(2_FIDELITY_LOGOS)FIDELITY
INSTITUTIONAL
MONEY MARKET
FUNDS
SEMIANNUAL REPORT
SEPTEMBER 30, 1997
CONTENTS
SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS
FIDELITY INSTITUTIONAL CASH PORTFOLIOS:
TREASURY ONLY 3
TREASURY 7
GOVERNMENT 11
DOMESTIC 16
MONEY MARKET 22
FIDELITY MONEY MARKET TRUST: 29
RATED MONEY MARKET
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: 35
TAX-EXEMPT
NOTES TO FINANCIAL STATEMENTS 50
PROXY VOTING RESULTS 57
FUND GOALS:
EACH OF TREASURY ONLY, TREASURY, GOVERNMENT, DOMESTIC, MONEY MARKET,
AND RATED MONEY MARKET SEEKS TO OBTAIN AS HIGH A LEVEL OF CURRENT
INCOME AS IS CONSISTENT WITH THE PRESERVATION OF PRINCIPAL AND
LIQUIDITY WITHIN THE LIMITATIONS PRESCRIBED FOR THE FUND.
TAX EXEMPT SEEKS AS HIGH A LEVEL OF INTEREST INCOME EXEMPT FROM
FEDERAL INCOME TAX AS IS CONSISTENT WITH A PORTFOLIO OF HIGH-QUALITY,
SHORT-TERM MUNICIPAL OBLIGATIONS SELECTED ON THE BASIS OF LIQUIDITY
AND STABILITY OF PRINCIPAL.
INVESTMENTS IN THE FUNDS ARE NEITHER INSURED NOR GUARANTEED BY THE
U.S. GOVERNMENT, AND THERE CAN BE NO ASSURANCE THAT THE FUNDS WILL
MAINTAIN A STABLE
$1.00 SHARE PRICE.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE
FUNDS. THIS REPORT IS NOT
AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUNDS
UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES
ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER
AGENCY, AND ARE SUBJECT TO INVESTMENT RISKS,
INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED. NEITHER THE
FUNDS NOR FIDELITY DISTRIBUTORS IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND
EXPENSES, CALL THE APPROPRIATE NUMBER LISTED BELOW. READ THE
PROSPECTUS CAREFULLY BEFORE
YOU INVEST OR SEND MONEY.
RETIREMENT PLAN LEVEL ACCOUNTS
CORPORATE CLIENTS 1-800-962-1375
"NOT FOR PROFIT" CLIENTS 1-800-343-0860
FINANCIAL AND OTHER INSTITUTIONS
NATIONWIDE 1-800-843-3001
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY ONLY
INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
U.S. TREASURY OBLIGATIONS - 100%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 4.3%
4/2/98 6.00% $ 15,000,000 $ 14,568,417
4/30/98 6.01 37,000,000 35,767,449
50,335,866
U.S. TREASURY NOTES - 94.9%
10/15/97 5.26 146,628,000 146,808,278
10/31/97 5.02 35,000,000 35,014,063
10/31/97 5.03 188,000,000 188,045,842
11/15/97 5.30 95,000,000 95,196,539
11/30/97 5.02 72,389,000 72,375,080
12/31/97 5.15 134,818,000 134,778,811
12/31/97 6.00 80,314,000 80,428,999
1/31/98 5.35 190,951,000 190,573,259
2/15/98 5.31 10,000,000 10,095,010
2/15/98 5.32 65,670,000 66,058,295
2/28/98 5.72 30,000,000 29,914,089
3/31/98 5.33 42,000,000 42,093,617
3/31/98 5.93 10,000,000 9,958,479
1,101,340,361
PRINCIPAL ONLY STRIPS - 0.8%
8/15/98 5.77 10,000,000 9,512,691
TOTAL INVESTMENTS - 100% $ 1,161,188,918
Total Cost for Income Tax Purposes $ 1,161,188,918
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $360,000 of which $22,000, $162,000, $115,000 and
$61,000 will expire on March 31, 2001, 2002, 2004 and 2005,
respectively.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY ONLY
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS
INVESTMENT IN SECURITIES, AT VALUE - SEE ACCOMPANYING SCHEDULE $ 1,161,188,918
CASH 1,092
INTEREST RECEIVABLE 20,614,755
TOTAL ASSETS 1,181,804,765
LIABILITIES
SHARE TRANSACTIONS IN PROCESS $ 15,545
DISTRIBUTIONS PAYABLE 3,845,490
ACCRUED MANAGEMENT FEE 126,524
DISTRIBUTION FEES PAYABLE 15,694
OTHER PAYABLES AND ACCRUED EXPENSES 67,867
TOTAL LIABILITIES 4,071,120
NET ASSETS $ 1,177,733,645
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 1,177,801,590
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (67,945)
NET ASSETS $ 1,177,733,645
</TABLE>
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($1,075,347,313 (DIVIDED BY)
1,075,409,351 SHARES)
CLASS II: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($48,957,027 (DIVIDED BY)
48,959,851 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($53,429,305 (DIVIDED BY)
53,432,388 SHARES)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
INTEREST INCOME $ 32,876,527
EXPENSES
MANAGEMENT FEE $ 1,669,404
TRANSFER AGENT FEES 125,318
CLASS I
CLASS II 5,259
CLASS III 3,983
DISTRIBUTION FEES 43,723
CLASS II
CLASS III 48,263
ACCOUNTING FEES AND EXPENSES 46,704
NON-INTERESTED TRUSTEES' COMPENSATION 1,867
CUSTODIAN FEES AND EXPENSES 9,962
REGISTRATION FEES 29,450
CLASS I
CLASS II 9,523
CLASS III 8,508
AUDIT 20,184
LEGAL 3,923
MISCELLANEOUS 5,130
TOTAL EXPENSES BEFORE REDUCTIONS 2,031,201
EXPENSE REDUCTIONS (720,576) 1,310,625
NET INTEREST INCOME 31,565,902
NET REALIZED GAIN (LOSS) 93,719
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 31,659,621
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1997 MARCH 31,
(UNAUDITED) 1997
<TABLE>
<CAPTION>
<S> <C> <C>
OPERATIONS $ 31,565,902 $ 65,045,695
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 93,719 (64,845)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 31,659,621 64,980,850
DISTRIBUTIONS TO SHAREHOLDERS FROM: (29,168,292) (62,527,342)
NET INTEREST INCOME
CLASS I
CLASS II (1,434,407) (1,336,950)
CLASS III (963,203) (1,181,403)
TOTAL DISTRIBUTIONS (31,565,902) (65,045,695)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE: (81,407,298) (204,330,031)
CLASS I
CLASS II (7,549,303) 56,407,114
CLASS III 17,422,228 31,912,957
TOTAL SHARE TRANSACTIONS (71,534,373) (116,009,960)
TOTAL INCREASE (DECREASE) IN NET ASSETS (71,440,654) (116,074,805)
NET ASSETS
BEGINNING OF PERIOD 1,249,174,299 1,365,249,104
END OF PERIOD $ 1,177,733,645 $ 1,249,174,299
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
<C>
SIX MONTHS ENDED YEARS ENDED MARCH 31, EIGHT MONTH YEARS ENDED JULY 31,
SEPTEMBER 30, 1997 PERIOD ENDED
MARCH 31,
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 1994 1993
1992
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .026 .050 .054 .033 .032 .031 .045
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.026) (.050) (.054) (.033) (.032) (.031) (.045)
NET ASSET VALUE, END OF
PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.64% 5.17% 5.56% 3.38% 3.27% 3.10% 4.64%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD
(000 OMITTED) $ 1,075,347 $ 1,156,667 $ 1,361,050 $ 1,266,285 $ 1,049,170 $ 1,047,791 $ 1,197,559
RATIO OF EXPENSES TO
AVERAGE NET ASSETS .20% A, C .20% C .20% .20% A, .20% .20% .20%
C C C C C
RATIO OF NET INTEREST INCOME
TO AVERAGE 5.19% A 5.05% 5.41% 5.02% A 3.22% 3.05% 4.43%
NET ASSETS
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN
ONE YEAR ARE NOT ANNUALIZED. THE TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD
CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN (SEE NOTE 5
OF NOTES TO FINANCIAL STATEMENTS).
C FMR AGREED TO REIMBURSE A PORTION OF
THE CLASS' EXPENSES DURING THE PERIOD.
WITHOUT THIS REIMBURSEMENT, THE
CLASS' EXPENSE RATIO WOULD HAVE BEEN
HIGHER (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
</TABLE>
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY ONLY
FINANCIAL STATEMENTS - CONTINUED
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 E
<TABLE>
<CAPTION>
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .025 .049 .020
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.025) (.049) (.020)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.56% 5.01% 2.04%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 48,957 $ 56,502 $ 102
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% A, .35% C .35% A,
C C
RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS .35% A .34% D .35% A
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.05% A 4.94% 5.03% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 F
<TABLE>
<CAPTION>
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .025 .048 .020
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.025) (.048) (.020)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.51% 4.90% 2.00%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 53,429 $ 36,006 $ 4,097
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% A, .45% C .45% A,
C C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 4.96% A 4.82% 4.86% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS
FOR PERIODS OF
LESS THAN ONE
YEAR ARE NOT
ANNUALIZED.
THE TOTAL
RETURNS WOULD
HAVE BEEN
LOWER HAD
CERTAIN
EXPENSES NOT
BEEN REDUCED
DURING THE
PERIODS SHOWN
(SEE NOTE 5 OF
NOTES TO
FINANCIAL
STATEMENTS).
C FMR AGREED TO
REIMBURSE A
PORTION OF THE
CLASS'
EXPENSES
DURING THE
PERIOD.
WITHOUT THIS
REIMBURSEMEN
T, THE CLASS'
EXPENSE RATIO
WOULD HAVE
BEEN HIGHER
(SEE NOTE 5 OF
NOTES TO
FINANCIAL
STATEMENTS).
D FMR OR THE
FUND HAS
ENTERED INTO
VARYING
ARRANGEMENTS
WITH THIRD
PARTIES WHO
EITHER PAID OR
REDUCED A
PORTION OF THE
CLASS'
EXPENSES.
E FOR THE PERIOD
NOVEMBER 6,
1995
(COMMENCEM
ENT OF SALE OF
CLASS II
SHARES) TO
MARCH 31,
1996.
F FOR THE PERIOD
NOVEMBER 6,
1995
(COMMENCEM
ENT OF SALE OF
CLASS III
SHARES) TO
MARCH 31,
1996.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
U.S. TREASURY OBLIGATIONS - 22.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 10.0%
1/2/98 5.00% $ 84,000,000 $ 82,939,547
3/5/98 5.64 192,000,000 187,577,790
4/2/98 6.00 230,000,000 223,363,294
4/30/98 6.01 332,000,000 320,919,163
5/28/98 5.88 50,000,000 48,157,599
862,957,393
U.S. TREASURY NOTES - 10.0%
11/30/97 5.50 62,000,000 61,974,219
2/15/98 5.35 100,000,000 100,566,958
2/28/98 5.67 106,000,000 105,726,298
3/31/98 5.73 271,500,000 271,804,975
3/31/98 5.93 121,000,000 120,497,597
5/15/98 5.67 82,000,000 82,172,359
7/31/98 5.57 39,000,000 39,184,129
8/15/98 5.51 80,000,000 80,146,422
862,072,957
PRINCIPAL ONLY STRIPS - 2.3%
8/15/98 5.66 213,400,000 203,095,767
TOTAL U.S. TREASURY OBLIGATIONS 1,928,126,117
REPURCHASE AGREEMENTS - 77.7%
MATURITY
AMOUNT
In a joint trading account (Notes 2 and 3)
(U.S. Treasury Obligations):
dated 9/30/97 due 10/1/97:
At 5.50% $ 298,610,614 298,565,000
At 6.09% 345,433,415 345,375,000
At 6.12% 4,980,846,891 4,980,000,000
At 6.15% 313,822,643 313,769,000
dated 8/13/97 due 10/14/97
At 5.50% 179,686,056 178,000,000
dated 7/30/97 due 10/28/97
At 5.50% 127,732,500 126,000,000
dated 9/12/97 due 11/10/97
At 5.50% 337,010,639 334,000,000
dated 9/5/97 due 12/3/97
At 5.50% 162,175,556 160,000,000
TOTAL REPURCHASE AGREEMENTS 6,735,709,000
TOTAL INVESTMENTS - 100% $ 8,663,835,117
Total Cost for Income Tax Purposes $ 8,663,835,117
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $980,000 of which $46,000, $1,000, $337,000, $582,000
and $14,000 will expire on March 31, 1999, 2000, 2001, 2002 and 2003
respectively, and are available to offset future capital gains of the
fund to the extent provided by regulations.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS
INVESTMENT IN SECURITIES, AT VALUE $ 8,663,835,117
(INCLUDING REPURCHASE AGREEMENTS OF $6,735,709,000) - SEE ACCOMPANYING SCHEDULE
CASH 6,123,993
INTEREST RECEIVABLE 10,593,751
TOTAL ASSETS 8,680,552,861
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 82,939,547
DISTRIBUTIONS PAYABLE 24,565,429
ACCRUED MANAGEMENT FEE 1,083,507
DISTRIBUTION FEES PAYABLE 667,929
OTHER PAYABLES AND ACCRUED EXPENSES 511,558
TOTAL LIABILITIES 109,767,970
NET ASSETS $ 8,570,784,891
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 8,571,476,634
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (691,743)
NET ASSETS $ 8,570,784,891
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($4,855,547,950 (DIVIDED BY)
4,855,862,211 SHARES)
CLASS II: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($425,595,092 (DIVIDED BY)
425,622,635 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($3,289,641,849 (DIVIDED BY)
3,289,854,763 SHARES)
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
INTEREST INCOME $ 233,536,251
EXPENSES
MANAGEMENT FEE $ 8,349,862
TRANSFER AGENT FEES 632,453
CLASS I
CLASS II 19,934
CLASS III 370,991
DISTRIBUTION FEES 117,566
CLASS II
CLASS III 4,083,510
ACCOUNTING FEES AND EXPENSES 337,616
NON-INTERESTED TRUSTEES' COMPENSATION 13,292
CUSTODIAN FEES AND EXPENSES 17,886
REGISTRATION FEES 587,857
CLASS I
CLASS II 43,629
CLASS III 323,056
AUDIT 22,369
LEGAL 27,422
MISCELLANEOUS 1,281
TOTAL EXPENSES BEFORE REDUCTIONS 14,948,724
EXPENSE REDUCTIONS (2,380,402) 12,568,322
NET INTEREST INCOME 220,967,929
NET REALIZED GAIN (LOSS) 275,950
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 221,243,879
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1997 MARCH 31,
(UNAUDITED) 1997
<TABLE>
<CAPTION>
<S> <C> <C>
OPERATIONS $ 220,967,929 $ 476,169,021
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 275,950 124,730
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 221,243,879 476,293,751
DISTRIBUTIONS TO SHAREHOLDERS FROM: (132,691,432)
(349,246,541)
NET INTEREST INCOME
CLASS I
CLASS II (4,164,599) (2,668,590)
CLASS III (84,111,898)
(124,253,890)
TOTAL DISTRIBUTIONS (220,967,929)
(476,169,021)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE: (742,967,591)
(1,639,346,558)
CLASS I
CLASS II 335,813,408 49,334,809
CLASS III (334,663,508)
2,189,064,435
NET ASSET VALUE OF CLASS I SHARES ISSUED IN EXCHANGE FOR THE NET ASSETS OF STATE & LOCAL - 103,327,567
ASSET MANAGEMENT SERIES: U.S. GOVERNMENT PORTFOLIO
TOTAL SHARE TRANSACTIONS (741,817,691) 702,380,253
TOTAL INCREASE (DECREASE) IN NET ASSETS (741,541,741) 702,504,983
NET ASSETS
BEGINNING OF PERIOD 9,312,326,632
8,609,821,649
END OF PERIOD $ 8,570,784,891 $
9,312,326,632
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 1994 1993
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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 .027 .052 .056 .047 .030 .034
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.027) (.052) (.056) (.047) (.030) (.034)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 2.73% 5.30% 5.79% 4.78% 3.06% 3.46%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 4,855,548 $ 5,598,330 $ 7,134,049 $ 4,688,198 $ 4,551,918 $ 5,589,663
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% B, .20% .20% .18% .18% .18%
C B B B B B
RATIO OF NET INTEREST INCOME TO AVERAGE
NET ASSETS 5.39% C 5.17% 5.61% 4.71% 3.01% 3.38%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
A TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD
CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
B FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING
THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO
WOULD HAVE BEEN HIGHER
(SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
C ANNUALIZED
</TABLE>
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
FINANCIAL STATEMENTS - CONTINUED
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 D
<TABLE>
<CAPTION>
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .026 .050 .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.026) (.050) (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.66% 5.14% 2.14%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 425,595 $ 89,801 $ 40,470
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% A, .35% C .35% A,
C C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.23% A 5.01% 5.18% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 1994 E
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .026 .049 .054 .044 .012
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.026) (.049) (.054) (.044) (.012)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.61% 5.03% 5.50% 4.45% 1.21%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 3,289,642 $ 3,624,195 $ 1,435,302 $ 585,571 $ 5,175
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% A, C .45% .46% .50% .50% A,
C C C C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.14% A 4.93% 5.28% 4.91% 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 (SEE NOTE 5 OF
NOTES TO FINANCIAL
STATEMENTS).
C FMR AGREED TO REIMBURSE
A PORTION OF THE CLASS'
EXPENSES DURING THE
PERIOD. WITHOUT THIS
REIMBURSEMENT, THE CLASS'
EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF
NOTES TO FINANCIAL
STATEMENTS).
D FOR THE PERIOD NOVEMBER
6, 1995
(COMMENCEMENT OF SALE
OF CLASS II SHARES) TO
MARCH 31, 1996.
E FOR THE PERIOD OCTOBER 22,
1993 (COMMENCEMENT OF
SALE OF CLASS III SHARES) TO
MARCH 31, 1994.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
FEDERAL AGENCIES - 46.9%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 2.9%
4/1/98 6.01% $ 43,000,000 $ 42,959,427
4/1/98 6.05 36,000,000 35,956,856
9/2/98 5.76 48,000,000 47,943,442
126,859,725
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 15.3%
10/2/97 5.53 (a) 125,000,000 124,913,249
10/2/97 5.57 (a) 133,000,000 132,999,716
12/4/97 5.62 (a) 33,000,000 32,994,964
12/19/97 5.59 (a) 80,000,000 79,972,993
3/18/98 5.88 65,000,000 65,000,000
6/9/98 5.89 44,000,000 43,996,021
6/11/98 5.88 13,000,000 12,995,404
6/12/98 5.81 40,000,000 39,974,948
7/8/98 5.84 50,000,000 49,941,699
9/18/98 5.76 71,000,000 70,977,062
9/24/98 5.71 15,000,000 14,985,876
668,751,932
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 1.0%
10/30/97 5.79 43,000,000 42,804,983
FEDERAL HOME LOAN MORTGAGE CORP. - AGENCY COUPONS - 1.2%
3/17/98 5.79 28,000,000 27,981,040
4/8/98 6.04 25,000,000 24,965,915
52,946,955
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 4.3%
10/16/97 5.50 22,000,000 21,949,767
10/30/97 5.53 165,000,000 164,268,958
186,218,725
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 13.1%
11/4/97 5.57(a) 90,000,000 89,992,666
12/9/97 5.56(a) 33,000,000 32,994,573
3/17/98 5.60 24,000,000 24,126,114
3/18/98 5.91 10,000,000 9,987,377
4/15/98 6.06 43,000,000 42,973,446
5/14/98 5.59(a) 56,000,000 56,122,238
5/21/98 5.96 43,000,000 42,960,233
6/12/98 5.62(a) 35,000,000 34,988,231
7/15/98 5.53(a) 237,000,000 236,827,716
570,972,594
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 9.1%
10/14/97 5.60 26,000,000 25,948,549
10/28/97 5.53 50,000,000 49,793,750
10/30/97 5.53 94,000,000 93,582,658
1/5/98 5.57 54,800,000 54,007,957
3/6/98 5.56 50,000,000 48,825,667
8/14/98 5.71 46,000,000 45,938,875
8/14/98 5.80 35,000,000 34,928,566
9/9/98 5.77 24,000,000 23,969,102
9/9/98 5.79 19,000,000 18,972,289
395,967,413
TOTAL FEDERAL AGENCIES 2,044,522,327
U.S. TREASURY OBLIGATIONS - 0.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
PRINCIPAL ONLY STRIPS - 0.5%
8/15/98 5.80% $ 25,000,000 $ 23,780,569
MEDIUM-TERM NOTES (A) - 0.3%
EXPORT-IMPORT BANK, U.S. (AS GUARANTOR FOR K.A. LEASING, LTD.) (B)
10/15/97 5.67 12,630,206 12,630,206
REPURCHASE AGREEMENTS - 52.3%
MATURITY
AMOUNT
In a joint trading account (Notes 2 and 3):
(U.S. Government Obligations):
dated 9/3/97 due 10/1/97
At 5.56% $ 186,804,347 186,000,000
dated 9/30/97 due 10/1/97
At 6.32% 1,014,567,004 1,014,389,000
dated 9/25/97 due 10/2/97
At 5.63% 96,105,000 96,000,000
dated 9/4/97 due 10/6/97
At 5.55% 197,971,867 197,000,000
dated 9/29/97 due 10/6/97
At 5.71% 143,158,770 143,000,000
dated 8/4/97 due 11/3/97
At 5.58% 278,878,875 275,000,000
dated 9/5/97 due 11/5/97
At 5.56% 109,017,480 108,000,000
dated 8/19/97 due 11/6/97
At 5.58% 121,469,400 120,000,000
(U.S. Treasury Obligations)
dated 9/30/97 due 10/1/97:
At 6.09% 90,149,245 90,134,000
At 6.15% 48,573,303 48,565,000
TOTAL REPURCHASE AGREEMENTS 2,278,088,000
TOTAL INVESTMENTS - 100% $4,359,021,102
Total Cost for Income Tax Purposes $ 4,359,021,102
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, US
(as guarantor for K. A.
