FIDELITY INSTITUTIONAL CASH PORTFOLIOS
SEMIANNUAL REPORT
SEPTEMBER 30, 1994
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO
INVESTMENTS/SEPTEMBER 30, 1994 (UNAUDITED)
(Showing Percentage of Total Value of Investments)
ANNUALIZED
YIELD AT
DUE TIME OF PRINCIPAL VALUE MATURITY VALUE
DATE PURCHASE AMOUNT (NOTE 1) AMOUNT (NOTE 1)
U.S. Treasury Obligations - 24.0%
U.S. TREASURY BILLS - 18.0%
10/20/94 3.36% $ 20,000,000 $ 19,965,376 993134GV
12/15/94 4.60 77,000,000 76,278,928 9931344N
1/19/95 4.96 40,000,000 39,408,444 9931345U
1/26/95 4.96 33,000,000 32,480,910 9931346E
2/16/95 5.11 5,000,000 4,904,454 9931347G
2/16/95 5.12 27,000,000 26,483,535 9931347H
3/2/95 5.06 7,000,000 6,854,314 9931348E
8/24/95 5.48 40,000,000 38,108,850 9931348J
244,484,811
U.S. TREASURY NOTES - 6.0%
11/15/94 4.57 15,996,000 16,020,689 993993HM
1/31/95 3.63 15,000,000 15,027,556 993993DM
2/28/95 5.03 12,000,000 11,941,971 993993JQ
2/28/95 5.31 39,200,000 38,964,347 993993KH
81,954,563
TOTAL U.S. TREASURY OBLIGATIONS 326,439,374
Medium-term notes (a) (b) - 1.3%
Export Import Bank, U.S. (as guarantor for K.A. Leasing, Ltd.)
10/15/94 5.00 17,877,883 17,877,883 530993AA
MATURITY
AMOUNT
Repurchase Agreements - 74.7%
With Chemical Securities, Inc.:
At 4.85%, dated 9/21/94 due 10/5/94:
U.S. Government Obligations
(principal amount $98,021,339)
5% to 6.50%,
1/15/24 to 5/15/24 $ 88,165,978 88,000,000 1659977E
With Donaldson, Lufkin & Jenrette Securities Corp.:
At 4.80%, dated 9/30/94 due 10/3/94:
U.S. Treasury Obligations
(principal amount $151,620,000)
4.25% to 7.625%,
12/31/94 to 4 /30/96 150,060,000 150,000,000 25899GDB
With Nomura Securities International, Inc.:
At 4.80%, dated 8/31/94 due 10/3/94:
U.S. Government Obligations
(principal amount $156,918,852)
5.50% to 9%,
4/15/20 to 5/15/34 $ 146,935,684 $ 146,292,000 69699B2L
In a joint trading account
(U.S. Treasury Obligations)
dated 9/30/94, due 10/3/94
At 4.91% 365,149,208 365,000,000 99799N4T
At 4.92% 52,076,346 52,055,000 99799N4U
At 4.96% 213,868,380 213,780,000 99799N4V
TOTAL REPURCHASE AGREEMENTS 1,015,127,000
TOTAL INVESTMENTS - 100% $ 1,359,444,257
Total Cost for Income Tax Purposes - $1,359,444,257
LEGEND:
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or when applicable,
the final maturity date.
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $17,877,883 or 1.3% of net
assets.
INCOME TAX INFORMATION:
At March 31,1994, the fund had a capital loss carryforward of approximately
$355,000 of which $29,000, $109,000, $122,000 and $95,000 will expire on
March 31, 1996, 1997, 1999 and 2002, respectively.
U.S. TREASURY PORTFOLIO
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
September 30, 1994 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $1,015,127,000) - See accompanying $ 1,359,444,257
schedule
Interest receivable 1,685,406
Receivable from investment adviser for expense reductions 56,950
TOTAL ASSETS 1,361,186,613
LIABILITIES
Dividends payable $ 1,959,643
Accrued management fee 214,020
Other payables and accrued expenses 86,802
TOTAL LIABILITIES 2,260,465
NET ASSETS $ 1,358,926,148
Net Assets consist of:
Paid in capital $ 1,359,439,337
Accumulated net realized gain (loss) on investments (513,189)
NET ASSETS, for 1,359,431,749 shares outstanding $ 1,358,926,148
NET ASSET VALUE, offering price and redemption price per share ($1,358,926,148 (divided by) 1,359,431,749 $1.00
shares)
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended September 30, 1994 (Unaudited)
INTEREST INCOME $ 28,717,280
EXPENSES
Management fee $ 1,385,524
Transfer agent fees 42,657
Accounting fees and expenses 76,835
Non-interested trustees' compensation 4,315
Custodian fees and expenses 51,410
Registration fees 51,735
Audit 5,234
Legal 8,061
Miscellaneous 3,426
Total expenses before 1,629,197
reductions
Expense reductions (382,225) 1,246,972
NET INTEREST INCOME 27,470,308
NET REALIZED GAIN (LOSS) ON (158,515)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 27,311,793
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 19 MARCH 31,
94 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 27,470,308 $ 57,501,273
Net interest income
Net realized gain (loss) (158,515) (94,848)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 27,311,793 57,406,425
Dividends to shareholders from net interest income (27,470,308) (57,501,273)
Share transactions at net asset value of $1.00 per share 3,157,686,263 11,024,606,904
Proceeds from sales of shares
Reinvestment of dividends from net interest income 15,916,156 29,704,546
Cost of shares redeemed (3,426,395,013) (11,479,144,890)
Net increase (decrease) in net assets and shares resulting from share
transactions (252,792,594) (424,833,440)
TOTAL INCREASE (DECREASE) IN NET ASSETS (252,951,109) (424,928,288)
NET ASSETS
Beginning of period 1,611,877,257 2,036,805,545
End of period $ 1,358,926,148 $ 1,611,877,257
</TABLE>
FINANCIAL HIGHLIGHTS
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MARCH 31,
ENDED
SEPTEMBER 30,
1994
(UNAUDITED) 1994 1993 1992 1991 1990
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 .020 .030 .035 .053 .076 .088
Net interest income
Less Distributions (.020) (.030) (.035) (.053) (.076) (.088)
From net interest income
Net asset value, end of
period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.02% 3.08% 3.51% 5.48% 7.89% 9.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000 omitted) $ 1,358,926 $ 1,611,877 $ 2,036,806 $ 2,629,072 $ 1,782,957 $ 1,721,126
Ratio of expenses to
average net assets C .18%A .18% .18% .18% .18% .20%
Ratio of expenses to average
net assets before .24%A .23% .23% .25% .24% .25%
expense reductions C
Ratio of net interest income to
average net assets 3.97%A 3.03% 3.46% 5.29% 7.57% 8.72%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO II
INVESTMENTS/SEPTEMBER 30, 1994 (UNAUDITED)
(Showing Percentage of Total Value of Investments)
ANNUALIZED
YIELD AT
DUE TIME OF PRINCIPAL VALUE MATURITY VALUE
DATE PURCHASE AMOUNT (NOTE 1) AMOUNT (NOTE 1)
U.S. Treasury Obligations - 26.2%
U.S. TREASURY BILLS - 20.5%
10/20/94 3.36% $ 53,000,000 $ 52,908,251 993134GV
10/20/94 4.16 129,000,000 128,722,560 993134VW
12/15/94 4.60 219,000,000 216,949,156 9931344N
1/19/95 4.96 117,000,000 115,269,700 9931345U
1/26/95 4.97 97,000,000 95,474,190 9931345U
2/16/95 5.11 25,000,000 24,522,271 9931347G
2/16/95 5.12 75,000,000 73,565,375 9931347H
3/2/95 5.06 57,000,000 55,813,698 9931348E
8/24/95 5.48 121,000,000 115,284,767 9931348H
878,509,968
U.S. TREASURY NOTES - 5.7%
1/31/95 3.63 65,500,000 65,620,325 993993DM
2/15/95 5.29 10,000,000 10,083,714 993993KN
2/15/95 5.30 40,000,000 40,333,326 993993KP
2/15/95 5.31 42,466,000 42,818,417 993993LC
2/28/95 5.03 34,316,000 34,150,056 993993JQ
2/28/95 5.32 50,000,000 49,697,458 993993KM
242,703,296
TOTAL U.S TREASURY OBLIGATIONS 1,121,213,264
MATURITY
AMOUNT
Repurchase Agreements - 73.8%
With Daiwa Securities Co., Ltd.:
At 4.95%, dated 9/30/94 due 10/3/94:
U.S. Treasury Obligations
(principal amount $105,060,655)
0% to 12.375%,
10/13/94 to 11/15/24 $ 103,042,488 103,000,000 519999LL
With Donaldson, Lufkin & Jenrette Securities Corp.:
At 4.85%, dated 9/30/94 due 10/3/94:
U.S. Treasury Obligations
(principal amount $107,100,136)
0% to 13.375%,
12/15/94 to 8/15/22 105,042,438 105,000,000 25899GDC
With Goldman Sachs & Co.:
At 4.88%, dated 9/30/94 due 10/3/94:
U.S. Treasury Obligations
(principal amount $110,646,347)
5.125% to 7.125%,
4/30/98 to 2/15/23 108,520,114 108,476,000 38199MSY
With Goldman, Sachs & Co. - CONTINUED
At 4.75%, dated 9/30/94 due 10/3/94:
U.S. Treasury Obligations
(principal amount $199,920,828)
4.25% to 12.75%,
5/15/96 to 11/15/10 $ 196,775,583 $ 196,000,000 38199MNM
With Lehman Government Securities:
At 4.90%, dated 9/30/94 due 10/3/94:
U.S. Treasury Obligations
(principal amount $117,302,463)
6.875% to 8%,
7/31/99 to 9/30/99 115,046,958 115,000,000 58899AWN
With Morgan Stanley & Co., Inc.:
At 4.97%, dated 9/30/94 due 10/3/94:
U.S. Treasury Obligations
(principal amount $2,056,762)
5.625% to 8.25%,
11/15/94 to 1/31/98 2,000,828 2,000,000 61799QCC
With Nomura Securities International, Inc.:
At 4.90%, dated 9/30/94 due 10/3/94:
U.S. Treasury Obligations
(principal amount $112,200,709)
6.875% to 12%,
8/15/97 to 11/15/21 110,044,917 110,000,000 69699B4Y
In a joint trading account
(U.S. Treasury Obligations)
dated 9/30/94, due 10/3/94
At 4.92% 389,090,489 388,931,000 99799N4U
At 4.94% 2,036,837,637 2,036,000,000 99799N4R
TOTAL REPURCHASE AGREEMENTS 3,164,407,000
TOTAL INVESTMENTS - 100% $ 4,285,620,264
Total Cost for Income Tax Purposes - $4,285,620,264
INCOME TAX INFORMATION:
At March 31, 1994, the fund had a capital loss carryforward of
approximately $235,000 of which $21,000 and $214,000 will expire on March
31, 1999 and 2002, respectively.
