(2_FIDELITY_LOGOS)FIDELITY
INSTITUTIONAL
MONEY MARKET
FUNDS
ANNUAL REPORT
MARCH 31, 1998
CONTENTS
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FIDELITY INSTITUTIONAL MONEY MARKET FUNDS
SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS
FIDELITY INSTITUTIONAL CASH PORTFOLIOS (NOW KNOWN AS COLCHESTER STREET TRUST):
TREASURY ONLY (NOW KNOWN AS TREASURY ONLY PORTFOLIO) 3
TREASURY (NOW KNOWN AS TREASURY PORTFOLIO) 7
GOVERNMENT (NOW KNOWN AS GOVERNMENT PORTFOLIO) 11
DOMESTIC (NOW KNOWN AS DOMESTIC PORTFOLIO) 16
MONEY MARKET (NOW KNOWN AS MONEY MARKET PORTFOLIO) 22
FIDELITY MONEY MARKET TRUST: 29
RATED MONEY MARKET (NOW KNOWN AS COLCHESTER STREET TRUST:
RATED MONEY MARKET PORTFOLIO)
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: 34
TAX-EXEMPT (NOW KNOWN AS COLCHESTER STREET TRUST: TAX-EXEMPT PORTFOLIO)
NOTES TO FINANCIAL STATEMENTS 49
REPORTS OF INDEPENDENT ACCOUNTANTS 56
PROXY VOTING RESULTS 58
</TABLE>
FUND GOALS:
TREASURY ONLY, TREASURY, GOVERNMENT, DOMESTIC, MONEY MARKET, AND RATED
MONEY MARKET SEEK 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 MARCH 31, 1998
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 - 22.0%
4/2/98 6.00% $ 15,000,000 $ 14,997,642
4/16/98 5.40 40,000,000 39,910,545
4/16/98 5.41 60,000,000 59,865,625
4/16/98 5.45 20,000,000 19,954,708
4/23/98 5.35 17,664,000 17,606,785
4/23/98 5.41 3,875,000 3,862,248
4/23/98 5.42 10,000,000 9,967,000
4/30/98 6.01 20,000,000 19,908,731
4/30/98 6.04 10,000,000 9,954,124
4/30/98 6.07 7,000,000 6,967,743
5/28/98 5.26 20,000,000 19,835,650
6/25/98 5.38 20,000,000 19,752,319
242,583,120
U.S. TREASURY NOTES - 72.3%
4/15/98 5.41 20,000,000 20,018,008
4/30/98 5.42 50,000,000 50,012,137
4/30/98 5.43 10,000,000 10,002,985
4/30/98 5.44 18,061,000 18,066,289
5/15/98 5.30 56,100,000 56,146,834
5/15/98 5.34 30,000,000 30,057,496
5/15/98 5.35 20,000,000 20,083,550
5/15/98 5.37 30,000,000 30,124,814
5/15/98 5.52 5,000,000 5,003,223
5/31/98 5.32 15,000,000 14,995,739
5/31/98 5.34 30,000,000 30,020,242
5/31/98 5.35 20,000,000 20,012,853
5/31/98 5.53 10,000,000 10,005,824
6/30/98 5.25 65,000,000 65,149,891
6/30/98 5.27 10,000,000 10,022,164
6/30/98 5.31 15,000,000 15,031,267
6/30/98 5.33 53,000,000 53,105,545
6/30/98 5.34 20,000,000 20,040,264
6/30/98 5.50 35,000,000 35,061,184
6/30/98 5.58 20,000,000 20,030,689
7/15/98 5.34 10,000,000 10,079,710
7/31/98 6.23 25,000,000 25,070,313
7/31/98 5.25 40,000,000 40,126,746
7/31/98 5.28 40,000,000 40,122,521
7/31/98 5.30 20,000,000 20,059,370
7/31/98 5.31 10,000,000 10,028,571
7/31/98 5.32 60,000,000 60,108,586
7/31/98 5.33 40,000,000 40,110,779
8/15/98 5.35 10,000,000 10,014,029
10/31/98 5.30 10,000,000 10,015,941
798,727,564
PRINCIPAL ONLY STRIPS - 5.7%
8/15/98 5.77 5,000,000 4,893,651
8/15/98 5.80 5,000,000 4,893,986
11/15/98 5.52 10,000,000 9,660,401
11/15/98 5.40 10,000,000 9,656,645
11/15/98 5.65 10,000,000 9,656,564
11/15/98 5.70 20,000,000 19,335,514
2/15/99 5.51 5,000,000 4,765,995
62,862,756
TOTAL INVESTMENTS - 100% $ 1,104,173,440
Total Cost for Income Tax Purposes $ 1,104,177,556
INCOME TAX INFORMATION
At March 31, 1998, the fund had a capital loss carryforward of
approximately $235,000 of which $59,000, $115,000 and $61,000 will
expire on March 31, 2002, 2004 and 2005, respectively.
A total of 100% of the dividends distributed during the fiscal year
was derived from interest on U.S. Government securities which is
generally exempt from state income tax (unaudited).
The fund will notify shareholders in January 1999 of the applicable
percentage for use in preparing 1998 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY ONLY
FINANCIAL STATEMENTS
FSTATEMENT OF ASSETS AND LIABILITIES
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MARCH 31, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE - SEE ACCOMPANYING SCHEDULE $ 1,104,173,440
INTEREST RECEIVABLE 14,368,639
TOTAL ASSETS 1,118,542,079
LIABILITIES
PAYABLE TO CUSTODIAN BANK $ 528
PAYABLE FOR INVESTMENTS PURCHASED 34,996,490
DISTRIBUTIONS PAYABLE 3,439,493
ACCRUED MANAGEMENT FEE 135,309
DISTRIBUTION FEES PAYABLE 26,463
OTHER PAYABLES AND 70,474
ACCRUED EXPENSES
TOTAL LIABILITIES 38,668,757
NET ASSETS $ 1,079,873,322
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 1,080,112,410
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (239,088)
NET ASSETS $ 1,079,873,322
</TABLE>
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($942,561,358 (DIVIDED BY)
942,593,257 SHARES)
CLASS II: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($36,847,319 (DIVIDED BY)
36,848,566 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($100,464,645 (DIVIDED BY)
100,468,045 SHARES)
STATEMENT OF OPERATIONS
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YEAR ENDED MARCH 31, 1998
INTEREST INCOME $ 64,797,066
EXPENSES
MANAGEMENT FEE $ 2,858,388
TRANSFER AGENT FEES
CLASS I 336,573
CLASS II 12,490
CLASS III 18,741
DISTRIBUTION FEES
CLASS II 77,026
CLASS III 159,095
ACCOUNTING FEES AND EXPENSES 116,314
NON-INTERESTED TRUSTEES' COMPENSATION 4,482
CUSTODIAN FEES AND EXPENSES 9,064
REGISTRATION FEES
CLASS I 53,049
CLASS II 13,015
CLASS III 36,893
AUDIT 26,181
LEGAL 7,377
MISCELLANEOUS 11,589
TOTAL EXPENSES BEFORE REDUCTIONS 3,740,277
EXPENSE REDUCTIONS (1,115,027) 2,625,250
NET INTEREST INCOME 62,171,816
NET REALIZED GAIN (LOSS) 125,118
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 62,296,934
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1998 1997
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OPERATIONS $ 62,171,816 $ 65,045,695
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 125,118 (64,845)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 62,296,934 64,980,850
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INTEREST INCOME
CLASS I (56,460,310) (62,527,342)
CLASS II (2,554,702) (1,336,950)
CLASS III (3,156,804) (1,181,403)
TOTAL DISTRIBUTIONS (62,171,816) (65,045,695)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE:
CLASS I (214,223,392) (204,330,031)
CLASS II (19,660,588) 56,407,114
CLASS III 64,457,885 31,912,957
TOTAL SHARE TRANSACTIONS (169,426,095) (116,009,960)
TOTAL INCREASE (DECREASE) IN NET ASSETS (169,300,977) (116,074,805)
NET ASSETS
BEGINNING OF PERIOD 1,249,174,299 1,365,249,104
END OF PERIOD $ 1,079,873,322 $ 1,249,174,299
</TABLE>
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SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
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FINANCIAL HIGHLIGHTS - CLASS I
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YEARS ENDED MARCH 31, EIGHT MONTH YEARS ENDED JULY 31,
PERIOD ENDED
MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 1994 1993
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 .052 .050 .054 .033 .032 .031
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.052) (.050) (.054) (.033) (.032) (.031)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.33% 5.17% 5.56% 3.38% 3.27% 3.10%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 942,561 $ 1,156,667 $ 1,361,050 $ 1,266,285 $ 1,049,170 $ 1,047,791
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% C .20% C .20% C .20% A, C .20% C .20% C
RATIO OF NET INTEREST INCOME TO AVERAGE NET
ASSETS 5.20% 5.05% 5.41% 5.02% A 3.22% 3.05%
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
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YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 E
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .051 .049 .020
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.051) (.049) (.020)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.18% 5.01% 2.04%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 36,847 $ 56,502 $ 102
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% C .35% C .35% A, C
RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS .35% .34% D .35% A
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.05% 4.94% 5.03% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
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YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 F
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.050) (.048) (.020)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.07% 4.90% 2.00%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 100,465 $ 36,006 $ 4,097
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% C .45% C .45% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 4.96% 4.82% 4.86% A
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 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 (COMMENCEMENT OF SALE OF CLASS II SHARES) TO
MARCH 31, 1996.
F FOR THE PERIOD NOVEMBER 6, 1995 (COMMENCEMENT OF SALE OF CLASS III SHARES) TO
MARCH 31, 1996.
</TABLE>
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
INVESTMENTS MARCH 31, 1998
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
U.S. TREASURY OBLIGATIONS - 30.4%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 10.7%
4/2/98 6.00% $ 105,000,000 $ 104,983,498
4/2/98 6.03 125,000,000 124,980,236
4/30/98 6.01 41,500,000 41,310,616
4/30/98 6.03 50,000,000 49,771,223
4/30/98 6.04 114,000,000 113,477,432
4/30/98 6.05 42,500,000 42,304,854
4/30/98 6.07 84,000,000 83,612,916
5/28/98 5.88 50,000,000 49,560,599
6/25/98 5.47 100,000,000 98,743,785
9/17/98 5.50 90,000,000 87,772,017
9/17/98 5.54 50,000,000 48,753,625
845,270,801
U.S. TREASURY NOTES - 10.4%
5/15/98 5.52 40,000,000 40,025,781
5/15/98 5.57 170,000,000 170,098,767
5/15/98 5.67 82,000,000 82,033,556
5/31/98 5.53 50,000,000 50,029,119
7/31/98 5.30 175,000,000 175,521,358
7/31/98 5.57 39,000,000 39,073,530
8/15/98 5.51 55,000,000 55,045,156
8/15/98 5.54 25,000,000 25,017,465
8/31/98 5.55 25,000,000 24,904,340
9/30/98 5.52 57,000,000 56,952,555
11/30/98 5.64 40,000,000 39,850,649
11/30/98 5.66 40,000,000 39,844,769
1/31/99 5.38 26,000,000 26,074,305
824,471,350
PRINCIPAL ONLY STRIPS - 9.3%
8/15/98 5.66 43,400,000 42,487,337
8/15/98 5.68 43,000,000 42,095,748
8/15/98 5.74 16,000,000 15,663,534
8/15/98 5.76 69,000,000 67,548,991
8/15/98 5.77 29,000,000 28,390,156
8/15/98 5.80 13,000,000 12,726,622
11/15/98 5.40 40,000,000 38,656,118
11/15/98 5.45 41,200,000 39,815,801
11/15/98 5.65 25,000,000 24,160,074
11/15/98 5.70 25,000,000 24,160,074
2/15/99 5.46 40,000,000 38,135,278
2/15/99 5.47 80,000,000 76,270,555
2/15/99 5.50 85,000,000 81,037,465
2/15/99 5.51 80,000,000 76,270,555
2/15/99 5.53 85,000,000 81,037,465
2/15/99 5.54 50,000,000 47,669,097
736,124,870
TOTAL U.S. TREASURY OBLIGATIONS 2,405,867,021
REPURCHASE AGREEMENTS - 69.6%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account (Notes 2 and 3)
(U.S. Treasury Obligations):
dated 3/31/98 due 4/1/98:
At 5.94% $ 366,682,540 $ 366,622,000
At 5.97% 530,130,925 530,043,000
At 5.98% 3,643,604,699 3,643,000,000
dated 2/26/98 due 4/30/98
At 5.50% 302,887,500 300,000,000
dated 3/9/98 due 5/4/98
At 5.48% 58,494,418 58,000,000
dated 3/4/98 due 5/4/98
At 5.49% 171,581,425 170,000,000
dated 3/10/98 due 6/10/98
At 5.49% 335,643,930 331,000,000
dated 1/6/98 due 7/6/98
At 5.51% 30,831,092 30,000,000
dated 1/7/98 due 7/6/98
At 5.50% 82,200,000 80,000,000
TOTAL REPURCHASE AGREEMENTS 5,508,665,000
TOTAL INVESTMENTS - 100% $ 7,914,532,021
Total Cost for Income Tax Purposes $ 7,914,532,021
INCOME TAX INFORMATION
At March 31, 1998, the fund had a capital loss carryforward of
approximately $724,000 of which $342,000 and $382,000 will expire on
March 31, 2002 and 2003, respectively.
A total of 25.2% of the dividends distributed during the fiscal year
was derived from interest on U.S. Government securities which is
generally exempt from state income tax (unaudited).
The fund will notify shareholders in January 1999 of the applicable
percentage for use in preparing 1998 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
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<S> <C> <C>
MARCH 31, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE AGREEMENTS OF $5,508,665,000) - $ 7,914,532,021
SEE ACCOMPANYING SCHEDULE
RECEIVABLE FOR FUND SHARES SOLD 46,162
INTEREST RECEIVABLE 18,098,034
TOTAL ASSETS 7,932,676,217
LIABILITIES
PAYABLE TO CUSTODIAN BANK $ 597
DISTRIBUTIONS PAYABLE 22,732,492
ACCRUED MANAGEMENT FEE 1,066,686
DISTRIBUTION FEES PAYABLE 668,653
OTHER PAYABLES AND 345,193
ACCRUED EXPENSES
TOTAL LIABILITIES 24,813,621
NET ASSETS $ 7,907,862,596
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 7,908,643,586
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (780,990)
NET ASSETS $ 7,907,862,596
</TABLE>
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($4,498,483,879 (DIVIDED BY)
4,498,843,260 SHARES)
CLASS II: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($410,382,892 (DIVIDED BY)
410,415,674 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($2,998,995,825 (DIVIDED BY)
2,999,235,413 SHARES)
STATEMENT OF OPERATIONS
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<S> <C> <C>
YEAR ENDED MARCH 31, 1998
INTEREST INCOME $ 471,769,463
EXPENSES
MANAGEMENT FEE $ 16,809,807
TRANSFER AGENT FEES
CLASS I 1,209,646
CLASS II 76,879
CLASS III 784,695
DISTRIBUTION FEES
CLASS II 436,029
CLASS III 8,297,121
ACCOUNTING FEES AND EXPENSES 682,117
NON-INTERESTED TRUSTEES' COMPENSATION 36,862
CUSTODIAN FEES AND EXPENSES 34,223
REGISTRATION FEES
CLASS I 639,272
CLASS II 93,294
CLASS III 390,416
AUDIT 42,630
LEGAL 44,268
MISCELLANEOUS 46,579
TOTAL EXPENSES BEFORE REDUCTIONS 29,623,838
EXPENSE REDUCTIONS (4,056,892) 25,566,946
NET INTEREST INCOME 446,202,517
NET REALIZED GAIN (LOSS) ON 198,917
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 446,401,434
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
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<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1998 1997
OPERATIONS $ 446,202,517 $ 476,169,021
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 198,917 124,730
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 446,401,434 476,293,751
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INTEREST INCOME
CLASS I (258,877,331) (349,246,541)
CLASS II (15,392,353) (2,668,590)
CLASS III (171,932,833) (124,253,890)
TOTAL DISTRIBUTIONS (446,202,517) (476,169,021)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE:
CLASS I (1,099,986,542) (1,639,346,558)
CLASS II 320,606,447 49,334,809
CLASS III (625,282,858) 2,189,064,435
NET ASSET VALUE OF CLASS I SHARES ISSUED IN EXCHANGE FOR THE NET ASSETS OF
STATE & LOCAL ASSET MANAGEMENT - 103,327,567
SERIES: U.S. GOVERNMENT PORTFOLIO
TOTAL SHARE TRANSACTIONS (1,404,662,953) 702,380,253
TOTAL INCREASE (DECREASE) IN NET ASSETS (1,404,464,036) 702,504,983
NET ASSETS
BEGINNING OF PERIOD 9,312,326,632 8,609,821,649
END OF PERIOD $ 7,907,862,596 $ 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>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 1994
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .054 .052 .056 .047 .030
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.054) (.052) (.056) (.047) (.030)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.55% 5.30% 5.79% 4.78% 3.06%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 4,498,484 $ 5,598,330 $ 7,134,049 $ 4,688,198 $ 4,551,918
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% B .20% B .20% B .18% B .18% B
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.41% 5.17% 5.61% 4.71% 3.01%
A 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).
</TABLE>
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
FINANCIAL STATEMENTS - CONTINUED
FINANCIAL HIGHLIGHTS - CLASS II
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 D
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .053 .050 .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.053) (.050) (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.40% 5.14% 2.14%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 410,383 $ 89,801 $ 40,470
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% C .35% C .35% A ,C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.25% 5.01% 5.18% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 1994 E
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .052 .049 .054 .044 .012
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.052) (.049) (.054) (.044) (.012)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.29% 5.03% 5.50% 4.45% 1.21%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 2,998,996 $ 3,624,195 $ 1,435,302 $ 585,571 $ 5,175
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% C .45% C .46% C .50% C .50% A ,C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.17% 4.93% 5.28% 4.91% 2.69% A
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.
</TABLE>
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
INVESTMENTS MARCH 31, 1998
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
FEDERAL AGENCIES - 55.2%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FANNIE MAE - AGENCY COUPONS - 21.3%
4/1/98 5.62% (a) $ 56,000,000 $ 56,023,566
4/1/98 5.67 (a) 68,000,000 67,966,256
4/15/98 5.56 (a) 237,000,000 236,936,969
4/15/98 6.06 43,000,000 42,998,103
5/21/98 5.96 43,000,000 42,991,429
6/12/98 5.59 (a) 35,000,000 34,996,664
6/26/98 5.57 43,000,000 43,615,036
8/14/98 5.71 46,000,000 45,973,969
8/14/98 5.80 35,000,000 34,969,579
9/9/98 5.77 24,000,000 23,985,497
9/9/98 5.79 19,000,000 18,986,993
11/20/98 5.73 41,000,000 40,962,311
2/12/99 5.43 50,000,000 49,929,023
2/19/99 5.43 26,000,000 25,966,047
2/23/99 5.45 19,000,000 18,981,098
2/23/99 5.47 23,000,000 22,972,900
2/26/99 5.56 46,000,000 45,894,878
3/16/99 5.52 46,000,000 45,949,419
3/26/99 5.55 25,000,000 24,975,411
925,075,148
FANNIE MAE - DISCOUNT NOTES - 3.4%
5/4/98 5.50 49,805,000 49,556,183
6/5/98 5.50 50,000,000 49,510,694
6/5/98 5.51 47,000,000 46,539,204
145,606,081
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 2.9%
4/1/98 6.01 43,000,000 43,000,000
4/1/98 6.05 36,000,000 36,000,000
9/2/98 5.76 48,000,000 47,974,077
126,974,077
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 12.8%
4/1/98 5.60 (a) 44,000,000 43,987,637
4/1/98 5.67 (a) 68,000,000 67,966,256
4/2/98 5.56 (a) 125,000,000 124,970,872
6/9/98 5.89 44,000,000 43,998,906
6/11/98 5.88 13,000,000 12,998,710
6/12/98 5.81 40,000,000 39,992,899
7/7/98 5.45 40,000,000 40,022,993
7/8/98 5.84 50,000,000 49,979,595
9/18/98 5.76 71,000,000 70,988,922
9/24/98 5.71 15,000,000 14,993,056
12/17/98 5.81 45,000,000 44,982,049
554,881,895
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 1.8%
5/6/98 5.49 45,000,000 44,762,000
8/26/98 5.47 35,000,000 34,239,683
79,001,683
FREDDIE MAC - AGENCY COUPONS - 4.0%
4/8/98 6.04 25,000,000 24,998,738
4/26/98 5.56 (a) 100,000,000 99,943,041
10/22/98 5.74 15,250,000 15,240,198
3/12/99 5.52 35,000,000 35,003,308
175,185,285
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FREDDIE MAC - DISCOUNT NOTES - 9.0%
4/27/98 5.51% $ 21,080,000 $ 20,996,570
5/13/98 5.50 50,000,000 49,681,500
5/28/98 5.50 89,300,000 88,528,446
5/29/98 5.50 140,000,000 138,773,542
6/12/98 5.50 95,201,000 94,169,021
392,149,079
TOTAL FEDERAL AGENCIES 2,398,873,248
U.S. TREASURY OBLIGATIONS - 0.6%
PRINCIPAL ONLY STRIPS - 0.6%
8/15/98 5.80 25,000,000 24,468,253
MEDIUM-TERM NOTES (A) - 0.1%
EXPORT-IMPORT BANK, U.S. (AS GUARANTOR FOR K.A. LEASING, LTD.) (B)
4/15/98 5.62 4,241,565 4,241,565
REPURCHASE AGREEMENTS - 44.1%
MATURITY
AMOUNT
In a joint trading account (Notes 2 and 3):
(U.S. Government Obligations):
dated 3/31/98 due 4/1/98
At 6.08% $ 1,287,411,505 1,287,194,000
dated 1/7/98 due 4/7/98
At 5.54% 141,939,000 140,000,000
dated 1/16/98 due 4/20/98
At 5.50% 28,402,111 28,000,000
dated 2/26/98 due 4/20/98
At 5.55% 93,759,888 93,000,000
dated 3/19/98 due 4/20/98
At 5.54% 100,492,444 100,000,000
dated 3/11/98 due 4/30/98
At 5.55% 90,693,750 90,000,000
dated 3/23/98 due 9/14/98
At 5.56% 51,351,389 50,000,000
(U.S. Treasury Obligations)
dated 3/31/98 due 4/1/98:
At 5.94% 127,138,991 127,118,000
At 5.98% 2,806,466 2,806,000
TOTAL REPURCHASE AGREEMENTS 1,918,118,000
TOTAL INVESTMENTS - 100% $ 4,345,701,066
Total Cost For Income Tax Purposes $ 4,345,701,066
LEGEND
(a) 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.
