,700,000 6,743,575
Fresno TRAN 4.50% 6/30/97 3,800,000 3,816,344
Los Angeles Commty. College Dist. TRAN Series 1996-97, 4.50% 7/1/97
3,200,000 3,211,488
Los Angeles County Metropolitan Trans. Auth. Participating VRDN (b):
Series SG-B2, 3.80% (Liquidity Facility Societe Generale, France)
12,000,000 12,000,000
Series SG-46, 3.85% (AMBAC Insured) (Liquidity Facility Societe Generale,
France) 600,000 600,000
Los Angeles County TRAN Series 1996-97, 4.50% 6/30/97 4,000,000
4,015,665
Los Angeles TRAN Series 1996, 4.50% 6/19/97 10,000,000 10,042,668
Oakland TRAN Series 1996, 4.75% 6/30/97 5,800,000 5,836,189
Riverside County School Dist. TRAN Series 1996-76, 4.625% 7/17/97
2,000,000 2,008,738
Santa Clara Unified School Dist. TRAN Series 1996, 4.50% 7/2/97 1,900,000
1,908,224
South Coast Local Ed. Agcy. TRAN Series 1996, 4.75% 6/30/97 3,000,000
3,014,589
Ventura County TRAN Series 1996, 4.75% 7/2/97 6,100,000 6,132,439
78,753,577
COLORADO - 0.9 %
Colorado Health Facs. Auth. Rev. (Sisters of Charity Health Care) Series
1992 A, 3.80%
(BPA Dresdner Bank A.G. Germany/Toronto-Dominion Bank) VRDN 5,000,000
5,000,000
Colorado Postsecondary Ed. Facs. Auth. Participating VRDN, Series 1996 C,
4.10% (Liquidity Facility Norwest Bank NA, Minnesota) (b) 3,350,000
3,350,000
Fort Lupton Water Rev. BAN Series 1996, 4.10% 1/10/97 1,200,000
1,200,000
Moffat County Poll Cont. Rev. Bonds (Tri-State Generation Proj.) 4.15%
11/1/96
(AMBAC Insured) 1,010,000 1,010,352
Pueblo County School Dist. Participating VRDN, Series 1996 G, 4.10% (MBIA
Insured)
(Liquidity Facility Norwest Bank NA, Minnesota) (b) 2,220,000 2,220,000
Smith Creek County Metropolitan Dist. Series 1995, 3.85%, LOC NationsBank
of TX, VRDN 3,900,000 3,900,000
Univ. of Colorado (Enterprise Sys.) 3.85% (BPA Morgan Guaranty Trust Co.,
NY) VRDN 2,100,000 2,100,000
18,780,352
CONNECTICUT - 0.1 %
Mashantucket Western Pequot Tribe Series 1996, 3.40% 10/24/96, LOC Bank of
America, CP 2,800,000 2,800,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DELAWARE - 0.5 %
Delaware Econ. Dev. Auth. Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc.
Proj.)
Series 1992, 3.90%, VRDN $ 3,300,000 $ 3,300,000
Delaware Econ. Dev. Auth. Rev., VRDN:
(Hosp. Billing & Collection Svcs. Proj.) Series 1985 B, 3.90% (MBIA
Insured)
(BPA Morgan Stanley Group, Inc.) 5,200,000 5,200,000
(Peninsula United Methodist Homes Inc.) Series 1992 B, 3.85%, LOC
Corestates Bank 1,985,000 1,985,000
10,485,000
FLORIDA - 7.9 %
Alachua County Health Facs. Rev. Bonds (Academic Research Bldg. Proj.)
Series 1989, 3.75%, tender 12/11/96, LOC Barnett Bank NA 1,500,000
1,500,000
Broward County Hsg. Fin. Auth. Multi-Family Hsg. Rev., VRDN:
(Jacaranda Village Apts. Proj.) 3.95%, LOC Marine Midland, NA 1,800,000
1,800,000
(Lake Park Assoc. Ltd. Partnership) Series 1985, 3.90%, LOC Key Bank, NA
4,000,000 4,000,000
(Palm Aire-Oxford Proj.) Series 1990, 4.20% (Continental Casualty Co.
Guaranteed) 1,620,000 1,620,000
Dade County Ind. Dev. Auth. (Florida Pwr. & Light Co. Proj.) Series 1993,
3.95%, VRDN 2,800,000 2,800,000
Dade County Ind. Dev. Auth. Ind. Dev. Rev. (South Dade Jewish Commty. Ctr.)
3.90%,
LOC SunTrust Bank, Miami, NA, VRDN 700,000 700,000
Escambia County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994,
3.80%, VRDN 1,000,000 1,000,000
Escambia County Rev. Rfdg. (Pacer Industries) Series 1991, 3.90%,
LOC SunTrust Bank, Atlanta, VRDN 1,700,000 1,700,000
Florida Dept. of Trans. Participating VRDN, 3.90% (Liquidity Facility
Societe Generale, France) (b) 1,700,000 1,700,000
Florida Hsg. Fin. Agcy. Multi-Family Hsg. Rev., VRDN:
(Parrot's Landing Proj.) Series 1985 AA, 3.90% (FNMA Guaranteed)
4,000,000 4,000,000
(Sun Pointe Cove Apts. Proj.) Series 1985 XX, 3.90% (FNMA Guaranteed)
3,500,000 3,500,000
Florida Local Govt. Finance Auth. Rev. Series A, 3.65% 11/26/96,
LOC First Union Nat'l. Bank of Florida, CP 3,500,000 3,500,000
Florida State Board of Ed. Participating VRDN, Series CR-163, 4%
(Liquidity Facility Citibank, NA) (b) 3,000,000 3,000,000
Gulf Breeze Rev. Series 1995 A, 3.90%, LOC Barnett Bank, NA, VRDN
2,600,000 2,600,000
Indian River County Hosp. Dist. Hosp. Rev. Bonds Series 1990,
3.65%, tender 12/11/96, LOC Kriedietbank, NV 3,200,000 3,200,000
Jacksonville Elec. Auth. Rev. Series A, 3.60% 10/18/96
(Liquidity Morgan Guaranty Trust Co.) CP 2,000,000 2,000,000
Jacksonville Hosp. Rev. (Baptist Med. Ctr. Proj.) VRDN:
Series 1984, 3.575%, LOC First Union Nat'l. Bank of Florida 9,000,000
9,000,000
Series 1989, 3.80%, LOC First Union Nat'l. Bank of Florida 6,000,000
6,000,000
Jacksonville Ind. Dev. Rev. Rfdg. (Arpt. Hotel Proj.) Series 1993, 3.85%,
LOC Northern Trust Co., VRDN 3,000,000 3,000,000
Jacksonville River City Renaissance Prog., CP:
3.70% 10/15/96 3,200,000 3,200,000
3.70% 12/9/96 6,700,000 6,700,000
Lee County Hsg. Fin. Auth. Multi-Family Hsg. Rev. Rfdg. (Forestwood Apts.
Proj.)
3.90% (FNMA Guaranteed) VRDN 6,800,000 6,800,000
Liberty County Ind. Dev. Rev. (Timber Energy Resources Inc. Proj.) Series
1994,
3.90%, LOC Bank of Montreal, VRDN 2,100,000 2,100,000
Orange County Health Facs. Rev. (Adventist Health Sys.) 3.85%,
LOC Rabobank Nederland, NV, VRDN 4,500,000 4,500,000
Orange County Hsg. Fin. Auth. Rev. (Smokewood/Sun Key Apt. Proj.) Series A,
3.80%,
LOC Citibank, NA, VRDN 2,500,000 2,500,000
Orlando Utils. Commission Wtr. & Elec. Rev. Participating VRDN, Series
BT-199, 4%
(Liquidity Facility Bankers Trust Company) (b) 1,200,000 1,200,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Pasco County Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Carlton Arms of
Magnolia Valley)
Series 1985, 3.925%, LOC Bankers Trust Company, VRDN $ 2,000,000 $
2,000,000
Pinellas County Health Fac. Auth. Rev. (Bayfront Med.) 3.80% (FGIC Insured)
(BPA Barnett Bank NA) VRDN 1,300,000 1,300,000
Putnam County Dev. Auth. Bonds (Seminole Elec. Co-op Proj.) Series 1984
H-3,
3.80%, tender 3/15/97 (CFC-Nat'l. Rural Utils. Guaranteed) 4,500,000
4,500,000
Putnam County Poll. Cont. Rev. (Seminole Elec. Coop. Inc. Proj.) Series
1984 H-1, 3.95%
(CFC-Nat'l. Rural Utils. Guaranteed) VRDN 12,950,000 12,950,000
St. Lucie County Poll. Cont. Rfdg. Bonds (Florida Pwr. & Light Co. Proj.):
Series 1994 A:
3.60%, tender 10/22/96 4,500,000 4,500,000
3.70%, tender 12/9/96 2,300,000 2,300,000
Sarasota County Pub. Hosp. Dist. Bonds (Sarasota Memorial Hosp.):
Series 1985 C, 3.75%, tender 12/10/96, LOC Sumitomo Bank, Ltd. 1,000,000
1,000,000
Series 1991:
3.70%, tender 10/23/96 (Liquidity Facility Goldman Sachs & Company)
5,000,000 5,000,000
3.70%, tender 12/10/96 (Liquidity Facility Goldman Sachs & Company)
5,000,000 5,000,000
Series 1993 A, 3.70%, tender 12/11/96 (Liquidity Facility Goldman Sachs &
Company) 6,600,000 6,600,000
Sunrise Util. Sys. Participating VRDN, Series SG-16, 3.90%
(Liquidity Facility Societe Generale, France) (b) 2,900,000 2,900,000
Sunshine State Govt. Fing. Commission Rev. Bonds Series 1986, 3.70%, tender
12/10/96 1,500,000 1,500,000
Sunshine State Govt. Fing. Commission Series 1994, CP:
3.65% 10/10/96 4,540,000 4,540,000
3.70% 10/10/96 8,030,000 8,030,000
3.60% 10/17/96 2,680,000 2,680,000
3.60% 10/21/96 12,075,000 12,075,000
3.70% 12/6/96 10,220,000 10,220,000
3.70% 12/9/96 2,000,000 2,000,000
University of North Florida Foundation Inc. Rev. Series 1994, 3.80%,
LOC First Union National Bank NC, VRDN 2,000,000 2,000,000
174,715,000
GEORGIA - 5.0 %
Clayton Hsg. Auth. Multi-Family Hsg. Rev. (Kimberly Forest Apts.) Series
1990 B,
3.90% (FSA Insured) (BPA Barclays Bank PLC) VRDN 1,400,000 1,400,000
Cobb County Dev. Auth. Rev. (Institute of Nuclear Operations) Series 1992,
3.90%,
LOC SunTrust Bank of Alabama, VRDN 7,775,000 7,775,000
Columbia County Residential Care Facs. for Elderly (Augusta Resource Ctr.
on Aging)
Series 1994, 3.90%, LOC SunTrust Bank, Atlanta, VRDN 4,600,000 4,600,000
Columbia County Residential Care Facs. Rev. (Augusta Residential
Ctr./Brandon Wilde
Lifecare Ctr.) 3.90%, LOC SunTrust Bank, Atlanta, VRDN 7,310,000
7,310,000
Dekalb County Dev. Auth. Dev. Rev. (A.G. Rhodes Home at Wesley Woods, Inc.
Proj.)
Series 1996 C, 3.80%, LOC SunTrust Bank, Atlanta, VRDN 4,000,000
4,000,000
DeKalb County Hsg. Auth. Multi-Family Hsg. Rev., VRDN:
Rfdg. (Winterscreek Apts/ Proj.) 3.90% (FNMA Guaranteed) 2,500,000
2,500,000
(Post Brook Proj.) 3.85% (FNMA Guaranteed) 4,050,000 4,050,000
Fulton County Dev. Auth. Rev. (Robert W. Arts Ctr.) 3.45%, LOC SunTrust
Bank, Atlanta, VRDN 3,500,000 3,500,000
Fulton County Hsg. Auth. Multi-Family Hsg. Rev., VRDN:
Rfdg. (Holcomb's Landing Apts. Proj.) 3.90%, LOC First Union National Bank
of NC 2,400,000 2,400,000
Rfdg. (Spring Creek Crossing Proj.) 3.90%, LOC Wachovia Bank of Georgia
13,000,000 13,000,000
(Champions Green Apts.) Series A, 3.45%, LOC Southtrust Bank of Alabama
13,860,000 13,860,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
GEORGIA - CONTINUED
Georgia Gen. Oblig. Participating VRDN, Series BT-194, 3.95%
(Liquidity Facility Bankers Trust Company) (b) $ 4,285,000 $ 4,285,000
Georgia Muni. Elec. Auth. Bonds Gen. Resolution Prog.) Series 1985 A,
3.70%, tender 10/9/96 2,000,000 2,000,000
Georgia Muni. Elec. Auth. Participating VRDN, Series SG-40, 3.95%
(Liquidity Facility Societe Generale, France) (b) 8,610,000 8,610,000
Gwinnett County Hsg. Auth. Multi-Family Hsg. Rev. (Post Corners Proj.)
Series 1996,
3.85% (FNMA Guaranteed) VRDN 5,000,000 5,000,000
Macon-Bibb County Hosp. Auth. Rev. (Med. Ctr. of Central Georgia) 3.90%,
LOC SunTrust Bank Atlanta, VRDN 1,400,000 1,400,000
Macon-Bibb County Urban Dev. Auth. Rev. (Charter Med. Macon, Inc. Proj.)