U.S. TREASURY PORTFOLIO II
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
September 30, 1994 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $3,164,407,000) - See accompanying $ 4,285,620,264
schedule
Cash 37,024,513
Interest receivable 2,561,682
Receivable from investment adviser for expense reductions 198,942
TOTAL ASSETS 4,325,405,401
LIABILITIES
Dividends payable $ 9,972,626
Accrued management fee 654,123
Other payables and accrued expenses 306,122
TOTAL LIABILITIES 10,932,871
NET ASSETS $ 4,314,472,530
Net Assets consist of:
Paid in capital $ 4,315,091,500
Accumulated net realized gain (loss) on investments (618,970)
NET ASSETS $ 4,314,472,530
CLASS A: $1.00
NET ASSET VALUE, offering price and redemption price per share ($4,213,802,742 (divided by) 4,214,273,441
shares)
CLASS B: $1.00
NET ASSET VALUE, offering price and redemption price per share ($100,669,788 (divided by) 100,681,034 shares)
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended September 30, 1994 (Unaudited)
INTEREST INCOME $ 85,519,351
EXPENSES
Management fee $ 4,089,308
Transfer agent fees 610,122
Class A
Class B 7,093
Distribution fees - Class B 73,211
Accounting fees and expenses 178,227
Non-interested trustees' compensation 12,087
Custodian fees and expenses 57,751
Registration fees - Class A 90,271
Registration fees - Class B 43,241
Audit 33,052
Legal 22,279
Miscellaneous 8,161
Total expenses before 5,224,803
reductions
Expense reductions (1,468,348) 3,756,455
NET INTEREST INCOME 81,762,896
NET REALIZED GAIN (LOSS) ON (383,988)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 81,378,908
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 19 MARCH 31,
94 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 81,762,896 $ 148,219,217
Net interest income
Net realized gain (loss) (383,988) (214,389)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 81,378,908 148,004,828
Distributions to shareholders from:
Net interest income
Class A (80,863,910) (148,201,826)
Class B (898,986) (17,391)
Share transactions - net increase (decrease) at net asset value of $1.00 per share(242,236,999) (1,032,355,168)
TOTAL INCREASE (DECREASE) IN NET ASSETS (242,620,987) (1,032,569,557)
NET ASSETS
Beginning of period 4,557,093,517 5,589,663,074
End of period $ 4,314,472,530 $ 4,557,093,517
</TABLE>
FINANCIAL HIGHLIGHTS - Class A
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MARCH 31,
ENDED
SEPTEMBER 30,
1994
(UNAUDITED) 1994 1993 1992 1991 1990
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 .020 .030 .034 .053 .076 .088
Less Distributions
From net interest income (.020) (.030) (.034) (.053) (.076) (.088)
Net asset value, end of
period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.03% 3.06 3.46 5.41 7.87 9.13
% % % % %
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000 omitted) $ 4,213,803 $ 4,551,918 $ 5,589,663 $ 5,476,852 $ 3,281,686 $ 1,481,324
Ratio of expenses to
average net assets C .18%A .18 .18 .18 .18 .19
% % % % %
Ratio of expenses to average
net assets before .25%A .24 .23 .25 .25 .27
expense reductions C % % % % %
Ratio of net interest income
to average net assets 4.00%A 3.01 3.38 5.12 7.50 8.63
% % % % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS - Class B
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS OCTOBER 22, 1993
ENDED (COMMENCEMENT
SEPTEMBER 30, OF OPERATIONS) TO
1994 MARCH 31,
(UNAUDITED) 1994
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .019 .012
Less Distributions
From net interest income (.019) (.012)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 1.87% 1.21%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 100,670 $ 5,175
Ratio of expenses to average net assets C .50%A .50%A
Ratio of expenses to average net assets before expense reductions C .75%A .56%A
Ratio of net interest income to average net assets 3.89%A 2.69%A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. GOVERNMENT PORTFOLIO
INVESTMENTS/SEPTEMBER 30, 1994 (UNAUDITED)
(Showing Percentage of Total Value of Investments)
ANNUALIZED ANNUALIZED
YIELD AT YIELD AT
DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1)
Federal Agencies - 56.6%
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 4.0%
10/3/94 3.36% $ 58,000,000 $ 58,000,074 313993JQ
10/3/94 4.13 48,000,000 47,999,670 313993NX
10/3/94 4.76 15,000,000 14,999,743 313993QP
120,999,487
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 0.2%
10/6/94 4.18 4,600,000 4,597,380 313993PB
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 0.8%
2/16/95 5.11 26,000,000 25,501,667 567995JW
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.7%
10/25/94 4.60 23,000,000 22,930,387 355993UK
11/28/94 4.18 60,000,000 59,608,500 355993RM
82,538,887
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 6.2%
10/3/94 5.35 (a) 190,000,000 190,000,000 9931287F
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 32.2%
10/4/94 4.27 100,000,000 99,965,164 995009AN
10/6/94 4.19 74,180,000 74,137,655 995009ER
10/21/94 4.59 43,000,000 42,891,544 9950094Q
10/25/94 3.40 103,015,000 102,787,681 9931286J
10/26/94 4.46 87,000,000 86,736,583 995009HH
11/29/94 4.87 96,000,000 95,252,667 995009QE
12/1/94 4.85 35,000,000 34,719,485 995009TF
12/2/94 4.85 50,000,000 49,592,694 995009TF
12/29/94 4.99 70,000,000 69,155,488 9950093K
1/3/95 5.04 44,000,000 43,434,746 995009YD
1/6/95 5.05 44,000,000 43,416,706 995009YB
1/17/95 5.03 48,000,000 47,294,400 9950094H
1/18/95 5.03 36,000,000 35,465,900 9950094C
3/1/95 5.12 59,000,000 57,765,114 9950099P
3/6/95 5.10 47,000,000 45,987,777 9950099W
3/20/95 5.36 10,000,000 9,753,500 995021UR
3/31/95 5.60 45,000,000 43,766,937 995021VU
982,124,041
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 10.5%
10/4/94 5.22 51,000,000 51,035,609 82399CAX
10/4/94 5.24 170,000,000 170,000,000 863990PS
6/30/95 5.48 100,000,000 100,000,000 863990PS
321,035,609
TOTAL FEDERAL AGENCIES 1,726,797,071
U.S. Treasury Obligations - 4.6%
U.S. TREASURY BILLS
10/20/94 3.36 50,000,000 49,913,451 993134GV
8/24/95 5.47 95,000,000 90,521,462 9931348K
TOTAL U.S. TREASURY OBLIGATIONS 140,434,913
MEDIUM-term notes (a) (b) - 1.3%
Export-Import Bank, U.S. (as guarantor for K.A. Leasing, Ltd.)
