(2_FIDELITY_LOGOS)FIDELITY
INSTITUTIONAL
MONEY MARKET
FUNDS
ANNUAL REPORT
MARCH 31, 1997
CONTENTS
SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS
FIDELITY INSTITUTIONAL CASH PORTFOLIOS:
TREASURY 3
GOVERNMENT 7
DOMESTIC 12
MONEY MARKET 18
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT 25
DAILY MONEY FUND:
TREASURY ONLY 41
FIDELITY MONEY MARKET TRUST: 45
RATED MONEY MARKET
NOTES TO FINANCIAL STATEMENTS 50
REPORTS OF INDEPENDENT ACCOUNTANTS 56
FUND GOALS:
EACH OF TREASURY, GOVERNMENT, DOMESTIC, MONEY MARKET, TREASURY ONLY, AND
RATED MONEY MARKET SEEKS TO OBTAIN AS HIGH A LEVEL OF CURRENT INCOME AS IS
CONSISTENT WITH THE PRESERVATION OF PRINCIPAL AND LIQUIDITY WITHIN THE
LIMITATIONS PRESCRIBED FOR THE FUND.
TAX EXEMPT SEEKS AS HIGH A LEVEL OF INTEREST INCOME EXEMPT FROM FEDERAL
INCOME TAX AS IS CONSISTENT WITH A PORTFOLIO OF HIGH-QUALITY, SHORT-TERM
MUNICIPAL OBLIGATIONS SELECTED ON THE BASIS OF LIQUIDITY AND STABILITY OF
PRINCIPAL.
INVESTMENTS IN THE FUNDS ARE NEITHER INSURED NOR GUARANTEED BY THE U.S.
GOVERNMENT, AND THERE CAN BE NO ASSURANCE THAT
THE FUNDS WILL MAINTAIN A STABLE $1.00 SHARE PRICE.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE
FUNDS. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE
INVESTORS IN THE FUNDS UNLESS PRECEDED OR ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY,
ANY DEPOSITORY INSTITUTION.
SHARES ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER
AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
NEITHER THE FUNDS NOR FIDELITY
DISTRIBUTORS IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL THE APPROPRIATE NUMBER LISTED BELOW. READ
THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
RETIREMENT PLAN LEVEL ACCOUNTS
CORPORATE CLIENTS 1-800-962-1375
"NOT FOR PROFIT" CLIENTS 1-800-343-0860
FINANCIAL AND OTHER INSTITUTIONS
NATIONWIDE 1-800-843-3001
To reduce expenses and demonstrate respect for our environment, we have
initiated a project through which we will begin eliminating duplicate
copies of most financial reports and prospectuses to most households, even
if they have more than one account in the fund. If additional copies of
financial reports, prospectuses or historical account information are
needed, please call 1-800-544-6666.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
INVESTMENTS MARCH 31, 1997
Showing Percentage of Total Value of Investment in Securities
U.S. TREASURY OBLIGATIONS - 25.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 10.3%
5/29/97 5.67% $ 3,000,000 $ 2,973,819
5/29/97 5.71 81,000,000 80,295,300
5/29/97 5.74 161,000,000 159,592,815
7/24/97 5.73 223,000,000 219,171,784
9/18/97 5.68 60,000,000 58,475,666
9/18/97 5.70 85,000,000 82,836,514
9/18/97 5.71 82,000,000 79,908,032
3/5/98 5.64 92,000,000 87,389,586
3/5/98 5.67 100,000,000 94,967,142
4/2/98 6.00 105,000,000 98,993,175
964,603,833
U.S. TREASURY NOTES - 15.2%
4/30/97 5.29 50,000,000 50,046,001
4/30/97 5.30 151,000,000 151,145,757
5/15/97 5.27 344,750,000 345,236,859
5/31/97 5.28 170,000,000 170,191,841
5/31/97 5.29 173,000,000 173,189,866
6/30/97 5.30 90,000,000 90,062,545
11/30/97 5.50 62,000,000 61,895,586
2/28/98 5.67 106,000,000 105,392,381
3/31/98 5.56 47,000,000 47,149,621
3/31/98 5.60 14,000,000 14,039,110
3/31/98 5.62 80,000,000 80,201,433
3/31/98 5.69 90,000,000 90,159,357
3/31/98 5.73 40,500,000 40,553,423
1,419,263,780
TOTAL U.S. TREASURY OBLIGATIONS 2,383,867,613
REPURCHASE AGREEMENTS - 74.5%
MATURITY
AMOUNT
In a joint trading account (Notes 2 and 3):
(U.S. Treasury Obligations)
dated 3/31/97 due 4/1/97:
At 3.00% $ 276,687,055 276,664,000
At 6.01% 416,963,605 416,894,000
At 6.13% 408,328,571 408,259,000
At 6.50% 5,464,986,237 5,464,000,000
(U.S. Treasury Obligations)
dated 2/4/97 due 4/2/97
At 5.30% 420,499,325 417,000,000
TOTAL REPURCHASE AGREEMENTS 6,982,817,000
TOTAL INVESTMENTS - 100% $ 9,366,684,613
Total Cost for Income Tax Purposes $ 9,366,684,613
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $980,000 of which $46,000, $1,000, $337,000, $582,000 and
$14,000 will expire on March 31, 1999, 2000, 2001, 2002 and 2003,
respectively. Of the loss carryforwards expiring in 1999, 2001, 2002 and
2003, $28,000, $8,000, $48,000 and $14,000, respectively, were acquired in
the merger and are available to offset future capital gains of the fund to
the extent provided by regulations (see Note 7 of Notes to Financial
Statements).
A total of 21.21% 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.
The fund will notify shareholders in January 1998 of the applicable
percentage for use in preparing 1997 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: TREASURY
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1997
ASSETS
Investment in securities, at value (including repurchase agreements of $6,982,817,000) - See $ 9,366,684,613
accompanying schedule
Receivable for investments sold 63,142,687
Interest receivable 28,577,638
TOTAL ASSETS 9,458,404,938
LIABILITIES
Payable for investments purchased $ 98,993,175
Share transactions in process 18,415,051
Distributions payable 26,160,689
Accrued management fee 1,138,397
Distribution fees payable 784,602
Other payables and 586,392
accrued expenses
TOTAL LIABILITIES 146,078,306
NET ASSETS $ 9,312,326,632
Net Assets consist of:
Paid in capital $ 9,313,294,325
Accumulated net realized gain (loss) on investments (967,693)
NET ASSETS $ 9,312,326,632
CLASS I: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($5,598,330,426 (divided by)
5,598,829,802 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($89,801,217 (divided by)
89,809,227 shares)
CLASS III: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($3,624,194,989 (divided by)
3,624,518,271 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1997
INTEREST INCOME $ 501,207,988
EXPENSES
Management fee $ 18,662,472
Transfer agent fees
Class I 1,726,838
Class II 15,754
Class III 631,338
Distribution fees
Class II 79,909
Class III 6,302,482
Accounting fees and expenses 757,887
Non-interested trustees' compensation 85,776
Custodian fees and expenses 104,710
Registration fees
Class I 422,611
Class II 148,201
Class III 347,286
Audit 59,175
Legal 48,959
Miscellaneous 64,422
Total expenses before reductions 29,457,820
Expense reductions (4,418,853 25,038,967
)
NET INTEREST INCOME 476,169,021
NET REALIZED GAIN (LOSS) 124,730
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 476,293,751
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1997 1996
<TABLE>
<CAPTION>
<S> <C> <C>
Operations $ 476,169,021 $ 370,769,223
Net interest income
Net realized gain (loss) 124,730 106,955
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 476,293,751 370,876,178
Distributions to shareholders from:
Net interest income
Class I (349,246,541) (320,652,604)
Class II (2,668,590) (1,677,682)
Class III (124,253,890) (48,438,937)
TOTAL DISTRIBUTIONS (476,169,021) (370,769,223)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (1,639,346,558) 1,299,702,691
Class II 49,334,809 40,474,418
Class III 2,189,064,435 849,830,905
Net asset value of Class I shares issued in exchange for the net assets of - 1,004,156,957
Fidelity Institutional Cash Portfolios: Treasury
Net asset value of Class I shares issued in exchange for the net assets of - 141,780,306
Fidelity Money Market Trust: U.S. Treasury Portfolio
Net asset value of Class I shares issued in exchange for the net assets of 103,327,567 -
State & Local Asset Management Series: U.S. Government Portfolio
TOTAL SHARE TRANSACTIONS 702,380,253 3,335,945,277
TOTAL INCREASE (DECREASE) IN NET ASSETS 702,504,983 3,336,052,232
NET ASSETS
Beginning of period 8,609,821,649 5,273,769,417
End of period $ 9,312,326,632 $ 8,609,821,649
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1997 1996 1995 1994 1993
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .052 .056 .047 .030 .034
Less Distributions
From net interest income (.052) (.056) (.047) (.030) (.034)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.30% 5.79% 4.78% 3.06% 3.46%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 5,598,330 $ 7,134,049 $ 4,688,198 $ 4,551,918 $ 5,589,663
Ratio of expenses to average net assets .20% .20% B .18% .18% .18%
B B B B
Ratio of net interest income to average net assets 5.17% 5.61% 4.71% 3.01% 3.38%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
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: TREASURY
FINANCIAL STATEMENTS
FINANCIAL HIGHLIGHTS - CLASS II
YEAR ENDED NOVEMBER 6,
MARCH 31, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .050 .021
Less Distributions
From net interest income (.050) (.021)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 5.14% 2.14%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 89,801 $ 40,470
Ratio of expenses to average net assets .35% .35% A,
C C
Ratio of net interest income to average net assets 5.01% 5.18% A
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
YEARS ENDED MARCH 31, OCTOBER 22,
1993
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996 1995 1994
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .049 .054 .044 .012
Less Distributions
From net interest income (.049) (.054) (.044) (.012)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.03% 5.50% 4.45% 1.21%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 3,624,195 $ 1,435,302 $ 585,571 $ 5,175
Ratio of expenses to average net assets .45% .46% .50% .50% A,
C C C C
Ratio of net interest income to average net assets 4.93% 5.28% 4.91% 2.69% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
INVESTMENTS MARCH 31, 1997
Showing Percentage of Total Value of Investment in Securities
FEDERAL AGENCIES - 50.4%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 8.8%
4/2/97 5.35% $ 133,000,000 $ 132,947,744
4/28/97 5.61 14,000,000 13,995,545
6/4/97 5.44 33,000,000 32,980,563
6/19/97 5.46 80,000,000 79,943,749
3/18/98 5.88 65,000,000 65,000,000
324,867,601
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 4.3%
5/29/97 5.32 41,000,000 40,653,539
7/25/97 5.41 80,000,000 78,653,222
7/28/97 5.35 21,000,000 20,641,034
8/20/97 5.40 20,000,000 19,587,967
159,535,762
FEDERAL HOME LOAN MORTGAGE CORP. - AGENCY COUPONS - 1.5%
3/17/98 5.79 28,000,000 27,960,263
4/8/98 (b) 5.72 25,000,000 24,934,175
52,894,438
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 9.2%
4/10/97 5.28 29,003,000 28,964,934
4/14/97 5.27 160,280,000 159,976,135
4/14/97 5.30 96,000,000 95,816,960
6/4/97 5.36 55,000,000 54,482,755
339,240,784
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 19.4%
4/1/97 5.34 67,000,000 67,217,731
4/1/97 5.35 178,000,000 177,999,619
4/1/97 5.37 43,000,000 42,982,770
4/1/97 5.42 54,000,000 53,979,268
4/1/97 5.78 62,000,000 61,994,887
4/1/97 5.88 44,000,000 44,000,000
4/4/97 5.35 90,000,000 89,953,193
5/1/97 5.46 95,000,000 94,979,611
6/9/97 5.46 33,000,000 32,980,178
6/13/97 5.46 35,000,000 34,979,752
3/18/98 5.91 10,000,000 9,973,627
711,040,636
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 7.2%
4/11/97 5.28 30,000,000 29,956,250
4/14/97 5.27 26,000,000 25,950,708
4/21/97 5.40 46,000,000 45,865,833
5/21/97 5.31 47,000,000 46,657,292
5/29/97 5.32 26,000,000 25,780,293
6/17/97 5.37 36,000,000 35,595,365
7/30/97 5.41 54,000,000 53,051,400
262,857,141
TOTAL FEDERAL AGENCIES 1,850,436,362
U.S. TREASURY OBLIGATIONS - 6.8%
U.S. TREASURY BILLS - 2.1%
3/5/98 5.67 40,000,000 37,986,083
3/5/98 5.68 40,000,000 37,983,267
75,969,350
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES - 4.7%
7/15/97 5.38% $ 32,000,000 $ 32,279,271
10/15/97 5.39 42,846,000 43,545,091
11/15/97 5.46 98,000,000 99,002,994
174,827,356
TOTAL U.S. TREASURY OBLIGATIONS 250,796,706
MEDIUM-TERM NOTES (A) - 0.6%
EXPORT-IMPORT BANK, U.S. (AS GUARANTOR FOR K.A. LEASING, LTD.) (C)
4/15/97 5.50 20,894,420 20,894,420
REPURCHASE AGREEMENTS - 42.2%
MATURITY
AMOUNT
In a joint trading account (Notes 2 and 3):
(U.S. Government Obligations):
dated 3/31/97 due 4/1/97
At 6.01% $ 130,168,729 130,147,000
At 6.13% 15,489,639 15,487,000
At 6.50% 71,220,853 71,208,000
At 6.70% 840,948,481 840,792,000
(U.S. Government Obligations):
dated 3/14/97 due 4/2/97
At 5.38% 46,130,614 46,000,000
dated 3/6/97 due 4/7/97
At 5.34% 138,655,040 138,000,000
dated 3/7/97 due 4/7/97
At 5.34% 46,211,523 46,000,000
dated 3/10/97 due 4/9/97
At 5.34% 137,609,650 137,000,000
dated 3/11/97 due 4/14/97
At 5.35% 92,464,856 92,000,000
dated 3/11/97 due 4/14/97
At 5.35% 35,176,847 35,000,000
TOTAL REPURCHASE AGREEMENTS 1,551,634,000
TOTAL INVESTMENTS - 100% $3,673,761,488
Total Cost for Income Tax Purposes $ 3,673,761,488
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
2. Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
3. Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Export-Import Bank, U.S.
(as guarantor for
K.A. Leasing, Ltd.) 3/1/94 $ 20,894,420
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $1,065,000 of which $48,000, $260,000, $746,000 and $11,000
will expire on March 31, 2001, 2002, 2003 and 2004, respectively.
A total of 24.81% 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.
The fund will notify shareholders in January 1998 of the applicable
percentage for use in preparing 1997 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: GOVERNMENT
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1997
ASSETS
Investment in securities, at value (including repurchase agreements of $1,551,634,000) - See $ 3,673,761,488
accompanying schedule
Interest receivable 15,530,304
TOTAL ASSETS 3,689,291,792
LIABILITIES
Payable for investments purchased
Delayed delivery $ 24,934,175
Payable for reverse repurchase 75,771,048
agreements
Share transactions in process 163,910
Distributions payable 9,226,199
Accrued management fee 456,885
Other payables and 423,339
accrued expenses
TOTAL LIABILITIES 110,975,556
NET ASSETS $ 3,578,316,236
Net Assets consist of:
Paid in capital $ 3,579,304,803
Accumulated net realized gain (loss) on investments (988,567)
NET ASSETS $ 3,578,316,236
CLASS I: $1.00
NET ASSET VALUE, offering price and
redemption price per share
($2,810,716,866 (divided by)
2,811,097,932 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price and
redemption price per share
($108,635,823 (divided by)
108,650,552 shares)
CLASS III: $1.00
NET ASSET VALUE, offering price and
redemption price per share
($658,963,547 (divided by)
659,052,887 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1997
INTEREST INCOME $ 199,229,378
EXPENSES
Management fee $ 7,316,191
Transfer agent fees
Class I 989,063
Class II 21,216
Class III 159,056
Distribution fees
Class II 85,932
Class III 1,065,454
Accounting fees and expenses 328,522
Non-interested trustees' compensation 11,700
Custodian fees and expenses 47,526
Registration fees
Class I 244,242
Class II 126,313
Class III 310,030
Audit 30,085
Legal 17,926
Miscellaneous 28,191
Total expenses before reductions 10,781,447
Expense reductions (2,313,930 8,467,517
)
NET INTEREST INCOME 190,761,861
NET REALIZED GAIN (LOSS) 32,085
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 190,793,946
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1997 1996
<TABLE>
<CAPTION>
<S> <C> <C>
Operations $ 190,761,861 $ 196,329,755
Net interest income
Net realized gain (loss) 32,085 (11,447)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 190,793,946 196,318,308
Distributions to shareholders from:
Net interest income
Class I (166,534,586) (192,250,800)
Class II (2,921,560) (2,158)
Class III (21,305,715) (4,076,797)
TOTAL DISTRIBUTIONS (190,761,861) (196,329,755)
Share transactions - net increase (decrease) (253,524,252) (473,028,897)
at net asset value of $ 1.00 per share:
Class I
Class II 108,548,391 102,161
Class III 464,533,354 153,997,567
Net asset value of Class I shares issued in exchange for the net assets of - 216,086,107
Fidelity Money Market Trust: U.S. Government Portfolio
TOTAL SHARE TRANSACTIONS 319,557,493 (102,843,062)
TOTAL INCREASE (DECREASE) IN NET ASSETS 319,589,578 (102,854,509)
NET ASSETS
Beginning of period 3,258,726,658 3,361,581,167
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
End of period $ 3,578,316,236 $ 3,258,726,658
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1997 1996 1995 1994 1993
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .052 .057 .048 .031 .035
Less Distributions
From net interest income (.052) (.057) (.048) (.031) (.035)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.37% 5.84% 4.86% 3.13% 3.56%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 2,810,717 $ 3,064,136 $ 3,321,066 $ 3,764,544 $ 5,686,166
Ratio of expenses to average net assets .20% B .20% B .18% B .18% B .18% B
Ratio of net interest income to average net assets 5.25% 5.69% 4.77% 3.07% 3.50%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
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).
FINANCIAL HIGHLIGHTS - CLASS II
YEAR ENDED NOVEMBER 6, 1995
MARCH 31, (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .051 .021
Less Distributions
From net interest income (.051) (.021)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 5.22% 2.16%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 108,636 $ 102
Ratio of expenses to average net assets .35% C .35% A,
C
Ratio of net interest income to average net assets 5.10% 5.33% A
FINANCIAL HIGHLIGHTS - CLASS III
YEARS ENDED MARCH 31, APRIL 4, 1994
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .050 .054 .045
Less Distributions
From net interest income (.050) (.054) (.045)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.11% 5.58% 4.57%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 658,964 $ 194,489 $ 40,516
Ratio of expenses to average net assets .45% C .45% C 43% A,
C
Ratio of net interest income to average net assets 5.00% 5.30% 5.13% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
INVESTMENTS MARCH 31, 1997
Showing Percentage of Total Value of Investment in Securities
BANKERS' ACCEPTANCES - 1.3%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC BANKERS' ACCEPTANCES
Chase Manhattan Bank
4/7/97 5.49% $ 2,646,121 $ 2,643,731
5/1/97 5.41 2,393,126 2,382,456
8/25/97 5.56 2,388,570 2,336,260
SunTrust Bank, Atlanta
4/18/97 5.42 2,109,473 2,104,094
4/21/97 5.43 4,523,000 4,509,431
TOTAL BANKERS' ACCEPTANCES 13,975,972
CERTIFICATES OF DEPOSIT - 6.1%
American Express Centurion Bank
4/11/97 5.33 15,000,000 14,999,955
Bank of New York, NY
4/29/97 5.56 (a) 4,000,000 4,000,000
Bankers Trust Co.
4/22/97 5.41 20,000,000 20,000,096
CoreStates Bank
8/25/97 5.42 5,000,000 5,000,000
Morgan Guaranty Trust, NY
9/18/97 5.77 5,000,000 4,999,082
9/30/97 5.60 10,000,000 10,007,591
3/20/98 6.00 5,000,000 4,997,227
TOTAL CERTIFICATES OF DEPOSIT 64,003,951
COMMERCIAL PAPER - 39.5%
AC Acquisition Holding Company
4/21/97 5.40 3,000,000 2,991,067
5/13/97 5.43 2,000,000 1,987,470
5/22/97 5.65 1,000,000 992,067
5/23/97 5.65 5,000,000 4,959,556
AVCO Financial Services
4/8/97 5.41 10,000,000 9,989,617
4/21/97 5.55 10,000,000 9,969,333
4/28/97 5.42 10,000,000 9,959,875
American Brands, Inc.
4/29/97 5.41 10,500,000 10,456,472
American Express Credit Corp.
4/24/97 5.36 6,000,000 5,979,607
Asset Securitization Coop. Corp.
4/9/97 5.32 12,740,000 12,725,052
4/14/97 5.35 5,000,000 4,990,394
4/21/97 5.35 5,000,000 4,985,222
Associates Corp. of North America
5/13/97 5.36 9,000,000 8,944,455
Bear Stearns Cos., Inc.
5/28/97 5.35 5,000,000 4,958,200
CIESCO, L.P.
4/21/97 5.35 10,000,000 9,970,556
CIT Group Holdings, Inc.
4/16/97 5.41 10,000,000 9,977,750
Campbell Soup Co.