3.75%,
LOC Bank of Tokyo-Mitsubishi, Ltd., VRDN 1,800,000 1,800,000
Marietta Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Wood Pointe Apts.) Series
1993, 3.90%,
LOC First Union Nat'l. Bank of NC, VRDN 4,000,000 4,000,000
Metro Atlanta Rapid Transit Auth. Sales Tax Rev. Participating VRDN, Series
SG-57, 3.95%
(Liquidity Facility Societe Generale, France) (b) 8,605,000 8,605,000
Rockdale County TAN Series 1996, 4.10% 12/31/96 1,300,000 1,300,786
Roswell Hsg. Auth. Multi-Family Hsg. Rev., VRDN:
(Autumnbrook Apts.) Series 1991 A, 4%, LOC AmSouth Bank, NA 5,200,000
5,200,000
(Azalea Park Apts.) Series 1996, 3.90% (FNMA Guaranteed) 2,800,000
2,800,000
109,395,786
IDAHO - 0.4 %
Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) VRDN:
Series 1990, 3.80% 3,600,000 3,600,000
Series 1994 A, 3.80% 3,000,000 3,000,000
Series 1994 B, 3.80% 1,000,000 1,000,000
Idaho TAN Series 1996, 4.50% 6/30/97 1,000,000 1,004,207
8,604,207
ILLINOIS - 7.3 %
Chicago School Reform Board of Trustees Participating VRDN, Series BB-96,
4%
(Liquidity Facility Bank of America) (b) 9,000,000 9,000,000
Cook County Rev. (Catholic Charities Hosp.) Series 1988 A-1, 3.85%,
LOC Nat'l. Westminster Bank, VRDN 1,900,000 1,900,000
Du Page Wtr. Commission Wtr. Rev. Participating VRDN, Series CR-162, 3.95%
(Liquidity Facility Citibank, NA) (b) 13,815,000 13,815,000
Illinois Dev. Fin. Auth. Poll. Cont. Rev. Rfdg., VRDN:
(Commonwealth Edison Co. Proj.) Series 1994 C, 3.85%, LOC ABN-AMRO Bank
3,200,000 3,200,000
(UNO-VEN Proj.) Series 1994, 3.85%, LOC NBD Bank 7,100,000 7,100,000
Illinois Dev. Fin. Auth. Rev., VRDN:
(Museum of Contemporary Art Proj.) Series 1994, 3.85% 4,800,000
4,800,000
(WBEZ Alliance Inc. Proj.) Series 1994, 3.95%, LOC Lasalle National Bank
6,600,000 6,600,000
Illinois Edl. Facs. Auth. Rev.:
(Art Institute of Chicago):
Series 1992, 3.90% (BPA Bank of America Illinois) VRDN 2,100,000
2,100,000
Series 1996, 3.90% (Liquidity Facility Bank of America Illinois) VRDN
10,300,000 10,300,000
(The Arts Club of Chicago) Series 1996, 3.85%, LOC Northern Trust Company,
VRDN 4,500,000 4,500,000
Participating VRDN, Series CR-176, 3.95% (Liquidity Facility Citibank, NA)
(b) 10,000,000 10,000,000
Illinois Health Facs. Auth. Multi-Family Rev. (Park Plaza Retirement Ctr.)
3.85%,
LOC Lasalle National Bank, VRDN 1,500,000 1,500,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
ILLINOIS - CONTINUED
Illinois Health Facs. Auth. Rev.:
Bonds:
(Evanston Hosp. Corp. Proj.) Series 1985 B, 3.15%, tender 1/31/97 $
6,800,000 $ 6,800,000
(Univ. of Chicago Proj.) Series 1985 A, 4.50%, tender 1/30/97 3,400,000
3,400,000
(Children's Mem. Hosp.) Series 1985 B, 3.85%, LOC First Nat'l. Bank of
Chicago, VRDN 4,300,000 4,300,000
(Decatur Memorial Hosp. Proj.) Series 1996, 3.90% (MBIA Insured)
(BPA First Nat'l. Bank of Chicago) VRDN 12,500,000 12,500,000
(Gottlieb Health Resources Inc.) 3.85%, LOC Harris Trust & Savings Bank of
Chicago, VRDN 2,500,000 2,500,000
(Highland Park Hosp.) Series 1991 B, 3.90% (FGIC Insured) VRDN 5,700,000
5,700,000
(Lake Forest Hosp. Proj.) 4.50%, LOC First Nat'l. Bank of Chicago, FRDN
2,810,000 2,810,000
(Methodist Med. Ctr. Proj.) Series 1985 B, 3.75%, LOC Sumitomo Bank, Ltd.,
VRDN 2,300,000 2,300,000
(Pekin Mem. Hosp. Proj.) Series 1993 C, 3.875%, LOC Lasalle Nat'l. Bank of
Chicago, VRDN 3,300,000 3,300,000
(West Suburban Hosp. Med. Ctr. Proj.) Series 1991, 3.85%,
LOC First Nat'l. Bank of Chicago, VRDN 12,600,000 12,600,000
Illinois Regional Trans. Auth. Participating VRDN (b):
Series SG-10, 3.90% (Liquidity Facility Societe Generale, France)
3,600,000 3,600,000
Series SG-82, 3.95% (Liquidity Facility Societe Generale, France)
10,500,000 10,500,000
Illinois Tollway Hwy. Priority Rev. Series B, 3.80%, LOC Societe Generale,
France
(MBIA Insured) VRDN 1,500,000 1,500,000
Lisle Village Multi-Family Hsg. Rev. (Four Lakes Proj.) Series 1985 A,
3.90%,
LOC Chase Manhattan Bank, VRDN 3,970,000 3,970,000
Northlake Econ. Dev. Rev. (Dominicks Finer Foods Inc. Proj.) Series 1991 B,
3.85%,
LOC Bankers Trust Company, VRDN 2,400,000 2,400,000
Schaumburg Village Gen. Oblig. Rev. Series 1996 A, 3.85% (BPA Credit
Suisse) VRDN 9,000,000 9,000,000
161,995,000
INDIANA - 2.1 %
Fort Wayne Econ. Dev. Rev. (Edy's Grand Ice Cream Proj.) Series 1985,
3.925%,
LOC Bank of America NT & SA, VRDN 3,950,000 3,950,000
Indiana Hsg. Fin. Auth. Single-Family Mtg. Rev. Bonds Series 1995 D-1,
3.85%, tender 11/1/96 1,575,000 1,575,000
Indianapolis Econ. Dev. Rev. Rfdg. (Rand McNally & Co. Proj.) Series 1989,
3.85%,
LOC First Union Nat'l. Bank of NC, VRDN 4,000,000 4,000,000
Indianapolis Pub. Impt. TAN Series 1996 A, 4.25% 1/1/97 5,700,000
5,706,879
Merrillville Health Care Facs. Participating VRDN, 4.05% (Liquidity
Facility Bank One Akron) (b) 4,500,000 4,500,000
Purdue Univ. Rev. (Student Fees) Series H, 3.80%, VRDN 3,335,000
3,335,000
Richmond Econ. Dev. Rev. Rfdg. (Friends Fellowship Commty.) Series 1993,
3.85%,
LOC NBD Bank, VRDN 3,500,000 3,500,000
Rockport Poll. Cont. Rev. (AEP Generating Co. Proj.) Series 1995 B, 3.80%
(AMBAC Insured) (Liquidity Facility Bank of New York) VRDN 1,400,000
1,400,000
South Bend Health Care Facs. Participating VRDN, Series 1992 A,
4.05% (Liquidity Facility Bank One) (b) 3,290,000 3,290,000
Sullivan Poll. Cont. Rev. Bonds (Hoosier Energy Rural Elec. Coop.):
Series 1985 L-3:
3.70%, tender 10/7/96 (Nat'l. Rural Utils.-CFC Guaranteed) 4,410,000
4,410,000
3.60%, tender 10/17/96 (Nat'l. Rural Utils.-CFC Guaranteed) 3,400,000
3,400,000
Series 1985 L-5, 3.60%, tender 10/21/96 (Nat'l. Rural Utils.-CFC
Guaranteed) 6,805,000 6,805,000
45,871,879
IOWA - 0.0 %
Iowa Fin. Auth. Single-Family Rev. Mtg. Bonds Series 1995 A, 3.10%,
tender 2/27/97 (FGIC Insured) 1,000,000 1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
KANSAS - 0.2 %
Lawrence Gen. Oblig. BAN Series 1995 D, 3.45% 10/1/96 $ 1,000,000 $
1,000,000
Winfield Ind. Dev. Rev. (Binney & Smith, Inc. Proj.) Series 1982 A, 3.59%,
LOC Morgan Guaranty Trust Co., NY, VRDN 5,500,000 5,500,000
6,500,000
KENTUCKY - 1.4 %
Jefferson County Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc. Proj)
Series 1992, 3.90%, VRDN 1,300,000 1,300,000
Louisville & Jefferson County Participating VRDN, Series PT-69, 3.95%
(Liquidity Facility Bayerische Hypotheken-und Weschel) (b) 1,700,000
1,700,000
Mason County Poll. Cont. Rev. (East. Pwr. Coop.) VRDN:
Series 1984 B, 3.95% (National Rural Utils.-CFC Guaranteed) 15,000,000
15,000,000
Series 1984 B-1, 3.95% (National Rural Utils.-CFC Guaranteed) 12,750,000
12,750,000
30,750,000
LOUISIANA - 1.8 %
Calcasieu Parish Ind. Dev. (Weingarten Realty Proj.) 3.85%,
LOC Texas Commerce Bank Houston, VRDN 1,990,000 1,990,000
Calcasieu Parish Sales Tax Dist., VRDN:
Series 1994-99, 4-A, 3.85%, LOC Nat'l. Westminister Bank PLC 1,770,000
1,770,000
Series 1994-01, 4-A, 3.85%, LOC Nat'l. Westminster Bank PLC 370,000
370,000
Desoto Parish Poll. Cont. Participating VRDN, Series 94 W, 4.10%
(Liquidity Facility Norwest Bank NA, Minnesota) (b) 2,600,000 2,600,000
Desoto Poll. Cont. Rev. Rfdg. (Central Elec. Co. Proj.) 3.70%, LOC Swiss
Bank Corp., VRDN 2,000,000 2,000,000
Jefferson Parish Hosp. Rev. (W. Jefferson Med. Ctr. Dist. #1) Series 1986,
3.90%,
LOC Citibank, NA, VRDN 2,185,000 2,185,000
Lafayette Econ. Dev. Auth. Ind. Dev. Rev. Rfdg. (Holt County of Louisiana
Proj.) 4.175%,
LOC Morgan Guaranty Trust Co. NY, VRDN 4,065,000 4,065,000
Louisiana Pub. Facs. Auth. Wtr. Rev. Rfdg. (Louisiana Wtr. Co. Proj.)
Series 1993, 3.90%,
LOC Bank One Texas, VRDN 7,500,000 7,500,000
Plaquemines Port Harbor Terminal Dist. Port Fac. Rev. Bonds (Chevron Corp.)
4.05%, tender 9/1/97 1,600,000 1,600,000
West Baton Rouge Parish Ind. Dist. #3 Rev. Rfdg. Bonds (Dow Chemical Co.
Proj.)
