N-30D 1 (registered trademark) FIDELITY INSTITUTIONAL MONEY MARKET FUNDS ANNUAL REPORT MARCH 31, 1995 FIMM-5-95A CHECK PAGE NUMBERS !!! CONTENTS SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO 3 U.S. TREASURY PORTFOLIO II 8 U.S. GOVERNMENT PORTFOLIO 14 DOMESTIC MONEY MARKET PORTFOLIO 20 MONEY MARKET PORTFOLIO 28 FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS 37 DAILY MONEY FUND: FIDELITY U.S. TREASURY INCOME PORTFOLIO 53 NOTES TO THE FINANCIAL STATEMENTS 58 REPORTS OF INDEPENDENT ACCOUNTANTS 62 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, THE FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. NEITHER THE FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK. FOR MORE INFORMATION ON ANY FIDELITY FUND INCLUDING CHARGES AND EXPENSES, CALL 1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO INVESTMENTS MARCH 31, 1995 Showing Percentage of Total Value of Investments U.S. TREASURY OBLIGATIONS - 40.3% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) U.S. TREASURY BILLS - 32.8% 4/20/95 5.97% $ 259,266,800 $ 259,266,800 5/4/95 5.68 22,000,000 21,888,680 7/13/95 6.63 57,000,000 55,953,821 7/27/95 6.40 28,000,000 27,435,800 8/10/95 6.29 35,000,000 34,223,097 8/24/95 5.48 40,000,000 39,161,416 8/31/95 6.19 42,000,000 40,936,000 478,865,614 U.S. TREASURY NOTES - 7.5% 4/30/95 5.54 34,000,000 33,951,603 5/15/95 5.66 15,000,000 15,000,403 5/15/95 6.23 15,000,000 14,992,768 5/15/95 6.33 15,000,000 14,990,977 5/15/95 6.45 15,000,000 15,035,024 5/15/95 6.46 15,000,000 14,988,313 108,959,088 TOTAL U.S. TREASURY OBLIGATIONS 587,824,702 MEDIUM-TERM NOTES (A) (B) - 1.1% EXPORT-IMPORT BANK, U.S. (AS GUARANTOR FOR K.A. LEASING, LTD.) 4/15/95 6.25 15,608,350 15,608,350 REPURCHASE AGREEMENTS - 58.6% MATURITY VALUE AMOUNT (NOTE 1) In a joint trading account (U.S. Treasury Obligations) dated 3/31/95, due 4/3/95: At 6.20% $ 529,273,398 $ 529,000,000 At 6.23% 61,699,018 61,667,000 At 6.24% 263,319,925 263,183,000 TOTAL REPURCHASE AGREEMENTS 853,850,000 TOTAL INVESTMENTS - 100% $ 1,457,283,052 Total Cost for Income Tax Purposes $ 1,457,283,052 LEGEND (a) 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. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $15,608,350 or 1.3% of net assets. INCOME TAX INFORMATION At March 31, 1995 the fund had a capital loss carryforward of approximately $512,000 of which $29,000, 109,000, $122,000, $95,000 and $157,000 will expire on March 31, 1996, 1997, 1999, 2002 and 2003, respectively. For the period ended March 31, 1995, approximately 30% of the fund's dividends to shareholders was derived from interest on U.S. Government obligations. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995 1.ASSETS 2. 3. 4.Investment in securities, at value (including repurchase agreements of $853,850,000) - 5. $ 1,457,283,052 See accompanying schedule 6.Cash 7. 16,520 8.Interest receivable 9. 2,639,166 10.Receivable from investment adviser for expense reductions 11. 62,685 12. 13.TOTAL ASSETS 14. 1,460,001,423 15.LIABILITIES 16. 17. 18.Payable for investments purchased $ 259,266,800 19. 20.Dividends payable 2,664,291 21. 22.Accrued management fee 202,084 23. 24.Other payables and accrued expenses 146,781 25. 26. 27.TOTAL LIABILITIES 28. 262,279,956 29.30.NET ASSETS 31. $ 1,197,721,467 32.Net Assets consist of: 33. 34. 35.Paid in capital 36. $ 1,198,232,716 37.Accumulated net realized gain (loss) on investments 38. (511,249) 39.40.NET ASSETS, for 1,198,225,128 shares outstanding 41. $ 1,197,721,467 42.43.NET ASSET VALUE, offering price and redemption price per share 44. $1.00 ($1,197,721,467 (divided by) 1,198,225,128 shares)
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1995 45.46.INTEREST INCOME 47. $ 63,568,355 48.EXPENSES 49. 50. 51.Management fee $ 2,645,934 52. 53.Transfer agent fees 113,703 54. 55.Accounting fees and expenses 149,193 56. 57.Non-interested trustees' compensation 47,131 58. 59.Custodian fees and expenses 110,308 60. 61.Registration fees 85,803 62. 63.Audit 19,247 64. 65.Legal 17,080 66. 67.Reports to shareholders 469 68. 69.Miscellaneous 14,760 70. 71. Total expenses before reductions 3,203,628 72. 73. Expense reductions (822,285) 2,381,343 74.75.NET INTEREST INCOME 76. 61,187,012 77.78.NET REALIZED GAIN (LOSS) ON INVESTMENTS 79. (156,575) 80.81.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 82. $ 61,030,437
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED MARCH 31, 1995 1994 83.INCREASE (DECREASE) IN NET ASSETS 84.Operations $ 61,187,012 $ 57,501,273 Net interest income 85. Net realized gain (loss) (156,575) (94,848) 86. 87.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 61,030,437 57,406,425 88.Dividends to shareholders from net interest income (61,187,012) (57,501,273) 89.Share transactions at net asset value of $1.00 per share 6,383,701,214 11,024,606,904 Proceeds from sales of shares 90. Reinvestment of dividends from net interest income 34,822,237 29,704,546 91. Cost of shares redeemed (6,832,522,666) (11,479,144,890) 92. Net increase (decrease) in net assets and shares resulting from share transactions (413,999,215) (424,833,440) 93. 94.TOTAL INCREASE (DECREASE) IN NET ASSETS (414,155,790) (424,928,288) 95.NET ASSETS 96. 97. 98. Beginning of period 1,611,877,257 2,036,805,545 99. End of period $ 1,197,721,467 $ 1,611,877,257
FINANCIAL HIGHLIGHTS
YEARS ENDED MARCH 31, 1995 1994 1993 1992 1991 100.SELECTED PER-SHARE DATA 101.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 102.Income from Investment Operations .047 .030 .035 .053 .076 Net interest income 103.Less Distributions (.047) (.030) (.035) (.053) (.076) From net interest income 104.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 105.TOTAL RETURN A 4.79% 3.08% 3.51% 5.48% 7.89% 106.RATIOS AND SUPPLEMENTAL DATA 107.Net assets, end of period (000 omitted) $ 1,197,721 $ 1,611,877 $ 2,036,806 $ 2,629,072 $ 1,782,957 108.Ratio of expenses to average net assets .18% .18% .18% .18% .18% 109.Ratio of expenses to average net assets before .24% .23% .23% .25% .24% expense reductions 110.Ratio of net interest income to average net assets 4.63% 3.03% 3.46% 5.29% 7.57%
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO II INVESTMENTS MARCH 31, 1995 Showing Percentage of Total Value of Investments U.S. TREASURY OBLIGATIONS - 34.8% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) U.S. TREASURY BILLS - 28.8% 5/4/95 5.68% $ 1,102,000,000 $ 1,049,033,360 5/4/95 5.68 77,000,000 76,610,380 7/13/95 6.64 192,000,000 188,472,918 7/27/95 6.40 116,000,000 113,662,600 8/10/95 6.29 134,000,000 131,025,573 8/24/95 5.48 121,000,000 118,465,722 8/31/95 6.19 145,000,000 141,326,666 1,818,597,219 U.S. TREASURY NOTES - 6.0% 4/30/95 5.54 110,000,000 109,843,423 5/15/95 5.66 53,000,000 53,001,423 5/15/95 6.23 54,000,000 53,973,966 5/15/95 6.33 54,000,000 53,967,516 5/15/95 6.45 54,000,000 54,126,086 5/15/95 6.46 57,000,000 56,955,587 381,868,001 TOTAL U.S. TREASURY OBLIGATIONS 2,200,465,220 REPURCHASE AGREEMENTS - 65.2% MATURITY AMOUNT With Barclays de Zoete Wedd Government Securities, Inc.: At 6.20%, dated 3/31/95, due 4/3/95: U.S. Treasury Obligations (principal amount $102,000,609) 3.875% to 11.75%, 7/15/95 to 2/15/23 $ 100,051,667 100,000,000 With Daiwa Securities Co., Ltd.: At 6.28%, dated 3/31/95, due 4/3/95: U.S. Treasury Obligations (principal amount $117,300,933) 0% to 8.375%, 8/15/95 to 8/15/08 115,060,183 115,000,000 With Donaldson, Lufkin & Jenrette Securities Corp. At 6.30%, dated 3/31/95, due 4/3/95: U.S. Treasury Obligations (principal amount $108,120,127) 0% to 8.875%, 4/30/95 to 11/15/24 106,055,650 106,000,000 With Goldman Sachs & Co.: At 6.30%, dated 3/31/95, due 4/3/95: U.S. Treasury Obligations (principal amount $104,028,985) 0%, 6/29/95 102,042,544 101,989,000 REPURCHASE AGREEMENTS - CONTINUED MATURITY VALUE AMOUNT (NOTE 1) With Lehman Government Securities: At 6.30%, dated 3/31/95, due 4/3/95: U.S. Treasury Obligations (principal amount $108,125,627) 7.625% to 15.75%, 8/15/00 to 11/15/12 $ 106,055,650 $ 106,000,000 With Morgan Stanley & Co., Inc.: At 6.10%, dated 3/31/95, due 4/3/95: U.S. Treasury Obligations (principal amount $15,477,458) 6.25% to 7.75%, 12/31/99 to 2/15/03 15,007,625 15,000,000 With Nomura Securities International, Inc.: At 6.27%, dated 3/31/95, due 4/3/95: U.S. Treasury Obligations (principal amount $108,121,051) 6.625% to 11.125%, 3/31/97 to 8/15/03 106,055,385 106,000,000 In a joint trading account (U.S. Treasury Obligations) dated 3/31/95, due 4/3/95: At 6.20% 3,149,626,170 3,148,000,000 At 6.23% 332,298,444 332,126,000 TOTAL REPURCHASE AGREEMENTS 4,130,115,000 TOTAL INVESTMENTS - 100% $ 6,330,580,220 Total Cost for Income Tax Purposes $ 6,330,580,220 INCOME TAX INFORMATION At March 31, 1995, the fund had a capital loss carryforward of approximately $603,000 of which $21,000, $214,000 and $368,000 will expire on March 31, 1999, 2002 and 2003, respectively. For the period ended March 31, 1995, approximately 27% of the fund's dividends to shareholders was derived from interest on U.S. Government obligations. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY PORTFOLIO II FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995 111.ASSETS 112. 113. 114.Investment in securities, at value (including repurchase agreements of $4,130,115,000) - 115. $ 6,330,580,220 See accompanying schedule 116.Interest receivable 117. 9,087,075 118.Receivable from investment adviser for expense reductions 119. 422,125 120. 121.TOTAL ASSETS 122. 6,340,089,420 123.LIABILITIES 124. 125. 126.Payable for investments purchased $ 1,049,033,360 127. 128.Share transactions in process 329,903 129. 130.Dividends payable 15,497,032 131. 132.Accrued management fee 804,534 133. 134.Other payables and accrued expenses 655,174 135. 136. 137.TOTAL LIABILITIES 138. 1,066,320,003 139.140.NET ASSETS 141. $ 5,273,769,417 142.Net Assets consist of: 143. 144. 145.Paid in capital 146. $ 5,274,371,906 147.Accumulated net realized gain (loss) on investments 148. (602,489) 149.150.NET ASSETS 151. $ 5,273,769,417 152.153.CLASS A: 155. $1.00 154.NET ASSET VALUE, offering price and redemption price per share ($4,688,198,169 (divided by) 4,688,611,950 shares) 156.CLASS B: 158. $1.00 157.NET ASSET VALUE, offering price and redemption price per share ($585,571,248 (divided by) 585,622,931 shares)
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1995 159.160.INTEREST INCOME 161. $ 212,775,731 162.EXPENSES 163. 164. 165.Management fee $ 8,680,344 166. 167.Transfer agent fees 1,278,161 168. Class A 169. Class B 28,447 170. 171.Distribution fees - Class B 418,917 172. 173.Accounting fees and expenses 375,762 174. 175.Non-interested trustees' compensation 86,005 176. 177.Custodian fees and expenses 104,003 178. 179.Registration fees - Class A 342,613 180. 181.Registration fees - Class B 333,235 182. 183.Audit 31,578 184. 185.Legal 49,903 186. 187.Reports to shareholders 1,174 188. 189.Miscellaneous 40,222 190. 191. Total expenses before reductions 11,770,364 192. 193. Expense reductions (3,539,319) 8,231,045 194.195.NET INTEREST INCOME 196. 204,544,686 197.198.NET REALIZED GAIN (LOSS) ON INVESTMENTS 199. (367,507) 200.201.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 202. $ 204,177,179
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED MARCH 31, 1995 1994 203.INCREASE (DECREASE) IN NET ASSETS 204.Operations $ 204,544,686 $ 148,219,217 Net interest income 205. Net realized gain (loss) (367,507) (214,389) 206. 204,177,179 148,004,828 207.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 208.Distributions to shareholders from: Net interest income 209. (198,121,404) (148,201,826) Class A 210. (6,423,282) (17,391) Class B 211.Share transactions - net increase (decrease) at net asset value of $1.00 per share 717,043,407 (1,032,355,168) 212. 716,675,900 (1,032,569,557) 213.TOTAL INCREASE (DECREASE) IN NET ASSETS 214.NET ASSETS 215. 216. 217. Beginning of period 4,557,093,517 5,589,663,074 218. End of period $ 5,273,769,417 $ 4,557,093,517
FINANCIAL HIGHLIGHTS - CLASS A
YEARS ENDED MARCH 31, 1995 1994 1993 1992 1991 219.SELECTED PER-SHARE DATA 220.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 221.Income from Investment Operations 222. Net interest income .047 .030 .034 .053 .076 223.Less Distributions 224. From net interest income (.047) (.030) (.034) (.053) (.076) 225.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 226.TOTAL RETURN A 4.78% 3.06% 3.46% 5.41% 7.87% 227.RATIOS AND SUPPLEMENTAL DATA 228.Net assets, end of period (000 omitted) $ 4,688,198 $ 4,551,918 $ 5,589,663 $ 5,476,852 $ 3,281,686 229.Ratio of expenses to average net assets .18% .18% .18% .18% .18% 230.Ratio of expenses to average net assets before .25% .24% .23% .25% .25% expense reductions 231.Ratio of net interest income to average net assets 4.71% 3.01% 3.38% 5.12% 7.50%
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS. FINANCIAL HIGHLIGHTS - CLASS B
YEAR OCTOBER 22, 1993 ENDED (COMMENCEMEN MARCH 31, T OF OPERATIONS) TO MARCH 31, 1995 1994 232.SELECTED PER-SHARE DATA 233.Net asset value, beginning of period $ 1.000 $ 1.000 234.Income from Investment Operations 235. Net interest income .044 .012 236.Less Distributions 237. From net interest income (.044) (.012) 238.Net asset value, end of period $ 1.000 $ 1.000 239.TOTAL RETURN B 4.45% 1.21% 240.RATIOS AND SUPPLEMENTAL DATA 241.Net assets, end of period (000 omitted) $ 585,571 $ 5,175 242.Ratio of expenses to average net assets .50% .50%A 243.Ratio of expenses to average net assets before expense reductions .81% .56%A 244.Ratio of net interest income to average net assets 4.91% 2.69%A
A ANNUALIZED 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. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. GOVERNMENT PORTFOLIO INVESTMENTS MARCH 31, 1995 Showing Percentage of Total Value of Investments FEDERAL AGENCIES - 54.8% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) FEDERAL FARM CREDIT BANK - AGENCY COUPONS (A) - 3.1% 4/3/95 5.71% $ 10,000,000 $ 9,999,268 4/3/95 6.26 94,000,000 93,857,863 103,857,131 FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 1.6% 5/2/95 5.80 10,000,000 9,951,434 5/2/95 5.81 36,000,000 35,824,850 5/22/95 6.15 10,000,000 9,915,425 55,691,709 FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 2.6% 4/3/95 6.17 88,000,000 87,982,414 FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 5.3% 4/24/95 5.80 85,000,000 84,693,717 5/5/95 5.95 45,000,000 44,754,350 6/13/95 6.83 48,000,000 47,357,600 176,805,667 FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.9% 4/3/95 5.77 4,000,000 3,998,753 4/3/95 6.40 40,000,000 39,986,044 5/16/95 6.03 11,500,000 11,414,613 5/22/95 6.03 41,000,000 40,654,985 96,054,395 FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 5.9% 4/3/95 6.60 (a) 190,000,000 190,000,000 5/10/95 5.58 9,160,000 9,214,973 199,214,973 FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 23.9% 4/5/95 5.74 44,000,000 43,972,720 4/18/95 5.66 68,000,000 67,823,389 5/11/95 5.98 45,000,000 44,710,000 5/15/95 6.03 22,800,000 22,634,472 5/16/95 6.03 23,000,000 22,829,225 5/17/95 6.14 95,000,000 94,276,522 6/2/95 6.51 47,000,000 46,490,050 6/28/95 6.40 96,000,000 94,538,026 7/10/95 6.72 38,700,000 38,001,250 7/11/95 6.73 48,000,000 47,123,320 8/7/95 6.38 88,000,000 86,066,346 8/8/95 6.38 26,000,000 25,424,230 8/17/95 6.35 36,000,000 35,151,300 9/14/95 6.28 138,000,000 134,131,093 803,171,943 STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 9.5% 4/4/95 6.12 51,000,000 51,009,308 4/4/95 6.14 170,000,000 170,000,000 6/30/95 5.48 100,000,000 100,000,000 321,009,308 TOTAL FEDERAL AGENCIES 1,843,787,540 U.S. TREASURY OBLIGATIONS - 5.0% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) U.S. TREASURY BILLS 8/24/95 5.47% $ 95,000,000 $ 93,014,105 8/31/95 6.19 78,000,000 76,024,000 TOTAL U.S. TREASURY OBLIGATIONS 169,038,105 MEDIUM-TERM NOTES (A) (B) - 1.0% EXPORT-IMPORT BANK, U.S. (AS GUARANTOR FOR K.A. LEASING, LTD.) 4/15/95 6.25 35,492,196 35,492,196 REPURCHASE AGREEMENTS - 39.2% MATURITY VALUE AMOUNT (NOTE 1) With Bear Stearns & Co., Inc.: At 6.20%, dated 3/29/95, due 4/5/95: U.S. Government Obligations (principal amount $67,268,634) 5.735% to 6.064%, 8/1/18 to 10/1/21 $ 65,078,361 65,000,000 In a joint trading account (U.S. Treasury Obligations) dated 3/31/95, due 4/3/95: At 6.24% 251,768,919 251,638,000 (U.S. Government Obligations) dated 3/31/95 due 4/3/95: At 6.33% 1,001,982,267 1,001,454,000 TOTAL REPURCHASE AGREEMENTS 1,318,092,000 TOTAL INVESTMENTS - 100% $ 3,366,409,841 Total Cost for Income Tax Purposes $ 3,366,409,841 LEGEND (a) 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. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $35,492,196 or 1.1% of net assets. INCOME TAX INFORMATION At March 31, 1995, the fund had a capital loss carryforward of approximately $1,028,000 of which $40,000, $243,000 and $745,000 will expire on March, 31, 2001, 2002 and 2003, respectively. For the period ended March 31, 1995, approximately 20% of the fund's dividends to shareholders was derived from interest on U.S. Government obligations. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. GOVERNMENT PORTFOLIO FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995 245.ASSETS 246. 247. 248.Investment in securities, at value (including repurchase agreements of $1,318,092,000) - 249. $ 3,366,409,841 See accompanying schedule 250.Interest receivable 251. 7,075,809 252.Receivable from investment adviser for expense reductions 253. 161,277 254. 255.TOTAL ASSETS 256. 3,373,646,927 257.LIABILITIES 258. 259. 260.Share transactions in process $ 1,191,596 261. 262.Dividends payable 10,033,811 263. 264.Accrued management fee 577,815 265. 266.Other payables and accrued expenses 262,538 267. 268. 269.TOTAL LIABILITIES 270. 12,065,760 271.272.NET ASSETS 273. $ 3,361,581,167 274.Net Assets consist of: 275. 276. 277.Paid in capital 278. $ 3,362,609,535 279.Accumulated net realized gain (loss) on investments 280. (1,028,368) 281.282.NET ASSETS 283. $ 3,361,581,167 284.285.CLASS A: 287. $1.00 286.NET ASSET VALUE, offering price and redemption price per share ($3,321,065,528 (divided by) 3,321,584,137 shares) 288.CLASS B: 290. $1.00 289.NET ASSET VALUE, offering price and redemption price per share ($40,515,639 (divided by) 40,521,966 shares)
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1995 291.292.INTEREST INCOME 293. $ 165,300,887 294.EXPENSES 295. 296. 297.Management fee $ 6,680,088 298. 299.Transfer agent fees 457,103 300. Class A 301. Class B 9,105 302. 303.Distribution fees - Class B 46,340 304. 305.Accounting fees and expenses 331,170 306. 307.Non-interested trustees' compensation 57,096 308. 309.Custodian fees and expenses 220,421 310. 311.Registration fees - Class A 45,368 312. 313.Registration fees - Class B 25,663 314. 315.Audit 43,696 316. 317.Legal 42,021 318. 319.Reports to shareholders 933 320. 321.Miscellaneous 35,316 322. 323. Total expenses before reductions 7,994,320 324. 325. Expense reductions (1,936,406) 6,057,914 326.327.NET INTEREST INCOME 328. 159,242,973 329.330.NET REALIZED GAIN (LOSS) ON INVESTMENTS 331. (745,189) 332.333.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 334. $ 158,497,784
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED MARCH 31, 1995 1994 335.INCREASE (DECREASE) IN NET ASSETS 336.Operations $ 159,242,973 $ 148,432,891 Net interest income 337. Net realized gain (loss) (745,189) (243,492) 338. 158,497,784 148,189,399 339.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 340.Distributions to shareholders from: Net interest income 341. (158,291,994) (148,432,891) Class A 342. (950,979) - Class B 343.Share transactions - net increase (decrease) at net asset value of $1.00 per share (402,217,854) (1,921,378,055) 344. (402,963,043) (1,921,621,547) 345.TOTAL INCREASE (DECREASE) IN NET ASSETS 346.NET ASSETS 347. 348. 349. Beginning of period 3,764,544,210 5,686,165,757 350. End of period $ 3,361,581,167 $ 3,764,544,210
FINANCIAL HIGHLIGHTS - CLASS A
YEARS ENDED MARCH 31, 1995 1994 1993 1992 1991 351.SELECTED PER-SHARE DATA 352.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 353.Income from Investment Operations 354. Net interest income .048 .031 .035 .054 .077 355.Less Distributions 356. From net interest income (.048) (.031) (.035) (.054) (.077) 357.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 358.TOTAL RETURN A 4.86% 3.13% 3.56% 5.55% 7.94% 359.RATIOS AND SUPPLEMENTAL DATA 360.Net assets, end of period (000 omitted) $ 3,321,066 $ 3,764,544 $ 5,686,166 $ 4,603,781 $ 3,613,838 361.Ratio of expenses to average net assets .18% .18% .18% .18% .18% 362.Ratio of expenses to average net assets before .24% .24% .24% .25% .25% expense reductions 363.Ratio of net interest income to average net assets 4.77% 3.07% 3.50% 5.33% 7.62%
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS. FINANCIAL HIGHLIGHTS - CLASS B
364. APRIL 4, 1994 (COMMENCEME NT OF OPERATIONS) T O MARCH 31, 1995 365.SELECTED PER-SHARE DATA 366.Net asset value, beginning of period $ 1.000 367.Income from Investment Operations 368. Net interest income .045 369.Less Distributions 370. From net interest income (.045) 371.Net asset value, end of period $ 1.000 372.TOTAL RETURN B 4.32% 373.RATIOS AND SUPPLEMENTAL DATA 374.Net assets, end of period (000 omitted) $ 40,516 375.Ratio of expenses to average net assets .43% A 376.Ratio of expenses to average net assets before expense reductions .66% A 377.Ratio of net interest income to average net assets 5.13% A
A ANNUALIZED B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIOD SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC MONEY MARKET PORTFOLIO INVESTMENTS MARCH 31, 1995 Showing Percentage of Total Value of Investments BANKERS' ACCEPTANCES - 11.7% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) Bank of America National Trust & Savings Assoc. 5/11/95 6.08% $ 13,000,000 $ 12,913,334 8/18/95 6.29 5,000,000 4,882,237 8/21/95 6.29 5,000,000 4,879,695 8/23/95 6.32 3,000,000 2,926,440 Chase Manhattan Bank 5/1/95 6.18 7,300,000 7,262,892 5/2/95 6.18 2,787,578 2,772,935 5/15/95 6.08 2,000,000 1,985,284 5/23/95 6.15 2,000,000 1,982,465 5/31/95 6.09 4,959,406 4,909,647 6/6/95 6.24 3,500,000 3,460,730 6/8/95 6.24 2,543,600 2,514,196 6/9/95 6.24 1,271,638 1,256,722 6/16/95 6.25 3,361,096 3,317,670 6/20/95 6.25 3,982,527 3,928,365 6/28/95 6.26 1,994,174 1,964,341 7/5/95 6.30 3,000,000 2,951,313 7/10/95 6.30 3,900,000 3,833,376 NationsBank of North Carolina 4/7/95 6.03 7,500,000 7,492,500 NationsBank of Texas 5/11/95 6.14 18,750,000 18,623,958 TOTAL BANKERS' ACCEPTANCES 93,858,100 COMMERCIAL PAPER - 38.6% A.H. Robins Company, Inc. 4/7/95 6.04 3,000,000 2,996,989 AT&T Capital Corp. 6/1/95 6.11 2,000,000 1,979,565 American Express Credit Corp. 4/4/95 6.10 25,000,000 24,987,397 American Home Food Products, Inc. 4/5/95 6.08 5,000,000 4,996,638 4/12/95 6.08 6,000,000 5,988,908 American Home Products 4/19/95 6.05 5,977,000 5,959,009 Banc One Corp. 5/25/95 6.09 10,000,000 9,910,000 Bank of New York Company, Inc. 4/3/95 6.07 15,000,000 14,994,983 5/17/95 6.10 5,000,000 4,961,411 Bear Stearns Cos., Inc. 5/30/95 6.18 8,000,000 7,920,153 COMMERCIAL PAPER - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) Beneficial Corp. 5/8/95 6.14% $ 5,000,000 $ 4,968,755 6/12/95 6.14 5,000,000 4,939,500 Chrysler Financial Corporation 4/18/95 6.25 2,000,000 1,994,163 4/24/95 6.20 10,000,000 9,960,836 CoreStates Capital Corp. 4/15/95 6.12 (a) 15,000,000 15,000,000 Electronic Data Systems Corp. 4/17/95 6.15 4,000,000 3,989,174 4/18/95 6.09 2,000,000 1,994,286 6/15/95 6.24 3,971,000 3,920,287 Enterprise Funding Corp. 4/20/95 6.06 2,695,000 2,686,423 4/24/95 6.07 1,544,000 1,538,052 Ford Motor Credit Corp. 4/25/95 6.08 25,000,000 24,899,667 5/2/95 6.18 10,000,000 9,947,472 8/18/95 6.31 10,000,000 9,763,700 General Electric Capital Corp. 4/27/95 6.19 20,000,000 19,911,889 5/1/95 5.87 15,000,000 14,928,750 General Motors