9/23/97 5.44 5,000,000 4,871,910
Chrysler Financial Corporation
4/14/97 5.48 1,000,000 998,041
4/16/97 5.41 1,000,000 997,758
4/21/97 5.45 3,000,000 2,991,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Citibank Credit Card Master Trust I (Dakota Certificate Program)
4/14/97 5.36% $ 3,000,000 $ 2,994,226
5/21/97 5.39 11,900,000 11,812,072
CoreStates Capital Corp.
4/4/97 5.43 (a) 5,000,000 5,000,000
Enterprise Funding Corp.
5/23/97 5.65 3,000,000 2,975,733
Ford Motor Credit Corp.
7/22/97 5.50 20,000,000 19,667,111
GTE Corp.
4/8/97 5.39 11,000,000 10,988,536
General Electric Capital Corp.
4/28/97 5.41 20,000,000 19,919,900
9/22/97 5.80 7,000,000 6,809,180
General Motors Acceptance Corp.
4/14/97 5.63 5,000,000 4,990,115
4/15/97 5.63 4,000,000 3,991,483
5/7/97 5.51 6,000,000 5,967,840
6/23/97 5.62 5,000,000 4,937,001
6/25/97 5.62 14,000,000 13,819,186
8/27/97 5.50 5,000,000 4,890,028
Goldman Sachs Group, L.P. (The)
4/23/97 5.50 10,000,000 9,967,306
5/12/97 5.45 9,000,000 8,945,675
IBM Credit Corp.
4/21/97 5.35 2,000,000 1,994,089
Lucent Technologies, Inc.
4/2/97 5.39 7,750,000 7,748,853
Merrill Lynch & Co., Inc.
6/2/97 5.44 10,000,000 9,907,517
Morgan Stanley Group, Inc.
4/15/97 5.40 10,000,000 9,979,233
5/14/97 5.38 15,000,000 14,904,952
New Center Asset Trust
4/22/97 5.35 5,000,000 4,984,483
5/6/97 5.41 20,000,000 19,896,167
Norfolk Southern Corp.
5/8/97 5.44 14,500,000 14,419,972
Preferred Receivables Funding Corp.
4/9/97 5.34 3,775,000 3,770,537
4/23/97 5.35 5,000,000 4,983,806
Smith Barney, Inc.
4/9/97 5.37 2,000,000 1,997,627
4/10/97 5.37 10,000,000 9,986,700
SunTrust Banks, Inc.
4/8/97 5.37 (a) 5,000,000 5,000,000
Southern Company Group
5/12/97 5.39 6,000,000 5,963,510
Transamerica Corp.
4/11/97 5.46 6,100,000 6,090,782
Triple A One Funding Corp.
4/2/97 5.37 5,000,000 4,999,257
4/15/97 5.42 4,426,000 4,416,705
4/16/97 5.42 14,149,000 14,117,165
USAA Capital Corp.
4/18/97 5.40 10,000,000 9,974,830
TOTAL COMMERCIAL PAPER 416,506,979
FEDERAL AGENCIES - 13.6%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 0.5%
6/4/97 5.44% $ 5,000,000 $ 4,997,055
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 12.2%
4/1/97 5.37 6,000,000 5,997,596
4/1/97 5.42 25,000,000 24,990,402
4/1/97 5.88 15,000,000 15,000,000
4/2/97 5.38 25,000,000 24,998,351
4/29/97 5.62 8,000,000 7,999,375
5/1/97 5.46 15,000,000 14,996,781
6/9/97 5.46 20,000,000 19,987,987
6/13/97 5.46 15,000,000 14,991,322
128,961,814
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 0.9%
4/7/97 5.26 10,000,000 9,991,283
TOTAL FEDERAL AGENCIES 143,950,152
BANK NOTES - 14.0%
Bank of America National Trust & Savings Assoc.
6/19/97 5.50 10,000,000 10,000,000
Bank of New York, NY
3/3/98 5.85 10,000,000 9,995,595
Comerica Bank - Detroit
3/27/98 6.20 5,000,000 4,990,590
Corestates Bank
4/7/97 5.41 (a) 10,000,000 10,000,000
First National Bank of Boston
4/8/97 5.42 25,000,000 25,000,000
5/5/97 5.41 20,000,000 20,000,000
First of America Bank - Illinois
5/12/97 5.40 10,000,000 10,000,112
First of America Bank - Michigan
10/14/97 5.70 5,000,000 4,998,325
First Union National Bank of North Carolina
4/10/97 5.40 30,000,000 30,000,000
Key Bank National Association
4/1/97 5.83 (a) 4,000,000 3,999,269
Key Bank of NY
4/1/97 5.84 (a) 7,000,000 6,998,416
PNC Bank, NA
4/8/97 5.44 (a) 7,000,000 6,999,440
4/11/97 5.40 (a) 5,000,000 4,997,814
TOTAL BANK NOTES 147,979,561
MASTER NOTES (A) - 4.9%
Goldman Sachs Group, L.P. (The) (d)
5/8/97 5.55 7,000,000 7,000,000
J.P. Morgan Securities
4/1/97 5.63 12,000,000 12,000,000
4/4/97 5.44 15,000,000 15,000,000
4/7/97 5.44 4,000,000 4,000,000
Norwest Corp.
4/1/97 5.69 9,000,000 9,000,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
SunTrust Banks, Inc.
4/1/97 5.64% $ 5,000,000 $ 5,000,000
TOTAL MASTER NOTES 52,000,000
MEDIUM-TERM NOTES (A) - 3.3%
General Motors Acceptance Corp.
5/1/97 5.56 7,000,000 7,000,000
2/13/98 5.69 2,000,000 1,999,651
Merrill Lynch & Co., Inc.
4/18/97 5.47 5,000,000 4,999,624
Morgan Stanley Group, Inc.
4/1/97 5.86 6,000,000 6,000,000
Norwest Corp.
4/22/97 5.55 9,000,000 9,000,000
Pacific Mutual Life Insurance Co. (d)
6/9/97 5.62 3,000,000 3,000,000
Transamerica Life Insurance and Annuity Co. (d)
6/16/97 5.63 3,000,000 3,000,000
TOTAL MEDIUM-TERM NOTES 34,999,275
SHORT-TERM NOTES (A) - 5.2%
CSA Funding - C (c)
4/7/97 5.76 10,000,000 10,000,000
Capital One Funding Corp. (1995-D)
4/7/97 5.68 3,619,000 3,619,000
Capital One Funding Corp. (1996-G)
4/7/97 5.68 10,000,000 10,000,000
SMM Trust (1996-B) (b)
4/4/97 5.49 8,000,000 8,000,000
SMM Trust (1996-P) (b)
4/16/97 5.47 8,000,000 8,000,000
SMM Trust (1997-V) (b)
4/28/97 5.63 8,000,000 8,000,000
SMM Trust (1997-W) (b)
4/16/97 5.66 7,000,000 7,000,000
TOTAL SHORT-TERM NOTES 54,619,000
REPURCHASE AGREEMENTS - 12.1%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations)
dated 3/31/97 due 4/1/97
At 6.01% $ 102,689,142 102,672,000
(U.S. Government Obligations)
dated 3/11/97 due 4/14/97
At 5.35% 25,126,319 25,000,000
TOTAL REPURCHASE AGREEMENTS 127,672,000
TOTAL INVESTMENTS - 100% $1,055,706,890
Total Cost for Income Tax Purposes $ 1,055,706,890
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
2. Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $31,000,000 or 3.0% of net
assets.
3. Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
CSA Funding - C 10/28/93 $ 10,000,000
4. Restricted Security; subject to resale restrictions.
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $124,000 of which $44,000, $49,000 and $31,000 will expire on
March 31, 2001, 2003 and 2005, respectively.
A total of 3.42% 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.
The fund will notify shareholders in January 1998 of the applicable
percentage for use in preparing 1997 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1997
ASSETS
Investment in securities, at value (including repurchase agreements of $127,672,000) - See accompanying $ 1,055,706,890
schedule
Receivable for investments sold 122,000
Interest receivable 4,251,850
TOTAL ASSETS 1,060,080,740
LIABILITIES
Payable for investments purchased $ 12,000,000
Distributions payable 2,230,992
Accrued management fee 123,826
Distribution fees payable 28,467
Other payables and 198,869
accrued expenses
TOTAL LIABILITIES 14,582,154
NET ASSETS $ 1,045,498,586
Net Assets consist of:
Paid in capital $ 1,045,622,831
Accumulated net realized gain (loss) on investments (124,245)
NET ASSETS $ 1,045,498,586
CLASS I: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($919,553,816 (divided by)
919,649,347 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($4,235,405 (divided by)
4,235,845 shares)
CLASS III: $1.00
NET ASSET VALUE, offering price
and redemption price per share ($121,709,365 (divided by)
121,722,009 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1997
INTEREST INCOME $ 70,149,565
EXPENSES
Management fee $ 2,567,679
Transfer agent fees
Class I 430,362
Class II 2,360
Class III 27,869
Distribution fees
Class II 4,525
Class III 189,122
Accounting fees and expenses 148,284
Non-interested trustees' compensation 5,122
Custodian fees and expenses 30,225
Registration fees
Class I 211,439
Class II 57,967
Class III 80,013
Audit 28,635
Legal 6,948
Miscellaneous 11,697
Total expenses before reductions 3,802,247
Expense reductions (1,042,010 2,760,237
)
NET INTEREST INCOME 67,389,328
NET REALIZED GAIN (LOSS) (31,248
ON INVESTMENTS )
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 67,358,080
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1997 1996
<TABLE>
<CAPTION>
<S> <C> <C>
Operations $ 67,389,328 $ 54,364,888
Net interest income
Net realized gain (loss) (31,248) 4,858
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 67,358,080 54,369,746
Distributions to shareholders from:
Net interest income
Class I (63,431,659) (52,167,430)
Class II (153,946) (3,529)
Class III (3,803,723) (2,193,929)
TOTAL DISTRIBUTIONS (67,389,328) (54,364,888)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (198,341,472) 345,973,988
Class II 2,130,960 2,104,885
Class III 74,323,011 20,851,321
TOTAL SHARE TRANSACTIONS (121,887,501) 368,930,194
TOTAL INCREASE (DECREASE) IN NET ASSETS (121,918,749) 368,935,052
NET ASSETS
Beginning of period 1,167,417,335 798,482,283
End of period $ 1,045,498,586 $ 1,167,417,335
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1997 1996 1995 1994 1993
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .053 .057 .049 .031 .034
Less Distributions
From net interest income (.053) (.057) (.049) (.031) (.034)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.40% 5.85% 4.97% 3.14% 3.50%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 919,554 $ 1,117,917 $ 771,937 $ 656,976 $ 804,354
Ratio of expenses to average net assets .20% .20% .18% .18% .18%
B B B B B
Ratio of net interest income to average net assets 5.26% 5.66% 4.94% 3.09% 3.43%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
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).
FINANCIAL HIGHLIGHTS - CLASS II
YEAR ENDED NOVEMBER 6,1995
MARCH 31, (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .051 .021
Less Distributions
From net interest income (.051) (.021)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 5.24% 2.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 4,235 $ 2,105
Ratio of expenses to average net assets .35% C .35% A,
C
Ratio of net interest income to average net assets 5.10% 5.20% A
FINANCIAL HIGHLIGHTS - CLASS III
YEAR ENDED YEAR ENDED JULY 19, 1994
MARCH 31, MARCH 31, (COMMENCEME
NT
OF OPERATIONS)
TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .050 .054 .035
Less Distributions
From net interest income (.050) (.054) (.035)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.13% 5.56% 3.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 121,709 $ 47,396 $ 26,545
Ratio of expenses to average net assets .45% .47% .50% A,
C C C
Ratio of net interest income to average net assets 5.02% 5.40% 5.14% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
INVESTMENTS MARCH 31, 1997
Showing Percentage of Total Value of Investment in Securities
BANKERS' ACCEPTANCES - 0.1%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC BANKERS' ACCEPTANCES
Chase Manhattan Bank
4/28/97 5.50% $ 12,578,125 $ 12,527,655
CERTIFICATES OF DEPOSIT - 37.2%
DOMESTIC CERTIFICATES OF DEPOSIT - 1.5%
Bankers Trust Co.
4/22/97 5.41 5,000,000 5,000,024
4/24/97 5.41 50,000,000 50,000,000
Chase Manhattan Bank (USA)
7/28/97 5.55 40,000,000 40,000,000
Morgan Guaranty Trust, NY
8/12/97 5.80 50,000,000 49,987,299
144,987,323
CHICAGO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.8%
Bank of Montreal
6/24/97 5.38 75,000,000 75,000,000
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 27.3%
Bank of Tokyo - Mitsubishi Ltd.
5/5/97 5.60 32,000,000 32,000,000
5/7/97 5.48 13,000,000 13,001,026
5/27/97 5.48 57,000,000 57,000,000
5/30/97 5.48 21,000,000 21,000,000
6/3/97 5.53 61,000,000 61,000,000
6/4/97 5.53 9,000,000 9,000,000
Barclays Bank, PLC
5/12/97 5.37 50,000,000 50,000,000
Bayerische Hypotheken - und Weschel
5/12/97 5.37 40,000,000 40,000,413
7/22/97 5.45 50,000,000 50,006,703
Bayerische Landesbank Girozentrale
4/22/97 5.56 47,000,000 47,000,000
Bayerische Vereinsbank A.G.
6/18/97 5.37 48,000,000 48,000,000
Canadian Imperial Bank of Commerce
4/14/97 5.35 26,000,000 26,000,000
4/15/97 5.33 66,000,000 66,000,000
4/30/97 5.35 40,000,000 39,999,848
Commerzbank, Germany
4/9/97 5.32 40,000,000 40,000,000
4/14/97 5.35 50,000,000 50,000,000
9/10/97 5.62 25,000,000 25,000,000
Credit Suisse
5/19/97 5.40 50,000,000 50,000,000
Den Danske Bank
7/28/97 5.52 10,000,000 10,001,567
Deutsche Bank, Germany
5/28/97 5.34 145,000,000 145,000,000
10/28/97 5.70 18,000,000 17,986,852
1/16/98 5.80 70,000,000 69,976,946
Dresdner Bank, A.G., Germany
4/7/97 5.37 18,000,000 18,000,000
6/18/97 5.37 32,000,000 32,000,000
Landesbank Hessen - Thuringen
9/5/97 6.20 40,000,000 40,001,641
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
National Westminster Bank, PLC
5/1/97 5.42% $ 24,000,000 $ 24,000,326
5/21/97 5.35 50,000,000 50,000,000
6/17/97 5.50 100,000,000 100,000,000
Norddeutsche Landesbank
4/1/97 5.30 75,000,000 75,000,000
Rabobank Nederland, N.V.
5/21/97 5.40 25,000,000 25,000,000
3/20/98 6.00 20,000,000 19,994,454
Sanwa Bank, Ltd.
4/14/97 5.53 20,000,000 19,999,895
4/18/97 5.50 60,000,000 60,000,000
5/21/97 5.50 8,000,000 8,000,110
5/27/97 5.50 20,000,000 20,000,307
Societe Generale, France
4/1/97 5.50 26,000,000 26,000,000
4/8/97 5.50 25,000,000 24,999,940
4/9/97 5.42 22,000,000 22,000,000
6/11/97 5.42 50,000,000 50,000,000
7/25/97 5.55 20,000,000 20,000,000
7/28/97 5.55 20,000,000 20,000,000
8/7/97 5.52 100,000,000 100,000,000
9/3/97 5.70 25,000,000 24,985,841
Sumitomo Bank, Ltd.
4/1/97 5.51 32,000,000 32,000,000
4/3/97 5.60 20,000,000 20,000,000
4/8/97 5.58 15,000,000 15,000,000
4/14/97 5.51 10,000,000 10,000,000
5/19/97 5.52 35,000,000 35,000,000
5/19/97 5.54 10,000,000 10,000,000
5/27/97 5.50 19,000,000 19,000,000
5/27/97 5.51 10,000,000 10,000,000
5/30/97 5.52 10,000,000 10,000,000
6/6/97 5.58 15,000,000 15,000,000
Swiss Bank Corp.
4/7/97 5.41 50,000,000 50,000,000
4/21/97 5.41 100,000,000 100,000,000
4/21/97 5.50 10,000,000 10,000,000
4/23/97 5.41 150,000,000 150,000,000
7/16/97 5.40 30,000,000 30,000,000
7/21/97 5.53 100,000,000 100,000,000
12/22/97 5.99 25,000,000 25,000,000
2/27/98 5.88 23,000,000 23,000,000
Westdeutsche Landesbank
4/7/97 5.33 74,000,000 74,000,000
4/7/97 5.50 25,000,000 25,000,000
4/9/97 5.45 29,000,000 29,000,000
4/21/97 5.50 22,000,000 22,000,000
Westpac Banking Corp.
9/15/97 5.70 15,000,000 15,000,000
2,576,955,869
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.4%
Bank of Nova Scotia
6/10/97 6.02 8,000,000 7,996,925
4/1/98 5.32 25,000,000 24,985,691
32,982,616
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 7.2%
Abbey National, Treasury Services
4/8/97 5.42% $ 40,000,000 $ 40,000,508
5/20/97 5.42 65,000,000 64,999,859
8/20/97 5.44 75,000,000 75,000,000
3/4/98 5.87 53,000,000 53,000,000
Barclays Bank, PLC
4/23/97 5.41 65,000,000 65,000,392
Bayerische Hypotheken - und Weschel
4/7/97 5.37 30,000,000 30,000,050
Bayerische Landesbank Girozentrale
4/18/97 5.49 25,000,000 24,999,464
7/29/97 5.51 30,000,000 30,004,743
Bayerische Vereinsbank A.G.
8/26/97 5.44 30,000,000 29,999,902
Berliner Handels - und Frankfurter Bank
6/4/97 5.45 40,000,000 40,000,701
Den Danske Bank A/S
5/14/97 5.42 25,000,000 25,000,706
5/20/97 5.35 15,000,000 15,000,069
8/18/97 5.43 31,000,000 31,004,565
National Westminster Bank, PLC
4/22/97 5.41 17,000,000 17,000,049
5/1/97 5.42 10,000,000 10,000,224
Rabobank Nederland, N.V.
6/4/97 5.96 25,000,000 25,000,210
Sanwa Bank, Ltd.
4/11/97 5.54 30,000,000 30,000,165
4/18/97 5.50 15,000,000 15,000,070
Toronto-Dominion Bank
3/3/98 5.87 30,000,000 30,000,000
Westdeutsche Landesbank
4/7/97 5.40 25,000,000 25,000,041
676,011,718
TOTAL CERTIFICATES OF DEPOSIT 3,505,937,526
COMMERCIAL PAPER - 31.0%
ABN-AMRO North America Finance, Inc.
5/27/97 5.35 20,000,000 19,835,733
AC Acquisition Holding Company
4/8/97 5.38 8,000,000 7,991,678
4/21/97 5.40 24,000,000 23,928,533
5/13/97 5.43 20,000,000 19,874,700
5/14/97 5.43 30,000,000 29,807,575
5/15/97 5.43 3,000,000 2,980,310
Abbey National, North America
8/25/97 5.44 50,000,000 48,926,292
Asset Securitization Coop. Corp.
4/14/97 5.35 19,000,000 18,963,499
4/21/97 5.35 5,000,000 4,985,222
4/22/97 5.35 50,000,000 49,844,833
Associates Corp. of North America
4/3/97 5.50 45,000,000 44,986,463
6/6/97 5.39 60,000,000 59,417,000
BHF Finance (Delaware), Inc.
4/30/97 5.42 30,000,000 29,870,708
6/2/97 5.45 8,000,000 7,925,876
BMW US Capital Corp.
4/16/97 5.35 20,000,000 19,955,667
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Bank of Scotland Treasury Services
4/2/97 5.43% $ 5,000,000 $ 4,999,260
Bear Stearns Cos., Inc.
5/21/97 5.37 30,000,000 29,779,583
CIESCO, L.P.
4/10/97 5.34 20,000,000 19,973,400
Caisse des Depots et Consignations
4/4/97 5.34 15,000,000 14,993,350
5/14/97 5.45 50,000,000 49,683,472
4/9/97 5.34 55,000,000 54,934,978
Chrysler Financial Corporation
4/14/97 5.48 10,000,000 9,980,410
4/16/97 5.41 10,000,000 9,977,583
4/21/97 5.45 28,000,000 27,916,000
4/29/97 5.45 10,000,000 9,958,000
Citibank Credit Card Master Trust I (Dakota Certificate Program)
4/14/97 5.36 7,000,000 6,986,527
4/14/97 5.38 12,000,000 11,976,817
4/28/97 5.34 7,000,000 6,972,228
5/19/97 5.39 40,000,000 39,716,267
5/30/97 5.44 13,000,000 12,885,589
Commonwealth Bank of Australia
4/28/97 5.45 7,000,000 6,972,123
4/29/97 5.45 10,000,000 9,958,700
CoreStates Capital Corp.
4/2/97 5.45 (a) 10,000,000 10,000,000
4/4/97 5.43 (a) 5,000,000 5,000,000
Cregem North America, Inc.
5/12/97 5.43 50,000,000 49,695,347
6/27/97 5.39 6,000,000 5,923,295
Delaware Funding Corporation
4/23/97 5.39 5,000,000 4,983,653
Electricite de France
7/28/97 5.47 10,000,000 9,825,294
Enterprise Funding Corp.
4/7/97 5.35 17,079,000 17,063,828
4/7/97 5.41 10,000,000 9,991,083
4/16/97 5.38 14,000,000 13,968,792
Ford Motor Credit Corp.