(b) Restricted securities - Investment in securities not registered
under the Securities Act of 1933 (see Note 2 of Notes to Financial
Statements).
Additional information on each holding is as follows:
ACQUISITION
SECURITY DATE COST
Export-Import Bank, U.S.
(as guarantor for K.A.
Leasing, Ltd.)
5.62%, 4/15/98 2/17/98 $ 4,241,565
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $4,241,565 or 0.1% of net assets.
INCOME TAX INFORMATION
At March 31, 1998, the fund had a capital loss carryforward of
approximately $997,000 of which $240,000, $746,000 and $11,000 will
expire on March 31, 2002, 2003 and 2004, respectively.
A total of 18.44% of the dividends distributed during the fiscal year
was derived from interest on U.S. Government securities which is
generally exempt from state income tax (unaudited).
The fund will notify shareholders in January 1999 of the applicable
percentage for use in preparing 1998 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE AGREEMENTS OF $1,918,118,000) - $ 4,345,701,066
SEE ACCOMPANYING SCHEDULE
INTEREST RECEIVABLE 19,317,892
TOTAL ASSETS 4,365,018,958
LIABILITIES
SHARE TRANSACTIONS IN PROCESS $ 2,932
DISTRIBUTIONS PAYABLE 9,094,632
ACCRUED MANAGEMENT FEE 605,859
DISTRIBUTION FEES PAYABLE 181,710
OTHER PAYABLES AND 234,137
ACCRUED EXPENSES
TOTAL LIABILITIES 10,119,270
NET ASSETS $ 4,354,899,688
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 4,355,896,902
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (997,214)
NET ASSETS $ 4,354,899,688
</TABLE>
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($3,528,366,423 (DIVIDED BY)
3,528,703,639 SHARES)
CLASS II: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($151,951,283 (DIVIDED BY)
151,965,805 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($674,581,982 (DIVIDED BY)
674,646,453 SHARES)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1998
INTEREST INCOME $ 238,942,694
EXPENSES
MANAGEMENT FEE $ 8,427,180
TRANSFER AGENT FEES
CLASS I 1,014,986
CLASS II 38,408
CLASS III 219,411
DISTRIBUTION FEES
CLASS II 174,317
CLASS III 1,730,202
ACCOUNTING FEES AND EXPENSES 366,891
NON-INTERESTED TRUSTEES' COMPENSATION 29,092
CUSTODIAN FEES AND EXPENSES 40,290
REGISTRATION FEES
CLASS I 364,212
CLASS II 83,365
CLASS III 507,890
AUDIT 30,864
LEGAL 21,221
MISCELLANEOUS 22,043
TOTAL EXPENSES BEFORE REDUCTIONS 13,070,372
EXPENSE REDUCTIONS (2,734,302) 10,336,070
NET INTEREST INCOME 228,606,624
NET REALIZED GAIN (LOSS) 68,926
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 228,675,550
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1998 1997
OPERATIONS $ 228,606,624 $ 190,761,861
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 68,926 32,085
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 228,675,550 190,793,946
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INTEREST INCOME
CLASS I (186,389,108) (166,534,586)
CLASS II (6,159,594) (2,921,560)
CLASS III (36,057,922) (21,305,715)
TOTAL DISTRIBUTIONS (228,606,624) (190,761,861)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE:
CLASS I 717,605,707 (253,524,252)
CLASS II 43,315,253 108,548,391
CLASS III 15,593,566 464,533,354
TOTAL SHARE TRANSACTIONS 776,514,526 319,557,493
TOTAL INCREASE (DECREASE) IN NET ASSETS 776,583,452 319,589,578
NET ASSETS
BEGINNING OF PERIOD 3,578,316,236 3,258,726,658
END OF PERIOD $ 4,354,899,688 $ 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>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 1994
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .055 .052 .057 .048 .031
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.055) (.052) (.057) (.048) (.031)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.60% 5.37% 5.84% 4.86% 3.13%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 3,528,366 $ 2,810,717 $ 3,064,136 $ 3,321,066 $ 3,764,544
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% B .20% B .20% B .18% B .18% B
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.47% 5.25% 5.69% 4.77% 3.07%
A 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).
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS II
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 D
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .053 .051 .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.053) (.051) (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.45% 5.22% 2.16%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 151,951 $ 108,636 $ 102
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% C .35% C .35% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.32% 5.10% 5.33% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 E
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .052 .050 .054 .045
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.052) (.050) (.054) (.045)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.34% 5.11% 5.58% 4.57%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 674,582 $ 658,964 $ 194,489 $ 40,516
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% C .45% C .45% C .43% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.21% 5.00% 5.30% 5.13% A
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.
</TABLE>
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
INVESTMENTS MARCH 31, 1998
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
CERTIFICATES OF DEPOSIT - 11.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Chase Manhattan Bank (USA) Delaware
4/6/98 5.65% $ 20,000,000 $ 20,000,000
4/6/98 5.71 5,000,000 4,999,958
First National Bank of Chicago
3/3/99 5.70 15,000,000 14,993,382
Fleet National Bank
6/10/98 5.53 60,000,000 60,000,000
NationsBank, NA
2/10/99 5.60 10,000,000 9,995,860
SunTrust Bank, Atlanta
5/6/98 5.52 30,000,000 29,999,425
Wachovia Bank, NA
4/17/98 5.62 (a) 15,000,000 14,994,812
TOTAL CERTIFICATES OF DEPOSIT 154,983,437
COMMERCIAL PAPER - 37.5%
American Express Credit Corp.
4/7/98 5.56 25,000,000 24,976,958
4/8/98 5.56 25,000,000 24,973,118
5/14/98 5.59 5,000,000 4,966,854
Asset Securitization COOP. Corp.
5/7/98 5.58 7,000,000 6,961,220
Associates Corp. of North America
5/18/98 5.53 10,000,000 9,928,717
5/20/98 5.53 5,000,000 4,962,842
Bear Stearns Cos., Inc.
5/8/98 5.55 10,000,000 9,943,781
5/20/98 5.59 5,000,000 4,962,297
Beneficial Corp.
5/13/98 5.52 19,000,000 18,879,857
5/13/98 5.56 9,000,000 8,941,620
BTAB Holdings Funding Corp.
4/20/98 5.65 10,000,000 9,970,286
Chase Manhattan Corp.
5/21/98 5.57 20,000,000 19,847,222
CIESCO, L.P.
5/14/98 5.53 10,000,000 9,935,483
Citibank Credit Card Master Trust I (Dakota Certificate Program)
4/22/98 5.53 9,000,000 8,971,388
5/15/98 5.54 5,000,000 4,966,572
Commercial Credit Group, Inc.
5/26/98 5.57 10,000,000 9,916,125
CoreStates Bank
4/2/98 5.62 (a) 4,000,000 4,000,000
4/13/98 5.63 (a) 10,000,000 10,000,000
Delaware Funding Corporation
5/20/98 5.57 5,143,000 5,104,359
Enterprise Funding Corp.
4/13/98 5.55 3,389,000 3,382,787
General Electric Capital Corp.
5/13/98 5.53 30,000,000 29,811,058
6/4/98 5.51 10,000,000 9,904,000
8/6/98 5.54 10,000,000 9,809,853
General Electric Capital Services, Inc.
4/27/98 5.73 5,000,000 4,979,886
General Electric Co.
4/30/98 5.53 10,000,000 9,955,936
6/4/98 5.50 10,000,000 9,904,178
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
General Motors Acceptance Corp.
4/22/98 5.58% $ 15,000,000 $ 14,951,525
5/13/98 5.56 10,000,000 9,936,678
5/28/98 5.57 20,000,000 19,826,467
General Motors Corp.
4/27/98 5.61 5,000,000 4,979,850
Goldman Sachs Group, L.P.
4/13/98 5.69 10,000,000 9,981,333
GTE Corp.
4/20/98 5.77 4,000,000 3,987,861
4/27/98 5.76 2,900,000 2,887,999
Kitty Hawk Funding Corp.
5/13/98 5.58 2,927,000 2,907,945
Merrill Lynch & Co., Inc.
5/26/98 5.59 20,000,000 19,831,639
6/15/98 5.59 20,000,000 19,770,417
Monsanto Co.
7/9/98 5.51 5,300,000 5,221,587
8/13/98 5.53 10,000,000 9,800,117
8/18/98 5.56 4,000,000 3,916,600
Morgan Stanley, Dean Witter, Discover & Co.
6/3/98 5.60 15,000,000 14,855,100
New Center Asset Trust
4/22/98 5.51 5,000,000 4,984,133
5/4/98 5.58 30,000,000 29,847,650
5/15/98 5.54 5,000,000 4,966,756
5/18/98 5.55 15,000,000 14,892,879
Norwest Financial, Inc.
5/15/98 5.51 10,000,000 9,933,878
PHH Corp.
5/26/98 5.61 5,000,000 4,957,146
Preferred Receivables Funding Corp.
4/6/98 5.58 5,325,000 5,320,895
4/15/98 5.55 3,060,000 3,053,455
Three Rivers Funding Corp.
4/21/98 5.58 4,000,000 3,987,667
TOTAL COMMERCIAL PAPER 504,755,974
FEDERAL AGENCIES - 1.9%
FANNIE MAE - AGENCY COUPONS - 1.9%
4/15/98 6.06 10,000,000 9,999,559
6/12/98 5.59 (a) 15,000,000 14,998,570
TOTAL FEDERAL AGENCIES 24,998,129
BANK NOTES - 20.2%
Bank of America National Trust & Savings, San Francisco
7/13/98 5.52 13,000,000 13,001,029
7/27/98 5.51 25,000,000 25,000,000
BankBoston NA
4/1/98 5.71 9,000,000 9,000,000
BankOne, Columbus
4/7/98 5.57 (a) 8,000,000 7,998,936
BankOne, Milwaukee
6/19/98 5.62 (a) 17,000,000 17,004,319
CoreStates Bank
4/6/98 5.63 (a) 20,000,000 20,000,000
4/14/98 5.65 10,000,000 10,000,000
BANK NOTES - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
First Bank NA - Minnesota
4/15/98 5.65% (a) $ 5,000,000 $ 4,998,885
First National Bank of Chicago, IL
2/16/99 5.70 18,000,000 17,971,058
Key Bank, National Association
4/1/98 5.59 (a) 15,000,000 14,994,882
4/23/98 5.64 (a) 4,000,000 3,998,491
4/24/98 5.64 (a) 6,000,000 5,998,906
9/17/98 5.94 15,000,000 14,997,341
Morgan Guaranty Trust Co., NY
8/31/98 5.85 3,000,000 3,000,579
8/31/98 5.97 15,000,000 14,997,612
National City Bank - Kentucky
4/6/98 5.64 (a) 10,000,000 9,995,017
National City Bank - Pennsylvania
4/2/98 5.64 5,000,000 4,999,249
NationsBank, NA
10/19/98 5.54 20,000,000 20,000,000
12/22/98 5.54 15,000,000 15,027,625
Northern Trust Co., Chicago
4/1/98 5.69 (a) 3,000,000 2,999,491
PNC Bank, NA
4/16/98 5.58 (a) 15,000,000 14,993,068
4/27/98 5.64 (a) 3,000,000 3,000,994
4/27/98 5.65 (a) 3,000,000 2,999,731
SouthTrust Bank, Alabama
4/13/98 5.65 (a) 5,000,000 4,998,700
US Bank, NA
4/15/98 5.64 (a) 5,000,000 4,998,400
Wachovia Bank, NA
11/13/98 5.49 5,000,000 4,989,277
TOTAL BANK NOTES 271,963,590
MASTER NOTES (A) - 6.3%
Goldman Sachs Group, LP
5/4/98 (c) 5.63 2,000,000 2,000,000
6/13/98 (c) 5.69 40,000,000 40,000,000
J.P. Morgan Securities, Inc.
4/7/98 5.65 26,000,000 26,000,000
4/7/98 5.66 12,000,000 12,000,000
Suntrust Banks, Inc.
4/7/98 5.64 5,000,000 5,000,000
TOTAL MASTER NOTES 85,000,000
MEDIUM-TERM NOTES - 5.5%
Beneficial Corp.
4/11/98 5.55 (a) 2,000,000 1,999,798
General Motors Acceptance Corp.
5/18/98 5.87 5,000,000 5,009,471
Merrill Lynch & Co., Inc.
4/1/98 5.75 (a) 5,000,000 4,999,750
4/6/98 5.66 (a) 2,000,000 1,999,964
Morgan Stanley, Dean Witter, Discover & Co.
4/1/98 5.60 10,000,000 10,000,253
4/1/98 5.62 5,000,000 4,999,865
4/1/98 5.67 (a) 15,000,000 15,000,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
New York Life Insurance Co.
6/23/98 5.89% (a) $ 15,000,000 $ 15,000,000
Norwest Corp.
4/22/98 5.67 (a) 9,000,000 9,000,000
Pacific Mutual Life Insurance Co.
6/9/98 (b) 5.95 (a) 3,000,000 3,000,000
Transamerica Life Insurance & Annuity Co.
6/16/98 5.70 (a) 3,000,000 3,000,000
TOTAL MEDIUM-TERM NOTES 74,009,101
SHORT-TERM NOTES (A) - 4.6%
Capital One Funding Corp. (1995-D)
4/7/98 5.63 2,792,000 2,792,000
Capital One Funding Corp. (1996-G)
4/7/98 5.63 3,971,000 3,971,000
Capital One Funding Corp. (1997-D)
4/7/98 5.63 5,000,000 5,000,000
Capital One Funding Corp. (1997-F)
4/7/98 5.63 5,000,000 5,000,000
Capital One Funding Corp. (1997-G)
4/7/98 5.63 8,000,000 8,000,000
SMM Trust (1997-I)
4/29/98 (b) 5.69 4,000,000 4,000,000
SMM Trust (1997-P)
4/16/98 (b) 5.69 2,000,000 2,000,000
SMM Trust (1997-X)
4/13/98 (b) 5.69 7,000,000 7,000,000
Strategic Money Market Trust (1997-A)
6/23/98 (b) 5.69 15,000,000 15,000,000
Strategic Money Market Trust (1998-B)
4/6/98 (b) 5.69 9,000,000 9,000,000
TOTAL SHORT-TERM NOTES 61,763,000
REPURCHASE AGREEMENTS - 12.5%
MATURITY
AMOUNT
In a joint trading account
(U.S. Government Obligations)
dated 3/31/98 due 4/1/98:
At 5.94% $ 58,719,695 58,710,000
At 5.97% 35,005,807 35,000,000
At 6.08% 75,012,673 75,000,000
TOTAL REPURCHASE AGREEMENTS 168,710,000
TOTAL INVESTMENTS - 100% $ 1,346,183,231
Total Cost for Income Tax Purposes $ 1,346,183,231
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due dates on these types of
securities reflect the next interest rate reset date or, when
applicable, the final maturity date.
(b) Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
At the period end, the value of these securities amounted to
$40,000,000 or 3.1% of net assets.
(c) Restricted securities - Investment in securities not registered
under the Securities Act of 1933 (see Note 2 of Notes to Financial
Statements).
Additional information on each holding is as follows:
ACQUISITION
SECURITY DATE COST
Goldman Sachs Group, LP:
5.63%, 5/4/98 8/5/97 $ 2,000,000
5.69%, 6/13/98 3/10/98 $ 40,000,000
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $42,000,000 or 3.3% of net assets.
The fund participated in the interfund lending program as a lender.
The maximum loan and average daily balances during the period for
which the loan was outstanding amounted to $21,821,000. The weighted
average interest rate was 5.65% (see Note 2 of Notes to Financial
Statements).
INCOME TAX INFORMATION
At March 31, 1998, the fund had a capital loss carryforward of
approximately $126,000 of which $44,000, $49,000, $32,000 and $1,000
will expire on March 31, 2001, 2003, 2005 and 2006, respectively.
A total of 0.30% of the dividends distributed during the fiscal year
was derived from interest on U.S. Government securities which is
generally exempt from state income tax (unaudited).
The fund will notify shareholders in January 1999 of the applicable
percentage for use in preparing 1998 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE AGREEMENTS OF $168,710,000) - $ 1,346,183,231
SEE ACCOMPANYING SCHEDULE
CASH 515
RECEIVABLE FOR INVESTMENTS SOLD 100,000
INTEREST RECEIVABLE 6,416,788
TOTAL ASSETS 1,352,700,534
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 71,456,785
DISTRIBUTIONS PAYABLE 2,341,963
ACCRUED MANAGEMENT FEE 180,624
DISTRIBUTION FEES PAYABLE 19,825
OTHER PAYABLES AND 115,380
ACCRUED EXPENSES
TOTAL LIABILITIES 74,114,577
NET ASSETS $ 1,278,585,957
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 1,278,715,097
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (129,140)
NET ASSETS $ 1,278,585,957
</TABLE>
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($1,170,833,137 (DIVIDED BY)
1,170,937,082 SHARES)
CLASS II: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($34,455,169 (DIVIDED BY)
34,458,227 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($73,297,651 (DIVIDED BY)
73,304,158 SHARES)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1998
INTEREST INCOME $ 70,852,871
EXPENSES
MANAGEMENT FEE $ 2,486,885
TRANSFER AGENT FEES
CLASS I 431,378
CLASS II 5,016
CLASS III 25,088
DISTRIBUTION FEES
CLASS II 16,366
CLASS III 213,409
ACCOUNTING FEES AND EXPENSES 143,578
NON-INTERESTED TRUSTEES' COMPENSATION 7,899
CUSTODIAN FEES AND EXPENSES 30,960
REGISTRATION FEES
CLASS I 70,799
CLASS II 15,649
CLASS III 48,490
AUDIT 14,895
LEGAL 6,488
MISCELLANEOUS 13,267
TOTAL EXPENSES BEFORE REDUCTIONS 3,530,167
EXPENSE REDUCTIONS (824,131) 2,706,036
NET INTEREST INCOME 68,146,835
NET REALIZED GAIN (LOSS) (4,895)
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 68,141,940
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1998 1997
OPERATIONS $ 68,146,835 $ 67,389,328
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (4,895) (31,248)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 68,141,940 67,358,080
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INTEREST INCOME
CLASS I (63,098,581) (63,431,659)
CLASS II (579,325) (153,946)
CLASS III (4,468,929) (3,803,723)
TOTAL DISTRIBUTIONS (68,146,835) (67,389,328)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE:
CLASS I 251,287,735 (198,341,472)
CLASS II 30,222,382 2,130,960
CLASS III (48,417,851) 74,323,011
TOTAL SHARE TRANSACTIONS 233,092,266 (121,887,501)
TOTAL INCREASE (DECREASE) IN NET ASSETS 233,087,371 (121,918,749)
NET ASSETS
BEGINNING OF PERIOD 1,045,498,586 1,167,417,335
END OF PERIOD $ 1,278,585,957 $ 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>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 1994
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .055 .053 .057 .049 .031
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.055) (.053) (.057) (.049) (.031)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.64% 5.40% 5.85% 4.97% 3.14%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 1,170,833 $ 919,554 $ 1,117,917 $ 771,937 $ 656,976
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% B .20% B .20% B .18% B .18% B
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.50% 5.26% 5.66% 4.94% 3.09%
A 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).
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS II
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 D
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .054 .051 .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.054) (.051) (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.49% 5.24% 2.15%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 34,455 $ 4,235 $ 2,105
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% C .35% C .35% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.36% 5.10% 5.20% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 E
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .053 .050 .054 .035
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.053) (.050) (.054) (.035)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.38% 5.13% 5.56% 3.51%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 73,298 $ 121,709 $ 47,396 $ 26,545
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% C .45% C .47% C .50% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.26% 5.02% 5.40% 5.14% A
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.
</TABLE>
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
INVESTMENTS MARCH 31, 1998
Showing Percentage of Total Value of Investment in Securities
CERTIFICATES OF DEPOSIT - 32.0%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC CERTIFICATES OF DEPOSIT - 2.3%
Chase Manhattan Bank (USA) Delaware
4/7/98 5.65% $ 65,000,000 $ 65,000,000
5/11/98 5.56 75,000,000 75,000,000
CoreStates Bank
4/10/98 5.63 10,000,000 10,000,000
Fleet National Bank
6/10/98 5.53 40,000,000 40,000,000
Morgan Guaranty Trust Co., NY
8/6/98 5.90 38,000,000 37,996,084
227,996,084
CHICAGO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.4%
ABN-AMRO Bank NV
2/2/99 5.54 45,000,000 44,985,157
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 22.6%
Bank of Montreal, Canada
4/6/98 5.57 55,000,000 55,000,000
Bank of Nova Scotia
7/21/98 5.97 12,000,000 11,994,354
8/31/98 5.97 35,000,000 34,990,946
Bank of Scotland Treasury Services
5/19/98 5.53 20,000,000 19,999,737
Bank of Toyko - Mitsubishi Ltd.