10/15/94 5.00% $ 40,652,941 $ 40,652,941 530993AA
MATURITY
AMOUNT
Repurchase Agreements - 37.5%
With First Boston Corporation:
At 4.80%, dated 9/1/94 due 10/3/94:
U.S. Government Obligations
(principal amount $168,348,374)
6% to 8.50%,
10/1/98 to 12/1/23 $ 161,686,933 161,000,000 31699MCY
With Goldman Sachs & Co.:
At 4.875%, dated 9/23/94 due 10/7/94:
U.S. Government Obligations
(principal amount $141,110,000)
4.976% to 5.7210%,
1/1/24 to 9/1/27 137,259,729 137,000,000 38199MRR
In a joint trading account
(U.S. Treasury Obligations)
dated 9/30/94, due 10/3/94
At 4.96% 189,711,398 189,633,000 99799N4V
(U.S. Government Obligations)
dated 9/30/94, due 10/3/94
At 5.00% 655,264,913 654,992,000 99799N4Q
TOTAL REPURCHASE AGREEMENTS 1,142,625,000
TOTAL INVESTMENTS - 100% $ 3,050,509,925
Total Cost for Income Tax Purposes - $3,050,509,925
LEGEND:
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or when applicable,
the final maturity date.
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $40,652,941 or 1.3% of net
assets.
INCOME TAX INFORMATION:
At March 31,1994, the fund had a capital loss carryforward of approximately
$283,000 of which $40,000 and $243,000 will expire on March 31, 2001 and
2002, respectively.
U.S. GOVERNMENT PORTFOLIO
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
September 30, 1994 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $1,142,625,000) - See accompanying $ 3,050,509,925
schedule
Interest receivable 6,834,007
Receivable from investment adviser for expense reductions 132,389
TOTAL ASSETS 3,057,476,321
LIABILITIES
Dividends payable $ 5,990,299
Accrued management fee 491,532
Other payables and accrued expenses 201,953
TOTAL LIABILITIES 6,683,784
NET ASSETS $ 3,050,792,537
Net Assets consist of:
Paid in capital $ 3,051,626,504
Accumulated net realized gain (loss) on investments (833,967)
NET ASSETS $ 3,050,792,537
CLASS A: $1.00
NET ASSET VALUE, offering price and redemption price per share ($3,040,410,187 (divided by) 3,040,739,598
shares)
CLASS B: $1.00
NET ASSET VALUE, offering price and redemption price per share ($10,382,350 (divided by) 10,383,474 shares)
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended September 30, 1994 (Unaudited)
INTEREST INCOME $ 68,800,367
EXPENSES
Management fee $ 3,277,628
Transfer agent fees 203,433
Class A
Class B 1,062
Distribution fees - Class B 7,688
Accounting fees and expenses 178,266
Non-interested trustees' compensation 10,259
Custodian fees and expenses 79,402
Registration fees - Class A 18,147
Registration fees - Class B 24,483
Audit 47,719
Legal 20,508
Miscellaneous 8,482
Total expenses before 3,877,077
reductions
Expense reductions (919,586) 2,957,491
NET INTEREST INCOME 65,842,876
NET REALIZED GAIN (LOSS) ON (550,788)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 65,292,088
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 19 MARCH 31,
94 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 65,842,876 $ 148,432,891
Net interest income
Net realized gain (loss) (550,788) (243,492)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 65,292,088 148,189,399
Distributions to shareholders from:
Net interest income
Class A (65,717,471) (148,432,891)
Class B (125,405) -
Share transactions - net increase (decrease) at net asset value of $1.00 per share(713,200,885) (1,921,378,055)
TOTAL INCREASE (DECREASE) IN NET ASSETS (713,751,673) (1,921,621,547)
NET ASSETS
Beginning of period 3,764,544,210 5,686,165,757
End of period $ 3,050,792,537 $ 3,764,544,210
</TABLE>
FINANCIAL HIGHLIGHTS - Class A
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MARCH 31,
ENDED
SEPTEMBER 30,
1994
(UNAUDITED) 1994 1993 1992 1991 1990
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 .020 .031 .035 .054 .077 .088
Less Distributions
From net interest income (.020) (.031) (.035) (.054) (.077) (.088)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.04% 3.13% 3.56 5.55 7.94 9.15
% % % %
Ratios and Supplemental Data
Net assets, end of period
(000 omitted) $ 3,040,410 $ 3,764,544 $ 5,686,166 $ 4,603,781 $ 3,613,838 $ 2,815,622
Ratio of expenses to
average net assets C .18%A .18% .18 .18 .18 .20
% % % %
Ratio of expenses to average
net assets before .23%A .24% .24 .25 .25 .25
expense reductions C % % % %
Ratio of net interest income
to average net assets 4.02%A 3.07% 3.50 5.33 7.62 8.74
% % % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS - Class B
DRAFT
<TABLE>
<CAPTION>
<S> <C>
APRIL 4, 1994
(COMMENCEMENT
OF OPERATIONS) TO
SEPTEMBER 30,
1994
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000
Income from Investment Operations
Net interest income .019
Less Distributions
From net interest income (.019)
Net asset value, end of period $ 1.000
TOTAL RETURN B 1.92%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 10,382
Ratio of expenses to average net assets C .43%A
Ratio of expenses to average net assets before expense reductions C 1.30%A
Ratio of net interest income to average net assets 4.08%A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIOD SHOWN.
C SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC MONEY MARKET PORTFOLIO
INVESTMENTS/SEPTEMBER 30, 1994 (UNAUDITED)
(Showing Percentage of Total Value of Investments)
ANNUALIZED ANNUALIZED
YIELD AT YIELD AT
DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1)
Bankers' Acceptances - 3.5%
Bank of New York
10/19/94 4.83% $ 3,014,015 $ 3,006,766 06499ABK
Chase Manhattan Bank
10/24/94 4.82 3,327,675 3,317,512 161999LF
10/28/94 4.82 4,053,708 4,039,176 161999LG
10/31/94 4.82 1,762,310 1,755,290 161999LH
Chemical Bank
10/11/94 4.94 842,236 841,082 163994NX
10/12/94 4.88 2,200,000 2,196,727 163994NV
10/14/94 4.88 1,628,991 1,626,126 163994NW
11/8/94 4.87 4,000,000 3,979,649 163994NP
First National Bank of Chicago
10/18/94 4.82 10,000,000 9,977,333 995990YD
TOTAL BANKERS ACCEPTANCES 30,739,661
Certificates of Deposit - 1.7%
Old Kent Bank & Trust Co.
10/5/94 4.83 15,000,000 15,000,000 679999DK
Commercial Paper - 42.0%
AVCO Financial Services, Inc.
11/7/94 4.85 5,000,000 4,975,282 053992RQ
American Express Credit Corp.
10/3/94 4.74 15,000,000 14,996,058 025990FV
10/4/94 4.75 5,000,000 4,998,026 025990FT
10/6/94 4.75 5,000,000 4,996,708 025990FU
10/13/94 4.77 10,000,000 9,984,167 025990FN
10/19/94 4.79 10,000,000 9,976,200 025990FQ
Associates Corp. of North America
10/12/94 4.80 10,000,000 9,985,425 045992XM
10/31/94 4.84 15,000,000 14,940,000 045992XP
Banc One Diversified Services Corp.
11/16/94 4.89 3,000,000 2,981,409 05999NFD
Bankers Trust Corp.
10/3/94 4.83 1,000,000 999,733 06699FBJ
Bear Stearns Cos., Inc.
12/6/94 4.92 10,000,000 9,910,900 07399CGP
Beneficial Corp.
11/30/94 4.88 10,000,000 9,919,666 0819909N
CIT Group Holdings, Inc.
10/18/94 4.80 20,000,000 19,954,856 172990TG
CoreStates Capital Corp.