Leasing, Ltd.) 5.67%,10/15/97 3/1/94 $12,630,206
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $12,630,206 or 0.3% of net assets.
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $1,065,000 of which $48,000, $260,000, $746,000 and
$11,000 will expire on March 31, 2001, 2002, 2003 and 2004,
respectively.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE AGREEMENTS OF $2,278,088,000) - SEE ACCOMPANYING $ 4,359,021,102
SCHEDULE
RECEIVABLE FOR INVESTMENTS SOLD 25,110
INTEREST RECEIVABLE 19,710,646
TOTAL ASSETS 4,378,756,858
LIABILITIES
SHARE TRANSACTIONS IN PROCESS $ 1,502,459
DISTRIBUTIONS PAYABLE 10,281,485
ACCRUED MANAGEMENT FEE 528,602
OTHER PAYABLES AND ACCRUED EXPENSES 379,107
TOTAL LIABILITIES 12,691,653
NET ASSETS $ 4,366,065,205
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 4,366,990,908
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (925,703)
NET ASSETS $ 4,366,065,205
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($3,606,124,013 (DIVIDED BY)
3,606,472,784 SHARES)
CLASS II: $1.00
NET ASSET VALUE OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($155,510,572 (DIVIDED BY)
155,525,614 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($604,430,620 (DIVIDED BY)
604,489,078 SHARES)
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
INTEREST INCOME $ 116,249,652
EXPENSES
MANAGEMENT FEE $ 4,116,613
TRANSFER AGENT FEES 511,888
CLASS I
CLASS II 16,576
CLASS III 98,352
DISTRIBUTION FEES 81,692
CLASS II
CLASS III 800,244
ACCOUNTING FEES AND EXPENSES 179,081
NON-INTERESTED TRUSTEES' COMPENSATION 14,868
CUSTODIAN FEES AND EXPENSES 16,892
REGISTRATION FEES 266,310
CLASS I
CLASS II 30,890
CLASS III 273,422
AUDIT 17,036
LEGAL 12,359
MISCELLANEOUS 208
TOTAL EXPENSES BEFORE REDUCTIONS 6,436,431
EXPENSE REDUCTIONS (1,438,375) 4,998,056
NET INTEREST INCOME 111,251,596
NET REALIZED GAIN (LOSS) 62,864
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 111,314,460
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1997 MARCH 31,
(UNAUDITED) 1997
<TABLE>
<CAPTION>
<S> <C> <C>
OPERATIONS $ 111,251,596 $ 190,761,861
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 62,864 32,085
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 111,314,460 190,793,946
DISTRIBUTIONS TO SHAREHOLDERS FROM: (91,843,872) (166,534,586)
NET INTEREST INCOME
CLASS I
CLASS II (2,856,946) (2,921,560)
CLASS III (16,550,778) (21,305,715)
TOTAL DISTRIBUTIONS (111,251,596) (190,761,861)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE: 795,374,852 (253,524,252)
CLASS I
CLASS II 46,875,062 108,548,391
CLASS III (54,563,809) 464,533,354
TOTAL SHARE TRANSACTIONS 787,686,105 319,557,493
TOTAL INCREASE (DECREASE) IN NET ASSETS 787,748,969 319,589,578
NET ASSETS
BEGINNING OF PERIOD 3,578,316,236 3,258,726,658
END OF PERIOD $ 4,366,065,205 $ 3,578,316,236
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 1994 1993
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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 .027 .052 .057 .048 .031 .035
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.027) (.052) (.057) (.048) (.031) (.035)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.76% 5.37% 5.84% 4.86% 3.13% 3.56%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 3,606,124 $ 2,810,717 $ 3,064,136 $ 3,321,066 $ 3,764,544 $ 5,686,166
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% A, C .20% C .20 C .18% .18% .18%
C C C
RATIO OF NET INTEREST INCOME TO AVERAGE
NET ASSETS 5.44% A 5.25% 5.69% 4.77% 3.07% 3.50%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS
THAN ONE YEAR ARE NOT
ANNUALIZED. THE TOTAL RETURNS
WOULD HAVE BEEN LOWER HAD
CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS
SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
C FMR AGREED TO REIMBURSE A
PORTION OF THE CLASS' EXPENSES
DURING THE PERIOD. WITHOUT THIS
REIMBURSEMENT, THE CLASS'
EXPENSE RATIO WOULD HAVE BEEN
HIGHER (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 D
<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 .027 .051 .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.027) (.051) (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.68% 5.22% 2.16%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 155,511 $ 108,636 $ 102
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% A, C .35% C .35% A,
C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.29% A 5.10% 5.33% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 E
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .026 .050 .054 .045
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.026) (.050) (.054) (.045)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.63% 5.11% 5.58% 4.57%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 604,431 $ 658,964 $ 194,489 $ 40,516
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% A, C .45% .45% C .43% A, C
C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.19% A 5.00% 5.30% 5.13% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR
PERIODS OF LESS THAN
ONE YEAR ARE NOT
ANNUALIZED. THE
TOTAL RETURNS WOULD
HAVE BEEN LOWER HAD
CERTAIN EXPENSES NOT
BEEN REDUCED DURING
THE PERIODS SHOWN
(SEE NOTE 5 OF NOTES
TO FINANCIAL
STATEMENTS).
C FMR AGREED TO
REIMBURSE A PORTION
OF THE CLASS'
EXPENSES DURING THE
PERIOD. WITHOUT THIS
REIMBURSEMENT, THE
CLASS' EXPENSE RATIO
WOULD HAVE BEEN
HIGHER (SEE NOTE 5
OF NOTES TO FINANCIAL
STATEMENTS).
D FOR THE PERIOD
NOVEMBER 6, 1995
(COMMENCEMENT OF
SALE OF CLASS II
SHARES) TO MARCH
31, 1996.
E FOR THE PERIOD APRIL
4, 1994
(COMMENCEMENT OF
SALE OF CLASS III
SHARES) TO MARCH
31, 1995.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
BANKERS' ACCEPTANCES - 1.9%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC BANKERS' ACCEPTANCES
Chase Manhattan Bank
10/20/97 5.59% $ 2,918,799 $ 2,910,265
CoreStates Bank
1/30/98 5.66 2,000,000 1,962,893
SunTrust Bank, Atlanta
10/16/97 5.59 12,000,000 11,972,450
11/5/97 5.58 5,744,115 5,713,400
TOTAL BANKERS' ACCEPTANCES 22,559,008
CERTIFICATES OF DEPOSIT - 3.0%
Chase Manhattan Bank (USA) Delaware
10/17/97 5.56 10,000,000 10,000,000
2/9/98 5.75 10,000,000 10,000,000
Morgan Guaranty Trust, NY
3/20/98 6.00 5,000,000 4,998,665
Wachovia Bank NA
10/7/97 5.54 10,000,000 9,999,958
TOTAL CERTIFICATES OF DEPOSIT 34,998,623
COMMERCIAL PAPER - 53.6%
AC Acquisition Holding Co.
10/20/97 5.56 4,000,000 3,988,368
10/29/97 5.56 5,000,000 4,978,611
American Express Credit Corp.
10/15/97 5.58 20,000,000 19,957,222
American General Finance Corp.
11/5/97 5.56 7,000,000 6,962,501
American Home Products Corp.
10/20/97 5.58 5,000,000 4,985,407
Asset Securitization Coop. Corp.
10/21/97 5.58 5,000,000 4,984,639
12/11/97 5.60 4,000,000 3,956,374
Associates Corp. of North America
12/16/97 5.59 25,000,000 24,708,667
Bear Stearns Cos., Inc.
10/14/97 5.62 3,000,000 2,993,998
10/21/97 5.60 5,000,000 4,984,667
10/27/97 5.58 5,000,000 4,980,067
11/17/97 5.60 3,000,000 2,978,380
BellAtlantic Financial Services
11/5/97 5.56 5,000,000 4,973,167
Beneficial Corp.
10/29/97 5.56 10,000,000 9,957,222
Chase Manhattan Corp.
12/1/97 5.85 6,000,000 5,942,253
CIESCO, L.P.
10/28/97 5.56 15,000,000 14,938,125
11/10/97 5.61 20,000,000 19,877,111
CIT Group Holdings, Inc.
10/23/97 5.59 8,000,000 7,972,818
11/24/97 5.58 25,000,000 24,792,625
Citibank Credit Card Master Trust I (Dakota Certificate Program)
10/7/97 5.56 7,000,000 6,993,537
10/20/97 5.59 2,000,000 1,994,184
10/21/97 5.60 4,000,000 3,987,667
11/10/97 5.62 1,000,000 993,844
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
CoreStates Capital Corp.
10/2/97 5.61% (a) $ 4,000,000 $ 4,000,000
Delaware Funding Corporation
11/26/97 5.58 4,596,000 4,556,536
Enterprise Funding Corp.
10/6/97 5.55 2,000,000 1,998,464
10/20/97 5.59 3,000,000 2,991,276
10/27/97 5.65 6,000,000 5,975,625
11/26/97 5.60 2,000,000 1,982,733
Fina Oil and Chemical Company
10/6/97 5.62 1,000,000 999,224
11/24/97 5.60 9,000,000 8,925,210
Ford Motor Credit Corp.
10/20/97 5.58 10,000,000 9,970,972
2/3/98 5.66 20,000,000 19,618,056
General Electric Capital Corp.
3/10/98 5.71 20,000,000 19,506,667
3/16/98 5.70 5,000,000 4,872,272
3/25/98 5.71 25,000,000 24,325,521
General Electric Capital Services Inc.
3/18/98 5.68 20,000,000 19,483,867
General Motors Acceptance Corp.
10/14/97 6.00 10,000,000 9,978,983
10/20/97 6.03 5,000,000 4,984,576
10/29/97 6.02 2,000,000 1,990,908
11/3/97 6.02 2,000,000 1,989,303
11/10/97 6.02 6,000,000 5,961,067
11/12/97 6.02 3,000,000 2,979,578
11/17/97 5.61 12,000,000 11,912,893
11/19/97 5.59 6,000,000 5,954,757
3/9/98 5.76 11,000,000 10,728,419
Goldman Sachs Group, L.P. (The)
11/12/97 5.87 10,000,000 9,933,500
1/26/98 6.10 10,000,000 9,810,525
H.J. Heinz Co.
10/29/97 5.54 2,000,000 1,991,429
IBM Credit Corp.
11/19/97 5.58 30,000,000 29,775,417
Merrill Lynch & Co., Inc.
11/17/97 5.60 5,000,000 4,963,771
11/24/97 5.64 10,000,000 9,916,750
12/3/97 5.61 10,000,000 9,903,750
1/14/98 5.71 2,000,000 1,967,625
3/18/98 5.70 20,000,000 19,482,933
Monsanto Co.
10/23/97 5.55 9,500,000 9,468,069
3/20/98 5.70 4,100,000 3,992,739
Morgan Stanley, Dean Witter, Discover & Co.
10/22/97 5.57 5,000,000 4,983,929
10/23/97 5.61 (a) 9,000,000 9,000,000
10/27/97 5.56 5,000,000 4,980,067
New Center Asset Trust
11/19/97 5.58 4,000,000 3,969,892
PHH Corp.
10/31/97 5.61 2,000,000 1,990,783
11/17/97 5.58 5,000,000 4,964,097
12/12/97 5.61 12,600,000 12,460,140
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Preferred Receivables Funding Corp.
10/1/97 5.56% $ 5,075,000 $ 5,075,000
10/9/97 5.54 10,000,000 9,987,778
10/20/97 5.56 20,300,000 20,240,681
Smith Barney Holdings, Inc.
10/6/97 5.56 10,000,000 9,992,319
10/16/97 5.56 19,000,000 18,956,379
Southern Co.
11/19/97 5.57 21,000,000 20,842,220
Travelers Property Casualty Corp.
10/9/97 5.56 3,000,000 2,996,313
Triple A One Funding Corp.
10/1/97 5.55 6,000,000 6,000,000
10/6/97 5.56 4,000,000 3,996,922
10/6/97 5.57 2,000,000 1,998,458
TOTAL COMMERCIAL PAPER 632,209,847
FEDERAL AGENCIES (A) - 3.4%
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 0.4%
12/4/97 5.62 5,000,000 4,999,237
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 3.0%
12/9/97 5.56 20,000,000 19,996,711
12/13/97 5.62 15,000,000 14,994,956
34,991,667
TOTAL FEDERAL AGENCIES 39,990,904
BANK NOTES - 20.5%
Bank of America National Trust & Savings Assoc.
10/14/97 5.58 15,000,000 15,000,102
Bank of New York, NA
3/3/98 5.85 10,000,000 9,997,994
BankBoston NA
10/1/97 5.65 15,000,000 15,000,000
10/14/97 5.56 3,000,000 3,000,000
11/6/97 5.60 25,000,000 25,000,000
2/3/98 5.69 10,000,000 10,000,000
4/1/98 5.71 9,000,000 9,000,000
Bank One, Columbus, NA
10/7/97 5.59 (a) 8,000,000 7,996,168
BankOne, Milwaukee
12/19/97 5.59 (a) 17,000,000 17,008,823
Comerica Bank, Detroit
3/27/98 6.20 5,000,000 4,995,374
CoreStates Capital Corp.
10/6/97 5.63 (a) 10,000,000 10,000,000
Fifth Third Bank of Northwestern Ohio
10/23/97 5.55 15,000,000 15,000,000
First Bank NA - Minnesota (a)
10/15/97 5.62 5,000,000 4,996,953
First of America Bank - Michigan
10/14/97 5.70 5,000,000 4,999,889
First Union National Bank of North Carolina
10/31/97 5.61 10,000,000 10,000,000
Key Bank National Association
10/1/97 5.56 (a) 8,000,000 7,995,067
10/23/97 5.61 (a) 4,000,000 3,996,921
10/24/97 5.61 (a) 6,000,000 5,997,160
9/17/98 5.94 (a) 15,000,000 14,994,482
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Morgan Guaranty Trust, NY
8/31/98 5.92% $ 3,000,000 $ 3,001,273
8/31/98 5.97 15,000,000 14,994,753
National City Bank - Pennsylvania
10/2/97 5.62 5,000,000 4,997,044
Northern Trust Company - Chicago
10/1/97 5.61 (a) 3,000,000 2,998,472
PNC Bank
9/25/98 5.62 (a) 3,000,000 3,002,019
10/14/97 5.61 (a) 5,000,000 4,999,389
10/27/97 5.62 (a) 3,000,000 2,998,858
SouthTrust Bank
10/14/97 5.62 (a) 5,000,000 4,997,249
US Bank, NA
10/15/97 5.61 (a) 5,000,000 4,996,676
TOTAL BANK NOTES 241,964,666
MASTER NOTES (A) - 3.3%
Goldman Sachs Group, L.P. (The) (c)
11/7/97 5.72 2,000,000 2,000,000
12/16/97 5.72 10,000,000 10,000,000
J.P. Morgan Securities
10/1/97 6.63 15,000,000 15,000,000
Norwest Corp.
10/1/97 5.66 7,000,000 7,000,000
SunTrust Bank Inc.
10/1/97 5.61 5,000,000 5,000,000
TOTAL MASTER NOTES 39,000,000
MEDIUM-TERM NOTES - 3.7%
Beneficial Corp.
10/11/97 5.61 (a) 2,000,000 1,999,505
First National Mortgage Assoc.
4/15/98 6.02 10,000,000 9,993,824
General Motors Acceptance Corp.
10/1/97 5.85 (a) 2,000,000 1,999,852
11/1/97 5.71 (a) 7,000,000 7,000,000
Merrill Lynch & Co., Inc.
10/1/97 5.81 (a) 5,000,000 4,999,507
10/6/97 5.64 (a) 2,000,000 1,999,768
Norwest Corp.
10/22/97 5.77 (a) 9,000,000 9,000,000
Pacific Mutual Life Insurance Co. (b)
12/9/97 5.76 (a) 3,000,000 3,000,000
Transamerica Life Insurance and Annuity Co.
12/16/97 5.75 (a) 3,000,000 3,000,000
TOTAL MEDIUM-TERM NOTES 42,992,456
SHORT-TERM NOTES (A) - 3.8%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Capital One Funding Corp. (1996-G)
10/7/97 5.59% $ 9,815,000 $ 9,815,000
Capital One Funding Corp. (1995-D)
10/7/97 5.59 2,892,000 2,892,000
Capital One Funding Corp. (1997-F)
10/7/97 5.59 5,000,000 5,000,000
SMM Trust (1996-P) (b)
10/16/97 5.66 8,000,000 8,000,000
SMM Trust (1997-I) (b)
10/29/97 5.66 4,000,000 4,000,000
SMM Trust (1997-V) (b)
10/27/97 5.66 8,000,000 8,000,000
SMM Trust (1997-W) (b)
10/16/97 5.66 7,000,000 7,000,000
TOTAL SHORT-TERM NOTES 44,707,000
REPURCHASE AGREEMENTS - 6.8%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations)
dated 9/30/97 due 10/1/97
At 6.09% $ 80,512,618 80,499,000
TOTAL INVESTMENTS - 100% $ 1,178,921,504
Total Cost For Income Tax Purpose $ 1,178,921,504
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
$30,000,000 or 2.6% 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
Goldmans Sachs Group, LP (The):
5.72%, 11/7/97 6/11/97 $ 10,000,000
5.72%, 12/16/97 8/5/97 $ 2,000,000
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $12,000,000 or 1% of net assets.
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $124,000 of which $44,000, $49,000 and $31,000 will
expire on March 31, 2001, 2003 and 2005, respectively.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE AGREEMENTS OF $80,499,000) - SEE ACCOMPANYING $ 1,178,921,504
SCHEDULE
RECEIVABLE FOR INVESTMENTS SOLD 25,000
INTEREST RECEIVABLE 3,251,956
TOTAL ASSETS 1,182,198,460
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 15,022,910
DISTRIBUTIONS PAYABLE 2,220,899
ACCRUED MANAGEMENT FEE 121,059
DISTRIBUTION FEES PAYABLE 17,033
OTHER PAYABLES AND ACCRUED EXPENSES 125,126
TOTAL LIABILITIES 17,507,027
NET ASSETS $ 1,164,691,433
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 1,164,815,665
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (124,232)
NET ASSETS $ 1,164,691,433
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($1,089,195,036 (DIVIDED BY)
1,089,296,600 SHARES)
CLASS II: $1.00
NET ASSET VALUE OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
OFFERING PRICE ($6,373,040 (DIVIDED BY)
6,373,634 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($69,123,357 (DIVIDED BY)
69,129,801 SHARES)
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
INTEREST INCOME $ 33,868,512
EXPENSES
MANAGEMENT FEE $ 1,192,482
TRANSFER AGENT FEES 211,346
CLASS I
CLASS II 2,815
CLASS III 13,346
DISTRIBUTION FEES 10,557
CLASS II
CLASS III 116,421
ACCOUNTING FEES AND EXPENSES 69,629
NON-INTERESTED TRUSTEES' COMPENSATION 4,068
CUSTODIAN FEES AND EXPENSES 13,005
REGISTRATION FEES 8,099
CLASS I
CLASS II 12,733
CLASS III 18,948
AUDIT 33,216
LEGAL 3,852
MISCELLANEOUS 1,823
TOTAL EXPENSES BEFORE REDUCTIONS 1,712,340
EXPENSE REDUCTIONS (403,386) 1,308,954
NET INTEREST INCOME 32,559,558
NET REALIZED GAIN (LOSS) 13
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 32,559,571
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1997 MARCH 31,
(UNAUDITED) 1997
<TABLE>
<CAPTION>
<S> <C> <C>
OPERATIONS $ 32,559,558 $ 67,389,328
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 13 (31,248)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 32,559,571 67,358,080
DISTRIBUTIONS TO SHAREHOLDERS FROM: (29,765,525) (63,431,659)
NET INTEREST INCOME
CLASS I
CLASS II (374,229) (153,946)
CLASS III (2,419,804) (3,803,723)
TOTAL DISTRIBUTIONS (32,559,558) (67,389,328)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE: 169,647,253 (198,341,472)
CLASS I
CLASS II 2,137,789 2,130,960
CLASS III (52,592,208) 74,323,011
TOTAL SHARE TRANSACTIONS 119,192,834 (121,887,501)
TOTAL INCREASE (DECREASE) IN NET ASSETS 119,192,847 (121,918,749)
NET ASSETS
BEGINNING OF PERIOD 1,045,498,586 1,167,417,335
END OF PERIOD $ 1,164,691,433 $ 1,045,498,586
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 1994 1993
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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 .027 .053 .057 .049 .031 .340
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.027) (.053) (.057) (.049) (.031)
(.340)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $
1.000
TOTAL RETURN B 2.78% 5.40% 5.85% 4.97% 3.14% 3.50%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 1,089,195 $ 919,554 $ 1,117,917 $ 771,937 $ 656,976 $
804,354
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% A, .20% C .20% .18% .18% .18%
C C C C C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.49% A 5.26% 5.66% 4.94% 3.09% 3.43%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS
THAN ONE YEAR ARE NOT
ANNUALIZED. THE TOTAL RETURNS
WOULD HAVE BEEN LOWER HAD
CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS
SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
C FMR AGREED TO REIMBURSE A
PORTION OF THE CLASS' EXPENSES
DURING THE PERIOD. WITHOUT THIS
REIMBURSEMENT, THE CLASS'
EXPENSE RATIO WOULD HAVE BEEN
HIGHER (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 D
<TABLE>
<CAPTION>
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .027 .051 .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.027) (.051) (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.70% 5.24% 2.15%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 6,373 $ 4,235 $ 2,105
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% A, .35% C .35% A,
C C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.35% A 5.10% 5.20% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 E
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .026 .050 .054 .035
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.026) (.050) (.054) (.035)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.65% 5.13% 5.56% 3.51%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 69,123 $ 121,709 $ 47,396 $ 26,545
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% A, .45% .47% C .50% A,
C C C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.23% A 5.02% 5.40% 5.14% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR
PERIODS OF LESS THAN
ONE YEAR ARE NOT
ANNUALIZED. THE
TOTAL RETURNS WOULD
HAVE BEEN LOWER HAD
CERTAIN EXPENSES NOT
BEEN REDUCED DURING
THE PERIODS SHOWN
(SEE NOTE 5 OF NOTES
TO FINANCIAL
STATEMENTS).