4/20/98 6.03 100,000,000 100,000,000
Barclays Bank, PLC
5/13/98 5.52 95,000,000 95,000,000
5/20/98 5.52 193,000,000 193,000,000
Bayerische Hypotheken-und Wechsel
5/11/98 5.56 55,000,000 55,000,000
Bayerische Vereinsbank, AG
5/4/98 5.66 45,000,000 45,000,000
Canadian Imperial Bank of Commerce
8/28/98 5.97 100,000,000 99,976,584
3/2/99 5.70 40,000,000 39,977,127
Credit Agricole Indosuez
4/13/98 5.56 50,000,000 50,000,000
5/20/98 5.52 45,000,000 45,000,000
10/19/98 5.97 15,000,000 14,994,474
10/21/98 6.00 30,000,000 29,992,027
2/26/99 5.70 25,000,000 24,991,308
Credit Communale de Belgique
5/4/98 5.57 50,000,000 50,000,000
Deutsche Bank, AG
4/14/98 6.25 15,000,000 14,999,491
8/3/98 5.52 125,000,000 125,000,000
8/10/98 5.91 25,000,000 24,994,852
8/11/98 5.90 40,000,000 39,993,081
3/2/99 5.70 45,000,000 44,980,206
Dresdner Bank, AG
4/6/98 5.56 135,000,000 135,000,000
National Westminster Bank, PLC
6/23/98 6.00 90,000,000 89,982,590
8/10/98 6.00 13,000,000 12,993,536
9/25/98 5.88 18,000,000 17,992,420
2/26/99 5.70 44,000,000 43,984,702
3/2/99 5.70 45,000,000 44,980,206
Rabobank Nederland, Coop Central
4/10/98 6.25 30,000,000 29,999,647
4/10/98 6.26 25,000,000 24,999,647
2/2/99 5.54 45,000,000 44,985,157
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Royal Bank of Canada
8/7/98 5.90% $ 40,000,000 $ 39,995,974
8/13/98 6.00 15,000,000 14,997,105
2/10/99 5.60 45,000,000 44,973,918
Sanwa Bank Ltd. Japan
4/20/98 6.20 67,000,000 67,000,000
4/27/98 6.25 44,000,000 44,000,000
Societe Generale, France
4/14/98 5.75 50,000,000 50,000,000
6/3/98 5.59 65,000,000 65,000,000
6/8/98 5.58 90,000,000 90,000,000
8/4/98 5.53 15,000,000 15,000,000
8/24/98 5.55 100,000,000 100,000,000
Swiss Bank Corp.
8/28/98 5.97 35,000,000 34,993,170
3/24/99 5.75 30,000,000 29,971,373
Westpac Banking Corp.
4/1/98 5.57 25,000,000 25,000,000
2,280,733,632
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.2%
Bank of Nova Scotia
4/1/98 6.20 25,000,000 25,000,000
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 6.5%
Abbey National, PLC
4/3/98 5.70 23,000,000 23,000,012
Abbey National Treasury Services, PLC
6/22/98 5.56 35,000,000 35,000,000
9/28/98 5.60 40,000,000 40,000,000
ABN-AMRO Bank NV
4/6/98 5.55 100,000,000 100,000,138
Barclays Bank, PLC
4/23/98 5.80 40,000,000 40,000,000
Commerzbank, AG
4/17/98 5.76 50,000,000 49,999,077
National Westminster Bank, PLC
4/6/98 5.52 140,000,000 139,999,984
Toronto-Dominion Bank
4/9/98 5.75 20,000,000 19,999,725
10/14/98 5.93 25,000,000 25,000,000
Westdeutsche Landesbank Girozentrale
5/5/98 5.52 55,000,000 55,000,512
6/4/98 5.52 80,000,000 80,001,396
7/6/98 5.53 52,000,000 52,000,000
660,000,844
TOTAL CERTIFICATES OF DEPOSIT 3,238,715,717
COMMERCIAL PAPER - 43.9%
ABN-AMRO North America, Inc.
7/13/98 5.84 20,000,000 19,679,556
American Express Credit Corp.
5/14/98 5.59 15,000,000 14,900,563
8/13/98 5.58 15,000,000 14,695,708
Aspen Funding Corp.
4/16/98 5.59 43,000,000 42,900,563
Asset Securitization Coop. Corp.
4/28/98 5.53 20,000,000 19,917,950
4/30/98 5.53 30,000,000 29,867,808
5/7/98 5.58 25,000,000 24,861,500
5/8/98 5.52 45,000,000 44,748,169
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Associates Corp. of North America
5/11/98 5.53% $ 10,000,000 $ 9,939,333
5/14/98 5.57 35,000,000 34,769,651
5/18/98 5.53 40,000,000 39,714,867
5/19/98 5.53 15,000,000 14,890,800
5/20/98 5.53 50,000,000 49,628,417
6/2/98 5.58 70,000,000 69,336,942
Bank of Scotland Treasury Services
5/6/98 5.52 45,000,000 44,761,563
Bayerische Landesbank Girozentrale
5/27/98 5.57 50,000,000 49,572,222
Bear Stearns Cos., Inc.
5/8/98 5.55 20,000,000 19,887,561
5/20/98 5.59 10,000,000 9,924,594
5/26/98 5.56 60,000,000 59,497,667
6/11/98 5.59 20,000,000 19,782,267
Beneficial Corp.
5/13/98 5.60 30,000,000 29,805,400
BMW US Capital Corp.
5/26/98 5.65 47,000,000 46,602,915
6/12/98 5.60 10,000,000 9,889,600
6/15/98 5.59 20,000,000 19,770,417
BTAB Holdings Funding Corp.
4/22/98 5.65 35,000,000 34,885,054
Caisse des Depots et Consigns
4/28/98 5.57 35,000,000 34,854,575
Chase Manhattan Corp.
5/21/98 5.57 50,000,000 49,618,056
Chrysler Financial Corp.
5/21/98 5.57 35,000,000 34,732,639
CIESCO, L.P.
5/11/98 5.58 25,000,000 24,846,667
CIT Group, Inc.
5/19/98 5.57 30,000,000 29,783,408
5/26/98 5.65 30,000,000 29,746,542
6/4/98 5.57 30,000,000 29,706,667
Citibank Credit Card Master Trust I (Dakota Certificate Program)
5/15/98 5.54 16,000,000 15,893,031
5/27/98 5.55 40,000,000 39,659,644
Commercial Credit Group, Inc.
4/13/98 5.54 20,000,000 19,963,467
Commerzbank U.S. Finance, Inc.
4/27/98 5.58 25,000,000 24,899,792
Commonwealth Bank of Australia
7/28/98 5.51 25,000,000 24,560,778
Cregem North America, Inc.
6/4/98 5.57 20,000,000 19,804,444
6/9/98 5.58 10,000,000 9,894,583
Daimler-Benz North America Corp.
5/7/98 5.52 15,000,000 14,918,175
5/14/98 5.58 20,000,000 19,868,133
Den Danske Corp., Inc.
4/9/98 5.65 40,000,000 39,950,533
Diageo Capital, PLC
5/4/98 5.59 30,000,000 29,844,011
Enterprise Funding Corp.
4/9/98 5.58 30,891,000 30,852,901
4/13/98 5.55 7,000,000 6,987,167
4/14/98 5.58 20,195,000 20,154,526
4/21/98 5.58 14,191,000 14,147,323
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Enterprise Funding Corp. - continued
5/5/98 5.58% $ 2,000,000 $ 1,989,554
6/4/98 5.60 10,000,000 9,901,867
Fina Oil and Chemical Company
4/9/98 5.61 15,000,000 14,981,400
Ford Motor Credit Co.
4/7/98 5.58 40,000,000 39,963,333
4/15/98 5.58 100,000,000 99,784,556
4/16/98 5.58 60,000,000 59,861,500
5/6/98 5.53 75,000,000 74,602,604
5/11/98 5.53 45,000,000 44,727,000
5/12/98 5.53 35,000,000 34,782,358
General Electric Capital Corp.
4/1/98 6.13 385,381,000 385,381,000
4/7/98 5.79 75,000,000 74,930,000
5/20/98 5.52 150,000,000 148,893,417
7/21/98 5.57 40,000,000 39,326,600
7/31/98 5.58 30,000,000 29,449,450
8/4/98 5.54 135,000,000 132,384,352
General Motors Acceptance Corp.
4/16/98 5.59 95,000,000 94,780,313
4/22/98 5.58 140,000,000 139,547,567
5/13/98 5.60 45,000,000 44,715,050
5/27/98 5.57 90,000,000 89,232,800
5/28/98 5.57 85,000,000 84,262,484
General Motors Corp.
4/27/98 5.61 15,000,000 14,939,550
Generale de Banque, SA
4/7/98 5.72 35,000,000 34,967,567
Grand Metropolitan Capital Corp.
4/6/98 5.66 20,000,000 19,984,722
GTE Corp.
4/7/98 5.74 5,000,000 4,995,242
4/23/98 5.78 10,000,000 9,964,861
Household Finance Corp.
4/14/98 5.59 60,000,000 59,879,750
IBM Credit Corp.
4/27/98 5.57 40,000,000 39,840,533
John Deere Capital Corp.
4/15/98 5.58 25,000,000 24,946,139
Kitty Hawk Funding Corp.
4/7/98 5.54 49,000,000 48,955,083
4/23/98 5.59 40,274,000 40,137,404
5/13/98 5.62 20,000,000 19,869,800
6/1/98 5.60 10,000,000 9,906,467
Matterhorn Capital Corp. (LOC Union Bank of Switzerland)
4/14/98 5.59 30,942,000 30,879,987
Merrill Lynch & Co., Inc.
4/1/98 6.05 200,000,000 200,000,000
4/20/98 5.55 35,000,000 34,898,588
6/1/98 5.59 35,900,000 35,564,215
Morgan Stanley, Dean Witter, Discover & Co.
4/1/98 5.67 60,000,000 60,000,000
4/16/98 5.54 110,000,000 109,748,375
6/3/98 5.60 65,000,000 64,372,100
6/15/98 5.58 30,000,000 29,656,250
National Australia Funding (Delaware), Inc.
4/21/98 5.52 100,000,000 99,697,778
Nationwide Building Society
4/7/98 5.68 20,000,000 19,981,333
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
New Center Asset Trust
5/4/98 5.58% $ 30,000,000 $ 29,847,650
5/15/98 5.54 15,000,000 14,900,267
5/18/98 5.55 80,000,000 79,428,689
PHH Corp.
5/26/98 5.66 30,000,000 29,742,875
6/10/98 5.58 50,000,000 49,465,278
Preferred Receivables Funding Corp.
4/2/98 5.57 25,000,000 24,996,146
4/14/98 5.58 63,750,000 63,622,235
4/15/98 5.55 15,000,000 14,967,917
4/22/98 5.59 24,550,000 24,470,519
Rabobank U.S.A. Financial Corp.
4/1/98 5.70 26,000,000 26,000,000
Sears Roebuck Acceptance Corp.
5/19/98 5.60 20,000,000 19,852,267
6/5/98 5.59 10,000,000 9,900,333
Southern Co.
5/14/98 5.58 25,000,000 24,835,167
Unifunding, Inc.
6/4/98 5.57 33,600,000 33,271,467
TOTAL COMMERCIAL PAPER 4,440,901,908
FEDERAL AGENCIES - 0.9%
FANNIE MAE - AGENCY COUPONS - 0.9%
6/12/98 5.59 (a) 95,000,000 94,990,945
BANK NOTES - 6.4%
Bank One, Columbus
4/7/98 5.57 (a) 70,000,000 69,990,686
Bank of America National Trust & Savings, San Francisco
4/9/98 5.55 (a) 43,000,000 42,999,602
Comerica Bank, Detroit
4/17/98 5.65 (a) 22,000,000 21,995,554
CoreStates Bank
4/14/98 5.65 (a) 10,000,000 10,000,000
First Bank NA - Minnesota
4/15/98 5.62 (a) 18,000,000 17,997,975
4/15/98 5.65 (a) 15,000,000 14,996,655
Key Bank, National Association
4/1/98 5.59 (a) 53,000,000 52,981,882
4/23/98 5.64 (a) 14,000,000 13,994,717
4/24/98 5.64 (a) 36,000,000 35,993,437
4/28/98 5.64 (a) 39,000,000 38,989,157
Morgan Guaranty Trust Co., NY
8/31/98 5.85 30,000,000 30,005,791
National City Bank - Kentucky
4/6/98 5.64 (a) 40,000,000 39,980,068
National City Bank - Pennsylvania
4/2/98 5.64 28,000,000 27,995,794
NationsBank, NA
10/19/98 5.54 50,000,000 50,000,000
Northern Trust Co., Chicago
4/1/98 5.69 (a) 25,000,000 24,995,756
PNC Bank, NA
4/1/98 5.61 (a) 14,000,000 13,996,834
4/16/98 5.58 (a) 75,000,000 74,965,341
4/27/98 5.65 (a) 28,000,000 27,997,493
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
SouthTrust Bank, Alabama
4/13/98 5.65% (a) $ 17,000,000 $ 16,995,582
US Bank, NA
4/15/98 5.64 (a) 17,000,000 16,994,559
TOTAL BANK NOTES 643,866,883
MASTER NOTES (A) - 3.6%
Goldman Sachs Group, L.P. (c)
5/4/98 5.63 18,000,000 18,000,000
6/13/98 5.69 170,000,000 170,000,000
J.P. Morgan Securities, Inc.
4/7/98 5.65 160,000,000 160,000,000
SunTrust Bank, Inc.
4/7/98 5.64 20,000,000 20,000,000
TOTAL MASTER NOTES 368,000,000
MEDIUM-TERM NOTES (A) - 2.7%
Beneficial Corp.
4/11/98 5.55 19,000,000 18,998,076
6/25/98 5.59 13,000,000 12,997,114
Merrill Lynch & Co., Inc.
4/1/98 5.75 42,000,000 41,997,901
4/6/98 5.66 16,000,000 15,999,715
New York Life Insurance Co.
6/23/98 5.89 55,000,000 55,000,000
Norwest Corp.
4/22/98 5.67 61,000,000 61,000,000
Pacific Mutual Life Insurance Co. (b)
6/9/98 5.95 37,000,000 37,000,000
Transamerica Life Insurance & Annuity Co.
6/16/98 5.70 25,000,000 25,000,000
TOTAL MEDIUM-TERM NOTES 267,992,806
SHORT-TERM NOTES (A) - 6.9%
Capital One Funding Corp. (1994-C)
4/7/98 5.63 7,683,000 7,683,000
Capital One Funding Corp. (1995-E)
4/7/98 5.63 6,917,000 6,917,000
Capital One Funding Corp. (1996-C)
4/7/98 5.63 17,667,000 17,667,000
Capital One Funding Corp. (1996-H)
4/7/98 5.66 4,600,000 4,600,000
Capital One Funding Corp. (1997-E)
4/7/98 5.63 13,600,000 13,600,000
Capital One Funding Corp. (1997-F)
4/7/98 5.63 10,800,000 10,800,000
Liquid Asset Backed Securities Trust (1996-1) (b)
4/15/98 5.67 33,000,000 33,000,000
Liquid Asset Backed Securities Trust (1996-2) (b)
4/1/98 5.65 56,000,000 56,000,000
Liquid Asset Backed Securities Trust (1997-5) (b)
4/17/98 5.67 106,000,000 106,000,000
SMM Trust (1997-I) (b)
4/29/98 5.69 14,000,000 14,000,000
SMM Trust (1997-P) (b)
4/16/98 5.69 45,000,000 45,000,000
SHORT-TERM NOTES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
SMM Trust (1997-X) (b)
4/13/98 5.69% $ 120,000,000 $ 120,000,000
Strategic Money Market Trust (1997-A) (b)
6/23/98 5.69 163,000,000 163,000,000
Strategic Money Market Trust (1998-B) (b)
4/6/98 5.69 97,000,000 97,000,000
TOTAL SHORT-TERM NOTES 695,267,000
TIME DEPOSITS - 2.1%
National City Bank - Cleveland
4/1/98 6.13 150,000,000 150,000,000
Sumitomo Bank, Ltd. Japan
4/3/98 6.25 62,000,000 62,000,000
TOTAL TIME DEPOSITS 212,000,000
REPURCHASE AGREEMENTS - 1.5%
MATURITY
AMOUNT
In a joint trading account:
(U.S. Government Obligations)
dated 3/31/98 due 4/1/98
At 6.08% $ 100,016,898 100,000,000
(U.S. Treasury Obligations)
dated 3/31/98 due 4/1/98
At 5.97% 56,331,345 56,322,000
TOTAL REPURCHASE AGREEMENTS 156,322,000
TOTAL INVESTMENTS - 100% $ 10,118,057,259
Total Cost For Income Tax Purposes $ 10,118,057,259
LEGEND
(a) 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.
(b) Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
At the period end, the value of these securities amounted to
$671,000,000 or 6.7% of net assets.
(c) Restricted securities - Investment in securities not registered
under the Securities Act of 1933 (see Note 2 of Notes to Financial
Statements).
Additional information on each holding is as follows:
ACQUISITION
SECURITY DATE COST
Goldman Sachs
Group, L.P.:
5.63%, 5/4/98 8/5/97 $ 18,000,000
5.69%, 6/13/98 3/10/98 $ 170,000,000
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $188,000,000 or 1.9% of net assets (see Note 2 of
Notes to Financial Statements).
INCOME TAX INFORMATION
At March 31, 1998, the fund had a capital loss carryforward of
approximately $2,220,000 of which $336,000, $898,000, $547,000,
$245,000, $14,000 and $180,000 will expire on March 31, 2001, 2002,
2003, 2004, 2005 and 2006, respectively.
A total of 1.30% of the dividends distributed during the fiscal year
was derived frominterest on U.S. Government securities which is
generally exempt from state income tax (unaudited).
The fund will notify shareholders in January 1999 of the applicable
percentage for use in preparing 1998 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE AGREEMENTS OF $156,322,000) - SEE
ACCOMPANYING $ 10,118,057,259
SCHEDULE
CASH 546
RECEIVABLE FOR INVESTMENTS SOLD 1,759,000
INTEREST RECEIVABLE 58,569,220
TOTAL ASSETS 10,178,386,025
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 198,661,107
SHARE TRANSACTIONS IN PROCESS 2,128,737
DISTRIBUTIONS PAYABLE 17,225,140
ACCRUED MANAGEMENT FEE 1,795,151
DISTRIBUTION FEES PAYABLE 130,250
OTHER PAYABLES AND 651,353
ACCRUED EXPENSES
TOTAL LIABILITIES 220,591,738
NET ASSETS $ 9,957,794,287
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 9,960,068,110
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (2,273,823)
NET ASSETS $ 9,957,794,287
</TABLE>
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($9,383,995,857 (DIVIDED BY)
9,386,116,353 SHARES)
CLASS II: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($85,990,068 (DIVIDED BY)
86,009,499 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($487,808,362 (DIVIDED BY)
487,918,592 SHARES)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1998
INTEREST INCOME $ 578,376,724
EXPENSES
MANAGEMENT FEE $ 20,235,151
TRANSFER AGENT FEES
CLASS I 2,191,423
CLASS II 24,132
CLASS III 154,790
DISTRIBUTION FEES
CLASS II 146,987
CLASS III 1,461,065
ACCOUNTING FEES AND EXPENSES 786,055
NON-INTERESTED TRUSTEES' COMPENSATION 54,865
CUSTODIAN FEES AND EXPENSES 169,816
REGISTRATION FEES
CLASS I 1,118,522
CLASS II 57,827
CLASS III 166,541
AUDIT 72,856
LEGAL 53,530
MISCELLANEOUS 54,144
TOTAL EXPENSES BEFORE REDUCTIONS 26,747,704
EXPENSE REDUCTIONS (6,942,763) 19,804,941
NET INTEREST INCOME 558,571,783
NET REALIZED GAIN (LOSS) (234,733)
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 558,337,050
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1998 1997
OPERATIONS $ 558,571,783 $ 488,133,785
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (234,733) (13,722)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 558,337,050 488,120,063
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INTEREST INCOME
CLASS I (522,359,446) (461,178,632)
CLASS II (5,229,363) (5,834,884)
CLASS III (30,982,974) (21,120,269)
TOTAL DISTRIBUTIONS (558,571,783) (488,133,785)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE:
CLASS I 670,095,958 2,248,152,485
CLASS II (81,609,613) 103,399,852
CLASS III 43,774,250 214,546,392
TOTAL SHARE TRANSACTIONS 632,260,595 2,566,098,729
TOTAL INCREASE (DECREASE) IN NET ASSETS 632,025,862 2,566,085,007
NET ASSETS
BEGINNING OF PERIOD 9,325,768,425 6,759,683,418
END OF PERIOD $ 9,957,794,287 $ 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>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 1994
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .055 .053 .057 .049 .032
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.055) (.053) (.057) (.049) (.032)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.68% 5.43% 5.90% 4.99% 3.20%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 9,383,996 $ 8,714,137 $ 6,465,953 $ 5,130,123 $ 3,200,277
RATIO OF EXPENSES TO AVERAGE NET ASSETS .18% B .18% B .18% B .18% B .18% B
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.54% 5.31% 5.73% 5.00% 3.15%
</TABLE>
A 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).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
FINANCIAL STATEMENTS - CONTINUED
FINANCIAL HIGHLIGHTS - CLASS II
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 D
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .054 .051 .022
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.054) (.051) (.022)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.52% 5.27% 2.17%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 85,990 $ 167,583 $ 64,200
RATIO OF EXPENSES TO AVERAGE NET ASSETS .33% C .33% C .33% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.39% 5.16% 5.29% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 1994 E
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .053 .050 .055 .046 .011
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.053) (.050) (.055) (.046) (.011)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.41% 5.17% 5.61% 4.66% 1.08%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 487,808 $ 444,048 $ 229,530 $ 457,286 $ 89,463
RATIO OF EXPENSES TO AVERAGE NET ASSETS .43% C .43% C .45% C .50% C .50% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.28% 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 MARCH 31, 1998
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
CERTIFICATES OF DEPOSIT - 42.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC CERTIFICATES OF DEPOSIT - 5.0%
Fleet National Bank
6/10/98 5.53% $ 10,000,000 $ 10,000,000
SunTrust Bank, Atlanta
5/6/98 5.52 10,000,000 9,999,808
19,999,808
CHICAGO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 1.3%
ABN-AMRO Bank NV
2/2/99 5.54 5,000,000 4,998,351
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 27.0%
Australia & New Zealand Banking Group
4/2/98 5.70 5,000,000 5,000,004
Bank of Montreal, Canada
4/6/98 5.57 5,000,000 5,000,000
5/4/98 5.52 5,000,000 5,000,000
Bank of Nova Scotia
7/21/98 5.97 1,000,000 999,530
Bank of Tokyo - Mitsubishi Ltd.