Acceptance Corp. 5/16/95 6.35 19,000,000 18,851,563 Goldman Sachs Group, L.P. (The) 5/24/95 6.18 5,000,000 4,955,098 Household Finance Corp. 5/1/95 6.18 10,000,000 9,949,167 IBM Credit Corp. 4/3/95 6.25 (a) 5,000,000 5,001,188 4/5/95 6.01 10,000,000 9,993,366 ITT Corp. 4/17/95 6.16 2,000,000 1,994,560 4/19/95 6.16 2,000,000 1,993,880 Morgan Stanley Group, Inc. 5/22/95 6.09 10,000,000 9,914,575 Philip Morris Cos., Inc. 5/23/95 6.09 5,000,000 4,956,666 Preferred Receivables Funding Corp. 4/11/95 6.05 1,095,000 1,093,169 Seagram & Sons, Joseph E. (Inc.) 4/17/95 6.07 15,000,000 14,959,866 Sears Roebuck Acceptance Corp. 5/9/95 6.15 4,000,000 3,974,329 Whirlpool Financial Corp. 4/19/95 6.06 6,000,000 5,981,910 TOTAL COMMERCIAL PAPER 308,757,344 FEDERAL AGENCIES - 11.5% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 4.1% 5/30/95 6.05% $ 15,000,000 $ 14,853,483 6/2/95 6.09 5,000,000 4,948,333 6/2/95 6.11 10,000,000 9,896,323 7/7/95 6.17 3,000,000 2,951,096 32,649,235 FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 6.2% 4/24/95 5.95 25,000,000 24,905,923 5/17/95 6.03 10,000,000 9,923,972 6/7/95 6.10 15,000,000 14,832,221 49,662,116 STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 1.2% 4/4/95 6.03 10,000,000 10,000,000 TOTAL FEDERAL AGENCIES 92,311,351 BANK NOTES - 15.9% Boatmen's National Bank of St. Louis 4/15/95 6.09 (a) 5,000,000 4,998,680 Comerica Bank - Detroit 4/3/95 6.65 (a) 15,000,000 15,000,000 Fifth Third Bank - Cincinnati 4/10/95 6.02 15,000,000 15,000,033 First Bank N.A. - Minnesota 4/15/95 6.11 (a) 7,000,000 6,998,705 First of America Bank - Illinois 5/9/95 6.18 20,000,000 19,999,354 5/30/95 6.15 15,000,000 15,007,401 Harris Trust & Savings Bank, Chicago 4/24/95 6.08 15,000,000 14,999,611 Key Bank of New York 4/3/95 6.32 (a) 5,000,000 4,998,161 Mellon Bank, N.A. 5/11/95 6.17 10,000,000 10,000,000 NationsBank of Texas 4/26/95 6.20 10,000,000 10,000,000 PNC Bank, N.A. 4/5/95 6.17 (a) 10,000,000 9,994,918 TOTAL BANK NOTES 126,996,863 MASTER NOTES (A) - 3.3% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) J.P. Morgan Securities 4/3/95 6.64% $ 12,000,000 $ 12,000,000 Morgan Stanley Group, Inc. 4/3/95 6.64 5,000,000 5,000,000 Norwest Corp. 4/3/95 6.12 9,000,000 9,000,000 TOTAL MASTER NOTES 26,000,000 MEDIUM-TERM NOTES - 6.7% Beneficial Corp. 4/15/95 6.07 (a) 10,000,000 9,997,692 General Motors Acceptance Corp. 5/7/95 6.32 (a) 6,000,000 6,000,000 5/18/95 6.18 4,000,000 4,015,929 Goldman Sachs Group, L.P. (The) 5/16/95 6.26 (a) (b) 7,500,000 7,500,000 6/1/95 6.22 (a) (b) 8,000,000 8,000,000 John Deere Capital Corp. 4/19/95 6.11 (a) 3,000,000 3,000,000 Merrill Lynch & Co., Inc. 4/3/95 6.27 (a) 3,000,000 3,000,000 Norwest Corp. 9/15/95 6.27 (a) 7,000,000 7,000,000 PHH Corp. 4/3/95 6.00 (a) 5,000,000 4,997,547 TOTAL MEDIUM-TERM NOTES 53,511,168 SHORT-TERM NOTES (A) (C) - 2.7% CSA Funding - C 4/7/95 6.20 10,000,000 10,000,000 SMM Trust Company (1994-D) 4/28/95 6.29 2,000,000 2,000,000 SMM Trust Company (1994-E) 4/13/95 6.30 10,000,000 10,000,000 TOTAL SHORT-TERM NOTES 22,000,000 MUNICIPAL SECURITIES (A) - 1.0% New York General Obligation 5/23/95 6.27 8,000,000 8,000,000 REPURCHASE AGREEMENTS - 8.6% MATURITY VALUE AMOUNT (NOTE 1) With First Boston Corporation: At 6.10%, dated 3/30/95, due 4/6/95: (principal amount $10,300,001) 5.617%, 6/1/24 to 10/1/27 $ 10,011,861 $ 10,000,000 At 6%, dated 3/17/95, due 4/7/95: U.S. Government Obligations (principal amount $25,808,419) 8.75% to 10.75% 2/15/03 to 5/15/17 25,087,500 25,000,000 In a joint trading account (U.S. Treasury Obligations) dated 3/31/95, due 4/3/95: At 6.24% 33,588,466 33,571,000 TOTAL REPURCHASE AGREEMENTS 68,571,000 TOTAL INVESTMENTS - 100% $ 800,005,826 Total Cost for Income Tax Purposes $ 800,005,826 LEGEND (a) 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. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $15,500,000 or 1.9% of net assets. (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (see Note 2 of Notes to Financial Statements). Additional information on each holding is as follows: ACQUISITION ACQUISITION SECURITY DATE COST CSA Funding - C 10/28/93 $ 10,000,000 SMM Trust Company: (1994-D) 10/28/94 $ 2,000,000 (1994-E) 4/13/94 $ 10,000,000 INCOME TAX INFORMATION At March 31, 1995, the fund had a capital loss carryforward of approximately $98,000 of which $49,000 and $49,000 will expire on March 31, 2001 and 2003, respectively. For the period ended March 31, 1995, approximately 2% of the fund's dividends to shareholders was derived from interest on U.S. Government obligations. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: DOMESTIC MONEY MARKET PORTFOLIO FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995 378.ASSETS 379. 380. 381.Investment in securities, at value (including repurchase agreements of $68,571,000) - 382. $ 800,005,826 See accompanying schedule 383.Interest receivable 384. 2,208,118 385.Receivable from investment adviser for expense reductions 386. 13,024 387. 388.TOTAL ASSETS 389. 802,226,968 390.LIABILITIES 391. 392. 393.Share transactions in process $ 505,030 394. 395.Dividends payable 2,951,365 396. 397.Accrued management fee 152,211 398. 399.Other payables and accrued expenses 136,079 400. 401. 402.TOTAL LIABILITIES 403. 3,744,685 404.405.NET ASSETS 406. $ 798,482,283 407.Net Assets consist of: 408. 409. 410.Paid in capital 411. $ 798,580,138 412.Accumulated net realized gain (loss) on investments 413. (97,855) 414.415.NET ASSETS 416. $ 798,482,283 417.CLASS A: 419. $1.00 418.NET ASSET VALUE, offering price and redemption price per share ($771,937,340 (divided by) 772,016,831 shares) 420.CLASS B: 422. $1.00 421.NET ASSET VALUE, offering price and redemption price per share ($26,544,943 (divided by) 26,547,677 shares)
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1995 423.424.INTEREST INCOME 425. $ 49,311,675 426.EXPENSES 427. 428. 429.Management fee $ 1,923,368 430. 431.Transfer agent fees 292,657 432. Class A 433. Class B 13,633 434. 435.Distribution fees - Class B 52,640 436. 437.Accounting fees and expenses 122,139 438. 439.Non-interested trustees' compensation 14,330 440. 441.Custodian fees and expenses 69,858 442. 443.Registration fees - Class A 96,230 444. 445.Registration fees - Class B 26,745 446. 447.Audit 20,246 448. 449.Legal 8,341 450. 451.Reports to shareholders 2,150 452. 453.Miscellaneous 7,893 454. 455. Total expenses before reductions 2,650,230 456. 457. Expense reductions (866,856) 1,783,374 458.459.NET INTEREST INCOME 460. 47,528,301 461.462.NET REALIZED GAIN (LOSS) ON INVESTMENTS463. 464. (48,831) 465.466.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 467. $ 47,479,470
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED MARCH 31, 1995 1994 468.INCREASE (DECREASE) IN NET ASSETS 469.Operations $ 47,528,301 $ 23,543,671 Net interest income 470. Net realized gain (loss) (48,831) 1,208 471. 47,479,470 23,544,879 472.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 473.Distributions to shareholders from: Net interest income 474. (46,688,716) (23,543,671) Class A 475. (839,585) - Class B 476.Share transactions - net increase (decrease) at net asset value of $1.00 per share 141,555,067 (147,379,298) 477. 141,506,236 (147,378,090) 478.TOTAL INCREASE (DECREASE) IN NET ASSETS 479.NET ASSETS 480. 481. 482. Beginning of period 656,976,047 804,354,137 483. End of period $ 798,482,283 $ 656,976,047
FINANCIAL HIGHLIGHTS - CLASS A
YEARS ENDED MARCH 31, 1995 1994 1993 1992 1991 484.SELECTED PER-SHARE DATA 485.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 486.Income from Investment Operations 487. Net interest income .049 .031 .034 .054 .078 488.Less Distributions 489. From net interest income (.049) (.031) (.034) (.054) (.078) 490.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 491.TOTAL RETURN A 4.97% 3.14% 3.50% 5.50% 8.11% 492.RATIOS AND SUPPLEMENTAL DATA 493.Net assets, end of period (000 omitted) $ 771,937 $ 656,976 $ 804,354 $ 558,727 $ 355,369 494.Ratio of expenses to average net assets .18% .18% .18% .18% .18% 495.Ratio of expenses to average net assets before .27% .26% .26% .29% .30% expense reductions 496.Ratio of net interest income to average net assets 4.94% 3.09% 3.43% 5.24% 7.79%