C FMR AGREED TO
REIMBURSE A PORTION
OF THE CLASS'
EXPENSES DURING THE
PERIOD. WITHOUT THIS
REIMBURSEMENT, THE
CLASS' EXPENSE RATIO
WOULD HAVE BEEN
HIGHER (SEE NOTE 5
OF NOTES TO FINANCIAL
STATEMENTS).
D FOR THE PERIOD
NOVEMBER 6, 1995
(COMMENCEMENT OF
SALE OF CLASS II
SHARES) TO MARCH
31, 1996.
E FOR THE PERIOD JULY
19, 1994
(COMMENCEMENT OF
SALE OF CLASS III
SHARES) TO MARCH
31, 1995.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
CERTIFICATES OF DEPOSIT - 39.2%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC CERTIFICATES OF DEPOSIT - 0.9%
Chase Manhattan Bank (USA) Delaware
2/9/98 5.75% $ 51,000,000 $ 51,000,000
Morgan Guaranty Trust, NY
8/6/98 5.90 38,000,000 37,990,471
88,990,471
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 24.5%
ABN-AMRO Bank
1/22/98 5.65 12,000,000 11,998,965
Bank of Nova Scotia
11/12/97 5.60 44,000,000 44,000,000
7/21/98 5.97 12,000,000 11,985,097
8/31/98 5.97 35,000,000 34,980,104
Bank of Tokyo - Mitsubishi Ltd.
10/7/97 5.70 5,000,000 5,000,072
Barclays Bank, PLC
10/9/97 5.55 81,000,000 81,000,000
Bayerische Hypotheken - und Weschel
10/22/97 5.55 30,000,000 30,000,000
Caisse Nationale de Credit Agricole
10/20/97 5.60 53,000,000 53,000,000
10/22/97 5.59 68,000,000 68,000,000
11/13/97 5.86 18,000,000 18,000,000
Canadian Imperial Bank of Commerce
10/3/97 5.55 40,000,000 40,000,020
11/3/97 5.55 55,000,000 55,000,000
8/28/98 5.97 100,000,000 99,947,982
Commerzbank, Germany
10/6/97 5.54 47,000,000 47,000,000
10/14/97 5.54 147,000,000 147,000,000
Credit Agricole Indosuez
10/7/97 5.60 11,000,000 10,999,948
10/17/97 5.57 7,000,000 6,999,908
11/3/97 5.55 10,000,000 10,000,331
Deutsche Bank, Germany
10/28/97 5.70 18,000,000 17,998,310
1/16/98 5.80 70,000,000 69,991,494
4/14/98 6.25 15,000,000 14,992,359
8/10/98 5.91 25,000,000 24,987,699
8/11/98 5.90 40,000,000 39,983,540
Hong Kong & Shanghai Banking Corp.
12/22/97 5.60 54,000,000 54,000,000
National Westminster Bank, PLC
6/23/98 6.00 90,000,000 89,944,414
8/10/98 6.00 13,000,000 12,984,556
9/25/98 5.88 18,000,000 17,984,626
Rabobank Nederland, N.V.
3/20/98 6.00 20,000,000 19,997,329
4/10/98 6.25 30,000,000 29,992,516
4/10/98 6.26 25,000,000 24,992,517
Royal Bank of Canada
8/7/98 5.90 40,000,000 39,990,250
8/13/98 6.00 15,000,000 14,993,174
Sanwa Bank, Ltd. Japan
10/2/97 5.65 36,000,000 36,000,000
10/3/97 5.65 50,000,000 50,000,000
10/3/97 5.70 26,000,000 26,000,106
10/27/97 5.65 53,000,000 53,000,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Societe Generale, France
10/1/97 5.60% $ 8,000,000 $ 8,000,000
10/15/97 5.56 30,000,000 30,000,124
10/20/97 5.55 28,000,000 27,998,169
10/20/97 5.56 277,000,000 277,000,000
11/12/97 5.90 48,000,000 48,000,000
11/18/97 5.58 70,000,000 70,000,000
Sumitomo Bank, Ltd. Japan
10/9/97 5.75 28,000,000 28,000,000
11/25/97 5.68 37,000,000 37,000,000
Swiss Bank Corp.
12/22/97 5.99 25,000,000 25,000,000
12/30/97 6.04 50,000,000 50,000,000
1/20/98 5.70 167,000,000 167,000,000
2/2/98 5.65 125,000,000 125,000,000
2/27/98 5.88 23,000,000 23,000,000
8/28/98 5.97 35,000,000 34,984,828
Westdeutsche Landesbank
12/22/97 5.62 29,000,000 29,000,000
2,392,728,438
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.4%
Bank of Nova Scotia
4/1/98 6.20 25,000,000 24,992,865
National Westminster Bank, PLC
2/12/98 5.75 17,000,000 17,000,000
41,992,865
SAN FRANCISCO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.2%
Banque Nationale de Paris
11/17/97 5.61 16,000,000 16,000,358
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 12.8%
Abbey National, Treasury Services
12/26/97 5.60 45,000,000 45,000,000
3/4/98 5.87 53,000,000 53,000,000
3/18/98 5.70 120,000,000 120,000,000
Australia & New Zealand Banking
2/20/98 5.70 9,000,000 8,999,248
Banco Bilbao Vizcaya, S.A.
1/21/98 5.70 9,000,000 9,000,272
Banco Santander
10/6/97 5.55 27,000,000 27,000,037
Bank of Nova Scotia
10/14/97 5.55 22,000,000 22,000,000
11/12/97 5.86 31,000,000 31,000,000
11/24/97 5.58 43,000,000 43,000,000
Bank of Scotland Treasury Services
10/2/97 5.55 45,000,000 45,000,011
12/29/97 5.75 20,000,000 20,000,240
Banque Bruxelles Lambert S.A.
10/21/97 5.60 18,000,000 18,000,197
Banque Nationale de Paris
10/1/97 5.55 10,000,000 10,000,000
Barclays Bank, PLC
10/2/97 5.54 90,000,000 90,000,021
10/14/97 5.55 172,000,000 172,000,000
Bayerische Landesbank Girozentrale
12/31/97 5.75 14,000,000 14,000,344
Bayerische Vereinsbank A.G.
10/8/97 5.55 15,000,000 14,999,985
12/2/97 5.57 26,000,000 26,000,437
12/29/97 5.75 22,000,000 22,000,264
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - CONTINUED
Bayerische Vereinsbank A.G. - continued
3/16/98 5.72% $ 39,000,000 $ 39,005,084
Den Danske Bank A/S
12/2/97 5.57 43,000,000 43,000,722
Dresdner Bank, AG, Germany
10/9/97 5.55 137,000,000 136,999,922
Lloyds Bank, PLC
10/20/97 5.60 10,000,000 10,000,090
National Westminster Bank, PLC
10/1/97 5.55 34,000,000 34,000,000
10/16/97 5.55 27,000,000 27,000,000
Norddeutsche Landesbank
1/20/98 5.70 40,000,000 40,001,198
3/16/98 5.73 9,000,000 9,000,403
Sumitomo Bank, Ltd. Japan
10/1/97 5.75 29,000,000 29,000,000
Toronto-Dominion Bank
3/3/98 5.87 30,000,000 30,000,000
Westdeutsche Landesbank
10/1/97 5.55 10,000,000 10,000,000
11/24/97 5.60 44,000,000 44,000,650
1,243,009,125
LONDON BRANCH, EURODOLLAR, DOMESTIC BANKS - 0.4%
Bankers Trust Co.
10/10/97 5.63 24,000,000 24,000,052
11/20/97 5.60 17,000,000 17,000,695
41,000,747
TOTAL CERTIFICATES OF DEPOSIT 3,823,722,004
COMMERCIAL PAPER - 34.8%
Abbey National, North America
3/16/98 5.70 80,000,000 77,956,355
3/17/98 5.70 57,000,000 55,535,132
Asset Securitization COOP. Corp.
12/11/97 5.60 12,000,000 11,869,123
B.B.V. Finance (Delaware), Inc.
10/8/97 5.88 21,000,000 20,976,684
BHF Finance (Delaware), Inc.
10/3/97 5.56 32,000,000 31,990,204
10/10/97 5.62 9,000,000 8,987,535
BMW US Capital Corp.
10/3/97 5.55 10,000,000 9,996,928
10/7/97 5.60 5,000,000 4,995,358
10/9/97 5.58 34,000,000 33,958,067
11/10/97 5.62 20,000,000 19,876,889
11/17/97 5.61 50,000,000 49,639,014
12/22/97 5.61 13,000,000 12,836,251
Bank of Nova Scotia
12/15/97 5.60 29,000,000 28,666,500
Bear Stearns Cos., Inc.
10/14/97 5.62 20,000,000 19,959,989
10/21/97 5.60 35,000,000 34,892,667
10/27/97 5.58 11,000,000 10,956,147
11/17/97 5.60 10,000,000 9,927,933
Beneficial Corp.
10/2/97 5.57 18,000,000 17,997,225
Bradford & Bingley Building Society
12/29/97 5.77 15,000,000 14,792,333
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Canadian Imperial Bank of Commerce
10/2/97 5.55% $ 105,000,000 $ 104,983,891
Citibank Credit Card Master Trust I (Dakota Certificate Program)
10/7/97 5.56 21,000,000 20,980,610
10/20/97 5.59 11,000,000 10,968,011
11/10/97 5.62 15,000,000 14,907,667
11/13/97 5.62 6,000,000 5,960,297
CoreStates Capital Corp.
10/10/97 5.63 (a) 25,000,000 25,000,000
Cregem North America, Inc.
10/14/97 5.62 8,000,000 7,983,996
10/17/97 5.62 7,000,000 6,982,764
Delaware Funding Corp.
10/14/97 5.55 274,010,000 273,462,818
11/26/97 5.58 6,000,000 5,948,480
Den Danske Corp., Inc.
10/24/97 5.56 35,000,000 34,876,343
Eiger Capital Corp.
10/2/97 5.54 29,000,000 28,995,553
10/29/97 5.57 7,000,000 6,969,838
Enterprise Funding Corp.
10/6/97 5.55 6,359,000 6,354,116
10/15/97 5.59 5,000,000 4,989,208
10/20/97 5.59 25,000,000 24,927,299
10/27/97 5.65 14,000,000 13,943,125
11/26/97 5.60 6,000,000 5,948,200
12/3/97 5.60 10,000,000 9,903,138
Fina Oil and Chemical Co.
10/6/97 5.62 5,000,000 4,996,118
11/14/97 5.58 6,000,000 5,959,373
Ford Motor Credit Corp.
10/3/97 5.56 24,000,000 23,992,627
10/6/97 5.55 150,000,000 149,885,418
10/7/97 5.54 150,000,000 149,862,501
10/20/97 5.58 60,000,000 59,825,833
11/6/97 5.87 100,000,000 99,430,000
General Electric Capital Corp.
10/7/97 5.55 100,000,000 99,908,334
10/23/97 5.56 16,000,000 15,946,222
11/17/97 5.58 45,000,000 44,674,525
3/16/98 5.70 100,000,000 97,445,444
4/7/98 5.79 75,000,000 72,806,667
General Motors Acceptance Corp.
10/14/97 6.00 80,000,000 79,831,867
10/16/97 6.01 7,000,000 6,983,010
10/20/97 6.03 25,000,000 24,922,878
10/29/97 6.02 16,000,000 15,927,262
11/3/97 6.02 26,000,000 25,860,933
11/10/97 6.02 52,000,000 51,662,578
11/12/97 6.02 17,000,000 16,884,273
11/17/97 5.61 40,000,000 39,709,644
11/19/97 5.59 50,000,000 49,622,972
3/9/98 5.76 105,000,000 102,407,638
Goldman Sachs Group, L.P. (The)
11/12/97 5.87 65,000,000 64,567,750
Grand Met Capital Corp.
1/7/98 5.70 12,000,000 11,818,700
Merrill Lynch & Co., Inc.
11/6/97 5.60 33,000,000 32,817,840
1/14/98 5.71 17,000,000 16,724,813
3/16/98 5.73 24,000,000 23,383,587
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Morgan Stanley, Dean Witter, Discover & Co.
10/7/97 5.56% $ 25,000,000 $ 24,977,042
10/15/97 5.56 50,000,000 49,892,861
10/22/97 5.57 41,000,000 40,868,219
10/27/97 5.57 20,000,000 19,920,411
2/23/98 5.61 105,000,000 105,000,000
Nationwide Building Society
10/8/97 5.62 20,000,000 19,978,456
10/10/97 5.62 14,000,000 13,980,610
11/4/97 5.61 18,000,000 17,905,820
New Center Asset Trust
11/7/97 5.89 8,000,000 7,952,969
11/19/97 5.58 12,000,000 11,909,677
PHH Corp.
10/27/97 5.61 11,000,000 10,956,067
Preferred Receivables Funding Corp.
10/20/97 5.56 84,000,000 83,754,726
10/21/97 5.57 20,000,000 19,938,667
Rabobank U.S.A. Financial Corp.
4/1/98 5.70 26,000,000 25,275,799
Smith Barney Holdings, Inc.
10/6/97 5.56 37,000,000 36,971,582
10/16/97 5.56 50,000,000 49,885,208
Sears Roebuck Acceptance Corp.
10/8/97 5.57 19,000,000 18,979,533
Transamerica Financial Corp.
10/6/97 5.55 18,000,000 17,986,200
Triple A One Funding Corp.
10/2/97 5.55 19,000,000 18,997,081
10/2/97 5.56 11,309,000 11,307,260
10/3/97 5.56 12,000,000 11,996,307
10/6/97 5.56 25,000,000 24,980,764
10/6/97 5.57 13,125,000 13,114,890
10/16/97 5.56 35,000,000 34,919,208
10/20/97 5.58 12,000,000 11,964,850
11/7/97 5.59 5,913,000 5,879,210
Unifunding, Inc.
10/1/97 5.61 7,000,000 7,000,000
10/20/97 5.60 30,000,000 29,912,600
10/23/97 5.58 50,000,000 49,831,944
11/7/97 5.56 118,000,000 117,330,546
TOTAL COMMERCIAL PAPER 3,391,123,002
FEDERAL AGENCIES (A) - 2.8%
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 0.4%
12/4/97 5.62 40,000,000 39,993,895
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 2.4%
12/9/97 5.56 140,000,000 139,976,975
12/13/97 5.62 95,000,000 94,968,057
234,945,032
TOTAL FEDERAL AGENCIES 274,938,927
BANK NOTES - 5.1%
Bank of New York, NA
3/17/98 6.00 25,000,000 24,995,627
Bank One, Columbus, NA
10/7/97 5.59 (a) 70,000,000 69,966,470
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
BankBoston NA
10/14/97 5.56% $ 10,000,000 $ 10,000,000
Comerica Bank, Detroit
10/17/97 5.62 (a) 22,000,000 21,987,993
Fifth Third Bank of Northwestern Ohio
10/6/97 5.55 12,000,000 12,000,000
First Bank NA - Minnesota
10/15/97 5.62 (a) 33,000,000 32,984,047
Key Bank National Association
10/1/97 5.56 (a) 28,000,000 27,982,734
10/23/97 5.61 (a) 14,000,000 13,989,223
10/24/97 5.61 (a) 36,000,000 35,982,959
10/28/97 5.61 (a) 39,000,000 38,975,911
Morgan Guaranty Trust, NY
8/31/98 5.85 30,000,000 30,012,725
National City Bank - Pennsylvania
10/2/97 5.62 28,000,000 27,983,446
Northern Trust Company
10/1/97 5.61 25,000,000 24,987,269
PNC Bank
10/1/97 5.58 (a) 14,000,000 13,990,571
10/14/97 5.61 (a) 46,000,000 45,994,379
10/27/97 5.62 (a) 28,000,000 27,989,345
Southtrust Bank
10/14/97 5.62 (a) 17,000,000 16,990,648
US Bank, NA
10/15/97 5.61 (a) 17,000,000 16,988,699
TOTAL BANK NOTES 493,802,046
MASTER NOTES (A) - 3.3%
Goldman Sachs Group, L.P. (The) (c)
11/7/97 5.72 18,000,000 18,000,000
12/16/97 5.82 90,000,000 90,000,000
J.P. Morgan Securities
10/1/97 6.63 136,000,000 136,000,000
Norwest Corp.
10/1/97 5.66 56,000,000 56,000,000
Suntrust Banks, Inc.
10/1/97 5.61 20,000,000 20,000,000
TOTAL MASTER NOTES 320,000,000
MEDIUM-TERM NOTES (A) - 2.8%
Beneficial Corp.
10/11/97 5.61 19,000,000 18,995,297
12/25/97 5.72 13,000,000 12,992,424
General Motors Acceptance Corp.
10/1/97 5.85 20,000,000 19,996,000
11/1/97 5.71 40,000,000 40,000,000
Merrill Lynch & Co., Inc.
10/1/97 5.81 42,000,000 41,995,858
10/6/97 5.64 16,000,000 15,998,143
Norwest Corp.
10/22/97 5.77 61,000,000 61,000,000
Pacific Mutual Life Insurance Co. (b)
12/9/97 5.76 37,000,000 37,000,000
MEDIUM-TERM NOTES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Transamerica Life Insurance and Annuity Co.
12/16/97 5.75% $ 25,000,000 $ 25,000,000
TOTAL MEDIUM-TERM NOTES 272,977,722
SHORT-TERM NOTES (A) - 4.8%
Capital One Funding Corp. (1994-C)
10/7/97 5.59 10,550,000 10,550,000
Capital One Funding Corp. (1995-E)
10/7/97 5.59 7,000,000 7,000,000
Capital One Funding Corp. (1996-C)
10/7/97 5.59 18,276,000 18,276,000
Capital One Funding Corp. (1996-H)
10/7/97 5.59 4,700,000 4,700,000
Capital One Funding Corp. (1997-E)
10/7/97 5.59 14,000,000 14,000,000
Capital One Funding Corp. (1997-F)
10/7/97 5.59 11,000,000 11,000,000
Liquid Asset Backed Securities Trust (1996-1) (b)
10/15/97 5.69 33,000,000 33,000,000
Liquid Asset Backed Securities Trust (1996-2) (b)
10/1/97 5.69 56,000,000 56,000,000
Liquid Asset Backed Securities Trust (1997-5) (b)
10/17/97 5.64 106,000,000 106,000,000
SMM Trust (1996-P) (b)
10/16/97 5.66 66,000,000 66,000,000
SMM Trust (1997-I) (b)
10/29/97 5.66 14,000,000 14,000,000
SMM Trust (1997-V) (b)
10/27/97 5.66 69,000,000 69,000,000
SMM Trust (1997-W) (b)
10/16/97 5.66 61,000,000 61,000,000
TOTAL SHORT-TERM NOTES 470,526,000
TIME DEPOSITS - 6.1%
Bank of Tokyo - Mitsubishi Ltd.
10/2/97 5.66 86,000,000 86,000,000
10/2/97 5.67 18,000,000 18,000,000
10/6/97 5.65 22,000,000 22,000,000
10/10/97 5.66 4,000,000 4,000,000
10/22/97 5.66 22,000,000 22,000,000
11/3/97 5.63 89,000,000 89,000,000
Credit Agricole Indosuez
10/1/97 6.50 45,000,000 45,000,000
Sanwa Bank, Ltd. Japan
10/10/97 5.66 36,000,000 36,000,000
Sumitomo Bank, Ltd. Japan
10/3/97 5.69 18,000,000 18,000,000
10/9/97 5.69 36,000,000 36,000,000
10/22/97 5.69 22,000,000 22,000,000
11/4/97 5.69 17,000,000 17,000,000
Toronto-Dominion Bank
10/1/97 6.63 58,000,000 58,000,000
Westdeutsche Landesbank
10/1/97 6.56 126,000,000 126,000,000
TOTAL TIME DEPOSITS 599,000,000
REPURCHASE AGREEMENTS - 1.1%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account
(U.S. Government Obligations)
dated 9/30/97 due 10/1/97
At 6.09% $ 103,753,549 $ 103,736,000
At 6.15% 1,930,330 1,930,000
TOTAL REPURCHASE AGREEMENTS 105,666,000
TOTAL INVESTMENTS - 100% $ 9,751,755,701
Total Cost for Income Tax Purposes $ 9,751,755,701
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
$442,000,000 or 4.8% 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
Goldman Sachs
Group, L.P. (The):
5.72%, 11/7/97 8/5/97 $ 18,000,000
5.82%, 12/16/97 6/11/97 $ 90,000,000
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $108,000,000 or 1.2% of net assets.