4/17/97 5.36 50,000,000 49,881,556
4/21/97 5.36 145,000,000 144,571,861
4/22/97 5.36 100,000,000 99,689,667
4/23/97 5.37 50,000,000 49,837,750
GTE Corp.
4/8/97 5.40 20,000,000 19,979,117
4/10/97 5.38 7,000,000 6,990,620
4/10/97 5.39 10,000,000 9,986,600
Generale Bank
4/23/97 5.50 50,000,000 49,836,528
4/25/97 5.50 25,000,000 24,910,833
7/30/97 5.53 20,000,000 19,641,333
General Electric Capital Corp.
4/21/97 5.36 100,000,000 99,704,444
5/27/97 5.35 50,000,000 49,590,111
5/28/97 5.45 50,000,000 49,576,458
6/3/97 5.44 100,000,000 99,074,250
7/7/97 5.50 50,000,000 49,272,500
7/29/97 5.52 25,000,000 24,556,229
General Electric Co.
5/28/97 5.45 75,000,000 74,364,688
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
General Motors Acceptance Corp.
4/14/97 5.63% $ 40,000,000 $ 39,920,917
4/15/97 5.63 20,000,000 19,957,417
4/21/97 5.39 43,000,000 42,871,956
4/28/97 5.50 70,000,000 69,716,500
5/7/97 5.51 50,000,000 49,732,000
6/23/97 5.62 25,000,000 24,685,004
6/30/97 5.62 100,000,000 98,633,750
8/27/97 5.50 40,000,000 39,120,222
Goldman Sachs Group, L.P. (The)
4/29/97 5.50 45,000,000 44,812,750
5/5/97 5.45 25,000,000 24,874,861
5/12/97 5.45 64,000,000 63,613,689
IBM Corp.
4/9/97 5.35 43,118,000 43,067,025
Kredietbank, NA Finance Corp.
4/10/97 5.34 20,000,000 19,973,400
Matterhorn Capital Corp.
4/3/97 5.34 14,960,000 14,955,579
Merrill Lynch & Co., Inc.
4/7/97 5.35 23,000,000 22,979,568
6/18/97 5.42 25,000,000 24,712,104
7/28/97 5.54 30,000,000 29,469,983
Morgan Stanley Group, Inc.
4/15/97 5.40 40,000,000 39,916,933
5/15/97 5.42 85,000,000 84,445,233
NationsBank Corp.
7/28/97 5.53 10,000,000 9,823,656
Nationwide Building Society
4/24/97 5.43 10,000,000 9,965,756
4/28/97 5.43 20,000,000 19,919,600
New Center Asset Trust
4/22/97 5.35 37,000,000 36,885,177
Norfolk Southern Corp.
4/7/97 5.37 12,000,000 11,989,320
5/12/97 5.42 13,531,000 13,448,555
5/19/97 5.43 5,000,000 4,964,333
PHH Corp.
4/7/97 5.38 35,000,000 34,968,792
4/9/97 5.36 35,000,000 34,958,544
4/11/97 5.32 10,000,000 9,985,333
Preferred Receivables Funding Corp.
4/1/97 5.37 7,000,000 7,000,000
4/2/97 5.34 5,000,000 4,999,261
4/7/97 5.38 15,000,000 14,986,624
Santander Finance (Delaware), Inc.
6/24/97 5.43 5,000,000 4,937,933
Sherwood Medical Company
4/24/97 5.39 15,000,000 14,948,729
Smith Barney, Inc.
4/8/97 5.38 16,000,000 15,983,356
4/9/97 5.37 12,000,000 11,985,760
SunTrust Banks Inc.
4/8/97 5.37 (a) 20,000,000 20,000,000
Triple A One Funding Corp.
4/8/97 5.37 30,000,000 29,968,792
Unifunding, Inc.
4/15/97 5.36 10,000,000 9,979,272
4/23/97 5.36 20,000,000 19,934,854
4/28/97 5.43 21,000,000 20,915,738
TOTAL COMMERCIAL PAPER 2,924,882,489
FEDERAL AGENCIES - 10.4%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 0.4%
6/4/97 5.44% $ 40,000,000 $ 39,976,440
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 0.5%
4/10/97 5.29 45,000,000 44,940,769
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 6.3%
4/1/97 5.37 35,000,000 34,985,976
4/1/97 5.42 75,000,000 74,971,207
4/1/97 5.88 50,000,000 50,000,000
4/2/97 5.38 100,000,000 99,993,404
4/15/97 5.38 50,000,000 49,997,950
4/29/97 5.62 49,000,000 48,996,169
6/9/97 5.46 140,000,000 139,915,908
6/13/97 5.46 95,000,000 94,945,042
593,805,656
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 3.2%
4/10/97 5.28 34,430,000 34,384,810
4/11/97 5.25 34,760,000 34,709,501
4/24/97 5.26 33,270,000 33,158,937
6/11/97 5.36 50,000,000 49,478,840
6/12/97 5.35 148,425,000 146,855,632
298,587,720
TOTAL FEDERAL AGENCIES 977,310,585
U.S. TREASURY OBLIGATIONS - 0.5%
U.S. TREASURY BILL - 0.5%
3/5/98 5.67 50,000,000 47,483,778
BANK NOTES - 2.1%
Bank of New York, NY
3/17/98 6.00 25,000,000 24,990,835
Huntington National Bank
9/30/97 5.50 18,000,000 18,018,948
Key Bank NA
4/1/97 5.84 (a) 44,000,000 43,990,044
Morgan Guaranty Trust, NY
6/6/97 6.00 25,000,000 24,997,830
PNC Bank
4/8/97 5.44 (a) 38,000,000 37,996,961
4/11/97 5.40 (a) 46,000,000 45,979,890
TOTAL BANK NOTES 195,974,508
MASTER NOTES (A) - 3.9%
Goldman Sachs Group, L.P. (The) (c)
5/8/97 5.55 50,000,000 50,000,000
J.P. Morgan Securities
4/1/97 5.63 110,000,000 110,000,000
4/4/97 5.44 60,000,000 60,000,000
4/7/97 5.44 74,000,000 74,000,000
Norwest Corp.
4/1/97 5.69 52,000,000 52,000,000
SunTrust Banks, Inc.
4/1/97 5.64 20,000,000 20,000,000
TOTAL MASTER NOTES 366,000,000
MEDIUM-TERM NOTES (A) - 2.6%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
General Motors Acceptance Corp.
5/1/97 5.56% $ 40,000,000 $ 40,000,000
2/13/98 5.69 20,000,000 19,996,000
Merrill Lynch & Co., Inc.
4/18/97 5.47 35,000,000 34,997,371
Morgan Stanley Group, Inc.
4/1/97 5.86 42,000,000 42,000,000
Norwest Corp.
4/22/97 5.55 61,000,000 61,000,000
Pacific Mutual Life Insurance Co. (c)
6/9/97 5.62 20,000,000 20,000,000
Transamerica Life Insurance and Annuity Co. (c)
6/16/97 5.63 25,000,000 25,000,000
TOTAL MEDIUM-TERM NOTES 242,993,371
SHORT-TERM NOTES (A) - 3.7%
Capital One Funding Corp. (1994-C)
4/7/97 5.68 10,550,000 10,550,000
Capital One Funding Corp. (1995-E)
4/7/97 5.68 7,000,000 7,000,000
Capital One Funding Corp. (1996-C)
4/7/97 5.68 18,276,000 18,276,000
Capital One Funding Corp. (1996-H)
4/7/97 5.68 4,900,000 4,900,000
Liquid Asset Backed Securities Trust (1996 - 1) (b)
4/15/97 5.46 33,000,000 33,000,000
Liquid Asset Backed Securities Trust (1996 - 02) (b)
4/3/97 5.47 56,000,000 56,000,000
SMM Trust (1996-B) (b)
4/4/97 5.49 8,000,000 8,000,000
SMM Trust (1996-P) (b)
4/16/97 5.47 66,000,000 66,000,000
4/29/97 5.74 15,000,000 15,000,000
SMM Trust (1997-V) (b)
4/28/97 5.63 69,000,000 69,000,000
SMM Trust (1997-W) (b)
4/16/97 5.66 61,000,000 61,000,000
TOTAL SHORT-TERM NOTES 348,726,000
TIME DEPOSITS - 3.4%
Bank of Tokyo - Mitsubishi Ltd.
4/3/97 5.50 30,000,000 30,000,000
Caisse Nationale de Credit Agricole
4/1/97 6.75 200,000,000 200,000,000
Societe Generale, France
4/1/97 6.75 94,000,000 94,000,000
TOTAL TIME DEPOSITS 324,000,000
REPURCHASE AGREEMENTS - 5.1%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations)
dated 3/31/97 due 4/1/97:
At 5.97% $ 378,964,817 $ 378,902,000
At 6.13% 6,138,046 6,137,000
(U.S. Government Obligations)
dated 3/10/97 due 4/9/97
At 5.35% 100,445,833 100,000,000
TOTAL REPURCHASE AGREEMENTS 485,039,000
TOTAL INVESTMENTS - 100% $ 9,430,874,912
Total Cost for Income Tax Purposes $ 9,430,874,912
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
2. Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $308,000,000 or 3.3% of net
assets.
3. Restricted security; subject to resale restrictions.
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $2,040,000 of which $336,000, $898,000, $547,000, $245,000
and $14,000 will expire on March 31, 2001, 2002, 2003, 2004 and 2005,
respectively.
A total of 1.27% 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.
The fund will notify shareholders in January 1998 of the applicable
percentage for use in preparing 1997 income tax returns.
FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1997
ASSETS
Investment in securities, at value (including repurchase agreements of $485,039,000) - See accompanying $ 9,430,874,912
schedule
Receivable for investments sold 665,000
Interest receivable 49,347,319
TOTAL ASSETS 9,480,887,231
LIABILITIES
Payable to custodian bank $ 8,372
Payable for investments purchased 134,985,691
Share transactions in process 1,090,009
Distributions payable 16,063,904
Accrued management fee 1,552,794
Other payables and 1,418,036
accrued expenses
TOTAL LIABILITIES 155,118,806
NET ASSETS $ 9,325,768,425
Net Assets consist of:
Paid in capital $ 9,327,807,515
Accumulated net realized gain (loss) on investments (2,039,090)
NET ASSETS $ 9,325,768,425
CLASS I: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($8,714,137,153 (divided by)
8,716,020,395 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($167,582,895 (divided by)
167,619,112 shares)
CLASS III: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($444,048,377 (divided by)
444,144,342 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1997
INTEREST INCOME $ 505,950,166
EXPENSES
Management fee $ 18,446,400
Transfer agent fees
Class I 4,216,329
Class II 38,035
Class III 155,047
Distribution fees
Class II 169,673
Class III 1,042,721
Accounting fees and expenses 727,821
Non-interested trustees' compensation 33,103
Custodian fees and expenses 173,198
Registration fees
Class I 1,301,256
Class II 127,363
Class III 171,541
Audit 40,148
Legal 38,929
Miscellaneous 54,381
Total expenses before reductions 26,735,945
Expense reductions (8,919,564) 17,816,381
NET INTEREST INCOME 488,133,785
NET REALIZED GAIN (LOSS) (13,722)
ON INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 488,120,063
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1997 1996
<TABLE>
<CAPTION>
<S> <C> <C>
Operations $ 488,133,785 $ 381,241,470
Net interest income
Net realized gain (loss) (13,722) (244,561)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 488,120,063 380,996,909
Distributions to shareholders from:
Net interest income
Class I (461,178,632) (370,298,086)
Class II (5,834,884) (817,553)
Class III (21,120,269) (10,125,831)
TOTAL DISTRIBUTIONS (488,133,785) (381,241,470)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I 2,248,152,485 1,336,131,211
Class II 103,399,852 64,219,260
Class III 214,546,392 (227,832,339)
Share transactions - net increase (decrease) 2,566,098,729 1,172,518,132
TOTAL INCREASE (DECREASE) IN NET ASSETS 2,566,085,007 1,172,273,571
NET ASSETS
Beginning of period 6,759,683,418 5,587,409,847
End of period $ 9,325,768,425 $ 6,759,683,418
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS I
YEARS ENDED MARCH 31,
SELECTED PER-SHARE DATA 1997 1996 1995 1994 1993
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .053 .057 .049 .032 .035
Less Distributions
From net interest income (.053) (.057) (.049) (.032) (.035)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN A 5.43% 5.90% 4.99% 3.20% 3.58%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 8,714,137 $ 6,465,953 $ 5,130,123 $ 3,200,277 $ 4,332,995
Ratio of expenses to average net assets .18% .18% .18% .18% .18%
B B B B B
Ratio of net interest income to average net assets 5.31% 5.73% 5.00% 3.15% 3.50%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
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).
FINANCIAL HIGHLIGHTS - CLASS II
YEAR ENDED NOVEMBER 6, 1995
MARCH 31, (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .051 .022
Less Distributions
From net interest income (.051) (.022)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 5.27% 2.17%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 167,583 $ 64,200
Ratio of expenses to average net assets .33% C .33% A,
C
Ratio of net interest income to average net assets 5.16% 5.29% A
FINANCIAL HIGHLIGHTS - CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
YEARS ENDED MARCH 31, NOVEMBER 17, 1993
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996 1995 1994
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .050 .055 .046 .011
Less Distributions
From net interest income (.050) (.055) (.046) (.011)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.17% 5.61% 4.66% 1.08%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 444,048 $ 229,530 $ 457,286 $ 89,463
Ratio of expenses to average net assets .43% .45% .50% .50% A,
C C C C
Ratio of net interest income to average net assets 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.
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
INVESTMENTS MARCH 31, 1997
Showing Percentage of Total Value of Investment in Securities
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ALABAMA - 2.0%
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev. VRDN:
Rfdg. (Rime Village Hoover Proj.) Series 1996 A,
3.45% (FNMA Guaranteed) $ 10,000,000 $ 10,000,000
(Homewood Gardens Proj.) Series 1991 C, 3.90%, LOC Southtrust Bank of
Alabama 2,165,000 2,165,000
Anniston Ind. Dev. Board (Monsanto Co. Proj.) Series 1992, 3.45%, VRDN
9,100,000 9,100,000
Anniston Solid Waste Disposal Auth. (Monsanto Co. Proj.) Series 1992,
3.45%, VRDN 2,230,000 2,230,000
Chatam Ind. Dev. Board Poll. Cont. Rev. Bonds (Alabama Elec. Coop. Inc.
Proj.) Series 1993, 3.55%,
tender 4/11/97 (Nat'l. Rural Util. Coop. Fin. Guaranteed) 2,000,000
2,000,000
Decatur Ind. Dev. Board (Monsanto Co. Proj.) Series 1990, 3.45%, VRDN
5,925,000 5,925,000
Decatur Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) VRDN:
Series 1992, 3.45% 900,000 900,000
Series 1994, 3.45% 3,115,000 3,115,000
Huntsville Ind. Dev. Board Ind. Dev. Rev. (PPG Industries, Inc. Proj.)
Series 1992, 3.50%, VRDN 1,000,000 1,000,000
Tarrant City Ind. Dev. Board Rev. Rfdg. (Philip Morris Co. Inc.) Series
1993, 3.50%, VRDN 2,300,000 2,300,000
Tuscaloosa County Port Auth. Rev. (Capstone Hotel Ltd. Proj.) Series 1989
A, 3.50%,
LOC Southtrust Bank of Alabama, VRDN 4,160,000 4,160,000
42,895,000
ALASKA - 0.4%
Anchorage Elec. Util. Rev. (Muni. Light & Pwr.) 3.45%,
LOC Bank of America NT & SA, VRDN 1,000,000 1,000,000
North Slope Borough Gen. Oblig. Rfdg. Series 1988 G,
7.50% 6/30/97 (AMBAC Insured) 2,000,000 2,017,217
Valdez Marine Terminal Rev. Rfdg. (Atlantic Richfield Co. Proj.):
Bonds, Series 1994 A, 3.40%, tender 4/9/97 3,900,000 3,900,000
Series 1994 B, 3.55%, VRDN 1,700,000 1,700,000
8,617,217
ARIZONA - 2.1%
Apache County Ind. Dev. Auth., VRDN:
(Tucson Elec. Pwr. Co. Proj.) Series 1981 B, 3.60%, LOC Bank of Tokyo -
Mitsubishi Ltd. 1,700,000 1,700,000
(Tucson Elec. Pwr. Co. Springerville Proj.) Series 1983 C, 3.45%, LOC
Bankers Trust Co. 3,300,000 3,300,000
Arizona Health Facs. Auth. Hosp. Rev. (Northern Healthcare) Series 1996 B,
3.45% (MBIA Insured)
(BPA Chase Manhattan Bank) VRDN 1,400,000 1,400,000
Maricopa County Poll. Cont. Rev. Bonds (Southern California Edison Co.)
Series 1985 E,
3.50%, tender 4/7/97 8,800,000 8,800,000
Mesa Ind. Dev. Auth. Participating VRDN, Series 1997 B, 3.55% (BIG Insured)
(Liquidity Facility Caisse des Depots et Consignations) (b) 2,715,000
2,715,000
Mesa Municipal Dev. Corp. Bonds Series 1996 A-B, 3.95%, tender 10/8/97,
LOC Westdeutsche Landesbank 1,900,000 1,900,000
Phoenix Ind. Dev. Board Auth. Multi-Family Hsg. Rev., VRDN:
(Paradise Lakes Apt. Proj.) Series 1995, 3.60%, LOC GE Capital Corp.
17,500,000 17,500,000
(Paradise Shadows II Apt. Proj.) Series 1989, 3.45%, LOC Citibank, NA
2,900,000 2,900,000
Pima County Ind. Dev. Auth. Multi-Family Hsg. Rev. (La Cholla Apt. Proj.)
Series 1996,
3.45%, LOC Texas Commerce Bank, VRDN 2,000,000 2,000,000
Pinal County Ind. Dev. Auth. Hosp. Rev. (Casa Grande Medical Ctr. Proj.)
Series 1995,
3.60%, LOC Chase Manhattan Bank, VRDN 2,700,000 2,700,000
44,915,000
ARKANSAS - 0.8%
Arkansas Hosp. Equip. Fin. Auth. Rev., VRDN:
(Baptist Health Proj.) Series 1995, 3.50%, LOC Credit Suisse 5,425,000
5,425,000
(Jefferson Hosp. Assoc. Inc. Proj.) Series 1989, 3.45%, LOC KredietBank,
NV 3,570,000 3,570,000
Crossett Poll. Cont. Rev. Rfdg. (Georgia-Pacific Corp. Proj.) Series 1991,
3.50%,
LOC SunTrust Bank, Atlanta, VRDN 3,500,000 3,500,000
Univ. of Arkansas Rev. 3.55%, LOC Credit Suisse, VRDN 5,000,000
5,000,000
17,495,000
CALIFORNIA - 2.5%
Alameda County TRAN 4.50% 6/30/97 5,800,000 5,807,564
California Gen. Oblig:
Participating VRDN, 3.51% (Liquidity Facility Citibank, NA) (b)
1,555,000 1,555,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
California Gen. Oblig: - continued
RAN Series 1996-97, 4.50% 6/30/97 $ 12,000,000 $ 12,015,154
California School Cash Reserves Prog. TRAN Series 1996 A, 4.75% 7/2/97
1,000,000 1,002,150
Fresno County TRAN 4.50% 6/30/97 3,800,000 3,805,348
Los Angeles Commty. College Dist. TRAN Series 1996-97, 4.50% 7/1/97
3,200,000 3,203,829
Los Angeles County TRAN Series 1996-97, 4.50% 6/30/97 4,000,000
4,005,183
Los Angeles TRAN Series 1996, 4.50% 6/19/97 3,400,000 3,404,391
Oakland TRAN Series 1996, 4.75% 6/30/97 5,800,000 5,811,974
Riverside County School Dist. TRAN Series 1996-76, 4.625% 7/17/97
2,000,000 2,003,235
Santa Clara Unified School Dist. TRAN Series 1996, 4.50% 7/2/97 1,900,000
1,902,761
South Coast TRAN Series 1996, 4.75% 6/30/97 3,000,000 3,004,827
Ventura County TRAN Series 1996, 4.75% 7/2/97 6,100,000 6,110,892
53,632,308
COLORADO - 1.7%
Colorado Post-Secondary Ed. Facs. Auth. Participating VRDN, 3.65%
(Liquidity Facility Norwest Bank NA, Minnesota) (b) 3,350,000 3,350,000
Colorado TRAN 4.50% 6/27/97 22,200,000 22,248,800
Pitkin County Multi-Family Hsg. Rev. Rfdg. (Centennial Aspen Proj.) Series
1996 A, 3.50%,
LOC Republic National Bank, VRDN 3,250,000 3,250,000
Pueblo County School Dist. Participating VRDN, Series 1996 G, 3.65% (MBIA
Insured)
(Liquidity Facility Norwest Bank NA, Minnesota) (b) 2,220,000 2,220,000
Smith Creek County Metropolitan Dist., VRDN:
(Eagle County) Series 1997, 3.15%, LOC NationsBank, NA 2,000,000
2,000,000
Series 1995, 3.40%, LOC NationsBank of TX 3,400,000 3,400,000
36,468,800
DELAWARE - 0.9%
Delaware Econ. Dev. Auth. Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc.
Proj.)
Series 1992, 3.50%, VRDN 3,300,000 3,300,000
Delaware Econ. Dev. Auth. Rev., VRDN:
(Hosp. Billing & Collection Services. Ltd. Proj.):
Series 1985 A, 3.50% (MBIA Insured) (BPA Morgan Stanley Group, Inc.)