Series 1991, 3.70%, tender 10/9/96 16,000,000 16,000,000
40,080,000
MAINE - 0.1 %
Maine Health & Higher Ed. (VHA-New England Inc.) VRDN:
Series D, 3.85% (AMBAC Insured) (BPA Mellon Bank) 1,390,000 1,390,000
Series E, 3.85% (BPA Mellon Bank) 1,135,000 1,135,000
2,525,000
MARYLAND - 0.6 %
Maryland Econ. Dev. Corp. Rev. Series 1995, 3.85%, LOC NationsBank NA, VRDN
6,000,000 6,000,000
Maryland Health & Higher Ed. Facs. Auth. Rev. (Helix Hosp.) Series A,
3.85%,
LOC NationsBank NA, VRDN 4,000,000 4,000,000
Montgomery County Consolidated Bond Anticipation Notes Series 1995,
3.55% 10/8/96 (Liquidity Facility Union Bank of Switzerland) CP 2,500,000
2,500,000
12,500,000
MASSACHUSETTS - 1.0 %
Mass. Bay Trans. Auth. RAN 4.75% 9/5/97 4,200,000 4,229,454
Massachusetts Gen. Oblig.:
BAN Series 1996 A, 4.25% 6/10/97 7,000,000 7,016,231
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Gen. Oblig.: - continued
Participating VRDN (b):
Series CR-147, 4% (Liquidity Facility Citibank, NA) $ 6,400,000 $
6,400,000
Series SG-47, 3.90% (Liquidity Facility Societe Generale, France)
3,000,000 3,000,000
M assachusetts Health. & Ed. Facs. Auth. Rev. (Cap. Asset Prog.) Series E,
3.75%,
LOC First Nat'l. Bank of Chicago, VRDN 1,100,000 1,100,000
21,745,685
MICHIGAN - 4.5 %
Dearborn Econ. Dev. Corp. Ltd. Oblig.Rev. (Oakbrook Common)
Series 1993 3.95%, LOC Mellon Bank, NA VRDN 2,300,000 2,300,000
Detroit School Dist. RAN 4.50% 5/1/97 11,700,000 11,736,198
Grand Rapids Wtr. Supply Sys. Impt. Rev. Rfdg. Series 1993, 3.70%
(FGIC Insured) (Liquidity Facility Societe Generale, France) VRDN
2,300,000 2,300,000
Michigan Hosp. Fin. Auth. Rev.:
Rfdg. (Mt. Clemens Gen. Hosp.) Series 1994, 3.90%, LOC Comerica Bank, VRDN
15,400,000 15,400,000
(Daughters of Charity Health Sys. Providence Hosp.) Series 1984, 3.85%,
FRDN 12,450,000 12,450,000
(Hospital Equip. Loan Prog.):
3.90%, LOC First of America Bank, VRDN 1,400,000 1,400,000
Series A, 3.90%, LOC First of America Bank, VRDN 2,800,000 2,800,000
Series 1995 A, 3.90%, LOC First of America Bank, VRDN 4,000,000
4,000,000
(St. Mary's Hosp. of Livonia) Series 1996 A, 3.95%, LOC Comerica Bank,
VRDN 1,500,000 1,500,000
Michigan Hsg. Dev. Auth. Ltd. Oblig. Rev.:
(Laurel Valley Apts.) 3.90%, LOC Nat'l. Westminister Bank PLC, VRDN
4,700,000 4,700,000
(Shoal Creek Apt. Proj.) 3.90%, LOC Nat'l. Westminster Bank PLC, VRDN
3,000,000 3,000,000
Michigan Muni. Bond Auth. RAN:
Series 1996 A, 4.50% 7/3/97 11,500,000 11,548,823
Series 1996 B, 4.50% 7/25/97 2,000,000 2,007,814
Michigan Strategic Fund Poll. Cont. Rev. Rfdg., VRDN:
(Consumers Pwr. Co. Proj.) Series 1988 A, 3.95%, LOC Union Bank of
Switzerland 1,800,000 1,800,000
(Dow Chemical Co. Proj.) Series 1994, 3.80% 7,600,000 7,600,000
Michigan Trunk Line Participating VRDN, Series SG-87, 3.95% (FGIC Insured)
(Liquidity Societe Generale, France) (b) 700,000 700,000
Univ. of Michigan Hosp. Rev., VRDN:
Series 1992 A, 3.80% 1,000,000 1,000,000
Series 1995 A, 3.80% 10,600,000 10,600,000
Univ. of Michigan Rev. Med. Svc. Series 1995 A, 3.80%, VRDN 2,600,000
2,600,000
99,442,835
MINNESOTA - 2.0 %
Bloomington Multi-Family Hsg. Rev. Rfdg. (Crow/Bloomington Apts. Proj.)
Series 1993,
3.90%, LOC Citibank, NA, VRDN 8,305,000 8,305,000
Dakota County Hsg. & Redev. Auth. Multi-Family Rental Hsg. Rev. Rfdg.
(Southview Gables Apts. Proj.) 3.85% (Norwestern Mutual Life Co,
Guaranteed) VRDN 11,075,000 11,075,000
Duluth Tax Increment Rev. (Lake Superior Paper Co.) Series 1985, 4.05%,
LOC Wachovia Bank of GA, NA, VRDN 2,800,000 2,800,000
Minneapolis/St. Paul Hsg. and Redev. Auth. (Children's Health Care) Series
1996 E, 4.10%
(FSA Insured) (Liquidity Facility Norwest Bank NA, Minnesota) (b)
3,250,000 3,250,000
Minnesota Gen. Oblig. Participating VRDN, Series 99, 3.95%,
BPA Bankers Trust Company, VRDN 7,710,000 7,710,000
North Branch Independent School District 138 Participating VRDN, Series
1996 C, 4.10%
(Liquidity Facility Norwest Bank NA, Minnesota) (b) 965,000 965,000
Osseo Independent School Dist. Participating VRDN, Series 94-T1, 4.10%
(Liquidity Facility First Bank NA, MN) (b) 1,000,000 1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
MINNESOTA - CONTINUED
Richfield Independent School Dist. #280 Participating VRDN, Series 1994 P,
4.10%
(Liquidity Facility First Bank NA, MN) (b) $ 1,510,000 $ 1,510,000
Rochester Health Care Facs. Rev. (Mayo Foundation Proj.) Series 1985 C,
4.05%
(Liquidity Facility Credit Suisse Zurich) VRDN 2,000,000 2,000,000
St. Louis Park Health Care Facs. Participating VRDN (b):
Series 1994 U, 4.10% (Liquidity Facility Norwest Bank NA, Minnesota)
2,500,000 2,500,000
Series 1994 V, 4.10% (Liquidity Facility Norwest Bank NA, Minnesota)
3,300,000 3,300,000
44,415,000
MISSISSIPPI - 0.7 %
Harrison County Poll. Cont. Rev. Rfdg. (Mississippi Pwr. Co. Proj.) Series
1992, 3.90%, VRDN 8,750,000 8,750,000
Mississippi Bus. Fin. Corp. Rev. (Mississippi College Proj.) Series 1996,
3.85%,
LOC NationsBank, NA (South), VRDN 7,000,000 7,000,000
15,750,000
MISSOURI - 0.9 %
Missouri Envir. Impt. Energy Resource Auth. Rev. Rfdg. (Kansas City Pwr. &
Light Co.)
3.90%, VRDN 6,200,000 6,200,000
Missouri Health & Ed. Facs. (Lutheran Sr. Svcs. ) 3.85%, LOC Lasalle Nat'l.
Bank, VRDN 3,000,000 3,000,000
St. Charles County Ind. Dev. Auth. Rev. Rfdg. (Vanderbilt Apts. Proj.)
Series 1990 A,3.80%,
LOC Citibank, NA, VRDN 7,825,000 7,825,000
Univ. of Missouri BAN Series 1996-97, 4.75% 6/30/97 3,400,000 3,421,951
20,446,951
MONTANA - 0.8 %
Montana Health Care Fac. Auth. Rev. (Pooled Loan Prog.) Series A, 3.90%
(FGIC Insured)
(Liquidity Facility Norwest Bank NA, Minnesota) VRDN 3,000,000 3,000,000
Montana Board of Investments Payroll Tax Rev. (Workers Comp. Prog.) Series
1993,
3.85%, VRDN 13,700,000 13,700,000
16,700,000
NEBRASKA - 0.1 %
Omaha Pub. Pwr. Dist. Elec. Sys. Participating VRDN, Series 1993 D, 3.90%
(Liquidity Facility Merrill Lynch & Co., Inc.) (b) 2,530,000 2,530,000
NEVADA - 0.9 %
Clark County Arpt. Impt. Rev. Rfdg. Series 1993 A, 3.80% (MBIA Insured)
(BPA Nat'l. Westminster Bank PLC, VRDN 10,081,000 10,081,000
Clark County Ind. Dev. Rev. (Nevada Pwr. Co. Proj.)
Series 1995 C, 3.95%, LOC Barclays Bank PLC, VRDN 3,500,000 3,500,000
Clark County School Dist. Participating VRDN (b):
Series BT-192, 3.95% (Liquidity Facility Bankers Trust Company)
2,800,000 2,800,000
Series SG-62, 3.95% (Liquidity Facility Societe Generale, France)
2,900,000 2,900,000
19,281,000
NEW HAMPSHIRE - 0.4 %
New Hamphire Higher Ed. & Health Facs. Auth. Rev., VRDN:
(Alice Peck Day Lifecare Ctr./Harvest Hill) 3.80%, LOC Corestates Bank
800,000 800,000
(St. Paul's School) 3.80%, LOC State Street Bank & Trust Co., Boston
2,000,000 2,000,000
(VHA New England Inc.):
Series D, 3.85% (AMBAC Insured) 1,600,000 1,600,000
Series E, 3.85% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
1,400,000 1,400,000
New Hampshire Ind. Dev. Auth. Resource Recovery Rev. Bonds (Claremont Co.
L.P. Proj.)
Series 1985, 3.80%, tender 1/1/97 (MBIA Insured) 3,205,000 3,205,000
9,005,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
NEW JERSEY - 0.6 %
Cape May BAN 3.50% 2/28/97 $ 2,500,000 $ 2,504,171
Clifton BAN 4.50% 6/26/97 1,400,000 1,405,927
Livingston Township Rfdg. Tax Appeal Bonds 3.26% 2/12/97 1,400,000
1,400,098
New Jersey Gen. Oblig. Participating VRDN, Series 943005, 3.95%
(Liquidity Facility Citibank, NA) (b) 7,400,000 7,400,000
12,710,196
NEW YORK - 1.8 %
Hempstead BAN 3.50% 2/28/97 17,300,000 17,315,072
Nassau County BAN 4% 11/15/96 4,600,000 4,600,742
New York City Gen. Oblig. Series 1995 B-5, 3.70% (MBIA Insured)
(Liquidity Facility Rabobank Nederland, N.V.) VRDN 1,300,000 1,300,000
New York State Energy Research & Dev. Auth. Poll. Cont. Rev. (Niagara
Mohawk Pwr. Corp.)
Series 1985 C, 3.95%, LOC Canadian Imperial Bank, VRDN 2,000,000
2,000,000
New York State Pwr. Auth. Bonds 3.70%, tender 3/1/97 14,000,000
14,000,000
39,215,814
NORTH CAROLINA - 0.5 %
North Carolina Hosp. Rev. Board Rev. (Park Ridge Hosp.) Series 1988, 3.85%,
LOC NationsBank NA (South) VRDN 5,100,000 5,100,000
North Carolina Med. Care Commission Health Care Facs. Bonds (St. Joseph of
the Pines)
3.75%, tender 12/1/96, LOC Wachovia Bank of NC, NA 2,600,000 2,600,000
North Carolina Med. Care Rev. (Moses H. Cone Mem. Hosp. Proj.) 3.80%
(BPA Wachovia Bank of NC, NA) VRDN 4,100,000 4,100,000
11,800,000
NORTH DAKOTA - 1.1 %
Oliver County Poll. Cont. Rev. Rfdg. (Square Butte Elec. Coop.) VRDN:
Series 1996 A, 3.90% (AMBAC Insured) (BPA Bank of New York, NA)
16,800,000 16,800,000
Series 1996 B, 3.90% (AMBAC Insured) (BPA Bank of New York, NA)
7,700,000 7,700,000
24,500,000
OHIO - 1.8 %
Cuyahoga County Hosp. Rev. (Cleveland Clinic Foundation) Series 1996 B,
3.80%, VRDN 22,000,000 22,000,000
Marion County Hosp. Impt. Rev. (Pooled Lease Prog.) Series 1992, 3.95%,
LOC Bank One, VRDN 2,000,000 2,000,000
Milford Village School Dist. BAN 4% 1/30/97 700,000 700,248
Montgomery County Econ. Dev. Rev. (Dayton Art Institute) Series 1996,
3.90%,
LOC Nat'l. City Bank, Cleveland, VRDN 3,000,000 3,000,000
Montgomery County (Sisters of Charity Health Care) Series 1995, 3.80%
(Liquidity Facility Toronto-Dominion Bank) VRDN 8,000,000 8,000,000
Toledo Spl. Assessment Notes Series 1996, 3.90%, LOC Canadian Imperial
Bank, VRDN 4,000,000 4,000,000
39,700,248
OKLAHOMA - 0.2 %
Tulsa International Arpt. Gen. Rev. Series 1996, 3.60% (FGIC Insured)
(BPA FGIC Security Purchase Inc.) VRDN 4,000,000 4,000,000
OREGON - 0.2 %
Oregon Veterans Welfare Hsg. Rev. Series 1973 G, 3.80%,
LOC Morgan Guaranty Trust Co., NY, VRDN 5,000,000 5,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
PENNSYLVANIA - 6.0 %
Allegheny County Hosp. Redev. Auth. Health Facs. Rev. (Central Blood Bank
Proj.)
Series 1992, 3.85%, LOC PNC Bank, VRDN $ 2,225,000 $ 2,225,000
Allegheny County Hosp. Dev. Auth. (Allegheny Gen. Hosp.) Series B, 3.70%,
LOC Morgan Guaranty Trust Co., NY, VRDN 1,200,000 1,200,000
Allegheny County Ind. Dev. Auth. Rev. Rfdg. (N. Versailles Shopping Ctr.)
Series 1992, 3.95%,
LOC Bank One of Columbus, VRDN 3,570,000 3,570,000
Berks County Ind. Dev. Auth. Rev. (Lutheran Home at Topton Proj.) Series
1993 B, 3.875%,
LOC Meridian Bank NA, VRDN 8,900,000 8,900,000
Delaware Valley Reg. Fin. Auth. Local Govt., VRDN:
Series 1985 A, 3.95%, LOC Midland Bank PLC 1,700,000 1,700,000
Series 1985 B, 3.95%, LOC Midland Bank PLC 2,400,000 2,400,000
Series 1985 C, 3.95%, LOC Midland Bank PLC 4,300,000 4,300,000
Emmaus Gen. Auth. Local Govt. Rev., VRDN:
(Saucon Valley) Series D-12, 3.95%, LOC Canadian Imperial Bank 1,100,000
1,100,000
Series 1989 B-10, 3.95%, LOC Midland Bank PLC 400,000 400,000
Series 1989 D-10, 3.95%, LOC Canadian Imperial Bank 7,200,000 7,200,000
Series 1989 E-7, 3.95%, LOC Midland Bank PLC 1,600,000 1,600,000
Harrisburg Auth. Wtr. Rev. Participating VRDN, Series BT-193, 4%
(Liquidity Facility Bankers Trust Company) (b) 5,000,000 5,000,000
Lehigh County Ind. Dev. Auth. Rev. (The Keebler Co.) Series 1992, 3.95%,
LOC Wachovia Bank NC, VRDN 4,740,000 4,740,000
North Pennsylvania Wtr. Auth. Wtr. Rev. Participating VRDN, Series SG-30,
4%
(Liquidity Facility Societe Generale, France) (b) 4,000,000 4,000,000
Northeastern Pennsylvania Hosp. & Ed. Auth. (Allhealth Pool Fing.) 3.95%,
LOC Chase Manhattan Bank, VRDN 28,000,000 28,000,000
Pennsylvania Econ. Dev. Auth. Rev. (Foxdale Village Proj.) Series 1989 C,
3.85%,
LOC PNC Bank, VRDN 2,250,000 2,250,000
Pennsylvania Intergovernmental Coop. Auth. Special Tax Rev. Participating
VRDN,
Series SG-16, 3.90% (Liquidity Facility Societe Generale, France (b)
2,590,000 2,590,000
Philadelphia Hosp. & Higher Ed. Auth. Hosp. Ed. Auth. Hosp. Rev.