10/15/94 4.88 (a) 5,000,000 5,000,000 2186939H
Corporate Asset Funding Co., Inc.
10/11/94 4.81% $ 3,000,000 $ 2,996,041 1769925N
Exxon Credit Corp.
10/14/94 4.80 15,000,000 14,974,163 3019049R
Ford Motor Credit Corp.
10/7/94 4.76 15,000,000 14,988,124 34599BUY
10/11/94 4.84 10,000,000 9,986,584 34599BVC
10/20/94 4.80 10,000,000 9,974,772 34599BUT
11/17/94 4.91 9,000,000 8,943,013 34599BUK
General Electric Capital Corp.
1/19/95 5.13 15,000,000 14,769,917 369998QK
2/28/95 5.19 10,000,000 9,789,167 369998QP
General Motors Acceptance Corp.
10/24/94 4.89 10,000,000 9,969,014 638998UN
10/27/94 4.81 15,000,000 14,948,542 638998UG
Goldman Sachs Group, L.P. (The)
2/1/95 5.13 10,000,000 9,829,166 696992LX
Household Finance Corp.
11/15/94 4.91 12,000,000 11,927,250 44199DLH
ITT Corp.
10/12/94 4.87 7,000,000 6,989,627 450991HB
ITT Financial
10/28/94 4.87 10,000,000 9,963,775 450990LR
11/1/94 4.86 15,000,000 14,937,741 450990LU
Merrill Lynch & Co., Inc.
10/17/94 4.83 7,000,000 6,985,066 59099GDA
MetLife Funding, Inc.
11/14/94 4.81 10,000,000 9,941,944 592990CD
NationsBank Corp.
11/22/94 4.91 10,000,000 9,929,945 6385859G
PepsiCo.
10/7/94 4.80 5,843,000 5,838,344 713991EY
Prospect Street Senior Portfolio LP
10/12/94 4.96 914,000 912,618 745998JT
Republic New York Corp.
10/25/94 4.91 30,000,000 29,902,200 7607199S
Sears Roebuck Acceptance Corp.
10/17/94 4.92 5,000,000 4,989,155 81299EEE
10/20/94 4.92 2,000,000 1,994,849 81299EEJ
Whirlpool Financial Corp.
10/11/94 4.85 5,000,000 4,993,292 963999CQ
10/13/94 4.85 5,000,000 4,991,950 963999CN
TOTAL COMMERCIAL PAPER 369,084,689
ANNUALIZED ANNUALIZED
YIELD AT YIELD AT
DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1)
Federal Agencies - 10.0%
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 1.5%
11/14/94 4.81% $ 5,000,000 $ 4,970,973 313993QW
1/9/95 5.15 8,000,000 7,888,445 313993QH
12,859,418
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.3%
10/3/94 4.72 4,050,000 4,048,940 355993VX
10/4/94 4.72 6,165,000 6,162,580 355993VW
1/19/95 5.05 10,000,000 9,849,056 355993VF
20,060,576
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 5.1%
10/27/94 4.50 10,000,000 9,968,223 995009HJ
11/18/94 4.81 10,000,000 9,936,668 9950097K
11/18/94 4.91 20,000,000 19,870,667 9950097U
11/29/94 4.92 4,970,000 4,930,496 9950097V
44,706,054
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS - 1.1%
10/3/94 5.24 (a) 10,000,000 10,000,000 863990PS
TOTAL FEDERAL AGENCIES 87,626,048
Bank Notes - 7.6%
Bank of New York (Delaware)
12/6/94 4.98 (a) 10,000,000 10,000,000 06499AAJ
Bank One, Milwaukee
10/3/94 4.86 (a) 5,000,000 4,997,904 065996AN
Boatmen's National Bank, St. Louis
10/3/94 4.86 (a) 5,000,000 4,997,299 065996AN
Comerica Bank-Detroit
10/3/94 5.44 (a) 15,000,000 15,000,000 226990AX
Fifth Third Bank, Cincinnati
10/24/94 4.95 10,000,000 9,999,035 3167749X
First Bank N.A., Minnesota
10/15/94 4.87 7,000,000 6,996,975 31899AAA
Key Bank of New York
10/3/94 4.94 (a) 5,000,000 4,995,735 49299JAA
PNC Bank, N.A.
10/5/94 4.95 (a) 10,000,000 9,987,519 69399EAM
TOTAL BANK NOTES 66,974,467
Master Notes (a) - 4.4%
J.P. Morgan Securities
10/3/94 5.48 13,000,000 13,000,000 6169988F
10/3/94 5.50 7,000,000 7,000,000 6169985D
Morgan Stanley Group, Inc. (c)
10/3/94 5.45 10,000,000 10,000,000 61799EJQ
Norwest Corp.
10/3/94 4.98 9,000,000 9,000,000 66899CCD
TOTAL MASTER NOTES 39,000,000
Medium-Term Notes - 6.8%
Beneficial Corp.
10/15/94 4.90% (a) $ 10,000,000 $ 9,995,263 0819909S
General Motors Acceptance Corp.
11/7/94 4.84 (a) 6,000,000 6,000,000 638998SX
1/1/95 5.24 3,000,000 3,024,433 638998UP
Goldman Sachs Group, L.P. (The) (b)
12/16/94 4.89 (a) 7,500,000 7,500,000 696992LQ
3/1/95 4.86 (a) 8,000,000 8,000,000 696992KB
Merrill Lynch & Co., Inc.
10/3/94 4.91 (a) 3,000,000 3,000,000 59099GBR
Norwest Corp.
3/15/95 5.07 (a) 7,000,000 7,000,000 66899CBK
PHH Corp.
10/3/94 4.82 (a) 5,000,000 4,997,544 6999903M
PepsiCo.
10/3/94 4.78 (a) 10,000,000 10,000,000 713991EC
TOTAL MEDIUM-TERM NOTES 59,517,240
Short-Term Notes (a) (c) - 6.0%
CSA Funding - C
10/7/94 5.11 10,000,000 10,000,000 129993AE
SMM Trust Company (1993-F)
11/15/94 4.89 2,000,000 2,000,000 7845689T
SMM Trust Company (1994-A)
12/18/94 5.10 20,000,000 20,000,000 83199GAD
12/18/94 5.21 10,500,000 10,494,732 83199GAD
SMM Trust Company (1994-E)
10/13/94 4.63 10,000,000 10,000,000 83199GAF
TOTAL SHORT-TERM NOTES 52,494,732
Municipal Bonds (a) - 0.6%
Texas General Obligation
10/7/94 5.05 5,000,000 5,000,000 8827162D
MATURITY
AMOUNT
Repurchase Agreements - 17.4%
With First Boston Corporation:
At 4.80%, dated 9/8/94 due 10/11/94:
U.S. Government Obligations
(principal amount $15,902,206)
4.613% to 8%,
7/1/17 to 6/1/28 $ 15,066,000 15,000,000 31699MDS
MATURITY VALUE
AMOUNT (NOTE 1)
Repurchase Agreements - CONTINUED
With Goldman Sachs & Co.:
At 4.875%, dated 9/23/94 due 10/7/94:
U.S. Government Obligations
(principal amount $20,469,471)
6.50% to 11%,
5/15/02 to 11/15/23 $ 20,037,917 $ 20,000,000 38199MRN
At 4.875%, dated 9/21/94 due 10/12/94:
U.S. Government Obligations
(principal amount $21,684,211)
4.468%, 9/1/24 10,028,438 10,000,000 38199MQU
At 4.875%, dated 9/21/94 due 10/13/94:
U.S. Government Obligations
(principal amount $21,684,211)
00%, 9/1/24 10,029,792 10,000,000 38199MQU
With Lehman Government Securities:
At 4.85%, dated 9/28/94 due 10/5/94:
U.S. Government Obligations
(principal amount $15,907,336)
4.719%, 1/1/21 15,014,146 15,000,000 38199MQU
At 4.90%, dated 9/22/94 due 10/13/94:
U.S. Government Obligations
(principal amount $15,846,153)
5.30%, 3/1/33 15,042,875 15,000,000 38199MQU
In a joint trading account
(U.S. Treasury Obligations)
dated 9/30/94, due 10/3/94
At 4.96% 68,424,276 68,396,000
TOTAL REPURCHASE AGREEMENTS 153,396,000
TOTAL INVESTMENTS - 100% $ 878,832,837
Total Cost for Income Tax Purposes - $878,832,837
LEGEND:
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or when applicable,
the final maturity date.