6,900,000 6,900,000
Series 1985 B, 3.50% (MBIA Insured) (BPA Morgan Stanley Group, Inc.)
7,300,000 7,300,000
(Peninsula United Methodist Homes Inc.) Series 1992 B, 3.60%, LOC
Corestates Bank 1,985,000 1,985,000
19,485,000
FLORIDA - 6.4%
Alachua County Health Facs. Auth. Bonds (Academic Research Bldg. Proj. 89)
3.30%,
tender 4/8/97, LOC Barnett Bank 1,500,000 1,500,000
Broward County Fin. Auth. Multi-Family Hsg. Rev. (Palm Aire-Oxford Proj.)
Series 1990,
3.60% (Continental Casualty Co. Guaranteed) VRDN 1,620,000 1,620,000
Citrus Park Commty. Dev. Dist. (Hillsborough County / Cap.Impt.) Series
1996, 3.50%,
LOC Dresdner Bank AG, VRDN 4,000,000 4,000,000
Dade County Health Facs. Auth. Hosp. Rev. (Miami Children's Hosp. Proj.)
3.35%
(AMBAC Insured) (BPA SunTrust Bank Miami, NA) VRDN 3,000,000 3,000,000
Dade County Ind. Dev. Auth. Ind. Dev. Rev. (South Dade Jewish Commty. Ctr.)
3.50%,
LOC SunTrust Bank Miami, NA, VRDN 700,000 700,000
Dade County Wtr. & Swr. Sys. Rev. 3.35% (BPA Commerzbank) VRDN 3,500,000
3,500,000
Florida Dept. of Trans. Participating VRDN, 3.50% (Liquidity Facility
Societe Generale, France) (b) 1,700,000 1,700,000
Florida Hsg. Fin. Agcy. Multi-Family Hsg. Rev., VRDN:
(Parrot's Landing Proj.) Series 1985 AA, 3.50% (FNMA Guaranteed)
1,700,000 1,700,000
(Sun Pointe Cove Apts. Proj.) Series 1985 XX, 3.50% (FNMA Guaranteed)
3,500,000 3,500,000
Florida Insured Muni. Securities Trust Participating VRDN, Series 1996,
3.65%
(Liquidity Facility Norwest Bank NA, Minnesota) (b) 1,000,000 1,000,000
Florida Local Gov't. Fin. Auth. Commission (Pooled) CP:
Series A:
3.40% 4/11/97, LOC First Union Nat'l. Bank 6,800,000 6,800,000
3.50% 4/11/97, LOC First Union Nat'l. Bank 8,000,000 8,000,000
3.45% 4/14/97, LOC First Union Nat'l. Bank 6,500,000 6,500,000
3.55% 7/23/97, LOC First Union Nat'l. Bank 9,710,000 9,710,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Gulf Breeze Rev. Series 1995 A, 3.46%, LOC Barnett Bank, VRDN $ 1,600,000
$ 1,600,000
Highlands County Health Facs. Auth. Rev. (Adventist Health/Sunbelt) 3.50%
(Capital Markets Assurance Corp. Insured) (BPA First Nat'l. Bank of
Chicago) VRDN 7,700,000 7,700,000
Jacksonville Health Fac. Auth. Participating VRDN, Series 1996 M, 3.50%
(Liquidity Facility Caisse des Depots et Consignations) (b) 7,000,000
7,000,000
Jacksonville Hosp. Rev. (Univ. Med. Ctr.) Series 1988, 3.60%, LOC Sumitomo
Bank Ltd., VRDN 2,300,000 2,300,000
Jacksonville Ind. Dev. Rev. Rfdg. (Arpt. Hotel Proj.) Series 1993, 3.50%,
LOC Northern Trust Co., VRDN 3,000,000 3,000,000
Jacksonville Poll. Cont. Rev. Rfdg. Bonds (Florida Pwr. & Lt. Co. Proj.)
Series 1994, 3.55%, tender 8/8/97 3,500,000 3,500,000
Jacksonville River City Renaissance Prog. 3.40% 4/14/97, CP 4,000,000
4,000,000
Lee County Hospital Board Hosp. Rev. Bonds (Lee Mem. Hosp. Proj.) Series
1992 B,
3.30%, tender 4/4/97 (Liquidity Facility SunTrust Bank Central Florida,
NA) 15,000,000 15,000,000
Liberty County Ind. Dev. Rev. (Timber Energy Resources Inc. Proj.) Series
1994,
3.50%, LOC Bank of Montreal, VRDN 1,500,000 1,500,000
Miami Health Facs. Auth. Rev. (Miami Jewish Home and Hosp. for the Aged
Proj.) Series 1992,
3.50%, LOC SunTrust Bank Miami, NA, VRDN 2,100,000 2,100,000
St. Lucie County Poll. Cont. Rev. Rfdg. Bonds (Florida Pwr. & Lt. Co.
Proj.)
Series 1994 A, 3.40%, tender 4/14/97 4,500,000 4,500,000
Sarasota County Pub. Hosp. Dist. Bonds (Sarasota Mem. Hosp.):
Series 1991:
3.50%, tender 4/10/97 (Liquidity Facility Goldman Sachs & Co.)
5,000,000 5,000,000
3.50%, tender 6/12/97 (Liquidity Facility Goldman Sachs & Co.)
5,000,000 5,000,000
Series 1993 A, 3.55%, tender 4/10/97 (Liquidity Facility Goldman Sachs &
Co.) 6,600,000 6,600,000
Sunrise Util. Sys. Participating VRDN, Series SG-16, 3.50%
(Liquidity Facility Societe Generale, France) (b) 2,900,000 2,900,000
Sunshine State Governmental Fing. Commission Series 94, 3.35% 4/8/97, CP
12,680,000 12,680,000
Tampa Occupational License Tax Rev. Series 1996 A, 3.50% (FGIC Insured)
(Liquidity Facility FGIC Security Purchase Inc.) VRDN 2,400,000
2,400,000
140,010,000
GEORGIA - 7.0%
Albany Dougherty County Hosp. Auth. (Phoebe Puttnay Memorial Hosp.)
Series 1996, 3.70% (AMBAC Insured) (BPA SunTrust Bank, Atlanta) VRDN
1,700,000 1,700,000
Burke County Dev. Auth. Poll. Cont. Rev.:
(Georgia Pwr. Co.) Series 1994, 3.80%, VRDN 11,600,000 11,600,000
(Oglethorpe Pwr. Corp. Vogtle. Proj.) Series 1997 A, 3.60% 12/1/97 (AMBAC
Insured) 16,800,000 16,800,000
Cobb County Hsg. Auth. Multi-Family Hsg. Rev. (Greenhouse Frey Apt.) 1996,
3.45% (FNMA Guaranteed) VRDN 2,700,000 2,700,000
Columbia County Residential Care Facs. Rev. VRDN:
(Augusta Residential Ctr./Brandon Wild Lifecare) 3.50%, LOC SunTrust Bank,
Atlanta 7,205,000 7,205,000
(Augusta Resource Ctr. on Aging) Series 1994, 3.50%, LOC SunTrust Bank,
Atlanta 6,400,000 6,400,000
Dekalb County Dev. Auth. Dev. Rev. (A.G. Rhodes Home at Wesley Woods, Inc.
Proj.)
Series 1996 C, 3.50%, LOC SunTrust Bank, Atlanta, VRDN 5,500,000
5,500,000
Dekalb County Hosp. Auth. Rev. (Medical Ctr. Proj.) Series B, 3.50%,
LOC SunTrust Bank, Atlanta, VRDN 8,000,000 8,000,000
Dekalb County Hsg. Auth. Multi-Family Hsg. Rev. (Winterscreek Apts. Proj.)
3.45%
(FNMA Guaranteed) VRDN 1,000,000 1,000,000
Floyd County Ind. Dev. Auth. Rev. (Georgia Pwr. Hammond Proj.) 3.85%, VRDN
1,580,000 1,580,000
Fulton County Dev. Auth. Rev. (Robert W. Arts Ctr.) 3.50%, LOC SunTrust
Bank, Atlanta, VRDN 3,500,000 3,500,000
Fulton County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. VRDN:
(Champions Green Apts.) Series A, 3.45%, LOC Southtrust Bank of Alabama
13,860,000 13,860,000
(Holcomb's Landing Apts. Proj.) 3.55%, LOC First Union Nat'l. Bank
3,600,000 3,600,000
(Spring Creek Crossing Proj.) 3.55%, LOC Wachovia Bank of Georgia, NA
13,000,000 13,000,000
Georgia Muni. Elec. Auth.:
Bonds:
(Gen. Resolution Proj.) Series 1985 B,
3.25%, tender 4/1/97, LOC Bayerische Landesbank Girozentrale 8,500,000
8,500,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
GEORGIA - CONTINUED
Georgia Muni. Elec. Auth.: - continued
Bonds: - continued
(Proj. One):
Series 1994 C, 3.15%, tender 4/2/97, LOC ABN-AMRO Bank, NV $ 2,700,000
$ 2,700,000
Series 1994 E, 3.55%, tender 4/8/97, LOC ABN-AMRO Bank, NV 1,400,000
1,400,000
(Proj. 1985 B) 3.25%, tender 4/8/97, LOC Bayerische Landesbank
Girozentrale 8,000,000 8,000,000
Participating VRDN, Series SG-40, 3.50%
(Liquidity Facility Societe Generale, France) (b) 8,610,000 8,610,000
Gwinnett County Dev. Auth. Rev. (Weslayan School Proj.) 3.30%, LOC SunTrust
Bank, Atlanta, VRDN 1,600,000 1,600,000
Macon-Bibb County Hosp. Auth. Rev. (Med. Ctr. of Central Georgia) 3.60%,
LOC SunTrust Bank, Atlanta, VRDN 1,400,000 1,400,000
Marietta Hsg. Auth. Multi-Family Hsg. Rev. (Concepts 21 Apts.) 3.50% (FNMA
Guaranteed) VRDN 2,000,000 2,000,000
Metro Atlanta Rapid Transit Auth. Sales Tax Rev. Participating VRDN, Series
SG-57, 3.50%
(Liquidity Facility Societe Generale, France) (b) 8,605,000 8,605,000
Richmond County Board of Ed. Gen. Oblig. Participating VRDN, Series 1997 C,
3.55% (Liquidity Facility Caisse des Depots et Consignations) (b)
2,500,000 2,500,000
Rockdale County Hosp. Auth. Rev. Series 1994, 3.50%, LOC SunTrust Bank,
Atlanta, VRDN 1,985,000 1,985,000
Roswell Hsg. Auth. Multi-Family Hsg. Rev. (Autumnbrook Apts.) Series 1991
A, 3.55%,
LOC AmSouth Bank, VRDN 5,200,000 5,200,000
Worth County Ind. Dev. Auth. Rev. (Seabrook Enterprises) Series 1996 A,
3.50%,
LOC SunTrust Bank, Atlanta 4,150,000 4,150,000
153,095,000
IDAHO - 0.9%
Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) VRDN:
Series 1990, 3.45% 3,600,000 3,600,000
Series 1994 A, 3.45% 3,000,000 3,000,000
Series 1994 B, 3.45% 1,000,000 1,000,000
Idaho Health Facs. Auth. Hosp. Rev., VRDN:
(Holy Cross Health Sys. Corp.) 3.45% (Liquidity Facility Morgan Guaranty
Trust, NY) 8,900,000 8,900,000
(St. Lukes Regional Med. Ctr.) 3.85%, LOC Credit Suisse 2,100,000
2,100,000
Idaho TAN Series 1996, 4.50% 6/30/97 1,000,000 1,001,392
19,601,392
ILLINOIS - 6.1%
Chicago School Reform Participating VRDN, Series 1996 BB, 3.61%
(Liquidity Facility Bank of America NT & SA) (b) 9,000,000 9,000,000
Chicago Park Dist. Bonds, 4%, tender 1/1/98 (MBIA Insured) 1,000,000
1,002,539
Chicago Tax Increment Allocation Rev. (Stockyards Southeast Quad) Series
1996 B, 3.70%,
LOC Northern Trust, VRDN 11,700,000 11,700,000
City of Decatur Wtr. Rev. Bonds, Series 1985, 3.30%, tender 4/8/97,
LOC Sumitomo Bank Ltd. 2,400,000 2,400,000
Cook County Rev. (Catholic Charities Hosp.) Series 1988 A-1, 3.50%,
LOC Nat'l. Westminster Bank, VRDN 1,900,000 1,900,000
Illinois Dev. Fin. Auth. Multi-Family Hsg. Rev. Rfdg. (Garden Glen Apts.)
Series 1993, 3.70%, VRDN 1,000,000 1,000,000
Illinois Dev. Fin. Auth. Poll. Cont. Rev. Rfdg. (Commonwealth Edison Proj.)
Series 1996 A,
3.45% (AMBAC Insured) (Liquidity Facility Bank of New York) VRDN
4,100,000 4,100,000
Illinois Dev. Fin. Auth. Rev., VRDN:
(American College of Surgeons) Series 1996, 3.45%, LOC Northern Trust Co.
Chicago 2,500,000 2,500,000
(Presbyterian Home Lake Forest) Series 1996 A, 3.50%, LOC LaSalle Nat'l.
Bank 8,000,000 8,000,000
(Sinai Commty. Proj.) Series 1997, 3.40%, LOC Lasalle Nat'l. Bank Chicago
2,000,000 2,000,000
Illinois Ed. Facs. Auth. Rev. (Univ. Pooled Prog.) Series 1985, 3.50% (FGIC
Insured)
(BPA Sakura Bank Ltd.) VRDN 13,600,000 13,600,000
Illinois Health Facs. Auth. Rev., VRDN:
Rfdg.
(Franciscan Eldercare Commty. Svc.) Series 1996C, 3.50%, LOC LaSalle Bank
9,800,000 9,800,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ILLINOIS - CONTINUED
Illinois Health Facs. Auth. Rev., VRDN: - continued
Rfdg: - continued
(Combined Central Health Care Corp. & Northwest Commty. Hosp.) Series
1985 C,
3.35%, LOC Sanwa Bank $ 3,545,000 $ 3,545,000
(Lake Forest Hosp. Proj.) 4.50%, LOC First Nat'l. Bank of Chicago
2,810,000 2,810,000
(Pekin Mem. Hosp. Proj.) Series 1993 C, 3.50%, LOC Lasalle Nat'l. Bank of
Chicago 3,300,000 3,300,000
(Rehabilitation Inst. of Chicago) Series 1997, 3.40%, LOC Bank of America
NT & SA 13,600,000 13,600,000
(West Suburban Hosp. Med. Ctr. Proj.) Series 1991, 3.50%, LOC First Nat'l.
Bank of Chicago 9,800,000 9,800,000
Illinois Regional Trans. Auth. Participating VRDN:
Series SG-10, 3.50% (Liquidity Facility Societe Generale, France) (b)
3,600,000 3,600,000
Series SG-82, 3.50% (Liquidity Facility Societe Generale, France) (b)
10,500,000 10,500,000
Jackson County Reg. Dist. Port Facs. Rfdg. Rev. (Enron Trans. Svc.) 3.55%,
LOC First Union Nat'l. Bank, VRDN 5,000,000 5,000,000
Northlake Econ. Dev. Rev. (Dominicks Finer Foods Inc. Proj.) Series 1991 B,
3.50%,
LOC First Nat'l. Bank of Chicago, VRDN 2,400,000 2,400,000
Univ. of Chicago Participating VRDN, Series 96C1303, 3.56% (Liquidity
Facility Citibank, NA) (b) 9,500,000 9,500,000
Winnebago County Rev. (Mill Proj.) Series 1996, 3.55%, LOC Bank One,
Chicago, VRDN 1,235,000 1,235,000
132,292,539
INDIANA - 1.9%
Carmel Clay Ind. School Dist. TAN 4.25% 12/31/97 2,100,000 2,107,137
Fort Wayne Econ. Dev. Rev. (Edy's Grand Ice Cream Proj.) Series 1985,
3.525%,
LOC Bank of America NT & SA, VRDN 3,950,000 3,950,000
Indiana Trans. Fin. Auth. Participating VRDN, Series BTP-218,
3.55% (Liquidity Facility Bankers Trust Co.) (b) 5,735,000 5,735,000
Indianapolis Gas Util. Sys. (Citizens Gas & Coke) 3.50%, 7/15/97
(Liquidity Facility NBD Bank, NA) CP 8,500,000 8,500,000
Merrillville Health Care Facs. Participating VRDN, 3.65% (Liquidity
Facility Bank One) (b) 4,410,000 4,410,000
Richmond Econ. Dev. Rev. Rfdg. (Friends Fellowship Commty.) Series 1993,
3.55%,
NBD Bank, NA, VRDN 3,500,000 3,500,000
Rockport Poll. Cont. Rev. Rfdg. (Michigan Pwr. Co. Proj.) 3.55%
(AMBAC Insured) (Liquidity Facility Bank of New York) VRDN 5,000,000
5,000,000
South Bend Health Care Facs. Participating VRDN, Series 1992 A, 3.65%
(Liquidity Facility Bank One) (b) 3,255,000 3,255,000
Sullivan Poll. Cont. Hoosier Energy Bonds (Rural Elec. Coop.)
Series 85L-2, 3.45%, tender 4/7/97 (Nat'l. Rural Util. Coop. Fin.
Guaranteed) 4,050,000 4,050,000
40,507,137
IOWA - 0.3%
Iowa School Corp. TAN Series 1996-97 A, 4.75% 6/27/97 (FSA Insured)
7,300,000 7,319,053
KANSAS - 0.9%
Olathe Ed. Facs. Rev. (College Assoc. Pooled Ed. Loan Prog.) Series 1989 A,
3.45%,
LOC Midland Bank PLC, VRDN 19,600,000 19,600,000
KENTUCKY - 2.2%
Jefferson County Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc. Proj.)
Series 1992, 3.50%, VRDN 1,300,000 1,300,000
Louisville & Jefferson County Participating VRDN, Series PT-69, 3.55%
(Liquidity Facility Bayerische Hypotheken - und Weschel) (b) 1,700,000
1,700,000
Mason County Poll. Cont. Rev. (Eastern Kentucky Pwr. Proj.) VRDN:
Series 1984 B, 3.45% (Nat'l. Rural Util. Coop. Guaranteed) (CFC
Guaranteed) 14,700,000 14,700,000
Series 1984 B-1, 3.45% (Nat'l. Rural Util. Coop. Guaranteed) (CFC
Guaranteed) 12,550,000 12,550,000
Series 1984 B-3, 3.45% (Nat'l. Rural Util. Coop. Guaranteed) (CFC
Guaranteed) 17,800,000 17,800,000
48,050,000
LOUISIANA - 2.9%
Calcasieu Parish Ind. Dev. (Weingarten Realty Proj.) 3.45%,
LOC Texas Commerce Bank Houston, VRDN 1,990,000 1,990,000
Calcasieu Parish Sales Tax Dist. Series 1994-99/4-A, 3.50%,
LOC Nat'l. Westminister Bank PLC, VRDN 1,770,000 1,770,000
Jefferson Parish Hosp. Rev. (W. Jefferson Med. Ctr. Dist. #1) Series 1986,
3.55%,
LOC Rabobank Nederland, NV, VRDN 20,000,000 20,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
LOUISIANA - CONTINUED
Lafayette Econ. Dev. Auth. Ind. Dev. Rev. Rfdg. (Holt County of Louisiana
Proj.) 3.775%,
LOC Morgan Guaranty Trust, NY, VRDN $ 4,065,000 $ 4,065,000
Louisiana Pub. Facs. Auth. Bonds (Sisters of Charity of the Incarnate Word)
3.75%, tender 6/30/97
(BPA Toronto-Dominion Bank) 13,200,000 13,200,000
Louisiana Pub. Facs. Auth. Health Care Sys. Bonds (Sisters of Charity of
the Incarnate Word)
3.75%, tender 6/30/97 (BPA Credit Suisse) 9,000,000 9,000,000
Louisiana Pub. Facs. Auth. Wtr. Rfdg. Rev. (Louisiana Wtr. Co. Proj.)
Series 1993, 3.50%,
LOC Bank One Texas, VRDN 7,500,000 7,500,000
Plaquemines Port Harbor Terminal Dist. Port Fac. Rev. Bonds (Chevron Corp.)
4.05%, tender 9/1/97 1,600,000 1,600,000
West Baton Rouge Parish Ind. Dist. # 3 Rev. Rfdg. Bonds (Dow Chemical Co.
Proj.)
Series 1991, 3.60%, tender 4/4/97 3,800,000 3,800,000
62,925,000
MARYLAND - 1.4%
Baltimore Rev. Rfdg. Participating VRDN, Series SG-20, 3.55%
(Liquidity Facility Societe Generale, France) (b) 3,000,000 3,000,000
Maryland Econ. Dev. Corp. Rev. Series 1995, 3.50%, LOC NationsBank, NA,
VRDN 15,500,000 15,500,000
Maryland Health & Higher Ed. Facs. Auth. Rev., VRDN:
(Helix Hosp.) Series A, 3.50%, LOC NationsBank, NA 3,900,000 3,900,000
(Pooled Loan Prog.):
Series D:
3.50%, LOC NationsBank, NA 7,255,000 7,255,000
3.50%, LOC Nationsbank, NA 1,355,000 1,355,000
31,010,000
MASSACHUSETTS - 0.8%
Massachusetts Bay Trans. Auth. RAN 4.75% 9/5/97 4,200,000 4,213,641
Massachusetts Gen. Oblig. BAN Series 1996 A, 4.25% 6/10/97 7,000,000
7,004,509
Massachusetts Gen. Oblig. Participating VRDN,
Series 96C2101, 3.61% (Liquidity Facility Citibank, NA) (b) 6,100,000
6,100,000
17,318,150
MICHIGAN - 2.7%
Detroit School Dist. RAN 4.50% 5/1/97 11,700,000 11,705,122
Michigan Hosp. Fin. Auth. Rev. (Daughters of Charity Health Sys. Providence
Hosp.)