(Children's Hosp.)
4% (BPA Morgan Guaranty Trust Co., NY) VRDN 3,600,000 3,600,000
Philadelphia Hosp. Rev. (Children's Hosp. Proj.) Series 1996 A, 4%
(Liquidity Facility Morgan Guaranty Trust Co., NY) VRDN 1,200,000
1,200,000
Philadelphia School Dist. TRAN Series 1996-97, 4.50% 6/30/97 3,500,000
3,512,557
Philadelphia TRAN Series 1996-97, 4.50% 6/30/97 4,400,000 4,417,324
Schuylkill County Ind. Dev. Auth. Resource Recovery Rev., VRDN:
(Gilberton Pwr.) 3.95%, LOC Mellon Bank, NA 8,700,000 8,700,000
(Northeastern Pwr. Co.) Series 1985, 3.80%, LOC Sumitomo Bank, Ltd
1,500,000 1,500,000
Scranton - Lackawanna Health & Welfare Auth. (Elan Gardens Proj.) Series
1996, 3.85%,
LOC PNC Bank NA, VRDN 3,500,000 3,500,000
South Fork Muni. Auth. Hosp. Rev. (Lee Hosp. Proj.) Series 1993 B, 3.85%,
LOC PNC Bank NA, VRDN 5,070,000 5,070,000
West Cornwall Muni. Auth. Rev. (Lebanon Valley Brethren Home) 3.875%,
LOC Corestates Bank, VRDN 1,000,000 1,000,000
York City Gen. Auth. Pooled Fing. Rev. Series 1996, 3.85%,
LOC First Union Nat'l. Bank of NC, VRDN 18,000,000 18,000,000
131,674,881
RHODE ISLAND - 0.0 %
Rhode Island Hsg. & Mtg. Fin. Corp. Homeownership Opportunity Bonds Series
19-C,
3.45%, tender 1/30/97 1,000,000 1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
SOUTH CAROLINA - 2.2 %
South Carolina Cap. Impt. Participating VRDN, Series BT-27, 4%
(Liquidity Facility ADP, Inc.) (b) $ 1,326,000 $ 1,326,000
South Carolina Hsg. Fin. & Dev. Auth. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Charleston Oxford) Series 1990 B, 4.20% (Continental Casualty Co.
Guaranteed) 10,180,000 10,180,000
(Greenville Oxford) Series 1990 A, 4.20% (Continental Casualty Co.
Guaranteed) 4,855,000 4,855,000
(Richland Oxford) Series 1990 C, 4.20% (Continental Casualty Co.
Guaranteed) 5,130,000 5,130,000
South Carolina Jobs Econ. Dev. Auth. Healthcare Facs. Rev. (The Methodist
Home Proj.)
Series 1994, 3.90%, LOC NationsBank NA, VRDN 4,000,000 4,000,000
South Carolina Pub. Svc. Auth. Rev. 3.70% 12/9/96, CP 9,000,000
9,000,000
South Carolina Pub. Svc. Auth. Tender Option Bonds Series CR-183, 3.95%
(Liquidity Facility Citibank, NA) (b) 3,200,000 3,200,000
West Columbia Wtr. & Rev. Bonds 7.375% 10/1/96 1,000,000 1,010,000
York County Poll. Cont. Rev. Bonds (North Carolina Elec. Co.) Series 1984
N-3,
3.80%, tender 3/15/97 10,000,000 10,000,000
48,701,000
SOUTH DAKOTA - 0.3 %
South Dakota Health & Edl. Facs. Auth. Rev. Rfdg. (Sioux Valley Hosp.)
Series 1992 A,
3.85%, VRDN 4,400,000 4,400,000
South Dakota School Dist. TAN Series 1996, 4.75% 7/28/97 3,270,000
3,290,666
7,690,666
TENNESSEE - 2.8 %
Clarksville Pub. Bldg. Auth. Pooled Fing. Rev., 3.85%, LOC NationsBank of
TN, VRDN 1,700,000 1,700,000
Jackson Hsg. Fac. Board Multi-Family Hsg. Rev. Rfdg. (Post House North
Apts. Proj.) 3.85%,
LOC Southtrust Bank of Alabama, VRDN 3,765,000 3,765,000
Knox County Health Edl. & Hsg. Facs. Board Rev. (Webb School Knoxville
Proj.) 3.90%,
LOC SunTrust Bank Nashville, VRDN 3,950,000 3,950,000
Knoxville Wtr. Rev. Participating VRDN, Series BT-57, 4%
(Liquidity Facility ADP Inc.) (b) 3,540,000 3,540,000
Memphis Ctr. Rev. Fin. Corp. (Arbors of Harbor Town Proj.) Series 1990,
3.70%
(Northwestern Mutual Life Insurance Guaranteed) VRDN 14,250,000
14,250,000
Metropolitan Govt. Nashville & Davidson County Gen. Oblig. Participating
VRDN,
Series CR-169, 3.95% (Liquidity Facility Citibank, NA) (b) 6,140,000
6,140,000
Montgomery County Pub. Bldg. Auth. Rev. Series 1995, 3.85%, LOC
NationsBank, VRDN 12,000,000 12,000,000
Nashville & Davidson County Health & Ed. Facs. Multi-Family Hsg. Rev.
(Brentwood Oaks Apts.) 3.90% (Northwestern Mutual Life Insurance
Guaranteed) VRDN 4,000,000 4,000,000
Nashville & Davidson County Ind. Dev. Board Rev. (YMCA Proj.) Series 1994,
3.85%,
LOC Nationsbank NA (South) VRDN 4,190,000 4,190,000
Tennessee Gen. Oblig. Rev. Series 1996 C, 3.75%, VRDN 9,100,000
9,100,000
62,635,000
TEXAS - 13.3 %
Austin Hsg. Fin. Corp. Multi-Family Hsg. Rev. (Riverchase Proj.) Series
1985 A, 4.175%,
LOC Household Finance Corp., VRDN 6,000,000 6,000,000
Austin Combined Util. Sys. Rev. Series A, CP:
3.60% 10/18/96, LOC Swiss Bank Corp 4,600,000 4,600,000
3.65% 12/12/96, LOC Swiss Bank Corp 2,100,000 2,100,000
Bexar County Hsg. Fin. Corp. Multi-Family Hsg. Rev. Rfdg.,VRDN:
(Fountainhead I Proj.) Series 1992 A, 3.90% (Continental Casualty Co.
Guaranteed) 3,855,000 3,855,000
(Fountainhead II Proj.) Series 1992 A, 3.95% (Continental Casualty Co.
Guaranteed) 8,015,000 8,015,000
Brazos River Harbor Navigation Dist. of Brazoria County Rev. Bonds (Dow
Chemical Co.)
Series 1991:
3.60%, tender 11/7/96 8,250,000 8,250,000
3.75%, tender 12/12/96 4,700,000 4,700,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
TEXAS - CONTINUED
Brownsville Util. Sys. Rev. Series A, 3.70%, LOC Toronto-Dominion Bank, CP
$ 1,000,000 $ 1,000,000
Central Waco Dev. Corp. Ind. Dev. Rev. Rfdg. (HE Butt Grocery Proj.) Series
1992, 3.90%,
LOC Texas Commerce Bank of Houston, VRDN 2,200,000 2,200,000
Dallas Area Rapid Transit Sales Tax Rev. Series A, CP:
3.60% 10/16/96, LOC Credit Suisse/Swiss Bank Corp. 1,800,000 1,800,000
3.60% 10/25/96, LOC Credit Suisse/Swiss Bank Corp. 10,000,000
10,000,000
Dallas-Fort Worth Reg'l. Arpt. Participating VRDN, Series SG-5, 3.90%
(Liquidity Facility Societe Generale, France) (b) 1,710,000 1,710,000
Farmers Branch Ind. Dev. Corp. Rev. Rfdg. (PPG Ind. Inc. Proj.) Series
1992, 3.85%, VRDN 2,700,000 2,700,000
Grapevine-Colleyville Independent School Dist. Participating VRDN, Series
SG-69, 3.95%
(Liquidity Facility Society Generale, France) (b) 6,575,000 6,575,000
Greater East Texas Higher Ed. Auth. Student Loan Rev. Rfdg. Bonds Series
1992 A,
4.05%, tender 9/1/97 LOC SLMA 6,200,000 6,200,000
Guadalupe-Blanco River Auth. Ind. Dev. Rev. (BOC Group Inc. Proj.) Series
1993,
3.90%, LOC Wachovia Bank, VRDN 12,400,000 12,400,000
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. (Amoco Oil Co. Proj.) 3.70%,
VRDN 900,000 900,000
Harris County Dev. Corp. Rev. Series 1996 A, 3.85%,
LOC Texas Commerce Bank, Houston, VRDN 1,600,000 1,600,000
Hockley County Ind. Dev. Corp. Poll. Cont. Rev. Bonds (Amoco Proj.) 3.75%,
tender 3/1/97 1,500,000 1,500,291
Houston Hsg. Fin. Corp. Single-Family Mtg. Participating VRDN, Series PT-1,
3.95%
(Liquidity Facility Banque Nationale de Paris) (b) 5,340,000 5,340,000
Houston Gen. Oblig. Participating VRDN, Series SGA-28, 4.10%
(Liquidity Facility Societe Generale, France) (b) 4,000,000 4,000,000
Houston Wtr. & Swr. Sys. Rev.:
Participating VRDN (b):
Series SG-22, 4% (Liquidity Facility Societe Generale, France)
4,000,000 4,000,000
Series SG-76, 3.95% (Liquidity Facility Societe Generale, France)
24,650,000 24,650,000
Series A, 3.60% 10/29/96 (Liquidity Facility Swiss Bank Corp./
Westdeutsche Landesbank) CP 3,000,000 3,000,000
Lower Colorado River Auth. Rev., CP:
Series B, 3.65% 11/26/96 (Liquidity Facility Morgan Guaranty Trust Co.,
NY) 4,600,000 4,600,000
Series C, 3.65% 11/26/96 (Liquidity Facility Morgan Guaranty Trust Co.,
NY) 2,000,000 2,000,000
Lower Colorado River Auth. Elec. Participating VRDN, Series BT-59, 4%
(Liquidity Facility ADP, Inc.) (b) 8,200,000 8,200,000
San Antonio Hotel Occupancy Tax Rev. Participating VRDN,
Series SG-51, 3.95% (Liquidity Facility Societe Generale, France) (b)
2,100,000 2,100,000
Silsbee Health Facs. Dev. Corp. Hosp. Rev. (Silsbee Doctor's Hosp.) Series
1984,
3.90%, LOC Citibank NA, VRDN 3,500,000 3,500,000
Texas A&M Univ. Participating VRDN (b):
Series BT-15, 3.95% (BPA Bankers Trust Company) 5,445,000 5,445,000
Series SG-21, 4% (Liquidity Facility Societe Generale, France) 1,400,000
1,400,000
Texas Dept. of Hsg. & Commty. Affairs Multi-Family Hsg. Rev. Rfdg.
(Remington Hills Development) 3.80%, LOC SunTrust Bank, Atlanta, VRDN
6,500,000 6,500,000
Texas Dept. of Hsg. & Commty. Affairs Participating VRDN, Series PT-9,
3.95%
(Liquidity Facility CommerzBank) (b) 4,115,000 4,115,000
Texas Gen. Oblig. TRAN Series 1996, 4.75% 8/29/97 91,200,000 91,838,376
Texas Higher Ed. Auth. Series B, 3.90% (BPA FGIC Security Purchase Inc.)