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $15,500,000 or 1.8% of net
assets.
(c) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (See Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
CSA Funding - C 10/28/93 $ 10,000,000
Morgan Stanley Group, Inc. 2/1/94 $ 10,000,000
SMM Trust Company:
(1993-F) 11/15/93 $ 2,000,000 7845689T
(1994-A) 3/18/94 $ 20,000,000
(1994-A) 6/28/94 $ 10,491,737
(1994-E) 4/13/94 $ 10,000,000
INCOME TAX INFORMATION:
At March 31, 1994, the fund had a capital loss carryforward of
approximately $49,000 which will expire on March 31, 2001.
DOMESTIC MONEY MARKET PORTFOLIO
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
September 30, 1994 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $153,396,000) - See accompanying $ 878,832,837
schedule
Interest receivable 1,368,014
Receivable from investment adviser for expense reductions 61,155
TOTAL ASSETS 880,262,006
LIABILITIES
Payable for investments $ 5,006,056
purchased
Share transactions in process 5,009
Dividends payable 2,515,068
Accrued management fee 146,828
Other payables and accrued expenses 100,308
TOTAL LIABILITIES 7,773,269
NET ASSETS $ 872,488,737
Net Assets consist of:
Paid in capital $ 872,572,165
Accumulated net realized gain (loss) on investments (83,428)
NET ASSETS $ 872,488,737
CLASS A: $1.00
NET ASSET VALUE, offering price and redemption price per share ($854,150,220 (divided by) 854,216,594 shares)
CLASS B: $1.00
NET ASSET VALUE, offering price and redemption price per share ($18,338,517 (divided by) 18,339,941 shares)
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended September 30, 1994 (Unaudited)
INTEREST INCOME $ 18,534,121
EXPENSES
Management fee $ 840,919
Transfer agent fees 140,599
Class A
Class B 563
Distribution fees - Class B 3,299
Accounting fees and expenses 56,449
Non-interested trustees' compensation 2,332
Custodian fees and expenses 36,592
Registration fees - Class A 43,606
Registration fees - Class B 28,281
Audit 9,706
Legal 3,696
Miscellaneous 1,723
Total expenses before 1,167,765
reductions
Expense reductions (407,721) 760,044
NET INTEREST INCOME 17,774,077
NET REALIZED GAIN (LOSS) ON (34,404)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 17,739,673
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 19 MARCH 31,
94 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 17,774,077 $ 23,543,671
Net interest income
Net realized gain (loss) (34,404) 1,208
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 17,739,673 23,544,879
Distributions to shareholders from:
Net interest income
Class A (17,728,952) (23,543,671)
Class B (45,125) -
Share transactions - net increase (decrease) at net asset value of $1.00 per share215,547,094 (147,379,298)
TOTAL INCREASE (DECREASE) IN NET ASSETS 215,512,690 (147,378,090)
NET ASSETS
Beginning of period 656,976,047 804,354,137
End of period $ 872,488,737 $ 656,976,047
</TABLE>
FINANCIAL HIGHLIGHTS - Class A
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MARCH 31, NOVEMBER 3, 1989
ENDED (COMMENCEMENT
SEPTEMBER 30, OF OPERATIONS) TO
1994 MARCH 31,
(UNAUDITED) 1994 1993 1992 1991 1990
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 .021 .031 .034 .054 .078 .035
Less Distributions
From net interest income (.021) (.031) (.034) (.054) (.078) (.035)
Net asset value, end of
period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.12% 3.14 3.50 5.50 8.11 3.52%
% % % %
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000 omitted) $ 854,150 $ 656,976 $ 804,354 $ 558,727 $ 355,369 $ 330,974
Ratio of expenses to average
net assets C .18%A .18 .18 .18 .18 .06%A
% % % %
Ratio of expenses to average
net assets before .27%A .26 .26 .29 .30 .43%A
expense reductions C % % % %
Ratio of net interest income
to average net assets 4.23%A 3.09 3.43 5.24 7.79 8.44%A
% % % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS - Class B
DRAFT
<TABLE>
<CAPTION>
<S> <C>
JULY 19, 1994
(COMMENCEMENT
OF OPERATIONS) TO
SEPTEMBER 30,
1994
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000
Income from Investment Operations
Net interest income .009
Less Distributions
From net interest income (.009)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.03%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 18,339
Ratio of expenses to average net assets C .50%A
Ratio of expenses to average net assets before expense reductions C 3.34%A
Ratio of net interest income to average net assets 4.38%A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIOD SHOWN.
C SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET PORTFOLIO
INVESTMENTS/SEPTEMBER 30, 1994 (UNAUDITED)
(Showing Percentage of Total Value of Investments)
ANNUALIZED ANNUALIZED
YIELD AT YIELD AT
DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1)
Certificates of Deposit - 15.3%
DOMESTIC CERTIFICATES OF DEPOSIT - 0.8%
First National Bank of Boston
10/18/94 4.90% $ 20,000,000 $ 19,999,813 322993AC
Old Kent Bank & Trust Co.
10/6/94 4.80 25,000,000 24,995,135 679999DM
44,994,948
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 12.6%
Canadian Imperial Bank of Commerce
11/1/94 4.83 100,000,000 100,000,000 136990EV
Commerzbank
11/4/94 4.88 25,000,000 24,997,573 202990NR
Fuji Bank, Ltd.
10/3/94 4.81 50,000,000 50,000,000 35999CHF
10/3/94 4.83 150,000,000 150,000,000 35999CHG
10/24/94 5.03 20,000,000 20,000,000 35999CHS
Industrial Bank of Japan, Ltd.
12/14/94 5.00 50,000,000 50,000,000 4559908B
Mitsubishi Bank, Ltd.
12/19/94 4.95 25,000,000 25,000,000 610998YA
Sakura Bank, Ltd.
10/19/94 4.85 100,000,000 100,000,000 793999NR
Sanwa Bank, Ltd.
10/3/94 4.83 50,000,000 50,000,000 804999PR
10/11/94 4.82 25,000,000 25,000,000 804999PW
Societe Generale
1/17/95 5.18 25,000,000 25,000,000 833991TY
Sumitomo Bank, Ltd.
10/13/94 4.90 25,000,000 25,000,083 86699EFG
11/16/94 4.90 25,000,000 25,000,000 86699EFV
Swiss Bank Corp.
3/27/95 5.63 50,000,000 50,000,000 870990YK
719,997,656
LONDON BRANCH, EURODOLLAR, DOMESTIC BANKS - 0.4%
Fleet Bank of Massachusetts
10/31/94 5.00 25,000,000 25,000,000 3389149B
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 1.5%
Mitsubishi Bank, Ltd.
11/14/94 5.25 10,000,000 9,999,130 610998WE
National Westminster Bank, PLC
11/14/94 4.95 50,000,000 49,992,710 638990JE
Sumitomo Bank, Ltd.
12/22/94 5.01 25,000,000 25,000,560 86699EGB
84,992,400
TOTAL CERTIFICATES OF DEPOSIT 874,985,004
Commercial Paper - 35.1%
ANZ (DE), Inc.
10/5/94 4.81% $ 45,000,000 $ 44,976,000 094990AE
American Brands, Inc.
10/18/94 4.87 15,000,000 14,965,646 024990FD
Associates Corp. of North America
10/6/94 4.83 15,000,000 14,990,000 045992XJ
10/12/94 4.80 20,000,000 19,970,850 045992XM
11/15/94 4.91 41,000,000 40,751,438 045992XG
BHF Finance (Delaware), Inc.
10/31/94 4.93 50,000,000 49,795,417 05599BAL
Berliner Handels-und Frankfurter Bank
11/16/94 4.93 25,000,000 24,844,430 123990FN
Bradford & Bingley Building Society
11/14/94 4.88 30,000,000 29,823,267 107993BX
CIT Group Holdings, Inc.
12/7/94 4.98 25,000,000 24,772,013 172990SW
12/8/94 4.93 50,000,000 49,541,945 172990SV
Canadian Wheat Board
2/28/95 5.18 35,000,000 34,263,542 136995AN
Concord Leasing, Inc. (LOC Hong Kong & Shanghai Banking Corp.)
11/15/94 4.92 10,000,000 9,939,000 206993AS
11/16/94 4.93 10,000,000 9,937,516 206993AT
CoreStates Capital Corp.
11/14/94 4.91 (a) 15,000,000 14,911,083 2186939R
Corporate Asset Funding Co., Inc.