Series 1984, 3.45%, VRDN 1,000,000 1,000,000
Michigan Muni. Bond Auth. RAN:
Series 1996 A, 4.50% 7/3/97 27,020,000 27,072,303
Series 1996 B, 4.50% 7/25/97 2,000,000 2,003,026
Michigan Strategic Fund Bonds (Dow Chemical Co. Proj.)
Series 1986:
3.45%, tender 4/9/97 2,000,000 2,000,000
3.40%, tender 4/14/97 2,500,000 2,500,000
3.55%, tender 6/11/97 2,400,000 2,400,000
Michigan Trunk Line Participating VRDN, Series SG-87, 3.50% (FGIC Insured)
(Liquidity Facility Societe Generale, France) (b) 700,000 700,000
Midlan County Econ. Dev. Corp. Oblig. Rev. (Dow Chemical Co. Proj.) Series
1993 B, 4%, VRDN 10,200,000 10,200,000
59,580,451
MINNESOTA - 1.2%
Bloomington Multi-Family Hsg. Rev. Rfdg. (Crow/Bloomington Apts. Proj.)
Series 1993, 3.50%, LOC Citibank, NA, VRDN 8,305,000 8,305,000
Minnesota Gen. Oblig. Participating VRDN, Series 99, 3.55% (BPA Bankers
Trust Co.) (b) 7,710,000 7,710,000
North Branch Independent School Dist. #138 Participating VRDN, Series 1996
C, 3.65%
(Liquidity Facility Norwest Bank, NA, Minnesota) (b) 965,000 965,000
Regents of the Univ. of Minnesota Bonds, Series H, 3.45%, tender 4/4/97
(BPA First Bank, NA) 2,500,000 2,500,000
Rochester Health Care Facs. Rev. (Mayo Foundation Proj.) Series 1985 C,
3.65%
(Liquidity Facility Credit Suisse) VRDN 2,000,000 2,000,000
St. Paul Hsg. and Redev. Auth. Participating VRDN, Series 1996 E, 3.65%
(FSA Insured)
(Liquidity Facility Norwest Bank, NA, Minnesota) (b) 3,250,000
3,250,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MINNESOTA - CONTINUED
St. Paul Port Auth. Tax Increment Rev. (Westgate Office & Ind. Ctr. Proj.)
Series 1991 3.55%,
LOC First Bank NA, Minnesota, VRDN $ 1,000,000 $ 1,000,000
25,730,000
MISSOURI - 0.9%
Columbia Spl. Oblig. Ins. Reserve Series 1988 A, 3.45%,
LOC Toronto-Dominion Bank, Canada, VRDN 1,250,000 1,250,000
Missouri Envir. Impt. Energy Resource Auth. Rev. Rfdg. (Kansas City Pwr. &
Light Co.)
3.55%, VRDN 12,000,000 12,000,000
Missouri Health & Ed. Health Facs. (Lutheran Sr. Svc.) 3.50%, LOC Lasalle
Nat'l. Bank, VRDN 3,000,000 3,000,000
Univ. of Missouri BAN Series 1996-97, 4.75% 6/30/97 3,400,000 3,407,263
19,657,263
MONTANA - 0.1%
Montana Health Care Fac. Auth. Rev. (Pooled Loan Prog.) Series A, 3.60%
(FGIC Insured)
(Liquidity Facility Norwest Bank, NA, Minnesota) VRDN 2,900,000
2,900,000
NEBRASKA - 0.3%
Lancaster County Hosp. Auth. No.1 Hosp. Rev. Rfdg. (Bryan Mem.) Series 96,
3.35%
(MBIA Insured) VRDN 2,000,000 2,000,000
Lancaster County Leasing Corp. (Tax Supported Lease Rental) Participating
VRDN, Series PT-103,
3.60% (Liquidity Facility Bayerische Hypotheken - und Weschel) (b)
1,000,000 1,000,000
Omaha Pub. Pwr. Dist. Elec. Sys. Participating VRDN, Series 1993 D, 3.50%
(Liquidity Facility Merrill Lynch & Co. Inc.) (b) 2,530,000 2,530,000
5,530,000
NEVADA - 1.4%
Clark County Arpt. Impt. Rev. Rfdg. Series 1993 A, 3.45% (MBIA Insured)
(BPA Nat'l. Westminster Bank PLC) VRDN 17,000,000 17,000,000
Clark County Ind. Dev. Rev. (Nevada Pwr. Co. Proj.) Series 1995 C, 3.45%,
LOC Barclays Bank PLC, UK, VRDN 2,500,000 2,500,000
Clark County School Dist. Participating VRDN (b):
Series BT-192, 3.55% (Liquidity Facility Bankers Trust Co.) 2,800,000
2,800,000
Series SG-62, 3.50% (Liquidity Facility Societe Generale, France)
2,900,000 2,900,000
Nevada Gen. Oblig. Participating VRDN, Series 1996, 3.50%
(Liquidity Facility Societe Generale, France) (b) 5,815,000 5,815,000
31,015,000
NEW HAMPSHIRE - 0.4%
Concord BAN 3.60% 4/14/97 4,800,000 4,800,054
New Hampshire Higher Ed. & Health Facs. Auth. Rev. (Alice Peck Day Lifecare
Ctr./Harvest Hill)
3.45%, LOC Corestates Bank, VRDN 800,000 800,000
New Hampshire Ind. Dev. Auth. Resource Recovery Rev. Bonds (Claremont Co.
LP Proj.)
Series 1985, 3.80%, tender 7/1/97 (MBIA Insured) 3,205,000 3,205,000
8,805,054
NEW JERSEY - 1.8%
Clifton BAN 4.50% 6/26/97 1,400,000 1,401,902
New Jersey Gen. Oblig. Participating VRDN, Series 943005, 3.56%
(Liquidity Facility Citibank, NA) (b) 7,400,000 7,400,000
New Jersey Series 1997 A, CP:
3.15%, 4/1/97 (Liquidity Facility Union Bank of Switzerland) 10,000,000
10,000,000
3.20%, 4/3/97 (Liquidity Facility Union Bank of Switzerland) 20,000,000
20,000,000
3.20%, 4/8/97 (Liquidity Facility Union Bank of Switzerland) 1,300,000
1,300,000
40,101,902
NEW MEXICO - 0.5%
Farmington Poll. Cont. Rev. Rfdg. (New Mexico San Juan Proj.) Series C,
3.50%,
LOC Morgan Guaranty Trust, NY, VRDN 8,000,000 8,000,000
New Mexico State Highway Commission Tax Rev. Highway Series 1996, 3.45%
(FSA Insured)
(Liquidity Facility Canadian Imperial Bank of Commerce) VRDN 3,900,000
3,900,000
11,900,000
NEW YORK - 4.9%
Buffalo RAN 4.25% 7/15/97, LOC Landesbank Hessen - Thuringen 1,200,000
1,202,202
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Hsg. Dev. Corp. Spl. Rev. (Related - East 96th St. Proj.)
Series 1990 A,
3.30%, LOC Bank of Tokyo - Mitsubishi, Ltd., VRDN $ 2,600,000 $ 2,600,000
New York City Muni. Wtr. Fin. Auth. Participating VRDN, Series FR-6,
3.35% (Liquidity Facility Bank of New York, NA) (b) 1,890,000 1,890,000
New York City RAN Series 1996 B, 4.50% 6/30/97 87,800,000 87,963,455
New York State Energy Research & Dev. Auth., VRDN :
(Brooklyn Union Gas Co. Proj.) Series 97, 3.30% (BPA Union Bank of
Switzerland) 7,000,000 7,000,000
(Niagara Mohawk Pwr. Corp.) Series 1985 C, 3.80%, LOC Canadian Imperial
Bank of Commerce 700,000 700,000
New York State Gen. Oblig. Series U, CP:
3.85% 4/4/97 (Liquidity Facility Westdeutsche Landesbank) 2,900,000
2,900,000
3.70% 4/7/97 (Liquidity Facility Westdeutsche Landesbank) 3,300,000
3,300,000
107,555,657
NORTH CAROLINA - 0.3%
North Carolina Eastern Muni. Pwr. Auth. Bonds 3.30%, tender 4/3/97,
LOC Morgan Guaranty Trust, NY 1,600,000 1,600,000
North Carolina Med. Care Commission Health Care Facs. Bonds (St. Joseph of
the Pines)
3.75%, tender 6/1/97, LOC Wachovia Bank, NC, NA 2,600,000 2,600,000
Pasquotank County Hosp. Rev. Series 1997, 3.45%, LOC Wachovia Bank, NC, NA,
VRDN 1,800,000 1,800,000
6,000,000
OHIO - 0.5%
Beavercreek City BAN 4% 8/15/97 2,900,000 2,903,366
Forest Hills School District (School Impt.) BAN 4.21% 6/17/97 1,350,000
1,351,850
Hamilton Health Sys. Rev. (Franciscan Sisters) Series 1987 A, 3.90%, LOC
Sumitomo Bank, Ltd., VRDN 1,000,000 1,000,000
Hancock County BAN 4.83% 11/21/97 2,700,000 2,718,002
Marion County Hosp. Impt. Rev. (Pooled Lease Prog.) Series 1992, 3.55%,
LOC Bank One Akron, VRDN 1,640,000 1,640,000
Scioto County Marine Terminal Facs. Rev. (Norfolk Southern Corp. Proj.)
3.55%, VRDN 1,700,000 1,700,000
11,313,218
OKLAHOMA - 0.6%
Cushing Muni. Auth. Correctional Facs. Rev. Series 1996, 3.46%,
LOC First Union Nat'l. Bank, VRDN 7,500,000 7,500,000
Tulsa International Arpt. Gen. Rev. Series 1996, 3.40% (FGIC Insured)
(BPA FGIC Security Purchase Inc.) VRDN 2,500,000 2,500,000
Tulsa International Arpt. Participating VRDN, Series 1997-B2, 3.56%
(Liquidity Facility Bank of America NT & SA) (b) 2,745,000 2,745,000
12,745,000
PENNSYLVANIA - 6.1%
Allegheny County Hosp. Redev. Auth. Health Facs. Rev. (Central Blood Bank
Proj.)
Series 1992, 3.60%, LOC PNC Bank NA, VRDN 2,225,000 2,225,000
Allegheny County Ind. Dev. Auth. (Jewish Home & Hosp. for Aged) Series 96
B, 3.60%,
LOC PNC Bank NA, VRDN 4,140,000 4,140,000
Allegheny County Ind. Dev. Auth. Rev. Rfdg., VRDN:
(N. Versailles Shopping Ctr.) Series 1992, 3.55%, LOC Bank One, Columbus
3,570,000 3,570,000
(Parkway Ctr. Mall Proj.) Series 1994 A, 3.60%, LOC Mellon Bank
1,900,000 1,900,000
Berks County Ind. Dev. Auth. Rev. (Lutheran Home at Topton Proj.) Series
1993 B, 3.55%,
LOC Meridian Bank, VRDN 8,800,000 8,800,000
Delaware Valley Reg. Fin. Auth. Local Gov't. Rev., VRDN:
Series 1985 A, 3.50%, LOC Midland Bank PLC 3,400,000 3,400,000
Series 1985 B, 3.50%, LOC Midland Bank PLC 2,400,000 2,400,000
Series 1985 D, 3.50%, LOC Midland Bank PLC 7,200,000 7,200,000
Lehigh County Ind. Dev. Auth. Rev. (The Keebler Co.) Series 1992, 3.55%,
LOC Bank of Nova Scotia, VRDN 4,340,000 4,340,000
North Pennsylvania Wtr. Auth. Participating VRDN, Series SG-30, 3.55%
(Liquidity Facility Societe Generale, France) (b) 4,000,000 4,000,000
Northeastern Hosp. & Ed. Auth. (Allhealth Pool Fing.) 3.70%, LOC Chase
Manhattan Bank, VRDN 28,000,000 28,000,000
Pennsylvania Econ. Dev. Auth. Rev. (Foxdale Village Proj.) Series 1989 C,
3.60%,
LOC PNC Bank NA, VRDN 2,250,000 2,250,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
PENNSYLVANIA - CONTINUED
Pennsylvania TAN Series 1996-97, 4.50% 6/30/97 $ 9,200,000 $ 9,216,431
Philadelphia School Dist. TRAN Series 1996-97, 4.50% 6/30/97 3,500,000
3,504,155
Philadelphia TRAN Series 1996-97, 4.50% 6/30/97 4,400,000 4,405,732
Scranton-Lackawanna Health & Welfare Auth. (Elan Gardens Proj.) Series
1996, 3.60%,
LOC PNC Bank NA, VRDN 3,500,000 3,500,000
South Fork Muni. Auth. Hosp. Rev. (Lee Hosp. Proj.) Series 1993 B, 3.60%,
LOC PNC Bank NA, VRDN 5,070,000 5,070,000
West Cornwall Muni. Auth. Rev. (Lebanon Valley Brethren Home) 3.55%,
LOC Meridian Bank, VRDN 935,000 935,000
York City Gen. Auth. Pooled Fing. Rev. Series 1996, 3.50%,
LOC First Union Nat'l. Bank, VRDN 33,400,000 33,400,000
132,256,318
RHODE ISLAND - 0.4%
Cumberland BAN 4% 11/26/97 3,475,000 3,483,724
East Providence TAN 4% 7/8/97 3,200,000 3,203,310
Rhode Island Health & Ed. Bldg. Rev. (Providence Country Day School) Series
1996,
3.55%, LOC Fleet National Bank, VRDN 2,800,000 2,800,000
9,487,034
SOUTH CAROLINA - 2.3%
Cherokee County School Dist #1 BAN 4% 9/10/97 4,700,000 4,710,142
South Carolina Cap. Impt. Participating VRDN, Series BT-27, 3.60%
(Liquidity Facility Automatic Data Processing, Inc.) (b) 1,326,000
1,326,000
South Carolina Hsg. Fin. & Dev. Auth. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Charleston Oxford) Series 1990 B, 3.60% (Continental Casualty Co.
Guaranteed) 10,180,000 10,180,000
(Greenville Oxford) Series 1990 A, 3.60% (Continental Casualty Co.
Guaranteed) 4,855,000 4,855,000
(Richland Oxford) Series 1990 C, 3.60% (Continental Casualty Co.
Guaranteed) 5,130,000 5,130,000
South Carolina Jobs Econ. Dev. Auth. Healthcare Facs. Rev. (The Methodist
Home Proj.)
Series 1994, 3.55%, LOC NationsBank, NA, VRDN 4,000,000 4,000,000
South Carolina Pub. Svc. Auth. CP:
3.45%, 4/7/97 1,800,000 1,800,000
3.45%, 4/10/97 5,821,000 5,821,000
3.60%, 8/7/97 10,000,000 10,000,000
South Carolina Pub. Svc. Auth. Participating VRDN, Series 96C4001, 3.56%
(Liquidity Facility Citibank, NA) (b) 3,000,000 3,000,000
50,822,142
SOUTH DAKOTA - 0.3%
South Dakota Health & Ed. Facs. Auth. Rev. Rfdg. (Sioux Valley Hosp.)
Series 1992 A,
3.45%, VRDN 4,100,000 4,100,000
South Dakota School Dist. TAN Series 1996, 4.75% 7/28/97 3,270,000
3,278,129
7,378,129
TENNESSEE - 6.0%
Clarksville Pub. Bldg. Auth. Pooled Fing. Rev., VRDN:
(City of Murfreesboro Loan) 3.50%, LOC NationsBank of TN 4,700,000
4,700,000
Series 1995, 3.50%, LOC NationsBank, NA 16,500,000 16,500,000
Jackson Health & Hsg. Multi-Family Hsg. Rev. Rfdg. (Post House North Apts.
Proj.) 3.50%,
LOC Southtrust Bank of Alabama, VRDN 3,765,000 3,765,000
Knox County Health Ed. & Hsg. Facs. Board Rev. (Webb School Knoxville
Proj.) 3.50%,
LOC Third Nat'l. Bank of Nashville, VRDN 3,950,000 3,950,000
Knoxville Wtr. Rev. Participating VRDN, Series BT-57, 3.60%
(Liquidity Facility Automatic Data Processing Inc.) (b) 3,540,000
3,540,000
Memphis Ctr. Rev. Fin. Corp. (Arbors of Harbor Town Project) Series 1990,
3.40%
(Northwestern Mutual Guaranteed) VRDN 14,250,000 14,250,000
Memphis Gen. Improvement Participating VRDN, Series SGB-23, 3.50%
(Liquidity Facility Societe Generale, France) (b) 4,930,000 4,930,000
Metropolitan Govt. Nashville & Davidson County Gen. Oblig.:
Participating VRDN, Series SGA-11, 3.55% (Liquidity Facility Societe
Generale, France) (b) 2,100,000 2,100,000
Pooled Loan Ed. Prog. Rev. Series A, 3.50%, LOC NationsBank, VRDN
6,400,000 6,400,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TENNESSEE - CONTINUED
Metropolitan Nashville & Davidson County Health & Ed. Facs. Multi-Family
Hsg. Rev.
(Brentwood Oaks Apts.) 3.45% (Northwestern Mutual Life Insurance
Guaranteed) VRDN $ 9,400,000 $ 9,400,000
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. VRDN:
Series 1995, 3.50%, LOC NationsBank of TN 38,255,000 38,255,000
3.50%, LOC NationsBank, NA (South) 5,000,000 5,000,000
3.50%, LOC NationsBank, NA (South) 3,400,000 3,400,000
Nashville & Davidson County Ind. Dev. Board Rev. (YMCA Proj.) Series 1994,
3.50%,
LOC NationsBank, NA (South) VRDN 4,190,000 4,190,000
Nashville & Davidson Gen. Oblig. Participating VRDN, Series 96C4201, 3.56%
(Liquidity Facility Citibank, NA) (b) 5,800,000 5,800,000
Sevier County Pub. Bldg. Auth. Rev., VRDN:
Series D1, 3.35% (Liquidity Facility Kredietbank, NV) (AMBAC Insured)
4,000,000 4,000,000
Series D2, 3.35% (Liquidity Facility Kredietbank, NV) (AMBAC Insured)
1,500,000 1,500,000
131,680,000
TEXAS - 14.4%
Amarillo Health Facs. Corp. (Sears Panhandle Retirement Corp.) 3.50%,
LOC Texas Commerce Bank NA Houston, VRDN 1,800,000 1,800,000
Austin Combined Util. Sys. Series A, 3.45%, 4/4/97, LOC Morgan Guaranty
Trust, NY, CP 1,600,000 1,600,000
Austin Higher Ed. Auth. (St. Edward's Univ.) Series 1995, 3.55%, LOC
NationsBank of TX, VRDN 3,000,000 3,000,000
Austin Hsg. Fin. Corp. Multi-Family Hsg. Rev. (Riverchase Proj.) Series
1985 A, 3.775%,
LOC Household Finance Corp., VRDN 6,000,000 6,000,000
Austin Independent School Dist. TRAN 4.112% 8/29/97 (c) 3,900,000
3,900,000
Bexar County (Foutainhead Apts.) 3.45%, VRDN 3,000,000 3,000,000
Brazos Hbr. Ind. Dev. Corp. (Dow Chemical Corp.) Series 1986, 3.55% 6/11/97
1,540,000 1,540,000
Brazos River Hbr. Navigation Dist. Rev. Bonds (Dow Chemical Corp.) (Dist.
of Brazoria):
Series 1991:
3.20%, tender 4/8/97 9,600,000 9,600,000
3.55%, tender 4/9/97 4,300,000 4,300,000
3.60%, tender 5/5/97 1,000,000 1,000,000
3.50%, tender 6/11/97 8,250,000 8,250,000
Central Waco Dev. Corp. Ind. Dev. Rev. Rfdg. (HE Butt Grocery Proj.) Series
1992, 3.45%,
LOC Texas Commerce Bank of Houston, VRDN 1,900,000 1,900,000
Dallas Area Rapid Transit Sales Tax Rev. Series A, CP:
3.40%, 4/7/97, LOC Credit Suisse/Swiss Bank 2,000,000 2,000,000
3.60%, 4/14/97, LOC Credit Suisse/Swiss Bank 2,700,000 2,700,000
3.60%, 5/13/97, LOC Credit Suisse/Swiss Bank 11,000,000 11,000,000
Dallas-Fort Worth Reg. Arpt. Participating VRDN, Series SG-5, 3.50%
(Liquidity Facility Societe Generale, France) (b) 1,710,000 1,710,000
Denton Util. Sys. Rev. Rfdg. Participating VRDN, Series SG-32, 3.55%
(Liquidity Facility Societe Generale, France) (b) 1,000,000 1,000,000
Farmers Branch Ind. Dev. Corp. Rev. Rfdg. (PPG Industries, Inc. Proj.)