4/20/98 6.03 9,000,000 9,000,000
Banque Nationale de Paris
5/5/98 5.52 5,000,000 5,000,000
Barclays Bank, PLC
5/13/98 5.52 5,000,000 5,000,000
5/20/98 5.52 7,000,000 7,000,000
Bayerische Hypotheken-und Wechsel
5/11/98 5.56 5,000,000 5,000,000
Bayerische Vereinsbank AG
5/4/98 5.66 5,000,000 5,000,000
Credit Agricole Indosuez
5/20/98 5.52 2,000,000 2,000,000
Deutsche Bank, AG
4/15/98 5.58 6,000,000 5,999,718
8/3/98 5.52 5,000,000 5,000,000
Dresdner Bank, AG
4/6/98 5.56 5,000,000 5,000,000
National Westminster Bank, PLC
6/23/98 6.00 3,000,000 2,999,420
7/22/98 5.89 5,000,000 4,999,186
8/7/98 5.97 3,000,000 2,998,654
Royal Bank of Canada
2/10/99 5.60 5,000,000 4,997,102
Societe Generale, France
6/8/98 5.58 5,000,000 5,000,000
8/4/98 5.53 5,000,000 5,000,000
8/24/98 5.55 5,000,000 5,000,000
Swiss Bank Corp.
8/28/98 5.97 2,000,000 1,999,610
3/24/99 5.75 5,000,000 4,995,229
107,988,453
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.5%
Bank of Nova Scotia
4/1/98 6.20 2,000,000 2,000,000
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 8.7%
Banco Bilbao Vizcaya, SA
4/7/98 5.65 2,000,000 2,000,003
Barclays Bank, PLC
4/23/98 5.80 5,000,000 5,000,000
National Australia Bank Ltd.
4/14/98 5.72 5,000,000 4,999,930
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
National Westminster Bank, PLC
4/6/98 5.52% $ 7,000,000 $ 6,999,999
Norddeutsche Landesbank Girozentrale
4/15/98 5.56 10,000,000 9,999,604
Westdeutsche Landesbank Girozentrale
6/4/98 5.52 6,000,000 6,000,105
34,999,641
TOTAL CERTIFICATES OF DEPOSIT 169,986,253
COMMERCIAL PAPER - 40.5%
Aspen Funding Corp.
4/15/98 5.60 5,000,000 4,989,189
4/16/98 5.59 15,000,000 14,965,313
Asset Securitization Coop. Corp.
4/14/98 5.59 2,000,000 1,995,992
5/8/98 5.52 2,000,000 1,988,808
Associates Corp. of North America
5/18/98 5.53 5,000,000 4,964,358
Bear Stearns Cos., Inc.
6/11/98 5.59 5,000,000 4,945,567
BMW US Capital Corp.
5/26/98 5.65 2,000,000 1,983,103
BTAB Holdings Funding Corp.
4/22/98 5.65 5,000,000 4,983,579
Caisse des Depots et Consigns
4/28/98 5.57 5,000,000 4,979,225
CIT Group, Inc.
6/25/98 5.82 5,000,000 4,933,299
Citibank Credit Card Master Trust I (Dakota Certificate Program)
4/16/98 5.54 19,000,000 18,956,617
Eiger Capital Corp.
4/13/98 5.54 4,940,000 4,930,943
Enterprise Funding Corp.
5/13/98 5.59 5,000,000 4,967,742
Ford Motor Credit Co.
4/7/98 5.58 5,000,000 4,995,417
4/10/98 5.53 10,000,000 9,986,300
5/11/98 5.53 5,000,000 4,969,667
General Electric Capital Corp.
4/7/98 5.79 5,000,000 4,995,333
6/3/98 5.54 5,000,000 4,952,313
8/4/98 5.54 10,000,000 9,812,847
General Motors Acceptance Corp.
4/22/98 5.58 5,000,000 4,983,842
5/27/98 5.57 5,000,000 4,957,375
Goldman Sachs Group, L.P.
4/13/98 5.69 10,000,000 9,981,333
IBM Credit Corp.
4/27/98 5.57 5,000,000 4,980,067
Morgan Stanley, Dean Witter, Discover & Co.
6/3/98 5.60 5,000,000 4,951,700
Nationwide Building Society
4/7/98 5.68 5,000,000 4,995,333
New Center Asset Trust
5/15/98 5.54 3,000,000 2,980,053
5/18/98 5.55 5,000,000 4,964,293
TOTAL COMMERCIAL PAPER 162,089,608
FEDERAL AGENCIES - 1.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FANNIE MAE - AGENCY COUPONS - 1.3%
6/12/98 5.59% (a) $ 5,000,000 $ 4,999,523
BANK NOTES (A) - 1.7%
Northern Trust Co., Chicago
4/1/98 5.69 5,000,000 4,999,151
SouthTrust Bank, Alabama
4/13/98 5.65 1,000,000 999,740
US Bank, NA
4/15/98 5.64 1,000,000 999,680
TOTAL BANK NOTES 6,998,571
MASTER NOTES (A) - 1.3%
Goldman Sachs Group, L.P. (c)
6/13/98 5.69 5,000,000 5,000,000
MEDIUM-TERM NOTES (A) - 2.2%
Merrill Lynch & Co., Inc.
4/1/98 5.75 3,000,000 2,999,850
4/6/98 5.66 1,000,000 999,982
Morgan Stanley, Dean Witter, Discover & Co.
4/1/98 5.67 5,000,000 5,000,000
TOTAL MEDIUM-TERM NOTES 8,999,832
SHORT-TERM NOTES (A) - 7.7%
Capital One Funding Corp. (1994-B)
4/7/98 5.63 3,899,000 3,899,000
Capital One Funding Corp. (1994-E)
4/7/98 5.63 2,225,000 2,225,000
Liquid Asset Backed Securities Trust (1997-5) (b)
4/17/98 5.67 4,000,000 4,000,000
SMM Trust (1997-P) (b)
4/16/98 5.69 2,000,000 2,000,000
SMM Trust (1997-X) (b)
4/13/98 5.69 6,000,000 6,000,000
Strategic Money Market Trust (1997-A) (b)
6/23/98 5.69 10,000,000 10,000,000
Strategic Money Market Trust (1998-B) (b)
4/6/98 5.69 3,000,000 3,000,000
TOTAL SHORT-TERM NOTES 31,124,000
REPURCHASE AGREEMENTS - 2.8%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations):
dated 3/31/98 due 4/1/98
At 5.94% $ 11,151,841 11,150,000
TOTAL INVESTMENTS - 100% $ 400,347,787
Total Cost for Income Tax Purposes $ 400,347,787
LEGEND
(a) 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.
(b) Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers.
At the period end, the value of these securities amounted to
$25,000,000 or 6.2% of net assets.
(c) Restricted securities - Investment in securities not registered
under the Securities Act of 1933 (see Note 2 of Notes to Financial
Statements).
Additional information on each holding is as follows:
ACQUISITION
SECURITY DATE COST
Goldman Sachs
Group, L.P.
5.69%, 6/13/98 3/10/98 $ 5,000,000
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $5,000,000 or 1.2% of net assets (see Note 2 of
Notes to Financial Statements).
INCOME TAX INFORMATION
At March 31, 1998, the fund had a capital loss carryforward of
approximately $29,000 of which $5,000, $10,000 and $14,000 will expire
on March 31, 2004, 2005 and 2006, respectively.
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE AGREEMENTS OF $11,150,000) - SEE ACCOMPANYING
SCHEDULE $ 400,347,787
CASH 526
RECEIVABLE FOR INVESTMENTS SOLD 55,000
INTEREST RECEIVABLE 2,448,432
TOTAL ASSETS 402,851,745
LIABILITIES
DISTRIBUTIONS PAYABLE $ 173,450
ACCRUED MANAGEMENT FEE 56,753
DISTRIBUTION FEES PAYABLE 20,059
OTHER PAYABLES AND 73,815
ACCRUED EXPENSES
TOTAL LIABILITIES 324,077
NET ASSETS $ 402,527,668
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 402,559,052
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (31,384)
NET ASSETS $ 402,527,668
</TABLE>
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($303,826,094 (DIVIDED BY)
303,901,525 SHARES)
CLASS II: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($23,321,405 (DIVIDED BY)
23,327,195 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($75,380,169 (DIVIDED BY)
75,398,884 SHARES)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1998
INTEREST INCOME $ 22,589,605
EXPENSES
MANAGEMENT FEE $ 1,408,420
TRANSFER AGENT FEES
CLASS I 30,043
CLASS II 801
CLASS III 2,353
DISTRIBUTION FEES
CLASS II 41,909
CLASS III 116,323
ACCOUNTING FEES AND EXPENSES 20,711
NON-INTERESTED TRUSTEES' COMPENSATION 1,109
CUSTODIAN FEES AND EXPENSES 8,659
REGISTRATION FEES
CLASS I 16,975
CLASS II 1,976
CLASS III 2,775
AUDIT 24,195
LEGAL 427
MISCELLANEOUS 500
TOTAL EXPENSES BEFORE REDUCTIONS 1,677,176
EXPENSE REDUCTIONS (731,960) 945,216
NET INTEREST INCOME 21,644,389
NET REALIZED GAIN (LOSS) (15,808)
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 21,628,581
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1998 1997
OPERATIONS $ 21,644,389 $ 16,324,511
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (15,808) (10,180)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 21,628,581 16,314,331
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INTEREST INCOME
CLASS I (17,673,446) (15,341,476)
CLASS II (1,512,439) (430,045)
CLASS III (2,458,504) (552,990)
TOTAL DISTRIBUTIONS (21,644,389) (16,324,511)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE:
CLASS I (9,066,939) 89,124,894
CLASS II 9,157,642 9,458,555
CLASS III 58,744,207 15,044,461
TOTAL SHARE TRANSACTIONS 58,834,910 113,627,910
TOTAL INCREASE (DECREASE) IN NET ASSETS 58,819,102 113,617,730
NET ASSETS
BEGINNING OF PERIOD 343,708,566 230,090,836
END OF PERIOD $ 402,527,668 $ 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>
YEARS ENDED MARCH 31, SEVEN MONTHS YEARS ENDED AUGUST 31,
ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 1994 1993
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 .055 .053 .032 .054 .033 .029
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.055) (.053) (.032) (.054) (.033) (.029)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.64% 5.39% 3.21% 5.53% 3.34% 2.93%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 303,826 $ 312,892 $ 223,772 $ 300,863 $ 399,333 $ 611,410
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% C .20% C .27% A, C .42% .42% .42%
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.49% 5.26% 5.46% A 5.33% 3.24% 2.89%
</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
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 D
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .053 .051 .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.053) (.051) (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.48% 5.23% 2.15%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 23,321 $ 14,166 $ 4,709
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% C .35% C .35% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.37% 5.14% 5.06% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 E
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .052 .050 .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.052) (.050) (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.38% 5.12% 2.11%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 75,380 $ 16,651 $ 1,610
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% C .45% C .45% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.29% 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 MARCH 31, 1998
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ALABAMA - 2.7%
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Homewood Gardens
Proj.) Series 1991-C,
4.10%, LOC SouthTrust Bank, Alabama, VRDN $ 2,045,000 $ 2,045,000
Anniston Ind. Dev. Board (Monsanto Co. Proj.) Series 1992, 3.75%, VRDN
9,100,000 9,100,000
Anniston Solid Waste Disp. Auth. (Monsanto Co. Proj.) Series 1992,
3.75%, VRDN 2,230,000 2,230,000
Birmingham Pub. Park & Recreation Board Rev. (McWane Ctr. Proj.)
Series 1997,
3.75%, LOC AmSouth Bank, VRDN 9,200,000 9,200,000
Columbia Ind. Dev. Board Participating VRDN, Series 97-I,
3.82% (Liquidity Facility Caisse des Depots et Consignations) (b)
2,180,000 2,180,000
Decatur Ind. Dev. Board (Monsanto Co. Proj.) Series 1990, 3.75%, VRDN
5,925,000 5,925,000
Decatur Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) VRDN:
Series 1992, 3.75% 3,500,000 3,500,000
Series 1994, 3.75% 3,115,000 3,115,000
Huntsville Ind. Dev. Board Rev. Rfdg. (PPG Inds., Inc. Proj.) Series
1992, 3.75%, VRDN 1,000,000 1,000,000
Jefferson County Sewer Participating VRDN, Series 1997D PT-124,
3.80% (Liquidity Facility Commerzbank AG) (b) 3,800,000 3,800,000
Montgomery Ind. Dev. Board Poll. Cont. Rev. Rfdg. Bonds (General
Electric Co. Proj.)
Series 1990, 3.55% 4/7/98, CP mode 12,500,000 12,500,000
Tarrant City Ind. Dev. Board Rev. Rfdg. (Philip Morris Co., Inc.)
Series 1993, 3.80%, VRDN 2,300,000 2,300,000
Tuscaloosa County Port Auth. Rev. (Capstone Hotel Ltd. Proj.) Series
1989-A,
3.75%, LOC SouthTrust Bank, Alabama, VRDN 4,025,000 4,025,000
60,920,000
ALASKA - 0.4%
Alaska Hsg. Fin. Corp. Participating VRDN:
Series 1995-A, 3.80% (Liquidity Facility Bank of New York, NA) (b)
3,010,000 3,010,000
Series 1997-F, 3.77% (Liquidity Facility Bank of America Nat'l. Trust
& Savings) (b) 1,500,000 1,500,000
Valdez Marine Terminal Rev. Rfdg. (Atlantic Richfield Co. Proj.)
Series 1994-B, 3.70%, VRDN 3,700,000 3,700,000
8,210,000
ARIZONA - 2.7%
Apache County Ind. Dev. Auth. (Tucson Elec. Pwr. Co. Proj.) Series
1981-B,
4.15%, LOC Bank of Tokyo-Mitsubishi Ltd., VRDN 5,400,000 5,400,000
Maricopa County Commty. College Dist. Bonds 6% 7/1/98 2,880,000
2,894,616
Mesa Ind. Dev. Auth. Participating VRDN, Series 1997-B, 3.82%
(Liquidity Facility Caisse des Depots et Consignations) (b)
6,535,000 6,535,000
Mesa Muni. Dev. Corp. Bonds Series 1996-A&B, 3.85% 10/6/98,
LOC Westdeutsche Landesbank Girozentrale, CP mode 5,000,000
5,000,000
Phoenix Ind. Dev. Auth. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Del Mar Terrace Apts. Proj.) Series 1984, 3.75%, LOC Bank of America
Nat'l. Trust & Savings 3,000,000 3,000,000
(Paradise Lakes Apt. Proj.) Series 1995, 3.85%, LOC General Electric
Capital Corp. 17,500,000 17,500,000
Pinal County Ind. Dev. Auth. Hosp. Rev. (Casa Grande Med. Ctr. Proj.)
Series 1995, 3.70%, LOC Chase Manhattan Bank, VRDN 10,500,000
10,500,000
Salt River Agric. Impt. & Pwr. Dist. 3.55% 4/7/98, CP 5,500,000
5,500,000
Univ. of Arizona Sys. Rev. BAN Series 1997, 3.95% 10/1/98 5,600,000
5,600,000
61,929,616
ARKANSAS - 1.4%
Arkansas Hosp. Equip. Fin. Auth. Rev. (Jefferson Hosp. Assoc., Inc.
Proj.) Series 1989,
3.75%, LOC Kredietbank, NV, VRDN 3,660,000 3,660,000
North Little Rock Baptist Health Hosp. Rev. Series 1996-B, 3.75% (MBIA
Insured)
(BPA Credit Swiss First Boston) VRDN 16,600,000 16,600,000
Univ. of Arkansas Rev. Series 1998, 3.75% (MBIA Insured)
(BPA Credit Swiss First Boston) VRDN 11,095,000 11,095,000
31,355,000
CALIFORNIA - 5.0%
California Higher Ed. Loan Auth. Student Loan Rev. Sr. 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-C,
3.70%, LOC Bank of America Nat'l. Trust & Savings, VRDN 6,400,000
6,400,000
California Public Works Board Lease Rev. Bonds (Dept. of Corrections):
Series 1997-B, 4.50% 9/1/98 10,690,000 10,716,293
Series 1997-C, 4.75% 9/1/98 2,090,000 2,097,191
California State RAN Series 1997, 4.50% 6/30/98 18,080,000
18,108,504
Central Valley School Fin. Auth. TRAN Series 1997C, 4.50% 8/27/98
3,500,000 3,508,187
Los Angeles County Gen. Oblig. TRAN Series A, 4.50% 6/30/98
21,500,000 21,531,908
Los Angeles Gen. Oblig. TRAN 4.50% 6/30/98 23,000,000 23,033,837
Riverside County Gen. Oblig. TRAN 4.50% 6/30/98 7,600,000 7,609,903
South Coast Local Ed. TRAN Series A, 4.50% 6/30/98 (MBIA Insured)
9,000,000 9,013,760
114,019,583
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
COLORADO - 2.1%
Adams County Rev. (Adams Mental Health Foundation) Series 1997,
3.75%, LOC BankOne, Colorado, VRDN $ 60,000 $ 60,000
Colorado Gen. Oblig. TRAN Series A, 4% 6/26/98 4,000,000 4,001,075
Colorado Health Facs. Auth. Hosp. Rev. (Kaiser Permanent Health Sys.)
Series 1995-A, 3.85%, VRDN 9,300,000 9,300,000
Colorado Postsecondary Ed. Facs. Auth. Participating VRDN, 3.85%
(Liquidity Facility
Norwest Bank, NA, Minnesota) (b) 3,350,000 3,350,000
Colorado Springs Util. Sys. Impt. Participating VRDN, Series 1998,
3.85% (Liquidity Facility Bank of New York, NA) (b) 2,100,000
2,100,000
Denver City & County Dept. of Aviation Arpt. Sys. Participating VRDN,
Series 1997-Q:
3.80% (Liquidity Facility Merrill Lynch & Co., Inc.) (b) 23,595,000
23,595,000
3.80% (Liquidity Facility CoreStates Bank) (b) 2,900,000 2,900,000
Pitkin County Multi-Family Hsg. Rev. Rfdg. (Centennial Aspen Proj.)
Series 1996-A,
3.65%, LOC Republic Nat'l. Bank, NY, VRDN 3,250,000 3,250,000
48,556,075
CONNECTICUT - 0.2%
Connecticut Spl. Assessment Second Injury Fund 3.45% 4/16/98,
LOC Credit Communale DeBelgique, CP 5,300,000 5,300,000
DELAWARE - 0.6%
Delaware Econ. Dev. Auth. Poll. Cont. Rev. Rfdg., VRDN:
(Peninsula United Methodist Homes, Inc.):
Series 1992-B, 3.80%, LOC PNC Bank 5,000,000 5,000,000
Series 1997-B, 3.80%, LOC PNC Bank 6,300,000 6,300,000
(Philip Morris Co., Inc. Proj.) Series 1992, 3.75% 3,300,000
3,300,000
14,600,000
FLORIDA - 5.5%
Broward County Hsg. Fin. Auth. Multi-Family Hsg. (Palm Aire-Oxford
Proj.) Series 1990,
3.85% (Continental Casualty Co. Guaranteed) VRDN 1,620,000
1,620,000
Dade County Hsg. Fin. Auth. Single Family Mtg. Rev. Bonds Series
1997-C, VRDN:
3.95%, tender10/16/98 (FGIC-Capital Market Services Guaranteed)
690,000 690,000
3.95%, tender10/16/98 (FGIC Capital Market Services Guaranteed)
1,615,000 1,615,000
Florida Board of Ed. Participating VRDN, Series 96C0917, 3.77%
(Liquidity Facility Citibank, NA) (b) 2,900,000 2,900,000
Florida Capital Proj. Fin. Auth. (Capital Proj. Loan Prog.) Series
1997-A,
3.70% (FSA Insured) (BPA Credit Swiss First Boston) VRDN 23,500,000
23,500,000
Florida Hsg. Fin. Auth. Multi-Family Hsg. Rev. Rfdg. (Brandon-Oxford
Proj.) Series 1990-C,
3.85% (Continental Casualty Co. Guaranteed) VRDN 1,500,000
1,500,000
Florida Local Gov't. Finance Commission Pooled Notes Series A,
3.65% 9/8/98, LOC First Union Nat'l. Bank, CP 7,710,000 7,710,000
Indian River County Hosp. Dist. Hosp. Rev. Bonds:
Series 1988, 3.25% 4/1/98, CP mode 2,000,000 2,000,000
Series 1989, 3.25% 4/1/98, CP mode 1,000,000 1,000,000
Series 1990, 3.25% 4/1/98, CP mode 4,300,000 4,300,000
Jacksonville Elec. Auth. Elec. Sys. Series C-1,
3.55% 4/9/98 (BPA Morgan Guaranty Trust Co., NY) CP 4,000,000
4,000,000
Jacksonville Hosp. Rev. (Univ. Med. Ctr.) Series 1988, 4.20%, LOC
Sumitomo Bank Ltd., VRDN 2,300,000 2,300,000
Lakeland Elec. & Wtr. Participating VRDN, Series 960901,
3.82% (Liquidity Facility Citibank, NA) (b) 6,600,000 6,600,000
Lee County Hosp. Board Hosp. Rev. Bonds (Lee Memorial Hosp. Proj.):
Series 1995-A, 3.30% 4/1/98 (Liquidity Facility SunTrust Bank, Miami)
CP mode 2,500,000 2,500,000
Series 1997-B, 3.85% 5/8/98 (Liquidity Facility SunTrust Bank,
Orlando) CP mode 5,400,000 5,400,000
Miami Hsg. Fin. Auth. (Miami Jewish Home & Hosp. for the Aged Proj.)
Series 1992,
3.70%, LOC SunTrust Bank, Miami, VRDN 2,000,000 2,000,000
Orange County Ind. Dev. Auth., VRDN:
(Central Florida Blood Bank Proj.) Series 1988,
3.70%, LOC SunTrust Bank, Orlando 1,045,000 1,045,000
(Central Florida YMCA Proj.) Series 1997,
3.70%, LOC SunTrust Bank, Orlando 5,625,000 5,625,000
Palm Beach Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Haverhill Commons
Proj.) Series 1997-A,
3.70%, LOC Credit Lyonnaise, Republic Nat'l. Bank, VRDN 4,100,000
4,100,000
Saint Lucie County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.)
3.85%, VRDN 5,800,000 5,800,000
Saint Lucie County Poll. Cont. Rev. Rfdg. Bonds (Florida Pwr. & Lt.