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS. FINANCIAL HIGHLIGHTS - CLASS B
JULY 19, 1994 (COMMENCEME NT OF OPERATIONS) T O MARCH 31, 1995 497.SELECTED PER-SHARE DATA 498.Net asset value, beginning of period $ 1.000 499.Income from Investment Operations 500. Net interest income .035 501.Less Distributions 502. From net interest income (.035) 503.Net asset value, end of period $ 1.000 504.TOTAL RETURN B 3.36% 505.RATIOS AND SUPPLEMENTAL DATA 506.Net assets, end of period (000 omitted) $ 26,545 507.Ratio of expenses to average net assets .50%A 508.Ratio of expenses to average net assets before expense reductions .79%A 509.Ratio of net interest income to average net assets 5.14%A
A ANNUALIZED B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIOD SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET PORTFOLIO INVESTMENTS MARCH 31, 1995 Showing Percentage of Total Value of Investments BANKERS' ACCEPTANCES - 0.2% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) Domestic Bankers' Acceptances Bank of America National Trust & Savings Assoc. 8/21/95 6.29% $ 12,000,000 $ 11,711,266 CERTIFICATES OF DEPOSIT - 28.1% NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 25.4% Bank of Tokyo 4/17/95 6.11 50,000,000 50,000,000 Banque Paribas 5/3/95 6.12 25,000,000 24,998,900 Caisse Nationale de Credit Agricole 8/21/95 6.42 25,000,000 25,000,000 9/15/95 6.31 10,000,000 10,002,198 Canadian Imperial Bank of Commerce 4/6/95 6.05 40,000,000 40,000,000 Commerzbank, Germany 4/26/95 5.87 25,000,000 25,000,000 Dai-Ichi Kangyo Bank, Ltd. 4/3/95 6.15 8,000,000 8,000,004 4/17/95 6.12 6,000,000 6,000,133 Dresdner Bank, A.G. 4/13/95 5.80 25,000,000 25,000,081 Fuji Bank, Ltd. 4/10/95 6.10 20,000,000 20,000,000 4/10/95 6.13 50,000,000 50,000,000 4/17/95 6.13 20,000,000 20,000,000 5/3/95 6.13 30,000,000 30,000,000 6/23/95 6.19 45,000,000 45,000,000 6/27/95 6.19 35,000,000 35,000,000 Industrial Bank of Japan, Ltd. 4/17/95 6.12 75,000,000 74,999,643 4/28/95 6.13 45,000,000 45,000,000 Landesbank Hessen - Thuringen 4/13/95 6.07 100,000,000 100,000,166 Mitsubishi Bank, Ltd. 6/27/95 6.17 30,000,000 30,000,000 6/30/95 6.25 13,500,000 13,500,000 National Westminster Bank, PLC 4/13/95 6.06 80,000,000 80,000,528 4/17/95 6.07 50,000,000 50,000,197 6/15/95 6.12 75,000,000 75,001,220 Sakura Bank, Ltd. 4/3/95 6.08 40,000,000 40,000,000 4/17/95 6.09 50,000,000 50,000,000 Sanwa Bank, Ltd. 4/3/95 6.06 50,000,000 50,000,039 4/10/95 6.08 72,000,000 72,000,040 4/13/95 6.12 25,000,000 24,999,751 4/18/95 6.12 50,000,000 50,000,861 5/3/95 6.10 25,000,000 25,000,000 CERTIFICATES OF DEPOSIT - CONTINUED NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - CONTINUED Societe Generale 4/5/95 5.80% $ 35,000,000 $ 35,000,000 5/8/95 6.05 50,000,000 50,000,000 Sumitomo Bank, Ltd. 4/7/95 6.07 25,000,000 24,999,991 4/20/95 6.09 60,000,000 60,000,000 6/26/95 6.20 25,000,000 25,000,000 6/27/95 6.18 50,000,000 50,000,000 Westdeutsche Landesbank 4/19/95 6.03 30,000,000 30,000,000 1,469,503,752 LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 2.3% Barclays Bank, PLC 6/9/95 6.22 25,000,000 25,001,415 Dai-Ichi Kangyo Bank, Ltd. 5/31/95 6.17 40,000,000 40,000,660 6/5/95 6.16 25,000,000 24,998,296 Kredietbank, N.V. 7/10/95 6.25 26,000,000 25,999,770 Mitsubishi Bank, Ltd. 4/18/95 6.13 20,000,000 19,999,899 136,000,040 PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.4% Bank of Nova Scotia 5/8/95 6.13 25,000,000 25,000,000 TOTAL CERTIFICATES OF DEPOSIT 1,630,503,792 COMMERCIAL PAPER - 36.9% A.H. Robins Company, Inc. 4/5/95 6.08 10,000,000 9,993,278 4/18/95 6.05 20,000,000 19,943,144 Abbey National, North America 6/13/95 6.31 15,000,000 14,812,025 Alliance & Leicester Building Society 5/9/95 6.17 20,000,000 19,871,222 American Express Credit Corp. 4/17/95 6.11 50,000,000 49,865,555 5/8/95 6.11 35,000,000 34,782,368 American Home Food Products, Inc. 4/5/95 6.08 26,000,000 25,982,522 4/17/95 6.05 10,000,000 9,973,245 4/18/95 6.05 20,700,000 20,641,155 4/18/95 6.05 10,000,000 9,971,573 American Home Products 4/13/95 6.05 7,592,000 7,576,765 5/8/95 6.15 15,000,000 14,906,113 COMMERCIAL PAPER - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) Associates Corp. of North America 4/7/95 6.11% $ 50,000,000 $ 49,949,583 4/28/95 6.07 25,000,000 24,887,125 5/1/95 6.11 20,000,000 19,899,167 5/16/95 6.19 25,000,000 24,809,375 Bear Stearns Cos., Inc. 4/13/95 6.16 15,000,000 14,969,500 5/30/95 6.18 25,000,000 24,750,479 Beneficial Corp. 5/8/95 6.14 25,000,000 24,843,778 CIT Group Holdings, Inc. 4/17/95 6.11 20,000,000 19,946,222 4/20/95 6.12 50,000,000 49,840,347 5/8/95 6.11 40,000,000 39,751,278 7/17/95 6.23 25,000,000 24,546,736 7/24/95 6.22 40,000,000 39,227,967 Canadian Imperial Bank of Commerce 4/7/95 6.05 50,000,000 49,949,841 Canadian Wheat Board 8/16/95 6.40 25,000,000 24,410,139 Cheltenham & Gloucester Building Society 6/29/95 6.15 25,000,000 24,626,076 Chrysler Financial Corporation 4/10/95 6.22 10,000,000 9,984,625 4/11/95 6.22 15,000,000 14,974,375 4/18/95 6.25 8,000,000 7,976,653 4/18/95 6.27 11,000,000 10,967,794 4/24/95 6.20 40,000,000 39,843,345 5/22/95 6.19 10,000,000 9,913,158 5/30/95 6.20 30,000,000 29,698,362 Commerzbank U.S. Finance, Inc. 9/18/95 6.33 20,000,000 19,421,056 Dayton Hudson Corp. 4/17/95 6.05 12,000,000 11,967,894 4/18/95 6.05 8,000,000 7,977,257 Dean Witter, Discover & Co. 5/1/95 6.11 39,010,000 38,813,324 Den Danske Corp., Inc. 6/22/95 6.15 25,000,000 24,655,201 Eaton Corp. 4/11/95 6.11 8,000,000 7,986,555 Electronic Data Systems Corp. 4/17/95 6.15 17,000,000 16,953,986 6/15/95 6.24 14,000,000 13,821,208 Enterprise Funding Corp. 4/3/95 6.07 3,893,000 3,891,692 4/17/95 6.06 15,000,000 14,959,800 5/2/95 6.13 2,621,000 2,607,232 COMMERCIAL PAPER - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) Ford Motor Credit Corp. 4/5/95 6.16% $ 65,000,000 $ 64,955,946 4/6/95 6.16 20,000,000 19,983,055 4/10/95 6.10 40,000,000 39,939,600 4/17/95 6.11 26,000,000 25,930,089 5/16/95 6.19 45,000,000 44,656,875 5/24/95 6.11 15,000,000 14,867,058 6/23/95 6.24 10,000,000 9,858,669 7/21/95 6.23 25,000,000 24,529,792 7/24/95 6.23 27,000,000 26,478,450 Ford Motor Credit, PLC 4/10/95 6.11 9,000,000 8,986,388 4/17/95 6.12 20,000,000 19,946,134 General Electric Capital Corp. 5/8/95 6.11 100,000,000 99,378,194 6/15/95 6.87 25,000,000 24,653,646 General Motors Acceptance Corp. 4/10/95 6.24 45,000,000 44,930,588 5/1/95 5.95 30,000,000 29,855,500 5/8/95 6.36 35,000,000 34,774,454 5/12/95 6.35 20,000,000 19,857,639 5/15/95 6.37 22,000,000 21,831,407 5/16/95 6.35 25,000,000 24,804,687 Goldman Sachs Group, L.P. (The) 5/25/95 6.18 45,000,000 44,588,250 Government of Canada 8/8/95 6.22 50,000,000 48,916,041 Household Finance Corp. 5/8/95 6.13 20,000,000 19,875,330 ITT Corp. 4/4/95 6.13 10,000,000 9,994,918 4/6/95 6.14 25,000,000 24,978,820 4/17/95 6.16 5,000,000 4,986,400 4/20/95 6.13 4,000,000 3,987,122 ITT Financial 4/4/95 6.13 25,000,000 24,987,292 4/13/95 6.11 7,000,000 6,985,814 4/17/95 6.13 34,000,000 33,907,822 International Nederlanden U.S. Funding Corp. 8/28/95 6.35 25,000,000 24,363,646 Merrill Lynch & Co., Inc. 5/15/95 6.19 25,000,000 24,816,667 Monsanto Co. 5/15/95 6.13 15,000,000 14,889,083 6/19/95 6.20 10,000,000 9,866,578 7/14/95 6.30 7,000,000 6,875,633 Morgan Stanley Group, Inc. 5/24/95 6.13 25,000,000 24,776,590 New Center Asset Trust 4/10/95 6.11 35,000,000 34,947,062 4/13/95 6.16 25,000,000 24,949,167 COMMERCIAL PAPER - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) New South Wales Treasury Corp. 8/16/95 6.40% $ 5,000,000 $ 4,882,028 8/17/95 6.43 20,000,000 19,522,367 8/22/95 6.31 25,000,000 24,392,250 Norwest Financial 4/17/95 6.12 10,000,000 9,973,066 Seagram & Sons, Joseph E. (Inc.) 5/31/95 6.17 14,491,000 14,344,158 6/5/95 