Series 1992, 3.50%, VRDN 3,700,000 3,700,000
Goose Creek Independent School Dist. TRAN (c):
4.144% 8/29/97 1,020,000 1,020,000
4.112% 8/29/97 1,400,000 1,400,000
Grapevine-Colleyville Independent School Dist. Participating VRDN, Series
SG-69, 3.50%
(Liquidity Facility Society Generale, France) (b) 6,575,000 6,575,000
Greater East Texas Higher Ed. Auth. Student Loan Rev. Rfdg. Bonds Series
1992 A,
4.05%, tender 9/1/97, LOC SLMA 6,200,000 6,200,000
Guadalupe-Blanco River Auth. Ind. Dev. Rev. (BOC Group Inc. Proj.) Series
1993, 3.50%,
LOC Wachovia Bank of Georgia, NA, VRDN 12,400,000 12,400,000
Harris County Dev. Corp. Rev. (Johann Haltermann Ltd.) Series 1996 A,
3.45%,
LOC Texas Commerce Bank, NA, VRDN 1,600,000 1,600,000
Harris County Health Facs. Corp. Bonds (Sisters of Charity of the Incarnate
Word):
3.75%, tender 6/30/97 (BPA Credit Suisse) 1,700,000 1,700,000
3.75%, tender 6/30/97 (BPA Toronto - Dominion Bank) 10,000,000
10,000,000
Harris County Health Facs. Dev. Corp. Rev. (Aces Greater Houston Pooled
Health)
Series1985 A, 3.55%, LOC Texas Commerce Bank NA, VRDN 3,700,000
3,700,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TEXAS - CONTINUED
Houston Series A, 3.50% 4/1/97 (Liquidity Facility Toronto Dominion) CP $
4,500,000 $ 4,500,000
Houston Hsg. Fin. Corp. Single-Family Mtg. Participating VRDN, Series PT-1,
3.50%
(Liquidity Facility Banque Nationale de Paris) (b) 6,660,000 6,660,000
Houston Participating VRDN, Series SG-28, 3.55% (Liquidity Facility Societe
Generale, France) (b) 4,000,000 4,000,000
Houston Wtr. & Swr. Sys. Rev. Rfdg. Participating VRDN (b):
Series SG-20, 3.55% (Liquidity Facility Societe Generale, France)
4,000,000 4,000,000
Series SG-24, 3.50% (Liquidity Facility Societe Generale, France)
1,000,000 1,000,000
Series SG-76, 3.50% (Liquidity Facility Societe Generale, France)
24,650,000 24,650,000
Series SG-77, 3.50% (Liquidity Facility Societe Generale, France)
3,600,000 3,600,000
Lower Colorado River Auth. CP:
Series B, 3.45% 4/11/97 (Liquidity Facility Morgan Guaranty Trust, NY)
4,600,000 4,600,000
Series C, 3.45% 4/11/97 (Liquidity Facility Morgan Guaranty Trust, NY)
2,000,000 2,000,000
Lower Colorado River Auth. Elec. Participating VRDN, Series 59, 3.60%
(Liquidity Facility Automatic Data Processing Inc.) (b) 8,200,000
8,200,000
Matagorda County Navigation Dist #1 Participating VRDN, Series 1989 C,
3.65%
(Liquidity Facility Caisse des Depots et Consignations) (b) 3,120,000
3,120,000
Port Neches Groves Independent School Dist. TAN 4.112% 8/29/97 (c)
1,200,000 1,200,000
San Antonio Elec. & Gas Sys. Series A, 3.30% 4/3/97, CP 3,500,000
3,500,000
San Antonio Hotel Occupancy Tax Rev. Participating VRDN, Series SG-51,
3.50%
(Liquidity Facility Societe Generale, France) (b) 2,100,000 2,100,000
San Antonio Wtr. Rev. Participating VRDN, Series 96-4306, 3.56%
(Liquidity Facility Citibank, NA) (b) 3,500,000 3,500,000
Silsbee Health Facs. Dev. Corp. Hosp. Rev. (Silsbee Doctor's Hosp.) Series
1984, 3.45%,
LOC Citibank, NA, VRDN 3,500,000 3,500,000
Texas A&M Univ. Participating VRDN (b):
Series BTP-15, 3.55% (BPA Bankers Trust Co.) 5,445,000 5,445,000
Series SGA-21, 3.55% (Liquidity Facility Societe Generale, France)
1,400,000 1,400,000
Texas Dept. of Hsg. & Commty. Affairs Participating VRDN, Series PT-9,
3.55%
(Liquidity Facility Commerz Bank, Germany) (b) 3,700,000 3,700,000
Texas Gen. Oblig. TRAN Series 1996, 4.75% 8/29/97 92,600,000 92,893,979
Texas Higher Ed. Auth. Series B, 3.40% (BPA FGIC Security Purchase Inc.)
VRDN 1,000,000 1,000,000
Texas Hsg. & Commty. Participating VRDN, Series PA-126, 3.50% (MBIA
Insured)
(Liquidity Facility Merrill Lynch & Co., Inc.) (b) 1,080,000 1,080,000
Texas Muni. Pwr. Agcy. 3.40% 4/9/97 (Liquidity Facility Bank of America NT
& SA) CP 6,600,000 6,600,000
Texas Pub. Fin. Auth. Participating VRDN, Series 1996-CB2, 3.55%
(Liquidity Facility Chase Manhattan Bank) (b) 2,300,000 2,300,000
Texas School Board TAN 4.75% 8/29/97 (FSA Insured) 2,200,000 2,207,153
Texas Wtr. Dev. Board Participating VRDN, Series SGA-23, 3.55%
(Liquidity Facility Societe Generale, France) (b) 1,900,000 1,900,000
Univ. of Texas Bonds (Permanent Univ. Fund) Series A, 3.40%, tender 4/14/97
1,000,000 1,000,000
Univ. of Texas Rev. Fing. Sys., Series A, 3.40%, 4/14/97, CP 2,873,000
2,873,000
315,124,132
UTAH - 1.0%
Davis County School Dist. TAN 4.50% 6/30/97 1,000,000 1,001,923
Intermountain Pwr. Agcy. Pwr. Supply Rev. Rfdg. Participating VRDN, 3.61%
(Liquidity Facility Citibank, NA) (b) 4,800,000 4,800,000
Intermountain Pwr. Agcy. Pwr. Supply Unlimited Tax Rev. 7% 7/1/97
1,000,000 1,008,457
Intermountain Pwr. Agcy. Rev. Rfdg. Bonds Series 1985 F, 3.40%,
tender 4/7/97 (BPA Bank of America NT & SA) 3,900,000 3,900,000
Salt Lake City TRAN Series 1996, 4.50% 6/30/97 3,600,000 3,604,268
Taylorsville Ind. Dev. Rev. (BDS Hermes Assoc. Proj.) 3.55%, LOC Bank One
Arizona, NA, VRDN 2,000,000 2,000,000
Timpanogos Spl. Svc. Dist. Participating VRDN, Series SG-83, 3.50%
(Liquidity Facility Societe Generale, France) (b) 4,800,000 4,800,000
21,114,648
VIRGINIA - 4.2%
Chesapeake Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr Co.)
Series 1985,
3.60%, tender 4/10/97 1,100,000 1,100,000
Chesapeake Participating VRDN, Series PA-142, 3.50% (Liquidity Facility
Merrill Lynch & Co. Inc.) (b) 1,000,000 1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
VIRGINIA - CONTINUED
Chesterfield County Ind. Dev. Auth. Bonds (Virginia Elec. & Pwr. Co.
Proj.):
Series B:
3.60%, tender 4/3/97 $ 2,535,000 $ 2,535,000
3.45%, tender 4/10/97 5,330,000 5,330,000
3.50%, tender 6/12/97 1,000,000 1,000,000
3.60%, tender 8/7/97 4,000,000 4,000,000
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec.
& Pwr. Co. Proj.)
Series 1985, 3.60%, tender 4/11/97 2,000,000 2,000,000
Fairfax County Ind. Dev. Auth. (Inova Health Sys.) Series 1989 A, 3.50%,
VRDN 3,000,000 3,000,000
Louisa Ind. Dev. Auth. Bonds (Virginia Elec. & Pwr. Co. Proj.):
Series 1984, 3.55%, tender 4/16/97 2,400,000 2,400,000
Series 1985:
3.45%, tender 4/7/97 (BPA Bank of New York, NA) 1,000,000 1,000,000
3.55%, tender 7/24/97 (BPA Bank of New York, NA) 4,800,000 4,800,000
3.60%, tender 8/7/97 (BPA Bank of New York, NA) 1,900,000 1,900,000
3.55%, tender 8/8/97 (BPA Bank of New York, NA) 8,000,000 8,000,000
Series 1987, 3.60%, tender 4/11/97 2,500,000 2,500,000
Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co.
Proj.) Series 1984,
3.45%, tender 4/16/97 2,000,000 2,000,000
Louisa Ind. Dev. Auth. Rev. Series 1995, 3.50%, LOC NationsBank NA, VRDN
1,800,000 1,800,000
Peninsula Port Auth. Port Facs. Rev. Rfdg. Bonds (CSX Transportation Proj.)
Series 1992,
3.40%, tender 4/8/97, LOC Bank of Nova Scotia 1,000,000 1,000,000
Prince Williams County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia
Elec. & Pwr. Co. Proj.)
3.45%, tender 4/9/97 1,700,000 1,700,000
Richmond Rev. Series A, 3.50% (Liquidity Facility NationsBank, NA) VRDN
28,000,000 28,000,000
Suffolk Redev. & Hsg. Auth. Multi-Family Rental Hsg. Rev. VRDN:
(Windsor at Fieldstone Proj.) 3.50%, LOC NationsBank, NA 14,918,000
14,918,000
(Windsor at Potomac Vista Proj.) 3.50%, LOC NationsBank, NA 1,003,000
1,003,000
Virginia Hsg. Dev. Auth. Hsg. Rev. (AHC Svc. Corp.) Series 1987 A, 3.55%,
VRDN 700,000 700,000
York County Ind. Dev. Rev. Rfdg. (Philip Morris Co. Inc. Proj.) Series
1992, 3.50%, VRDN 1,000,000 1,000,000
92,686,000
WASHINGTON - 3.6%
Kent Gen. Oblig. Participating VRDN, Series SGA-27, 3.55%
(Liquidity Facility Societe Generale, France) (b) 4,100,000 4,100,000
Port of Vancouver (United Grain Corp. of Oregon) Series 1984 A, 3.60%,
LOC Industrial Bank of Japan, VRDN 1,000,000 1,000,000
Seattle Ind. Dev. Corp. Ind. Rev. Rfdg. (Longview Fibre Co. Proj.) Series
1988, 3.80%,
LOC ABN-AMRO Bank, VRDN 2,500,000 2,500,000
Seattle Limited Tax Gen. Oblig. Participating VRDN, Series SG-12, 3.50%
(Liquidity Facility Societe Generale, France) (b) 7,400,000 7,400,000
Washington Gen. Oblig. Participating VRDN (b):
Series 1993-C, 3.61% (Liquidity Facility Citibank, NA) 21,700,000
21,700,000
Series BTP-125, 3.55% (Liquidity Facility Bankers Trust Co.) 9,575,000
9,575,000
Series BTP-195, 3.55% (Liquidity Facility Bankers Trust Co.) 3,100,000
3,100,000
Series SGA-34, 3.55% (Liquidity Facility Societe Generale, France)
8,335,000 8,335,000
Series SGA-36, 3.55% (Liquidity Facility Societe Generale, France)
2,000,000 2,000,000
Series SGA-37, 3.50% (Liquidity Facility Societe Generale, France)
7,000,000 7,000,000
Washington Health. Facs. Auth. Rev. (Fred Huchinson Cancer Research Proj.)
VRDN:
Series 1991-A, 3.85%, LOC Morgan Guaranty Trust, NY 7,785,000 7,785,000
Series 1996, 3.85%, LOC Morgan Guaranty Trust, NY 2,400,000 2,400,000
Washington Pub. Pwr. Supply Sys. Participating VRDN, Series BT-61, 3.70%
(Liquidity Facility Automatic Data Processing, Inc.) (b) 1,200,000
1,200,000
78,095,000
WEST VIRGINIA - 0.2%
Kanawha County Commercial Dev. Rev. Rfdg. (McJunkin Corp. Proj.) Series
1991,
3.55%, LOC NationsBank NA, VRDN 4,015,000 4,015,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
WISCONSIN - 1.6%
Beaver Dam Unified School Dist. BAN:
3.85% 10/14/97 $ 1,100,000 $ 1,100,528
4.10% 10/14/97 2,000,000 2,000,710
Milwaukee County Gov't Bonds, Series A, 4.80%, tender 9/1/97 1,000,000
1,004,654
Milwaukee Ind. Dev. Rev. (Longview Fiber Co.) Series 1987, 3.80%, LOC
ABN-AMRO Bank, VRDN 1,960,000 1,960,000
Village of Rothschild Poll. Cont. Rev. (Weyherhaeuser Co. Proj.) Series
1982, 3.528%, VRDN 2,400,000 2,400,000
Whitnall School Dist. TRAN 4.50% 9/27/97 1,000,000 1,002,058
Wisconsin Health & Ed. Facs. Rev. Bonds (Alexian Village of Milwaukee)
3.55%,
tender 4/7/97, LOC Sumitomo Bank, Ltd. 1,600,000 1,600,000
Wisconsin TRAN Series 1996, 4.50% 6/16/97 23,000,000 23,028,521
34,096,471
WYOMING - 0.0%
Sweetwater County Poll. Cont. Rev. Bonds (Pacificorp) Series 1988 A, 3.40%,
tender, 4/8/97, LOC Union Bank of Switzerland 1,000,000 1,000,000
MULTIPLE STATES - 3.1%
Dupage Wtr. Commission Participating VRDN, Series 1993, 3.56%
(Liquidity Facility Citibank, NA) (b) 13,100,000 13,100,000
Florida Board of Ed. Participating VRDN, Series 96C0917, 3.61% (Liquidity
Facility Citibank, NA) (b) 2,900,000 2,900,000
Lakeland Elec. & Wtr. Participating VRDN, Series 960901, 3.61% (Liquidity
Facility Citibank, NA) (b) 6,600,000 6,600,000
NCNB Tax-Exempt Trust Participating VRDN, Series 1990-A, 4.125%, LOC
NationsBank, NA (b) 1,170,000 1,170,000
Stephens Equity Trust I Participating VRDN, Series 1996, 3.61%,
LOC Bayerische Hypothekken-und Weschel (b) 11,000,000 11,000,000
Texas Pub. Fin. Auth. Participating VRDN, Series 97C4301, 3.56% (Liquidity
Facility Citibank, NA) (b) 4,800,000 4,800,000
Washington Gen. Oblig. Participating VRDN, Series 96C4708, 3.61%
(Liquidity Facility Citibank, NA) (b) 9,900,000 9,900,000
Washington State Motor Vehicle Fuel Tax Participating VRDN, Series 964701,
3.61% (Liquidity Facility Citibank, NA) (b) 17,200,000 17,200,000
66,670,000
TOTAL INVESTMENTS - 100% $2,182,495,015
Total Cost for Income Tax Purposes $ 2,182,495,102
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation
Notes
VRDN - Variable Rate Demand Notes
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
2. Provides evidence of ownership in one or more underlying municipal
bonds.
3. Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Austin Independent
School Dist. TRAN
4.112% 8/29/97 11/1/96 $ 3,900,000
Goose Creek Independent
School Dist. TRAN:
4.144% 8/29/97 12/16/96 $ 1,020,000
4.112% 8/29/97 12/16/96 $ 1,400,000
Port Neches Groves
(Independent School Dist.)
TAN 4.112%
8/29/97 12/9/96 $ 1,200,000
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS: TAX-EXEMPT
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1997
ASSETS
Investment in securities, at value - See accompanying schedule $ 2,182,495,015
Cash 48,124
Interest receivable 19,182,258
TOTAL ASSETS 2,201,725,397
LIABILITIES
Payable for investments purchased $ 87,988,195
Distributions payable 4,508,177
Accrued management fee 309,861
Distribution fees payable 14,786
Other payables and accrued expenses 153,338
TOTAL LIABILITIES 92,974,357
NET ASSETS $ 2,108,751,040
Net Assets consist of:
Paid in capital $ 2,109,150,820
Accumulated net realized gain (loss) on investments (399,884)
Unrealized gain from accretion of discount 104
NET ASSETS $ 2,108,751,040
CLASS I: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($2,022,191,485 (divided by)
2,022,574,856 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($60,246,903 (divided by)
60,258,324 shares)
CLASS III: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($26,312,652 (divided by)
26,317,640 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1997
INTEREST INCOME $ 75,514,054
EXPENSES
Management fee $ 4,268,633
Transfer agent fees
Class I 518,334
Class II 26,492
Class III 4,826
Distribution fees
Class II 183,530
Class III 34,838
Accounting fees and expenses 277,016
Custodian fees and expenses 59,999
Registration fees
Class I 329,331
Class II 220,683
Class III 174,794
Audit 31,660
Legal 22,484
Miscellaneous 27,344
Total expenses before reductions 6,179,964
Expense reductions (1,766,798 4,413,166
)
NET INTEREST INCOME 71,100,888
REALIZED AND UNREALIZED GAIN (LOSS) (408,602
Net realized gain (loss) on investment securities )
Increase (decrease) in net unrealized gain from accretion of discount 104
NET GAIN (LOSS) (408,498
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 70,692,390
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1997 1996
<TABLE>
<CAPTION>
<S> <C> <C>
Operations $ 71,100,888 $ 70,587,934
Net interest income
Net realized gain (loss) (408,602) 365,847
Increase (decrease) in net unrealized gain from accretion of discount 104 (8,972)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 70,692,390 70,944,809
Distributions to shareholders from:
Net interest income
Class I (66,743,867) (70,549,024)
Class II (3,926,325) (7,896)
Class III (430,696) (31,014)
TOTAL DISTRIBUTIONS (71,100,888) (70,587,934)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share
Class I 215,665,722 (70,253,634)
Class II 59,290,424 967,900
Class III 25,329,175 988,465
TOTAL SHARE TRANSACTIONS 300,285,321 (68,297,269)
TOTAL INCREASE (DECREASE) IN NET ASSETS 299,876,823 (67,940,394)
NET ASSETS
Beginning of period 1,808,874,217 1,876,814,611
End of period $ 2,108,751,040 $ 1,808,874,217
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 YEARS ENDED MAY 31,
PERIOD ENDED
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996 1995 1994 1993
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .033 .036 .027 .024 .026
Less Distributions
From net interest income (.033) (.036) (.027) (.024) (.026)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 3.40% 3.70% 2.74% 2.44% 2.66%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 2,022,191 $ 1,806,918 $ 1,876,815 $ 2,390,663 $ 2,239,031
Ratio of expenses to average net assets .20% C .19% C .18% A .18% C .18% C
,C
Ratio of net interest income to average net assets 3.34% 3.64% 3.20% 2.41% 2.62%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
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
YEAR ENDED NOVEMBER 6, 1995
MARCH 31, (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .032 .013
Less Distributions
From net interest income (.032) (.013)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 3.25% 1.34%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 60,247 $ 968
Ratio of expenses to average net assets .35% C .35% A,
C
Ratio of net interest income to average net assets 3.21% 3.17% A
FINANCIAL HIGHLIGHTS - CLASS III
YEAR ENDED NOVEMBER 6, 1995
MARCH 31, (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .031 .013
Less Distributions
From net interest income (.031) (.013)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 3.14% 1.30%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 26,313 $ 988
Ratio of expenses to average net assets .45% C .45% A,
C
Ratio of net interest income to average net assets 3.09% 3.00% 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.
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).
DAILY MONEY FUND: TREASURY ONLY
INVESTMENTS MARCH 31, 1997
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 - 23.8%
4/17/97 5.16% $ 50,266,000 $ 50,151,450
4/17/97 5.17 16,814,000 16,775,585
4/17/97 5.19 148,880,000 148,538,658
4/24/97 5.03 20,364,000 20,299,273
4/24/97 5.04 5,968,000 5,949,012
4/24/97 5.13 5,771,000 5,752,381
5/22/97 5.04 6,716,000 6,668,619
7/24/97 5.73 8,304,000 8,161,476
8/21/97 5.75 5,409,000 5,293,042
8/21/97 5.84 12,157,000 11,891,582
9/18/97 5.71 2,405,000 2,343,616
4/2/98 6.00 15,000,000 14,141,550
TOTAL U.S. TREASURY BILLS 295,966,244
U.S. TREASURY NOTES - 76.2%
4/15/97 5.04 51,188,000 51,251,462
4/15/97 5.18 33,492,000 33,531,909
4/30/97 5.18 19,987,000 20,012,089
4/30/97 5.19 48,784,000 48,845,184
4/30/97 5.20 23,982,000 24,004,769
4/30/97 5.21 3,144,000 3,146,992
4/30/97 5.26 50,418,000 50,471,744
4/30/97 5.28 11,956,000 11,970,592
5/15/97 5.26 59,482,000 59,705,468
5/15/97 5.27 91,493,000 91,754,482
5/15/97 5.28 35,000,000 35,049,284
5/15/97 5.29 50,000,000 50,067,782
5/15/97 5.30 7,323,000 7,332,931
5/31/97 5.14 11,910,000 11,936,518
5/31/97 5.21 43,476,000 43,531,266
5/31/97 5.22 16,100,000 16,120,154
5/31/97 5.25 70,000,000 70,085,239
5/31/97 5.29 20,000,000 20,021,484
5/31/97 5.45 100,000,000 100,051,904
6/30/97 5.27 14,534,000 14,544,995
6/30/97 5.30 11,032,000 11,039,522
7/31/97 5.20 8,000,000 8,016,440
7/31/97 5.28 4,931,000 4,939,911
7/31/97 5.31 13,497,000 13,520,448
7/31/97 5.51 2,941,000 2,943,735
8/15/97 5.23 75,000,000 75,340,239
8/31/97 5.39 3,157,000 3,162,501
11/30/97 5.38 15,000,000 14,984,832
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
2/28/98 5.72% $ 10,000,000 $ 9,938,231
2/28/98 5.75 20,000,000 19,871,046
3/31/98 5.60 10,000,000 10,027,936
3/31/98 5.73 12,000,000 12,015,829
TOTAL U.S. TREASURY NOTES 949,236,918
TOTAL INVESTMENTS - 100% $1,245,203,162
Total Cost for Income Tax Purposes $ 1,245,203,162
INCOME TAX INFORMATION
At March 31, 1997, the fund had a capital loss carryforward of
approximately $364,000 of which $22,000, $162,000, $115,000 and $65,000
will expire on March 31, 2001, 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.