Co. Proj.):
Series 1994A, 3.55% 4/1/98, CP mode 2,900,000 2,900,000
Series 1994A, 3.55% 4/1/98, CP mode 2,350,000 2,350,000
Series 1994A, 3.55% 4/7/98, CP mode 3,200,000 3,200,000
Sarasota County Pub. Hosp. Dist. Bonds (Sarasota Mem. Hosp.):
Series 1991, 3.85% 4/7/98, CP mode 5,000,000 5,000,000
Series 1991, 3.85% 4/8/98, CP mode 5,000,000 5,000,000
Series 1993-A, 3.85% 4/7/98, CP mode 6,600,000 6,600,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Sunshine State Gov't. Fing. Commission Rev. Bonds Series 1986,
3.55% 4/9/98 (AMBAC Insured) (Liquidity Facility Toronto-Dominion
Bank,
Union Bank of Switzerland) CP mode $ 3,000,000 $ 3,000,000
West Orange Mem. Hosp. Rev. Bonds Series 1991-A1,
3.60% 4/8/98, LOC Rabobank Nederland Coop. Central, CP mode
10,000,000 10,000,000
124,255,000
GEORGIA - 7.4%
Albany Dougherty County Hosp. Auth. (Phoebe Puttnay Mem. Hosp.) Series
1996,
3.75% (AMBAC Insured) (BPA SunTrust Bank, Atlanta) VRDN 1,700,000
1,700,000
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co.) Series
1998,
3.75%, VRDN 20,000,000 20,000,000
Burke County Poll. Cont. Rev. (Georgia Pwr. Co.) Series 1994, 3.75%,
VRDN 2,000,000 2,000,000
Dekalb County Dev. Auth. Rev. (BDS Oglethorpe Univ. Proj.)
3.70%, LOC SunTrust Bank, Atlanta, VRDN 2,900,000 2,900,000
Dekalb County Hosp. Auth. Rev. (Med. Ctr. Proj.) Series B,
3.70%, LOC SunTrust Bank, Atlanta, VRDN 4,000,000 4,000,000
Dekalb County Ind. Dev. Rev. (A.G. Rhodes Home at Wesley Woods, Inc.
Proj.)
Series 1996, 3.70%, LOC SunTrust Bank, Atlanta, VRDN 5,500,000
5,500,000
Fulton County Dev. Auth. Rev., VRDN:
(Lovett School Proj.) 3.70%, LOC SunTrust Bank, Atlanta 3,000,000
3,000,000
(Robert W. Woodruff Arts Ctr.) 3.70%, LOC SunTrust Bank, Atlanta
3,000,000 3,000,000
Fulton County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Holcomb's Landing Apts. Proj.) 3.80%, LOC First Union Nat'l. Bank
1,800,000 1,800,000
(Spring Creek Crossing Proj.) 3.80%, LOC Wachovia Bank, NA
13,000,000 13,000,000
Georgia Muni. Assoc. Pool Board Series 1990, 3.70% (MBIA Insured)
(BPA Credit Swiss First Boston) VRDN 18,200,000 18,200,000
Georgia Gen. Oblig. Participating VRDN, Series 1992 BTP-79, 3.775%
(Liquidity Facility Bankers Trust Co., NY) (b) 3,000,000 3,000,000
Georgia Muni. Elec. Auth. Participating VRDN, Series 1996 SG-40,
3.80% (Liquidity Facility Societe Generale, France) (b) 8,610,000
8,610,000
Georgia Muni. Elec. Auth. Series A, CP:
3.60% 4/9/98, LOC Bayerische Landesbank Girozentale, Morgan Guaranty
Trust Co., NY,
Wachovia Bank, NA, Westdeutsche Landesbank Girozentrale 5,655,000
5,655,000
3.60% 4/9/98, LOC Bayerische Landesbank Girozentrale, Morgan Guaranty
Trust Co., NY,
Wachovia Bank, NA, Westdeutsche Landesbank Girozentrale 8,165,000
8,165,000
Georgia Muni. Elec. Auth. Bonds:
Series 1985-A, 3.50% 7/15/98, LOC Bayerische Landesbank Girozentrale,
Morgan Guaranty Trust Co., NY, Credit Swiss First Boston, CP mode
4,200,000 4,200,000
Series 1985-B, 3.50% 7/15/98, LOC Bayerische Landesbank Girozentrale,
Morgan Guaranty Trust Co., NY, Credit Swiss First Boston, CP mode
3,500,000 3,500,000
Georgia Muni. Gas Auth. Rev. (Gas Portfolio II Proj.) Series B, 3.65%,
VRDN 20,700,000 20,700,000
Macon-Bibb County Hosp. Auth. Rev. (Med. Ctr. of Central Georgia)
VRDN:
3.70%, LOC SunTrust Bank, Atlanta 1,390,000 1,390,000
Series 1997-A, 3.70%, LOC SunTrust Bank, Atlanta 2,000,000
2,000,000
Marietta Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Wood Pointe Apts.)
Series 1993,
3.80%, LOC First Union Nat'l. Bank, VRDN 1,500,000 1,500,000
Metro Atlanta Rapid Transit Auth. Sales Tax Participating VRDN, Series
SG-57,
3.80% (Liquidity Facility Societe Generale, France) (b) 8,605,000
8,605,000
Richmond County Board of Ed. Gen. Oblig. Participating VRDN, Series
1997-C,
3.82% (Liquidity Facility Caisse des Depots et Consignations) (b)
2,500,000 2,500,000
Roswell Hsg. Auth. Multi-Family Hsg. Rev. (Autumnbrook Apts.) Series
1991-A,
3.80%, LOC AmSouth Bank, VRDN 5,200,000 5,200,000
Smyrna Hsg. Auth. Multi-Family Hsg. Rev. (Post Valley Proj.)
3.70% (Fannie Mae Guaranteed) VRDN 11,100,000 11,100,000
Whitfield County Residential Care Facs. Auth. Rev. (Royal Oaks Sr.
Living Commty.)
3.70%, 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,
3.70%, LOC SunTrust Bank, Atlanta, VRDN 4,150,000 4,150,000
167,375,000
HAWAII - 0.1%
Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Bonds (Kaiser
Permanente)
Series 1984-B, 3.70%, tender 9/1/98 1,500,000 1,500,000
IDAHO - 0.3%
Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) VRDN:
Series 1990, 3.75% 3,600,000 3,600,000
Series 1994-A, 3.75% 3,000,000 3,000,000
Series 1994-B, 3.75% 1,000,000 1,000,000
7,600,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ILLINOIS - 6.3%
Chicago Sales Tax Participating VRDN, Series 1997,
3.80% (Liquidity Facility Bank of New York, NA) (b) $ 2,600,000 $
2,600,000
Chicago School Reform Board Participating VRDN, Series 96-BB,
3.82% (Liquidity Facility Bank of America Nat'l. Trust & Savings) (b)
9,000,000 9,000,000
Chicago Tax Increment Allocation Rev. (Stockyards Southeast Quad)
Series 1996-B,
3.75%, LOC Northern Trust Co., Chicago, VRDN 11,700,000 11,700,000
Chicago Wtr. Participating VRDN, Series PT-129,
3.80% (Liquidity Facility Bayerische Hypotheken-und Wechsel Bank) (b)
8,000,000 8,000,000
Decatur Wtr. Rev. Bonds Series 1985, 3.95% 4/3/98, LOC Sumitomo Bank
Ltd., Japan, CP mode 4,900,000 4,900,000
Dupage Wtr. Commission Rfdg. Participating VRDN, Series 1993,
3.77% (Liquidity Facility Citibank, NA) (b) 13,100,000 13,100,000
Eagle Tax-Exempt Trust (Univ. of Chicago) Series 1985,
3.77% (Liquidity Facility Citibank, NA) (b) 9,500,000 9,500,000
Glendale Heights Participating VRDN,
3.85% (Liquidity Facility Bayerische Hypotheken-und Wechsel Bank) (b)
1,330,000 1,330,000
Illinois Dev. Fin. Auth. Rev. (American College of Surgeons) Series
1996,
3.70%, LOC Northern Trust Co., Chicago, VRDN 13,000,000 13,000,000
Illinois Edl. Facs. Auth. Participating VRDN, Series 1997-U,
3.80% (Liquidity Facility CoreStates Bank) (b) 4,250,000 4,250,000
Illinois Health Facs. Auth. Rev., VRDN:
(Franciscan Eldercare Commty. Svc.) Series 1996-C, 3.75%, LOC LaSalle
Bank 9,800,000 9,800,000
(Lake Forest Hosp. Proj.) 4.50%, LOC First Nat'l. Bank of Chicago
2,625,000 2,625,000
(Methodist Med. Ctr. Proj.) Series 1985-B, 4.30%, LOC Sumitomo Bank
Ltd., Japan 1,300,000 1,300,000
(Rehabilitation Institute of Chicago) Series 1997, 3.75%, LOC Bank of
America, Illinois 13,000,000 13,000,000
Illinois Health Facs. Auth. Participating VRDN, 3.80% (Liquidity
Facility
Rabobank Nederland Coop. Central) (b) 9,700,000 9,700,000
Metropolitan Pier & Exposition Auth. Participating VRDN, Series A,
3.80% (Liquidity Facility Bank of New York, NA) (b) 4,500,000
4,500,000
Northlake Econ. Dev. Rev. (Dominicks Finer Foods, Inc. Proj.) Series
1991-B,
3.80%, LOC First Nat'l. Bank of Chicago, VRDN 2,400,000 2,400,000
Illinois Regional Trans. Auth. Participating VRDN:
Series 1996 SG-82, 3.80% (Liquidity Facility Societe Generale,
France) (b) 10,500,000 10,500,000
Series SG-10, 3.80% (Liquidity Facility Societe Generale, France) (b)
3,600,000 3,600,000
Schaumburg Village Gen. Oblig. Series 1996-A, 3.75% (BPA Credit Swiss
First Boston) VRDN 5,000,000 5,000,000
Winnebago County Rev. (Mill Proj.) Series 1996, 3.75%, LOC BankOne,
Chicago, VRDN 3,235,000 3,235,000
143,040,000
INDIANA - 1.5%
Elkart Commty. Schools TAN 4% 12/31/98 1,600,000 1,602,890
Fort Wayne Econ. Dev. Rev. (Edy's Grand Ice Cream Proj.) Series 1985,
3.775%, LOC Bank of America Nat'l. Trust & Savings, VRDN 3,950,000
3,950,000
Fort Wayne Poll. Cont. Rev. (General Motors Corp. Proj.) 4%, VRDN
4,600,000 4,600,000
Hammond Poll. Cont. Rev. Rfdg. (Amoco Oil Co. Proj.) Series 1994,
3.75%, VRDN 2,135,000 2,135,000
Indiana Health Facs. Auth. Hosp. Rev. (Commty. Hosp. Proj.) Series B,
3.75%, LOC NBD Bank, Detroit, VRDN 7,500,000 7,500,000
Indiana Trans. Fin. Auth. Participating VRDN, Series BTP-218,
3.80% (Liquidity Facility Bankers Trust Co., NY) (b) 5,735,000
5,735,000
Richmond Econ. Dev. Rev. Rfdg. (Friends Fellowship Commty. Proj.)
VRDN:
Series 1993, 3.75%, LOC BankOne, Indiana 3,300,000 3,300,000
Series 1997, 3.75%, LOC BankOne, Indiana 2,200,000 2,200,000
Valparaiso Econ. Dev. Rev. (Indiana Retirement Commty. Proj.)
3.75%, LOC BankOne, Indiana, VRDN 3,700,000 3,700,000
34,722,890
IOWA - 0.1%
Iowa Fin. Auth. Single-Family Hsg. Mtg. Prog. Bonds Series 1998-A,
3.65%, tender 2/24/99 2,200,000 2,200,000
Marshalltown Commty. School Dist. RAN Series 1997, 4.50% 6/24/98
1,000,000 1,001,102
3,201,102
KANSAS - 0.9%
Burlington Poll. Cont. Elec. Pwr. Coop. Rev. Bonds Series 85C-2,
3.60% 7/10/98 (Nat'l. Rural Utilities Coop. Guaranteed) CP mode
1,000,000 1,000,000
La Cygne Envir. Impt. Rev. Rfdg.(Kansas City Pwr. & Lt. Co.) Series
1994:
3.80%, VRDN 4,500,000 4,500,000
3.80%, VRDN 14,440,000 14,440,000
19,940,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
KENTUCKY - 0.4%
Jefferson County Poll. Cont. Rev. Rfdg. (Philip Morris Co., Inc.
Proj.) Series 1992, 3.80%, VRDN $ 1,300,000 $ 1,300,000
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co.):
Series 1993-A, 3.75% 4/8/98, CP mode 2,000,000 2,000,000
Series 1996-A, 3.65% 9/11/98, CP mode 4,700,000 4,700,000
Louisville & Jefferson County Participating VRDN, Series PT-69,
3.80% (Liquidity Facility Bayerische Hypotheken-und Wechsel Bank) (b)
1,640,000 1,640,000
9,640,000
LOUISIANA - 0.8%
Calcasieu Ind. Dev. Board Poll. Cont. Rev. Rfdg. (PPG Industries)
Series 1992, 3.75%, VRDN 10,000,000 10,000,000
Lafayette Econ. Dev. Auth. Ind. Dev. Rev. Rfdg. (Holt County of
Louisiana Proj.)
4.025%, LOC Morgan Guaranty Trust Co., NY, VRDN 3,970,000 3,970,000
West Baton Rouge Parish Ind. Dist. #3 Rev. Rfdg. Bonds (Dow Chemical
Co. Proj.)
Series 1991, 3.60% 4/8/98, CP mode 3,800,000 3,800,000
17,770,000
MARYLAND - 2.0%
Baltimore Rfdg. Participating VRDN, Series 1993 SG-20, 3.80%
(Liquidity Facility Societe Generale, France) (b) 3,000,000
3,000,000
Maryland Econ. Dev. Corp. Rev. Series 1995, 3.70%, LOC NationsBank,
NA, VRDN 21,900,000 21,900,000
Maryland Health & Higher Ed. Facs., VRDN:
(Charlestown Commty. Issue) Series 1998-A, 3.70%, LOC First Union
Nat'l. Bank 7,000,000 7,000,000
(North Arundel Hosp.) Series 1997-A, 3.70%, LOC Mellon Bank
3,550,000 3,550,000
Maryland Hsg. & Commty. Dev. Participating VRDN, Series 1997-P, 3.82%
(Liquidity Facility Caisse des Depots et Consignations) (b)
9,720,000 9,720,000
45,170,000
MASSACHUSETTS - 1.3%
Massachusetts Gen. Oblig. Participating VRDN, Series 96C2101,
3.82% (Liquidity Facility Citibank, NA) (b) 6,100,000 6,100,000
Massachusetts Health & Edl. Facs. Auth. Rev. (Cap. Asset Prog.) VRDN:
Series B, 3.75% (MBIA Insured) (BPA Credit Swiss First Boston)
1,500,000 1,500,000
Series C, 3.75% (MBIA Insured) (BPA Credit Swiss First Boston)
1,600,000 1,600,000
Massachusetts Tpk. Auth. Participating VRDN:
Series PT-135, 3.77% (Liquidity Facility Banco Santander, SA) (b)
12,200,000 12,200,000
Series PA-181, 3.77% (Liquidity Facility Merrill Lynch & Co., Inc.)
(b) 1,480,000 1,480,000
Series 1997 N, 3.85% (Liquidity Facility Bank of America Nat'l. Trust
& Savings) (b) 6,700,000 6,700,000
29,580,000
MICHIGAN - 0.8%
Grand Rapids Econ. Dev. Corp. Rev. (Holland Home Proj.) Series 1994-B,
3.80%, LOC Old Kent Bank & Trust Co., VRDN 2,250,000 2,250,000
Michigan Hosp. Fin. Auth. Hosp. Rev., VRDN:
Series A, Installment 9, 3.75%, LOC First of America Bank 2,300,000
2,300,000
Series 1995-A, 3.75%, LOC First of America Bank 1,300,000
1,300,000
3.75%, LOC First of America Bank 2,800,000 2,800,000
Michigan Trunk Line Participating VRDN, Series SG-87, 3.80%
(Liquidity Facility Societe Generale, France) (b) 700,000 700,000
Michigan Strategic Fund Rev. (Dow Chemical Co. Proj.) Series 1994,
3.80%, VRDN 3,100,000 3,100,000
Midland County Econ. Dev. Corp. Rev. (Dow Chemical Co. Proj.)
Series 1993-B, 3.85%, VRDN 1,400,000 1,400,000
Tolfree Mem. Hosp. Corp. Hosp. Rev. Series 1997-D, 3.70%, LOC First of
America Bank, VRDN 4,500,000 4,500,000
18,350,000
MINNESOTA - 2.7%
Becker Poll. Cont. Rev. Bonds (Northern States Pwr. Co., Sherburne
County Generator #3)
Series 1993-B, 3.60% 4/7/98, CP mode 5,000,000 5,000,000
Bloomington Multi-Family Hsg. Rev. Rfdg. (Crow/Bloomington Apts.
Proj.) Series 1993,
3.70%, LOC Citibank, NA, VRDN 17,305,000 17,305,000
Mankato Multi-Family Hsg. Rev. Rfdg. (Highland Hills Proj.) Series
1997,
3.65%, LOC US Bank, NA, VRDN 3,485,000 3,485,000
Minneapolis/St. Paul Hsg. & Redev. Auth. Participating VRDN, Series
1996-E, 3.85%
(Liquidity Facility Norwest Bank, NA, Minnesota) (b) 3,250,000
3,250,000
Minnesota Gen. Oblig. Participating VRDN, Series BT-99,
3.80% (BPA Bankers Trust Co., NY) (b) 7,710,000 7,710,000
Minnetonka Multi-Family Hsg. Rev. Rfdg. (Cliffs at Ridgedale Proj.)
Series 1995,
3.70% (Fannie Mae Guaranteed) VRDN 20,900,000 20,900,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MINNESOTA - CONTINUED
North Branch Independent School Dist. #138 Participating VRDN, Series
1996-C,
3.85% (Liquidity Facility Norwest Bank, NA, Minnesota) (b) $ 965,000
$ 965,000
Rochester Health Care Facs. Rev. (Mayo Foundation Proj.) Series
1985-C,
3.85% (Liquidity Facility Rabobank Nederland Coop. Central) VRDN
2,000,000 2,000,000
60,615,000
MISSOURI - 1.1%
Missouri Envir. Impt. & Energy Resources Auth. Rev. Rfdg., VRDN:
(Assoc. Elec. Coop.) Series 1993-M, 3.75% (Nat'l. Rural Util. Coop.
Guaranteed) 13,700,000 13,700,000
(Kansas City Pwr. & Lt. Co.) Series 1992, 3.75% 7,300,000
7,300,000
Missouri Health & Edl. Facs. Rev. (Lutheran Sr. Svcs.) 3.75%, LOC
Lasalle Nat'l. Bank, VRDN 3,000,000 3,000,000
24,000,000
MONTANA - 0.5%
Montana Gen. Oblig. TRAN Series 1997, 4.50% 6/30/98 11,500,000
11,518,213
NEVADA - 0.6%
Clark County School Dist. Participating VRDN:
Series BT-192, 3.80% (Liquidity Facility Bankers Trust Co., NY) (b)
2,800,000 2,800,000
Series SG-62, 3.80% (Liquidity Facility Societe Generale, France) (b)
2,900,000 2,900,000
Nevada Cap. Impt. Participating VRDN, Series BT-236, 3.80%
(Liquidity Facility Bankers Trust Co., NY) (b) 2,100,000 2,100,000
Nevada Gen. Oblig. Participating VRDN, Series SGB-20, 3.80%
(Liquidity Facility Societe Generale, France) (b) 5,815,000
5,815,000
13,615,000
NEW JERSEY - 1.3%
New Jersey Gen. Oblig. Series 1998A, CP:
3.50% 4/1/98 (Liquidity Facility Bank of Nova Scotia) 26,300,000
26,300,000
3.55% 4/7/98 (Liquidity Facility Bank of Nova Scotia) 4,000,000
4,000,000
30,300,000
NEW MEXICO - 1.1%
Farmington Gen. Oblig. Participating VRDN, Series A PT-133, 3.80%
(Liquidity Facility Credit Swiss First Boston) (b) 25,695,000
25,695,000
NEW YORK - 2.0%
New York City Gen. Oblig. RAN Series 1988-A, 4.50% 6/30/98
30,400,000 30,446,363
New York City Metropolitan Trans. Auth. Commuter Facs. Participating
VRDN, Series 1997P,
3.65% (Liquidity Facility CoreStates Bank) (b) 1,500,000 1,500,000
New York State Local Gov't. Assistance Corp. Participating VRDN,
Series 1997 SG-99,
3.75% (Liquidity Facility Societe Generale, France) (b) 10,500,000
10,500,000
New York State Urban Dev. Corp. Participating VRDN, Series SG-33,
3.75% (Liquidity Facility Societe Generale, France) (b) 2,300,000
2,300,000
44,746,363
NEW YORK & NEW JERSEY - 0.1%
New York & New Jersey Gen Oblig. Series 3, 3.70% (BPA Morgan Guaranty
Trust Co., NY) VRDN 2,800,000 2,800,000
NORTH CAROLINA - 0.9%
North Carolina Ed. Facs. Fin. Agcy. (Brevard College Corp.) Series
1997,
3.55%, LOC Wachovia Bank, NA, VRDN 8,800,000 8,800,000
North Carolina Med. Care Commission Health Care Facs. Rev. Bonds (St.
Joseph of the Pines)
3.60%, tender 6/1/98, LOC Wachovia Bank, NA 8,100,000 8,100,000
North Carolina Med. Care Commty. Hosp. Rev. (Lexington Mem. Hosp.
Proj.)
3.85%, LOC First Union Nat'l. Bank, VRDN 2,700,000 2,700,000
19,600,000
OHIO - 1.6%
Cleveland School Dist. Participating VRDN, 3.80% (Liquidity Facility
Bankers Trust Co., NY) (b) 3,100,000 3,100,000
Cuyahoga County Health Care Facs. Rev. (Benjamin Rose Institute Proj.)
Series 1995-B,
3.70%, LOC Key Bank, Nat'l. Assoc., VRDN 1,900,000 1,900,000
Franklin County Ind. Dev. Rev. Rfdg. (Alco Standard Corp. Proj.)