6.32 27,431,000 27,123,926 Sears Roebuck Acceptance Corp. 5/11/95 6.15 16,000,000 15,891,912 Sherwood Medical Company 4/6/95 6.08 5,500,000 5,495,378 Toronto Dominion Holdings USA, Inc. 10/10/95 6.39 20,000,000 19,342,934 Whirlpool Corp. 4/19/95 6.05 11,000,000 10,966,890 Woolwich Equitable Building Society 4/5/95 6.09 17,000,000 16,988,592 TOTAL COMMERCIAL PAPER 2,138,974,002 FEDERAL AGENCIES - 7.1% FEDERAL FARM CREDIT BANK - AGENCY COUPONS (A) - 0.7% 4/3/95 6.17 43,000,000 42,967,244 FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 0.4% 12/26/95 6.37 25,000,000 25,505,976 FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 0.5% 6/13/95 6.10 22,550,000 22,275,185 7/6/95 6.12 6,385,000 6,282,670 28,557,855 FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 1.1% 6/13/95 6.11 50,000,000 49,389,639 7/5/95 6.12 15,519,000 15,272,873 64,662,512 FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 4.4% 5/31/95 6.09 56,000,000 55,440,000 6/7/95 6.11 10,000,000 9,887,962 6/30/95 6.12 50,000,000 49,250,000 8/14/95 6.40 60,000,000 58,605,000 10/3/95 6.40 25,000,000 24,207,327 10/4/95 6.37 25,000,000 24,206,916 12/18/95 6.52 31,160,000 29,759,358 251,356,563 TOTAL FEDERAL AGENCIES 413,050,150 BANK NOTES - 3.9% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) Bank of New York - Delaware 4/3/95 6.36% (a) $ 25,000,000 $ 24,996,754 Bank One - Dayton 4/3/95 6.65 (a) 18,000,000 18,000,000 Boatmen's National Bank of St. Louis 4/15/95 6.09 (a) 50,000,000 49,986,804 Comerica Bank - Detroit 4/3/95 6.66 (a) 20,000,000 19,999,534 First of America Bank - Illinois 6/19/95 6.20 15,000,000 15,000,000 First of America Bank - Indiana 5/17/95 6.15 15,000,000 14,999,861 NBD Bank, N.A. 4/6/95 5.80 35,000,000 35,000,000 Society National Bank 4/3/95 6.66 (a) 50,000,000 49,998,767 TOTAL BANK NOTES 227,981,720 MASTER NOTES (A) - 3.3% J.P. Morgan Securities 4/3/95 6.64 66,000,000 66,000,000 Morgan Stanley Group, Inc. 4/3/95 6.64 95,000,000 95,000,000 Norwest Corp. 4/3/95 6.12 32,000,000 32,000,000 TOTAL MASTER NOTES 193,000,000 MEDIUM-TERM NOTES (A) - 7.7% Abbey National Treasury Service (b) 6/30/95 6.30 85,000,000 85,000,000 Beneficial Corp. 4/15/95 6.07 40,000,000 39,990,765 Corporate Asset Funding Co., Inc. (b) 4/15/95 6.10 20,000,000 19,995,131 General Electric Capital Corp. 4/3/95 6.28 50,000,000 49,986,611 General Motors Acceptance Corp. 5/7/95 6.32 50,000,000 50,000,000 Goldman Sachs Group, L.P. (The) (b) 5/16/95 6.26 56,000,000 56,000,000 6/1/95 6.22 53,000,000 53,000,000 John Deere Capital Corp. 4/19/95 6.11 10,000,000 10,000,000 Norwest Corp. 9/15/95 6.25 65,000,000 65,000,000 PHH Corp. 4/3/95 6.02 20,000,000 19,990,180 TOTAL MEDIUM-TERM NOTES 448,962,687 SHORT-TERM NOTES (A) - 1.0% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) Capital One Funding Corp. 4/7/95 6.12% $ 12,000,000 $ 12,000,000 SMM Trust Company (1994-D) 4/28/95 6.29 (c) 44,000,000 44,000,000 TOTAL SHORT-TERM NOTES 56,000,000 TIME DEPOSITS - 8.4% Bank of Tokyo 4/3/95 6.09 50,000,000 50,000,000 5/3/95 6.13 10,000,000 10,000,000 Berliner Handels-und Frankfurter Bank 4/3/95 6.44 95,000,000 95,000,000 4/4/95 6.25 75,000,000 75,000,000 Dai-Ichi Kangyo Bank, Ltd. 4/17/95 6.13 15,000,000 15,000,000 4/28/95 6.13 40,000,000 40,000,000 5/3/95 6.13 40,000,000 40,000,000 Hongkong & Shanghai Banking Corp. 4/3/95 6.44 25,000,000 25,000,000 Mitsubishi Bank, Ltd. 4/3/95 6.09 10,000,000 10,000,000 Sanwa Bank, Ltd. 4/10/95 6.13 25,000,000 25,000,000 Society National Bank 4/3/95 6.44 100,000,000 100,000,000 TOTAL TIME DEPOSITS 485,000,000 REPURCHASE AGREEMENTS - 3.4% MATURITY VALUE AMOUNT (NOTE 1) In a joint trading account (U.S. Treasury Obligations) dated 3/31/95, due 4/3/95: At 6.24% $ 197,295,593 $ 197,193,000 TOTAL INVESTMENTS - 100% $ 5,802,376,617 Total Cost for Income Tax Purposes $ 5,802,376,617 LEGEND (a) 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. (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $213,995,131 or 3.8% of net assets. (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (see Note 2 of Notes to Financial Statements). ACQUISITION ACQUISITION SECURITY DATE COST SMM Trust Company (1994-D) 10/28/94 $ 44,000,000 INCOME TAX INFORMATION At March 31,1995, the fund had a capital loss carryforward of approximately $1,781,000 of which $336,000, $898,000 and $547,000 will expire on March 31, 2001, 2002 and 2003, respectively. For the period ended March 31, 1995, approximately 1% of the fund's dividends to shareholders was derived from interest on U.S. Government obligations. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: MONEY MARKET PORTFOLIO FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995 510.ASSETS 511. 512. 513.Investment in securities, at value (including repurchase agreements of $197,193,000) - 514. $ 5,802,376,617 See accompanying schedule 515.Cash 516. 49,875 517.Interest receivable 518. 16,492,586 519.Receivable from investment adviser for expense reductions 520. 208,679 521. 522.TOTAL ASSETS 523. 5,819,127,757 524.LIABILITIES 525. 526. 527.Payable for investments purchased $ 218,498,296 528. 529.Dividends payable 11,206,572 530. 531.Accrued management fee 1,023,355 532. 533.Other payables and accrued expenses 989,687 534. 535. 536.TOTAL LIABILITIES 537. 231,717,910 538.539.NET ASSETS 540. $ 5,587,409,847 541.Net Assets consist of: 542. 543. 544.Paid in capital 545. $ 5,589,190,654 546.Accumulated net realized gain (loss) on investments 547. (1,780,807) 548.549.NET ASSETS 550. $ 5,587,409,847 551.552.CLASS A: 554. $1.00 553.NET ASSET VALUE, offering price and redemption price per share ($5,130,123,367 (divided by) 5,131,736,699 shares) 555.CLASS B: 557. $1.00 556.NET ASSET VALUE, offering price and redemption price per share ($457,286,480 (divided by) 457,430,289 shares)
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1995 558.559.INTEREST INCOME 560. $ 270,744,321 561.EXPENSES 562. 563. 564.Management fee $ 10,436,518 565. 566.Transfer agent fees 252,666 567. Class A 568. Class B 77,911 569. 570.Distribution fees - Class B 812,749 571. 572.Accounting fees and expenses 441,370 573. 574.Non-interested trustees' compensation 67,324 575. 576.Custodian fees and expenses 300,809 577. 578.Registration fees - Class A 603,230 579. 580.Registration fees - Class B 55,604 581. 582.Audit 58,121 583. 584.Legal 52,619 585. 586.Reports to shareholders 5,113 587. 588.Miscellaneous 43,344 589. 590. Total expenses before reductions 13,207,378 591. 592. Expense reductions (3,002,430) 10,204,948 593.594.NET INTEREST INCOME 595. 260,539,373 596.597.NET REALIZED GAIN (LOSS) ON INVESTMENTS 598. (546,578) 599.600.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 601. $ 259,992,795
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED MARCH 31, 1995 1994 602.INCREASE (DECREASE) IN NET ASSETS 603.Operations $ 260,539,373 $ 166,035,073 Net interest income 604. Net realized gain (loss) (546,578) (897,770) 605. 259,992,795 165,137,303 606.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 607.Distributions to shareholders from: Net interest income 608. (247,999,851) (165,655,489) Class A 609. (12,539,522) (379,584) Class B 610.Share transactions - net increase (decrease) at net asset value of $1.00 per share 2,298,216,397 (1,042,357,311) 611. 2,297,669,819 (1,043,255,081) 612.TOTAL INCREASE (DECREASE) IN NET ASSETS 613.NET ASSETS 614. 615. 616. Beginning of period 3,289,740,028 4,332,995,109 617. End of period $ 5,587,409,847 $ 3,289,740,028
FINANCIAL HIGHLIGHTS - CLASS A
YEARS ENDED MARCH 31, 1995 1994 1993 1992 1991 618.SELECTED PER-SHARE DATA 619.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 620.Income from Investment Operations 621. Net interest income .049 .032 .035 .055 .078 622.Less Distributions 623. From net interest income (.049) (.032) (.035) (.055) (.078) 624.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 625.TOTAL RETURN A 4.99% 3.20% 3.58% 5.59% 8.13% 626.RATIOS AND SUPPLEMENTAL DATA 627.Net assets, end of period (000 omitted) $ 5,130,123 $ 3,200,277 $ 4,332,995 $ 3,990,395 $ 4,706,936 628.Ratio of expenses to average net assets .18% .18% .18% .18% .18% 629.Ratio of expenses to average net assets before .24% .23% .23% .24% .25% expense reductions 630.Ratio of net interest income to average net assets 5.00% 3.15% 3.50% 5.42% 7.80%
A TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS. FINANCIAL HIGHLIGHTS - CLASS B
YEAR NOVEMBER 17, 1993 ENDED (COMMENCEMENT MARCH 31, OF OPERATIONS) TO 1995 MARCH 31, 1994 631.SELECTED PER-SHARE DATA 632.Net asset value, beginning of period $ 1.000 $ 1.000 633.Income from Investment Operations 634. Net interest income .046 .011 635.Less Distributions 636. From net interest income (.046) (.011) 637.Net asset value, end of period $ 1.000 $ 1.000 638.TOTAL RETURN B 4.66% 1.08% 639.RATIOS AND SUPPLEMENTAL DATA 640.Net assets, end of period (000 omitted) $ 457,286 $ 89,463 641.Ratio of expenses to average net assets .50% .50%A 642.Ratio of expenses to average net assets before expense reductions .59% .55%A 643.Ratio of net interest income to average net assets 4.94% 2.83%A
A ANNUALIZED 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. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS. FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS INVESTMENTS MARCH 31, 1995 Showing Percentage of Total Value of Investments MUNICIPAL SECURITIES (A) - 100% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) ALABAMA - 0.6% Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Homewood Gardens Proj.) Series 1991 C, 4.55%, LOC Southtrust Bank, VRDN $ 2,350,000 $ 2,350,000 Decatur Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994, 4.10%, VRDN 3,115,000 3,115,000 Tarrant City Ind. Dev. Board Rev. Rfdg. (Philip Morris Co. Inc.) Series 1993, 4.20%, VRDN 2,300,000 2,300,000 Tuscaloosa County Port Auth. Rev. (Capstone Hotel Ltd. Proj.) Series 1989 A, 4.55%, LOC Southtrust Bank of Alabama, VRDN 4,420,000 4,420,000 12,185,000 ARIZONA - 2.1% Apache County Ind. Dev. Auth. Ind. Rev. (Tucson Elec. Pwr. Co. Springerville Proj.) Series 1983 A, 4.20%, LOC Barclays Bank, VRDN 21,200,000 21,200,000 Arizona Agricultural Impt. & Pwr. Dist. (Salt River Proj.) 3.65% 4/18/95, CP 13,000,000 13,000,000 Arizona Health Facs. Auth. Rev. (Voluntary Hosp. Federation Pooled Loan Prog.) Series 1985 A, 4.05% (FGIC Insured) (Liquidity Facility Citibank), VRDN 3,700,000 3,700,000 Maricopa County Ind. Dev. Auth. Rev. (Royal Oaks-Sun City Proj.) Series 1990, 4.35%, LOC Bank of America, VRDN 4,700,000 4,700,000 42,600,000 ARKANSAS - 0.6% Crossett Poll. Cont. Rev. Rfdg. (Georgia-Pacific Corp. Proj.) Series 1991, 4.20%, LOC Trust Co. Bank of Georgia, VRDN 3,500,000 3,500,000 Little Rock Health Facs. Board Rev. (S.W. Hosp.) Series 1988, 4.05% (FGIC Insured) (BPA Bank of Nova Scotia), VRDN 7,600,000 7,600,000 11,100,000 CALIFORNIA - 5.7% California Gen. Oblig. Adj. Rate RAN Series 1994-95 B, 4.25% 6/28/95 47,000,000 46,997,484 California School Cash Reserve Prog. Auth. TRAN, Pool 1994 Series A, 4.50% 7/5/95 43,000,000 43,080,805 Los Angeles County TRAN 4.50% 6/30/95 9,000,000 9,008,126 Orange County Unit Priced Apt. Dev. Rev. Bonds: (The Irvine Co.) Series 1985, 4.05% tender 4/27/95, LOC Dai-Ichi Kangyo Bank Ltd. 5,000,000 5,000,000 (The Irvine Co. II) Series 1985 V, 4.30% tender 4/27/95, LOC Citibank 9,000,000 9,000,000 113,086,415 COLORADO - 1.7% Colorado Health Facs. Auth. Rev. (Sisters of Charity Health Care) Series 1992 A, 4.05% (BPA Dresdner Bank AG, Toronto-Dominion Bank), VRDN 4,700,000 4,700,000 Colorado Gen. Fund TRAN 4.50% 6/27/95 5,900,000 5,908,106 Englewood County Multi-Family Hsg. Rev. (The Marks Apts.) Series 1985 A, 4.05%, LOC Citibank, VRDN 4,080,000 4,080,000 Jefferson County School Dist. #R-1 Gen. Oblig. Participating VRDN, Series BT-5, 4.375% (BPA Bankers Trust Co.) (b) 9,500,000 9,500,000 Moffat County Poll. Cont. Rev. Rfdg. (Colorado-UTE Elec. Assoc. Inc.) Series 1984, 4.30%, VRDN 10,000,000 10,000,000 34,188,106 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) CONNECTICUT - 0.1% Connecticut Gen. Oblig. Economic Recovery Notes, Series 1991 B, 4.10% (BPA Canadian Imperial Bank, Ind. Bank of Japan Ltd., Nat'l. Westminster Bank PLC), VRDN $ 2,700,000 $ 2,700,000 DELAWARE - 2.1% Delaware Econ. Dev. Auth. Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc. Proj.) Series 1992, 4.20%, VRDN 3,300,000 3,300,000 Delaware Econ. Dev. Auth. Rev., VRDN: (Hosp. Billing & Collection Svcs. Ltd. Proj.): Series 1985 A, 4.30% (MBIA & BIG Insured) (BPA Morgan Stanley Group Inc.) 17,400,000 17,400,000 Series 1985 C, 4.30% (MBIA & BIG Insured) (BPA Morgan Stanley Group Inc.) 16,200,000 16,200,000 (Peninsula United Methodist Homes Inc.) Series 1992 B, 4.35%, LOC Meridian Bank 3,800,000 3,800,000 40,700,000 DISTRICT OF COLUMBIA - 1.1% Dist. of Columbia Gen. Oblig. Fund Recovery Rev. Series B, 4.95%, LOC Union Bank of Switzerland, VRDN 1,200,000 1,200,000 Dist. of Columbia Gen. Oblig. Participating VRDN, Series PA-64, 4.35% (Liquidity Facility Merrill Lynch & Co. Inc.) (b) 10,240,000 10,240,000 Dist. of Columbia Gen. Oblig. Rev., VRDN: Rfdg. Series 1992 A-2, 4.75%, LOC Bank of Nova Scotia 3,000,000 3,000,000 (American Association for the Advancement of Science Issue) 4.60%, LOC NationsBank of North Carolina 6,700,000 6,700,000 21,140,000 FLORIDA - 11.6% Broward County Fin. Auth. Multi-Family Hsg. Rev., VRDN: (Palm Aire-Oxford Proj.) Series 1990, 4.55% 1,620,000 1,620,000 (Sanctuary Apts. Proj.) Series 1985, 4.20%, LOC PNC Bank NA 4,300,000 4,300,000 Dade County Aviation Facs. Rev., Series 1984 A, 4.25%, LOC Fuji Bank Ltd., VRDN 1,900,000 1,900,000 Dade County Ind. Dev. Auth. Ind. Dev. Rev., VRDN: (Dolphins Stadium Proj.) Series 1985 B, 4.10%, LOC Hong Kong & Shanghai Banking Corp. 1,600,000 1,600,000 (South Dade Jewish Commty. Ctr.) 4.20%, LOC Sunbank of Miami 1,515,000 1,515,000 Dade County Wtr. & Swr. Sys. Rev. 4.15% (FGIC Insured) ( Liquidity Facility Ind. Bank of Japan Ltd.), VRDN 16,800,000 16,800,000 Escambia County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994, 4.10%, VRDN 4,775,000 4,775,000 Escambia County Rev. Rfdg. (Pacer Industries) Series 1991, 4.20%, LOC Trust Co. Bank of Georgia, VRDN 1,700,000 1,700,000 First Muni. Loan Council Rev. Bonds (Florida League of Cities First Muni. Pooled Loan Prog.) Series 2, 4.10% tender 5/10/95, LOC Sumitomo Bank Ltd. 7,200,000 7,200,000 Florida Local Gov't. Fin. Auth. Gov't. Unit Loan Prog. Series 1986 A, 4%, LOC First Union Nat'l. Bank of Florida, VRDN 5,000,000 5,000,000 Indian River County Hosp. Dist. Hosp. Rev.: Rfdg. Series 1985, 4.45%, LOC Kedietbank NV, VRDN 3,100,000 3,100,000 Bonds Series 1988, 4.35% tender 5/11/95, LOC Kredietbank NV 2,000,000 2,000,000 Indian Trace Commty. Dev. Dist. Rev. (Broward County Basin I Wtr. Mgmt. Spl. Benefit) 4.10% (MBIA Insured) (BPA Swiss Bank Corp.), VRDN 17,000,000 17,000,000 Jacksonville Hosp. Rev., VRDN: (Baptist Med. Ctr. Proj.) Series 1984, 4%, LOC First Union Nat'l. Bank of North Carolina 2,525,000 2,525,000 (Univ. Med. Ctr.): Series 1988, 4.325%, LOC Sumitomo Bank Ltd. 14,000,000 14,000,000 Series 1989, 4.325%, LOC Sumitomo Bank Ltd. 5,300,000 5,300,000 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) FLORIDA - CONTINUED Jacksonville Ind. Dev. Rev. Rfdg. (Arpt. Hotel Proj.) Series 1993, 4.20%, LOC Northern Trust Co., VRDN $ 3,000,000 $ 3,000,000 Jacksonville Poll. Cont. Rev. Rfdg. Bonds (Florida Pwr. & Lt. Co. Proj.): Series 1992, 4.25% tender 5/17/95 5,000,000 5,000,000 Series 1994, 4.25% tender 5/18/95 10,510,000 10,510,000 Jacksonville Spl. Tax (River City Renaissance Prog.), CP: 4.25% 5/8/95 (BPA Morgan Guaranty Trust Co., Sun Bank of Orlando, Credit Suisse, Dresdner Bank AG) 10,500,000 10,500,000 4.05% 6/14/95 (BPA Morgan Guaranty, Sun Bank of Orlando, Credit Suisse, Dresdner Bank AG) 10,000,000 10,000,000 Lee County Hosp. Board Hosp. Rev. Bonds (Lee Mem. Hosp. Proj.) Series 1992 B, 4.05% tender 4/24/95 11,500,000 11,500,000 Liberty