INVESTMENTS NOVEMBER 30, 1995
Showing Percentage of Total Value of Investments
U.S. TREASURY OBLIGATIONS - 21.4%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
1/31/96 5.71% $ 2,000,000 $ 1,993,920
2/15/96 6.18 4,000,000 3,986,405
2/15/96 6.21 5,000,000 4,983,009
2/29/96 5.60 5,000,000 4,986,194
4/15/96 5.51 2,000,000 2,026,070
4/30/96 5.58 2,000,000 2,014,681
4/30/96 5.63 4,000,000 3,995,281
4/30/96 5.65 4,000,000 3,995,095
5/15/96 5.43 1,000,000 1,007,501
TOTAL U.S. TREASURY OBLIGATIONS 28,988,156
REPURCHASE AGREEMENTS - 78.6%
MATURITY
AMOUNT
In a joint trading account
(U.S. Treasury Obligations)
dated 11/30/95, due 12/1/95:
(Notes 2 and 3)
At 5.90% $ 82,013,442 82,000,000
At 5.91% 24,575,034 24,571,000
TOTAL REPURCHASE AGREEMENTS 106,571,000
TOTAL INVESTMENTS - 100% $ 135,559,156
Total Cost for Income Tax Purposes $ 135,559,156
INCOME TAX INFORMATION
At November 30, 1995, the fund had a capital loss carryforward of
approximately $100,000 of which $29,000, $9000, $48,000 and $14,000 will
expire on November 30, 1999, 2001, 2002 and 2003, respectively.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1995
1.ASSETS 2. 3.
4.Investment in securities, at value (including repurchase agreements of $106,571,000) - 5. $ 135,559,156
See accompanying schedule
6.Cash 7. 16,101
8.Interest receivable 9. 302,604
10. 11.TOTAL ASSETS 12. 135,877,861
13.LIABILITIES 14. 15.
16.Distributions payable $ 30,611 17.
18.Accrued management fee 48,344 19.
20. 21.TOTAL LIABILITIES 22. 78,955
23.24.NET ASSETS 25. $ 135,798,906
26.Net Assets consist of: 27. 28.
29.Paid in capital 30. $ 135,846,006
31.Accumulated net realized gain (loss) on investments 32. (47,100)
33.34.NET ASSETS, for 135,846,006 shares outstanding 35. $ 135,798,906
36.37.NET ASSET VALUE, offering price and redemption price per share 38. $1.00
($135,798,906 (divided by) 135,846,006 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1995
39.40.INTEREST INCOME 41. $ 11,526,369
42.EXPENSES 43. 44.
45.Management fee $ 840,945 46.
47.Non-interested trustees' compensation 1,154 48.
49. 50.TOTAL EXPENSES 51. 842,099
52.53.NET INTEREST INCOME 54. 10,684,270
55.56.NET REALIZED GAIN (LOSS) ON INVESTMENTS 57. (14,087)
58.59.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 60. $ 10,670,183
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED NOVEMBER 30,
1995 1994
61.INCREASE (DECREASE) IN NET ASSETS
62.Operations $ 10,684,270 $ 13,640,847
Net interest income
63. Net realized gain (loss) (14,087) (48,217)
64. 65.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 10,670,183 13,592,630
66.Distributions to shareholders from net interest income (10,684,270) (13,640,847)
67.Share transactions at net asset value of $1.00 per share 129,257,739 513,135,378
Proceeds from sales of shares
68. Reinvestment of distributions from net interest income 9,981,409 12,343,246
69. Cost of shares redeemed (247,566,577) (804,168,405)
70.71. (108,327,429) (278,689,781)
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES RESULTING FROM SHARE TRANSACTIONS
72. 73.TOTAL INCREASE (DECREASE) IN NET ASSETS (108,341,516) (278,737,998)
74.NET ASSETS 75. 76.
77. Beginning of period 244,140,422 522,878,420
78. End of period $ 135,798,906 $ 244,140,422
</TABLE>
FINANCIAL HIGHLIGHTS
SELECTED PER-SHARE DATA
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C> <C> <C> <C>
79.Fiscal years ended
1995 1994 1993 1992 1991 1990 1989 1988 1987A
November 30
80.Net asset value,
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of period
81.Income from
.055 .036 .028 .037 .058 .078 .088 .071 .018
Investment Operations
Net interest income
82.Less Distributions
(.055) (.036) (.028) (.037) (.058) (.078) (.088) (.071) (.018)
From net interest
income
83.Net asset value,
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period
84.Total return
5.62 3.63 2.82 3.73 5.98 8.09 9.17 7.29% 1.77%B
% % % % % % % B
85.RATIOS AND SUPPLEMENTAL DATA
86.Net assets, end of
$ 135,799 $ 244,140 $ 522,878 $ 1,084,96 $ 1,095,48 $ 935,570 $ 1,013,07 $ 372,999 $ 21,018
period 3 3 7
(000 omitted)
87.Ratio of expenses
.43 .43 .43 .43 .43 .43 .43 .40% .15%C
to average
% % % % % % % D D
net assets
88.Ratio of net interest
5.46 3.44 2.79 3.64 5.81 7.81 8.81 7.71% 6.70%C
income to
% % % % % % %
average net assets
</TABLE>
A AUGUST 27,1987 (COMMENCEMENT OF OPERATIONS) TO NOVEMBER 30, 1987.