The fund will notify shareholders in January 1998 of the applicable
percentage for use in preparing 1997 income tax returns.
DAILY MONEY FUND: TREASURY ONLY
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1997
ASSETS
Investment in securities, at value $ 1,245,203,162
- - See accompanying schedule
Cash 673,619
Interest receivable 21,735,381
TOTAL ASSETS 1,267,612,162
LIABILITIES
Payable for investments $ 14,141,550
purchased
Distributions payable 4,053,272
Accrued management fee 214,916
Other payables and 28,125
accrued expenses
TOTAL LIABILITIES 18,437,863
NET ASSETS $ 1,249,174,299
Net Assets consist of:
Paid in capital $ 1,249,335,963
Accumulated net realized gain (161,664)
(loss) on investments
NET ASSETS $ 1,249,174,299
CLASS I: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($1,156,666,958 (divided by)
1,156,816,649 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($56,501,841 (divided by)
56,509,154 shares)
CLASS III: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($36,005,500 (divided by)
36,010,160 shares)
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1997
INTEREST INCOME $ 67,719,433
EXPENSES
Management fee $ 5,400,564
Distribution fees 39,449
Class II
Class III 61,307
Non-interested trustees' 15,674
compensation
Total expenses before 5,516,994
reductions
Expense reductions (2,843,256 2,673,738
)
NET INTEREST INCOME 65,045,695
NET REALIZED GAIN (LOSS) (64,845
ON INVESTMENTS )
NET INCREASE IN NET ASSETS $ 64,980,850
RESULTING FROM OPERATIONS
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1997 1996
<TABLE>
<CAPTION>
<S> <C> <C>
Operations $ 65,045,695 $ 70,116,054
Net interest income
Net realized gain (loss) (64,845) (114,693)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 64,980,850 70,001,361
Distributions to shareholders from:
Net interest income
Class I (62,527,342) (69,114,113)
Class II (1,336,950) (42,881)
Class III (1,181,403) (959,060)
TOTAL DISTRIBUTIONS (65,045,695) (70,116,054)
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I (204,330,031) 94,879,983
Class II 56,407,114 102,040
Class III 31,912,957 4,097,203
TOTAL SHARE TRANSACTIONS (116,009,960) 99,079,226
TOTAL INCREASE (DECREASE) IN NET ASSETS (116,074,805) 98,964,533
NET ASSETS
Beginning of period 1,365,249,104 1,266,284,571
End of period $ 1,249,174,299 $ 1,365,249,104
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, EIGHT MONTH YEARS ENDED JULY 31,
PERIOD ENDED
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996 1995 1994 1993 1992
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 .050 .054 .033 .032 .031 .045
Less Distributions
From net interest income (.050) (.054) (.033) (.032) (.031) (.045)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.17% 5.56% 3.38% 3.27% 3.10% 4.64%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,156,667 $ 1,361,050 $ 1,266,285 $ 1,049,170 $ 1,047,791 $ 1,197,559
Ratio of expenses to average net assets .20% C .20% .20% A, .20% .20% .20%
C C C C C
Ratio of net interest income to average net assets 5.05% 5.41% 5.02% A 3.22% 3.05% 4.43%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
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
YEAR ENDED NOVEMBER 6,
MARCH 31, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996
<TABLE>
<CAPTION>
<S> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .049 .020
Less Distributions
From net interest income (.049) (.020)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 5.01% 2.04%
Ratios and Supplemental Data
Net assets, end of period (000 omitted) $ 56,502 $ 102
Ratio of expenses to average net assets .35% C .35% A, C
Ratio of expenses to average net assets after expense reductions .34% D .35% A
Ratio of net interest income to average net assets 4.94% 5.03% A
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS III
YEAR ENDED NOVEMBER 6,
MARCH 31, 1995
(COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .048 .020
LESS DISTRIBUTIONS
From net interest income (.048) (.020)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 4.90% 2.00%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 36,006 $ 4,097
Ratio of expenses to average net assets .45% C .45% A, C
Ratio of net interest income to average net assets 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.
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 (SEE NOTE 5 OF
NOTES TO FINANCIAL STATEMENTS).
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
INVESTMENTS MARCH 31, 1997
Showing Percentage of Total Value of Investment in Securities
BANKERS' ACCEPTANCES - 2.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC BANKERS' ACCEPTANCES - 2.5%
Chase Manhattan Bank
5/12/97 5.45% $ 5,205,834 $ 5,173,818
6/11/97 5.54 2,561,385 2,534,207
Mellon Bank, N.A.
8/1/97 5.50 1,000,000 981,836
TOTAL BANKERS' ACCEPTANCES 8,689,861
CERTIFICATES OF DEPOSIT - 50.9%
CHICAGO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.6%
ABN-AMRO Bank
12/4/97 5.75 2,000,000 1,995,687
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 35.4%
Bank of Tokyo - Mitsubishi Ltd.
5/5/97 5.60 1,000,000 1,000,000
5/7/97 5.48 1,000,000 1,000,079
5/27/97 5.48 2,000,000 2,000,000
5/30/97 5.48 1,000,000 1,000,000
6/3/97 5.53 2,000,000 2,000,000
Banque Nationale de Paris
5/14/97 5.35 3,262,000 3,262,056
Bayerische Hypotheken - und Weschel
4/7/97 5.33 1,000,000 1,000,000
5/12/97 5.37 2,000,000 2,000,021
Bayerische Landesbank Girozentrale
4/22/97 5.56 2,000,000 2,000,000
Caisse Nationale de Credit Agricole
4/21/97 5.40 10,000,000 10,000,000
Canadian Imperial Bank of Commerce
4/14/97 5.35 1,000,000 1,000,000
4/15/97 5.33 7,000,000 7,000,000
4/30/97 5.35 1,000,000 999,996
Commerzbank, Germany
4/9/97 5.32 2,000,000 2,000,000
4/14/97 5.35 5,000,000 5,000,000
6/4/97 5.44 2,000,000 1,999,613
8/11/97 5.45 1,000,000 1,000,063
Deutsche Bank, Germany
5/28/97 5.34 5,000,000 5,000,000
10/28/97 5.70 1,000,000 999,270
1/16/98 5.80 5,000,000 4,998,353
Dresdner Bank, A.G,. Germany
6/18/97 5.37 3,000,000 3,000,000
National Westminster Bank, PLC
5/1/97 5.42 1,000,000 1,000,014
6/17/97 5.50 15,000,000 15,000,000
Rabobank Nederland, N.V.
4/1/97 5.53 3,000,000 3,000,000
6/16/97 5.50 5,000,000 5,000,000
Sanwa Bank, Ltd.
4/18/97 5.50 2,000,000 2,000,000
5/27/97 5.50 1,000,000 1,000,015
Societe Generale, France
4/1/97 5.37 1,150,000 1,150,000
4/1/97 5.42 2,000,000 2,000,000
4/9/97 5.42 1,000,000 1,000,000
4/11/97 5.42 3,480,000 3,480,095
7/28/97 5.55 5,000,000 5,000,000
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Sumitomo Bank, Ltd.
4/1/97 5.51% $ 1,000,000 $ 1,000,000
4/8/97 5.58 1,000,000 1,000,000
5/19/97 5.52 1,000,000 1,000,000
5/19/97 5.54 1,000,000 1,000,000
5/27/97 5.50 1,000,000 1,000,000
5/30/97 5.52 1,000,000 1,000,000
6/6/97 5.58 1,000,000 1,000,000
Swiss Bank Corp.
4/23/97 5.41 7,000,000 7,000,000
7/16/97 5.40 1,000,000 1,000,000
12/22/97 5.99 2,000,000 2,000,000
Westdeutsche Landesbank
4/21/97 5.50 2,000,000 2,000,000
Westpac Banking Corp.
9/15/97 5.70 5,000,000 5,000,000
121,889,575
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.6%
Bank of Nova Scotia
4/1/98 6.20 2,000,000 1,998,855
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 14.3%
ABN-AMRO Bank
6/9/97 5.42 1,000,000 1,000,017
Abbey National, Treasury Services
3/4/98 5.87 2,000,000 2,000,000
Banco Bilbao Vizcaya, S.A.
4/8/97 5.40 1,000,000 1,000,006
4/28/97 5.43 3,000,000 2,999,985
Banco Bilbao Vizcaya, S.A.
4/30/97 5.43 1,000,000 1,000,008
Bayerische Hypotheken - und Weschel
4/7/97 5.37 5,000,000 5,000,008
Bayerische Landesbank Girozentrale
4/14/97 5.42 6,000,000 6,000,025
7/29/97 5.51 2,000,000 2,000,316
Bayerische Vereinsbank A.G.
5/12/97 5.38 5,000,000 4,999,861
8/26/97 5.44 1,000,000 999,997
National Westminster Bank, PLC
4/22/97 5.41 1,000,000 1,000,003
Rabobank Nederland, N.V.
4/2/97 5.37 10,000,000 10,000,001
Sanwa Bank, Ltd.
4/11/97 5.54 1,000,000 1,000,006
Societe Generale, France
7/18/97 5.55 5,000,000 5,000,021
Westdeutsche Landesbank
4/7/97 5.41 5,000,000 5,000,003
49,000,257
TOTAL CERTIFICATES OF DEPOSIT 174,884,374
COMMERCIAL PAPER - 26.7%
Asset Securitization Coop. Corp.
4/8/97 5.35 2,000,000 1,997,927
4/14/97 5.35 1,000,000 998,079
4/21/97 5.35 2,000,000 1,994,089
Caisse d'Amortissement de la Dette Sociale
7/1/97 5.44 686,000 676,723
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Citibank Credit Card Master Trust I (Dakota Certificate Program)
4/14/97 5.38% $ 1,000,000 $ 998,068
4/21/97 5.39 1,000,000 997,027
5/30/97 5.44 1,000,000 991,199
Commerzbank U.S. Finance, Inc.
4/14/97 5.33 6,000,000 5,988,517
Eiger Capital Corp.
4/23/97 5.58 1,000,000 996,608
Electricite de France
7/22/97 5.43 985,000 968,758
Enterprise Funding Corp.
4/2/97 5.37 960,000 959,857
4/16/97 5.45 2,000,000 1,995,475
5/23/97 5.65 1,000,000 991,911
Ford Motor Credit Corp.
4/8/97 5.36 2,000,000 1,997,927
4/23/97 5.37 5,000,000 4,983,775
7/28/97 5.51 5,000,000 4,912,156
General Electric Capital Corp.
5/6/97 5.42 5,000,000 4,974,382
5/29/97 5.34 5,000,000 4,957,547
7/7/97 5.50 2,000,000 1,970,900
7/29/97 5.52 5,000,000 4,911,246
General Electric Co.
5/27/97 5.35 5,000,000 4,959,011
Goldman Sachs Group, L.P. (The)
5/12/97 5.45 2,000,000 1,987,928
Kredietbank, NA Finance Corp.
4/10/97 5.34 9,000,000 8,988,030
Matterhorn Capital Corp. (LOC Union Bank of Switzerland)
4/23/97 5.58 1,000,000 996,608
Merrill Lynch & Co., Inc.
4/14/97 5.34 1,000,000 998,086
5/28/97 5.36 2,000,000 1,983,280
Morgan Stanley Group, Inc.
4/15/97 5.40 5,300,000 5,288,994
5/15/97 5.42 1,000,000 993,473
New Center Asset Trust
4/22/97 5.35 1,000,000 996,897
Norfolk Southern Corp.
4/7/97 5.37 1,000,000 999,110
PHH Corp.
4/9/97 5.36 2,000,000 1,997,631
Preferred Receivables Funding Corp.
4/7/97 5.38 2,350,000 2,347,904
4/25/97 5.35 2,000,000 1,992,947
Triple A One Funding Corp.
4/7/97 5.37 1,000,000 999,108
Unifunding, Inc.
4/23/97 5.36 1,000,000 996,743
6/12/97 5.44 5,900,000 5,836,693
Wool International
4/23/97 5.35 330,000 328,933
TOTAL COMMERCIAL PAPER 91,953,547
FEDERAL AGENCIES - 10.4%
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 0.5%
6/10/97 5.36 1,615,000 1,598,404
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 7.9%
4/1/97 5.37% $ 2,000,000 $ 1,999,199
4/2/97 5.38 10,000,000 9,999,340
5/1/97 5.46 5,000,000 4,998,927
6/9/97 5.46 5,000,000 4,996,997
6/13/97 5.46 5,000,000 4,997,109
26,991,572
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 2.0%
4/30/97 5.34 7,000,000 6,970,678
TOTAL FEDERAL AGENCIES 35,560,654
BANK NOTES (A) - 2.9%
Morgan Guaranty Trust, NY
5/14/97 5.46 10,000,000 9,995,466
SHORT-TERM NOTES (A) - 1.8%
Capital One Funding Corp. (1994-B)
4/7/97 5.68 4,061,000 4,061,000
Capital One Funding Corp. (1994-E)
4/7/97 5.68 2,256,000 2,256,000
TOTAL SHORT-TERM NOTES 6,317,000
TIME DEPOSITS - 0.3%
Bank of Tokyo - Mitsubishi Ltd.
4/3/97 5.50 1,000,000 1,000,000
REPURCHASE AGREEMENTS - 4.5%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations)
dated 3/31/97 due 4/1/97
At 6.01% $ 15,532,593 15,530,000
TOTAL INVESTMENTS - 100% $ 343,930,902
Total Cost for Income Tax Purposes $ 343,930,902
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
INCOME TAX INFORMATION
At March 31,1997, the fund had a capital loss carryforward of approximately
$17,000 of which $2,000, $5,000 and $10,000 will expire on March 31, 1998,
2004, and 2005, respectively.
A total of 7.78% 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.
The fund will notify shareholders in January 1998 of the applicable
percentage for use in preparing 1997 income tax returns.
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1997
ASSETS
Investment in securities, at value (including repurchase agreements of $15,530,000) - See accompanying $ 343,930,902
schedule
Interest receivable 2,115,747
TOTAL ASSETS 346,046,649
LIABILITIES
Payable for investments purchased $ 1,998,855
Distributions payable 252,881
Accrued management fee 65,874
Distribution fees payable 6,763
Other payables and accrued expenses 13,710
TOTAL LIABILITIES 2,338,083
NET ASSETS $ 343,708,566
Net Assets consist of:
Paid in capital $ 343,792,694
Accumulated net realized gain (loss) on investments (84,128
)
NET ASSETS $ 343,708,566
CLASS I: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($312,891,881 (divided by)
312,968,464 shares)
CLASS II: $1.00
NET ASSET VALUE, offering price
and redemption price per share
($14,166,085 (divided by)
14,169,553 shares)
CLASS III: $1.00
NET ASSET VALUE, offering price and
redemption price per share
($16,650,600 (divided by)
16,654,677 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED MARCH 31, 1997
INTEREST INCOME $ 16,979,507
EXPENSES
Management fee $ 1,289,421
Distribution fees
Class II 12,491
Class III 27,507
Non-interested trustees' compensation 15,659
Total expenses before reductions 1,345,078
Expense reductions (690,082 654,996
)
NET INTEREST INCOME 16,324,511
NET REALIZED GAIN (LOSS) (10,180
ON INVESTMENTS )
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 16,314,331
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED SEVEN MONTHS YEAR ENDED
MARCH 31, ENDED AUGUST 31,
1997 MARCH 31, 1995
1996
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Operations $ 16,324,511 $ 9,320,785 $ 17,187,869
Net interest income
Net realized gain (loss) (10,180 (12,554 9,578
) )
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 16,314,331 9,308,231 17,197,447
Distributions to shareholders from:
Net interest income
Class I (15,341,476 (9,263,759 (17,187,869)
) )
Class II (430,045 (46,808 -
) )
Class III (552,990 (10,218 -
) )
TOTAL DISTRIBUTIONS (16,324,511 (9,320,785 (17,187,869)
) )
Share transactions - net increase (decrease)
at net asset value of $1.00 per share:
Class I 89,124,894 (77,080,576 (98,479,619)
)
Class II 9,458,555 4,710,998 -
Class III 15,044,461 1,610,216 -
TOTAL SHARE TRANSACTIONS 113,627,910 (70,759,362 (98,479,619)
)
TOTAL INCREASE (DECREASE) IN NET ASSETS 113,617,730 (70,771,916 (98,470,041)
)
NET ASSETS
Beginning of period 230,090,836 300,862,752 399,332,793
End of period $ 343,708,566 $ 230,090,836 $ 300,862,752
</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>
YEAR ENDED SEVEN MONTHS YEARS ENDED AUGUST 31, TEN MONTHS
MARCH 31, ENDED ENDED
MARCH 31, AUGUST 31,
SELECTED PER-SHARE DATA 1997 1996 1995 1994 1993 1992
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .053 .032 .054 .033 .029 .034
Less Distributions
From net interest income (.053) (.032) (.054) (.033) (.029) (.034)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.39% 3.21% 5.53 3.34 2.93 3.44%
% % %
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 312,892 $ 223,772 $ 300,863 $ 399,333 $ 611,410 $ 765,721
Ratio of expenses to average net assets .20% C .27% A, .42 .42 .42 .42% A
C % % %
Ratio of net interest income to average net assets 5.26% 5.46% A 5.33 3.24 2.89 4.04% A
% % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C 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
YEAR ENDED NOVEMBER 6, 1995
MARCH 31, (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .051 .021
Less Distributions
From net interest income (.051) (.021)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 5.23% 2.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 14,166 $ 4,709
Ratio of expenses to average net assets .35% C .35% A,
C
Ratio of net interest income to average net assets 5.14% 5.06% A
FINANCIAL HIGHLIGHTS - CLASS III
YEAR ENDED NOVEMBER 6, 1995
MARCH 31, (COMMENCEMENT
OF OPERATIONS) TO
MARCH 31,
SELECTED PER-SHARE DATA 1997 1996
Net asset value, beginning of period $ 1.000 $ 1.000
Income from Investment Operations
Net interest income .050 .021
Less Distributions
From net interest income (.050) (.021)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B 5.12% 2.11%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 16,651 $ 1,610
Ratio of expenses to average net assets .45% C .45% A,
C
Ratio of net interest income to average net assets 5.03% 5.01% 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.
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).
NOTES TO FINANCIAL STATEMENTS
For the period ended March 31, 1997
1. SIGNIFICANT ACCOUNTING POLICIES.
Treasury, Government, Domestic and Money Market are funds of Fidelity
Institutional Cash Portfolios (a trust). Treasury Only is a fund of Daily
Money Fund (a trust). Tax-Exempt is a fund of Fidelity Institutional
Tax-Exempt Cash Portfolios (a trust). Rated Money Market is a fund of
Fidelity Money Market Trust (a trust). Each trust is registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as an open-end
management investment company organized as a Delaware business trust and is
authorized to issue an unlimited number of shares.
Each fund currently offers three classes of shares, Class I, Class II and
Class III, each of which has equal rights as to assets and voting
privileges except that each class bears different distribution and transfer
agent expenses and certain registration fees. Each class has exclusive
voting rights with respect to its distribution plans.
The financial statements have been prepared in conformity with generally
accepted accounting principles which permit management to make certain
estimates and assumptions at the date of the financial statements.
The following summarizes the significant accounting policies of the funds:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, each fund is not subject to income taxes to
the extent that it distributes substantially all of its taxable income for
the fiscal year. The schedules of investments include information regarding
income taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of discount, is accrued as earned. For Tax-Exempt, accretion
of discount represents unrealized gain until realized at the time of a
security disposition or maturity.
ALLOCATED EARNINGS AND EXPENSES. Interest income, expenses (other than
expenses incurred under the Distribution and Service Plan, Transfer Agent
Agreement and certain registration fees for each class) and realized and
unrealized gains or losses on investments are allocated to each class of
shares based upon their relative net assets.
TREASURY ONLY AND RATED MONEY MARKET: Most expenses of each trust can be
directly attributed to a fund. Expenses which cannot be directly attributed
are apportioned between the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income. Income dividends are declared separately
for each class.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the funds, along with other affiliated
entities of Fidelity Management & Research Company (FMR), may transfer
uninvested cash balances into one or more joint trading accounts. These
balances are invested in one or more repurchase agreements for U.S.
Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
Securities are transferred to an account of the funds, or to the Joint
Trading Account, at a bank custodian. The securities are marked-to-market
daily and maintained at a value at least equal to the principal amount of
the repurchase agreement (including accrued interest). FMR, the funds'
investment adviser, is responsible for determining that the value of the
underlying securities remains in accordance with the market value
requirements stated above.
REVERSE REPURCHASE AGREEMENTS. At all times that a reverse repurchase
agreement is outstanding, the fund identifies cash and liquid securities as
segregated in its custodian records with a value at least equal to its
obligation under the agreement. On March 31, 1997, Government fund had a
reverse repurchase agreement amounting to $75,771,048 at 5.25% outstanding.