VRDN 2,305,000 2,305,000
Texas School Board TAN 4.75% 8/29/97 (FSA Insured) 2,200,000 2,215,832
Texas Small Bus. Ind. Dev. Corp. Rev. (Pub. Facs. Cap. Access Prog.) 3.95%,
LOC Nat'l. Westminster Bank. PLC/Credit Suisse, Switzerland, VRDN
18,395,000 18,395,000
Texas Pub. Ed. Fin. Auth. Participating VRDN, Series CR-170, 3.95%
(Liquidity Facility Citibank, NA) (b) 5,000,000 5,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
TEXAS - CONTINUED
Texas Pub. Fin. Auth. Participating VRDN, Series 1996 CB2, 3.79%
(Liquidity Facility Chase Manhattan Bank) (b) $ 2,300,000 $ 2,300,000
Texas Muni. Pwr. Agcy. 3.60% 10/26/96, CP 5,500,000 5,500,000
University of Texas Bonds Series A, 3.60%, tender 10/17/96
(Liquidity Facility Texas State Univ.) 1,720,000 1,720,000
294,229,499
UTAH - 0.5 %
Intermountain Pwr. Agy. Participating VRDN, Series CR-331, 4%
(Liquidity Facility Citibank, NA) VRDN 5,105,000 5,105,000
Salt Lake City TRAN Series 1996, 4.50% 6/30/97 3,600,000 3,612,900
Salt Lake County TRAN Series 1996, 4.50% 12/31/96 1,600,000 1,602,928
Timpanogos Spl. Svc. Dist. Participating VRDN, Series SG-83, 3.95%
(Liquidity Facility Societe Generale, France) (b) 1,300,000 1,300,000
11,620,828
VERMONT - 0.7 %
Vermont Health & Ed. Bldg. Fin. Auth. (Norwich Univ. Proj.) Series 1996 A,
3.80%,
LOC Chase Manhattan Bank, VRDN 10,000,000 10,000,000
Vermont Ed. & Health Bldgs. Auth. Hosp. Rev. (VHA of New England)
3.85% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago) VRDN 3,560,000
3,560,000
Vermont Student Assistance Corp. Student Loan Rev. Series 1985, 3.70%,
LOC Nat'l. Westminster Bank PLC, VRDN 1,325,000 1,325,000
14,885,000
VIRGINIA - 3.9 %
Chesapeake Ind. Dev. Auth. Poll. cont. Rev. Bonds (Virginia Elec. Pwr. Co.)
Series 1985,
3.70%, tender 12/12/96 1,100,000 1,100,000
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev.:
Rfdg. (Philip Morris Co. Inc. Proj.) Series 1992, 3.90%, VRDN 10,000,000
10,000,000
Bonds (Virginia Elec. Pwr. Proj.):
Series B:
3.70%, tender 10/16/96 8,300,000 8,300,000
3.60%, tender 10/22/96 3,330,000 3,330,000
3.70%, tender 12/13/96 2,535,000 2,535,000
Series 1985, 3.70%, tender 12/13/96 2,000,000 2,000,000
Fairfax County Ind. Dev. Auth. Rfdg. (Inova Health Sys./Fairfax Hosp.
Assoc. Hosp. Sys.)
Series 1985 A, 3.90% (BPA Credit Suisse) VRDN 3,700,000 3,700,000
Hampton Roads Regional Jail Auth. Fac. Rev. Series 1996 B, 3.90%,
LOC Wachovia Bank NC, VRDN 6,900,000 6,900,000
Harrisonburg Redev. & Hsg. Auth. Multi-Family Hsg. Rev. (Misty Ridge Proj.)
Series 1991 A, 3.90%, LOC Banc One of Columbus, VRDN 5,555,000 5,555,000
Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr. Co.
Proj.)
Series1987, 3.70%, tender 12/13/96 2,500,000 2,500,000
Lynchburg Ind. Dev. Auth. Hosp. Rev., VRDN:
(VHA Mid-Atlantic States Proj.):
Series 1985 B, 3.80% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
2,300,000 2,300,000
Series 1985 F, 3.80% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
2,100,000 2,100,000
Series 1985 G, 3.80% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago)
2,500,000 2,500,000
Suffolk Redev. & Hsg. Auth. Multi-Family Rental Hsg. Rev., VRDN:
(Windsor at Fieldstone Proj.) 3.85%, LOC NationsBank NA 7,426,000
7,426,000
(Windsor at Potomac Vista Proj.) 3.85%, LOC NationsBank NA 1,003,000
1,003,000
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
VIRGINIA - CONTINUED
Virginia Hsg. Dev. Auth. Mtg. Bonds:
Series 1996 C:
3.65%, tender 10/24/96 $ 10,900,000 $ 10,900,000
3.70%, tender 12/5/96 11,400,000 11,400,000
Virginia Hsg. Dev. Auth. (AHC Svc. Corp.) Series 1987 A, 3.90%,
LOC Mitsubishi Bank Ltd., VRDN 600,000 600,000
York County Ind. Dev. Rev. Rfdg. (Philip Morris Co. Inc. Proj.) Series
1992, 3.90%, VRDN 1,000,000 1,000,000
85,149,000
WASHINGTON - 3.8 %
Seattle Ind. Dev. Corp. Ind. Rev. Rfdg. (Longview Fibre Co. Proj.) Series
1988, 3.80%,
LOC ABN-AMRO Bank, VRDN 2,500,000 2,500,000
Seattle Limited Tax Gen. Oblig. Participating VRDN, Series SG-12, 3.90%
(Liquidity Facility Societe Generale, France) (b) 7,400,000 7,400,000
Washington Gen. Oblig.:
Participating VRDN (b):
Series BT-125, 3.95% (BPA Bankers Trust Company) 9,575,000 9,575,000
Series BT-195, 3.95% (Liquidity Facility Bankers Trust Company)
3,100,000 3,100,000
Series CR-140, 4% (Liquidity Facility Citibank NA) 2,500,000 2,500,000
Series SG-34, 4% (Liquidity Facility Societe Generale, France)
8,335,000 8,335,000
Series SG-36, 4% (Liquidity Facility Societe Generale, France)
2,000,000 2,000,000
Series SG-37, 3.95% (Liquidity Facility Societe Generale, France)
7,000,000 7,000,000
Series 1993C, 4% (Liquidity Facility Citibank, NA) 21,700,000
21,700,000
Series 1996 A, 3.90% (Liquidity Facility Landesbank Hessen-Thuringen) VRDN
(c) 10,000,000 10,000,000
Series VR-96A, 3.85% (Liquidity Facility Landesbank Hessen-Thuringen) VRDN
6,000,000 6,000,000
Washington Pub. Pwr. Supply Sys. Rfdg. Elec. Rev. (Nuclear Project #1)
VRDN:
Series 1993-1A1, 3.90%, LOC Bank of America Nat'l. Trust & Savings
1,000,000 1,000,000
Series 1993-1A3, 3.85%, LOC Nat'l. Westminster Bank PLC 2,500,000
2,500,000
Washington Pub. Pwr. Supply Sys. Tender Option Ctfs. Series BT-61, 4.10%
(Liquidity Facility ADP, Inc.) (b) 1,200,000 1,200,000
84,810,000
WEST VIRGINIA - 0.8 %
Grant County Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co.) Series
1994,
3.80%, tender 3/10/97 5,200,000 5,200,000
Kanawha County Commercial Dev. Rev. Rfdg. (McJunkin Corp. Proj.) Series
1991, 3.90%,
LOC NationsBank NA, VRDN 4,485,000 4,485,000
West Virginia Fin. Auth. (VHA Mid Atlantic States Inc.) Series 1985 H,
3.90%
(AMBAC Insured) (BPA First National Bank of Chicago) VRDN 8,600,000
8,600,000
18,285,000
WISCONSIN - 2.6 %
Milwaukee Ind. Dev. Rev. (Longview Fiber Co.) Series 1987, 3.80%,
LOC ABN-AMRO Bank, VRDN 1,960,000 1,960,000
Village of Rothschild Poll. Cont. Rev. (Weyherhaeuser Co. Proj.) Series
1982, 3.787%, VRDN 2,400,000 2,400,000
Whitnall School Dist. TRAN 4.50% 9/27/97 1,000,000 1,004,211
Wisconsin Health & Ed. Facs. Auth.:
(Daughters of Charity St. Mary's) Series 1992 A, 3.85%, VRDN 28,200,000
28,200,000
Bonds Series 1996 (Gunderson Clinic & Lutheran Hosp.) 4% 12/1/96 (FSA
Insured) (c) 1,175,000 1,175,483
Wisconsin TRAN Series 1996, 4.50% 6/16/97 22,000,000 22,091,413
56,831,107
MUNICIPAL SECURITIES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
WYOMING - 0.1 %
Kemmerer Poll. Cont. Rev. (Exxon Proj.) Series 1984, 3.70%, VRDN $
1,300,000 $ 1,300,000
MULTIPLE STATES - 1.6 %
Lakeland Florida Elec. & Wtr. Participating VRDN, Series 960901,
4% (Liquidity Facility Citibank, NA) (b) 6,600,000 6,600,000
NCNB Tax-Exempt Trust Participating VRDN, Series 1990 A, 4.125%, LOC
NationsBank NA (b) 1,570,000 1,570,000
Stephens Equity Trust I Participating VRDN, Series 1996, 4%, LOC Bayerische
Hypotheken 11,000,000 11,000,000
Washington State Motor Vehicle Fuel Tax Participating VRDN, Series 964701,
4%
(Liquidity Facility Citibank, NA) (b) 17,200,000 17,200,000
36,370,000
TOTAL INVESTMENTS - 100% $ 2,211,267,546
Total Cost for Income Tax Purposes $ 2,211,267,624
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
FRDN - Floating Rate Demand Notes
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
2. Provides evidence of ownership in one or more underlying
municipal bonds.
3. Security purchased on a delayed delivery basis (see Note 2 of
Notes to Financial Statements).
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1996 (UNAUDITED)
4.ASSETS
Investment in securities, at value - $ 2,211,267,546
See accompanying schedule
Cash 1,994,904
Receivable for investments sold 700,209
Interest receivable 11,177,610
5.TOTAL ASSETS 2,225,140,269
6.LIABILITIES
Payable for investments purchased $ 11,880,272
Delayed delivery
Regular delivery 93,461,040
Distributions payable 4,279,405
Accrued management fee 299,477
Other payables and accrued expenses 221,300
7.TOTAL LIABILITIES 110,141,494
8.NET ASSETS $ 2,114,998,775
Net Assets consist of:
Paid in capital $ 2,115,330,176
Accumulated net realized gain (loss) on investments (331,401)
9.NET ASSETS $ 2,114,998,775
10.11.CLASS I: $1.00
12.NET ASSET VALUE, offering price and redemption price
per share ($1,899,757,266 (divided by) 1,900,054,941 shares)
13.CLASS II: $1.00
14.NET ASSET VALUE, offering price and redemption price
per share ($212,340,245 (divided by) 212,373,516 shares)
15.CLASS III: $1.00
16.NET ASSET VALUE, offering price and redemption price
per share ($2,901,264 (divided by) 2,901,719 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
17.INTEREST INCOME $ 36,870,868
18.EXPENSES
Management fee $ 2,081,822
Transfer agent fees 222,670
Class I
Class II 9,572
Class III 997
Distribution fees 79,272
Class II
Class III 4,980
Accounting fees and expenses 119,269
Non-interested trustees' compensation 6,914
Custodian fees and expenses 14,786
Registration fees 159,988
Class I
Class II 118,559
Class III 86,574
Audit 26,285
Legal 6,511
Miscellaneous 9,363
Total expenses before reductions 2,947,562
Expense reductions (807,708) 2,139,854
19.NET INTEREST INCOME 34,731,014
20.NET REALIZED GAIN (LOSS) ON INVESTMENTS (340,119)
21.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 34,390,895
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31,
1996 1996
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
22.INCREASE (DECREASE) IN NET ASSETS
Operations $ 34,731,014 $ 70,587,934
Net interest income
Net realized gain (loss) (340,119) 365,847
Increase (decrease) in net unrealized gain from accretion of market discount - (8,972)
23.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 34,390,895 70,944,809
Distributions to shareholders (32,969,499) (70,549,024)
From net interest income
Class I
Class II (1,699,688) (7,896)
Class III (61,827) (31,014)
24.TOTAL DISTRIBUTIONS (34,731,014) (70,587,934)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share
Class I 93,145,807 (70,253,634)
Class II 211,405,616 967,900
Class III 1,913,254 988,465
25.TOTAL SHARE TRANSACTIONS 306,464,677 (68,297,269)
26.TOTAL INCREASE (DECREASE) IN NET ASSETS 306,124,558 (67,940,394)
27.NET ASSETS
Beginning of period 1,808,874,217 1,876,814,611
End of period $ 2,114,998,775 $ 1,808,874,217
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEAR ENDED TEN MONTH YEARS ENDED MAY 31,
SEPTEMBER 30, 1996 MARCH 31, PERIOD ENDED
MARCH 31,
(UNAUDITED) 1996 1995 1994 1993 1992
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .017 .036 .027 .024 .026 .040
Less Distributions
From net interest income (.017) (.036) (.027) (.024) (.026) (.040)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
ToTAL RETURN B 1.69% 3.70% 2.74% 2.44% 2.66% 4.02%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,899,757 $ 1,806,918 $ 1,876,815 $ 2,390,663 $ 2,239,031 $ 2,556,995
Ratio of expenses to average net .20% A, .19% .18% A, .18% .18% .18%
assets C C C C C C
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Ratio of net interest income to average 3.34% A 3.64% 3.20% A 2.41% 2.62% 3.90%
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED NOVEMBER 6, 1995
SEPTEMBER 30, 1996 (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .016 .013
Less Distributions
From net interest income (.016) (.013)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 1.62% 1.34%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 212,340 $ 968
Ratio of expenses to average net assets .35% A, C .35%
A, C
Ratio of net interest income to average net assets 3.22% A 3.17% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS III
SIX MONTHS ENDED NOVEMBER 6, 1995
SEPTEMBER 30, 1996 (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .016 .013
Less Distributions
From net interest income (.016) (.013)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 1.56% 1.30%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 2,901 $ 988
Ratio of expenses to average net assets .45% A, C .45% A, C
Ratio of net interest income to average net assets 3.11% A 3.00% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
DAILY MONEY FUND: TREASURY ONLY
INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
Showing Percentage of Total Value of Investments
U.S. TREASURY OBLIGATIONS - 100%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 53.8%
10/3/96 5.21% $ 50,596,000 $ 50,581,514
10/3/96 5.31 21,421,000 21,414,847
10/10/96 5.20 44,000,000 43,944,230
10/10/96 5.22 4,117,000 4,111,699
10/17/96 5.18 8,622,000 8,602,399
10/17/96 5.21 27,844,000 27,780,516
10/17/96 5.22 10,698,000 10,673,554
10/17/96 5.23 15,573,000 15,537,286
10/17/96 5.24 22,000,000 21,950,182
10/24/96 5.23 9,247,000 9,216,457
10/24/96 5.24 67,409,000 67,185,914
10/24/96 5.26 870,000 867,112
11/7/96 5.24 13,952,000 13,878,438
11/7/96 5.25 3,728,000 3,708,172
11/7/96 5.30 25,000,000 24,865,875
11/14/96 5.26 6,879,000 6,835,953
11/14/96 5.31 25,000,000 24,840,194
11/30/96 5.20 39,483,000 39,591,795
11/30/96 5.23 28,472,000 28,551,867
11/30/96 5.24 14,000,000 14,039,601
12/5/96 5.26 55,775,000 55,252,342
12/12/96 5.13 14,296,000 14,151,039
12/12/96 5.23 7,491,000 7,413,693
12/12/96 5.26 88,000,000 87,086,560
2/6/97 5.28 11,513,000 11,301,980
2/6/97 5.31 5,179,000 5,083,522
2/6/97 5.39 2,382,000 2,337,451
2/13/97 5.24 2,077,000 2,037,238
2/20/97 5.25 10,000,000 9,798,439
2/20/97 5.26 20,000,000 19,595,694
4/3/97 5.69 5,000,000 4,862,511
7/24/97 5.58 4,678,000 4,474,528
7/24/97 5.73 8,304,000 7,933,937
8/21/97 5.75 5,409,000 5,144,419
8/21/97 5.84 12,157,000 11,551,399
9/18/97 5.71 2,405,000 2,277,898
TOTAL U.S. TREASURY BILLS 688,480,255
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES - 46.2%
10/15/96 5.26% $ 2,207,000 $ 2,209,163
10/15/96 5.27 56,575,000 56,629,625
10/31/96 5.10 6,491,000 6,498,721
10/31/96 5.13 44,000,000 44,051,303
10/31/96 5.29 21,000,000 21,023,880
10/31/96 5.30 43,000,000 43,048,524
11/15/96 5.22 10,679,000 10,702,557
1/15/97 5.24 45,000,000 45,327,999
1/15/97 5.29 25,000,000 25,177,455
2/28/97 5.24 3,829,000 3,849,192
2/28/97 5.25 26,993,000 27,134,302
1/31/97 5.30 165,000,000 166,088,916
2/28/97 5.22 82,426,000 82,930,330
2/28/97 5.23 8,096,000 8,142,958
2/28/97 5.24 35,306,000 35,509,726
2/28/97 5.38 13,779,000 13,854,786
TOTAL U.S. TREASURY NOTES 592,179,437
TOTAL INVESTMENTS - 100% $ 1,280,659,692
Total Cost for Income Tax Purposes $ 1,280,659,692
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $299,000 of which $22,000, $162,000 and $115,000 will expire
on March 31, 2001, 2002 and 2004, respectively.