10/11/94 4.79 25,000,000 24,967,152 1769925P
Cox Enterprises
10/19/94 4.86 18,000,000 17,956,440 2240509M
Dean Witter, Discover & Co.
10/11/94 4.83 25,000,000 24,966,666 24299ADP
Electronic Data Systems Corp.
11/15/94 4.93 10,000,000 9,938,875 285998GB
Exxon Credit Corp.
10/17/94 4.80 35,000,000 34,925,800 3019049S
Ford Motor Credit Corp.
10/7/94 4.81 25,000,000 24,980,000 34599BVA
10/11/94 4.84 115,000,000 114,845,707 34599BVC
10/12/94 4.80 50,000,000 49,927,125 34599BUP
11/16/94 4.88 25,000,000 24,846,666 34599BUA
11/16/94 4.91 90,000,000 89,442,250 34599BUJ
General Electric Capital Corp.
11/7/94 4.87 30,000,000 29,851,384 369998QL
12/9/94 5.05 35,000,000 34,667,938 369998PR
12/12/94 5.02 50,000,000 49,508,000 369998PT
1/26/95 5.27 25,000,000 24,584,000 369998PU
ANNUALIZED ANNUALIZED
YIELD AT YIELD AT
DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1)
Commercial Paper - CONTINUED
General Electric Corp.
2/3/95 5.19% $ 25,000,000 $ 24,561,632 369999CA
Generale Bank
3/27/95 5.66 25,000,000 24,323,958 371995CR
General Motors Acceptance Corp.
10/24/94 4.89 50,000,000 49,845,070 638998UN
10/27/94 4.81 50,000,000 49,828,473 638998UG
1/26/95 5.50 25,000,000 24,561,250 638998UW
Goldman Sachs Group, L.P. (The)
2/1/95 5.13 30,000,000 29,487,500 696992LX
H.J. Heinz Co.
11/10/94 4.89 2,500,000 2,486,527 4230749K
Hanson Finance (UK), PLC
10/11/94 4.84 7,000,000 6,990,705 41199ABH
Heller Financial, Inc.
10/11/94 4.91 40,000,000 39,945,555 423992LF
Household Finance Corp.
11/10/94 4.86 35,000,000 34,813,334 44199DLG
IBM Credit Corp.
10/5/94 4.84 5,460,000 5,457,076 449991CK
ITT Financial
10/25/94 4.89 30,000,000 29,903,000 450990LP
Merrill Lynch & Co., Inc.
10/17/94 4.83 25,000,000 24,946,666 59099GDA
Minnetonka Ltd. Fund, L.P. - Series A (LOC Rabobank)
10/7/94 4.79 15,970,000 15,957,277 60499BAH
Morgan Stanley Group, Inc.
10/3/94 4.91 65,000,000 64,982,305 61799EKQ
10/7/94 5.26 200,000,000 199,825,000 61799EKW
National Australia Funding, Inc.
10/7/94 4.81 50,000,000 49,960,000 633992AS
National & Provincial Building Society
10/26/94 5.02 5,000,000 4,982,639 905998DD
New Center Asset Trust
10/31/94 5.02 97,500,000 97,093,751 643995DB
11/21/94 4.94 40,000,000 39,723,467 643995CS
PHH Corp.
10/12/94 4.80 21,000,000 20,969,328 6999903T
Philip Morris Cos., Inc.
10/18/94 4.80 49,500,000 49,388,267 472990FS
Sears Roebuck Acceptance Corp.
10/11/94 4.85 5,000,000 4,993,292 81299EEL
10/18/94 4.92 72,000,000 71,834,080 81299EEH
Smith Barney, Inc.
10/17/94 4.88% $ 41,000,000 $ 40,911,805 83199HAL
Texaco Inc.
10/4/94 4.80 15,000,000 14,994,025 920998PD
Toronto Dominion Holdings USA, Inc.
3/1/95 5.21 35,000,000 34,254,228 89199AAJ
Whirlpool Financial Corp.
10/11/94 4.85 11,000,000 10,985,242 963999CQ
TOTAL COMMERCIAL PAPER 2,006,895,602
Federal Agencies - 2.4%
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 2.2%
11/21/94 3.60 20,000,000 19,900,833 9931289A
3/9/95 5.19 70,000,000 68,435,617 995021RU
3/9/95 5.43 12,100,000 11,816,759 995021VQ
3/22/95 5.55 25,000,000 24,355,000 995021VD
124,508,209
INTERNATIONAL BANK OF RECONSTRUCTION AND DEVELOPMENT -
DISCOUNT NOTES - 0.2%
12/23/94 3.52 10,000,000 9,921,381 46399AAD
TOTAL FEDERAL AGENCIES 134,429,590
Bank Notes - 5.0%
Bank of New York (Delaware)
10/3/94 4.98 (a) 25,000,000 24,987,935 0640629C
Bank One, Dayton, N.A.
10/3/94 5.43 (a) 18,000,000 18,000,000 059995BG
Bank One, Milwaukee, N.A.
10/3/94 4.86 (a) 35,000,000 34,985,329 065996AN
Boatmen's National Bank, St. Louis
9/20/95 4.85 (a) 50,000,000 49,972,995
Comerica Bank-Detroit
10/3/94 5.44 (a) 20,000,000 19,994,547 226990AT
Fifth Third Bank, Cincinnati
10/24/94 4.95 50,000,000 49,995,178 3167749X
Household Bank, N.A.
10/17/94 4.90 10,000,000 10,000,000 4418009J
PNC Bank, N.A.
11/3/94 4.74 (a) 29,000,000 28,966,395 69399EAF
Society National Bank
10/3/94 5.44 (a) 50,000,000 49,986,301 833995AL
TOTAL BANK NOTES 286,888,680
ANNUALIZED ANNUALIZED
YIELD AT YIELD AT
DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1)
Master Notes (a) - 3.0%
J.P. Morgan Securities
10/3/94 5.48% $ 92,000,000 $ 92,000,000 6169988F
Morgan Stanley Group, Inc. (c)
10/3/94 5.45 50,000,000 50,000,000 61799EJQ
Norwest Corp.
10/3/94 4.98 32,000,000 32,000,000 66899CCD
TOTAL MASTER NOTES 174,000,000
Medium-Term Notes (a) - 11.8%
Abbey National Treasury Service (b)
12/31/94 5.25 200,000,000 200,000,000 010998AJ
Beneficial Corp.
10/15/94 4.90 40,000,000 39,981,054 0819909S
Corporate Asset Funding Co., Inc.
10/15/94 4.92 20,000,000 19,990,128 1769926M
General Motors Acceptance Corp.
11/7/94 4.84 50,000,000 50,000,000 638998SX
Goldman Sachs Group, L.P. (The) (b)
12/16/94 4.89 56,000,000 56,000,000 696992LQ
3/1/95 4.86 53,000,000 53,000,000 696992KB
Kingdom of Sweden - A (b)
12/23/94 4.81 40,000,000 40,000,000 998999BG
Kingdom of Sweden - B (b)
12/23/94 5.00 40,000,000 40,000,000 998999BH
Norwest Corp.
3/15/95 5.07 65,000,000 65,000,000 66899CBK
PHH Corp.
10/3/94 4.82 20,000,000 19,990,180 6999903M
10/3/94 5.48 54,000,000 54,000,000 699990XT
Swedish National Housing Finance Corp.- B (b)
11/23/94 4.97 18,000,000 18,000,000 956995AQ
Swedish National Housing Finance Corp.- C (b)
11/23/94 5.03 18,000,000 18,000,000 956995AR
TOTAL MEDIUM-TERM NOTES 673,961,362
Short-Term Notes (a) - 3.3%
Capital One Funding Corp.
10/7/94 5.18 12,000,000 12,000,000 14040G9E
SMM Trust Company (1993-D) (c)
10/28/94 4.82 23,000,000 23,000,000 83199GAJ
SMM Trust Company (1994-A) (c)
12/18/94 5.10 154,000,000 154,000,000 83199GAD
TOTAL SHORT-TERM NOTES 189,000,000
Time Deposits - 9.5%
Dai-Ichi Kangyo Bank, Ltd.
10/3/94 5.25% $ 100,000,000 $ 100,000,000 2379989S
10/24/94 5.06 50,000,000 50,000,000 2379989P
Fifth Third Bank, Cincinnati
10/3/94 5.19 100,000,000 100,000,000 3167749Y
Mitsubishi Bank, Ltd.
10/3/94 4.84 50,000,000 50,000,000 610998YE
10/7/94 4.94 50,000,000 50,000,000 610998YJ
Sumitomo Bank, Ltd.