Series 1994,
3.75%, LOC NationsBank, NA, VRDN 1,700,000 1,700,000
Hamilton County Hosp. Facs. Rev., VRDN:
(Childrens Hosp. Med. Ctr.) Series 1997-A, 3.80%, LOC PNC Bank, Ohio
3,000,000 3,000,000
(Health Alliance of Cincinnati) Series 1997-A, 3.65% (MBIA Insured)
(Liquidity Facility Credit Swiss First Boston) 19,300,000
19,300,000
Lucas County (The Toledo Zoological Society) 3.64%, LOC Key Bank,
Nat'l. Assoc., VRDN 3,000,000 3,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
OHIO - CONTINUED
Marion County Hosp. Rev. Series 1992, 3.75%, LOC BankOne, Akron, VRDN
$ 1,210,000 $ 1,210,000
Medina County Health Care Facs. Rev. (Oaks at Medina Proj.) Series B,
3.75%, LOC BankOne, VRDN 3,000,000 3,000,000
36,210,000
PENNSYLVANIA - 7.0%
Allegheny County Higher Ed. Bldg. Auth. (Robert Morris College) 3.80%,
LOC PNC Bank, VRDN 3,750,000 3,750,000
Allegheny County Ind. Dev. Auth. Rev., VRDN:
(Jewish Home & Hosp. for Aged) Series 1996-B, 3.80%, LOC PNC Bank
4,140,000 4,140,000
Rfdg. (North Versailles Shopping Ctr.) Series 1992, 3.75%, LOC
BankOne, Columbus 3,325,000 3,325,000
Beaver County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Duquesne Lt. Co.
Proj.) Series 1994,
3.60% 4/8/98, LOC Swiss Bank Corp., CP mode 2,600,000 2,600,000
Berks County Ind. Dev. Auth., VRDN:
Ind. Dev. Rev. (Continental Assurance Co. Proj.) Series 1982,
3.45% (Continental Casualty Co. Guaranteed) 1,500,000 1,500,000
Rev. (Lutheran Home at Topton Proj.) Series 1993-B, 3.60%, LOC
Meridian Bank, NA 8,700,000 8,700,000
Dallastown Area School Dist. Gen. Oblig. Series 1998,
3.75% (FGIC Insured) (BPA FGIC Security Purchase, Inc.) VRDN
5,000,000 5,000,000
Dauphin County Hosp. Auth. (All-Health Pooled Fin. Prog.) Series
1997-A,
3.75% (FSA Insured) (Liquidity Facility Credit Swiss First Boston)
VRDN 38,690,000 38,690,000
Dauphin County School Dist. Gen. Oblig. 3.75% (AMBAC Insured)
(BPA Bank of Nova Scotia, Commerzbank, AG) VRDN 16,400,000
16,400,000
Delaware County Hosp. Auth. Rev. (Crozer-Chester Med. Ctr.) Series
1996,
3.58%, LOC Kredietbank NV, VRDN 4,900,000 4,900,000
Delaware Valley Reg'l. Fin. Auth. Local Gov't. Rev. Series 1985-B,
3.65%, LOC Credit Swiss First Boston, VRDN 8,500,000 8,500,000
Lancaster Higher Ed. Auth. College Rev. (Franklin & Marshall College)
3.80% (BPA Chase Manhattan Bank) VRDN 10,805,000 10,805,000
Lehigh County Ind. Dev. Rev. (The Keebler Co.) Series 1992,
3.70%, LOC Bank of Nova Scotia, VRDN 3,940,000 3,940,000
North Lebanon Township (Grace Commty., Inc. Proj.) Series 1992-B,
3.60%, LOC CoreStates Bank, VRDN 1,425,000 1,425,000
North Pennsylvania Wtr. Auth. Participating VRDN, Series SGA-30,
3.80% (Liquidity Facility Societe Generale, France) (b) 4,000,000
4,000,000
Pennsylvania Econ. Dev. Auth. (Foxdale Village Proj.) Series 1989-C,
3.80%, LOC PNC Bank, VRDN 2,200,000 2,200,000
Pennsylvania Higher Ed. Facs. (Allegheny Delaware Valley Proj.) Series
1996-D,
3.70%, LOC PNC Bank, VRDN 6,300,000 6,300,000
Philadelphia Gen. Oblig. TRAN Series A 1997-98, 4.50% 6/30/98
10,100,000 10,111,970
Philadelphia Redev. Auth. School Rev. (School for the Deaf) 3.75%, LOC
PNC Bank, VRDN 3,500,000 3,500,000
Philadelphia School Dist. Participating VRDN, Series 1997-W,
3.80% (Liquidity Facility CoreStates Bank) (b) 3,000,000 3,000,000
Scranton-Lackawanna Health & Welfare Auth. (Elan Gardens Proj.) Series
1996,
3.80%, LOC PNC Bank, VRDN 3,400,000 3,400,000
South Fork Muni. Auth. Hosp. Rev. (Lee Hosp. Proj.) Series 1993-B,
3.80%, LOC PNC Bank, VRDN 5,215,000 5,215,000
Titusville Gen. Oblig. Participating VRDN, Series 1997,
3.80% (Liquidity Facility Merrill Lynch & Co., Inc.) (b) 2,495,000
2,495,000
West Cornwall Muni. Auth. (Lebanon Valley Brethren Home)
3.60%, LOC CoreStates Bank, VRDN 875,000 875,000
York Fin. Rev. Series 1996, 3.80%, LOC First Union Nat'l. Bank, VRDN
4,000,000 4,000,000
158,771,970
RHODE ISLAND - 0.1%
Rhode Island Health & Edl. Bldg. Rev. (Providence Country Day School)
Series 1996,
3.75%, LOC Fleet Nat'l. Bank, VRDN 1,995,000 1,995,000
SOUTH CAROLINA - 2.3%
South Carolina Cap. Impt. Participating VRDN, Series BT-27,
3.85% (Liquidity Facility Automatic Data Processing, Inc.) (b)
1,326,000 1,326,000
South Carolina Econ. Dev. Auth., VRDN:
Hosp. Rev. (St. Francis Hosp.) 3.75%, LOC Chase Manhattan Bank
5,000,000 5,000,000
Healthcare Facs. Rev.:
(Greenville Baptist Proj.) 3.65%, LOC Wachovia Bank, NA 10,400,000
10,400,000
(Methodist Home Proj.) Series 1994, 3.75%, LOC NationsBank, NA
5,600,000 5,600,000
South Carolina Hsg. Fin. & Dev. Auth. Multi-Family Hsg. Rev. Rfdg.,
VRDN:
(Charleston Oxford) Series 1990-B, 3.85% (Continental Casualty Co.
Guaranteed) 10,180,000 10,180,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
SOUTH CAROLINA - CONTINUED
(Greenville Oxford) Series 1990-A, 3.85% (Continental Casualty Co.
Guaranteed) $ 4,855,000 $ 4,855,000
(Richland Oxford) Series 1990-C, 3.85% (Continental Casualty Co.
Guaranteed) 5,130,000 5,130,000
South Carolina Pub. Svc. Auth. Participating VRDN, Series 1996,
3.77% (Liquidity Facility Chase Manhattan Bank) (b) 6,900,000
6,900,000
Walhalla Rev. Rfdg. (Avondale Mills, Inc. Proj.) Series 1990, 3.70%,
LOC SunTrust Bank, Atlanta, VRDN 1,800,000 1,800,000
51,191,000
TENNESSEE - 5.1%
Clarksville Pub. Bldg. Auth. Pooled Fing. Rev., VRDN:
(City of Murfreesboro Loan) 3.70%, LOC NationsBank, Tennessee
4,000,000 4,000,000
Series 1994, 3.70%, LOC NationsBank, Tennessee 1,100,000 1,100,000
Series 1995, 3.70%, LOC NationsBank, NA 36,300,000 36,300,000
3.70%, LOC NationsBank, NA 5,000,000 5,000,000
Jackson Health & Hsg. Multi-Family Hsg. Rev. Rfdg. (Post House North
Apts. Proj.)
3.85%, LOC SouthTrust Bank, Alabama, VRDN 3,680,000 3,680,000
Knoxville Participating VRDN, Series BT-57, 3.85%
(Liquidity Facility Automatic Data Processing, Inc.) (b) 3,540,000
3,540,000
Memphis Ctr. Fin. Corp. Rev. (Arbors of Hbr. Town Proj.) Series 1990,
3.50% (Northwestern Mutual Life Insurance Co. Guaranteed) VRDN
3,700,000 3,700,000
Memphis Gen. Impt. Participating VRDN, Series 1996, 3.80%
(Liquidity Facility Societe Generale, France) (b) 3,730,000
3,730,000
Metropolitan Gov't. of Nashville & Davidson County Gen. Oblig.
Participating VRDN,
Series SG-11, 3.80% (Liquidity Facility Societe Generale, France) (b)
2,100,000 2,100,000
Metropolitan Gov't. of Nashville & Davidson County Health & Ed. Facs.,
VRDN:
Multi-Family Hsg. Rev. (Brentwood Oaks Apts.) 3.75%
(Northwestern Mutual Life Insurance Co. Guaranteed) 2,920,000
2,920,000
Rev. (McKendree Village, Inc. Proj.) 3.70%, LOC SunTrust Bank,
Nashville 5,000,000 5,000,000
Metropolitan Gov't. of Nashville & Davidson County Pooled Loan Ed.
Prog. Rev. Series A,
3.70%, LOC NationsBank, Tennessee, VRDN 4,380,000 4,380,000
Montgomery County Pub. Bldg. Auth. Rev., VRDN:
Series 1995, 3.70%, LOC NationsBank, Tennessee 32,070,000
32,070,000
3.70%, LOC NationsBank, Tennessee 2,500,000 2,500,000
Sevier County Gen. Oblig., VRDN:
Series D1, 3.70% (AMBAC Insured) (Liquidity Facility Kredietbank NV)
1,500,000 1,500,000
Series D2, 3.70% (AMBAC Insured) (Liquidity Facility Kredietbank NV)
4,000,000 4,000,000
115,520,000
TEXAS - 17.1%
Amarillo Health Facs. Corp. (Sears Panhandle Retirement Corp.) 3.80%,
LOC Texas Commerce Bank, NA, Houston, VRDN 1,200,000 1,200,000
Austin Combined Util. Sys. Series A, 3.80% 4/9/98, LOC Morgan Guaranty
Trust Co., NY, CP 5,000,000 5,000,000
Austin Higher Ed. Auth. (St. Edward's Univ.) Series 1995, 3.75%, LOC
NationsBank, Texas, VRDN 12,200,000 12,200,000
Austin Hsg. Fin. Corp. Multi-Family Hsg. Rev. (Riverchase Proj.)
Series 1985-A,
4%, LOC Household Finance Corp., VRDN 6,000,000 6,000,000
Austin Independent School Dist. adj. rate TRAN:
4.24% 8/31/98 (c) 2,990,000 2,990,000
4.24% 8/31/98 (c) 1,150,000 1,150,000
4.24% 8/31/98 (c) 1,610,000 1,610,000
Brazos Hbr. Ind. Dev. Corp. Bonds (Dow Chemical Co. Proj.) Series
1986,
3.65% 6/1/98, CP mode 1,500,000 1,500,000
Brazos River Hbr. Navigation Dist. of Brazoria County Rev. Bonds
Series 1991,
3.45% 4/6/98, CP mode 13,900,000 13,900,000
Coastal Wtr. Auth of Texas Wtr. Conveyance Sys. Participating VRDN,
3.82% (Liquidity Facility Caisse des Depots et Consignations) (b)
6,195,000 6,195,000
Dallas-Fort Worth Reg. Arpt. Participating VRDN, Series SG-5, 3.80%
(Liquidity Facility Societe Generale, France) (b) 1,710,000
1,710,000
Dallas Area Rapid Transit Sales Tax Rev. Bonds Series A, 3.80%
4/16/98,
LOC Bayerische Landesbank Girozentale, Union Bank of Switzerland,
Westdeutsche Landesbank Girozentrale, CP mode 11,000,000 11,000,000
Denton Util. Sys. Rfdg. Participating VRDN, Series SG-32, 3.80%
(Liquidity Facility Societe Generale, France) (b) 1,000,000
1,000,000
Farmers Branch Ind. Dev. Corp. Rev. Rfdg. (PPG Ind., Inc. Proj.)
Series 1992, 3.75%, VRDN 3,700,000 3,700,000
Goose Creek Consolidated Independent School Dist. adj. rate TRAN:
4.24% 8/28/98 (c) 1,775,000 1,775,000
4.24% 8/28/98 (c) 1,250,000 1,250,000
Grapevine-Colleyville Independent School Dist. Participating VRDN,
Series SG-69,
3.80% (Liquidity Facility Society Generale, France) (b) 6,575,000
6,575,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TEXAS - CONTINUED
Greater East Texas Higher Ed. Auth. Student Loan Rev. Rfdg. Bonds
Series 1992-A,
4.05%, tender 9/1/98, LOC Student Loan Marketing Assoc. $ 10,200,000
$ 10,200,000
Guadalupe Blanco River Auth. Poll. Cont. Rev. Rfdg. (Central Pwr. &
Lt. Co.)
3.80%, LOC ABN-AMRO Bank NV, VRDN 2,950,000 2,950,000
Harris County Health Facs. Dev. Corp. Rev., VRDN:
(Aces Greater Houston Pooled Health) Series1985-A,
3.75%, LOC Texas Commerce Bank, NA, Houston 3,600,000 3,600,000
(School Health Care Sys.) Series 1997-C,
3.70% (BPA Credit Swiss First Boston) 2,500,000 2,500,000
(St. Lukes Hosp.) Series A, 3.75% (BPA Morgan Guaranty Trust Co., NY)
15,000,000 15,000,000
Harris County Toll Tax Series 1994B, 3.65% (BPA Morgan Guaranty Trust
Co., NY) VRDN 12,325,000 12,325,000
Houston Gen. Oblig. TRAN Series 1997-A:
4.118% 4/15/98 (c) 1,250,000 1,250,000
4.126% 4/15/98 (c) 3,250,000 3,250,000
Houston Hsg. Fin. Corp. Single Family Mtg. Participating VRDN, Series
PT-1,
3.80% (Liquidity Facility Banque Nationale de Paris) (b) 10,335,000
10,335,000
Houston Participating VRDN, Series SG-28, 3.80% (Liquidity Facility
Societe Generale, France) (b) 4,000,000 4,000,000
Houston Wtr. & Swr. Sys.:
Series A, CP:
3.50% 4/1/98, LOC Westdeutsche Landesbank Girozentrale, Credit Swiss
First Boston 9,300,000 9,300,000
3.25% 4/6/98, LOC Westdeutsche Landesbank Girozentrale, Credit Swiss
First Boston 3,500,000 3,500,000
3.70% 8/3/98, LOC Westdeutsche Landesbank Girozentrale, Credit Swiss
First Boston 5,300,000 5,300,000
Participating VRDN:
Series 1998, 3.80% (Liquidity Facility Bank of New York, NA) (b)
10,100,000 10,100,000
3.80% (Liquidity Facility Bank of New York, NA) (b) 7,000,000
7,000,000
Series SG-24, 3.80% (Liquidity Facility Societe Generale, France)
(b) 1,000,000 1,000,000
Lower Colorado River Auth. Elec. Participating VRDN, Series 59, 3.85%
(Liquidity Facility Automatic Data Processing, Inc.) (b) 8,200,000
8,200,000
Matagorda County Navigation Dist #1 Participating VRDN, Series 1989-C,
3.82% (Liquidity Facility Caisse des Depots et Consignations) (b)
4,880,000 4,880,000
North Central Texas Health Facs. Dev. Corp. Hosp. Rev. Bonds
(Methodist Hosp. of Dallas)
Series 1991 A, 3.75% 4/9/98 (MBIA Insured) (BPA Rabobank Nederland
Coop. Central) CP mode 12,400,000 12,400,000
Plano Health Facs. Dev. Corp. Hosp. Rev. Bonds (Childrens &
Presbyterian Healthcare Ctr.)
3.60% 4/8/98 (MBIA Insured) (BPA Texas Commerce Bank, NA, Houston) CP
mode 2,000,000 2,000,000
Port Arthur Navigation Dist. Poll. Cont. Rev. Rfdg. (Texaco, Inc.
Proj.) Series 1994, 3.80%, VRDN 1,300,000 1,300,000
San Antonio Elec. & Gas Sys. Participating VRDN, Series 1997:
3.80% (Liquidity Facility Societe Generale, France) (b) 17,200,000
17,200,000
3.80% (Liquidity Facility Societe Generale, France) (b) 8,280,000
8,280,000
San Antonio Elec. & Gas Sys. Rev. Series A, CP:
3.60% 4/6/98 3,300,000 3,300,000
3.40% 4/17/98 1,600,000 1,600,000
San Antonio Hotel Occupancy Tax Participating VRDN, Series SG-51,
3.80% (Liquidity Facility Societe Generale, France) (b) 2,100,000
2,100,000
San Antonio Participating VRDN, Series 1996, 3.82% (Liquidity Facility
Citibank, NA) (b) 7,500,000 7,500,000
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ.) 3.80%,
LOC Morgan Guaranty Trust Co., NY, J.P. Morgan, Delaware, VRDN
2,000,000 2,000,000
Tarrant County Health Facs. Dev. Corp. Rev. (Adventist Health Sys.
Sunbelt)
Series 1996-A, 3.75%, LOC SunTrust Bank, Orlando, VRDN 3,940,000
3,940,000
Texas A&M Univ. Sys. Permanent Univ. Sub Lien Notes 3.50% 4/7/98
(Liquidity Facility Morgan Guaranty Trust Co., NY) CP mode 5,800,000
5,800,000
Texas A&M Univ. Sys. Participating VRDN, Series SG-21,
3.80% (Liquidity Facility Societe Generale, France) (b) 1,400,000
1,400,000
Texas A&M Univ. Participating VRDN, Series 15, 3.80% (BPA Bankers
Trust Co., NY) (b) 5,445,000 5,445,000
Texas Dept. of Hsg. & Commty. Affairs Participating VRDN, Series PT-9,
3.80% (Liquidity Facility Commerzbank, AG) (b) 3,040,000 3,040,000
Texas Gen. Oblig. Series 1997-B, 3.55% 4/22/98, CP 11,700,000
11,700,000
Texas Gen. Oblig. TRAN 4.75% 8/31/98 66,700,000 66,958,770
Texas Hsg. & Commty. Participating VRDN, Series PA-126, 3.80%
(Liquidity Facility Merrill Lynch & Co., Inc.) (b) 3,725,000
3,725,000
Texas Muni. Pwr. Agcy. Rev. 3.50% 4/14/98, CP 11,100,000 11,100,000
Texas Pub. Fin. Auth. Participating VRDN:
Series 1996-CB2, 3.80% (Liquidity Facility Chase Manhattan Bank) (b)
2,300,000 2,300,000
Series 97C4301, 3.77% (Liquidity Facility Citibank, NA) (b)
4,800,000 4,800,000
Texas Wtr. Dev. Board Participating VRDN, Series SGA-23, 3.80%
(Liquidity Facility Societe Generale, France) (b) 1,900,000
1,900,000
Univ. of Texas Sys. Permanent Univ. Fund Bonds:
Series A, 3.80% 4/9/98 (Liquidity Facility Bayerische Landesbank
Girozentrale) CP mode 7,220,000 7,220,000
3.60% 4/7/98 (Liquidity Facility Bayerische Landesbank Girozentrale)
CP mode 7,220,000 7,220,000
387,673,770
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
UTAH - 1.4%
Emery County Poll. Cont. Rev. Rfdg. (Pacificorp. Proj.) Series 1994,
3.80% (AMBAC Insured) (BPA Bank of Nova Scotia) VRDN $ 1,300,000 $
1,300,000
Intermountain Pwr. Agcy. Rev. Series 1997-B:
3.50% 4/1/98 (Liquidity Facility Bank of Nova Scotia) CP 6,400,000
6,400,000
3.50% 4/6/98 (Liquidity Facility Bank of Nova Scotia) CP 5,600,000
5,600,000
Intermountain Pwr. Agcy. Rev. Rfdg. Bonds Series E, 3.50% 4/28/98,
LOC Bank of America Nat'l. Trust & Savings, CP mode 1,600,000
1,600,000
Intermountain Pwr. Agcy. Pwr. Supply Rfdg. Participating VRDN, Series
96C4402,
3.82% (Liquidity Facility Citibank, NA) (b) 4,800,000 4,800,000
Intermountain Pwr. Agcy. Rev. Bonds Series F, 3.65% 9/11/98 (AMBAC
Insured)
(BPA Union Bank of Switzerland) CP mode 2,300,000 2,300,000
Taylorsville Ind. Dev. Rev. (BDS Hermes Assoc. Proj.) 3.75%, LOC
BankOne, Arizona, VRDN 5,145,000 5,145,000
Timpanogos Spl. Svc. Dist. Participating VRDN, Series SG-83,
3.80% (Liquidity Facility Societe Generale, France) (b) 4,800,000
4,800,000
31,945,000
VIRGINIA - 5.8%
Chesapeake Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr.
Co.)
Series 1985, 3.60% 9/11/98, 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% 5/15/98, CP mode 2,400,000 2,400,000
Series 1987A:
3.10% 4/2/98, LOC Bank of Tokyo-Mitsubishi Ltd. (Liquidity Facility
Bank of New York, NA,
NationsBank, NA, Sanwa Bank Ltd.) CP mode 14,000,000 14,000,000
3.65% 7/17/98, LOC Bank of Tokyo-Mitsubishi Ltd. (Liquidity Facility
Bank of New York, NA,
NationsBank, NA, Sanwa Bank Ltd.) CP mode 2,350,000 2,350,000
Series B:
3.50% 6/11/98, CP mode 1,500,000 1,500,000
3.60% 7/10/98, CP mode 4,000,000 4,000,000
3.60% 7/13/98, CP mode 5,000,000 5,000,000
3.60% 7/14/98, CP mode 2,985,000 2,985,000
3.60% 7/16/98, CP mode 2,000,000 2,000,000
Fairfax County Public Impt. Participating VRDN, Series PA-149, 3.80%
(Liquidity Facility Merrill Lynch & Co., Inc.) (b) 5,590,000
5,590,000
Louisa County Ind. Dev. Auth. Rev. Series 1995, 3.70%, LOC
NationsBank, NA, VRDN 620,000 620,000
Louisa Ind. Dev. Auth Poll. Cont. Rev. Bonds (Virginia Elec. Pwr.