DAILY MONEY FUND: TREASURY ONLY
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1996 (UNAUDITED)
28.ASSETS
Investment in securities, at value - See accompanying schedule $ 1,280,659,692
Interest receivable 12,039,239
29.TOTAL ASSETS 1,292,698,931
30.LIABILITIES
Distributions payable $ 4,248,907
Accrued management fee 218,149
Distribution fees payable 5,334
31.TOTAL LIABILITIES 4,472,390
32.NET ASSETS $ 1,288,226,541
Net Assets consist of:
Paid in capital $ 1,288,259,396
Accumulated net realized gain (loss) on investments (32,855)
33.NET ASSETS $ 1,288,226,541
34.CLASS I: $1.00
35.NET ASSET VALUE, offering price and redemption price per share
($1,264,204,227 (divided by) 1,264,236,469 shares)
36.CLASS II: $1.00
37.NET ASSET VALUE, offering price and redemption price per share
($8,141,363 (divided by) 8,141,571 shares)
38.CLASS III: $1.00
39.NET ASSET VALUE, offering price and redemption price per share
($15,880,951 (divided by) 15,881,356 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
40.41.INTEREST INCOME $ 33,780,952
42.EXPENSES
Management fee $ 2,718,445
Distribution fees 2,822
Class II
Class III 19,478
Non-interested trustees' compensation 2,760
Total expenses before reductions 2,743,505
Expense reductions (1,425,837) 1,317,668
43.NET INTEREST INCOME 32,463,284
44.45.NET REALIZED GAIN (LOSS) ON INVESTMENTS 63,964
46.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 32,527,248
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1996 MARCH 31,
(UNAUDITED) 1996
47.INCREASE (DECREASE) IN NET ASSETS
Operations $ 32,463,284 $ 70,116,054
Net interest income
Net realized gain (loss) 63,964 (114,693)
48.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 32,527,248 70,001,361
Distributions to shareholders (31,998,959) (69,114,113)
From net interest income
Class I
Class II (92,725) (42,881)
Class III (371,600) (959,060)
49.TOTAL DISTRIBUTIONS (32,463,284) (70,116,054)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (96,910,211) 94,879,983
Class II 8,039,531 102,040
Class III 11,784,153 4,097,203
50.TOTAL SHARE TRANSACTIONS (77,086,527) 99,079,226
51.TOTAL INCREASE (DECREASE) IN NET ASSETS (77,022,563) 98,964,533
52.NET ASSETS
Beginning of period 1,365,249,104 1,266,284,571
End of period $ 1,288,226,541 $ 1,365,249,104
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEAR ENDED EIGHT MONTH YEARS ENDED JULY 31, OCTOBER 3, 1990
SEPTEMBER 30, MARCH 31, PERIOD ENDED (COMMENCEMENT
1996 MARCH 31, OF OPERATIONS) TO
JULY 31,
(UNAUDITED) 1996 1995 1994 1993 1992 1991
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of period
Income from Investment
Operations
Net interest income .025 .054 .033 .032 .031 .045 .055
Less Distributions
From net interest (.025) (.054) (.033) (.032) (.031) (.045) (.055)
income
Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period
TOTAL RETURN B 2.54% 5.56% 3.38% 3.27% 3.10% 4.64% 5.63%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,264,204 $ 1,361,050 $ 1,266,285 $ 1,049,170 $ 1,047,791 $ 1,197,559 $ 705,543
(000 omitted)
Ratio of expenses to .20% A, .20% .20% A, .20% .20% .20% .03% A,
average net assets C C C C C C C
Ratio of net interest 4.99% A 5.41% 5.02% A 3.22% 3.05% 4.43% 6.34% A
income to average
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED NOVEMBER 6, 1995
SEPTEMBER 30, (COMMENCEMENT
1996 OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .024 .020
Less Distributions
From net interest income (.024) (.020)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 2.46% 2.04%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 8,141 $ 102
Ratio of expenses to average net assets .35% A, C .35% A,
C
Ratio of net interest income to average net assets 4.90% A 5.03% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS III
SIX MONTHS ENDED NOVEMBER 6, 1995
SEPTEMBER 30, (COMMENCEMENT
1996 OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .024 .020
Less Distributions
From net interest income (.024) (.020)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 2.41% 2.00%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 15,881 $ 4,097
Ratio of expenses to average net assets .45% A, C .45% A,
C
Ratio of net interest income to average net assets 4.74% A 4.86% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
Showing Percentage of Total Value of Investments
BANKERS' ACCEPTANCES - 2.2%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC BANKERS' ACCEPTANCES
Chase Manhattan Bank, NA
1/15/97 5.68% $ 2,630,316 $ 2,587,178
2/10/97 5.66 3,000,000 2,939,060
CoreStates Bank
11/4/96 5.52 1,000,000 994,924
TOTAL BANKERS' ACCEPTANCES 6,521,162
CERTIFICATES OF DEPOSIT - 18.6%
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 15.5%
ABN-AMRO Bank
12/2/96 5.51 2,000,000 2,000,000
1/16/97 5.55 5,000,000 5,000,000
Bank of Montreal
10/15/96 5.40 1,000,000 1,000,000
Bank of Tokyo - Mitsubishi Ltd.
10/15/96 5.67 5,000,000 5,000,000
Banque Nationale de Paris
11/4/96 5.37 5,000,000 5,000,000
Bayerische Landesbank Girozentrale
4/22/97 5.85 2,000,000 2,000,000
Caisse Nationale de Credit Agricole
3/24/97 5.62 5,000,000 5,000,000
Canadian Imperial Bank of Commerce
12/5/96 5.63 1,000,000 1,000,000
Commerzbank, Germany
2/26/97 5.73 1,000,000 999,375
Deutsche Bank, Germany
12/23/96 5.52 2,000,000 2,000,000
Royal Bank of Canada
1/15/97 5.76 2,000,000 1,999,915
Sanwa Bank, Ltd.
10/4/96 5.50 1,000,000 1,000,000
10/31/96 5.68 1,000,000 1,000,000
11/4/96 5.69 2,000,000 2,000,000
Societe Generale, France
11/6/96 5.36 1,000,000 1,000,019
12/2/96 5.52 2,000,000 2,000,000
12/20/96 5.45 5,000,000 5,000,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Sumitomo Bank, Ltd.
10/9/96 5.50% $ 1,000,000 $ 1,000,000
10/15/96 5.50 1,000,000 1,000,000
44,999,309
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 3.1%
Abbey National, Treasury Services
12/3/96 5.52 2,000,000 2,000,000
Bayerische Hypotheken-und Weschel
11/27/96 5.50 2,000,000 1,999,938
3/10/97 5.80 1,000,000 1,000,000
Bayerische Vereinsbank A.G.
3/10/97 5.80 1,000,000 1,000,000
Deutsche Bank, Germany
11/8/96 5.50 1,000,000 999,868
Rabobank Nederland, N.V.
12/3/96 5.50 2,000,000 2,000,034
8,999,840
TOTAL CERTIFICATES OF DEPOSIT 53,999,149
COMMERCIAL PAPER - 47.8%
ABN-AMRO North America Finance, Inc.
10/25/96 5.52 5,000,000 4,981,867
Asset Securitization Coop. Corp.
10/15/96 5.33 1,000,000 997,943
10/21/96 5.35 2,000,000 1,994,111
Associates Corp. of North America
10/28/96 5.37 10,000,000 9,960,100
BHF Finance (Delaware), Inc.
10/7/96 5.41 5,000,000 4,995,517
Bear Stearns Cos., Inc.
11/18/96 5.40 7,000,000 6,950,020
Caisse d'Amortissement de la Dette Sociale
10/21/96 5.35 2,000,000 1,994,111
10/24/96 5.50 1,500,000 1,494,796
10/25/96 5.52 5,000,000 4,981,867
Caisse des Depots et Consignations
10/4/96 5.40 5,000,000 4,997,758
Cheltenham & Gloucester PLC
10/21/96 5.53 5,000,000 4,984,861
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Citibank Credit Card Master Trust I (Dakota Certificate Program)
11/12/96 5.39% $ 2,000,000 $ 1,987,587
Delaware Funding Corp.
10/1/96 5.32 1,458,000 1,458,000
10/8/96 5.33 2,000,000 1,997,943
10/21/96 5.35 3,160,000 3,150,696
Eiger Capital Corp.
10/15/96 5.34 1,192,000 1,189,543
10/15/96 5.41 1,000,000 997,908
10/21/96 5.48 2,080,000 2,073,702
10/23/96 5.52 3,000,000 2,989,917
10/25/96 5.44 5,000,000 4,982,000
Electricite de France
11/12/96 5.41 3,200,000 3,179,952
Enterprise Funding Corp.
10/3/96 5.39 1,000,000 999,702
11/8/96 5.40 2,000,000 1,988,748
General Electric Capital Corp.
11/25/96 5.37 5,000,000 4,959,361
1/27/97 5.76 2,000,000 1,963,289
3/12/97 5.76 1,000,000 974,800
General Electric Co.
10/22/96 5.35 2,000,000 1,993,817
Goldman Sachs Group, L.P. (The)
10/18/96 5.39 5,000,000 4,987,415
IBM Credit Corp.
11/25/96 5.38 2,000,000 1,983,714
Matterhorn Capital
10/23/96 5.48 5,000,000 4,983,347
Merrill Lynch & Co., Inc.
3/11/97 5.76 1,000,000 974,956
Morgan Stanley Group, Inc.
10/15/96 5.41 2,000,000 1,995,815
10/16/96 5.41 1,000,000 997,757
10/21/96 5.35 2,000,000 1,994,110
Nationwide Building Society
10/15/96 5.53 3,000,000 2,993,641
Norwest Financial
10/21/96 5.35 5,000,000 4,985,278
Philip Morris Cos., Inc.
10/30/96 5.50 2,000,000 1,991,252
Preferred Receivables Funding Corp.
10/2/96 5.39 1,200,000 1,199,821
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
SBC Finance (DE), Inc.
3/11/97 5.76% $ 5,000,000 $ 4,874,778
Toronto Dominion Holdings USA, Inc.
3/5/97 5.80 1,000,000 975,717
Unifunding, Inc.