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $2,040,000 of which $336,000, $898,000, $547,000,
$245,000 and $14,000 will expire on March 31, 2001, 2002, 2003, 2004
and 2005, respectively.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE AGREEMENTS OF $105,666,000) - SEE ACCOMPANYING $ 9,751,755,701
SCHEDULE
RECEIVABLE FOR INVESTMENTS SOLD 200,000
INTEREST RECEIVABLE 46,034,209
TOTAL ASSETS 9,797,989,910
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 501,029,333
SHARE TRANSACTIONS IN PROCESS 2,700,000
DISTRIBUTIONS PAYABLE 15,652,634
ACCRUED MANAGEMENT FEE 1,294,791
OTHER PAYABLES AND ACCRUED EXPENSES 562,506
TOTAL LIABILITIES 521,239,264
NET ASSETS $ 9,276,750,646
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 9,278,971,111
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (2,220,465)
NET ASSETS $ 9,276,750,646
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($8,682,221,544 (DIVIDED BY)
8,684,277,554 SHARES)
CLASS II: $1.00
NET ASSET VALUE OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($65,922,555 (DIVIDED BY)
65,938,166 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($528,606,547 (DIVIDED BY)
528,731,725 SHARES)
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
INTEREST INCOME $ 272,905,470
EXPENSES
MANAGEMENT FEE $ 8,796,438
TRANSFER AGENT FEES 1,032,896
CLASS I
CLASS II 10,871
CLASS III 71,326
DISTRIBUTION FEES 76,103
CLASS II
CLASS III 674,931
ACCOUNTING FEES AND EXPENSES 384,249
NON-INTERESTED TRUSTEES' COMPENSATION 29,744
CUSTODIAN FEES AND EXPENSES 79,322
REGISTRATION FEES 696,786
CLASS I
CLASS II 21,576
CLASS III 97,177
AUDIT 52,809
LEGAL 31,807
MISCELLANEOUS 2,002
TOTAL EXPENSES BEFORE REDUCTIONS 12,058,037
EXPENSE REDUCTIONS (2,684,764) 9,373,273
NET INTEREST INCOME 263,532,197
NET REALIZED GAIN (LOSS) (181,375)
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 263,350,822
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1997 MARCH 31,
(UNAUDITED) 1997
<TABLE>
<CAPTION>
<S> <C> <C>
OPERATIONS $ 263,532,197 $ 488,133,785
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (181,375) (13,722)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 263,350,822 488,120,063
DISTRIBUTIONS TO SHAREHOLDERS FROM: (246,578,228) (461,178,632)
NET INTEREST INCOME
CLASS I
CLASS II (2,692,965) (5,834,884)
CLASS III (14,261,004) (21,120,269)
TOTAL DISTRIBUTIONS (263,532,197) (488,133,785)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE: (31,742,841) 2,248,152,485
CLASS I
CLASS II (101,680,946) 103,399,852
CLASS III 84,587,383 214,546,392
TOTAL SHARE TRANSACTIONS (48,836,404) 2,566,098,729
TOTAL INCREASE (DECREASE) IN NET ASSETS (49,017,779) 2,566,085,007
NET ASSETS
BEGINNING OF PERIOD 9,325,768,425 6,759,683,418
END OF PERIOD $ 9,276,750,646 $ 9,325,768,425
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 1994 1993
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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 .028 .053 .057 .049 .032 .035
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.028) (.053) (.057) (.049) (.032) (.035)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.79% 5.43% 5.90% 4.99% 3.20% 3.58%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 8,682,222 $ 8,714,137 $ 6,465,953 $ 5,130,123 $ 3,200,277 $ 4,332,995
RATIO OF EXPENSES TO AVERAGE NET ASSETS .18% A, .18% C .18% .18% .18% .18% C
C C C C
RATIO OF NET INTEREST INCOME TO AVERAGE
NET ASSETS 5.51% A 5.31% 5.73% 5.00% 3.15% 3.50%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS
THAN ONE YEAR ARE NOT
ANNUALIZED. THE TOTAL RETURNS
WOULD HAVE BEEN LOWER HAD
CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS
SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
C FMR AGREED TO REIMBURSE A
PORTION OF THE CLASS' EXPENSES
DURING THE PERIOD. WITHOUT THIS
REIMBURSEMENT, THE CLASS'
EXPENSE RATIO WOULD HAVE BEEN
HIGHER (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
FINANCIAL STATEMENTS - CONTINUED
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 D
<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 .027 .051 .022
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.027) (.051) (.022)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.72% 5.27% 2.17%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 65,923 $ 167,583 $ 64,200
RATIO OF EXPENSES TO AVERAGE NET ASSETS .33% A, C .33% C .33% A,
C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.36% A 5.16% 5.29% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 1994 E
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .026 .050 .055 .046 .011
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.026) (.050) (.055) (.046) (.011)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.67% 5.17% 5.61% 4.66% 1.08%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 528,607 $ 444,048 $ 229,530 $ 457,286 $ 89,463
RATIO OF EXPENSES TO AVERAGE NET ASSETS .43% A, C .43% C .45% C .50% C .50% A,
C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.27% A 5.06% 5.46% 4.94% 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 (SEE NOTE 5 OF
NOTES TO FINANCIAL
STATEMENTS).
C FMR AGREED TO REIMBURSE
A PORTION OF THE CLASS'
EXPENSES DURING THE
PERIOD. WITHOUT THIS
REIMBURSEMENT, THE CLASS'
EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF
NOTES TO FINANCIAL
STATEMENTS).
D FOR THE PERIOD NOVEMBER
6, 1995
(COMMENCEMENT OF SALE
OF CLASS II SHARES) TO
MARCH 31, 1996.
E FOR THE PERIOD NOVEMBER
17, 1993
(COMMENCEMENT OF SALE
OF CLASS III SHARES ) TO
MARCH 31, 1994.
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
CERTIFICATES OF DEPOSIT - 37.1%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
CHICAGO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.5%
ABN-AMRO Bank
12/4/97 5.75% $ 2,000,000 $ 1,998,882
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 26.6%
Bank of Nova Scotia
11/12/97 5.60 2,000,000 2,000,000
4/1/98 6.20 2,000,000 1,999,429
7/21/98 5.97 1,000,000 998,758
Banque Nationale de Paris
10/8/97 5.55 2,000,000 2,000,004
Barclays Bank, PLC
10/9/97 5.55 7,000,000 7,000,000
Bayerische Hypotheken - und Weschel
10/22/97 5.55 3,000,000 3,000,000
Bayerische Landesbank Girozentrale
12/4/97 5.87 1,000,000 999,102
Caisse Nationale de Credit Agricole
10/20/97 5.60 2,000,000 2,000,000
10/22/97 5.59 2,000,000 2,000,000
11/13/97 5.86 1,000,000 1,000,000
Canadian Imperial Bank of Commerce
10/2/97 5.55 2,000,000 2,000,000
10/3/97 5.55 2,000,000 2,000,001
11/3/97 5.55 2,000,000 2,000,000
12/1/97 5.58 3,000,000 3,000,000
Credit Agricole Indosuez
10/17/97 5.57 5,000,000 4,999,934
Credit Suisse First Boston
10/10/97 5.55 4,000,000 4,000,000
Deutsche Bank, Germany
10/28/97 5.70 1,000,000 999,906
1/16/98 5.80 5,000,000 4,999,392
Hongkong & Shanghai Banking Corp.
12/22/97 5.60 2,000,000 2,000,000
National Westminster Bank, PLC
6/23/98 6.00 3,000,000 2,998,147
7/22/98 5.89 5,000,000 4,997,863
8/7/98 5.97 3,000,000 2,996,740
Sanwa Bank, Ltd. Japan
10/3/97 5.70 1,000,000 1,000,004
10/27/97 5.65 2,000,000 2,000,000
Societe Generale, France
10/20/97 5.56 10,000,000 10,000,000
11/12/97 5.90 2,000,000 2,000,000
11/18/97 5.58 4,000,000 4,000,000
Sumitomo Bank, Ltd. Japan
10/9/97 5.75 1,000,000 1,000,000
11/25/97 5.68 2,000,000 2,000,000
Swiss Bank Corp.
12/22/97 5.99 2,000,000 2,000,000
12/30/97 6.04 3,000,000 3,000,000
2/2/98 5.65 11,000,000 11,000,000
8/28/98 5.97 2,000,000 1,999,133
Westdeutsche Landesbank
12/22/97 5.62 1,000,000 1,000,000
100,988,413
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.3%
National Westminster Bank, PLC
2/12/98 5.75 1,000,000 1,000,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
SAN FRANCISCO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.3%
Banque Nationale de Paris
11/17/97 5.61% $ 1,000,000 $ 1,000,022
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 8.9%
Abbey National, Treasury Services
1/9/98 5.70 10,000,000 9,998,841
3/4/98 5.87 2,000,000 2,000,000
Banco Santander
10/6/97 5.55 1,000,000 1,000,001
Bank of Nova Scotia
10/14/97 5.55 1,000,000 1,000,000
11/12/97 5.86 1,000,000 1,000,000
Barclays Bank, PLC
10/2/97 5.54 3,000,000 3,000,001
10/3/97 5.55 4,000,000 4,000,000
Bayerische Vereinsbank A.G.
12/29/97 5.75 5,000,000 5,000,120
National Westminster Bank, PLC
10/1/97 5.54 1,000,000 1,000,000
10/16/97 5.55 1,000,000 1,000,000
Norddeutsche Landesbank
3/16/98 5.73 2,000,000 2,000,171
Westdeutsche Landesbank
10/1/97 5.55 1,000,000 1,000,000
11/24/97 5.60 2,000,000 2,000,030
33,999,164
LONDON BRANCH, EURODOLLAR, DOMESTIC BANKS - 0.5%
Bankers Trust Co.
10/10/97 5.63 1,000,000 1,000,002
11/20/97 5.60 1,000,000 1,000,020
2,000,022
TOTAL CERTIFICATES OF DEPOSIT 140,986,503
COMMERCIAL PAPER - 38.2%
Abbey National, North America
3/17/98 5.70 8,000,000 7,794,404
Bank of Nova Scotia
12/15/97 5.60 1,000,000 988,500
BMW US Capital Corp.
11/10/97 5.62 1,000,000 993,844
Bradford & Bingley Building Society
10/16/97 5.57 600,000 598,618
Caisse des Depots et Consignations
10/17/97 5.57 5,000,000 4,987,778
Caisse d'Amortissement de la Dette Sociale
10/20/97 5.62 2,100,000 2,093,793
11/12/97 5.60 530,000 526,562
Campbell Soup Co.
12/29/97 5.61 5,000,000 4,932,261
Canadian Imperial Bank of Commerce
10/2/97 5.55 8,000,000 7,998,773
CIT Group Holdings, Inc.
10/2/97 5.54 1,000,000 999,847
Citibank Credit Card Master Trust I (Dakota Certificate Program)
10/7/97 5.56 6,000,000 5,994,460
Cregem North America, Inc.
10/28/97 5.59 10,000,000 9,958,675
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Eiger Capital Corp.
10/2/97 5.54% $ 2,000,000 $ 1,999,693
10/6/97 5.56 10,000,000 9,992,319
10/6/97 5.63 1,000,000 999,219
10/29/97 5.57 4,000,000 3,982,764
Enterprise Funding Corp.
10/9/97 5.56 1,275,000 1,273,430
10/14/97 5.57 1,017,000 1,014,973
10/15/97 5.57 2,546,000 2,540,505
10/20/97 5.59 1,000,000 997,092
10/21/97 5.57 5,632,000 5,614,666
11/7/97 5.61 2,474,000 2,459,837
Fleet Funding Corp.
10/9/97 5.57 4,130,000 4,124,906
Ford Motor Credit Corp.
10/3/97 5.56 5,000,000 4,998,464
11/5/97 5.87 2,000,000 1,988,917
General Electric Capital Corp.
10/23/97 5.56 4,000,000 3,986,556
4/7/98 5.79 5,000,000 4,853,778
Goldman Sachs Group, L.P. (The)
11/12/97 5.87 5,000,000 4,966,750
Matterhorn Capital Corp. (LOC Union Bank of Switzerland)
10/17/97 5.57 1,000,000 997,533
10/22/97 5.63 4,946,000 4,929,843
Merrill Lynch & Co., Inc.
11/17/97 5.60 495,000 491,413
11/21/97 5.61 309,000 306,579
3/16/98 5.73 5,000,000 4,871,581
Morgan Stanley, Dean Witter, Discover & Co.
2/23/98 5.61 (a) 2,000,000 2,000,000
Nationwide Building Society
11/4/97 5.61 1,000,000 994,768
New Center Asset Trust
10/9/97 5.57 260,000 259,680
Preferred Receivables Funding Corp.
10/6/97 5.56 4,211,000 4,207,766
10/20/97 5.56 4,000,000 3,988,326
Triple A One Funding Corp.
10/1/97 5.57 10,400,000 10,400,000
10/16/97 5.58 5,000,000 4,988,438
10/17/97 5.60 2,940,000 2,932,722
TOTAL COMMERCIAL PAPER 145,030,033
FEDERAL AGENCIES (A) - 2.6%
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS
12/9/97 5.56 5,000,000 4,999,178
12/13/97 5.62 5,000,000 4,998,319
TOTAL FEDERAL AGENCIES 9,997,497
BANK NOTES - 5.3%
BankBoston NA
10/14/97 5.56 3,000,000 3,000,000
Morgan Guaranty Trust, NY
11/14/97 5.70 (a) 10,000,000 9,999,121
Northern Trust Co.
10/1/97 5.61 (a) 5,000,000 4,997,455
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Southtrust Bank
10/14/97 5.62% (a) $ 1,000,000 $ 999,450
US Bank, NA
10/15/97 5.61 (a) 1,000,000 999,335
TOTAL BANK NOTES 19,995,361
MEDIUM-TERM NOTES (A) - 1.0%
Merrill Lynch & Co.
10/1/97 5.81 3,000,000 2,999,704
10/6/97 5.64 1,000,000 999,885
TOTAL MEDIUM-TERM NOTES 3,999,589
SHORT-TERM NOTES (A) - 2.7%
Capital One Funding Corp. (1994-B)
10/7/97 5.59 4,061,000 4,061,000
Capital One Funding Corp. (1994-C)
10/7/97 5.59 2,225,000 2,225,000
Liquid Asset Backed Security Trust (1997-5) (b)
10/17/97 5.64 4,000,000 4,000,000
TOTAL SHORT-TERM NOTES 10,286,000
TIME DEPOSITS - 5.0%
Bank of Tokyo - Mitsubishi Ltd.
10/10/97 5.66 5,000,000 5,000,000
10/22/97 5.66 1,000,000 1,000,000
11/3/97 5.63 3,000,000 3,000,000
Sanwa Bank, Ltd. Japan
10/10/97 5.66 5,000,000 5,000,000
Sumitomo Bank, Ltd. Japan
10/3/97 5.69 3,000,000 3,000,000
10/9/97 5.69 1,000,000 1,000,000
10/22/97 5.69 1,000,000 1,000,000
TOTAL TIME DEPOSITS 19,000,000
REPURCHASE AGREEMENTS - 8.1%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations)
dated 9/30/97 due 10/1/97
At 6.09% $ 30,752,200 30,747,000
TOTAL INVESTMENTS - 100% $ 380,041,983
Total Cost for Income Tax Purposes $ 380,041,983
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
$4,000,000 or 1.1% of net assets.
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $17,000 of which $2,000, $5,000 and $10,000 will expire
on March 31, 1998, 2004 and 2005, respectively.
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE AGREEMENTS OF $30,747,000) - SEE ACCOMPANYING
SCHEDULE $ 380,041,983
INTEREST RECEIVABLE 2,115,594
TOTAL ASSETS 382,157,577
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 19,000,000
DISTRIBUTIONS PAYABLE 264,563
ACCRUED MANAGEMENT FEE 65,691
DISTRIBUTION FEES PAYABLE 12,601
OTHER PAYABLES AND ACCRUED EXPENSES 13,294
TOTAL LIABILITIES 19,356,149
NET ASSETS $ 362,801,428
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 362,899,307
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (97,879)
NET ASSETS $ 362,801,428
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($301,525,599 (DIVIDED BY)
301,606,945 SHARES)
CLASS II: $1.00
NET ASSET VALUE OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($11,834,620 (DIVIDED BY)
11,837,814 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER SHARE
($49,441,209 (DIVIDED BY) 49,454,548
SHARES)
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
INTEREST INCOME $ 9,928,481
EXPENSES
MANAGEMENT FEE $ 735,762
DISTRIBUTION FEES 7,942
CLASS II
CLASS III 42,724
NON-INTERESTED TRUSTEES' COMPENSATION 1,176
TOTAL EXPENSES BEFORE REDUCTIONS 787,604
EXPENSE REDUCTIONS (388,636) 398,968
NET INTEREST INCOME 9,529,513
NET REALIZED GAIN (LOSS) (13,751)
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 9,515,762
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1997 MARCH 31,
(UNAUDITED) 1997
<TABLE>
<CAPTION>
<S> <C> <C>
OPERATIONS $ 9,529,513 $ 16,324,511
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (13,751) (10,180)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 9,515,762 16,314,331
DISTRIBUTIONS TO SHAREHOLDERS FROM: (8,353,202) (15,341,476)
NET INTEREST INCOME
CLASS I
CLASS II (277,911) (430,045)
CLASS III (898,400) (552,990)
TOTAL DISTRIBUTIONS (9,529,513) (16,324,511)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE: (11,361,519) 89,124,894
CLASS I
CLASS II (2,331,739) 9,458,555
CLASS III 32,799,871 15,044,461
TOTAL SHARE TRANSACTIONS 19,106,613 113,627,910
TOTAL INCREASE (DECREASE) IN NET ASSETS 19,092,862 113,617,730
NET ASSETS
BEGINNING OF PERIOD 343,708,566 230,090,836
END OF PERIOD $ 362,801,428 $ 343,708,566
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEAR ENDED SEVEN MONTHS YEARS ENDED AUGUST 31, TEN
MONTHS
SEPTEMBER 30, 1997 MARCH 31, ENDED ENDED
MARCH 31, AUGUST
31,
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 1994 1993 1992
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .027 .053 .032 .054 .033 .029 .034
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.027) (.053) (.032) (.054) (.033) (.029) (.034)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.77% 5.39% 3.21% 5.53% 3.34% 2.93% 3.44%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 301,526 $ 312,892 $ 223,772 $ 300,863 $ 399,333 $ 611,410 $ 765,721
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% A, .20% C .27% A, .42% .42% .42% .42%
C C A
RATIO OF NET INTEREST INCOME TO AVERAGE 5.46% A 5.26% 5.46% A 5.33% 3.24% 2.89% 4.04%
NET ASSETS A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN
ONE YEAR ARE NOT ANNUALIZED. THE TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD
CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN (SEE NOTE 5
OF NOTES TO FINANCIAL STATEMENTS).
C FMR AGREED TO REIMBURSE A PORTION OF
THE CLASS' EXPENSES DURING THE PERIOD.
WITHOUT THIS REIMBURSEMENT, THE
CLASS' EXPENSE RATIO WOULD HAVE BEEN
HIGHER (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
</TABLE>
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: RATED MONEY MARKET
FINANCIAL STATEMENTS - CONTINUED
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 D
<TABLE>
<CAPTION>
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .027 .051 .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.027) (.051) (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.70% 5.23% 2.15%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 11,835 $ 14,166 $ 4,709
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% A, C .35% C .35% A,
C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.32% A 5.14% 5.06% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 E
<TABLE>
<CAPTION>
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .026 .050 .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.026) (.050) (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.65% 5.12% 2.11%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 49,441 $ 16,651 $ 1,610
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% A, C .45% C .45% A,
C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.22% A 5.03% 5.01% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS
FOR PERIODS OF
LESS THAN ONE
YEAR ARE NOT
ANNUALIZED.
THE TOTAL
RETURNS WOULD
HAVE BEEN
LOWER HAD
CERTAIN
EXPENSES NOT
BEEN REDUCED
DURING THE
PERIODS SHOWN
(SEE NOTE 5 OF
NOTES TO
FINANCIAL
STATEMENTS).
C FMR AGREED TO
REIMBURSE A
PORTION OF THE
CLASS'
EXPENSES
DURING THE
PERIOD.
WITHOUT THIS
REIMBURSEMEN
T, THE CLASS'
EXPENSE RATIO
WOULD HAVE
BEEN HIGHER
(SEE NOTE 5 OF
NOTES TO
FINANCIAL
STATEMENTS).
D FOR THE PERIOD
NOVEMBER 6,
1995
(COMMENCEM
ENT OF SALE OF
CLASS II
SHARES) TO
MARCH 31,
1996.
E FOR THE PERIOD
NOVEMBER 6,
1995
(COMMENCEM
ENT OF SALE OF
CLASS III
SHARES) TO
MARCH 31,
1996.
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT
INVESTMENTS SEPTEMBER 30, 1997 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ALABAMA - 1.9%
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Homewood Gardens
Proj.)
Series 1991 C, 4.35%, LOC Southtrust Bank of Alabama, VRDN $
2,165,000 $ 2,165,000
Anniston Ind. Dev. Board (Monsanto Co. Proj.) Series 1992, 4.05%, VRDN
9,100,000 9,100,000
Anniston Solid Waste Disp. Auth. (Monsanto Co. Proj.) Series 1992,
4.05%, VRDN 2,230,000 2,230,000
Chatam Ind. Dev. Board Poll. Cont. Rev. Bonds (Alabama Elec. Coop.,
Inc. Proj.)
Series 1993, 3.70% (Nat'l. Rural Util. Coop. Fin. Guaranteed) CP mode
5,400,000 5,400,000
Columbia Ind. Dev. Board Participating VRDN, 4.15%
(Liquidity Facility Caisse des Depots et Consignments) (b) 2,180,000
2,180,000
Decatur Ind. Dev. Board (Monsanto Co. Proj.) Series 1990, 4.05%, VRDN
5,925,000 5,925,000
Decatur Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) VRDN:
Series 1992, 4.05% 900,000 900,000
Series 1994, 4.05% 3,115,000 3,115,000
Huntsville Ind. Dev. Board Rev. Rfdg. (PPG Inds., Inc. Proj.) Series
1992, 4.05%, VRDN 1,000,000 1,000,000
Jefferson County Sewer Rev. Participating VRDN, Series 1997 D PT-124,
4.15%
(Liquidity Facility Commerzbank, AG) (b)(c) 3,800,000 3,800,000
Tarrant City Ind. Dev. Board Rev. Rfdg. (Philip Morris Co., Inc.)
Series 1993, 4.15%, VRDN 2,300,000 2,300,000
Tuscaloosa County Port Auth. Rev. (Capstone Hotel Ltd. Proj.)