The agreement, which matured on April 1, 1997, was collateralized by
$76,000,000 of Federal National Mortgage Association Agency Coupons due on
August 1, 1997.
WHEN-ISSUED SECURITIES. Each fund may purchase or sell securities on a
when-issued basis. Payment and delivery may take place a month or more
after the date of the transaction. The price of the underlying securities
is fixed at the time the transaction is negotiated. The market values of
the securities purchased on a when-issued or forward commitment basis are
identified as such in each applicable fund's schedule of investments. Each
fund may receive compensation for interest forgone in the purchase of a
when-issued security. With respect to purchase commitments, each fund
identifies securities as segregated in its custodial records with a value
at least equal to the amount of the commitment. The payables and
receivables associated with the purchases and sales of when-issued
securities having the same settlement date and broker are offset.
When-issued securities that have been purchased from and sold to different
brokers are reflected as both payables and receivables in the applicable
statements of assets and liabilities under the caption "Delayed delivery."
Losses may arise due to changes in the market value of the underlying
securities, if the counterparty does not perform under the contract, or if
the issuer does not issue the securities due to political, economic, or
other factors.
RESTRICTED SECURITIES. Certain funds are permitted to invest in securities
that are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from registration
or to the public if the securities are registered. Disposal of these
securities may involve time-consuming negotiations and expense, and prompt
sale at an acceptable price
2. OPERATING POLICIES - CONTINUED
RESTRICTED SECURITIES - CONTINUED
may be difficult. Information regarding restricted securities is included
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 its total
investments in repurchase agreements through a joint trading account. These
repurchase agreements were with entities whose creditworthiness has been
reviewed and found satisfactory by FMR. The maturity values of the joint
trading account investments were $276,687,055 at 3.00%, $416,963,605 at
6.01%, $408,328,571 at 6.13%, $5,464,986,237 at 6.50% and $420,499,325 at
5.30% for Treasury and $840,948,481 at 6.70%, $130,168,729 at 6.01%,
$15,489,639 at 6.13%, $71,220,853 at 6.50%, $46,130,614 at 5.38%,
$138,655,040 at 5.34%, $46,211,253 at 5.34%, $137,609,650 at 5.34%,
$92,464,856 at 5.35% and $35,176,847 at 5.35% for Government fund. The
investments in repurchase agreements through the joint trading account are
summarized as follows:
SUMMARY OF JOINT TRADING
DATED MARCH 31, 1997 DUE APRIL 1, 1997 AT 3.00%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $325,000,000
Aggregate maturity amount of agreements $325,027,083
Aggregate market value of transferred assets $332,221,077
Coupon rates of transferred assets 0% to 14.00%
Maturity dates of transferred assets 5/31/97 to 2/15/27
DATED MARCH 31, 1997 DUE APRIL 1, 1997 AT 6.01%
Number of dealers or banks 7
Maximum amount with one dealer or bank 24.1%
Aggregate principal amount of agreements $665,243,000
Aggregate maturity amount of agreements $665,354,069
Aggregate market value of transferred assets $679,150,061
Coupon rates of transferred assets 0% to 13.875%
Maturity dates of transferred assets 4/30/97 to 2/15/27
DATED MARCH 31, 1997 DUE APRIL 1, 1997 AT 6.13%
Number of dealers or banks 5
Maximum amount with one dealer or bank 28.3%
Aggregate principal amount of agreements $565,000,000
Aggregate maturity amount of agreements $565,096,281
Aggregate market value of transferred assets $576,904,616
Coupon rates of transferred assets 0% to 13.875%
Maturity dates of transferred assets 4/3/97 to 2/15/27
DATED MARCH 31, 1997 DUE APRIL 1, 1997 AT 6.50%
Number of dealers or banks 14
Maximum amount with one dealer or bank 20.0%
Aggregate principal amount of agreements $6,745,916,000
Aggregate maturity amount of agreements $6,747,133,620
Aggregate market value of transferred assets $6,885,272,667
Coupon rates of transferred assets 0% to 13.875%
Maturity dates of transferred assets 4/15/97 to 2/15/27
DATED MARCH 31, 1997 DUE APRIL 1, 1997 AT 6.70%
Number of dealers or banks 3
Maximum amount with one dealer or bank 40.5%
Aggregate principal amount of agreements $840,792,000
Aggregate maturity amount of agreements $840,948,481
Aggregate market value of transferred assets $866,739,962
Coupon rates of transferred assets 5.00% to 17.00%
Maturity dates of transferred assets 4/1/97 to 4/1/27
DATED FEBRUARY 4, 1997 DUE APRIL 2, 1997 AT 5.30%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $504,195,833
Aggregate market value of transferred assets $510,000,014
Coupon rates of transferred assets 0% to 14.00%
Maturity dates of transferred assets 4/24/97 to 2/15/26
DATED MARCH 14, 1997 DUE APRIL 2, 1997 AT 5.38%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $100,000,000
Aggregate maturity amount of agreements $100,283,944
Aggregate market value of transferred assets $102,908,649
Coupon rates of transferred assets 5.754% to 10.50%
Maturity dates of transferred assets 4/10/97 to 4/1/34
DATED MARCH 6, 1997 DUE APRIL 7, 1997 AT 5.34%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $300,000,000
Aggregate maturity amount of agreements $301,424,000
Aggregate market value of transferred assets $309,000,000
Coupon rates of transferred assets 5.625% to 10.00%
Maturity dates of transferred assets 8/1/01 to 1/1/37
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED MARCH 7, 1997 DUE APRIL 7, 1997 AT 5.34%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $100,000,000
Aggregate maturity amount of agreements $100,459,833
Aggregate market value of transferred assets $103,000,000
Coupon rates of transferred assets 5.625% to 10.00%
Maturity dates of transferred assets 8/1/01 to 1/1/37
DATED MARCH 10, 1997 DUE APRIL 9, 1997 AT 5.34%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $300,000,000
Aggregate maturity amount of agreements $301,335,000
Aggregate market value of transferred assets $309,285,874
Coupon rates of transferred assets 6.00% to 8.643%
Maturity dates of transferred assets 3/31/01 to 4/1/26
DATED MARCH 11, 1997 DUE APRIL 14, 1997 AT 5.35%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $201,010,556
Aggregate market value of transferred assets $206,000,000
Coupon rates of transferred assets 5.625% to 10.00%
Maturity dates of transferred assets 8/1/01 to 1/1/37
DATED MARCH 11, 1997 DUE APRIL 14, 1997 AT 5.35%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $180,000,000
Aggregate maturity amount of agreements $180,909,500
Aggregate market value of transferred assets $186,608,579
Coupon rates of transferred assets 5.50% to 13.25%
Maturity dates of transferred assets 11/1/05 to 11/1/26
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, FMR receives a fee that
is computed daily at an annual rate of .20% of average net assets except
for Treasury Only and Rated Money Market.
For Treasury Only and Rated Money Market, FMR pays all expenses except the
compensation of the non-interested Trustees and certain exceptions such as
interest, taxes, brokerage commissions and extraordinary expenses. FMR
receives a fee that is computed daily at an annual rate of .42% of the
fund's average net assets, reduced by the fees and expenses paid by the
fund to the non-interested Trustees.
SUB-ADVISER FEE. As each fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fees are paid prior to any voluntary
expense reimbursements which may be in effect.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans of Class II and Class III, and in accordance with Rule 12b-1 of the
1940 Act, each fund pays Fidelity Distributors Corporation (FDC), an
affiliate of FMR, a distribution and service fee that is based on an annual
rate of .15% and .25% of the average net assets of the Class II and Class
III shares, respectively. For the period, the distribution fees received by
FDC on behalf of each class of shares are shown on each fund's Statement of
Operations. Of the fees paid to FDC, all were paid to securities dealers,
banks and other financial institutions for selling Class II and Class III
shares and providing shareholder support services.
In addition, FMR or FDC may use its resources to pay administrative and
promotional expenses related to the sale of each class' shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of each class' shares or render
shareholder support services.
TRANSFER AGENT FEES. Fidelity Investments Institutional Operations Company,
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 and transfer and shareholder servicing agent
for Tax-Exempt. UMB has entered into a sub-contract with FIIOC to perform
the activities associated with the transfer and shareholder servicing agent
functions for Tax-Exempt. FIIOC receives account fees and asset-based fees
that vary according to account size. FIIOC pays for typesetting and mailing
of all shareholder reports, except proxy statements.
For the period, the transfer agent fees were equivalent to the following
annual rates as a percentage of average net assets:
CLASS I CLASS II CLASS III
Treasury .03% .03% .03%
Government .03% .04% .04%
Domestic .04% .08% .04%
Money Market .05% .03% .04%
Tax-Exempt .03% .02% .03%
ACCOUNTING FEES. Fidelity Service Company, Inc. (FSC), an affiliate of FMR,
maintains the accounting records for the funds except for Tax-Exempt. UMB
also has a sub-contract with FSC to maintain Tax-Exempt's accounting
records. The accounting fee is based on the level of average net assets for
the month plus out-of-pocket expenses.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the funds' operating expenses
(excluding interest, taxes, brokerage commissions, extraordinary expenses,
and 12b-1 fees payable by Class II and Class III of each
5. EXPENSE REDUCTIONS - CONTINUED
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 $ 2,975,532 $ 170,653 $ 1,271,301
Government $ 1,633,833 $ 154,712 $ 525,385
Domestic $ 858,836 $ 60,843 $ 121,268
Money Market $ 8,257,507 $ 200,719 $ 456,728
Tax-Exempt $ 1,226,453 $ 272,924 $ 182,626
Treasury Only $ 2,723,853 $ 59,559 $ 53,950
Rated Money Market $ 641,279 $ 18,417 $ 24,206
In addition, each of Treasury, Government, Domestic, Money Market and
Tax-Exempt has entered into arrangements with its custodian and transfer
agent whereby interest earned on uninvested cash balances was used to
offset a portion of the class' expenses. During the period, the custodian
fees were reduced by $1,367, $0, $1,063, $4,610 and $74,632 under the
custodian arrangements for Treasury, Government, Domestic, Money Market and
Tax-Exempt, respectively, and Tax Exempt Class I expenses were reduced by
$10,163 under the transfer agent arrangement.
Also, FMR has entered into arrangements on behalf of Treasury Only and
Rated Money Market with each fund's custodian and transfer agent whereby
interest earned on uninvested cash balances was used to offset a portion of
each fund's expenses. During
the period, expenses were reduced by $5,894 and $6,180 for Treasury Only
and Rated Money Market, respectively, under these arrangements.
6. BENEFICIAL INTEREST.
At the end of the period, certain shareholders were record owners of
approximately 10% or more of the total outstanding shares of the following
funds:
NUMBER OF %
FUND SHAREHOLDERS OWNERSHIP
Money Market 1 37%
Government 1 10%
Tax-Exempt 1 19%
Treasury Only 2 40%
Rated Money Market 1 11%
7. MERGER INFORMATION.
On July 31, 1996, Treasury Class I acquired all of the assets and assumed
all of the liabilities of the Government Portfolio of Fidelity Investors
Institutional Trust: State and Local Asset Management Series (Government
Portfolio). The acquisition, which was approved by the shareholders of
Government Portfolio on June 19, 1996, was accomplished by an exchange of
103,373,186 shares of Treasury Class I for the 103,373,186 shares then
outstanding (each valued at $1.00) of Government Portfolio with no gain or
loss recognized to either fund. Government Portfolio net assets were
combined with Treasury Class I for total net assets after the acquisition
of $9,021,331,082.
8. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:
TREASURY CLASS I YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1997 1996 *
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 51,392,833,560 $ 51,861,896,309
Issued in reinvestment of distributions from net interest income 130,991,169 113,431,831
Shares redeemed (53,163,171,287) (50,675,625,449)
(1,639,346,558) 1,299,702,691
Issued in exchange for shares of Fidelity Institutional Cash Portfolios: Treasury - 1,004,660,627
Issued in exchange for shares of Fidelity Money Market Trust: U.S. Treasury Portfolio - 141,827,906
Issued in exchange for shares of State & Local Asset Management Series: U.S. Government 103,373,186 -
Portfolio
Net increase (decrease) in shares (1,535,973,372) 2,446,191,224
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TREASURY CLASS II
Shares sold $ 1,147,452,055 $ 438,269,291
Issued in reinvestment of distributions from net interest income 2,108,503 1,519,235
Shares redeemed
(1,100,225,749) (399,314,108)
Net increase (decrease) in shares 49,334,809 40,474,418
</TABLE>
TREASURY CLASS III
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 25,507,021,888 $ 14,781,999,217
Issued in reinvestment of distributions from net interest income 32,616,119 13,304,486
Shares redeemed (13,945,472,798)
(23,350,573,572)
Net increase (decrease) in shares 2,189,064,435 849,830,905
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II AND CLASS III ARE FOR THE PERIOD
NOVEMBER 6, 1995 (COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
8. SHARE TRANSACTIONS - CONTINUED
GOVERNMENT CLASS I YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1997 1996 *
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 31,288,279,248 $ 24,152,458,174
Issued in reinvestment of distributions from net interest income 63,368,555 79,149,062
Shares redeemed (24,704,636,133)
(31,605,172,055)
(473,028,897)
(253,524,252)
Issued in exchange for shares of Fidelity Money Market Trust: U.S. Government Portfolio - 216,066,944
Net increase (decrease) in shares (253,524,252) (256,961,953)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
GOVERNMENT CLASS II
Shares sold $ 1,467,303,108 $ 100,001
Issued in reinvestment of distributions from net interest income 1,412,751 2,160
Shares redeemed
(1,360,167,468) -
Net increase (decrease) in shares 108,548,391 102,161
</TABLE>
GOVERNMENT CLASS III
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 5,816,665,826 $ 850,158,890
Issued in reinvestment of distributions from net interest income 13,902,680 1,766,027
Shares redeemed
(5,366,035,152) (697,927,350)
Net increase (decrease) in shares 464,533,354 153,997,567
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
DOMESTIC CLASS I
Shares sold $ 12,924,621,129 $ 6,513,086,890
Issued in reinvestment of distributions from net interest income 31,498,935 21,122,058
Shares redeemed
(13,154,461,536) (6,188,234,960)
Net increase (decrease) in shares (198,341,472) 345,973,988
DOMESTIC CLASS II
Shares sold $ 35,713,425 $ 2,101,358
Issued in reinvestment of distributions from net interest income 151,907 3,527
Shares redeemed
(33,734,372) -
Net increase (decrease) in shares 2,130,960 2,104,885
DOMESTIC CLASS III
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold 696,271,795 488,371,167
Issued in reinvestment of distributions from net interest income 2,897,940 1,792,344
Shares redeemed
(624,846,724) (469,312,190)
Net increase (decrease) in shares 74,323,011 20,851,321
</TABLE>
MONEY MARKET CLASS I
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 67,413,397,877 $ 51,277,142,050
Issued in reinvestment of distributions from net interest income 299,702,868 233,633,869
Shares redeemed (50,174,644,708)
(65,464,948,260)
Net increase (decrease) in shares 2,248,152,485 1,336,131,211
MONEY MARKET CLASS II
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 1,362,898,014 $ 364,545,650
Issued in reinvestment of distributions from net interest income 5,216,271 646,687
Shares redeemed
(1,264,714,433) (300,973,077)
Net increase (decrease) in shares 103,399,852 64,219,260
</TABLE>
MONEY MARKET CLASS III
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 4,306,231,929 $ 1,782,025,633
Issued in reinvestment of distributions from net interest income 14,063,111 5,459,414
Shares redeemed
(4,105,748,648) (2,015,317,386)
Net increase (decrease) in shares 214,546,392 (227,832,339)
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II ARE FOR THE PERIOD NOVEMBER 6, 1995
(COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
8. SHARE TRANSACTIONS - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C>
TAX-EXEMPT CLASS I YEAR ENDED YEAR ENDED
MARCH 31, MARCH 31,
1997 1996 *
Shares sold $ 11,513,515,390 $ 10,356,972,054
Issued in reinvestment of distributions from net interest income 17,161,222 17,440,742
Shares redeemed (10,444,666,430)
(11,315,010,890)
Net increase (decrease) in shares 215,665,722 (70,253,634)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
TAX-EXEMPT CLASS II
Shares sold $ 560,462,788 $ 960,001
Issued in reinvestment of distributions from net interest income 3,641,145 7,899
Shares redeemed
(504,813,509) -
Net increase (decrease) in shares 59,290,424 967,900
TAX-EXEMPT CLASS III
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 114,945,562 $ 4,699,909
Issued in reinvestment of distributions from net interest income 362,928 20,999
Shares redeemed
(89,979,315) (3,732,443)
Net increase (decrease) in shares 25,329,175 988,465
TREASURY ONLY CLASS I
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 4,229,941,785 $ 4,611,358,001
Issued in reinvestment of distributions from net interest income 12,828,520 13,504,008
Shares redeemed
(4,447,100,336) (4,529,982,026)
Net increase (decrease) in shares (204,330,031) 94,879,983
</TABLE>
TREASURY ONLY CLASS II
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 298,699,093 $ 14,117,827
Issued in reinvestment of distributions from net interest income 554,623 9,279
Shares redeemed
(242,846,602) (14,025,066)
Net increase (decrease) in shares 56,407,114 102,040
TREASURY ONLY CLASS III
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Shares sold $ 244,892,862 $ 364,952,984
Issued in reinvestment of distributions from net interest income 686,016 176,421
Shares redeemed
(213,665,921) (361,032,202)
Net increase (decrease) in shares 31,912,957 4,097,203
</TABLE>
RATED MONEY MARKET CLASS I YEAR ENDED SEVEN MONTHS YEAR ENDED
MARCH 31, ENDED MARCH 31, AUGUST 31,
1997 1996 * 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 2,332,079,346 $ 1,118,760,375 $ 2,232,610,577
Issued in reinvestment of distributions from net interest income 12,977,967 7,202,839 12,093,056
Shares redeemed
(2,255,932,419) (1,203,043,790) (2,343,183,252)
Net increase (decrease) in shares 89,124,894 (77,080,576) (98,479,619)
</TABLE>
RATED MONEY MARKET CLASS II
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 159,000,255 $ 10,100,001 $ -
Issued in reinvestment of distributions from net interest income 420,837 10,997 -
Shares redeemed
(149,962,537) (5,400,000) -
Net increase (decrease) in shares 9,458,555 4,710,998 -
</TABLE>
RATED MONEY MARKET CLASS III
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Shares sold $ 110,378,099 $ 1,600,001 $ -
Issued in reinvestment of distributions from net interest income 498,792 10,215 -
Shares redeemed
(95,832,430) - -
Net increase (decrease) in shares 15,044,461 1,610,216 -
</TABLE>
(*) SHARE TRANSACTIONS FOR CLASS II AND CLASS III ARE FOR THE PERIOD
NOVEMBER 6, 1995 (COMMENCEMENT OF SALE OF SHARES) TO MARCH 31, 1996.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of Fidelity Institutional Tax-Exempt Cash
Portfolios
To the Trustees of Daily Money Fund 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,
including the schedules of portfolio investments, as of March 31, 1997, and
the related statements of operations and changes in net assets, and the
financial highlights for the applicable periods indicated, of Fidelity
Institutional Tax-Exempt Cash Portfolios: Tax-Exempt (Class I, II and III),
Daily Money Fund: Treasury Only (Class I, II and III) and Fidelity Money
Market Trust: Rated Money Market (Class I, II and III) as included on pages
25 to 40, 41 to 44 and 45 to 49, respectively, of this annual report. These
financial statements and financial highlights are the responsibility of the
Funds' 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 audits 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, 1997 by correspondence with the custodians
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), Daily Money Fund: Treasury Only (Class I, II and III) and
Fidelity Money Market Trust: Rated Money Market (Class I, II and III) as of
March 31, 1997, the results of their operations for the applicable periods
then ended, the changes in their net assets and the financial highlights
for each of the applicable periods, in conformity with generally accepted
accounting principles.
/s/ COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
April 29 , 1997
To the Trustees and Shareholders of Fidelity Institutional Cash Portfolios
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 (constituting Fidelity
Institutional Cash Portfolios, hereafter referred to as the "Fund") at
March 31, 1997, the results of each of their operations for the year then
ended, the changes in each of their net assets for each of the two years
then ended and the financial highlights for each of 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 Fund'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 owned at March 31,
1997 by correspondence with the custodian, provide a reasonable basis for
the opinion expressed above.
/s/ PRICE WATERHOUSE LLP
PRICE WATERHOUSE LLP
Dallas, Texas
May 2, 1997
INVESTMENT ADVISOR
Fidelity Management & Research Company
Boston MA
SUB-ADVISOR
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Sarah H. Zenoble, VICE PRESIDENT
Robert K. Duby, VICE PRESIDENT
Robert Litterest, VICE PRESIDENT
Burnell Stehman, VICE PRESIDENT
John Todd, VICE PRESIDENT
Scott A. Orr, VICE PRESIDENT
Arthur S. Loring, SECRETARY
Kenneth A. Rathgeber, TREASURER
Thomas D. Maher, ASSISTANT VICE PRESIDENT
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, ASSISTANT TREASURER
Thomas J. Simpson, ASSISTANT TREASURER
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
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 *
Thomas R. Williams *
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, GOVERNMENT, DOMESTIC
AND MONEY MARKET
DAILY MONEY FUND: TREASURY ONLY
FIDELITY MONEY MARKET TRUST: RATED MONEY MARKET
UMB Bank, n.a.
Kansas City, MO
FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS
