FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
SEMIANNUAL REPORT
NOVEMBER 30, 1994
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIO
INVESTMENTS/NOVEMBER 30, 1994 (UNAUDITED)
(SHOWING PERCENTAGE OF TOTAL VALUE OF
INVESTMENT IN SECURITIES)
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - 100%
ALABAMA - 0.6%
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Homewood Gardens Proj.)
Series 1991 C, 4.20%,
LOC Southtrust Bank, VRDN $ 2,350,000 $ 2,350,000
Decatur Poll. Cont. Rev. Rfdg. (Monsanto Company Proj.) Series 1994, 3.60%,
VRDN 3,115,000 3,115,000
Tarrant City Ind. Dev. Board Rev. (Philip Morris Cos. Inc.) Series 1993,
3.80%, VRDN 2,300,000 2,300,000
Tuscaloosa County Port Auth. Rev. (Capstone Hotel Ltd. Proj.) Series 1989
A, 4.20%,
LOC South Trust Bank, VRDN 4,555,000 4,555,000
12,320,000
ALASKA - 1.1%
Valdez Marine Terminal Rev. Rfdg. Bonds:
(Atlantic Richfield Company) Series 1994 C, 3.45%, tender 12/14/94
8,000,000 8,000,000
(Exxon Pipeline Company Proj.) Series 1993 C, 3.60%, tender 1/30/95
16,775,000 16,770,806
24,770,806
ARIZONA - 3.5%
Apache County Ind. Dev. Auth., VRDN:
(Tucson Elec. Pwr. Co. Proj.) Series 1981 B, 3.65%, LOC Mitsubishi Bank
2,500,000 2,500,000
(Tucson Elec. Pwr. Co. Springerville Proj.) Series 1983 A, 3.65%, LOC
Barclays Bank 6,800,000 6,800,000
Arizona Health Facs. Auth. Rev. (Samcor 1986 Loan Pool-Samaritan Health
Care) 3.95%,
(FGIC Insured) VRDN 19,430,000 19,430,000
Maricopa County Ind. Dev. Auth. Rev. (Royal Oaks - Sun City Proj.) Series
1990, 4.15%,
LOC Security Pacific Nat'l. Bank, VRDN 4,800,000 4,800,000
Maricopa County Poll. Cont. Rev. Bonds:
(Southern California Edison Co.):
Series 1985 D, 3.45%, tender 12/19/94 5,450,000 5,450,000
Series 1985 F, 3.45%, tender 12/12/94 5,600,000 5,600,000
Salt River Proj. Agric. Impt. & Pwr. Dist., 3.60% 1/19/95, CP 23,200,000
23,200,000
Tempe Arizona Ind. Dev. Auth. Multi-Family Hsg. (Elliot's Crossing Apts.)
Series 1985, 3.65%,
LOC Citibank, VRDN 4,150,000 4,150,000
Tucson Ind. Dev. Auth. Multi-Family Hsg. Rev. (Lincoln Garden Proj.) 3.85%,
LOC Sumitomo Bank, VRDN 5,145,000 5,145,000
77,075,000
ARKANSAS - 0.7%
Crossett Poll. Cont. Rev. (Georgia-Pacific Corp. Proj.) Series 1991, 3.80%,
LOC Trust Company Bank, VRDN 3,500,000 3,500,000
Little Rock Health Facs. Board Rev. (S.W. Hospital) Series 1988, 3.675%,
(Liquidity Facility Bank of Nova Scotia), VRDN 12,100,000 12,100,000
15,600,000
CALIFORNIA - 9.2%
California Dept. of Wtr. Resources Wtr. Rev. Series 1, 3.75% 1/11/95
(Liquidity Facility Canadian Imperial
Bank, Swiss Bank Corp.) CP 11,137,000 11,137,000
California Gen. Oblig. Adj. Rate RAN Series 1994-95 B, 3.82% 6/28/95
64,000,000 63,991,334
California Poll. Cont. Fing. Auth. (Pacific Gas & Electric), 3.75%, tender
1/11/95, LOC Credit Suisse 3,700,000 3,700,000
California RAN 3.75% 12/21/94 23,000,000 23,001,936
California TRAN (Cash Reserve Prog. Auth.) Series A, 4.50% 7/5/95
43,000,000 43,183,724
East Bay Muni. Wtr. Sys. Rev. Series 1988, 3.45% 12/16/94, (Liquidity
Facility Sanwa Bank) CP 3,200,000 3,200,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
CALIFORNIA - CONTINUED
Los Angeles County Multi-Family Hsg. (Meadowridge Apt. Proj.) Series 1994
B, 3.80%,VRDN $ 2,100,000 $ 2,100,000
Los Angeles County TRAN 4.50% 6/30/94 12,500,000 12,526,091
Los Angeles Dept. of Wtr. and Pwr. Elec., 3.45% 12/19/94, CP 4,000,000
4,000,000
Los Angeles Wastewater Sys., 3.45% 12/16/94, (Liquidity Facility Sumitomo
Bank) CP 9,700,000 9,700,000
Metropolitan Wtr. Dist. of Southern California, 3.45% 12/16/94, CP
5,000,000 5,000,000
Orange County Apt Dev. Rev. Bonds Issue #1 (The Irvine Co.) Series 1985,
3.70%, tender 12/6/94,
LOC Dai-Ichi Kangyo Bank 15,450,000 15,450,000
Sacramento Muni Util. Dist. Series H, 3.40% 12/20/94, LOC Morgan Guaranty
Trust Co., Bank of America, CP 5,000,000 5,000,000
201,990,085
COLORADO - 1.9%
Arapahoe County Cap. Impt. Trust Fund Hwy. Rev. (E-470 Proj.) Series D,
2.85%, tender 2/28/95,
LOC Union Bank of Switzerland 7,900,000 7,900,000
Broomfield County Variable Rate TRAN, Series 1994, 4.887% 12/30/94
3,900,000 3,900,000
Colorado TRAN, 4.50% 6/27/95 5,900,000 5,919,379
Englewood County Multi-Family Hsg. Rev. (The Marks Apts.) Series 1985 A,
3.65%, LOC Citibank, VRDN 4,080,000 4,080,000
Jefferson County School Dist. Participating VRDN, Series BT-5, 3.875%, BPA
Bankers Trust (b) 9,500,000 9,500,000
Moffat County Poll. Cont. Rev. (UTE Elec. Assoc., Inc.) Series 1984, 3.65%,
VRDN 10,000,000 10,000,000
41,299,379
DELAWARE - 0.3%
Delaware Econ. Dev. Auth. Poll. Cont. Rev. (Philip Morris Co. Inc. Proj.)
Series 1992, 3.80%, VRDN 3,300,000 3,300,000
Delaware Econ. Dev. Auth. Rev. (Peninsula United Methodist Homes Inc.)