Series 1989 A, 4.15%, LOC Southtrust Bank of Alabama, VRDN 4,160,000
4,160,000
42,275,000
ALASKA - 0.3%
Alaska Hsg. Fin. Corp. Participating VRDN, Series 1997 F, 4.18%
(Liquidity Facility Bank of America Nat'l Trust & Savings) (b)
1,500,000 1,500,000
Valdez Marine Terminal Rev. Rfdg., VRDN:
(Atlantic Richfield Co. Proj.) Series 1994 B, 4.25% 2,700,000
2,700,000
(Exxon Pipeline Co. Proj.) Series 1993 B, 3.80% 3,200,000
3,200,000
7,400,000
ARIZONA - 1.7%
Apache County Ind. Dev. Auth. (Tucson Elec. Pwr. Co. Proj.) Series
1981 B, 4.20%,
LOC Bank of Tokyo - Mitsubishi Ltd., VRDN 5,400,000 5,400,000
Arizona Health Facs. Auth. (Blood Systems, Inc. Proj.) Series 1995,
4.15%,
LOC Bank One, Arizona, VRDN 1,000,000 1,000,000
Maricopa County Commty. College Dist. Bonds 6% 7/1/98 2,880,000
2,924,115
Mesa Ind. Dev. Auth. Participating VRDN, Series 1997 B, 4.15%
(Liquidity Facility Caisse des Depots et Consignments) (b) 2,675,000
2,675,000
Mesa Muni. Dev. Corp. Bonds Series 1996 A&B, 3.95% 10/8/97,
LOC Westdeutsche Landesbank Girozentrale, CP mode 1,900,000
1,900,000
Phoenix Ind. Dev. Auth. Multi-Family Hsg. Rev. Rfdg. (Paradise Lakes
Apt. Proj.)
Series 1995, 4.20%, LOC GE Capital Corp., VRDN 17,500,000
17,500,000
University of Arizona Sys. Rev. BAN Series 1997, 3.95% 10/1/98
5,600,000 5,600,000
36,999,115
ARKANSAS - 0.8%
Arkansas Hosp. Equip. Fin. Auth., VRDN:
(Baptist Health Proj.) Series 1995, 4.15%, LOC Credit Suisse First
Boston 5,425,000 5,425,000
(Jefferson Hosp. Assoc. Proj.) Series 1989, 4.05%, LOC Kredietbank,
NV 3,570,000 3,570,000
Crossett Poll. Cont. Rev. Rfdg. (Georgia-Pacific Corp. Proj.) Series
1991, 4.15%,
LOC SunTrust Bank, Atlanta, VRDN 3,500,000 3,500,000
Univ. of Arkansas Rev. 4.20%, LOC Credit Suisse First Boston, VRDN
5,000,000 5,000,000
17,495,000
CALIFORNIA - 8.6%
California Higher Ed. Loan Auth. Student Loan Rev. Senior Lien Bonds
Series 1992 A, 4%,
tender 7/1/98, LOC Student Loan Marketing Assoc. 12,000,000
12,000,000
California Poll. Cont. Fin. Auth. (Pacific Gas & Elec. Co.) Series
1996 G, 3.80%, VRDN 2,200,000 2,200,000
California School Cash Reserves Prog. TRAN Series1997 A, 4.75%, 7/2/98
(AMBAC Insured) 31,100,000 31,302,138
California Participating VRDN Series CR-153D, 4.13% (Liquidity
Facility Citibank, NY) (b) 1,555,000 1,555,000
California State RAN Series 1997, 4.50% 6/30/98 53,100,000
53,353,002
California State Participating VRDN, Series FR-23, 4% (Liquidity
Facility Bank of New York) (b) 900,000 900,000
Central Valley School Fin. Auth. TRAN Series1997, 4.50% 8/27/98
3,500,000 3,518,258
Los Angeles County Gen. Oblig. TRAN Series A, 4.50% 6/30/98
21,500,000 21,596,433
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev. 3.90% 10/10/97,
LOC Toronto-Dominion Bank, Bank of Nova Scotia, CP 15,000,000
15,000,000
Los Angeles Gen. Oblig. TRAN 4.50% 6/30/98 23,000,000 23,102,262
Los Angeles Unified School Dist. TRAN Series 1997-98, 4.50% 7/1/98
540,0000 5,427,222
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Riverside County Gen. Oblig. TRAN 4.50% 6/30/98 $ 7,600,000 $
7,629,929
South Coast Local Ed. TRAN 4.50% 6/30/98 (MBIA Insured) 9,000,000
9,041,585
186,625,829
COLORADO - 2.9%
Adams County Rev. (Adams Mental Health Foundation) Series 1997,
4.15%, LOC Bank One, Colorado, VRDN 2,000,000 2,000,000
Colorado Hsg. & Fin. Auth. Multi-Family Hsg. Rev., VRDN:
(Loretto Heights Proj.) Series 1996-F, 4.10% (FNMA Guaranteed)
9,200,000 9,200,000
(Central Park Proj.) 4.10% (FNMA Guaranteed) 3,460,000 3,460,000
(Greenwood Point Proj.) Series 1996-D, 4.10% (FNMA Guaranteed)
4,470,000 4,470,000
Colorado Post Secondary Ed. Facs. Auth. Participating VRDN, 4.25%
(Liquidity Facility Norwest Bank NA, Minnesota) (b) 3,350,000
3,350,000
Colorado Springs Util. Sys. Rev. Participating VRDN, 4.25%
(Liquidity Facility Societe Generale, France) (b) 3,700,000
3,700,000
Colorado Gen. Oblig. TRAN Series A, 4% 6/26/98 4,000,000 4,003,365
Denver City & County Aviation Airport Sys. Rev. Participating VRDN
(b):
Series PA-165, 4.15% (Liquidity Facility Merrill Lynch & Co., Inc.)
23,595,000 23,595,000
Series 1997 Q, 4.25% (Liquidity Facility CoreStates Bank) 2,900,000
2,900,000
Pitkin County Multi-Family Hsg. Rev. Rfdg. (Centennial Aspen Proj.)
Series 1996 A, 4.15%,
LOC Bank of New York, NY, VRDN 3,250,000 3,250,000
Pueblo County School Dist. Participating VRDN, Series 1996 G, 4.25%
(Liquidity Facility Norwest Bank NA, Minnesota) (b) 2,220,000
2,220,000
62,148,365
DELAWARE - 0.5%
Delaware Econ. Dev. Auth., VRDN:
(Hosp. Billing & Collection Svcs. Proj.) Series 1985 B, 4.05%
(BIG Insured) (BPA Morgan Stanley Dean Witter Discover & Co.)
1,700,000 1,700,000
(Peninsula United Methodist Homes, Inc.) Series 1992 B,
4.10%, LOC PNC Bank 5,000,000 5,000,000
(Philip Morris Co., Inc. Proj.) Series1992, 4.05% 3,300,000
3,300,000
10,000,000
FLORIDA - 7.1%
Broward County Hsg. Fin. Auth. Multi-Family Hsg. (Palm Aire-Oxford
Proj.)
Series 1990, 4.25% (Continental Casualty Co. Guaranteed) VRDN
1,620,000 1,620,000
Dade County Hsg. Fin. Auth. Single Family Mtg. Rev. Bonds
Series 1997-C, 3.95%, tender 10/16/98 (FGIC/Capital Market Services
Guaranteed) 2,305,000 2,305,000
Dade County Ind. Dev. Rev. (South Dade Jewish Commty. Ctr.) 4.15%,
LOC SunTrust Bank, Miami, VRDN 700,000 700,000
Florida Board of Ed. Participating VRDN (b):
Series 1995 SG-22, 4.20% (Liquidity Facility Societe Generale,
France) 1,500,000 1,500,000
Series 96C0917, 4.72% (Liquidity Facility Citibank) 2,900,000
2,900,000
Florida Capital Proj. Fin. Auth. (Capital Proj. Loan Prog.)
Series 1997-A, 4.10% (FSA Insured) (BPA Credit Suisse First Boston)
VRDN 20,000,000 20,000,000
Florida Insured Muni. Securities Trust Participating VRDN, Series
1996, 4.25%,
Liquidity Facility Norwest Bank NA, Minnesota (b) 1,000,000
1,000,000
Florida Local Gov't. Fin. Commission Pooled Notes Series A, 3.65%
10/20/97,
LOC First Union Nat'l. Bank, CP 11,710,000 11,710,000
Gulf Breeze Rev. Series 1995 A, 4.15%, LOC Barnett Bank of
Jacksonville, VRDN 1,600,000 1,600,000
Highlands County Health Facs. Auth. Rev. (Adventist Health/Sunbelt
Proj.) VRDN:
Series B, 4.10% (Capital Markets Assurance Corp. Insured)
(Liquidity Facility Canadian Imperial Bank of Commerce) 17,000,000
17,000,000
Series 1996 A, 4.10%, LOC SunTrust Bank, Orlando 3,845,000
3,845,000
4.10% (Capital Markets Assurance Corp. Insured)
(BPA First Nat'l. Bank of Chicago) 15,000,000 15,000,000
Indian River County Hosp. Dist. Hosp. Rev. Bonds:
Series 1988, 3.75% 11/12/97, LOC Kredietbank, CP mode 2,000,000
2,000,000
Series 1989, 3.75% 11/12/97, LOC Kredietbank, CP mode 1,000,000
1,000,000
Series 1990, 3.75% 11/12/97, LOC Kredietbank, CP mode 4,300,000
4,300,000
Jacksonville Health Fac. Auth. Hosp. Rev. Participating VRDN, Series
1996 M, 4.15%
(Liquidity Facility Caisse des Depots et Consignments) (b) 6,940,000
6,940,000
Jacksonville Hosp. Rev. (Univ. Med. Ctr.) Series 1988, 4.25%, LOC
Sumitomo Bank Ltd., VRDN 2,300,000 2,300,000
Lakeland Elec. & Wtr. Participating VRDN, Series 960901, 3.61%
(Liquidity Facility Citibank, NY) (b) 6,600,000 6,600,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Lee County Hosp. Rev. Bonds (Lee Memorial Hosp. Proj.):
Series 1997 B, 3.75% 10/21/97
(Liquidity Facility Suntrust Bank Central Florida, NA) CP mode $
5,400,000 $ 5,400,000
Series 1995, 3.90% 12/10/97 (Liquidity Facility Suntrust Bank, Miami)
CP mode 2,500,000 2,500,000
Miami Hsg. Fin. Auth. (Miami Jewish Home & Hosp. for the Aged Proj.)
Series 1992, 4.15%,
LOC Suntrust Bank Miami, NA, VRDN 2,100,000 2,100,000
Sarasota County Public Hosp. Dist. Bonds (Sarasota Mem. Hosp.) CP
mode:
Series 1991, 3.70% 12/11/97 (Liquidity Facility Goldman Sachs & Co.)
5,000,000 5,000,000
Series 1991, 3.85% 12/17/97 (Liquidity Facility Goldman Sachs & Co.)
5,000,000 5,000,000
Series 1993-A, 3.85% 12/17/97 (Liquidity Facility Goldman Sachs &
Co.) 6,600,000 6,600,000
St. Lucie County Poll. Cont. Rev. Rfdg. Bonds (Florida Pwr. & Lt. Co.
Proj.)
Series1994-A, 3.85% 11/18/97, CP mode 2,350,000 2,350,000
Sunshine State Gov't Fin. Commission, CP:
Series 1994, 3.70% 10/22/97 12,680,000 12,680,000
Series 1994, 3.85% 11/07/97 6,000,000 6,000,000
West Orange Mem. Hosp. Tax Dist. Rev. Bonds Series 1991-A2, 3.70%
10/27/97,
LOC Rabobank Nederland, CP mode 3,600,000 3,600,000
153,550,000
GEORGIA - 6.2%
Albany Dougherty County Hosp. Auth. (Phoebe Puttnay Memorial Hosp.)
Series 1996, 4.10%
(AMBAC Insured) (BPA SunTrust Bank, Atlanta) VRDN 1,700,000
1,700,000
Burke County Dev. Auth. Poll. Cont. Rev., VRDN:
(Georgia Pwr. Co.) Series 1994, 3.85% 1,500,000 1,500,000
(Oglethorpe Pwr. Corp., Vogtle Proj.) Series 1997 A, 3.60% (AMBAC
Insured) 16,800,000 16,800,000
Columbia County Residential Care Facs. (Augusta Resource Ctr. on
Aging)
Series 1994, 4.15%, LOC SunTrust Bank, Atlanta, VRDN 13,800,000
13,800,000
Dekalb County Dev. Auth. Rev. (BDS Oglethorpe Univ. Proj.) 4.15%,
LOC SunTrust Bank, Atlanta, VRDN 3,000,000 3,000,000
Dekalb County Hosp. Auth. Rev. (Medical Ctr. Proj.) Series B, 4.15%,
LOC SunTrust Bank, Atlanta, VRDN 7,600,000 7,600,000
Dekalb County Ind. Dev. Rev. (A.G. Rhodes Home at Wesley Woods, Inc.
Proj.)
Series 1996, 4.15%, LOC SunTrust Bank, Atlanta, VRDN 5,500,000
5,500,000
Fulton County Dev. Auth. Rev., VRDN:
(Lovett School Proj.) 4.15%, LOC SunTrust Bank, Atlanta 3,000,000
3,000,000
(Robert W. Woodruff Arts Ctr.) 4.15%, LOC SunTrust Bank, Atlanta
3,500,000 3,500,000
Fulton County Hosp. Auth. Bonds (St. Joseph's Hosp. of Atlanta)
Series 1989, 3.70% 10/27/97 LOC Suntrust Bank, CP mode 4,000,000
4,000,000
Fulton County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Spring Creek
Crossing Proj.) 4.20%,
LOC Wachovia Bank of Georgia, VRDN 26,000,000 26,000,000
Georgia Muni. Elec. Auth. Participating VRDN, Series 1996, 4.20%
(Liquidity Facility Societe Generale, France) (b) 8,610,000
8,610,000
Georgia Muni. Elec. Auth. Bonds (Gen. Resolution Proj.):
Series 1985-A, 3.90% 11/7/97, LOC Bayerische Landesbank Girozental,
CP mode 4,200,000 4,200,000
Series 1985-B, 3.90% 11/7/97, LOC Bayerische Landesbank Girozental,
CP mode 3,500,000 3,500,000
Gwinnett County Dev. Auth. Rev. (Wesleyan School Proj.) 4.15%,
LOC Suntrust Bank Atlanta, VRDN 1,600,000 1,600,000
Gwinnett Post Apt. Homes 4.10% (FNMA Guaranteed) VRDN 2,000,000
2,000,000
Macon-Bibb County Hosp. Auth. Rev. (Med. Ctr. of Central Georgia)
VRDN:
Series 1997 A, 4.15% LOC Suntrust Bank, Atlanta 2,000,000
2,000,000
4.15%, LOC SunTrust Bank, Atlanta 1,390,000 1,390,000
Metro Atlanta Rapid Transit Auth. Participating VRDN, Series SG57,
4.20%
(Liquidity Facility Societe Generale, France) (b) 8,605,000
8,605,000
Richmond County Board of Ed. Participating VRDN, 4.15%
(Liquidity Facility Caisse des Depots et Consignations) (b)
2,500,000 2,500,000
Rockdale County Hosp. Auth. Rev. Series 1994, 4.15%, LOC SunTrust
Bank, Atlanta, VRDN 1,985,000 1,985,000
Roswell Hsg. Auth. Multi-Family Hsg. Rev. (Autumnbrook Apts.) Series
1991 A, 4.20%,
LOC AmSouth Bank, VRDN 5,200,000 5,200,000
Whitfield County Residential Care Facs. Auth. Rev. (Royal Oaks Sr.
Living Commty.) 4.10%,
LOC First Union Nat'l. Bank, VRDN 2,000,000 2,000,000
Worth County Ind. Dev. Auth. Ind. Dev. Rev. (Seabrook Enterprises)
Series 1996 A, 4.15%,
LOC SunTrust Bank, Atlanta, VRDN 4,150,000 4,150,000
134,140,000
IDAHO - 0.4%
Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) VRDN:
Series 1990, 4.05% 3,600,000 3,600,000
Series 1994 A, 4.05% 3,000,000 3,000,000
Series 1994 B, 4.05% 1,000,000 1,000,000
7,600,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ILLINOIS - 7.1%
Chicago School Reform Board Participating VRDN, Series 96-BB, 4.23%
(Liquidity Facility Bank of America Nat'l. Trust & Savings) (b) $
9,000,000 $ 9,000,000
Chicago Park Dist. Gen. Oblig. Bonds 4% 1/1/98 (MBIA Insured)
1,000,000 1,000,850
Chicago Tax Increment Allocation Rev. (Stockyards Southeast Quad.)
Series 1996 B, 4.10%,
LOC Northern Trust, VRDN 11,700,000 11,700,000
Chicago Water Rev. Participating VRDN Series PT-129, 4.20%
(Liquidity Facility Bayerische Hypotheken-und Weschel) (b) 8,000,000
8,000,000
Decatur Water Rev. Bonds Series 1985, 3.70% 10/27/97,
LOC Sumitomo Bank Ltd., Japan, CP mode 1,900,000 1,900,000
Dupage Wtr. Commission Rfdg., Participating VRDN,
Series 97C1301, 4.18% (Liquidity Facility Citibank New York, NA) (b)
13,100,000 13,100,000
Illinois Ed. Fin. Auth. Participating VRDN, 4.18%
(Liquidity Facility Citibank, New York, NA) (b) 9,500,000 9,500,000
Glendale Heights Participating VRDN, 4.25%
(Liquidity Facility Bayerische Hypotheken-und Weschel Bank) (b)
1,330,000 1,330,000
Illinois Dev. Fin. Auth. Rev., VRDN:
(American College of Surgeons) Series 1996, 4.15%,
LOC Northern Trust Co., Chicago 13,000,000 13,000,000
(Sinai Comm. Institute Proj.) Series 1997, 4.10%,
LOC Lasalle Nat'l. Bank of Chicago 2,000,000 2,000,000
Illinois Dev. Fin. Auth. Multi-Family Hsg. Rev. Rfdg. (Garden Glen
Apts.)
Series 1993, 4.25% (Continental Casualty Co. Guaranteed) VRDN
1,000,000 1,000,000
Illinois Edl. Facs. Auth. Rev.:
(Art Institute of Chicago) VRDN:
Series 1992, 4.10% (BPA Bank of America, Illinois) 7,000,000
7,000,000
Series 1996, 4.10% (Liquidity Facility Bank of America, Illinois)
6,200,000 6,200,000
(Northwestern Univ.) Series 1988, 4.10%
(BPA Northern Trust Co.) VRDN 5,800,000 5,800,000
Participating VRDN, Series 1997 U, 3.95%
(AMBAC Insured) (Liquidity Facility CoreStates) (b) 4,250,000
4,250,000
Illinois Health Facs. Auth. Rev., VRDN:
(Franciscan Eldercare Commty. Svc.) Series 1996 C, 4.15%,
LOC LaSalle Nat'l. Bank of Chicago 9,800,000 9,800,000
(Lake Forest Hosp. Proj.) 4.25%, LOC First Nat'l. Bank of Chicago
2,625,000 2,625,000
(Pekin Mem. Hosp. Proj.) Series 1993 C, 4.10%,
LOC Lasalle Nat'l. Bank of Chicago 3,200,000 3,200,000
Illinois Health Facs. Auth. Participating VRDN (b):
Series 1991 A & 1991 B, 4.15%
(Liquidity Facility Rabobank Nederland, COOP Central) 9,100,000
9,100,000
Series PT-116, 4.15%
(Liquidity Facility Rabobank Nederland, COOP Central) 9,700,000
9,700,000
Illinois Regional Trans. Auth. Participating VRDN (b):
Series SG-82, 4.20% (Liquidity Facility Societe Generale, France)
10,500,0000 10,500,000
Series SGB-10, 4.25% (Liquidity Facility Societe Generale, France)
3,600,000 3,600,000
Joliet Reg. Port Dist. Marine Term. Rev. (Exxon Proj.) Series 1989,
3.75%, VRDN 2,100,000 2,100,000
Northlake Econ. Dev. Rev. (Dominicks Finer Foods, Inc. Proj.) Series
1991 B, 4.15%,
LOC Bankers Trust, VRDN 2,400,000 2,400,000
Schaumburg Village Gen. Oblig. Series 1996 A, 4.10% (BPA Credit Suisse
- - First Boston) VRDN 5,000,000 5,000,000
Winnebago County Rev. (Mill Proj.) Series 1996, 4.15%,
LOC Bank One, Chicago, VRDN 1,235,000 1,235,000
154,040,850
INDIANA - 1.6%
Carmel Clay Ind. School Dist. TAN 4.25% 12/31/97 2,100,000
2,102,370
Fort Wayne Econ. Dev. Rev. (Edy's Grand Ice Cream Proj.) Series 1985,
4.175%,
LOC Bank of America, VRDN 3,950,000 3,950,000
Indiana Health Facs. Auth. Hosp. Rev. (Commty. Hosp. Proj.)
Series B, 4.20% LOC NBD Bank, NA, Detroit, VRDN 7,500,000 7,500,000
Indiana Hosp. Equip. Fin. Auth. Ins. Rev. Series 1985 A, 4.05% (MBIA
Insured)
(BPA Bank of New York) VRDN 3,485,000 3,485,000
Indiana Trans. Fin. Auth. Airport Facs. Rev. Participating VRDN,
4.25%,
Liquidity Facility Bankers Trust (b) 5,735,000 5,735,000
Merrillville Health Care Facs. Rev. Rfdg. Participating VRDN, 4.25%
(Liquidity Facility Bank One) (b) 4,315,000 4,315,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
INDIANA - CONTINUED
Richmond Econ. Dev. Rev. Rfdg. (Friends Fellowship Commty.) VRDN:
Series 1993, 4.15%, LOC Bank One, Indiana $ 3,300,000 $ 3,300,000
Series 1997, 4.15%, LOC Bank One, Indiana 2,200,000 2,200,000
South Bend Health Facs. Rev. Participating VRDN, Series 1992 A, 4.25%
(Liquidity Facility Bank One, Indiana) (b) 3,190,000 3,190,000
35,777,370
IOWA - 0.3%
Iowa School Cash Anticipation Prog. TRAN Series A, 4.50% 6/26/98 (FSA
Insured) 5,000,000 5,023,157
Marshalltown Commty. School Dist. RAN Series 1997, 4.50% 6/24/98
1,000,000 1,003,585
6,026,742
KANSAS - 0.5%
La Cygne Envir. Impt. Rev. Rfdg. (Kansas City Pwr. & Lt.) Series 1994,
4.25%, VRDN 11,600,000 11,600,000
KENTUCKY - 1.2%
Jefferson County Poll. Cont. Rev. Rfdg. (Philip Morris Co., Inc.