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C ANNUALIZED
D FMR VOLUNTARILY AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES
DURING THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO
WOULD HAVE BEEN HIGHER.
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1995
1. SIGNIFICANT ACCOUNTING POLICIES.
State and Local Asset Management Series : Government Money Market Portfolio
(the fund) is a fund of Fidelity Institutional Investors Trust (the trust)
and is authorized to issue an unlimited number of shares. The trust is
registered under the Investment Company Act of 1940, as amended (the 1940
Act), as an open-end management investment company organized as a Delaware
business trust. The following summarizes the significant accounting
policies of the fund:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes substantially all of its taxable income for
its fiscal year. The schedule of investments includes information regarding
income taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, 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 that mature in
60 days or less from the date of purchase, and are collateralized by U.S.
Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying U.S. Treasury or Federal Agency Securities, the market
value of which is required to be at least equal to the repurchase price.
For term repurchase agreement transactions, the underlying securities are
marked-to-market daily and maintained at a value at least equal to the
repurchase price. FMR, the fund's 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.
3. JOINT TRADING ACCOUNT.
At the end of the period, the fund 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 $82,013,442 at 5.90% and $24,575,034 at 5.91%. The
investments in repurchase agreements through the joint trading account are
summarized as follows:
SUMMARY OF JOINT TRADING
DATED NOVEMBER 30, 1995, DUE DECEMBER 31, 1995 AT 5.90%
Number of dealers or banks 14
Maximum amount with one dealer or bank 31.8%
Aggregate principal amount of agreements $7,768,000,000
Aggregate maturity amount of agreements $7,769,273,426
Aggregate market value of collateral $7,932,590,731
Coupon rates of collateral 0% to 15.75%
Maturity dates of collateral 12/21/95 to 2/15/23
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED NOVEMBER 30, 1995, DUE DECEMBER 31, 1995 AT 5.91%
Number of dealers or banks 6
Maximum amount with one dealer or bank 44.6%
Aggregate principal amount of agreements $560,000,000
Aggregate maturity amount of agreements $560,091,947
Aggregate market value of collateral $571,776,107
Coupon rates of collateral 0% to 13.75%
Maturity dates of collateral 12/21/95 to 8/15/05
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, 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
.43% of the fund's average net assets.
SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fee is paid prior to any voluntary
expense reimbursements which may be in effect.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, FMR or
the fund's distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of the fund's shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of the fund's shares or render
shareholder support services. FMR or FDC has informed the fund that
payments made to third parties under the Plan amounted to $922 for the
period.
5. SUBSEQUENT EVENT.
The Board of Trustees of Fidelity Institutional Investors Trust has
unanimously approved an Agreement and Plan of Reorganization and
Liquidation (Agreement and Plan) between the fund and Fidelity
Institutional Cash Portfolios: Treasury (FICP: Treasury) (Reorganization).
The Agreement and Plan will be presented to the fund's shareholders for
their vote of approval or disapproval at a special meeting to be held on
June 19, 1996. The Agreement and Plan provides for the transfer of
substantially all of the assets and the assumption of substantially all of
the liabilities of the fund in exchange solely for shares of equal value in
FICP: Treasury Class I at the close of business on the day that the
Reorganization is effective. Since FMR manages each fund to maintain a
stable $1.00 per share net asset value, it is anticipated that the fund
would exchange its shares for an equal number of FICP: Treasury Class I
shares. If the Agreement and Plan is approved, the Reorganization is
expected to become effective on or about August 31, 1996.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of Fidelity Institutional
Investors Trust: State and Local Asset Management Series: Government Money
Market Portfolio:
We have audited the accompanying statement of assets and liabilities of
Fidelity Institutional Investors Trust: State and Local Asset Management
Series: Government Money Market Portfolio, including the schedule of
portfolio investments, as of November 30, 1995, and the related statement
of operations for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended, and the
financial highlights for each of the eight years in the period then ended
and the period August 27,1987 (commencement of operations) to November 30,
1987. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of November 30 ,1995 by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Institutional Investors Trust: State and Local Asset Management
Series: Government Money Market Portfolio as of November 30, 1995, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the
financial highlights for each of the eight years in the period then ended,
and the period August 27,1987 (commencement of operations) to November 30,
1987 in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
December 29, 1995
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Fred L. Henning, Jr., VICE PRESIDENT
Leland C. Barron, 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
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND
SHAREHOLDER
SERVICING AGENT
Fidelity Investments
Institutional Operations Company
Boston, MA
CUSTODIAN
The Bank of New York
New York, NY
* INDEPENDENT TRUSTEES