Series 1992 B, 4%,
LOC Meridian Bank, VRDN 3,800,000 3,800,000
7,100,000
DISTRICT OF COLUMBIA - 1.2%
Dist. of Columbia Gen. Oblig.: (b)
Participating VRDN, Series B-40, 4%, (FSA Insured) (Liquidity Facility
Sakura Bank) 5,300,000 5,300,000
Participating VRDN, Series PA-64, 3.95%, (FGIC Insured) (Liquidity
Facility Merrill Lynch & Co., Inc.) 10,240,000 10,240,000
Series 1991 B-3, 3.55%, LOC Westdeutsche Bank, VRDN 11,800,000
11,800,000
27,340,000
FLORIDA - 9.5%
Broward County Fin. Auth. Multi-Family Hsg.,VRDN:
(Palm Aire-Oxford Proj.) Series 1990, 3.80% 1,620,000 1,620,000
(Sanctuary Apts. Proj.) Series 1985, 3.75%, LOC PNC Bank N.A. 4,300,000
4,300,000
Dade County Aviation Facs. Rev., Series 1984 A, 3.65%, LOC Fuji Bank, VRDN
1,900,000 1,900,000
Dade County Ind. Dev. Auth. Rev., VRDN:
(Dolphins Stadium Proj.):
Series 1985 B, 3.70%, LOC Citibank & Marine Midland Bank 1,600,000
1,600,000
Series 1985 D, 3.70%, LOC Citibank & Marine Midland Bank 6,600,000
6,600,000
(South Dade Commty. Ctr.) 3.80%, LOC Sunbank 1,515,000 1,515,000
Escambia County Poll. Cont. Rev. Rfdg. (Monsanto Company Proj.) Series
1994, 3.60%, VRDN 4,775,000 4,775,000
Escambia County Rev. Rfdg. (Pacer Industries) Series 1991, 3.80%, LOC Trust
Company Bank, VRDN 1,700,000 1,700,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
FLORIDA - CONTINUED
Florida League of Cities (1st. Muni. Pooled Loan Prog.) Series 2, 3.55%
tender 12/7/94,
LOC Sumitomo Bank $ 2,900,000 $ 2,900,000
Florida Hsg. Fin. Agcy. Multi-Family Hsg. Rev., VRDN:
(Beville-Oxford Proj.) Series 1990 B, 3.80% (Continental Casualty
Guaranteed) 4,200,000 4,200,000
(Players Club) Series 1991 C, 3.88%, LOC Sumitomo Trust Bank 4,580,000
4,580,000
Florida Local Govt. Fin. Auth. Govt. Unit Loan Prog. Series 1986 A, 2.90%,
LOC First Union Nat'l. Bank of Florida 12,910,000 12,910,000
Indian River County Hosp. Dist. Rev.:
Series 1985, 3.80%, LOC Kreidietbank, VRDN 2,100,000 2,100,000
Series 1988, 3.80%, tender 2/9/95, LOC Kredietbank 2,000,000 2,000,000
Jacksonville Hosp. Rev., VRDN:
(Baptist Med. Ctr. Proj.) Series 1984, 3.625%, LOC First Union Nat'l. Bank
of North Carolina 2,500,000 2,500,000
(Univ. Med. Ctr. Proj.):
Series 1988, 3.825%, LOC Chemical Bank 19,000,000 19,000,000
Series 1989, 3.825%, LOC Barnett Bank 5,300,000 5,300,000
Jacksonville Ind. Dev. Rev. Rfdg. (Airport Hotel Proj.) Series 1993, 3.70%,
LOC Northern Trust, VRDN 3,000,000 3,000,000
Lee County Hosp. Board Hosp. Rev. (Liquidity Facility Industrial Bank of
Japan):
(Lee Memorial Hosp. Proj.):
Series 1985 D, 3.50%, tender 12/13/94 15,000,000 15,000,000
Series 1992 B, 3.95%, tender 1/11/95 2,000,000 2,000,000
Series 1992 B, 3.90%, tender 2/8/95 4,300,000 4,300,000
Series 1992 C, 3.95%, tender 2/14/95 6,000,000 6,000,000
Liberty County Ind. Dev. Rev. (Timber Energy Res. Inc. Proj.) Series 1994,
3.65%,
LOC Bank of Montreal, VRDN 2,300,000 2,300,000
Orange County Health Facs. Auth. (Mayflower Retirement Commty.) Series
1988, 3.85%,
LOC Banque Paribas, VRDN 5,900,000 5,900,000
Orange County Health Facs. Rfdg. Prog. Rev. Bonds Series 1985, 3.70%,
tender 1/24/95,
BPA Banque Paribas, (MBIA Insured) 3,600,000 3,600,000
Orange County School Dist. TAN 4.75% 6/30/95 15,500,000 15,564,649
Pasco County Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Carlton Arms of
Magnolia Valley) Series 1985, 3.875%,
LOC Bankers Trust, VRDN 2,000,000 2,000,000
Pinellas County Health Facs. Auth. Rev. (Bayfront Med.) 3.40%, (FGIC
Insured), VRDN 2,100,000 2,100,000
Sarasota County Pub. Hosp. Dist. Bonds (Sarasota Memorial Hospital):
Series 1991, (Liquidity Facility Sun Bank N.A.) :
3.45%, tender 12/20/94 3,100,000 3,100,000
3.65%, tender 1/18/95 5,000,000 5,000,000
3.65%, tender 1/19/95 5,000,000 5,000,000
3.60%, tender 1/26/95 4,000,000 4,000,000
3.60%, tender 1/27/95 5,000,000 5,000,000
3.70%, tender 1/26/95 4,500,000 4,500,000
Series 1993 A, (Liquidity Facility Goldman Sachs):
3.65%, tender 1/18/95 6,500,000 6,500,000
3.65%, tender 1/19/95 15,000,000 15,000,000
3.85%, tender 2/23/95 6,600,000 6,600,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
FLORIDA - CONTINUED
Sunshine State Governmental Fing. Commission:
3.60% 1/18/95, CP $ 8,500,000 $ 8,500,000
Series 1986, 3.90%, tender 3/10/95, LOC Morgan Guaranty, Nat'l.
Westminster Bank,
Union Bank of Switzerland 5,000,000 5,000,000
209,464,649
GEORGIA - 7.4%
Burke County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co.) Series 1994,
3.45%, VRDN 3,000,000 3,000,000
Cobb County Dev. Auth. Rev. (Institute Of Nuclear Operations) Series 1992,
3.80%, LOC Trust Company Bank 1,100,000 1,100,000
Cobb County Gen. Oblig. TAN, Series 1994, 3.50% 12/30/94 14,500,000
14,506,081
Cobb County Wtr. & Swr. Participating VRDN, Series BT-11, 3.875%, BPA
Bankers Trust Co (b) 5,049,000 5,049,000
Columbia County Care Facs. Rev. (Augusta Residential Ctr./Brandon Wild
Lifecare Ctr.) 3.80%,
LOC Trust Company Bank, VRDN 2,665,000 2,665,000
Georgia Muni. Elec. Auth. Bonds (Gen. Resolution Proj.) Series 1985 B,
3.50%, tender 12/8/94,
BPA Morgan Guaranty Trust Co. 10,000,000 10,000,000
Georgia Muni. Elec. Auth. Participating VRDN : (b)
Series 1993 D, 3.84% (Liquidity Facility Citibank) 29,600,000
29,600,000
Series 1994 D, 3.88% (Liquidity Facility Norwest Bank N.A.) (FGIC Insured)
8,000,000 8,000,000
Series 1994 D, 3.92% (Liquidity Facility Citibank) (MBIA Insured)
22,400,000 22,400,000
Georgia Muni. Gas Auth. Rev. Bonds):
(Southern Portfolio Proj.) Series 1991 C, 3.70%, tender 1/24/95, LOC
Wachovia Bank of North Carolina 2,000,000 2,000,000
(Transco Proj. I) Series 1991 A, 3.95%, tender 2/23/95, LOC Credit Suisse
9,285,000 9,285,000
Fulton County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Spring Creek
Crossing Proj.), 3.60%,
LOC Wachovia Bank of Georgia, VRDN 5,000,000 5,000,000
Fulton County Wtr. & Swr. Rev. Participating VRDN, Series PA-17, 3.90%,
(FGIC Insured)
(Liquidity Facility Merrill Lynch & Co. Inc.) (b) 1,320,000 1,320,000
Fulton-DeKalb County Hosp. Auth. RAN (Grady Health Sys. Proj.) 3.85%
12/30/94, LOC Wachovia Bank & Trust 15,400,000 15,403,963
Macon-Bibb County Hosp. Auth. Rev. Anticipation Cfts. (Med. Ctr. of
Georgia), 3.80%,
LOC Trust Company of Georgia, VRDN 4,100,000 4,100,000
Marietta Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Wood Pointe Apts.) Series
1993, 3.80%, VRDN 5,000,000 5,000,000
Roswell Hsg. Auth. Multi-Family Hsg. Rev., VRDN:
Rfdg. (Roswell-Oxford Proj.) Series 1990, 3.80% (Continental Casualty
Guaranteed) 18,980,000 18,980,000
(Autumnbrook Apts. Proj.) Series 1991 A, 3.85%, LOC Amsouth Bank
5,200,000 5,200,000
162,609,044
IDAHO - 0.1%
Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994 A,
3.60%, VRDN 3,000,000 3,000,000
ILLINOIS - 2.7%
Chicago Gen. Oblig. Participating VRDN, Series 9, 3.875%, BPA Bankers Trust
Co. (b) 5,553,900 5,553,900
Cook County Rev. (Catholic Charities Hosp.) Series 1988 A-1, 3.60%, LOC
Nat'l. Westminster Bank, VRDN 1,900,000 1,900,000
Illinois Dev. Fin. Auth. Rev.:
(Long Term Care Medicaid Prog.) Series 1994 A, 3.40% 12/15/94, LOC
Canadian Imperial Bank, CP 2,800,000 2,799,677
(Palos Commty. Hosp.), 3.65%, BPA Credit Suisse, VRDN 12,800,000
12,800,000
(WBEZ Alliance Inc. Proj.) Series 1994, 3.65%, LOC Lasalle Nat'l. Bank,
VRDN 4,600,000 4,600,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
ILLINOIS - CONTINUED
Illinois Edl. Facs. Auth. Rev.:
(Northwestern Univ.) Series 1988, 3.60%, VRDN $ 2,000,000 $ 2,000,000
(Shedd Aquarium Proj.) 3.35% tender, 3/9/95, LOC Mitsubishi Bank
5,000,000 5,000,000
(Univ. Pooled Prog.) Series 1985, 3.75%, BPA Mitsui Bank, (FGIC Insured),
VRDN 245,000 245,000
Illinois Gen. Oblig. TRAN 4.75% 6/15/95 5,000,000 5,017,412
Illinois Health Facs. Auth. Rev., VRDN:
(Evangelical Hosp. Proj.) 3.55%, LOC First Nat'l. Bank of Chicago
5,000,000 5,000,000
(Healthcorp Affiliates Proj.) Series 1985 B, 3.50%, LOC Fuji Bank
2,600,000 2,600,000
(LaGrange Mem. Health Sys.) Series 1990, 3.60%, LOC First Nat'l. Bank of
Chicago 1,600,000 1,600,000
(Lake Forest Hosp. Proj.) 4.25%, LOC First Nat'l. Bank of Chicago
4,000,000 4,000,000
(Pekin Mem. Hosp.) Series 1993 C, 3.75%, LOC Lasalle Bank 3,400,000
3,400,000
Northlake Econ. Dev. Rev. (Dominicks Finer Foods Inc. Proj.) Series 1991 B,
3.80%,
LOC Barclays Bank, VRDN 2,400,000 2,400,000
58,915,989
INDIANA - 2.3%
Fort Wayne Econ. Dev. Rev. (Edy's Grand Ice Cream Proj.) Series 1985,
3.875%,
LOC Bank of America, VRDN 4,750,000 4,750,000
Fort Wayne Hosp. Auth. Hosp. Rev. (Parkview Mem. Hosp. Proj.) VRDN:
Series B, 3.85%, LOC Toronto-Dominion Bank 1,105,000 1,105,000
Series D, 3.85%, LOC Toronto-Dominion Bank 2,460,000 2,460,000
Indianapolis Econ. Dev. Rev. Rfdg. (Rand McNally & Co. Proj.) Series 1989,
3.80%,
LOC First Union Nat'l. Bank of North Carolina, VRDN 4,000,000 4,000,000
Jasper County Poll. Cont. (Northern Indiana Pub. Serv. Proj.) Series 1988,
3.45%, tender 12/19/94,
LOC Barclays Bank 3,500,000 3,500,000
Merrillville Health Care Facs. Participating VRDN, 3.95%, LOC Bank One (b)
4,610,000 4,610,000
Richmond Econ. Dev. Rev. Rfdg. (Friends Fellowship Commty) Series 1993,
3.55%,
LOC Nat'l. Bank of Detroit, VRDN 3,900,000 3,900,000
Southbend Health Facs. (Regency Place) Participating VRDN, Series 1992 A,
3.95%,
LOC Bank One, (FHA Insured) (b) 3,390,000 3,390,000
Sullivan Poll. Cont. Rev. Bonds (Hoosier Energy) (National Rural Util. CFC
Guaranteed):
Series 1985 L-1, 3.60%, tender 1/17/95 6,255,000 6,255,000
Series 1985 L-2, 3.60%, tender 1/17/95 2,150,000 2,150,000
Series 1985 L-3, 3.45%, tender 12/12/94 6,700,000 6,700,000
Series 1985 L-3, 3.60%, tender 1/17/95 2,000,000 2,000,000
Series 1985 L-6, 3.45%, tender 12/12/94 5,960,000 5,960,000
50,780,000
KANSAS - 1.1%
Olathe Edl. Facs. Rev. (College Assoc. Pooled Ed. Loan Prog.) Series 1989
A, 3.70%,
LOC Marine Midland Bank, VRDN 23,150,000 23,150,000
KENTUCKY - 1.1%
Jefferson County Poll. Cont. Rev. Rfdg. (Philip Morris County Inc. Proj)
Series 1992, 3.80%, VRDN 1,300,000 1,300,000
Kentucky Assoc. of Counties Reinsurance Trust Rev. Series 1990, 3.85%,
LOC Hong Kong & Shanghai Banking, Marine Midland Bank, VRDN 13,700,000
13,700,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
KENTUCKY - CONTINUED
Louisville & Jefferson County Metro. Swr. Dist. Rev. Series 1993 A, 3.85%,
VRDN $ 5,000,000 $ 5,000,000
Simpson County Ind. Dev. Rev. (BOC Group Inc. Proj.) 3.80%, LOC Wachovia
Bank & Trust, VRDN 4,400,000 4,400,000
24,400,000
LOUISIANA - 2.3%
Lafayette Econ. Dev. Auth. Ind. Dev. Rev. Rfdg. (Holt Co. Proj.) 4%, LOC
Morgan Guaranty, VRDN 4,230,000 4,230,000
New Orleans Aviation Board Rfdg. Series 1993 B, 3.60%, BPA Industrial Bank
of Japan (MBIA Insured), VRDN 1,200,000 1,200,000
Orleans Levee Dist. Rev.:
(Cap. Recovery Funding) Series 1988 A, 3.70%, LOC Fuji Bank,VRDN
15,000,000 15,000,000
(Levee Impt.) Series 1986, 3.95%, LOC Fuji Bank, VRDN 1,240,000
1,240,000
(Pub. Impt.) Series 1986, 3.95%, LOC Fuji Bank, VRDN 7,445,000
7,445,000
Participating VRDN, Series BT-14, 3.875%, BPA Bankers Trust (b)
7,068,600 7,068,600
West Baton Rouge Ind. Dist. #3 Rev. Rfdg. Bonds (Dow Chemical Co. Proj.)