Co.):
Series 1985:
3.55% 4/1/98, CP mode 18,900,000 18,900,000
3.60% 7/10/98, CP mode 3,900,000 3,900,000
3.60% 7/10/98, CP mode 4,800,000 4,800,000
3.60% 7/13/98, CP mode 8,000,000 8,000,000
3.60% 7/16/98, CP mode 2,700,000 2,700,000
3.60% 7/16/98, CP mode 2,500,000 2,500,000
Prince William County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia
Elec. Pwr. Co.):
3.80% 5/15/98, CP mode 1,700,000 1,700,000
3.10% 4/2/98, CP mode 1,100,000 1,100,000
Richmond Gen. Oblig. Series B, VRDN:
3.70%, LOC NationsBank, NA 11,730,000 11,730,000
3.70%, LOC NationsBank, NA 20,100,000 20,100,000
Roanoke Ind. Dev. Auth. Hosp. Rev. (Carilion Health Sys.) Series
1997-B,
3.85% (Liquidity Facility NationsBank, NA) VRDN 3,500,000 3,500,000
Virginia Gen. Oblig. Series 1997, 3.60% 4/8/98, CP 3,000,000
3,000,000
Virginia Hsg. Dev. Auth. Hsg. Rev. (AHC Svc. Corp.) Series 1987-A,
4.10%,
LOC Bank of Tokyo-Mitsubishi Ltd., VRDN 6,200,000 6,200,000
York County Ind. Dev. Rev. Rfdg. (Philip Morris Co., Inc. Proj.)
Series 1992, 3.80%, VRDN 1,000,000 1,000,000
130,675,000
WASHINGTON - 4.5%
Washington Gen. Oblig. Participating VRDN, Series 1993-C,
3.82% (Liquidity Facility Citibank, NA) (b) 21,700,000 21,700,000
Washington State Motor Vehicle Fuel Tax Participating VRDN, Series
964701,
3.82% (Liquidity Facility Citibank, NA) (b) 17,200,000 17,200,000
Kent Gen. Oblig. Participating VRDN, Series SGA-27,
3.80% (Liquidity Facility Societe Generale, France) (b) 4,100,000
4,100,000
Seattle Ltd. Tax Gen. Oblig. Participating VRDN, Series SG-12,
3.80% (Liquidity Facility Societe Generale, France) (b) 7,400,000
7,400,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
WASHINGTON - CONTINUED
Washington Gen. Oblig. Participating VRDN:
Series SGA-37, 3.80% (Liquidity Facility Societe Generale, France)
(b) $ 7,000,000 $ 7,000,000
Series 125, 3.80% (BPA Bankers Trust Co., NY) (b) 9,575,000
9,575,000
Series 195, 3.80% (Liquidity Facility Bankers Trust Co., NY) (b)
3,100,000 3,100,000
Series SGA-34, 3.80% (Liquidity Facility Societe Generale, France)
(b) 8,335,000 8,335,000
Series SGA-36, 3.80% (Liquidity Facility Societe Generale, France)
(b) 2,000,000 2,000,000
Washington Gen. Oblig. Participating VRDN, Series 1996, 3.82%
(Liquidity Facility Citibank, NA) (b) 9,900,000 9,900,000
Washington Pub. Pwr. Supply Sys. Participating VRDN, Series BT-61,
3.95% (Liquidity Facility Automatic Data Processing, Inc.) (b)
1,200,000 1,200,000
Washington Pub. Pwr. Supply Sys. Elec. Rev. Rfdg., VRDN:
Series 1993 3A-2, 3.625%, LOC Bank of America Nat'l. Trust & Savings
5,500,000 5,500,000
Series 1993-3A-3, 3.625%, LOC Nat'l. Westminster Bank, PLC
4,880,000 4,880,000
101,890,000
WEST VIRGINIA - 0.3%
Cabell County Nursing & Rehab Rev. Series 1993, 3.75%, LOC
NationsBank, NA, VRDN 1,985,000 1,985,000
Kanawha County Commercial Dev. Rev. Rfdg. (McJunkin Corp. Proj.)
Series 1991,
3.75%, LOC NationsBank, NA, VRDN 3,735,000 3,735,000
5,720,000
WISCONSIN - 1.4%
Elkhorn Area School Dist. BAN 4.25% 4/1/98 565,000 565,020
Milwaukee School Dist. RAN 4.25% 8/27/98 8,800,000 8,814,114
Rothschild Village Poll. Cont. Rev. (Weyherhaeuser Co. Proj.) Series
1982, 3.75%, VRDN 2,400,000 2,400,000
Wausau School Dist. TRAN 4.25% 9/16/98 5,900,000 5,908,360
Wisconsin Gen. Oblig. Participating VRDN, Series 1992, 3.80%
(Liquidity Facility Bankers Trust Co., NY) (b) 3,400,000 3,400,000
Wisconsin Health & Edl. Facs.:
(Alexian Village of Milwaukee) 3.95% 4/3/98 (LOC Sumitomo Bank Ltd.,
Japan) CP mode 3,000,000 3,000,000
(Felician Svc., Inc.) 3.70% (AMBAC Insured) (BPA First Nat'l. Bank of
Chicago) VRDN 8,600,000 8,600,000
32,687,494
WYOMING - 0.2%
Wyoming Commty. Dev. Auth. Participating VRDN, Series 1997 1 & 3,
3.80% (Liquidity Facility Bayerische Hypotheken-und Wechsel Bank) (b)
2,540,000 2,540,000
Wyoming Gen. Oblig. TRAN 4.25% 6/26/98 2,100,000 2,102,008
4,642,008
MULTIPLE STATES - 0.4%
Stephens Equity Trust I Participating VRDN, Series 1996, 3.82%,
LOC Bayerische Hypotheken-und Wechsel Bank (b) 11,000,000
11,000,000
TOTAL INVESTMENTS - 100% $ 2,269,845,084
Total Cost for Income Tax Purposes $ 2,269,845,348
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Provides evidence of ownership in one or more underlying municipal
bonds.
(c) Restricted securities - Investment in securities not registered
under the Securities Act of 1933 (see Note 2 of Notes to Financial
Statements).
Additional information on each holding is as follows:
ACQUISITION
SECURITY DATE COST
Austin Independent
School Dist. adj. TRAN:
4.24%, 8/31/98 11/19/97 $2,990,000
4.24%, 8/31/98 12/2/97 $1,150,000
4.24%, 8/31/98 11/10/97 $1,610,000
Goose Creek
Consolidated
Independent School
Dist. adj. TRAN:
4.24%, 8/28/98 12/10/97 $1,775,000
4.24%, 8/28/98 11/12/97 $1,250,000
Houston Gen.
Oblig. TRAN
Series 1997-A:
4.118%, 4/15/98 10/29/97 $1,250,000
4.126%, 4/15/98 11/5/97 $3,250,000
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $13,275,000 or 0.6% of net assets (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 all of which will expire on May 31, 2005.
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE - SEE ACCOMPANYING SCHEDULE $ 2,269,845,084
CASH 262,539
INTEREST RECEIVABLE 17,901,013
TOTAL ASSETS 2,288,008,636
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 78,896,849
DISTRIBUTIONS PAYABLE 4,626,947
ACCRUED MANAGEMENT FEE 319,859
DISTRIBUTION FEES PAYABLE 11,811
OTHER PAYABLES AND 168,105
ACCRUED EXPENSES
TOTAL LIABILITIES 84,023,571
NET ASSETS $ 2,203,985,065
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 2,204,241,197
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (256,132)
NET ASSETS $ 2,203,985,065
</TABLE>
CLASS I: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($2,135,883,801 (DIVIDED BY)
2,136,132,019 SHARES)
CLASS II: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($30,829,342 (DIVIDED BY)
30,832,925 SHARES)
CLASS III: $1.00
NET ASSET VALUE, OFFERING PRICE
AND REDEMPTION PRICE PER
SHARE ($37,271,922 (DIVIDED BY)
37,276,253 SHARES)
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1998
INTEREST INCOME $ 85,459,254
EXPENSES
MANAGEMENT FEE $ 4,572,721
TRANSFER AGENT FEES
CLASS I 582,299
CLASS II 10,962
CLASS III 10,846
DISTRIBUTION FEES
CLASS II 62,927
CLASS III 97,356
ACCOUNTING FEES AND EXPENSES 288,482
NON-INTERESTED TRUSTEES' COMPENSATION 14,589
CUSTODIAN FEES AND EXPENSES 126,580
REGISTRATION FEES
CLASS I 164,333
CLASS II 54,659
CLASS III 48,767
AUDIT 58,019
LEGAL 12,750
TOTAL EXPENSES BEFORE REDUCTIONS 6,105,290
EXPENSE REDUCTIONS (1,416,150) 4,689,140
NET INTEREST INCOME 80,770,114
REALIZED AND UNREALIZED GAIN (LOSS) 143,752
NET REALIZED GAIN (LOSS) ON
INVESTMENT SECURITIES
INCREASE (DECREASE) IN NET (104)
UNREALIZED GAIN FROM ACCRETION
OF DISCOUNT
NET GAIN (LOSS) ON INVESTMENTS 143,648
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 80,913,762
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1998 1997
OPERATIONS $ 80,770,114 $ 71,100,888
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 143,752 (408,602)
INCREASE (DECREASE) IN NET UNREALIZED GAIN FROM ACCRETION OF DISCOUNT (104) 104
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 80,913,762 70,692,390
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INTEREST INCOME
CLASS I (78,055,074) (66,743,867)
CLASS II (1,433,516) (3,926,325)
CLASS III (1,281,524) (430,696)
TOTAL DISTRIBUTIONS (80,770,114) (71,100,888)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) AT NET ASSET VALUE OF $1.00 PER SHARE:
CLASS I 113,557,163 215,665,722
CLASS II (29,425,399) 59,290,424
CLASS III 10,958,613 25,329,175
TOTAL SHARE TRANSACTIONS 95,090,377 300,285,321
TOTAL INCREASE (DECREASE) IN NET ASSETS 95,234,025 299,876,823
NET ASSETS
BEGINNING OF PERIOD 2,108,751,040 1,808,874,217
END OF PERIOD $ 2,203,985,065 $ 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>
YEARS ENDED MARCH 31, TEN MONTH YEAR ENDED
PERIOD ENDED MAY 31,
MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 1995 1994
NET ASSET VALUE, BEGINNING OF PERIOD 1.000 1.000 1.000 1.000 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .035 .033 .036 .027 .024
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.035) (.033) (.036) (.027) (.024)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 3.60% 3.40% 3.70% 2.74% 2.44%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 2,135,884 $ 2,022,191 $ 1,806,918 $ 1,876,815 $ 2,390,663
RATIO OF EXPENSES TO AVERAGE NET ASSETS .20% C .20% C .19% C .18% A, C .18% C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 3.54% 3.34% 3.64% 3.20% A 2.41%
</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 TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT
FINANCIAL STATEMENTS - CONTINUED
FINANCIAL HIGHLIGHTS - CLASS II
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 D
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .034 .032 .013
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.034) (.032) (.013)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 3.44% 3.25% 1.34%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 30,829 $ 60,247 $ 968
RATIO OF EXPENSES TO AVERAGE NET ASSETS .35% C .35% C .35% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 3.41% 3.21% 3.17% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C>
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1998 1997 1996 E
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .033 .031 .013
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.033) (.031) (.013)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 3.34% 3.14% 1.30%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 37,272 $ 26,313 $ 988
RATIO OF EXPENSES TO AVERAGE NET ASSETS .45% C .45% C .45% A, C
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 3.28% 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
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 6, 1995
(COMMENCEMENT OF
SALE OF CLASS III
SHARES) TO MARCH
31, 1996.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED MARCH 31, 1998
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. At a special meeting of the shareholders
of Rated Money Market and Tax-Exempt, held on December 30, 1997,
shareholders approved an agreement and Plan of Reorganization of both
funds into Fidelity Institutional Cash Portfolios, effective on or
about May 29, 1998. On March 19, 1998, the Board of Trustees approved
a change in the names of Fidelity Institutional Cash Portfolios and
each fund, effective May 29, 1998 as follows: Fidelity Institutional
Cash Portfolios will change its name to Colchester Street Trust and
Treasury Only, Treasury, Government, Domestic, Money Market, Rated
Money Market and Tax-Exempt will change their names to Treasury Only
Portfolio, Treasury Portfolio, Government Portfolio, Domestic
Portfolio, Money Market Portfolio, Rated Money Market Portfolio and
Tax-Exempt Portfolio, respectively.
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 require 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.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends 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 (SEC), 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.
REVERSE REPURCHASE AGREEMENTS. For Government and Money Market, when a
reverse repurchase agreement was outstanding, each fund identified
cash and liquid securities as segregated in their custodian records
with a value at least equal to each fund's obligation under the
agreement.
INTERFUND LENDING PROGRAM. Pursuant to an Exemptive Order issued by
the SEC, the funds, along with other registered investment companies
having management contracts with FMR, may participate in an interfund
lending program. This program provides an alternative credit facitlity
allowing the funds to borrow from, or lend money to, other
participating funds. Information regarding each fund's participation
in the program is included under the caption "Other Information" at
the end of each applicable fund's schedule of investments.
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. 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
2. OPERATING POLICIES - CONTINUED
WHEN-ISSUED SECURITIES - CONTINUED
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. Information regarding restricted securities is included
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
$366,682,540 at 5.94%, $530,130,925 at 5.97%, $3,643,604,699 at 5.98%,
$302,887,500 at 5.50%, $58,494,418 at 5.48%, $171,581,425 at 5.49%,
$335,643,930 at 5.49%, $30,831,092 at 5.51%, and $82,200,000 at 5.50%
for Treasury, and $1,287,411,505 at 6.08%, $141,939,000 at 5.54%,
$28,402,111 at 5.50%, $93,759,888 at 5.55%, $100,492,444 at 5.54%,
$90,693,750 at 5.55%, $51,351,389 at 5.56%, $127,138,991 at 5.94%, and
$2,806,466 at 5.98% for Government. The investments in repurchase
agreements through the joint trading account are summarized as
follows:
SUMMARY OF JOINT TRADING
DATED MARCH 31, 1998, DUE APRIL 1, 1998 AT 5.94%
Number of dealers or banks 8
Maximum amount with one dealer or bank 20.6%
Aggregate principal amount of agreements $627,561,000
Aggregate maturity amount of agreements $627,664,629
Aggregate market value of transferred assets $641,253,057
Coupon rates of transferred assets 0% to 11.88%
Maturity dates of transferred assets 4/9/98 to 8/15/27
DATED MARCH 31, 1998, DUE APRIL 1, 1998 AT 5.97%
Number of dealers or banks 6
Maximum amount with one dealer or bank 34.3%
Aggregate principal amount of agreements $540,000,000
Aggregate maturity amount of agreements $540,089,577
Aggregate market value of transferred assets $551,696,193
Coupon rates of transferred assets 0% to 10.38%
Maturity dates of transferred assets 4/23/98 to 8/15/27
DATED MARCH 31, 1998, DUE APRIL 1, 1998 AT 5.98%
Number of dealers or banks 14
Maximum amount with one dealer or bank 30.2%
Aggregate principal amount of agreements $4,567,670,000
Aggregate maturity amount of agreements $4,568,428,184
Aggregate market value of transferred assets $4,664,666,414
Coupon rates of transferred assets 0% to 11.88%
Maturity dates of transferred assets 4/23/98 to 11/15/27
DATED MARCH 31, 1998, DUE APRIL 1, 1998 AT 6.08%
Number of dealers or banks 5
Maximum amount with one dealer or bank 32.4%
Aggregate principal amount of agreements $1,542,194,000
Aggregate maturity amount of agreements $1,542,454,594
Aggregate market value of transferred assets $1,577,321,906
Coupon rates of transferred assets 0% to 9%
Maturity dates of transferred assets 4/10/98 to 8/1/37
DATED JANUARY 7, 1998, DUE APRIL 7, 1998 AT 5.54%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $202,770,000
Aggregate market value of transferred assets $204,037,564
Coupon rate of transferred assets 6.20%
Maturity date of transferred assets 4/1/34
DATED JANUARY 16, 1998, DUE APRIL 20, 1998 AT 5.50%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $40,000,000
Aggregate maturity amount of agreements $40,574,444
Aggregate market value of transferred assets $42,293,551
Coupon rates of transferred assets 0% to 10.50%
Maturity dates of transferred assets 8/1/98 to 2/1/28
DATED FEBRUARY 26, 1998, DUE APRIL 20, 1998 AT 5.55%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $201,634,167
Aggregate market value of transferred assets $204,000,000
Coupon rates of transferred assets 6.20% to 7%
Maturity dates of transferred assets 12/1/24 to 4/1/35
3. JOINT TRADING ACCOUNT - CONTINUED
DATED MARCH 19, 1998, DUE APRIL 20, 1998 AT 5.54%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $100,000,000
Aggregate maturity amount of agreements $100,492,444
Aggregate market value of transferred assets $102,191,850
Coupon rates of transferred assets 6% to 7.50%
Maturity dates of transferred assets 11/1/07 to 12/1/27
DATED FEBRUARY 26, 1998, DUE APRIL 30, 1998 AT 5.50%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $350,000,000
Aggregate maturity amount of agreements $353,368,750
Aggregate market value of transferred assets $357,072,189
Coupon rates of transferred assets 0% to 14%
Maturity dates of transferred assets 4/2/98 to 2/15/27
DATED MARCH 11, 1998, DUE APRIL 30, 1998 AT 5.55%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $201,541,667
Aggregate market value of transferred assets $206,169,372
Coupon rate of transferred assets 8.50%
Maturity date of transferred assets 9/15/24 to 12/15/27
DATED MARCH 4, 1998, DUE MAY 4, 1998 AT 5.49%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $201,860,500
Aggregate market value of transferred assets $204,041,251
Coupon rates of transferred assets 0% to 14%
Maturity dates of transferred assets 4/2/98 to 2/15/27
DATED MARCH 9, 1998, DUE MAY 4, 1998 AT 5.48%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $70,000,000
Aggregate maturity amount of agreements $70,596,711
Aggregate market value of transferred assets $71,414,438
Coupon rates of transferred assets 0% to 14%
Maturity dates of transferred assets 4/2/98 to 2/15/27
DATED MARCH 10, 1998, DUE JUNE 10, 1998 AT 5.49%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $400,000,000
Aggregate maturity amount of agreements $405,612,000
Aggregate market value of transferred assets $411,296,524
Coupon rates of transferred assets 5.13% to 14%
Maturity dates of transferred assets 12/31/98 to 11/15/27
DATED JANUARY 6, 1998, DUE JULY 6, 1998 AT 5.51%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $250,000,000
Aggregate maturity amount of agreements $256,925,764
Aggregate market value of transferred assets $256,185,356
Coupon rate of transferred assets 6.38%
Maturity date of transferred assets 5/15/00
DATED JANUARY 7, 1998, DUE JULY 6, 1998 AT 5.50%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $80,000,000
Aggregate maturity amount of agreements $82,200,000
Aggregate market value of transferred assets $81,600,623
Coupon rate of transferred assets 5.50%
Maturity date of transferred assets 3/31/00
DATED MARCH 23, 1998, DUE SEPTEMBER 14, 1998 AT 5.56%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $300,000,000
Aggregate maturity amount of agreements $308,108,333
Aggregate market value of transferred assets $309,009,753
Coupon rate of transferred assets 8.50%
Maturity dates of transferred assets 11/15/17 to 12/15/27
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser (effective May 31,
1997 for Treasury Only and January 1, 1998 for Rated Money Market),
FMR receives a fee that is computed daily at an annual rate of .20% of
average net assets.
For Treasury Only (prior to May 31, 1997) and Rated Money Market
(prior to January 1, 1998), FMR paid all expenses except the
compensation of the non-interested Trustees and certain exceptions
such as interest, taxes, brokerage commissions and extraordinary
expenses. FMR received a fee that was computed daily at an annual rate
of .42% of each funds' average net assets, reduced by the fees and
expenses paid by each fund to the non-interested Trustees.
SUB-ADVISER FEE. As each fund's investment sub-adviser, Fidelity
Investments Money Management, Inc. (formerly 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 (the Plans) of Class II and Class III, and in accordance
with Rule 12b-1 of the 1940 Act, Class II and Class III pay 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 by Class II
4. FEES AND OTHER TRANSACTIONS WITH
AFFILIATES - CONTINUED
DISTRIBUTION AND SERVICE PLAN - CONTINUED
of Treasury Only, Class II of Treasury, and Class III of Government,
approximately $19,000, $77,000, and $10,000, respectively, were
retained by FDC. All of the fees paid to FDC by the remaining classes
were paid to security dealers, banks and other financial institutions
for selling Class II and Class III shares and providing shareholder
support services.
Under the Plans of Class I, Class II, and Class III, FMR may use its
resources to pay administrative and promotional expenses related to
the sale of each fund's class of shares. Subject to the approval of
the Board of Trustees, the Plans also authorize FMR to pay FDC for
payments to third parties that assist in the sale of each class'
shares or render shareholder support services. For the period, FMR
made payments through FDC to third parties under the Plans of
approximately:
CLASS I CLASS II CLASS III
Treasury Only $ 146,000 $ 3,000 $ 6,000
Treasury $ 97,000 $ 3,000 $ 31,000
Government $ 96,000 $ 3,000 $ 94,000
Domestic $ 17,000 $ 1,000 $ 4,000
Money Market $ 114,000 $ 8,000 $ 36,000
Rated Money Market $ - $ - $ -
Tax-Exempt $ 28,000 $ 2,000 $ 2,000
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.