Proj.) Series 1992, 4.25%, VRDN 1,300,000 1,300,000
Kentucky Econ. Dev. Fin. Auth. Building Rev. (Goodwill Industries of
Kentucky) 4.15%,
LOC Bank One, Kentucky, VRDN 3,530,000 3,530,000
Louisville & Jefferson County Visitors & Convention Commty. Rev.
Participating VRDN,
Series PT-69, 4.15% (Liquidity Facility Bayerische Hypotheken-und
Wechsel) (b) 1,700,000 1,700,000
Louisville & Jefferson Met. Swr. Dist. Series 1997 A, 4.10%, LOC PNC
Bank, Kentucky, VRDN 19,000,000 19,000,000
Middletown Rev. (Christian Academy Proj.)
Series 1997, 4.15%, LOC Bank One Kentucky, VRDN 1,500,000 1,500,000
27,030,000
LOUISIANA - 2.9%
Jefferson Parish (West Jefferson Med. Ctr. Dist. #1) Series 1986,
4.15%,
LOC Rabobank Nederland, N.V., VRDN 20,000,000 20,000,000
Lafayette Econ. Dev. Auth. Rfdg. (Holt County Proj.) 4.425%,
LOC Morgan Guaranty Trust Co., NY, VRDN 3,970,000 3,970,000
Saint James Parish Poll. Cont. Rev. Rfdg. Bonds (Texaco Proj.) Series
1988 A,
3.70% 10/7/97, CP mode 29,000,000 29,000,000
West Baton Rouge Ind. Dist. #3 Rev. (Dow Chemical Co. Proj.):
Bonds Series 1991, 3.75% 11/19/97, CP mode 3,800,000 3,800,000
Series 1994-B, 4%, VRDN 5,600,000 5,600,000
62,370,000
MARYLAND - 1.4%
Baltimore Rev. Rfdg. Participating VRDN, Series 1993 A, 4.20%
(Liquidity Facility Societe Generale, France) (b) 3,000,000
3,000,000
Maryland Hsg. & Commty. Dev. Participating VRDN, 4.15%
(Liquidity Facility Caisse Depots Consignation) (b) 3,000,000
3,000,000
Maryland Health & Higher Ed. Facs. Auth. Rev. (Helix Hosp. Proj.)
Series A, 4.10%,
LOC NationsBank NA, VRDN 13,000,000 13,000,000
Montgomery County Consolidated Gen. Oblig. BAN Series 1995,
3.75% 10/23/97 12,000,000 12,000,000
31,000,000
MASSACHUSETTS - 1.3%
Massachusetts Dedicated Income Tax Rev. Series 1990 B, 3.80%, LOC
Nat'l. Westminster, VRDN 5,400,000 5,400,000
Massachusetts Gen. Oblig. Participating VRDN,
4.23% (Liquidity Facility Citibank, NY) (b) 6,100,000 6,100,000
Massachusetts Port Auth. Series 1996, 3.80% 10/1/97,
LOC Canadian Imperial Bank of Commerce, CP 17,000,000 17,000,000
28,500,000
MICHIGAN - 1.1%
Bruce County Health Care Sys. Rev. (Sisters of Charity)
Series 1988 A, 3.95% (MBIA Insured) (BPA Morgan Guaranty) VRDN
1,900,000 1,900,000
City of Royal Oak Hosp. Fin. Auth. (William Beaumont Hosp.) Series
1996-J, 3.85%
(BPA NBD Bank, Michigan) VRDN 1,500,000 1,500,000
Michigan Hosp. Fin. Auth. Hosp. Equip. Rev. 4.15%,
LOC First of America Bank-Michigan, VRDN 3,300,000 3,300,000
Michigan Muni. Bond Auth. Gen. Oblig. RAN 4.50% 7/2/98 9,400,000
9,443,776
Michigan Strategic Fund (Detroit Edison) 3.80%, LOC Barclays Bank,
VRDN 2,400,000 2,400,000
Michigan Trunk Line Fund Participating VRDN, 4.20% (FGIC Insured)
(Liquidity Facility Societe Generale, France) (b) 700,000 700,000
Tolfree Mem. Hosp. Corp. Rev. Series 1997-D, 4%,
LOC First of America Bank, Michigan, VRDN 4,500,000 4,500,000
23,743,776
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MINNESOTA - 3.1%
Becker Poll. Cont. Rev. Bonds (Northern States Pwr. Co., Serburne Co.
Gen. #3)
Series 1993-B, 3.85% 11/14/97, CP mode $ 1,000,000 $ 1,000,000
Bloomington Multi-Family Hsg. Rev. Rfdg. (Crow/Bloomington Apts.
Proj.) Series 1993, 4.15%,
LOC Citibank, NA, VRDN 17,305,000 17,305,000
Mankato Multi-Family Hsg. Rev. Rfdg. (Highland Hills Proj.) Series
1997, 4.15%,
LOC US Bank, NA, VRDN 3,485,000 3,485,000
Minnesota Participating VRDN, Series 99, 4.20% (BPA Bankers Trust) (b)
7,710,000 7,710,000
Minnesota Higher Ed. Facs. Auth. Rev. (Carleton College) Series 3-L2,
4%
(BPA Norwest Bank, Minnesota) VRDN 4,175,000 4,175,000
Minnetonka Multi-Family Hsg. Rev. Rfdg. (Cliffs at Ridgedale Proj.)
4.15%
(FNMA Guaranteed) VRDN 20,900,000 20,900,000
North Branch Ind. School Dist. #138 Participating VRDN, Series 1996 C,
4.25%
(Liquidity Facility Norwest Bank NA, Minnesota) (b) 965,000 965,000
Rochester Health Care Facs. Rev. (Mayo Foundation Proj.) Series 1985
C, 4.30%
(Liquidity Facility Credit Suisse - First Boston) VRDN 2,000,000
2,000,000
St. Cloud Health Care Rev. Series A, 4.10%, LOC Rabobank
Nederland,VRDN 2,900,000 2,900,000
Minnesota/St. Paul Hsg. & Redev. Auth. Participating VRDN, Series 1996
E, 4.25% (FSA Insured)
(Liquidity Facility Norwest Bank NA, Minnesota) (b) 3,250,000
3,250,000
St. Paul Hsg. & Redev. Auth. (Science Museum of Minnesota Proj.)
Series 1997-B, 4.10%,
LOC US Bank, NA, VRDN 4,000,000 4,000,000
67,690,000
MISSISSIPPI - 0.2%
Mississippi Bus. Fin. Corp. Rev. (Mississippi College Proj.) Series
1996, 4.10%,
LOC NationsBank, N.A., VRDN 4,300,000 4,300,000
MISSOURI - 0.6%
Missouri Envir. Impt. Energy Res. Auth. Rev. Rfdg. (Kansas City Pwr. &
Lt. Co.) Series 1992,
4.10%, VRDN 5,600,000 5,600,000
Missouri Envir. Impt. & Energy Res. Auth. Poll. Cont. Rev. Bonds
(Union Elec. Co.)
Series 1985-A, 3.70% 10/27/97, LOC Union Bank of Switzerland, CP mode
3,700,000 3,700,000
Missouri Health & Ed. Facs. Auth. (Lutheran Sr. Svcs.) Series 1996 B,
4.10%, LOC Lasalle Nat'l. Bank, VRDN 3,000,000 3,000,000
12,300,000
MONTANA - 0.5%
Montana Gen. Oblig. TRAN Series 1997, 4.50% 6/30/98 11,500,000
11,554,846
NEBRASKA - 0.0%
Lancaster County Leasing Corp. Participating VRDN, 4.25%
(Liquidity Facility Bayerische Hypotheken-und Weschel Bank) (b)
1,000,000 1,000,000
NEVADA - 0.6%
Clark County School Dist. Participating VRDN (b):
Series BT-192, 4.20% (Liquidity Facility Bankers Trust) 2,800,000
2,800,000
Series SG-62, 4.20% (Liquidity Facility Societe Generale, France)
2,900,000 2,900,000
Nevada Gen. Oblig. Participating VRDN, Series SGB-20, 4.25%
(Liquidity Facility Societe Generale, France) (b) 5,815,000
5,815,000
Nevada Cap. Improv. Participating VRDN, Series SGB-20, 4.20%
(Liquidity Facility Bankers Trust Co.) (b) 2,100,000 2,100,000
13,615,000
NEW HAMPSHIRE - 0.1%
New Hampshire Higher Ed. & Health Facs. Auth. Rev. (Alice Peck Day
Lifecare Ctr./Harvest Hill)
4.05%, LOC CoreStates Bank, VRDN 2,000,000 2,000,000
NEW JERSEY - 0.3%
New Jersey Gen. Oblig. Participating VRDN, 4.18% (Liquidity Facility
Citibank, NA) (b) 7,400,000 7,400,000
NEW YORK - 1.9%
New York City Gen. Oblig. Series 1995 B-5, 3.75% (MBIA Insured)
(Liquidity Facility Rabobank Nederland, N.V.) VRDN 3,100,000
3,100,000
New York City Muni. Water Fin. Auth. Series 1, 3.85% 12/18/97,
LOC Canadian Imperial Bank of Commerce, CP 20,000,000 20,000,000
New York City Health & Hosp. Corp. Health Sys. Series 1997-D,
4%, LOC Bank of Nova Scotia, VRDN 2,000,000 2,000,000
New York Metropolitan Trans. Auth. Rev. Participating VRDN, 4.15%
(Liquidity Facility Bayerische Hypo-und Wechs Bank) (b) 8,000,000
8,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York Local Gov't. Assistance Corp. Rev. Participating VRDN, Series
1997 SG-99, 4.20%
(Liquidity Facility Societe Generale, France) (b) $ 6,700,000 $
6,700,000
New York Urban Dev. Corp. Participating VRDN, Series SG-33, 4.20%
(Liquidity Facility Societe Generale, France) (b) 2,300,000
2,300,000
42,100,000
NORTH CAROLINA - 0.4%
North Carolina Med. Care Commission Health Care Facs. Bonds (St.
Joseph of the Pines)
3.70%, tender 12/1/97, LOC Wachovia Bank of NC, NA 8,100,000
8,100,000
OHIO - 2.1%
Cleveland City School Dist. Rev. Participating VRDN, 4.20%
(Liquidity Facility Bankers Trust Co.) (b) 3,100,000 3,100,000
Cuyahoga County Health Care Facs. Rev. (Benjamin Rose Institute Proj.)
Series 1995 B, 4%,
LOC Keybank Nat'l. Assoc., VRDN 2,300,000 2,300,000
Franklin County Ind. Dev. Rev. Rfdg. (Alco Standard Corp. Proj.)
Series 1994, 4.15%,
LOC NationsBank, NC, VRDN 1,700,000 1,700,000
Hamilton County Hosp. Facs. Rev. (Childrens Hosp. Med. Ctr.)
Series 1997-A, 4.20%, LOC PNC Bank, Ohio, VRDN 1,200,000 1,200,000
Hamilton County Hosp. Facs. Rev. (Health Alliance of Cincinnati)
Series 1997-A, 4.05%
(MBIA Insured) (Liquidity Facility Credit Suisse First Boston) VRDN
2,350,000 2,350,000
Hancock County Gen. Oblig. BAN 4.83% 11/21/97 2,700,000 2,703,924
Lucas County (The Toledo Zoological Society) 4.10%, LOC Key Bank
Nat'l. Assoc., VRDN 3,000,000 3,000,000
Marion County Hosp. Rev. Series 1992, 4.15%,
LOC Bank One, Akron, VRDN 1,640,000 1,640,000
Medina County Health Care Facs. (Oaks at Medina Proj.)
Series B, 4.15%, LOC Bank One, NA, VRDN 3,000,000 3,000,000
New Albany Commty. Auth. Infrastructure Impt. Series A, 4.18%,
LOC Huntington Nat'l. Bank, VRDN 6,500,000 6,500,000
Ohio Higher Ed. Facs. Commty., VRDN:
(Antioch Univ.) Series 1997, 4.15%, LOC Fifth Third Bank, Cincinnati
14,000,000 14,000,000
(Bluffton Co.) Series 1996, 4.15%, LOC Fifth Third Bank, Cincinnati
1,800,000 1,800,000
Ross County Hosp. Facs. Rev. (Med. Ctr. Hosp. Proj.) Series 1995,
3.95%,
LOC Fifth Third Bank, Cincinnati, VRDN 3,150,000 3,150,000
46,443,924
OKLAHOMA - 0.6%
Cushing Muni. Auth. Correctional Facs. Rev. Series 1996, 4.15%,
LOC First Union Nat'l. Bank, VRDN 7,500,000 7,500,000
Oklahoma Ind. Auth. Hosp. Rev. Bonds (Deaconess Health Care Corp.
Proj.)
Series 1997, 3.97%, tender 1/1/98, LOC Sumitomo Bank (d) 2,500,000
2,500,000
Tulsa Intl. Arpt. Gen. Rev. Participating VRDN, 4.18%
(Liquidity Facility Bank of America Nat'l. Trust & Savings Bank) (b)
2,745,000 2,745,000
12,745,000
PENNSYLVANIA - 7.2%
Allegheny County Higher Ed. Bldg. Auth. (Robert Morris College)
4.10%, LOC PNC Bank,VRDN 5,750,000 5,750,000
Allegheny County Hosp. Redev. Auth. Health Facs. Rev. (Central Blood
Bank Proj.)
Series 1992, 4.10%, LOC PNC Bank, VRDN 2,225,000 2,225,000
Allegheny County Ind. Dev. Auth. Rev.:
(North Versailles Shopping Ctr.) Series 1992, 4.15%,
LOC Bank One of Columbus, VRDN 3,325,000 3,325,000
Bonds (U.S. Steel Corp.) Series 1986, 3.80% 11/13/97, LOC Dresdner
Bank, CP mode 1,500,000 1,500,000
Rfdg. (Jewish Home & Hosp. for Aged) Series 1996B, 4.10%, LOC PNC
Bank, VRDN 4,140,000 4,140,000
Beaver County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Duquesne Light
Co. Mansfield Proj.)
Series 1990-C, 3.60% 10/15/97, LOC Barclays Bank PLC, CP mode
5,800,000 5,800,000
Berks County Ind. Dev. Auth. Rev. (Lutheran Home at Topton Proj.)
Series 1993 B, 4.05%,
LOC Corestates Bank, VRDN 8,800,000 8,800,000
Delaware Valley Regional Fin. Auth. Local Gov't. Rev. Series 1985 B,
4.15%,
LOC Credit Suisse First Boston, VRDN 11,000,000 11,000,000
Emmaus Gen. Auth. Local Govt. Gen. Oblig. Series 1989 G-7, 4.20%
(Liquidity Facility Midland Bank, PLC) VRDN 2,400,000 2,400,000
Lehigh County Ind. Dev. Auth. Rev. (The Keebler Co.) Series 1992,
4.20%,
LOC Bank of Nova Scotia, VRDN 4,340,000 4,340,000
North Pennsylvania Wtr. Auth. Wtr. Rev. Participating VRDN, Series
SGA-30, 4.20%
(Liquidity Facility Societe Generale, France) (b) 4,000,000
4,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
PENNSYLVANIA - CONTINUED
Northeastern Pennsylvania Hosp. & Ed. Auth. Series 1996, 4.15%,
LOC Chase Manhattan Bank,VRDN $ 28,000,000 $ 28,000,000
Northeastern Pennsylvania Hosp. Auth. Hosp. Central Services Bonds
Series B,
3.80% 11/18/97 (MBIA Insured) (BPA Pittsburgh Nat'l. Bank) CP mode
2,100,000 2,100,000
Pennsylvania Econ. Dev. Auth. Rev. (Foxdale Village Proj.)
Series 1989 C, 4.10%, LOC PNC Bank, VRDN 2,200,000 2,200,000
Pennsylvania Hsg. Fin. Agcy. Single Family Mtg. Rev. Participating
VRDN, Series ML-PT119-A, 4.15%
(Liquidity Facility Credit Suisse First Boston) (b) 3,700,000
3,700,000
Pennsylvania Inter-Gov't. Coop. Auth. Participating VRDN, Series 1996
SG-67, 4.20%
(Liquidity Facility Societe Generale, France) (b) 1,900,000
1,900,000
Philadelphia Gen. Oblig. TRAN Series A 1997-98, 4.50% 6/30/98
10,100,000 10,136,175
Philadelphia Redev. Auth. School Rev. (School for the Deaf) 3.85%, LOC
PNC Bank, VRDN 3,500,000 3,500,000
Pittsburgh Gen. Oblig. Participating VRDN, 4.20%
(Liquidity Facility Societe Generale, France) (b) 2,600,000
2,600,000
Quakertown Hosp. Auth. Series 1985 A, 3.90%, LOC PNC Bank, VRDN
1,200,000 1,200,000
Schuylkill County Resource Recovery Rev. (Gilberton Pwr.)
4.15%, LOC Mellon Bank, NA, VRDN 5,000,000 5,000,000
Scranton-Lackawanna Health & Welfare Auth. (Elan Gardens Proj.)
Series 1996, 4.25%, LOC PNC Bank, NA, VRDN 3,500,000 3,500,000
South Fork Muni. Auth. Hosp. Rev. (Lee Hosp. Proj.) Series 1993 B,
4.10%,
LOC PNC Bank N.A., VRDN 5,215,000 5,215,000
West Cornwall Muni. Auth. Rev. (Lebanon Valley Brethren Home) 4.05%,
LOC CoreStates Bank, VRDN 935,000 935,000
York City Gen. Auth. Series 1996, 4.05%,
LOC First Union Nat'l. Bank of NC, VRDN 33,400,000 33,400,000
156,666,175
RHODE ISLAND - 0.1%
Rhode Island Health & Edl. Bldg. Rev. (Providence Country Day School)
Series 1996, 4.05%, LOC Fleet National Bank, VRDN 2,800,000
2,800,000
SOUTH CAROLINA - 2.0%
South Carolina Cap. Impt. Participating VRDN, Series V BT-27, 4.23%
(Liquidity Facility Automatic Data Processing, 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, 4.25% (Continental Casualty Co.
Guaranteed) 10,180,000 10,180,000
(Greenville Oxford) Series 1990 A, 4.25% 4,855,000 4,855,000
(Richland Oxford) Series 1990 C, 4.25% 5,130,000 5,130,000
South Carolina Jobs Econ. Dev. Auth. Healthcare Facs. Rev. (The
Methodist Home Proj.)
Series 1994, 4.15%, LOC NationsBank N.A., VRDN 5,800,000 5,800,000
South Carolina Pub. Sec. Auth. Participating VRDN, 4.18%
(Liquidity Facility Citibank, NA) (b) 3,000,000 3,000,000
South Carolina Pub. Svc. Auth. 3.60% 10/15/97, CP 10,000,000
10,000,000
Walhalla Rev. Rfdg. (Avondale Mills, Inc. Proj.) Series 1990, 4.15%,
LOC SunTrust Bank, Atlanta, VRDN 2,400,000 2,400,000
42,691,000
SOUTH DAKOTA - 0.2%
South Dakota Health & Ed. Facs. Auth. Rev. Rfdg. (Sioux Valley Hosp.)
Series 1992 A, 4.10%, VRDN 4,100,000 4,100,000
TENNESSEE - 7.1%
Clarksville Pub. Bldg. Auth. Pooled Fing. Rev.:
Series 1995, 4.10%, LOC NationsBank, NA, VRDN 19,400,000
19,400,000
(City of Murfreesboro Loan) 4.18%, LOC NationsBank, NA, VRDN
14,100,000 14,100,000
Nashville & Davidson Gen. Oblig. Participating VRDN, 4.18%
(Liquidity Facility Citibank New York, NA) (b) 5,800,000 5,800,000
Jackson Health & Hsg. Multi-Family Hsg. Rev. Rfdg. (Post House North
Apts. Proj.) 4.10%,
LOC Southtrust Bank of Alabama, VRDN 3,680,000 3,680,000
Knoxville Wtr. Rev. Participating VRDN, 4.20%
(Liquidity Facility Automatic Data Processing, Inc.) (b) 3,540,000
3,540,000
Memphis Ctr. Rev. Fin. Corp. (Arbors of Harbor Town Proj.) Series
1990, 3.80%
(Northwestern Mutual Guaranteed) VRDN 15,850,000 15,850,000
Memphis Elec. Sys. Rev. Participating VRDN, Series BT-28, 4.06%
(Liquidity Facility Automatic Data Processing, Inc.) (b) 1,300,000
1,300,000
Memphis Gen. Impt. Participating VRDN, Series SGB-23, 4.25%
(Liquidity Facility Societe Generale France) (b) 3,730,000
3,730,000
Metropolitan Gov't. of Nashville & Davidson County Participating VRDN,
Series 1995 SG-11, 4.20% (Liquidity Facility Societe Generale, France)
(b) 2,100,000 2,100,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TENNESSEE - CONTINUED
Metropolitan Govt. of Nashville & Davidson County Pooled Loan Ed.
Prog. Rev.
Series A, 4.10%, LOC NationsBank, VRDN $ 6,400,000 $ 6,400,000
Metropolitan Gov't. of Nashville & Davidson County Health & Ed. Facs.
Multi-Family Hsg. Rev.