10/7/94 4.94 90,000,000 90,000,000 86699EGU
Trust Company Bank
10/3/94 5.50 100,000,000 100,000,000 89899GAC
TOTAL TIME DEPOSITS 540,000,000
MATURITY
AMOUNT
Repurchase Agreements - 14.6%
With Shearson Lehman Government Securities:
At 4.85%, dated 9/28/94 due 10/5/94:
U.S. Government Obligations
(principal amount $556,875,889)
4.131% to 8.803%,
3/1/18 to 4/1/34 $ 525,495,105 525,000,000
58899AVSIn a joint trading account
(U.S. Treasury Obligations)
dated 9/30/94, due 10/3/94
At 4.96% 17,299,149 17,292,000
(U.S. Government Obligations)
dated 9/30/94, due 10/3/94
99799N4VAt 5.00% 290,120,833 290,000,000 99799N4Q
TOTAL REPURCHASE AGREEMENTS 832,292,000
TOTAL INVESTMENTS - 100% $ 5,712,452,238
Total Cost for Income Tax Purposes - $5,712,452,238
LEGEND:
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or when applicable,
the final maturity date.
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $425,000,000 or 7.3% of net
assets.
(c) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Morgan Stanley Group, Inc. 2/1/94 $ 50,000,000
SMM Trust Company:
(1993-D) 1/28/94 $ 23,000,000
(1994-A) 3/18/94 $ 154,000,000
INCOME TAX INFORMATION:
At March 31, 1994, the fund had a capital loss carryforward of
approximately $1,234,000 of which $336,000 and $898,000 will expire on
March 31, 2001 and 2002, respectively.
MONEY MARKET PORTFOLIO
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
September 30, 1994 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $832,292,000) - See accompanying $ 5,712,452,238
schedule
Receivable for investments sold 171,613,049
Interest receivable 11,023,245
Receivable from investment adviser for expense reductions 295,904
TOTAL ASSETS 5,895,384,436
LIABILITIES
Payable for investments $ 50,060,563
purchased
Share transactions in process 16,377,259
Dividends payable 9,675,689
Accrued management fee 970,509
Other payables and accrued expenses 483,158
TOTAL LIABILITIES 77,567,178
NET ASSETS $ 5,817,817,258
Net Assets consist of:
Paid in capital $ 5,819,569,972
Accumulated net realized gain (loss) on investments (1,752,714)
NET ASSETS $ 5,817,817,258
CLASS A: $1.00
NET ASSET VALUE, offering price and redemption price per share ($5,557,192,427 (divided by) 5,558,844,017
shares)
CLASS B: $1.00
NET ASSET VALUE, offering price and redemption price per share ($260,624,831 (divided by) 260,702,289 shares)
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended September 30, 1994 (Unaudited)
INTEREST INCOME $ 98,375,658
EXPENSES
Management fee $ 4,405,144
Transfer agent fees 91,284
Class A
Class B 5,495
Distribution fees - Class B 237,964
Accounting fees and expenses 189,684
Non-interested trustees' compensation 11,537
Custodian fees and expenses 86,603
Registration fees - Class A 230,955
Registration fees - Class B 37,844
Audit 43,060
Legal 21,252
Reports to shareholders 1,605
Miscellaneous 9,149
Total expenses before 5,371,576
reductions
Expense reductions (1,168,604) 4,202,972
NET INTEREST INCOME 94,172,686
NET REALIZED GAIN (LOSS) ON (518,485)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 93,654,201
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 19 MARCH 31,
94 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 94,172,686 $ 166,035,073
Net interest income
Net realized gain (loss) (518,485) (897,770)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 93,654,201 165,137,303
Distributions to shareholders from:
Net interest income
Class A (91,153,904) (165,655,489)
Class B (3,018,782) (379,584)
Share transactions - net increase (decrease) at net asset value of $1.00 per share2,528,595,715 (1,042,357,311)
TOTAL INCREASE (DECREASE) IN NET ASSETS 2,528,077,230 (1,043,255,081)
NET ASSETS
Beginning of period 3,289,740,028 4,332,995,109
End of period $ 5,817,817,258 $ 3,289,740,028
</TABLE>
FINANCIAL HIGHLIGHTS - Class A
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MARCH 31,
ENDED
SEPTEMBER 30,
1994
(UNAUDITED) 1994 1993 1992 1991 1990
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 .021 .032 .035 .055 .078 .089
Less Distributions
From net interest income (.021) (.032) (.035) (.055) (.078) (.089)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.13% 3.20 3.58 5.59 8.13 9.25
% % % % %
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000 omitted) $ 5,557,192 $ 3,200,277 $ 4,332,995 $ 3,990,395 $ 4,706,936 $ 4,127,879
Ratio of expenses to average
net assets C .18%A .18 .18 .18 .18 .20
% % % % %
Ratio of expenses to average
net assets before .23%A .23 .23 .24 .25 .24
expense reductions C % % % % %
Ratio of net interest income to
average net assets 4.28%A 3.15 3.50 5.42 7.80 8.82
% % % % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS - Class B
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS NOVEMBER 17, 1993
ENDED (COMMENCEMENT
SEPTEMBER 30, OF OPERATIONS) TO
1994 MARCH 31,
(UNAUDITED) 1994
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .020 .011
Less Distributions
From net interest income (.020) (.011)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 1.97% 1.08%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 260,625 $ 89,463
Ratio of expenses to average net assets C .50%A .50%A
Ratio of expenses to average net assets before expense reductions C .59%A .55%A
Ratio of net interest income to average net assets 4.06%A 2.83%A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED SEPTEMBER 30, 1994 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES.
U.S. Treasury, U.S. Treasury II, U.S. Government, Domestic Money Market and
Money Market Portfolios (the funds) are funds of Fidelity Institutional
Cash Portfolios (the trust). The 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. Each fund is
authorized to issue an unlimited number of shares.
Each fund currently offers two classes of shares, Class A and Class B, each
of which has equal rights as to earnings, assets and voting privileges
except that each class bears different distribution and transfer agent
expenses and certain registration fees. Each class has exclusive voting
rights with respect to its distribution plans. As of September 30, 1994,
Class B shares were not operational for the U.S. Treasury fund.
The following summarizes the significant accounting policies of the funds:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, each fund is not subject to income taxes to
the extent that it distributes all of its taxable income for the fiscal
year. The schedules of investments include information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned.
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.
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.
REPURCHASE AGREEMENTS. The funds, through their custodian, receive delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The funds' investment
adviser, Fidelity Management & Research Company (FMR), is responsible for
determining that the value of these underlying securities remains at least
equal to the resale price.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the funds, along with other affiliated
entities of FMR, may transfer uninvested cash balances into one or more
joint trading accounts. These balances are invested in one or more
repurchase agreements that mature in 60 days or less from the date of
purchase, and are collateralized by U.S. Treasury or Federal Agency
obligations.
RESTRICTED SECURITIES. The Domestic Money Market and Money Market funds are
permitted to invest in privately placed restricted securities. These
securities may be resold in transactions exempt from registration or to the
public if the securities are registered. Disposal of these securities may
involve time-consuming negotiations and expense, and prompt sale at an
acceptable price may be difficult. At the end of the period, restricted
securities (excluding 144A issues) amounted to $62,494,732 or 7.2% of net
assets for the Domestic Money Market fund and $227,000,000 or 3.9% of net
assets for the Money Market fund.
3. JOINT TRADING ACCOUNT.
At the end of the period, the U.S. Treasury, U.S. Treasury II and U.S.
Government funds had 20% or more of their total investments in repurchase
agreements through a joint trading account. These repurchase agreements
were with entities whose creditworthiness has been reviewed and found
satisfactory by FMR. The repurchase agreements were dated September 30,
1994 and due October 3, 1994. The maturity values of the joint trading
account investments were $365,149,208 at 4.91%, $52,076,346 at 4.92% and
$213,868,380 at 4.96% for U.S. Treasury fund, $389,090,489 at 4.92% and
$2,036,837,637 at 4.94% for U.S. Treasury II fund, and
3. JOINT TRADING ACCOUNT - CONTINUED
$189,711,398 at 4.96% and $655,264,913 at 5.00% for U.S. Government fund.