For the period, the transfer agent fees were equivalent to the
following annual rates as a percentage of average net assets:
CLASS I CLASS II CLASS III
Treasury Only .04%* .03%* .03%*
Treasury .03% .03% .02%
Government .03% .03% .03%
Domestic .04% .05% .03%
Money Market .02% .03% .03%
Rated Money Market .03%* .00%* .02%*
Tax-Exempt .03% .03% .03%
* Annualized
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 annual rate of .20% (.18% for Money Market) of average
net assets. For the period, the reimbursement reduced expenses by the
following:
CLASS I CLASS II CLASS III
Treasury Only $ 960,302 $ 53,777 $ 89,138
Treasury $ 2,373,250 $ 191,827 $ 1,491,764
Government $ 1,782,551 $ 138,180 $ 813,571
Domestic $ 702,364 $ 22,916 $ 89,996
Money Market $ 6,315,440 $ 116,067 $ 498,327
Rated Money Market $ 613,964 $ 34,983 $ 79,983
Tax-Exempt $ 1,220,139 $ 73,362 $ 67,599
In addition, certain funds have entered into arrangements with their
custodian and transfer agent whereby credits realized as a result of
uninvested cash balances were used to reduce a portion of the each
applicable fund's expenses. During the period, custodian fees were
reduced by $11,810, $51, $8,855, $12,929, $3,030 and $47,848, under
the custodian arrangements for Treasury Only, Treasury, Domestic,
Money Market, Rated Money Market and Tax-Exempt, respectively. For
Tax-Exempt, transfer agent fees for Class I were reduced by $7,202
under its transfer agent arrangement during the period.
6. BENEFICIAL INTEREST.
At the end of the period, certain shareholders were record owners of
approximately 10% or more of the total outstanding shares of the
following funds:
BENEFICIAL INTEREST
FUND NUMBER OF SHAREHOLDERS % OWNERSHIP
Treasury Only 2 28%
Treasury 1 27%
Tax-Exempt 1 17%
Government 1 15%
7. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1998 1997
TREASURY ONLY CLASS I $ 3,763,808,828 $ 4,229,941,785
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 12,396,796 12,828,520
SHARES REDEEMED (3,990,429,016) (4,447,100,336)
NET INCREASE (DECREASE) IN SHARES $ (214,223,392) $ (204,330,031)
TREASURY ONLY CLASS II $ 353,599,058 $ 298,699,093
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 1,098,235 554,623
SHARES REDEEMED (374,357,881) (242,846,602)
NET INCREASE (DECREASE) IN SHARES $ (19,660,588) $ 56,407,114
TREASURY ONLY CLASS III $ 458,981,861 $ 244,892,862
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 1,415,477 686,016
SHARES REDEEMED (395,939,453) (213,665,921)
NET INCREASE (DECREASE) IN SHARES $ 64,457,885 $ 31,912,957
TREASURY CLASS I $ 56,382,827,620 $ 51,392,833,560
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 104,974,998 130,991,169
SHARES REDEEMED (57,587,789,160) (53,163,171,287)
(1,099,986,542) (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 $ (1,099,986,542) $ (1,535,973,372)
TREASURY CLASS II $ 11,473,941,319 $ 1,147,452,055
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 3,111,085 2,108,503
SHARES REDEEMED (11,156,445,957) (1,100,225,749)
NET INCREASE (DECREASE) IN SHARES $ 320,606,447 $ 49,334,809
TREASURY CLASS III $ 31,755,413,322 $ 25,507,021,888
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 37,736,905 32,616,119
SHARES REDEEMED (32,418,433,085) (23,350,573,572)
NET INCREASE (DECREASE) IN SHARES $ (625,282,858) $ 2,189,064,435
GOVERNMENT CLASS I $ 32,090,184,246 $ 31,288,279,248
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 77,830,952 63,368,555
SHARES REDEEMED (31,450,409,491) (31,605,172,055)
NET INCREASE (DECREASE) IN SHARES $ 717,605,707 $ (253,524,252)
GOVERNMENT CLASS II $ 2,201,077,655 $ 1,467,303,108
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 3,539,770 1,412,751
SHARES REDEEMED (2,161,302,172) (1,360,167,468)
NET INCREASE (DECREASE) IN SHARES $ 43,315,253 $ 108,548,391
GOVERNMENT CLASS III $ 8,833,518,097 $ 5,816,665,826
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 28,319,356 13,902,680
SHARES REDEEMED (8,846,243,887) (5,366,035,152)
NET INCREASE (DECREASE) IN SHARES $ 15,593,566 $ 464,533,354
</TABLE>
7. SHARE TRANSACTIONS - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1998 1997
DOMESTIC CLASS I $ 13,489,220,102 $ 12,924,621,129
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 35,344,269 31,498,935
SHARES REDEEMED (13,273,276,636) (13,154,461,536)
NET INCREASE (DECREASE) IN SHARES $ 251,287,735 $ (198,341,472)
DOMESTIC CLASS II $ 289,381,235 $ 35,713,425
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 374,388 151,907
SHARES REDEEMED (259,533,241) (33,734,372)
NET INCREASE (DECREASE) IN SHARES $ 30,222,382 $ 2,130,960
DOMESTIC CLASS III $ 807,974,724 $ 696,271,795
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 2,910,394 2,897,940
SHARES REDEEMED (859,302,969) (624,846,724)
NET INCREASE (DECREASE) IN SHARES $ (48,417,851) $ 74,323,011
MONEY MARKET CLASS I $ 65,588,662,837 $ 67,413,397,877
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 336,986,110 299,702,868
SHARES REDEEMED (65,255,552,989) (65,464,948,260)
NET INCREASE (DECREASE) IN SHARES $ 670,095,958 $ 2,248,152,485
MONEY MARKET CLASS II $ 1,181,841,213 $ 1,362,898,014
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 4,744,814 5,216,271
SHARES REDEEMED (1,268,195,640) (1,264,714,433)
NET INCREASE (DECREASE) $ (81,609,613) $ 103,399,852
MONEY MARKET CLASS III $ 4,398,573,161 $ 4,306,231,929
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 22,812,626 14,063,111
SHARES REDEEMED (4,377,611,537) (4,105,748,648)
NET INCREASE (DECREASE) IN SHARES $ 43,774,250 $ 214,546,392
RATED MONEY MARKET CLASS I $ 2,739,637,975 $ 2,332,079,346
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 15,109,212 12,977,967
SHARES REDEEMED (2,763,814,126) (2,255,932,419)
NET INCREASE (DECREASE) IN SHARES $ (9,066,939) $ 89,124,894
RATED MONEY MARKET CLASS II $ 478,273,085 $ 159,000,255
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 1,451,336 420,837
SHARES REDEEMED (470,566,779) (149,962,537)
NET INCREASE (DECREASE) IN SHARES $ 9,157,642 $ 9,458,555
RATED MONEY MARKET CLASS III $ 527,119,170 $ 110,378,099
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 2,304,718 498,792
SHARES REDEEMED (470,679,681) (95,832,430)
NET INCREASE (DECREASE) IN SHARES $ 58,744,207 $ 15,044,461
</TABLE>
7. SHARE TRANSACTIONS - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1998 1997
TAX-EXEMPT CLASS I $ 11,327,645,715 $ 11,513,515,390
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 20,424,015 17,161,222
SHARES REDEEMED (11,234,512,567) (11,315,010,890)
NET INCREASE (DECREASE) IN SHARES $ 113,557,163 $ 215,665,722
TAX-EXEMPT CLASS II $ 370,381,704 $ 560,462,788
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 1,356,603 3,641,145
SHARES REDEEMED (401,163,706) (504,813,509)
NET INCREASE (DECREASE) IN SHARES $ (29,425,399) $ 59,290,424
TAX-EXEMPT CLASS III $ 164,781,646 $ 114,945,562
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 1,159,670 362,928
SHARES REDEEMED (154,982,703) (89,979,315)
NET INCREASE (DECREASE) IN SHARES $ 10,958,613 $ 25,329,175
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Institutional Tax-Exempt Cash Portfolios
and the Shareholders of Tax-Exempt
To the Trustees of Fidelity Institutional Cash Portfolios and the
Shareholders of Treasury Only and
To the Trustees of Fidelity Money Market Trust and the Shareholders of
Rated Money Market:
We have audited the accompanying statements of assets and liabilities
of Fidelity Institutional Tax-Exempt Cash Portfolios: Tax-Exempt
(Class I, II and III), Fidelity Institutional Cash Portfolios:
Treasury Only (Class I, II and III), and Fidelity Money Market Trust:
Rated Money Market (Class I, II and III), including the schedules of
portfolio investments, as of March 31, 1998, and the related
statements of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then
ended and the financial highlights for each of the periods indicated.
These financial statements and financial highlights are the
responsibility of the fund's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of March 31, 1998 by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Fidelity Institutional Tax-Exempt Cash
Portfolios: Tax-Exempt (Class I, II and III), Fidelity Institutional
Cash Portfolios: Treasury Only (Class I, II and III), and Fidelity
Money Market Trust: Rated Money Market (Class I, II and III) as of
March 31, 1998, the results of their operations for the year then
ended, the changes in their net assets for each of the two years in
the period then ended, and the financial highlights for each of the
periods indicated, in conformity with generally accepted accounting
principles.
/s/COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND LLP.
Boston, Massachusetts
May 1, 1998
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Institutional Cash Portfolios and the
Shareholders of Treasury, Government, Domestic and Money Market:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Treasury, Government, Domestic and Money Market funds of Fidelity
Institutional Cash Portfolios at March 31, 1998, the results of each
of their operations for the year then ended, and the changes in each
of their net assets and the financial highlights for the periods
indicated, in conformity with generally accepted accounting
principles. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the
responsibility of the Fidelity Institutional Cash Portfolio's
management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of
these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which
included confirmation of securities at March 31, 1998 by
correspondence with the custodian and the application of alternative
auditing procedures where securities purchased were not yet received
by the custodian, provide a reasonable basis for the opinion expressed
above.
/s/Price Waterhouse LLP
Price Waterhouse LLP
Boston, Massachusetts
May 1, 1998
PROXY VOTING RESULTS
A special meeting of the funds' shareholders was held on December 30,
1997. The results of votes taken among shareholders on proposals are
listed below.
PROPOSAL 1
To elect as Trustees of Fidelity Institutional Cash Portfolios the
following twelve nominees.
# OF % OF
SHARES VOTED SHARES VOTED
RALPH F. COX
AFFIRMATIVE 15,985,195,154.210 97.765
WITHHELD 365,477,545.860 2.235
TOTAL 16,350,672,700.070 100.00
PHYLLIS BURKE DAVIS
AFFIRMATIVE 16,047,354,660.160 98.145
WITHHELD 303,318,039.910 1.855
TOTAL 16,350,672,700.070 100.00
ROBERT M. GATES
AFFIRMATIVE 16,048,187,490.350 98.150
WITHHELD 302,485,209.720 1.85
TOTAL 16,350,672,700.070 100.00
EDWARD C. JOHNSON 3D
AFFIRMATIVE 16,040,654,904.120 98.104
WITHHELD 310,017,795.950 1.896
TOTAL 16,350,672,700.070 100.00
E. BRADLEY JONES
AFFIRMATIVE 16,039,291,307.920 98.096
WITHHELD 311,381,392.150 1.904
TOTAL 16,350,672,700.070 100.00
DONALD J. KIRK
AFFIRMATIVE 16,048,202,095.350 98.150
WITHHELD 302,470,604.720 1.850
TOTAL 16,350,672,700.070 100.00
# OF % OF
SHARES VOTED SHARES VOTED
PETER S. LYNCH
AFFIRMATIVE 16,047,712,009.170 98.147
WITHHELD 302,960,690.900 1.853
TOTAL 16,350,672,700.070 100.00
WILLIAM O. MCCOY
AFFIRMATIVE 16,048,205,984.350 98.150
WITHHELD 302,466,715.720 1.850
TOTAL 16,350,672,700.070 100.00
GERALD C. MCDONOUGH
AFFIRMATIVE 16,048,180,227.350 98.150
WITHHELD 302,492,472.720 1.850
TOTAL 16,350,672,700.070 100.00
MARVIN L. MANN
AFFIRMATIVE 16,048,204,111.350 98.150
WITHHELD 302,468,588.720 1.850
TOTAL 16,350,672,700.070 100.00
ROBERT C. POZEN
AFFIRMATIVE 16,048,188,205.350 98.150
WITHHELD 302,484,494.720 1.850
TOTAL 16,350,672,700.070 100.00
THOMAS R. WILLIAMS
AFFIRMATIVE 16,048,202,095.350 98.150
WITHHELD 302,470,604.720 1.850
TOTAL 16,350,672,700.070 100.00
PROPOSAL 2
To ratify the selection of Coopers & Lybrand L.L.P and Price
Waterhouse LLP as as independent accountants of the funds.
TREASURY ONLY
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 874,307,652.970 99.850
AGAINST 1,317,313.580 0.150
ABSTAIN .000 0.000
TOTAL 875,624,966.550 100.00
TREASURY
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 5,692,043,289.511 94.660
AGAINST 121,171,879.920 2.015
ABSTAIN 199,948,423.200 3.325
TOTAL 6,013,163,592.631 100.00
DOMESTIC
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 790,883,218.675 99.491
AGAINST 2,687,875.260 0.338
ABSTAIN 1,356,445.320 0.171
TOTAL 794,927,539.255 100.00
GOVERNMENT
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 2,457,358,207.924 99.107
AGAINST 15,286,706.130 0.617
ABSTAIN 6,855,340.830 0.276
TOTAL 2,479,500,254.884 100.00
MONEY MARKET
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 5,979,770,566.640 96.643
AGAINST 18,696,252.930 0.303
ABSTAIN 188,989,527.180 3.054
TOTAL 6,187,456,346.750 100.00
PROPOSAL 3
To amend Fidelity Institutional Cash Portfolios' Trust Instrument to
provide voting rights based on a shareholder's total dollar investment
in a fund, rather than on the number of shares owned.
TRUST
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 15,115,712,515.700 93.080
AGAINST 628,980,924.950 3.873
ABSTAIN 494,774,206.420 3.047
TOTAL 16,239,467,647.070 100.00
BROKER NON-VOTES 111,205,053.000
TREASURY ONLY
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 864,198,038.120 98.695
AGAINST 11,426,928.430 1.305
ABSTAIN .000 0.000
TOTAL 875,624,966.550 100.00
TREASURY ONLY - CLASS I
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 763,064,872.420 99.157
AGAINST 6,490,830.450 0.843
ABSTAIN .000 0.000
TOTAL 769,555,702.870 100.00
TREASURY ONLY - CLASS II
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 38,286,220.030 100.00
AGAINST .000 0.000
ABSTAIN .000 0.000
TOTAL 38,286,220.030 100.00
TREASURY ONLY - CLASS III
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 62,846,945.670 92.718
AGAINST 4,936,097.980 7.282
ABSTAIN .000 0.000
TOTAL 67,783,043.650 100.00
TREASURY
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 5,630,394,731.161 94.057
AGAINST 131,856,524.970 2.203
ABSTAIN 223,906,059.500 3.740
TOTAL 5,986,157,315.631 100.00
TREASURY - CLASS I
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 2,720,845,147.771 92.124
AGAINST 26,053,321.580 0.883
ABSTAIN 206,549,043.570 6.993
TOTAL 2,953,447,512.921 100.00
BROKER NON-VOTES 27,006,277.000
TREASURY - CLASS II
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 213,636,571.790 67.459
AGAINST 103,054,000.000 32.541
ABSTAIN .000 0.000
TOTAL 316,690,571.790 100.00
TREASURY - CLASS III
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 2,695,913,011.600 99.260
AGAINST 2,749,203.390 0.101
ABSTAIN 17,357,015.930 0.639
TOTAL 2,716,019,230.920 100.00
DOMESTIC
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 772,016,733.585 97.868
AGAINST 16,487,985.050 2.090
ABSTAIN 333,050.620 0.042
TOTAL 788,837,769.255 100.00
DOMESTIC - CLASS I
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 725,732,878.865 97.782
AGAINST 16,401,754.050 2.210
ABSTAIN 58,637.050 0.008
TOTAL 742,193,269.965 100.00
BROKER NON-VOTES 6,089,770.000
DOMESTIC - CLASS II
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 4,124,494.310 100.000
AGAINST .000 0.000
ABSTAIN .000 0.000
TOTAL 4,124,494.310 100.00
DOMESTIC - CLASS III
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 42,159,360.410 99.152
AGAINST 86,231.000 0.203
ABSTAIN 274,413.570 0.645
TOTAL 42,520,004.980 100.00
GOVERNMENT
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 2,409,500,700.134 98.570
AGAINST 28,145,509.920 1.151
ABSTAIN 6,820,577.830 0.279
TOTAL 2,444,466,787.884 100.00
GOVERNMENT - CLASS I
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 1,976,398,051.224 98.262
AGAINST 28,145,509.920 1.399
ABSTAIN 6,820,577.830 0.339
TOTAL 2,011,364,138.974 100.00
BROKER NON-VOTES 35,033,467.000
GOVERNMENT - CLASS II
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 55,883,114.210 100.00
AGAINST .000 0.000
ABSTAIN .000 0.000
TOTAL 55,883,114.210 100.00
GOVERNMENT - CLASS III
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 377,219,534.700 100.00
AGAINST .000 0.000
ABSTAIN .000 0.000
TOTAL 377,219,534.700 100.00
MONEY MARKET
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 5,439,602,312.700 88.530
AGAINST 441,063,976.580 7.178
ABSTAIN 263,714,518.470 4.292
TOTAL 6,144,380,807.750 100.00
BROKER NON-VOTES 43,075,539.000
MONEY MARKET - CLASS I
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 5,042,466,965.080 87.855
AGAINST 433,354,329.110 7.550
ABSTAIN 263,714,518.470 4.595
TOTAL 5,739,535,812.660 100.00
BROKER NON-VOTES 43,075,539.000
MONEY MARKET - CLASS II
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 51,708,463.970 99.475
AGAINST 273,108.540 0.525
ABSTAIN .000 0.000
TOTAL 51,981,572.510 100.00
MONEY MARKET - CLASS III
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 345,426,883.650 97.893
AGAINST 7,436,538.930 2.107
ABSTAIN .000 0.000
TOTAL 352,863,422.580 100.00
PROPOSAL 4
To adopt a fundamental limitation concerning diversification for
Treasury Only.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 835,793,005.530 95.451
AGAINST 39,350,553.970 4.494
ABSTAIN 481,407.050 0.055
TOTAL 875,624,966.550 100.00
PROPOSAL 5
To amend the fundamental limitation concerning diversification for
each of Treasury, Domestic, Government, Money Market, Rated Money
Market and Tax-Exempt.
TREASURY
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 5,577,526,997.851 93.174
AGAINST 184,111,741.270 3.075
ABSTAIN 224,518,576.510 3.751
TOTAL 5,986,157,315.631 100.00
BROKER NON-VOTES 27,006,277.000
DOMESTIC
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 780,464,265.005 98.939
AGAINST 1,964,885.760 0.249
ABSTAIN 6,408,618.490 0.812
TOTAL 788,837,769.255 100.00
BROKER NON-VOTES 6,089,770.000
GOVERNMENT
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 2,284,178,044.624 93.443
AGAINST 146,393,506.150 5.989
ABSTAIN 13,895,237.110 0.568
TOTAL 2,444,466,787.884 100.00
BROKER NON-VOTES 35,033,467.000
MONEY MARKET
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 5,242,544,818.150 85.323
AGAINST 670,063,571.460 10.905
ABSTAIN 231,772,418.140 3.772
TOTAL 6,144,380,807.750 100.00
BROKER NON-VOTES 43,075,539.000
RATED MONEY MARKET
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 213,474,107.660 94.886
AGAINST 3,990,137.620 1.774
ABSTAIN 7,514,785.820 3.340
TOTAL 224,979,031.100 100.00
TAX-EXEMPT
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 1,180,846,274.700 94.032
AGAINST 42,227,105.030 3.363
ABSTAIN 32,714,104.880 2.605
TOTAL 1,255,787,484.610 100.00
PROPOSAL 6
To adopt a fundamental limitation concerning commodities for each of
Treasury, Domestic, Government and Money Market.
TREASURY
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 5,412,419,094.571 90.416
AGAINST 349,731,274.000 5.842
ABSTAIN 224,006,947.060 3.742
TOTAL 5,986,157,315.631 100.00
BROKER NON-VOTES 27,006,277.000
DOMESTIC
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 772,980,305.735 97.990
AGAINST 30,935.000 0.004
ABSTAIN 15,826,528.520 2.006
TOTAL 788,837,769.255 100.00
BROKER NON-VOTES 6,089,770.000
GOVERNMENT
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 2,398,711,093.464 98.128
AGAINST 38,905,761.590 1.592
ABSTAIN 6,849,932.830 0.280
TOTAL 2,444,466,787.884 100.00
BROKER NON-VOTES 35,033,467.000
MONEY MARKET
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 5,766,896,293.810 93.856
AGAINST 135,250,518.900 2.202
ABSTAIN 242,233,995.040 3.942
TOTAL 6,144,380,807.750 100.00
BROKER NON-VOTES 43,075,539.000
PROPOSAL 7
To amend Tax-Exempt's fundamental investment limitation concerning the
concentration of its investments in a single industry.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 1,206,690,903.190 96.090
AGAINST 42,227,105.030 3.363
ABSTAIN 6,869,476.390 0.547
TOTAL 1,255,787,484.610 100.00
PROPOSAL 8
To eliminate Rated Money Market fundamental investment limitation
concerning writing or purchasing put or call options.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 209,392,601.390 93.072
AGAINST 4,840,735.250 2.152
ABSTAIN 10,745,694.460 4.776
TOTAL 224,979,031.100 100.00
PROPOSAL 9
To approve an amended management contract for Rated
Money Market.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 200,784,205.170 89.246
AGAINST 16,680,040.110 7.414
ABSTAIN 7,514,785.820 3.340
TOTAL 224,979,031.100 100.00
PROPOSAL 10
To approve an Agreement and Plan providing for the reorganization of
each Rated Money Market and Tax-Exempt from separate series of
Delaware business trusts to another.
RATED MONEY MARKET
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 216,639,916.480 96.293
AGAINST 824,328.800 .367
ABSTAIN 7,514,785.820 3.340
TOTAL 224,979,031.100 100.00
TAX-EXEMPT
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 1,242,381,924.160 98.932
AGAINST 12,446,540.570 0.992
ABSTAIN 959,019.880 0.076
TOTAL 1,255,787,484.610 100.00
INVESTMENT ADVISOR
Fidelity Management & Research Company
Boston MA
INVESTMENT SUB-ADVISOR
Fidelity Investments Money Management, Inc.
Merrimack, NH
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
Eric D. Roiter, 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