10/11/96 5.40 13,000,000 12,980,572
Wool International
10/11/96 5.55 5,500,000 5,491,628
TOTAL COMMERCIAL PAPER 138,629,717
FEDERAL AGENCIES - 20.6%
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 2.1%
12/13/96 5.51 6,000,000 5,999,247
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 2.3%
1/21/97 5.54 1,885,000 1,853,625
2/3/97 5.62 4,985,000 4,890,493
6,744,118
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 5.1%
11/4/96 5.47 15,000,000 14,923,642
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 5.9%
10/1/96 5.33 2,000,000 1,998,126
10/2/96 5.36 10,000,000 9,995,468
11/1/96 5.59 5,000,000 4,997,371
16,990,965
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 5.2%
10/1/96 5.46 10,000,000 10,000,000
10/16/96 5.68 5,000,000 5,000,000
15,000,000
TOTAL FEDERAL AGENCIES 59,657,972
BANK NOTES - 1.4%
Household Bank FSB
11/15/96 5.42 1,000,000 1,000,000
Wachovia Bank of North Carolina, N.A.
10/15/96 5.69 3,000,000 2,998,330
TOTAL BANK NOTES 3,998,330
MASTER NOTES (A) - 0.7%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Goldman Sachs Group, L.P. (The)
11/8/96 5.50% $ 2,000,000 $ 2,000,000
SHORT-TERM NOTES (A) - 2.2%
Capital One Funding Corp. (1994-B)
10/3/96 5.61 4,151,000 4,151,000
Capital One Funding Corp. (1994-E)
10/3/96 5.61 2,282,000 2,282,000
TOTAL SHORT-TERM NOTES 6,433,000
TIME DEPOSITS - 2.4%
Bank of Tokyo - Mitsubishi Ltd.
10/7/96 5.50 1,000,000 1,000,000
11/4/96 5.47 1,000,000 1,000,000
Sanwa Bank, Ltd.
10/4/96 5.44 2,000,000 2,000,000
Sumitomo Bank, Ltd.
10/15/96 5.55 1,000,000 1,000,000
10/16/96 5.56 2,000,000 2,000,000
TOTAL TIME DEPOSITS 7,000,000
REPURCHASE AGREEMENTS - 4.1%
MATURITY
AMOUNT
In a joint trading account:
(U.S. Treasury Obligations)
dated 9/30/96 due 10/1/96
At 5.75% $ 1,966,314 1,966,000
(U.S. Government Obligations)
dated 9/25/96 due 10/2/96
At 5.40% 10,010,500 10,000,000
TOTAL REPURCHASE AGREEMENTS 11,966,000
TOTAL INVESTMENTS 100% $ 290,205,330
Total Cost for Income Tax Purposes $ 290,205,330
LEGEND
1. 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.
INCOME TAX INFORMATION
At March 31, 1996, the fund had a capital loss carryforward of
approximately $47,000 of which $32,000, $2,000 and $13,000 will expire on
March 31, 1997, 1998 and 2004, respectively.
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
SEPTEMBER 30, 1996 (UNAUDITED)
2.ASSETS
Investment in securities, at value (including repurchase agreements of $11,966,000) - $ 290,205,330
See accompanying schedule
Interest receivable 982,639
3.TOTAL ASSETS 291,187,969
4.LIABILITIES
Payable for investments purchased $ 1,000,000
Share transactions in process 125,000
Distributions payable 175,948
Accrued management fee 49,181
Distribution fees payable 1,158
5.TOTAL LIABILITIES 1,351,287
6.NET ASSETS $ 289,836,682
Net Assets consist of:
Paid in capital $ 289,913,260
Accumulated net realized gain (loss) on investments (76,578)
7.NET ASSETS $ 289,836,682
8.CLASS I: $1.00
9.NET ASSET VALUE, offering price and redemption price per share
($284,915,255 (divided by) 284,990,486 shares)
10.CLASS II: $1.00
11.NET ASSET VALUE, offering price and redemption price per share
($104,631 (divided by) 104,781 shares)
12.CLASS III: $1.00
13.NET ASSET VALUE, offering price and redemption price per share
($4,816,796 (divided by) 4,817,993 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
14.15.INTEREST INCOME $ 7,538,323
16.EXPENSES
Management fee $ 581,127
Distribution fees 2,934
Class II
Class III 4,641
Non-interested trustees' compensation 562
Total expenses before reductions 589,264
Expense reductions (306,654) 282,610
17.NET INTEREST INCOME 7,255,713
18.19.NET REALIZED GAIN (LOSS) ON INVESTMENTS (2,630)
20.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 7,253,083
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SIX MONTHS ENDED SEVEN MONTHS YEAR
SEPTEMBER ENDED ENDED
30, 1996 MARCH 31, AUGUST 31,
(UNAUDITED) 1996 1995
21.INCREASE (DECREASE) IN NET ASSETS
Operations $ 7,255,713 $ 9,320,785 $ 17,187,869
Net interest income
Net realized gain (loss) (2,630) (12,554) 9,578
22.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 7,253,083 9,308,231 17,197,447
Distributions to shareholders from:
Net interest income
Class I (7,061,701) (9,263,759) (17,187,869)
Class II (101,125) (46,808) -
Class III (92,887) (10,218) -
TOTAL DISTRIBUTIONS (7,255,713) (9,320,785) (17,187,869)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I 61,146,916 (77,080,576) (98,479,619)
Class II (4,606,217) 4,710,998 -
Class III 3,207,777 1,610,216 -
TOTAL SHARE TRANSACTIONS 59,748,476 (70,759,362) (98,479,619)
23.TOTAL INCREASE (DECREASE) IN NET ASSETS 59,745,846 (70,771,916) (98,470,041)
24.NET ASSETS
Beginning of period 230,090,836 300,862,752 399,332,793
End of period $ 289,836,682 $ 230,090,836 $ 300,862,752
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED SEVEN MONTHS YEARS ENDED AUGUST 31, TEN MONTHS YEAR ENDED
SEPTEMBER 30, ENDED ENDED OCTOBER 31,
1996 MARCH 31, AUGUST 31,
(UNAUDITED) 1996 1995 1994 1993 1992 1991
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment .026 .032 .054 .033 .029 .034 .063
Operations
Net interest income
Less Distributions (.026) (.032) (.054) (.033) (.029) (.034) (.063)
From net interest income
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.66% 3.21% 5.53 3.34 2.93% 3.44% 6.44
% % %
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 284,915 $ 223,772 $ 300,863 $ 399,333 $ 611,410 $ 765,721 $ 851,872
(000 omitted)
Ratio of expenses to average .20% A, C .27% A, .42 .42 .42% .42% .42
net assets C % % A %
Ratio of net interest income to 5.24% A 5.46% A 5.33 3.24 2.89% 4.04% 6.38
average net assets % % A %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED NOVEMBER 6,
SEPTEMBER 30, 1995
1996 (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .025 .021
Less Distributions
From net interest income (.025) (.021)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 2.58% 2.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 105 $ 4,709
Ratio of expenses to average net assets .35% A, .35% A,
C C
Ratio of net interest income to average net assets 5.17% A 5.06% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS III
SIX MONTHS ENDED NOVEMBER 6,
SEPTEMBER 30, 1995
1996 (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
(UNAUDITED) 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .025 .021
Less Distributions
From net interest income (.025) (.021)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 2.53% 2.11%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 4,817 $ 1,610
Ratio of expenses to average net assets .45% A, .45% A,
C C
Ratio of net interest income to average net assets 5.00% A 5.01% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended September 30, 1996 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Treasury, Government, Domestic and Money Market are funds of Fidelity
Institutional Cash Portfolios (a trust). Treasury Only is a fund of Daily
Money Fund (a trust). Tax-Exempt is a fund of Fidelity Institutional
Tax-Exempt Cash Portfolios (a trust). Rated Money Market is a fund of
Fidelity Money Market Trust (a trust). Each trust is registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as an open-end
management investment company organized as a Delaware business trust and is
authorized to issue an unlimited number of shares.
Each fund currently offers three classes of shares, Class I, Class II and
Class III, each of which has equal rights as to assets and voting
privileges except that each class bears different distribution and transfer
agent expenses and certain registration fees. Each class has exclusive
voting rights with respect to its distribution plans.
The financial statements have been prepared in conformity with generally
accepted accounting principles which permit management to make certain
estimates and assumptions at the date of the financial statements.
The following summarizes the significant accounting policies of the funds:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, each fund is not subject to income taxes to
the extent that it distributes substantially all of its taxable income for
the fiscal year. The schedules of investments include information regarding
income taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of discount, is accrued as earned. For Tax-Exempt, accretion
of market discount represents unrealized gain until realized at the time of
a security disposition or maturity.
ALLOCATED EARNINGS AND EXPENSES. Interest income, expenses (other than
expenses incurred under the Distribution and Service Plan, Transfer Agent
Agreement and certain registration fees for each class) and realized and
unrealized gains or losses on investments are allocated to each class of
shares based upon their relative net assets.
TREASURY ONLY AND RATED MONEY MARKET: Most expenses of each 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 for U.S. Treasury or Federal
Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
Securities are transferred to an account of the funds, or to the Joint
Trading Account, at a bank custodian. The securities are marked-to-market
daily and maintained at a value at least equal to the principal amount of
the repurchase agreement (including accrued interest). 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. On September 30, 1996, Government had a
reverse repurchase agreement amounting to $116,789,514 at 4.60%
outstanding. The agreement, which matured October 1, 1996 was
collateralized by $128,000,000 of Federal National Mortgage Association
Agency Coupon Notes due October 1, 1996.
RESTRICTED SECURITIES. Government, Domestic, Money Market, Tax-Exempt and
Rated Money Market are permitted to invest in securities that are subject
to legal or contractual restrictions on resale. These securities generally
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 $29,036,048 or 0.8% of net assets for Government,
$16,000,000 or 1.4% of net assets for Domestic and $44,000,000 or 0.5% of
net assets for Money Market.
3. JOINT TRADING ACCOUNT.
At the end of the period, each of Treasury and Government had 20% or more
of its total investments in repurchase agreements through a joint trading
account. These repurchase agreements were with entities whose
creditworthiness has been reviewed and found satisfactory by FMR. The
maturity values of the joint trading account investments were
$7,489,321,161 at 5.75% for Treasury and $202,919,418 at 5.75%,
$265,532,299 at 5.87%, $123,497,228 at 5.39%, $262,544,087 at 5.34%,
$89,400,500 at 5.40%, and $89,016,400 at 5.40% for Government. The
investments in repurchase agreements through the joint trading account are
summarized as follows:
SUMMARY OF JOINT TRADING
DATED SEPTEMBER 30, 1996 DUE OCTOBER 1, 1996 AT 5.75%
Number of dealers or banks 16
Maximum amount with one dealer or bank 26.6%
Aggregate principal amount of agreements $8,641,759,000
Aggregate maturity amount of agreements $8,643,139,447
Aggregate market value of transferred assets $8,818,357,979
Coupon rates of transferred assets 0.00% to 13.75%
Maturity dates of transferred assets 11/15/96 to 2/15/26
DATED SEPTEMBER 30, 1996 DUE OCTOBER 1, 1996 AT 5.75%
Number of dealers or banks 7
Maximum amount with one dealer or bank 20.6%
Aggregate principal amount of agreements $534,403,000
Aggregate maturity amount of agreements $534,488,383
Aggregate market value of transferred assets $545,403,564
Coupon rates of transferred assets 0.00% to 13.875%
Maturity dates of transferred assets 11/15/96 to 8/15/26
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED SEPTEMBER 30, 1996 DUE OCTOBER 1, 1996 AT 5.75%
Number of dealers or banks 4
Maximum amount with one dealer or bank 32.9%
Aggregate principal amount of agreements $350,000,000
Aggregate maturity amount of agreements $350,055,885
Aggregate market value of transferred assets $357,301,623
Coupon rates of transferred assets 4.75% to 13.75%
Maturity dates of transferred assets 11/15/96 to 2/15/26
DATED SEPTEMBER 30, 1996 DUE OCTOBER 1, 1996 AT 5.75%
Number of dealers or banks 7
Maximum amount with one dealer or bank 28.8%
Aggregate principal amount of agreements $121,342,000
Aggregate maturity amount of agreements $121,361,392
Aggregate market value of transferred assets $123,978,873
Coupon rates of transferred assets 0% to 14.25%
Maturity dates of transferred assets 10/15/96 to 8/15/26
DATED SEPTEMBER 30, 1996 DUE OCTOBER 1, 1996 AT 5.87%
Number of dealers or banks 4
Maximum amount with one dealer or bank 40.0%
Aggregate principal amount of agreements $1,125,000,000
Aggregate maturity amount of agreements $1,125,183,479
Aggregate market value of transferred assets $1,162,579,768
Coupon rates of transferred assets 0% to 11%
Maturity dates of transferred assets 11/1/96 to 9/1/26
DATED SEPTEMBER 5, 1996 DUE OCTOBER 2, 1996 AT 5.39%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $450,000,000
Aggregate maturity amount of agreements $451,819,125
Aggregate market value of transferred assets $463,500,000
Coupon rates of transferred assets 5.07% to 11.75%
Maturity dates of transferred assets 8/1/00 to 9/1/28
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED SEPTEMBER 18, 1996 DUE OCTOBER 2, 1996 AT 5.34%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $400,000,000
Aggregate maturity amount of agreements $400,830,667
Aggregate market value of transferred assets $408,886,845
Coupon rates of transferred assets 5.375% to 7.00%
Maturity dates of transferred assets 11/30/97 to 4/30/01
DATED SEPTEMBER 9, 1996 DUE OCTOBER 9, 1996 AT 5.40%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $200,900,000
Aggregate market value of transferred assets $ 206,006,585
Coupon rates of transferred assets 7.00% to 7.50%
Maturity dates of transferred assets 8/15/23 to 12/15/25
DATED SEPTEMBER 16, 1996 DUE DECEMBER 2, 1996 AT 5.40%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $202,310,000
Aggregate market value of transferred assets $ 207,468,939
Coupon rates of transferred assets 7.00% to 9.50%
Maturity dates of transferred assets 4/15/16 to 5/15/26
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, FMR receives a fee that
is computed daily at an annual rate of .20% of average net assets except
for Treasury Only and Rated Money Market.