Series 1991,4%, tender 2/16/95 14,500,000 14,500,000
50,683,600
MAINE - 0.7%
Baileyville Poll. Cont. Rev. (Georgia-Pacific Corp. Proj.) Series 1985,
3.75% LOC Bank of Tokyo, VRDN 6,500,000 6,500,000
Biddeford Resource Recovery Rev. (Energy Recovery Co. Proj.) Series 1985,
3.45%,
LOC Bank of America, VRDN 8,800,000 8,800,000
15,300,000
MARYLAND - 0.6%
Howard County Cons. Pub. Impt. BAN Series A, 3.65%, tender 1/26/95
(Liquidity Facility Swiss Bank Corp.) 10,000,000 10,000,000
Montgomery County Hsg. Multi-Family Hsg. Rev. (Falkland Apts.) Series 1985
B, 3.65%, VRDN 2,800,000 2,800,000
12,800,000
MASSACHUSETTS - 1.1%
Massachusetts Gen. Oblig. BAN, Series 1994 A, 5% 6/15/95 18,000,000
18,075,465
Massachusetts Ind. Fin. Agcy. Poll. Cont. Rev. Rfdg. Bonds (New England
Pwr. Co. Proj.)
Series 1992 B, 3.70%, tender 1/13/95 5,000,000 5,000,000
23,075,465
MICHIGAN - 1.2%
Dearborn Econ. Dev. Corp. Ltd. Oblig. Rev. (Oakbrook Common) Series 1993,
3.75%,
LOC Mellon Bank, VRDN 2,300,000 2,300,000
Grand Rapids Econ. Dev. Corp. Econ. Dev. Rev. Rfdg. (Amway Hotel Corp.
Proj.) Series 1991 A, 3.70%,
LOC Sakura Bank, VRDN 4,000,000 4,000,000
Michigan Bond Auth. Rev. RAN, Series 1994 B, 4.75% 7/20/95 15,000,000
15,068,443
Michigan Strategic Fund (Dow Chemical Co. Proj.) Series 1986, 3.60%, tender
1/11/95 2,300,000 2,300,000
Michigan Strategic Fund Ind. Dev. Rev. (Michigan Sugar Co.-Croswell Proj.)
3.80%,
LOC Trust Company of Georgia, VRDN 3,000,000 3,000,000
26,668,443
MINNESOTA - 2.8%
Becker Poll. Cont. Rev. Bonds (Northern States Pwr. Co. ) (Sherburne Co.
Gen. #3):
Series 1993 B, 3.45%, tender 12/19/94 8,000,000 8,000,000
Series 1993 B, 3.60%, tender 1/27/95 17,800,000 17,800,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
MINNESOTA - CONTINUED
Bloomington Multi-Family Hsg. Rev. (Crow/Bloomington Apts. Proj.) 3.75%,
LOC Citibank, VRDN $ 8,305,000 $ 8,305,000
Duluth Rev. Bonds. (Miller-Dwan Med. Ctr.) Series 1989 A, 3.75%, LOC
Citibank, VRDN 6,600,000 6,600,000
Mendota Heights Multi-Family Hsg. Rev. (Lexington Heights Apt. Proj.)
Series 1991 A, 3.85%,
LOC Sumitomo Bank, VRDN 3,420,000 3,420,000
Minnesota Gen. Oblig. Participating VRDN, Series BT-99, 3.825%, BPA Bankers
Trust (b) 7,710,000 7,710,000
Minnesota Higher Ed. Rev. (Coordinated Board Supplemental Student Loan
Prog.) Series 1984, 3.75%,
LOC Mitsubishi Bank., VRDN 2,900,000 2,900,000
Richfield ISD #280 Participating VRDN, Series 1994 N, 3.83%,
(Liquidity Facility First Bank-Minnesota) (FGIC Insured) (b) 1,905,000
1,905,000
St. Paul Port. Auth. Tax Increment Bonds (Westgate Office & Ind. Ctr.
Proj.) Series 1991, 3.80%,
LOC First Nat'l. Bank of Minnesota, VRDN 4,200,000 4,200,000
60,840,000
MISSISSIPPI - 0.8%
Harrison County Poll. Cont. Rev. Rfdg. (Mississippi Power Co. Proj.) Series
1992, 3.80%, VRDN 8,750,000 8,750,000
Lawrence County Poll Cont. Rev. (Georgia Pacific Corp. Proj.) Series 1985,
3.75%, LOC Bank of Tokyo, VRDN 7,700,000 7,700,000
16,450,000
MISSOURI - 0.9%
Missouri Envir. Impt. & Energy Resources Auth. Poll. Cont. Rev. Bonds
(Union Elec. Co.)
Series 1985 B, 3.75%, tender 1/24/95, LOC Westdeutsche Landesbank
8,000,000 8,000,000
University of Missouri RAN Series 1994-95A, 4.50% 6/30/95 11,000,000
11,039,789
19,039,789
MONTANA - 1.1%
Montana Board of Investments Rev. (Workers Comp. Prog.) Series 1993, 3.70%,
VRDN 4,400,000 4,400,000
Montana TRAN Series 1994, 5% 6/30/95 20,200,000 20,313,768
24,713,768
NEBRASKA - 0.1%
Omaha Pub. Pwr. Dist. Elec. Sys. Participating VRDN, Series 1993 D, 3.95%,
LOC Merrill Lynch & Co., Inc. (b) 2,610,000 2,610,000
NEW HAMPSHIRE - 0.8%
New Hampshire Higher Ed. & Health Facs. Auth. Rev. (VHA of New England)
Series C, 3.65%,
BPA First Nat'l. Bank of Chicago, (AMBAC Insured), VRDN 2,950,000
2,950,000
New Hampshire Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Nashua-Oxford Proj.)
Series 1990, 3.80%,
(Continental Casualty Guaranteed), VRDN 11,545,000 11,545,000
New Hampshire Ind. Dev. Auth. Resource Recovery Rev. (Claremont Co. Proj.)
Series 1985, 3.40%, tender 1/1/95 (BIG Insured) 3,205,000 3,205,000
17,700,000
NEW JERSEY - 1.2%
New Jersey Gen. Oblig. Participating VRDN, Series 1994, 3.61% (Liquidity
Facility Citibank) (b) 7,400,000 7,400,000
New Jersey Bldg. Auth. Rev. Participating VRDN, Series BT-6, 3.65%, BPA
Bankers Trust (b) 11,861,200 11,861,200
West Milford Township BAN 2.68% 1/27/95 6,690,021 6,671,766
25,932,966
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
NEW YORK - 2.4%
New York City TAN 4.25% 2/15/95 $ 25,000,000 $ 25,027,009
New York City RAN Series A, 4.50% 4/12/95 13,700,000 13,728,312
New York City Hsg. Dev. Corp. Multi-Family Mtg. Rev. (Columbus Garden)
Series 1993 A, 3.50%,
LOC Citibank, VRDN 3,100,000 3,100,000
New York Auth. Gen. Rev. BAN, Series 1994, 4.19% 4/14/95 10,200,000
10,200,000
52,055,321
NORTH CAROLINA - 2.3%
North Carolina Muni Pwr. Agcy. (#1 Catawba Elec.), CP:
3.45% 12/15/94 15,000,000 15,000,000
3.45% 12/19/94 18,000,000 18,000,000
3.60% 1/13/95 10,000,000 10,000,000
3.60% 1/17/94 4,000,000 4,000,000
Wake County Ind. Fac. & Poll. Cont. Fin. Auth. (Carolina Pwr & Light)
Series 1990 A, 3.70%, tender 1/23/95,
LOC Fuji Bank 4,000,000 4,000,000
51,000,000
OKLAHOMA - 1.2%
Oklahoma County Fin. Auth. Ind. Dev. Rev., VRDN:
(Hutton-Carbon Office Proj.) 3.60%, (FGIC Insured) 3,000,000 3,000,000
(Perrine Office Proj.) 3.60%, (FGIC Insured) 4,100,000 4,100,000
Oklahoma Ind. Auth. Rev. (Baptist Med. Ctr.) Series 1990 B, 3.25%, tender
12/9/94, LOC Fuji Bank 11,720,000 11,720,000
Tulsa Ind. Dev. Auth. Rev. (Tulsa Univ. Proj.), VRDN:
Series 1985, 3.875%, LOC Fuji Bank 4,000,000 4,000,000
Series A, 3.875%, LOC Fuji Bank 3,000,000 3,000,000
25,820,000
PENNSYLVANIA - 6.9%
Allegheny County Hosp. Dev. Auth. Health Ctr. Rev. (Presb-University Health
Sys.) Series 1990 A, 3.75%,
LOC Credit Suisse Bank, (MBIA Insured), VRDN 2,200,000 2,200,000
Allegheny County Hosp. Redev. Auth. Health Facs. Rev. (Central Blood Bank
Proj.) Series1992, 3.80%,
LOC Pittsburgh Nat'l. Bank, VRDN 2,225,000 2,225,000
Allegheny County Ind. Dev. Auth. Rev. Rfdg. (N. Versailles Shopping Ctr.)
Series 1992, 3.85%,
LOC Bank One, VRDN 4,025,000 4,025,000
Allentown Multi-Family Hsg. (Arcadia Assoc. Proj.) Series 1990, 3.80%,
LOC Sumitomo Trust & Banking, VRDN 2,300,000 2,300,000
Beaver County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Duquesne Light Co.)
(Mansfield Proj.) 3.60%,
tender 1/17/95, LOC Barclays Bank 11,830,000 11,830,000
Berks County Ind. Dev. Auth. Rev. (Lutheran Home At Topton Proj.) Series
1993 B, 4.15%,
LOC Meridian Bank NA, VRDN 9,100,000 9,100,000
Delaware County Ind. Dev. Auth. Solid Waste Rev. (Scott Paper Co. Proj.)
Series C, 3.65%,
LOC Fuji Bank, VRDN 3,000,000 3,000,000
Delaware Valley Reg. Fin. Auth. Local Govt. Series 1985 A, 3.60%, LOC
Marine Midland Bank, VRDN 1,700,000 1,700,000
Delaware Valley Reg. Fin. Auth. Rev., Series 1985 A, 3.60%, LOC Marine
Midland Bank, VRDN 700,000 700,000
Emmaus Gen. Auth. Rev. (Local Govt. Bond Pool Prog.) VRDN:
Series A-3, 3.65%, LOC Hong Kong & Shanghai Banking 3,900,000
3,900,000
Series 1989 C-7, 3.65%, LOC Hong Kong & Shanghai Banking 4,000,000
4,000,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
PENNSYLVANIA - CONTINUED
Lehigh County Ind. Dev. Rev. (The Keebler Co.) Series 1992, 3.80%, LOC
Wachovia Bank & Trust, VRDN $ 5,540,000 $ 5,540,000
Pennsylvania Econ. Dev. Auth. Rev. (Foxdale Village Proj.) Series 1989 C,
3.80%
LOC Pittsburgh Nat'l. Bank, VRDN 2,350,000 2,350,000
Pennsylvania Gen. Oblig.:
Series 1990:
3.40%, tender 12/1/94, LOC Fuji Bank 14,000,000 14,000,000
3.65%, tender 1/26/95, LOC Fuji Bank 6,210,000 6,210,000
TAN 4.75% 6/30/95 41,500,000 41,670,554
Philadelphia TRAN:
4.75% 6/15/95, LOC Corestates Bank 14,500,000 14,553,245
Series 1994-95D, 4.75% 6/15/95, LOC Morgan Guaranty Trust Co.
14,500,000 14,567,611
Philadelphia Redev. Auth. (School for the Deaf) 3.70%, LOC Fuji Bank, VRDN
1,095,000 1,095,000
South Fork Muni. Auth. Hosp. (Lee Hosp. Proj.) Series 1993, 3.80%, LOC
Pittsburgh Nat'l. Bank, VRDN 5,350,000 5,350,000
150,316,410
SOUTH CAROLINA - 2.9%
Greenville County School Dist. BAN, Series 1994, 4.50% 2/15/95 7,000,000
7,010,678
Piedmont Muni. Pwr. Agcy. Elec. Participating VRDN, Series BT-40, 3.875%,
(Liquidity Facility Bankers Trust) (b) 4,866,750 4,866,750
South Carolina Hsg. Fin. & Dev. Auth. Multi-Family Hsg. Rev. Rfdg.,
(Continental Casualty Guaranteed), VRDN:
(Charleston Oxford) Series 1990 B, 3.80% 10,180,000 10,180,000
(Greenville Oxford) Series 1990 A, 3.80% 4,855,000 4,855,000
(Richland Oxford) Series 1990 C, 3.80% 11,130,000 11,130,000
(Spartanburg Oxford) Series 1990 D, 3.80% 9,415,000 9,415,000
South Carolina Pub. Service Auth., CP:
3.45% 12/19/94 4,500,000 4,500,000
3.60% 1/17/95 3,950,000 3,950,000
Walhalla Rfdg. Rev. (Avondale Mills, Inc. Proj.) Series 1990, 3.80%, LOC
Trust Company of Georgia, VRDN 3,300,000 3,300,000
York County TAN 4.25% 3/15/95 5,000,000 5,004,919
64,212,347
SOUTH DAKOTA - 0.2%
South Dakota Health & Ed. Facs. Auth. Rev. Rfdg. Series 1992 A, 3.75%, VRDN
4,700,000 4,700,000
TENNESSEE - 2.8%
Knox County Health Ed. & Hsg. Facs. Board Rev. (Webb School Knoxville
Proj.) 3.80%,
LOC Third National Bank of Nashville, VRDN 3,915,000 3,915,000
Metropolitan Govt. Nashville & Davidson County Health. Facs. Rev. (Richland
Place Inc. Proj.) 3.60%,
LOC Societe Generale, VRDN 1,400,000 1,400,000
Metropolitan Govt. Nashville and Davidson County Hosp. Rev. Bonds Series
92, (Baptist Hosp.) 3.60%,
tender 1/18/95, BPA NationsBank of North Carolina 16,000,000 16,000,000
Metropolitan Govt. Nashville & Davidson County Ind. Dev. Board Multi-Family
Hsg. Rev. Rfdg.
(Belle Valley Apts.) Series 1989, 3.80%, LOC Sumitomo Bank, VRDN
4,180,000 4,180,000
Metropolitan Govt. Nashville & Davidson County Ind. Dev. Rev. Rfdg.
(Graybrook) 3.80%,
LOC Sumitomo Bank, VRDN 6,710,000 6,710,000
Metropolitan Govt. Nashville & Davidson County Wtr. & Swr. Participating
VRDN, Series BT-7, 3.875%,
BPA Bankers Trust Co (b) 24,729,900 24,729,900
Nashville & Davidson County Health & Ed. Facs. Multi-Family Hsg. (Brentwood
Oaks Apt.) 3.85%, VRDN 4,000,000 4,000,000
60,934,900
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
TEXAS - 12.6%
Austin Hsg. Fin. Corp. Multi-Family Rev. (Riverchase Proj.) Series 1985 A,
4.125%,
LOC Household Fin. Corp., VRDN $ 6,000,000 $ 6,000,000
Bexar County Hsg. Fin. Corp. Multi-Family Hsg. Rev. Rfdg., (Continental
Casualty Guaranteed),VRDN:
(Fountainhead I Proj.)) Series 1992 A, 3.75% 3,880,000 3,880,000
(Fountainhead II Proj.)Series 1992 A, 3.75% 8,120,000 8,120,000
Central Waco Dev. Corp. Ind. Dev. Rev., Series 1992, 3.80%, LOC Texas
Commerce Bank, VRDN 2,700,000 2,700,000
Conroe Independent School Dist. Adj. Rate TRAN 4.144% 8/31/95 5,500,000
5,500,000
Corpus Christi Port Auth. Rev. Rfdg. Bonds (Union Pacific Corp.) Series
1989, 3.50%, tender 12/12/94 4,500,000 4,500,000
Dallas-Fort Worth Reg. Airport Rfdg. Bonds Series 1992, 3.85%, tender
1/23/95,
LOC Nat'l. Westminister Bank 3,540,000 3,540,000
Goose Creek Consolidated Variable Rate TRAN 4.144% 8/31/95 17,000,000
17,000,000
Greater East Higher Ed. Auth. Student Loan Rev. Rfdg. Bonds Series 1992 A,
3.80%,
LOC Student Loan Mortgage Association, VRDN 4,800,000 4,800,000
Guadalupe-Blanco River Auth. Ind. Dev. Rev. (BOC Group Inc. Proj.) Series
93, 3.80%,
LOC Wachovia Bank of Georgia, VRDN 7,400,000 7,400,000
Harris County Health Fac. (Sisters of Charity of the Incarnate Word) 3.60%,
tender 1/26/95,
BPA Toronto Dominion Bank 1,900,000 1,900,000
Harris County Toll Rd. Un Ltd. Tax & Sub. Lein Rev. Bonds Series B, 3.50%,
BPA Morgan Guaranty TrustTrust Co., VRDN 2,000,000 2,000,000
Hockley County Ind. Dev. Corp. Poll. Cont. Rev. (Amoco Proj.) Series 1983,
5.80%, tender 3/1/95 45,000,000 44,955,920
Houston Hsg. Fin. Corp. Participating VRDN, Series PT-1, 4%,
(Liquidity Facility Banque Nationale De Paris) (FSA Insured) (b)
6,400,000 6,400,000
Houston TRAN Series 1994 A:
4.456% 3/30/95 1,500,000 1,500,000
4.368% 3/30/95 4,800,000 4,800,000
Lower Colorado River Auth. Participating VRDN (b):
Series BT-36A, 3.825%, (Liquidity Facility Bankers Trust) 4,039,200
4,039,200
Series BT-59, 3.875% (Liquidity Facility Automatic Data Processing Inc.)
(AMBAC Insured) 8,200,000 8,200,000
North Central Health Fac. Dev. Corp. Hosp. Rev. (Presbyterian Med. Ctr.
Proj.) Series D, 3.50%,
LOC Citibank, VRDN 100,000 100,000
North Central Texas Health Fac. Dev. Corp. Hosp. Rev. Bonds (Methodist
Hosp. of Dallas):
Series 1991 A, 3.75%, tender 2/16/95, (MBIA Insured) BPA Fuji Bank.
5,000,000 5,000,000
Series 1991 B, 3.60%, tender 1/17/95, (MBIA Insured) BPA Sumitomo Bank
10,500,000 10,500,000
Plano Health Facs. Dev. Corp. Hosp. Rev. Bonds (Childrens & Presbyterian
Health Care Ctr.)
3.35%, tender 12/12/94, LOC Banque Paribas 10,600,000 10,600,000
3.85%, tender 2/16/95, LOC Banque Paribas 10,000,000 10,000,000
San Antonio Elec. & Gas Sys. Rev. Series A, 3.65% 1/25/95 6,700,000
6,700,000
San Antonio Gen. Oblig. Participating VRDN, Series BT-16, 3.875%, BPA
Bankers Trust 13,785,000 13,785,000
Silsbee Health Facs. Dev. Corp. (Silsbee Doctor's Hosp. Proj.) Series 1984,
3.70%, LOC Citibank, VRDN 3,500,000 3,500,000
Tarrant County Health Facs. Dev. Corp. Health Sys. Rev. (Harris Methodist
Health Sys.) Series 1988, 3.95%,
LOC Fuji Bank, VRDN 2,500,000 2,500,000
Texas A&M Univ. Participating VRDN, Series BT-15, 3.875%, BPA Bankers Trust
(b) 5,445,000 5,445,000
Texas Dept. of Hsg. & Community Affairs Participating VRDN, Series PT-9,
4%,
(Liquidity Facility Dai-Ichi Kangyo Bank) (b) 5,680,000 5,680,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
TEXAS - continued
Texas Muni. Pwr. Agcy., CP:
3.60% 1/17/95, (Liquidity Facility Bank of America, Canadian Imperial
Bank,
Morgan Guaranty Trust Co.) $ 12,750,000 $ 12,750,000
3.60% 1/20/95, (Liquidity Facility Bank of America, Canadian Imperial
Bank,
Morgan Guaranty Co.) 15,000,000 15,000,000
Texas Pub. Fin. Auth. Rev. Series 1993 A, 3.55% 1/18/95 12,000,000
12,000,000
Tyler Health Facs. Dev. Corp. Hosp. Rev. (Texas Medical Center Reg.
Healthcare Prog.)
Series 1993 C, 3.70% 12/16/94, LOC Banque Paribas 14,000,000 14,000,000
University of Texas Permanent Univ. Fund, 3.50%, tender 12/20/94
7,000,000 7,000,000
University of Texas Rev. Fing. Sys., 3.60% 1/17/95, CP 4,216,000
4,216,000
276,011,120
UTAH - 1.4%
Emery County Poll. Cont. Rev. Refinancing Bonds (Pacific Corp. Proj.)
Series 1991, 3.35%, tender 12/13/94,
LOC Credit Suisse 4,820,000 4,820,000
Intermountain Pwr. Agcy. Pwr. Supply Rev.:
Participating VRDN, Series BT-8, 3.875%, BPA Bankers Trust (b)
11,612,700 11,612,700
Participating VRDN, Series BT-48, 4.125%, BPA Bankers Trust (b)
9,601,900 9,601,900
Series 1985 E, 6%, tender 3/15/95, LOC Industrial Bank of Japan
5,300,000 5,300,000
31,334,600
VERMONT - 0.1%
Vermont Student Asst. Corp. Student Loan Rev. Series 1985, 3.45%,
LOC Sumitomo Trust & Banking, VRDN 1,405,000 1,405,000
VIRGINIA - 5.6%
Bedford Ind. Dev. Auth. Rev. Rfdg. (Nekoosa Packaging Corp. Proj.) Series
1993, 3.80%,
LOC Industrial Bank of Japan, VRDN 6,300,000 6,300,000
Chesapeake Bay Bridge & Tunnel Participating VRDN, 3.90%,
(Liquidity Facility Merrill Lynch & Co. Inc.) (MBIA Insured) (b)
1,915,000 1,915,000
Chesapeake Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr. Co.)
Series 1985, 3.45%, tender 12/12/94 3,700,000 3,700,000
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev.
Rfdg. (Philip Morris Co. Proj.) Series 1992, 3.80%, VRDN 1,000,000
1,000,000
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Bonds ( Virginia Elec.
Pwr. Co. Proj.) :
Series 1987 A, 3.35%, tender 12/8/94, (Liquidity Facility Bank of New
York, Mitsubishi Bank) 3,200,000 3,200,000
Series 1987 A, 3.45%, tender 12/7/94, (Liquidity Facility Bank of New
York) 12,450,000 12,450,000
Series 1987 C, 3.55%, tender 12/7/94, (Liquidity Facility Chemical Bank)
9,100,000 9,100,000
Fairfax County Ind. Dev. Auth. Hosp. Rev. Bonds (Inova. Health Sys. Hosp.
Proj.)
Series 1993 B, 3.60%, tender 1/26/95 6,600,000 6,600,000
Harrisonburg Redev. & Hsg. Auth. Multi-Family Hsg. Rev. (Misty Ridge Proj.)
Series 1991 A, 3.80%,
LOC Banc One, VRDN 5,555,000 5,555,000
Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr. Co.
Proj.):
Series 1985,3.50%, tender 12/19/94, BPA Bank of New York 7,025,000
7,025,000
Series 1985, 3.65%, tender 1/11/95, BPA Bank of New York 8,650,000
8,650,000
Series 1985, 3.85%, tender 1/12/95, BPA Bank of New York 3,100,000
3,100,000
Series 1985, 3.70%, tender 1/27/95, BPA Bank of New York 17,735,000
17,735,000
Series 1987, 3.40%, tender 12/9/94 9,250,000 9,250,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
VIRGINIA - CONTINUED
Suffolk Redev. and Hsg. Auth. Multi-Family Rental Hsg., VRDN:
(Windsor at Fieldstone Proj.) 3.70%, LOC NationsBank of Virginia $
7,426,000 $ 7,426,000
(Windsor at Potomac Vista Proj.) 3.70%, LOC NationsBank of Virginia
1,003,000 1,003,000
Virginia Hsg. Dev. Auth. Pol. Cont. Rev. Commonwealth Mtg. Bonds Series
1993, 4.25%, tender 7/12/95 15,000,000 15,000,000
Williamsburg Ind. Dev. Auth. Museum Rev. (Williamsburg Foundation) 3.70%,
LOC Sanwa Bank, VRDN 3,604,000 3,604,000
York County Ind. Dev. Rev. (Philip Morris County Inc. Proj.) Series 1992,
3.80%, VRDN 1,000,000 1,000,000
123,613,000
WASHINGTON - 2.2%
Participating VRDN, Series 1993 C, 3.84%, (Liquidity Facility Citibank)
21,700,000 21,700,000
Seattle Ind. Dev. Corp. Ind. Rev. (Longview Fibre Co. Proj.) Series 1988,
3.65%, LOC Algemene Bank, VRDN 2,500,000 2,500,000
Washington Gen. Oblig. Participating VRDN, Series BT-125, 3.825%, BPA
Bankers Trust (b) 9,575,000 9,575,000
Washington Health Care Facs. Auth. Rev. (Fred Huchinson Cancer Research)
Series 1991 C, 3.60%,
LOC Morgan Guaranty Trust Co. 1,000,000 1,000,000
Washington Pub. Pwr. Supply Sys. Elec. Rev. Rfdg., VRDN:
Series 1993 3A-1, 3.55%, LOC Bank of America 7,875,000 7,875,000
Series 1993 3A-2, 3.60%, LOC Industrial Bank of Japan 6,000,000
6,000,000
48,650,000
WEST VIRGINIA - 0.2%
Kanawha County Commercial Dev. Rev. Rfdg. (McJunkin Corp. Proj.) Series
1991, 3.85%,
LOC NationsBank, VRDN 4,935,000 4,935,000
WISCONSIN - 1.3%
Milwaukee Ind. Dev. Rev. (Longview Fibre Co.) Series 1987, 3.65%, LOC
Algemene Bank, VRDN 1,960,000 1,960,000
Milwaukee Redev. Auth. Dev. Rev. (Bradley Ctr. Parking Facs. Proj.) Series
1986, 3.85%,
LOC Nat'l. Westminster Bank, VRDN 2,900,000 2,900,000
Wisconsin TRAN Series 1994, 4.50% 6/15/95 23,900,000 23,972,739
28,832,739
WYOMING - 0.0%
Sweetwater County Poll. Cont. Rev. Rfdg. (Pacific Corp.) Series 1990 A,
3.60%, LOC Cr. Suisse Bank, VRDN 200,000 200,000
MULTIPLE STATES - 1.6%
Clipper Participating VRDN, Series 93-1, 3.85% (Liquidity Facility State
Street Bank & Trust Co.) (b) 30,300,000 30,300,000
Participating VRDN, Series 1990 A, 4.25%, LOC NationsBank (b) 3,900,000
3,900,000
34,200,000
TOTAL INVESTMENTS - 100% $ 2,193,849,420
Total Cost for Income Tax Purposes - $2,193,783,078
SECURITY TYPE ABBREVIATIONS:
BAN - Bond Anticipation Notes
CP - Commercial Paper
FRDN - Floating Rate Demand Notes
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax & 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.
INCOME TAX INFORMATION:
At May 31, 1994, the fund had a capital loss carryforward of approximately
$850,000 which will expire on May 31, 1996.
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
November 30, 1994 (Unaudited)
ASSETS
Investment in securities, at value - See accompanying schedule $ 2,193,849,420
Interest receivable 15,840,386
Receivable from investment adviser for expense 198,363
reductions
TOTAL ASSETS 2,209,888,169
LIABILITIES
Payable to custodian bank $ 13,958,557
Dividends payable 4,820,664
Accrued management fee 378,941
Other payables and accrued expenses 251,811
TOTAL LIABILITIES 19,409,973
NET ASSETS $ 2,190,478,196
Net Assets consist of:
Paid in capital $ 2,190,970,664
Accumulated net realized gain (loss) on investments (558,810)
Unrealized gain from accretion of market discount 66,342
NET ASSETS, for 2,190,970,664 shares outstanding $ 2,190,478,196
NET ASSET VALUE, offering price and redemption price per share ($2,190,478,196 (divided by) 2,190,970,664 $1.00
shares)
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended November 30, 1994 (Unaudited)
INTEREST INCOME $ 37,406,581
EXPENSES
Management fee $ 2,411,317
Transfer agent, accounting and custodian fees and 446,762
expenses
Non-interested trustees' compensation 5,588
Registration fees 203,310
Audit 31,725
Legal 14,995
Miscellaneous 10,092
Total expenses before 3,123,789
reductions
Expense reductions (953,603) 2,170,186
NET INTEREST INCOME 35,236,395
REALIZED AND UNREALIZED GAIN 119,663
(LOSS)
Net realized gain (loss) on investment securities
Increase (decrease) in net unrealized gain from accretion of market discount 59,329
NET GAIN (LOSS) 178,992
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 35,415,387
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
NOVEMBER 30, 199 MAY 31,
4 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 35,236,395 $ 61,444,789
Net interest income
Net realized gain (loss) 119,663 125,587
Increase (decrease) in net unrealized gain from accretion of market discount 59,329 (5,602)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 35,415,387 61,564,774
Dividends to shareholders from net interest income (35,236,395) (61,444,789)
Share transactions at net asset value of $1.00 per share 7,075,947,438 14,549,718,245
Proceeds from sales of shares
Reinvestment of dividends from net interest income 7,352,551 14,570,091
Cost of shares redeemed (7,283,664,017) (14,412,776,499)
Net increase (decrease) in net assets and shares resulting from share transactions(200,364,028) 151,511,837
TOTAL INCREASE (DECREASE) IN NET ASSETS (200,185,036) 151,631,822
NET ASSETS
Beginning of period 2,390,663,232 2,239,031,410
End of period $ 2,190,478,196 $ 2,390,663,232
</TABLE>
FINANCIAL HIGHLIGHTS
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED MAY 31,
ENDED
NOVEMBER 30,
1994
(UNAUDITED) 1994 1993 1992 1991 1990
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations .015 .024 .026 .040 .053 .058
Net interest income
Less Distributions (.015) (.024) (.026) (.040) (.053) (.058)
From net interest income
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 1.48% 2.44% 2.66% 4.02% 5.40% 6.00%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 2,190,478 $ 2,390,663 $ 2,239,031 $ 2,556,995 $ 2,116,841 $ 1,984,636
Ratio of expenses to average net assets C .18%A .18% .18% .18% .18% .20%
Ratio of expenses to average net assets .26%A .24% .24% .25% .23% .23%
before expense reductions C
Ratio of net interest income to average 2.92%A 2.41% 2.62% 3.90% 5.28% 5.82%
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED AND
WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE
PERIODS SHOWN.
C SEE NOTE 3 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED NOVEMBER 30, 1994 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Institutional Tax-Exempt Cash Portfolios (the fund) 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. The
following summarizes the significant accounting policies of the fund:
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, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. Accretion
of market discount represents unrealized gain until realized at the time of
a security disposition or maturity.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, Fidelity Management &
Research Company (FMR) receives a fee that is computed daily at an annual
rate of .20% of the fund's average net assets.
SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fee is paid prior to any voluntary
expense reimbursements which may be in effect, and after reducing the fee
for any payments by FMR pursuant to the fund's Distribution and Service
Plan.
TRANSFER AGENT AND ACCOUNTING FEES. United Missouri Bank, N.A. (the Bank)
is the custodian and transfer and shareholder servicing agent for the fund.
The Bank has entered into a sub-contract with Fidelity Investments
Institutional Operations Company (FIIOC), an affiliate of FMR, under which
FIIOC performs the activities associated with the fund's transfer and
shareholder servicing agent functions. The fund pays fees based on the
type, size, number of accounts and number of transactions made by
shareholders. FIIOC pays for typesetting, printing and mailing of all
shareholder reports, except proxy statements. For the period, FIIOC
received transfer and shareholder servicing agent fees amounting to
$183,058.
The Bank also has a sub-contract with Fidelity Service Co. (FSC), an
affiliate of FMR, under which FSC maintains the fund's accounting records.
The fee is based on the level of average net assets for the month plus
out-of-pocket expenses. For the period, FSC received accounting fees
amounting to $147,780.
3. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the fund's operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses) above an annual rate of .18% of average net assets. For the
period, the reimbursement reduced the expenses by $953,603.
4. BENEFICIAL INTEREST.
At the end of the period, one shareholder was record owner of approximately
10% or more of the total outstanding shares of the fund.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL INFORMATION OF THE
SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUND UNLESS
PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS. MUTUAL FUND SHARES ARE
NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE
FDIC, THE FEDERAL RESERVE BOARD OR ANY
OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL. NEITHER THE FUND NOR
FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Fred L. Henning, SENIOR VICE PRESIDENT
Sarah H. Zenoble, VICE PRESIDENT
Thomas D. Maher, ASSISTANT VICE PRESIDENT
Gary L. French, TREASURER
John H. Costello, ASSISTANT TREASURER
Arthur S. Loring, SECRETARY
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox
Phyllis Burke Davis
Richard J. Flynn
Edward C. Johnson 3d
E. Bradley Jones
Donald J. Kirk
Peter S. Lynch
Edward H. Malone
Marvin L. Mann
Gerald C. McDonough
Thomas R. Williams
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
82 Devonshire Street
Boston, MA
TRANSFER AND
SHAREHOLDERS
SERVICING AGENTS
Fidelity Investments Institutional
Operations Company
Boston, MA
United Missouri Bank, N.A.
Kansas City, MO
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO FITEC-1-95S