(Brentwood Oaks Apts.) 4.10% (Northwestern Mutual Life Insurance
Guaranteed) VRDN 10,220,000 10,220,000
Metropolitan Nashville & Davidson County Health & Ed. Rev. (Mckendree
Village, Inc. Proj.)
4.15%, LOC SunTrust Bank, Nashville, VRDN 8,100,000 8,100,000
Montgomery County Pub. Bldg. Auth. Rev., VRDN:
Series 1995, 4.10%, LOC NationsBank of TN 30,350,000 30,350,000
4.10%, LOC NationsBank of TN 9,900,000 9,900,000
4.10%, LOC NationsBank of TN 9,000,000 9,000,000
Nashville & Davidson County Ind. Dev. Board Rev. (YMCA Proj.) Series
1994, 4.10%,
LOC NationsBank of TN, VRDN 3,690,000 3,690,000
Nashville Metropolitan Arpt. Auth. Spl. Facs. Rev. (American Airlines
Proj.) Series A, 3.85%,
LOC Credit Suisse - First Boston, VRDN 1,850,000 1,850,000
Sevier County Gen. Oblig., VRDN:
Series D1, 4.05% (AMBAC Insured) (Liquidity Facility Kredietbank, NV)
1,500,000 1,500,000
Series D2, 4.05% (AMBAC Insured) (Liquidity Facility Kredietbank, NV)
1,000,000 1,000,000
Tennessee Gen. Oblig. Participating VRDN, Series BT-244, 4.20%
(Liquidity Facility Bankers Trust Co.) (b) 2,500,000 2,500,000
154,010,000
TEXAS - 13.4%
Amarillo Health Facs. Corp. (Sears Panhandle Retirement Corp.) 4.15%,
LOC Texas Commerce Bank, NA, Houston, VRDN 4,600,000 4,600,000
Austin Hsg. Fin. Corp. Multi-Family Hsg. Rev. (Riverchase Proj.)
Series 1985 A, 4.425%,
LOC Household Finance Corp., VRDN 6,000,000 6,000,000
Austin Higher Ed. Auth. (St. Edward's Univ.) Series 1995, 4.15%, LOC
NationsBank of TX, VRDN 4,000,000 4,000,000
Austin Combined Util. Sys. Series A, 3.65% 10/16/97, LOC Morgan
Guaranty Trust Co., CP 2,000,000 2,000,000
Brazos River Harbor Navigation Dist. of Brazoria County Rev. Bonds
(Dow Chemical Co.)
Series 1991, 3.85% 11/14/97, CP mode 13,900,000 13,900,000
Coastal Wtr. Auth. of Texas Wtr. Conveyance Sys. Rev. Rfdg.
Participating VRDN,
Series 1997 J, 4.15% (Liquidity Facility Caisse des Depots et
Consignations) (b) 6,220,000 6,220,000
Dallas-Fort Worth Reg. Arpt. Participating VRDN, Series SGB-5, 4.25%
(Liquidity Facility Societe Generale, France) (b) 1,710,000
1,710,000
Dallas Area Rapid Transit Sales Tax Rev. Series A, 3.80% 10/14/97,
LOC Credit Suisse First Boston, CP 11,000,000 11,000,000
Denton Util. Sys. Rev. Rfdg. Participating VRDN, Series 1996 SGA-32,
4.20%
(Liquidity Facility Societe Generale, France) (b) 1,000,000
1,000,000
Farmer's Branch Ind. Dev. Corp. Rev. Rfdg. (PPG Ind., Inc. Proj.)
Series 1992, 4.05%, VRDN 3,700,000 3,700,000
Grapevine-Colleyville School Dist. Participating VRDN, Series SG-69,
4.20%
(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,
3.90%, tender 9/1/98, LOC Student Loan Marketing Assoc. 10,200,000
10,200,000
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. Rfdg. (Amoco Oil Co.
Proj.) 3.70%, VRDN 6,300,000 6,300,000
Harris County Health Facs. Dev. Corp.:
(Aces Greater Houston Pooled Health) Series 1985 A, 4.15%,
LOC Texas Commerce Bank NA-Houston, VRDN 3,700,000 3,700,000
(St. Lukes Hospital) Series A, 3.85% (BPA Morgan Guaranty Trust Co,
NY) VRDN 5,600,000 5,600,000
Houston Participating VRDN, Series SGA-28, 4.20%
(Liquidity Facility Societe Generale, France) (b) 4,000,000
4,000,000
Houston Hsg. Fin. Corp. Single-Family Mtg. Participating VRDN, Series
PT-1, 4.15%
(Liquidity Facility Banque Nationale de Paris) (b) 6,450,000
6,450,000
Houston Wtr. & Swr. Sys. Rev. Participating VRDN (b):
Series SGA-22, 4.20% (Liquidity Facility Societe Generale, France)
4,000,000 4,000,000
Series SGB-24, 4.25% (Liquidity Facility Societe Generale, France)
1,000,000 1,000,000
Series SG-76, 4.20% (Liquidity Facility Societe Generale, France)
24,650,000 24,650,000
Series SG-77, 4.20% (Liquidity Facility Societe Generale, France)
3,600,000 3,600,000
Lower Colorado River Auth. Elec. Participating VRDN, Series BT-59,
4.07%
(Liquidity Facility Automatic Data Processing, Inc.) (AMBAC Insured)
(b) 8,200,000 8,200,000
Matagorda County Navigation Dist. #1 Participating VRDN, Series 1997
D, 4.15%
(Liquidity Facility Caisse des Depots et Consignations) (b)
4,880,000 4,880,000
North Central Health Facs. Dev. Corp. Hosp. Rev. Bonds (Methodist
Hosp. of Dallas)
Series 1991-A, 3.85% 10/8/97 (MBIA Insured) (BPA Rabobank Nederland)
CP mode 7,300,000 7,300,000
Plano Health Facs. Dev. Corp. Hosp. Rev. Bonds (Childrens &
Presbyterian Health Care Center)
3.70% 10/27/97 (MBIA Insured) (BPA Texas Commerce Bank, Houston) CP
mode 4,900,000 4,900,000
Port of Corpus Christi Ind. Dev. Corp. (Valero Refining & Marketing
Proj.)
Series 1997-B, 4.15%, LOC Bank of Montreal, VRDN 12,300,000
12,300,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TEXAS - CONTINUED
San Antonio Elec. & Gas Sys. Rev. Participating VRDN, Series 1997
SG-101, 4.25%
(Liquidity Facility Societe Generale, France) (b) $ 17,200,000 $
17,200,000
San Antonio Elec. & Gas Sys. Series A, 3.80% 11/17/97, CP 4,900,000
4,900,000
San Antonio Hotel Occupancy Tax Rev. Participating VRDN, Series 1996
SG-51, 4.20%
(Liquidity Facility Societe Generale, France) (b) 2,100,000
2,100,000
San Antonio Wtr. Rev. Participating VRDN, Series 1996, 4.18%
(Liquidity Facility Citibank, NA) (b) 3,500,000 3,500,000
Tarrant County Health Facs. Dev. Corp. Rev. (Adventist Health System
Sunbelt)
Series 1996-A, 4.10%, LOC SunTrust Bank, VRDN 4,555,000 4,555,000
Texas A&M Univ. Participating VRDN (b):
Series BT-15, 4.20% (BPA Bankers Trust Co.) 5,445,000 5,445,000
Series SGA-21, 4.20% (Liquidity Facility Societe Generale, France)
1,400,000 1,400,000
Texas Gen. Oblig. TRAN 4.75% 8/31/98 42,500,000 42,840,395
Texas Dept. of Hsg. & Commty. Affairs Participating VRDN, Series 1991A
PT-9, 4.15%
(Liquidity Facility Commerzbank, Germany) (b) 3,460,000 3,460,000
Texas Hsg. & Commty. Participating VRDN, 4.15% (MBIA Insured)
(Liquidity Facility Merrill Lynch & Co., Inc.) (b) 995,000 995,000
Texas Pub. Fin. Auth. Gen. Oblig Series 1993-A, 3.70% 10/21/97
(Liquidity Facility Toronto-Dominion Bank) CP 15,000,000 15,000,000
Texas Pub. Fin. Auth. Participating VRDN (b):
Series 1996-CB2, 4.25% (Liquidity Facility Chase Manhattan Bank)
2,300,000 2,300,000
Series 97C4301, 4.18% (Liquidity Facility Citibank) 4,800,000
4,800,000
Texas Wtr. Dev. Board Participating VRDN, Series SGA-23, 4.20%
(Liquidity Facility Societe Generale, France) (b) 1,900,000
1,900,000
Texas Wtr. Dev. Board Series 1992 A, 3.90%
(Liquidity Facility Canadian Imperial Bank of Commerce) VRDN
6,300,000 6,300,000
Univ. of Texas Sys. Permanent Univ. Fund Series A:
3.70% 10/16/97, CP 3,035,000 3,035,000
Bonds 3.70% 10/16/97 (Liquidity Facility Texas State) CP mode
2,465,000 2,465,000
Bonds 3.75% 10/8/97 (Liquidity Facility Texas State) CP mode
2,045,000 2,045,000
292,025,395
UTAH - 0.5%
Intermountain Pwr. Auth. Pwr. Supply Rev. Participating VRDN 4.23%
(Liquidity Facility Citibank New York NA) (b) 4,800,000 4,800,000
Taylorsville Ind. Dev. Rev. (BDS Hermes Assoc. Proj.) 4.15%,
LOC Bank One of America, Arizona, NA, VRDN 1,990,000 1,990,000
Timpanogos Spl. Svc. Dist. Participating VRDN, Series SG-83, 4.20%
(Liquidity Facility Societe Generale, France) (b) 4,800,000
4,800,000
11,590,000
VIRGINIA - 4.6%
Chesapeake Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr.
Co.)
Series 1985, 3.75% 11/13/97, CP mode 1,100,000 1,100,000
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia
Elec. Pwr. Co.):
Series 1985, 3.80% 10/8/97, CP mode 2,400,000 2,400,000
Series 1987-A:
3.95% 10/9/97, CP mode 14,000,000 14,000,000
3.80% 11/12/97 (Liquidity Facility Bank of New York) CP mode
2,350,000 2,350,000
Series 1987-B:
3.65% 10/16/97, CP mode 4,000,000 4,000,000
3.70% 10/21/97, CP mode 2,985,000 2,985,000
3.60% 10/23/97, CP mode 1,000,000 1,000,000
3.70% 10/23/97, CP mode 4,000,000 4,000,000
3.60% 10/24/97, CP mode 2,000,000 2,000,000
Fairfax County Pub. Impt. Participating VRDN, Series PA-149, 4.15%
(Liquidity Facility Merrill Lynch & Co., Inc.) (b) 3,300,000
3,300,000
Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr. Co.
Proj.):
Series 1985:
3.65% 10/16/97 (BPA Bank of New York) CP mode 3,900,000 3,900,000
3.65% 10/17/97 (BPA Bank of New York) CP mode 8,000,000 8,000,000
3.60% 10/24/97 (BPA Bank of New York) CP mode 2,700,000 2,700,000
3.85% 11/19/97 (BPA Bank of New York) CP mode 5,700,000 5,700,000
3.80% 2/27/98 (BPA Bank of New York) CP mode 4,800,000 4,800,000
Series 1987, 3.80% 10/8/97, CP mode 2,500,000 2,500,000
Lynchburg Ind. Dev. Auth. (Volunteer Hosp. of America Mid-Atlantic
States, Inc.)
Series 1985 B, 4.15% (AMBAC Insured) (BPA First Chicago Corp.) VRDN
1,000,000 1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
VIRGINIA - CONTINUED
Prince William County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia
Elec. Pwr. Co. Proj.):
3.75% 10/9/97 CP mode $ 1,700,000 $ 1,700,000
3.75% 10/8/97 CP mode 1,100,000 1,100,000
Richmond Gen. Oblig. 4.10%, LOC NationsBank, VRDN 11,730,000
11,730,000
Suffolk Redev. & Hsg. Auth. Multi-Family Rental Hsg. Rev.:
(Windsor at Fieldstone Proj.) Series 1985, 4.10%, LOC NationsBank,
VRDN 14,918,000 14,918,000
(Windsor at Potomac Vista Proj.) 4.10%, LOC NationsBank, VRDN
1,003,000 1,003,000
Virginia Hsg. Dev. Auth. Hsg. Rev. (AHC Svc. Corp.) Series 1987 A,
4.15%,
LOC Bank of Tokyo-Mitsubishi, VRDN 2,400,000 2,400,000
York County Ind. Dev. Rev. Rfdg. (Philip Morris Co., Inc. Proj.)
Series 1992, 4.15%, VRDN 1,000,000 1,000,000
99,586,000
WASHINGTON - 4.2%
Kent Gen. Oblig. Participating VRDN, Series SGA-27, 4.20%
(Liquidity Facility Societe Generale, France) (b) 4,100,000
4,100,000
Port of Vancouver (United Grain Corp. of Oregon) Series 1984 A, 4.25%,
LOC Sumitomo Bank, VRDN 1,000,000 1,000,000
Seattle Ltd. Tax Gen. Oblig. Participating VRDN, Series SG-12, 4.25%
(Liquidity Facility Societe Generale, France) (b) 7,400,000
7,400,000
Washington Gen. Oblig. Participating VRDN (b):
Series BT-125, 4.20% (BPA Bankers Trust Company) 9,575,000
9,575,000
Series BT-195, 4.20% (Liquidity Facility Bankers Trust Co.)
3,100,000 3,100,000
Series SG-34, 3.55% (Liquidity Facility Societe Generale, France)
8,335,000 8,335,000
Series SG-37, 4.20% (Liquidity Facility Societe Generale, France)
7,000,000 7,000,000
Series SGA-36, 4.20% (Liquidity Facility Societe Generale, France)
2,000,000 2,000,000
Series 93C, 4.23% (Liquidity Facility Citibank, NA) 21,700,000
21,700,000
Series 96C4708, 3.46% (Liquidity Facility Citibank, NA) 9,900,000
9,900,000
Washington Motor Vehicle Fuel Tax Participating VRDN, Series 964701,
4.23%
(Liquidity Facility Citibank, NY) (b) 17,200,000 17,200,000
Washington Pub. Pwr. Supply Sys. Tender Option Ctfs., Series
BT-61,4.24%
(Liquidity Facility Automatic Data Processing, Inc.) 1,200,000
1,200,000
92,510,000
WEST VIRGINIA - 0.3%
Cabell County Nursing & Rehab. Rev. (17th Street Ltd. Partnership)
Series 1993, 4.15%, LOC NationsBank, NA, VRDN 2,080,000 2,080,000
Kanawha County Commercial Dev. Rev. Rfdg. (McJunkin Corp. Proj.)
Series 1991, 4.15%, LOC NationsBank, NA, VRDN 4,015,000 4,015,000
6,095,000
WISCONSIN - 1.4%
Beaver Dam Unified School Dist. BAN:
3.85% 10/14/97 1,100,000 1,100,000
4.10% 10/14/97 2,000,000 2,000,000
Elkhorn Area School Dist. BAN 4.25% 4/1/98 1,100,000 1,100,793
Milwaukee School Dist RAN 4.25% 8/27/98 8,800,000 8,831,474
Village of Rothschild Poll. Cont. Rev. (Weyerhaeuser Co. Proj.) Series
1982, 4.13%, VRDN 2,400,000 2,400,000
Wausau School Dist. TRAN 4.25% 9/16/98 5,900,000 5,917,367
Wisconsin Gen. Oblig. Participating VRDN, Series BT-241, 4.20%
(Liquidity Facility Bankers Trust Co.) (b) 3,400,000 3,400,000
Wisconsin Health & Ed. Facs. Rev. Bonds (Alexian Village of Milwaukee)
3.75% 10/16/97, LOC Sumitomo Bank, CP mode 5,800,000 5,800,000
30,549,634
WYOMING - 0.2%
Wyoming Commty. Dev. Auth. Hsg. Rev. Participating VRDN, Series
PT-112, 4.15%
(Liquidity Facility Bayerische Hypotheken-und Weschel Bank) (b)
2,700,000 2,700,000
Wyoming Gen. Oblig. TRAN Series 1997, 4.25% 6/26/98 2,100,000
2,106,264
4,806,264
MULTIPLE STATES - 0.6%
North Carolina Nat'l. Bank Tax-Exempt Trust Participating VRDN, Series
90A, 4.25%,
LOC NationsBank NA (b) 900,000 900,000
Stephens Equity Trust I Participating VRDN, Series 1996, 4.23%,
LOC Bayerische Hypotheken-und Weschel (b) 11,000,000 11,000,000
11,900,000
TOTAL INVESTMENTS - 100% $ 2,176,900,285
Total Cost for Income Tax Purposes $ 2,176,897,656
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
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. 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
Jefferson County Sewer Rev.
Participating VRDN,
Series 1997 D PT-124, 4.15%
(Liquidity Facility
Commerzbank, AG) 8/28/97 $3,800,000
4. Security purchased on a delayed delivery or when-issued basis (see
Note 2 of Notes to Financial Statements).
INCOME TAX INFORMATION
At May 31, 1997, the fund had a capital loss carryforward of
approximately $496,000 which will expire on May 31, 2005.
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX EXEMPT
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS
INVESTMENT IN SECURITIES, AT VALUE - SEE ACCOMPANYING SCHEDULE $ 2,176,900,285
CASH 8,066
RECEIVABLE FOR INVESTMENTS SOLD 6,049,736
INTEREST RECEIVABLE 12,623,582
TOTAL ASSETS 2,195,581,669
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED: $ 74,451,448
REGULAR DELIVERY
DELAYED DELIVERY 2,500,000
SHARE TRANSACTIONS IN PROCESS 1,946,853
DISTRIBUTIONS PAYABLE 4,575,430
ACCRUED MANAGEMENT FEE 259,296
DISTRIBUTION FEES PAYABLE 13,045
OTHER PAYABLES AND ACCRUED EXPENSES 170,673
TOTAL LIABILITIES 83,916,745
NET ASSETS $ 2,111,664,924
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 2,112,074,839
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (412,805)
UNREALIZED GAIN FROM ACCRETION 2,890
OF DISCOUNT
NET ASSETS $ 2,111,664,924
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
($2,030,518,833 (DIVIDED BY)
2,030,912,995 SHARES)
CLASS II: $1.00
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
($41,245,562 (DIVIDED BY)
41,253,569 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE
($39,900,529 (DIVIDED BY)
39,908,275 SHARES)
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
INTEREST INCOME $ 43,925,008
EXPENSES
MANAGEMENT FEE $ 2,301,678
TRANSFER AGENT FEES 294,212
CLASS I
CLASS II 5,866
CLASS III 5,156
DISTRIBUTION FEES 35,133
CLASS II
CLASS III 44,824
ACCOUNTING FEES AND EXPENSES 150,245
NON-INTERESTED TRUSTEES' COMPENSATION 4,191
CUSTODIAN FEES AND EXPENSES 72,850
REGISTRATION FEES 145,791
CLASS I
CLASS II 33,153
CLASS III 20,446
AUDIT 25,787
LEGAL 12,974
MISCELLANEOUS 4,080
TOTAL EXPENSES BEFORE REDUCTIONS 3,156,386
EXPENSE REDUCTIONS (806,680) 2,349,706
NET INTEREST INCOME 41,575,302
REALIZED AND UNREALIZED GAIN (LOSS) (12,921)
NET REALIZED GAIN (LOSS) ON
INVESTMENT SECURITIES
INCREASE (DECREASE) IN NET 2,786
UNREALIZED GAIN FROM ACCRETION
OF MARKET DISCOUNT
NET GAIN (LOSS) (10,135)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 41,565,167
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 1997 MARCH 31,
(UNAUDITED) 1997
<TABLE>
<CAPTION>
<S> <C> <C>
OPERATIONS $ 41,575,302 $ 71,100,888
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (12,921) (408,602)
INCREASE (DECREASE) IN NET UNREALIZED GAIN FROM ACCRETION OF DISCOUNT 2,786 104
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 41,565,167 70,692,390
DISTRIBUTIONS TO SHAREHOLDERS FROM: (40,160,449) (66,743,867)
NET INTEREST INCOME
CLASS I
CLASS II (812,444) (3,926,325)
CLASS III (602,409) (430,696)
TOTAL DISTRIBUTIONS (41,575,302) (71,100,888)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE: 8,338,139 215,665,722
CLASS I
CLASS II (19,004,755) 59,290,424
CLASS III 13,590,635 25,329,175
TOTAL SHARE TRANSACTIONS 2,924,019 300,285,321
TOTAL INCREASE (DECREASE) IN NET ASSETS 2,913,884 299,876,823
NET ASSETS
BEGINNING OF PERIOD 2,108,751,040 1,808,874,217
END OF PERIOD $ 2,111,664,924 $ 2,108,751,040
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEARS ENDED TEN MONTH YEARS ENDED
SEPTEMBER 30, 1997 MARCH 31, PERIOD ENDED MAY 31,
MARCH 31,
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 1995 1994 1993
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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 .018 .033 .036 .027 .024 .026
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.018) (.033) (.036) (.027) (.024) (.026)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 1.83% 3.40% 3.70% 2.74% 2.44% 2.66%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 2,030,519 $ 2,022,191 $ 1,806,918 $ 1,876,815 $ 2,390,663 $ 2,239,031
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% A, .20% C .19% .18% A, .18% .18%
C C C C C
RATIO OF NET INTEREST INCOME TO AVERAGE
NET ASSETS 3.62% A 3.34% 3.64% 3.20% A 2.41% 2.62%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS
OF LESS THAN ONE YEAR ARE
NOT ANNUALIZED. THE TOTAL
RETURNS WOULD HAVE BEEN LOWER
HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS
SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
C FMR AGREED TO REIMBURSE
A PORTION OF THE CLASS'
EXPENSES DURING THE PERIOD.
WITHOUT THIS REIMBURSEMENT,
THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5
OF NOTES TO FINANCIAL
STATEMENTS).