The investments in repurchase agreements through the joint trading account
are summarized as follows:
MAXIMUM
AMOUNT AGGREGATE AGGREGATE AGGREGATE
NO. OF WITH ONE PRINCIPAL MATURITY MARKET COUPON MATURITY
DEALERS DEALER AMOUNT OF AMOUNT OF VALUE OF RATES OF DATES OF
OR BANKS OR BANK AGREEMENTS AGREEMENTS COLLATERAL COLLATERAL COLLATERAL
At 4.91% 23 18.4% $ 16,610,726,000 $ 16,617,516,298 $ 16,975,561,579
0%-15.75% 10/15/94-11/15/24
At 4.92% 5 33.3% $ 600,000,000 $ 600,246,042 $ 615,005,193 0%-15.75%
10/13/94-2/15/23
At 4.94% 7 45.3% $ 3,754,000,000 $ 3,755,544,445 $ 3,831,892,447 0%-15.75%
10/13/94-2/15/23
At 4.96% 4 42.7% $ 567,662,000 $ 567,896,681 $ 581,516,451 0%-14.00%
10/15/94-11/15/24
At 5.00% 2 73.7% $ 1,900,000,000 $ 1,900,791,666 $ 1,981,896,838 0%-11.95%
11/3/94-5/1/25
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, Fidelity Management &
Research Company (FMR) receives a fee that is computed daily at an annual
rate of .20% of the fund's average net assets.
SUB-ADVISER FEE. As each fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fees are paid prior to any voluntary
expense reimbursements which may be in effect, and after reducing the fee
for any payments by FMR pursuant to each fund's Distribution and Service
Plan.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans of Class B, and in accordance with Rule 12b-1 of the 1940 Act, each
Class B fund, except U.S. Government fund, pays Fidelity Distributors
Corporation (FDC), an affiliate of FMR, a distribution and service fee that
is based on an annual rate of up to.32% of its average net assets. U.S.
Government fund pays FDC at an annual rate of up to .25% of its average net
assets. For the period, Class B of the U.S. Treasury II, U.S. Government,
Domestic Money Market and Money Market funds paid FDC $73,211, $7,688,
$3,299 and $237,964, respectively, of which $72,542, $7,565, and $218,361
was paid to securities dealers, banks and other financial institutions for
selling shares and providing shareholder support services on behalf of
Class B of the U.S. Treasury II, U.S. Government and Money Market funds,
respectively.
TRANSFER AGENT FEES. Fidelity Investments Institutional Operations Company
(FIIOC), an affiliate of FMR, is the funds' transfer, dividend disbursing
and shareholder servicing agent. FIIOC receives fees based on the type,
size, number of accounts and the number of transactions made by
shareholders. FIIOC pays for typesetting, printing and mailing of all
shareholder reports, except proxy statements.
ACCOUNTING FEES. Fidelity Service Co. an affiliate of FMR, maintains the
funds' accounting records. The 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 and extraordinary
expenses and 12b-1 fees payable by Class B of each fund's shares) above an
annual rate of .18% of average net assets. For the period, the
reimbursement reduced expenses by $382,225, $1,468,348, $919,586, $407,721
and $1,168,604 for the U.S. Treasury, U.S. Treasury II, U.S. Government,
Domestic Money Market and Money Market funds, respectively.
6. BENEFICIAL INTEREST.
At the end of the period, certain shareholders were record owners of
approximately 10% or more of the total outstanding shares of the following
funds:
FUND NUMBER OF SHAREHOLDERS % OWNERSHIP
U.S. Treasury 1 22%
U.S. Treasury II 1 27% U.S. Government 1 11%
Domestic Money Market 2 47%
Money Market 1 27%
7. SHARE TRANSACTIONS.
Share transactions for both classes of the U.S. Treasury II, U.S.
Government, Domestic Money Market and Money Market funds at net asset value
of $1.00 per share were as follows:
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1994** MARCH 31,1994 *
U.S. TREASURY II CLASS A
Proceeds from sales of shares $ 17,951,255,747 $ 37,652,306,847
Reinvestment of dividends from net interest income 26,017,957 53,681,583
Shares redeemed (18,315,016.203) (38,743,519,132)
Net increase (decrease) in net assets and shares resulting from share
transactions $ (337,742,499) $ (1,037,530,702)
U.S. TREASURY II CLASS B*
Proceeds from sales of shares $ 1,097,769,185 $ 11,853,621
Reinvestment of dividends from net interest income 102,867 14,790
Shares redeemed (1,002,366,552) (6,692,877)
Net increase (decrease) in net assets and shares resulting from share
transactions $ 95,505,500 $ 5,175,534
(*) Share transactions for U.S. Treasury II Class B are for the period
October 22, 1993 (commencement of sale of shares) to March 31, 1994.
U.S. GOVERNMENT CLASS A
Proceeds from sales of shares $ 11,501,503,692 $ 33,376,241,019
Reinvestment of dividends from net interest income 26,925,653 54,284,929
Shares redeemed (12,252,013,704) (35,351,904,003)
Net increase (decrease) in net assets and shares resulting from share
transactions $ (723,584,359) $ (1,921,378,055)
U.S. GOVERNMENT CLASS B**
Proceeds from sales of shares $ 25,630,123 $ -
Reinvestment of dividends from net interest income 125,215 -
Shares redeemed (15,371,864) -
Net increase (decrease) in net assets and shares resulting from share
transactions $ 10,383,474 $ -
(**) Share transactions for U.S. Government Class B are for the period
April 4, 1994 (commencement of sale of shares) to September 30, 1994.
DOMESTIC MONEY MARKET CLASS A
Proceeds from sales of shares $ 3,149,597,845 $ 6,042,925,540
Reinvestment of dividends from net interest income 4,217,322 6,177,168
Shares redeemed (2,956,608,014) (6,196,482,006)
Net increase (decrease) in net assets and shares resulting from share
transactions $ 197,207,153 $ (147,379,298)
DOMESTIC MONEY MARKET CLASS B**
Proceeds from sales of shares $ 20,311,319 $ -
Reinvestment of dividends from net interest income 42,953 -
Shares redeemed (2,014,331) -
Net increase (decrease) in net assets and shares resulting from share
transactions $ 18,339,941 $ -
(**) Share transactions for Domestic Money Market Class B are for the
period July 19, 1994 (commencement of sale of shares) to September 30,
1994.
MONEY MARKET CLASS A
Proceeds from sales of shares $ 20,534,000,773 $ 48,632,985,539
Reinvestment of dividends from net interest income 45,236,577 59,354,442
Shares redeemed (18,221,848,458) (49,824,192,759)
Net increase (decrease) in net assets and shares resulting from share
transactions $ 2,357,388,892 $ (1,131,852,778)
MONEY MARKET CLASS B*
Proceeds from sales of shares $ 560,933,195 $ 112,664,085
Reinvestment of dividends from net interest income 2,706,149 379,584
Shares redeemed (392,432,521) (23,548,202)
Net increase (decrease) in net assets and shares resulting from share
transactions $ 171,206,823 $ 89,495,467
(*) Share transactions for Money Market Class B are for the period November
17, 1993 (commencement of sale of shares) to March 31, 1994.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL INFORMATION OF THE
SHAREHOLDERS OF THE FUNDS. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION
TO PROSPECTIVE INVESTORS IN THE FUNDS UNLESS
PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS. MUTUAL FUND SHARES ARE
NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE
FDIC, THE FEDERAL RESERVE BOARD OR ANY
OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL. NEITHER THE FUNDS NOR
FIDELITY DISTRIBUTORS CORPORATION IS A BANK. FOR MORE INFORMATION ON ANY
FIDELITY FUND INCLUDING CHARGES AND
EXPENSES, CALL 1-800-544-0276 FOR A FREE PROSPECTUS. READ IT CAREFULLY
BEFORE YOU INVEST OR SEND MONEY.
Page 35 = BLANK
Do NOT strip-in this type.
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
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
OFFICERS
Edward C. Johnson 3d, PRESIDENT
Fred L. Henning, SENIOR VICE PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Leland Barron, VICE PRESIDENT
Burnell R. Stehman, VICE PRESIDENT
John Todd, VICE PRESIDENT
Thomas D. Maher, ASSISTANT VICE PRESIDENT
Gary L. French, TREASURER
John H. Costello, ASSISTANT TREASURER
Arthur S. Loring, SECRETARY
Robert H. Morrison, MANAGER, SECURITY TRANSACTIONS
CUSTODIAN
Morgan Guaranty Trust Company of New York
New York, NY
Bank of New York (U.S. Treasury Portfolio II)
New York, NY
TRANSFER AND
SHAREHOLDERS
SERVICING AGENT
Fidelity Investments Institutional
Operations Company
Boston, MA
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA FICP-11-94S