For Treasury Only and Rated Money Market, FMR pays all expenses except the
compensation of the non-interested Trustees and certain exceptions such as
interest, taxes, brokerage commissions and extraordinary expenses. FMR
receives a fee that is computed daily at an annual rate of .42% of the
fund's average net assets, reduced by the fees and expenses paid by the
fund to the non-interested Trustees.
SUB-ADVISER FEE. As each fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fees are paid prior to any voluntary
expense reimbursements which may be in effect.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans of Class II and Class III, and in accordance with Rule 12b-1 of the
1940 Act, each fund pays Fidelity Distributors Corporation (FDC), an
affiliate of FMR, a distribution and service fee that is based on an annual
rate of .15% and .25% of the average net assets of the Class II and Class
III shares, respectively. For the period, the distribution fees received by
FDC on behalf of each class of shares are shown on each fund's Statement of
Operations. Of the fees paid to FDC, all were paid to securities dealers,
banks and other financial institutions for selling Class II and Class III
shares and providing shareholder support services.
In addition, FMR or FDC may use its resources to pay administrative and
promotional expenses related to the sale of each class' shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of each class' shares or render
shareholder support services.
TRANSFER AGENT FEES. Fidelity Investments Institutional Operations Company
(FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and
shareholder servicing agent for the funds except for Tax-Exempt. UMB Bank,
n.a. (UMB) is the custodian and transfer and shareholder servicing agent
for Tax-Exempt. UMB has entered into a sub-contract with FIIOC to perform
the activities associated with the transfer and shareholder servicing agent
functions for Tax-Exempt. FIIOC receives account fees and asset-based fees
that vary according to account size. FIIOC pays for typesetting and mailing
of all shareholder reports, except proxy statements.
For the period, the transfer agent fees were equivalent to the following
annualized rates as a percentage of average net assets:
CLASS I CLASS II CLASS III
Treasury .03% .04% .03%
Government .03% .04% .04%
Domestic .04% 1.09% .05%
Money Market .06% .03% .05%
Tax-Exempt .02% .02% .05%
ACCOUNTING FEES. Fidelity Service Co. (FSC), an affiliate of FMR, maintains
the accounting records for the funds except for Tax-Exempt. UMB also has a
sub-contract with FSC to maintain Tax-Exempt's accounting records. The
accounting fee is based on the level of average net assets for the month
plus out-of-pocket expenses.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the funds' operating expenses
(excluding interest, taxes, brokerage commissions, extraordinary expenses,
and 12b-1 fees payable by Class II
and Class III of each fund) above an annual rate of .20% (.18% for Money
Market) of average net assets. For the period, the reimbursement reduced
expenses by the following:
CLASS I CLASS II CLASS III
Treasury $ 1,473,078 $ 53,831 $ 466,158
Government $ 824,374 $ 65,713 $ 164,840
Domestic $ 498,436 $ 42,412 $ 49,837
Money Market $ 3,908,577 $ 96,920 $ 188,400
Tax-Exempt $ 535,248 $ 144,104 $ 87,921
Treasury Only $ 1,404,102 $ 4,139 $ 17,141
Rated Money Market $ 296,308 $ 4,303 $ 4,084
In addition, each of Treasury, Government, Domestic, Money Market and
Tax-Exempt has entered into arrangements with its custodian and transfer
agent whereby interest earned on uninvested cash balances was used to
offset a portion of the class' expenses. During the period, the custodian
fees were reduced by $1,370, $279, $985, $4,610, and $30,273 under the
custodian arrangements for Treasury, Government, Domestic, Money Market and
Tax-Exempt, respectively, and Tax Exempt Class I expenses were reduced by
$10,162 under the transfer agent arrangement.
Also, FMR has entered into arrangements on behalf of Treasury Only and
Rated Money Market with each fund's custodian and transfer agent whereby
interest earned on uninvested cash balances was used to offset a portion of
each fund's expenses. During the period, expenses were reduced by $455 and
$1,959 for Treasury Only and Rated Money Market, respectively, under these
arrangements.
6. BENEFICIAL INTEREST.
At the end of the period, certain shareholders were record owners of
approximately 10% or more of the total outstanding shares of the following
funds:
NUMBER OF %
FUND SHAREHOLDERS OWNERSHIP
Treasury 1 16%
Government 1 11%
Domestic 1 16%
Tax-Exempt 1 15%
Treasury Only 2 44%
Rated Money Market 2 29%
7. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:
TREASURY CLASS I SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1996 MARCH 31,
(UNAUDITED) 1996 *
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 25,308,855,512 $ 51,861,896,309
Issued in reinvestment of distributions from net interest income 65,459,206 113,431,831
Shares redeemed (50,675,625,449)
(25,898,421,382)
(524,106,664) 1,299,702,691
Issued in exchange for shares of Fidelity Institutional Cash Portfolios: Treasury - 1,004,660,627
Issued in exchange for shares of Fidelity Money Market Trust: U.S. Treasury Portfolio - 141,827,906
Issued in exchange for shares of State & Local Asset Management Series: U.S. Government 103,373,186 -
Portfolio
Net increase (decrease) in shares (420,733,478) 2,446,191,224
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TREASURY CLASS II
Shares sold $ 297,183,324 $ 438,269,291
Issued in reinvestment of distributions from net interest income 781,493 1,519,235
Shares redeemed
(297,871,673) (399,314,108)
Net increase (decrease) in shares 93,144 40,474,418
</TABLE>
TREASURY CLASS III
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 9,779,364,144 $ 14,781,999,217
Issued in reinvestment of distributions from net interest income 10,212,604 13,304,486
Shares redeemed (13,945,472,798)
(9,147,557,791)
Net increase (decrease) in shares 642,018,957 849,830,905
</TABLE>
GOVERNMENT CLASS I
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 15,532,369,889 $ 24,152,458,174
Issued in reinvestment of distributions from net interest income 30,730,851 79,149,062
Shares redeemed (24,704,636,133)
(15,626,326,595)
(63,225,855) (473,028,897)
Issued in exchange for shares of Fidelity Money Market Trust: U.S. Government Portfolio - 216,066,944
Net increase (decrease) in shares (63,225,855) (256,961,953)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
GOVERNMENT CLASS II
Shares sold $ 549,159,367 $ 100,001
Issued in reinvestment of distributions from net interest income 404,926 2,160
Shares redeemed
(491,291,551) -
Net increase (decrease) in shares 58,272,742 102,161
</TABLE>
GOVERNMENT CLASS III
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 2,244,815,486 $ 850,158,890
Issued in reinvestment of distributions from net interest income 4,706,906 1,766,027
Shares redeemed
(2,055,459,987) (697,927,350)
Net increase (decrease) in shares 194,062,405 153,997,567
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II ARE FOR THE PERIOD NOVEMBER 6, 1995
(COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
7. SHARE TRANSACTIONS - CONTINUED
DOMESTIC CLASS I SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1996 MARCH 31,
(UNAUDITED) 1996 *
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 4,862,929,839 $ 6,513,086,890
Issued in reinvestment of distributions from net interest income 15,590,487 21,122,058
Shares redeemed
(4,880,998,012) (6,188,234,960)
Net increase (decrease) in shares (2,477,686) 345,973,988
DOMESTIC CLASS II
Shares sold $ 32,112 $ 2,101,358
Issued in reinvestment of distributions from net interest income 3,923 3,527
Shares redeemed
(2,000,000) -
Net increase (decrease) in shares (1,963,965) 2,104,885
DOMESTIC CLASS III
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold 226,858,588 488,371,167
Issued in reinvestment of distributions from net interest income 851,930 1,792,344
Shares redeemed
(225,435,978) (469,312,190)
Net increase (decrease) in shares 2,274,540 20,851,321
</TABLE>
MONEY MARKET CLASS I
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 29,040,770,961 $ 51,277,142,050
Issued in reinvestment of distributions from net interest income 130,682,208 233,633,869
Shares redeemed (50,174,644,708)
(27,229,384,352)
Net increase (decrease) in shares 1,942,068,817 1,336,131,211
MONEY MARKET CLASS II
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 533,775,193 $ 364,545,650
Issued in reinvestment of distributions from net interest income 1,429,048 646,687
Shares redeemed
(558,076,186) (300,973,077)
Net increase (decrease) in shares (22,871,945) 64,219,260
</TABLE>
MONEY MARKET CLASS III
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 1,453,886,335 $ 1,782,025,633
Issued in reinvestment of distributions from net interest income 4,453,762 5,459,414
Shares redeemed
(1,384,155,108) (2,015,317,386)
Net increase (decrease) in shares 74,184,989 (227,832,339)
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II ARE FOR THE PERIOD NOVEMBER 6, 1995
(COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
7. SHARE TRANSACTIONS - CONTINUED
TAX-EXEMPT CLASS I SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1996 MARCH 31,
(UNAUDITED) 1996 *
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 5,654,881,596 $ 10,356,972,054
Issued in reinvestment of distributions from net interest income 8,309,880 17,440,742
Shares redeemed (10,444,666,430)
(5,570,045,669)
Net increase (decrease) in shares 93,145,807 (70,253,634)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TAX-EXEMPT CLASS II
Shares sold $ 389,152,417 $ 960,001
Issued in reinvestment of distributions from net interest income 1,700,276 7,899
Shares redeemed
(179,447,077) -
Net increase (decrease) in shares 211,405,616 967,900
TAX-EXEMPT CLASS III
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 6,780,998 $ 4,699,909
Issued in reinvestment of distributions from net interest income 19,862 20,999
Shares redeemed
(4,887,606) (3,732,443)
Net increase (decrease) in shares 1,913,254 988,465
TREASURY ONLY CLASS I
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 1,646,187,722 $ 4,611,358,001
Issued in reinvestment of distributions from net interest income 6,399,877 13,504,008
Shares redeemed
(1,749,497,810) (4,529,982,026)
Net increase (decrease) in shares (96,910,211) 94,879,983
</TABLE>
TREASURY ONLY CLASS II
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 28,214,301 $ 14,117,827
Issued in reinvestment of distributions from net interest income 6,236 9,279
Shares redeemed
(20,181,006) (14,025,066)
Net increase (decrease) in shares 8,039,531 102,040
TREASURY ONLY CLASS III
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 38,725,166 $ 364,952,984
Issued in reinvestment of distributions from net interest income 325,136 176,421
Shares redeemed
(27,266,149) (361,032,202)
Net increase (decrease) in shares 11,784,153 4,097,203
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II AND CLASS III ARE FOR THE PERIOD
NOVEMBER 6, 1995 (COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
7. SHARE TRANSACTIONS - CONTINUED
RATED MONEY MARKET CLASS I SIX MONTHS ENDED SEVEN MONTHS YEAR ENDED
SEPTEMBER 30, ENDED MARCH 31, AUGUST 31,
1996 1996 * 1995
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 1,061,932,728 $ 1,118,760,375 $ 2,232,610,577
Issued in reinvestment of distributions from net interest income 6,056,221 7,202,839 12,093,056
Shares redeemed
(1,006,842,033) (1,203,043,790) (2,343,183,252)
Net increase (decrease) in shares 61,146,916 (77,080,576) (98,479,619)
</TABLE>
RATED MONEY MARKET CLASS II
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 43,303,306 $ 10,100,001 $ -
Issued in reinvestment of distributions from net interest income 115,308 10,997 -
Shares redeemed
(48,024,831) (5,400,000) -
Net increase (decrease) in shares (4,606,217) 4,710,998 -
</TABLE>
RATED MONEY MARKET CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 17,901,585 $ 1,600,001 $ -
Issued in reinvestment of distributions from net interest income 92,795 10,215 -
Shares redeemed
(14,786,603) - -
Net increase (decrease) in shares 3,207,777 1,610,216 -
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II AND CLASS III ARE FOR THE PERIOD
NOVEMBER 6, 1995 (COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
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
Sarah H. Zenoble, VICE PRESIDENT
Leland C. Barron, VICE PRESIDENT
Robert K. Duby, VICE PRESIDENT
Burnell Stehman, VICE PRESIDENT
John Todd, VICE PRESIDENT
Scott A. Orr, VICE PRESIDENT
Arthur S. Loring, SECRETARY
Kenneth A. Rathgeber, TREASURER
Thomas D. Maher, ASSISTANT VICE PRESIDENT
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, ASSISTANT TREASURER
Thomas J. Simpson, 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 *
ADVISORY BOARD
William O. McCoy
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
* INDEPENDENT TRUSTEES
TRANSFER AND
SHAREHOLDER
SERVICING AGENTS
Fidelity Investments Institutional Operations Company
Boston, MA
UMB Bank, n.a.
Kansas City, MO
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
CUSTODIANS
The Bank of New York
New York, NY
FIDELITY INSTITUTIONAL CASH PORTFOLIOS:
TREASURY, GOVERNMENT, DOMESTIC
AND MONEY MARKET
DAILY MONEY FUND: TREASURY ONLY
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
UMB Bank, n.a.
Kansas City, MO
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