FINANCIAL HIGHLIGHTS - CLASS II
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 E
<TABLE>
<CAPTION>
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .017 .032 .013
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.017) (.032) (.013)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 1.75% 3.25% 1.34%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 41,246 $ 60,247 $ 968
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% A, C .35% C .35% A,
C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 3.48% A 3.21% 3.17% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
SIX MONTHS ENDED YEARS ENDED MARCH 31,
SEPTEMBER 30, 1997
SELECTED PER-SHARE DATA (UNAUDITED) 1997 1996 F
<TABLE>
<CAPTION>
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .017 .031 .013
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.017) (.031) (.013)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 1.70% 3.14% 1.30%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 39,901 $ 26,313 $ 988
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% A, C .45% C .45% A,
C
RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS .44% A, D .45% .45% A
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 3.35% A 3.09% 3.00% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS
FOR PERIODS OF
LESS THAN ONE
YEAR ARE NOT
ANNUALIZED.
THE TOTAL
RETURNS WOULD
HAVE BEEN
LOWER HAD
CERTAIN
EXPENSES NOT
BEEN REDUCED
DURING THE
PERIODS SHOWN
(SEE NOTE 5 OF
NOTES TO
FINANCIAL
STATEMENTS).
C FMR AGREED TO
REIMBURSE A
PORTION OF THE
CLASS'
EXPENSES
DURING THE
PERIOD.
WITHOUT THIS
REIMBURSEMEN
T, THE CLASS'
EXPENSE RATIO
WOULD HAVE
BEEN HIGHER
(SEE NOTE 5 OF
NOTES TO
FINANCIAL
STATEMENTS).
D FMR OR THE
FUND HAS
ENTERED INTO
VARYING
ARRANGEMENTS
WITH THIRD
PARTIES WHO
EITHER PAID OR
REDUCED A
PORTION OF THE
CLASS'
EXPENSES (SEE
NOTE 5 OF
NOTES TO
FINANCIAL
STATEMENTS).
E FOR THE PERIOD
NOVEMBER 6,
1995
(COMMENCEM
ENT OF SALE OF
CLASS II
SHARES) TO
MARCH 31,
1996.
F FOR THE PERIOD
NOVEMBER 6,
1995
(COMMENCEM
ENT OF SALE OF
CLASS III
SHARES) TO
MARCH 31,
1996.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED SEPTEMBER 30, 1997 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES.
Treasury Only (formerly a fund of Daily Money Fund, a trust),
Treasury, Government, Domestic and Money Market are funds of Fidelity
Institutional Cash Portfolios (a trust). Rated Money Market is a fund
of Fidelity Money Market Trust (a trust). Tax-Exempt is a fund of
Fidelity Institutional Tax-Exempt Cash Portfolios (a trust). Each
trust is registered under the Investment Company Act of 1940, as
amended (the 1940 Act), as an open-end management investment company
organized as a Delaware business trust and is authorized to issue an
unlimited number of shares.
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 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.
RATED MONEY MARKET: Most expenses of the trust can be directly
attributed to a fund. Expenses which cannot be directly attributed are
apportioned between the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are declared daily and
paid monthly from net interest income. Income dividends are declared
separately for each class.
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.
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 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.
WHEN-ISSUED SECURITIES. Each fund may purchase or sell securities on a
when-issued basis. Payment and delivery may take place a month or more
after the date of the transaction. The price of the underlying
securities is fixed at the time the transaction is negotiated. The
market values of the securities purchased on a when-issued or forward
commitment basis are identified as such in each applicable fund's
schedule of investments. Each fund may receive compensation for
interest forgone in the purchase of a when-issued security. With
respect to purchase commitments, each fund identifies securities as
segregated in its custodial records with a value at least equal to the
amount of the commitment. The payables and receivables associated with
the purchases and sales of when-issued securities having the same
settlement date and broker are offset. When-issued securities that
have been purchased from and sold to different brokers are reflected
as both payables and receivables in the applicable statements of
assets and liabilities under the caption "Delayed delivery." Losses
may arise due to changes in the market value of the underlying
securities, if the counterparty does not perform under the contract,
or if the issuer does not issue the securities due to political,
economic, or other factors.
RESTRICTED SECURITIES. Certain funds 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. Restricted securities (excluding 144A issues) at the end
of the period are shown under the caption "Other Information" at the
end of each applicable fund's schedule of investments.
3. JOINT TRADING ACCOUNT.
At the end of the period, the following funds had 20% or more of their
total investments in repurchase agreements through a joint trading
account. These repurchase agreements were with entities whose
creditworthiness has been reviewed and found satisfactory by FMR. The
maturity values of the joint trading account investments having
variable rates are calculated based on the rate at period end. The
maturity values of the joint trading account investments were
$298,610,614 at 5.50%, $345,433,415 at 6.09%, $4,980,846,891 at 6.12%,
$313,822,643 at 6.15%, $179,686,056 at 5.50%, $127,732,500 at 5.50%,
$337,010,639 at 5.50% and $162,175,556 at 5.50% for Treasury fund,
$186,804,347 at 5.56%, $1,014,567,004 at 6.32%, $96,105,000 at 5.63%,
$197,971,867 at 5.55%, $143,158,770 at 5.71%, $278,878,875 at 5.58%,
$109,017,480 at 5.56%, $121,469,400 at 5.58%, $90,149,245 at 6.09%,
and $48,573,303 at 6.15% for Government fund. The investments in
repurchase agreements through the joint trading account are summarized
as follows:
SUMMARY OF JOINT TRADING
DATED SEPTEMBER 3, 1997 DUE OCTOBER 1, 1997 AT 5.56%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $400,000,000
Aggregate maturity amount of agreements $401,729,778
Aggregate market value of transferred assets $411,999,999
Coupon rates of transferred assets 5.31% to 8.21%
Maturity dates of transferred assets 1/1/17 to 8/1/34
DATED SEPTEMBER 30, 1997 DUE OCTOBER 1, 1997 AT 5.50%
Number of dealers or banks 3
Maximum amount with one dealer or bank 43.2%
Aggregate principal amount of agreements $405,000,000
Aggregate maturity amount of agreements $405,061,875
Aggregate market value of transferred assets $413,229,835
Coupon rates of transferred assets 0% to 14.25%
Maturity dates of transferred assets 10/31/97 to 2/15/25
DATED SEPTEMBER 30, 1997 DUE OCTOBER 1, 1997 AT 6.09%
Number of dealers or banks 7
Maximum amount with one dealer or bank 20.1%
Aggregate principal amount of agreements $546,755,000
Aggregate maturity amount of agreements $546,847,474
Aggregate market value of transferred assets $558,252,665
Coupon rates of transferred assets 0% to 12.00%
Maturity dates of transferred assets 12/31/97 to 8/15/26
DATED SEPTEMBER 30, 1997 DUE OCTOBER 1, 1997 AT 6.15%
Number of dealers or banks 5
Maximum amount with one dealer or bank 26.9%
Aggregate principal amount of agreements $465,000,000
Aggregate maturity amount of agreements $465,079,499
Aggregate market value of transferred assets $474,773,385
Coupon rates of transferred assets 0% to 8.13%
Maturity dates of transferred assets 10/2/97 to 4/1/34
DATED SEPTEMBER 30, 1997 DUE OCTOBER 1, 1997 AT 6.12%
Number of dealers or banks 13
Maximum amount with one dealer or bank 16.5%
Aggregate principal amount of agreements $6,067,535,000
Aggregate maturity amount of agreements $6,068,566,836
Aggregate market value of transferred assets $6,195,504,861
Coupon rates of transferred assets 0% to 13.88%
Maturity dates of transferred assets 10/2/97 to 5/1/36
DATED SEPTEMBER 30, 1997 DUE OCTOBER 1, 1997 AT 6.32%
Number of dealers or banks 5
Maximum amount with one dealer or bank 31.0%
Aggregate principal amount of agreements $1,014,389,000
Aggregate maturity amount of agreements $1,014,567,004
Aggregate market value of transferred assets $1,044,912,294
Coupon rates of transferred assets 5.50% to 11.00%
Maturity dates of transferred assets 10/31/00 to 4/1/37
DATED SEPTEMBER 25, 1997 DUE OCTOBER 2, 1997 AT 5.63%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $200,218,750
Aggregate market value of transferred assets $206,007,770
Coupon rates of transferred assets 6.11% to 8.17%
Maturity dates of transferred assets 7/1/10 to 4/1/34
DATED SEPTEMBER 4, 1997 DUE OCTOBER 6, 1997 AT 5.55%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $250,000,000
Aggregate maturity amount of agreements $251,233,333
Aggregate market value of transferred assets $259,302,028
Coupon rates of transferred assets 0% to 7.50%
Maturity dates of transferred assets 3/11/18 to 6/1/35
DATED SEPTEMBER 29, 1997 DUE OCTOBER 6, 1997 AT 5.71%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $300,000,000
Aggregate maturity amount of agreements $300,333,083
Aggregate market value of transferred assets $308,146,449
Coupon rates of transferred assets 0% to 16.25%
Maturity dates of transferred assets 12/22/97 to 5/1/35
DATED AUGUST 13, 1997 DUE OCTOBER 14, 1997 AT 5.50%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $504,736,111
Aggregate market value of transferred assets $510,950,107
Coupon rates of transferred assets 0% to 13.63%
Maturity dates of transferred assets 2/12/98 to 8/15/27
3. JOINT TRADING ACCOUNT - CONTINUED
DATED JULY 30, 1997 DUE OCTOBER 28, 1997 AT 5.50%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $400,000,000
Aggregate maturity amount of agreements $405,500,000
Aggregate market value of transferred assets $411,867,360
Coupon rates of transferred assets 11.25%
Maturity dates of transferred assets 2/15/15
DATED AUGUST 4, 1997 DUE NOVEMBER 3, 1997 AT 5.58%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $600,000,000
Aggregate maturity amount of agreements $608,463,000
Aggregate market value of transferred assets $618,001,406
Coupon rates of transferred assets 5.00% to 10.00%
Maturity dates of transferred assets 11/1/97 to 9/1/27
DATED SEPTEMBER 5, 1997 DUE NOVEMBER 5, 1997 AT 5.56%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $150,000,000
Aggregate maturity amount of agreements $151,413,166
Aggregate market value of transferred assets $154,499,999
Coupon rates of transferred assets 5.30% to 8.13%
Maturity dates of transferred assets 1/1/17 to 8/1/34
DATED AUGUST 19, 1997 DUE NOVEMBER 6, 1997 AT 5.58%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $202,480,000
Aggregate market value of transferred assets $204,003,900
Coupon rates of transferred assets 5.71% to 7.78%
Maturity dates of transferred assets 10/14/97 to 10/3/16
DATED SEPTEMBER 12, 1997 DUE NOVEMBER 10, 1997 AT 5.50%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $1,000,000,000
Aggregate maturity amount of agreements $1,009,013,889
Aggregate market value of transferred assets $1,020,111,579
Coupon rates of transferred assets 0% to 13.88%
Maturity dates of transferred assets 6/30/98 to 2/15/25
DATED SEPTEMBER 5, 1997 DUE DECEMBER 3, 1997 AT 5.50%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $506,798,611
Aggregate market value of transferred assets $514,444,470
Coupon rates of transferred assets 5.13% to 7.88%
Maturity dates of transferred assets 4/15/98 to 4/15/00
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser (effective May 31,
1997 for Treasury Only), FMR receives a fee that is computed daily at
an annualized rate of .20% of average net assets except for Rated
Money Market.
For Treasury Only (prior to May 31, 1997) 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 annualized rate of .42% of the fund's average net
assets, reduced by the fees and expenses paid by the fund to the
non-interested Trustees.
SUB-ADVISER FEE. As each fund's investment sub-adviser, FMR Texas
Inc., a wholly owned subsidiary of FMR, receives a fee from FMR of 50%
of the management fee payable to FMR. The fees are paid prior to any
voluntary expense reimbursements which may be in effect.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and
Service Plans of Class II and Class III, and in accordance with Rule
12b-1 of the 1940 Act, Class II and Class III 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, respectively. For the period, the distribution
fees received by FDC on behalf of each class 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, Class I, Class II
and Class III authorize 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, Inc. (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, transfer and
shareholder servicing agent for Tax-Exempt. UMB has entered into a
sub-contract with FIIOC to perform the activities associated with the
transfer and shareholder servicing agent functions for Tax-Exempt.
FIIOC receives account fees and asset-based fees that vary according
to account size. FIIOC pays for typesetting, printing and mailing of
all shareholder reports, except proxy statements.
4. FEES AND OTHER TRANSACTIONS WITH
AFFILIATES - CONTINUED
TRANSFER AGENT FEES - CONTINUED
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 Only .02% .02% .02%
Treasury .03% .03% .02%
Government .03% .03% .03%
Domestic .04% .04% .03%
Money Market .02% .02% .03%
Tax-Exempt .02% .03% .03%
ACCOUNTING FEES. Fidelity Service Company, Inc. (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 annualized 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 Only $ 652,288 $ 39,377 $ 27,911
Treasury $ 1,474,804 $ 66,384 $ 839,159
Government $ 963,510 $ 56,290 $ 418,575
Domestic $ 334,243 $ 17,058 $ 43,230
Money Market $ 2,423,269 $ 41,314 $ 206,845
Rated Money Market $ 336,351 $ 11,491 $ 37,844
Tax-Exempt $ 706,449 $ 44,842 $ 23,356
In addition, each of Treasury Only, Treasury, Government, Domestic,
Money Market and Tax-Exempt has entered into arrangements with its
custodian and transfer agent whereby credits realized as a result of
uninvested cash balances were used to reduce a portion of the class'
expenses. During the period, the custodian fees were reduced by
$1,000, $55, $8,855, $13,336 and $32,033 under the custodian
arrangements for Treasury Only, Treasury, Domestic, Money Market and
Tax-Exempt, respectively.
Also, FMR has entered into an arrangement on behalf of Rated Money
Market with the fund's custodian and transfer agent whereby credits
earned on uninvested cash balances was used to offset a portion of the
fund's expenses. During the period, expenses were reduced by $2,950
under this arrangement.
6. BENEFICIAL INTEREST.
At the end of the period, one shareholder was record owner of
approximately 34% of the total outstanding shares of the Treasury Only
fund.
7. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31,
1997 1997
TREASURY ONLY CLASS I $ 1,767,221,101 $ 4,229,941,785
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 5,921,598 12,828,520
SHARES REDEEMED (1,854,549,997) (4,447,100,336)
NET INCREASE (DECREASE) IN SHARES $ (81,407,298) $ (204,330,031)
TREASURY ONLY CLASS II $ 226,389,892 $ 298,699,093
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 416,461 554,623
SHARES REDEEMED (234,355,656) (242,846,602)
NET INCREASE (DECREASE) IN SHARES $ (7,549,303) $ 56,407,114
TREASURY ONLY CLASS III $ 92,323,017 $ 244,892,862
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 414,342 686,016
SHARES REDEEMED (75,315,131) (213,665,921)
NET INCREASE (DECREASE) IN SHARES $ 17,422,228 $ 31,912,957
TREASURY CLASS I $ 25,314,400,972 $ 51,392,833,560
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 52,605,244 130,991,169
SHARES REDEEMED (26,109,973,807) (53,163,171,287)
(742,967,591) (1,639,346,558)
ISSUED IN EXCHANGE FOR SHARES OF STATE & LOCAL ASSET MANAGEMENT SERIES:
U.S. GOVERNMENT PORTFOLIO - 103,373,186
NET INCREASE (DECREASE) IN SHARES $ (742,967,591) $ (1,535,973,372)
TREASURY CLASS II $ 5,262,056,953 $ 1,147,452,055
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 1,709,791 2,108,503
SHARES REDEEMED (4,927,953,336) (1,100,225,749)
NET INCREASE (DECREASE) IN SHARES $ 335,813,408 $ 49,334,809
TREASURY CLASS III $ 16,420,694,129 $ 25,507,021,888
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 24,536,011 32,616,119
SHARES REDEEMED (16,779,893,648) (23,350,573,572)
NET INCREASE (DECREASE) IN SHARES $ (334,663,508) $ 2,189,064,435
GOVERNMENT CLASS I $ 15,949,231,883 $ 31,288,279,248
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 36,225,430 63,368,555
SHARES REDEEMED (15,190,082,461) (31,605,172,055)
NET INCREASE (DECREASE) IN SHARES $ 795,374,852 $ (253,524,252)
GOVERNMENT CLASS II $ 1,085,332,644 $ 1,467,303,108
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 1,491,703 1,412,751
SHARES REDEEMED (1,039,949,285) (1,360,167,468)
NET INCREASE (DECREASE) IN SHARES $ 46,875,062 $ 108,548,391
GOVERNMENT CLASS III $ 3,941,725,735 $ 5,816,665,826
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 12,293,861 13,902,680
SHARES REDEEMED (4,008,583,405) (5,366,035,152)
NET INCREASE (DECREASE) IN SHARES $ (54,563,809) $ 464,533,354
</TABLE>
7. SHARE TRANSACTIONS - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31,
1997 1997
DOMESTIC CLASS I $ 6,814,956,142 $ 12,924,621,129
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 16,551,321 31,498,935
SHARES REDEEMED (6,661,860,210) (13,154,461,536)
NET INCREASE (DECREASE) IN SHARES $ 169,647,253 $ (198,341,472)
DOMESTIC CLASS II $ 165,091,856 $ 35,713,425
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 178,355 151,907
SHARES REDEEMED (163,132,422) (33,734,372)
NET INCREASE (DECREASE) IN SHARES $ 2,137,789 $ 2,130,960
DOMESTIC CLASS III $ 437,406,757 $ 696,271,795
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 1,544,019 2,897,940
SHARES REDEEMED (491,542,984) (624,846,724)
NET INCREASE (DECREASE) IN SHARES $ (52,592,208) $ 74,323,011
MONEY MARKET CLASS I $ 31,335,589,446 $ 67,413,397,877
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 157,981,749 299,702,868
SHARES REDEEMED (31,525,314,036) (65,464,948,260)
NET INCREASE (DECREASE) IN SHARES $ (31,742,841) $ 2,248,152,485
MONEY MARKET CLASS II $ 490,764,310 $ 1,362,898,014
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 2,400,220 5,216,271
SHARES REDEEMED (594,845,476) (1,264,714,433)
NET INCREASE (DECREASE) IN SHARES $ (101,680,946) $ 103,399,852
MONEY MARKET CLASS III $ 1,974,199,934 $ 4,306,231,929
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 10,366,074 14,063,111
SHARES REDEEMED (1,899,978,625) (4,105,748,648)
NET INCREASE (DECREASE) IN SHARES $ 84,587,383 $ 214,546,392
RATED MONEY MARKET CLASS I $ 1,491,138,230 $ 2,332,079,346
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 7,117,461 12,977,967
SHARES REDEEMED (1,509,617,210) (2,255,932,419)
NET INCREASE (DECREASE) IN SHARES $ (11,361,519) $ 89,124,894
RATED MONEY MARKET CLASS II $ 117,145,488 $ 159,000,255
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 222,445 420,837
SHARES REDEEMED (119,699,672) (149,962,537)
NET INCREASE (DECREASE) IN SHARES $ (2,331,739) $ 9,458,555
RATED MONEY MARKET CLASS III $ 249,011,871 $ 110,378,099
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 826,727 498,792
SHARES REDEEMED (217,038,727) (95,832,430)
NET INCREASE (DECREASE) IN SHARES $ 32,799,871 $ 15,044,461
TAX-EXEMPT CLASS I $ 6,203,068,518 $ 11,513,515,390
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 10,457,462 17,161,222
SHARES REDEEMED (6,205,187,841) (11,315,010,890)
NET INCREASE (DECREASE) IN SHARES $ 8,338,139 $ 215,665,722
</TABLE>
7. SHARE TRANSACTIONS - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31,
1997 1997
TAX-EXEMPT CLASS II $ 193,810,797 $ 560,462,788
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 785,740 3,641,145
SHARES REDEEMED (213,601,292) (504,813,509)
NET INCREASE (DECREASE) IN SHARES $ (19,004,755) $ 59,290,424
TAX-EXEMPT CLASS III $ 72,167,884 $ 114,945,562
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 584,457 362,928
SHARES REDEEMED (59,161,706) (89,979,315)
NET INCREASE (DECREASE) IN SHARES $ 13,590,635 $ 25,329,175
</TABLE>
PROXY VOTING RESULTS
A special meeting of Treasury Only's shareholders was held on May 9,
1997. The results of votes taken among shareholders on proposals
before them are listed below.
PROPOSAL 1
To approve an amended management contract for Treasury Only that would
reduce the fund's management fee rate from 0.42% to 0.20% of the
fund's average net assets, and to replace the all-inclusive fee
structure with a fee structure under which the fund (rather than FMR)
would pay all of its other expenses.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 662,348,681.880 99.419
AGAINST 1,646,215.870 .247
ABSTAIN 2,225,000.000 .334
TOTAL 666,219,897.750 100.000
PROPOSAL 2
To give a reorganization of Treasury Only from a separate series of
one Delaware business trust to another.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 663,994,897.750 99.666
AGAINST .000 .000
ABSTAIN 2,225,000.000 .334
TOTAL 666,219,897.750 100.000
INVESTMENT ADVISOR
Fidelity Management & Research Company
Boston MA
SUB-ADVISOR
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, PRESIDENT
Robert C. Pozen, SENIOR VICE PRESIDENT
Boyce I. Greer, VICE PRESIDENT
Fred L. Henning, Jr., VICE PRESIDENT
Robert K. Duby, VICE PRESIDENT
Robert Litterest, VICE PRESIDENT
Scott A. Orr, VICE PRESIDENT
Arthur S. Loring, SECRETARY
Richard A. Silver, 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
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
* INDEPENDENT TRUSTEES
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
Fidelity Investments Institutional Operations Company, Inc.
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 ONLY,
TREASURY, GOVERNMENT, DOMESTIC AND MONEY MARKET
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
UMB Bank, n.a.
Kansas City, MO
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