County Ind. Dev. Board Rev. (Timber Energy Resources Inc. Proj.) Series 1994, 4.30%, LOC Bank of Montreal, VRDN 2,300,000 2,300,000 Orange County Health Facs. Auth. Rev. (Mayflower Retirement Commty.) Series 1988, 4.15%, LOC Banque Paribas, VRDN 5,900,000 5,900,000 Orange County School Dist. TAN 4.75% 6/30/95 15,500,000 15,527,576 Pasco County Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Carlton Arms of Magnolia Valley) Series 1985, 4.375%, LOC Bankers Trust Co., VRDN 2,000,000 2,000,000 Sarasota County Pub. Hosp. Dist. Hosp. Bonds (Sarasota Mem. Hosp.): Series 1985 C: 4.25% tender 5/16/95, LOC Sumitomo Bank Ltd. 3,450,000 3,450,000 4.25% tender 5/18/95, LOC Sumitomo Bank Ltd. 3,340,000 3,340,000 Series 1991: 4.25% tender 4/17/95 5,000,000 5,000,000 4.10% tender 6/13/95 8,500,000 8,500,000 Series 1993 A: 4.10% tender 4/7/95 (Liquidity Facility Goldman Sachs) 15,000,000 15,000,000 4% tender 5/18/95 (Liquidity Facility Goldman Sachs) 6,600,000 6,600,000 Sunshine State Governmental Fing. Commission Rev. Bonds Series 1986: 4.10% tender 5/18/95, LOC Morgan Guaranty Trust Co., Nat'l. Westminster Bank PLC, Union Bank of Switzerland 6,050,000 6,050,000 3.90% tender 5/22/95, LOC Morgan Guaranty Trust Co., Nat'l. Westminster Bank PLC, Union Bank of Switzerland 5,000,000 5,000,000 Univ. Athletic Assoc. Cap. Impt. Rev. Series 1990, 4.35%, LOC Sun Bank of Orlando, VRDN 10,400,000 10,400,000 229,912,576 GEORGIA - 6.2% Burke County Dev. Auth. Poll. Cont. Rev. (Oglethorpe Pwr. Corp. Vogtle Proj.) 4.15% (FGIC Insured) (Liquidity Facility Ind. Bank of Japan Ltd.), VRDN 2,000,000 2,000,000 Cobb County Dev. Auth. Rev. (Institute of Nuclear Operations) Series 1992, 4.20%, LOC Trust Co. Bank of Georgia, VRDN 5,565,000 5,565,000 Cobb County Wtr & Swr. Participating VRDN, Series 11, 4.375% (BPA Bankers Trust Co.) (b) 5,049,000 5,049,000 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) GEORGIA - CONTINUED Columbia County Residential Care Facs. Rev. (Augusta Residential Ctr./Brandon Wilde Lifecare Ctr.) 4.20%, LOC Trust Co. Bank of Georgia, VRDN $ 2,665,000 $ 2,665,000 Fulton County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Spring Creek Crossing Proj.) 4.20%, LOC Wachovia Bank of Georgia, VRDN 5,000,000 5,000,000 Georgia Gen. Oblig. Participating VRDN, Series 1993 D-A, 4.35% (Liquidity Facility Citibank) (b) 29,600,000 29,600,000 Georgia Muni. Elec. Auth. Participating VRDN (b): Series 1994 C-B, 4.35% (Liquidity Facility Citibank) 22,400,000 22,400,000 Series 1994 D, 4.40% (Liquidity Facility Norwest Bank) 6,500,000 6,500,000 Georgia Muni. Gas Auth. Gas Rev. Bonds (Transco Proj. I) Series 1991 A, 4.15% tender 4/26/95, LOC Credit Suisse 9,285,000 9,285,000 Georgia Private Colleges & Univs. Auth. Rev. Bonds (Emory Univ. Proj.) Series 1993 B, 4% tender 6/12/95 6,000,000 6,000,000 Marietta Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Wood Pointe Apts.) Series 1993, 4.35%, VRDN 5,000,000 5,000,000 Roswell Hsg. Auth. Multi-Family Hsg. Rev., VRDN: Rfdg. (Roswell-Oxford Proj.) Series 1990, 4.55% 19,575,000 19,575,000 (Autumnbrook Apts.) Series 1991 A, 4.30%, LOC Amsouth Bank of Birmingham 5,200,000 5,200,000 123,839,000 IDAHO - 0.2% Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994 A, 4.10%, VRDN 3,000,000 3,000,000 ILLINOIS - 4.4% Chicago Gen. Oblig. Participating VRDN, Series BT-9, 4.375% (BPA Bankers Trust Co.) (b) 5,553,900 5,553,900 Cook County Gen. Oblig. Rev. (Cap. Equip. Proj.) Series A, 4.20%, VRDN 4,000,000 4,000,000 Cook County Rev. (Catholic Charities Hosp.) Series 1988 A-1, 4.20%, LOC Nat'l. Westminster Bank PLC, VRDN 1,900,000 1,900,000 Illinois Dev. Fin. Auth. Multi-Family Hsg. Rev. Rfdg. (Garden Glen Apts.) Series 1993, 4.35%, VRDN 6,110,000 6,110,000 Illinois Dev. Fin. Auth. Rev., VRDN: (Museum of Contemporary Art Proj.) Series 1994, 4.15%, LOC Harris Trust, Lasalle Nat'l. Bank, Nat'l. Bank of Detroit, Northern Trust Co. 20,300,000 20,300,000 (WBEZ Alliance Inc. Proj.) Series 1994, 4.20%, LOC Lasalle Nat'l. Bank 4,600,000 4,600,000 Illinois Edl. Facs. Auth. Rev.: Bonds (Shedd Aquarium Proj.) 4% tender 6/9/95, LOC Mitsubishi Bank Ltd. 5,000,000 5,000,000 (Northwestern Univ.) Series 1988, 4.15% (BPA Northern Trust Co.), VRDN 2,000,000 2,000,000 Illinois Gen. Oblig. TRAN 4.75% 6/15/95 5,000,000 5,006,663 Illinois Health Facs. Auth. Rev.: Bonds (Univ. of Chicago Proj.) Series 1985 A, 4.50% tender 8/17/95 5,900,000 5,900,000 (Evangelical Hosp. Proj.) 4.05%, LOC First Nat'l. Bank of Chicago, VRDN 4,800,000 4,800,000 (Healthcorp Affiliates Proj.) Series 1985 B, 4.20%, LOC Fuji Bank Ltd., VRDN 1,400,000 1,400,000 (LaGrange Mem. Health Sys.) Series 1990, 4.60%, LOC First Nat'l. Bank of Chicago, VRDN 3,200,000 3,200,000 (Lake Forest Hosp. Proj.) 4.50%, LOC First Nat'l. Bank of Chicago, VRDN 4,000,000 4,000,000 (Pekin Mem. Hosp.) Series 1993 C, 4.25%, LOC Lasalle Nat'l. Bank of Chicago, VRDN 3,400,000 3,400,000 (Springfield Mem. Hosp.) Series 1985 C, 4.20%, LOC Fuji Bank Ltd., VRDN 1,500,000 1,500,000 (Univ. Pooled Prog.) Series 1985, 4.20% (FGIC Insured) (BPA Sakura Bank Ltd.), VRDN 5,000 5,000 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) ILLINOIS - CONTINUED Kane County Gen. Oblig. Commty. Unit School Dist. #304 TAN 4.97% 12/1/95 $ 2,400,000 $ 2,403,376 Kane, McHenry, Cook & DeKalb County Gen. Oblig. Commty. School Dist. #300 TAN 5.20% 9/29/95 2,400,000 2,405,687 McHenry County Gen. Oblig. Commty. Unit School Dist. #200 TAN 4.45% 9/1/95 (d) 2,300,000 2,300,457 Northlake Econ. Dev. Rev. (Dominick's Finer Foods Inc. Proj.) Series 1991 B, 4.25%, LOC First Nat'l. Bank of Chicago, VRDN 2,400,000 2,400,000 88,185,083 INDIANA - 2.2% Fort Wayne Econ. Dev. Rev. (Edy's Grand Ice Cream Proj.) Series 1985, 4.375%, LOC Bank of America, VRDN 4,750,000 4,750,000 Fort Wayne Hosp. Auth. Hosp. Rev. (Parkview Hosp.), VRDN: Series B, 4.25%, LOC Fuji Bank Ltd. 1,105,000 1,105,000 Series D, 4.25%, LOC Fuji Bank Ltd. 2,460,000 2,460,000 Hammond Poll. Cont. Rev. Rfdg. (Amoco Oil Co. Proj.) Series 1994, 4.55%, VRDN 1,500,000 1,500,000 Indiana Hosp. Equip. Fing. Auth. Rev. Series 1985 A, 4.15% (MBIA Insured) (BPA Bank of New York), VRDN 3,575,000 3,575,000 Indianapolis Econ. Dev. Rev. Rfdg. (Rand McNally & Co. Proj.) Series 1989, 4.15%, LOC First Union Nat'l. Bank of North Carolina, VRDN 4,000,000 4,000,000 Merrillville Health Care Facs. Participating VRDN, 4.40% (Liquidity Facility Bank One, Akron) (b) 4,610,000 4,610,000 Petersburg Poll. Cont. Rev. Rfdg. Bonds (Indianapolis Pwr. & Lt. Proj.) 3.60% tender 4/6/95 6,000,000 6,000,000 Richmond Econ. Dev. Rev. Rfdg. (Friends Fellowship Commty.) Series 1993, 4.25%, LOC Nat'l. Bank of Detroit, VRDN 3,900,000 3,900,000 South Bend Health Care Facs. Participating VRDN, Series 1992 A, 4.40% (Liquidity Facility Bank One of Akron) (b) 3,375,000 3,375,000 Sullivan Poll. Cont. Rev. (Hoosier Energy Rural Elec. Coop.) Series 1985 L-1, 4.10%, tender 4/10/95 6,755,000 6,755,000 Vigo County Gen. Oblig. Independent School Corp. TAN 5.30% 12/29/95 2,650,000 2,657,185 44,687,185 KENTUCKY - 0.8% Jefferson County Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc. Proj.) Series 1992, 4.20%, VRDN 1,300,000 1,300,000 Kentucky Assoc. of Counties Reinsurance Trust Rev. Series 1990, 4.35%, LOC Hong Kong & Shanghai Banking Corp., VRDN 13,700,000 13,700,000 15,000,000 LOUISIANA - 3.1% Desoto Parish Poll. Cont. Participating VRDN, Series 94 W, 4.40% (Liquidity Facility Norwest Bank of Minnesota) (b) 10,000,000 10,000,000 Lafayette Econ. Dev. Auth. Ind. Dev. Rev. Rfdg. (Holt County of Louisiana Proj.) 4.50%, LOC Morgan Guaranty Trust Co., VRDN 4,230,000 4,230,000 New Orleans Aviation Board Rfdg. Series 1993 B, 3.95% (MBIA Insured) (BPA Ind. Bank of Japan Ltd.), VRDN 1,200,000 1,200,000 Orleans Levee Dist. Participating VRDN, Series 14, 4.375% (BPA Bankers Trust) (b) 7,068,600 7,068,600 Orleans Levee Dist. Rev., VRDN: (Cap. Recovery Funding) Series 1988 A, 4.20%, LOC Fuji Bank Ltd. 14,900,000 14,900,000 (Levee Impt.) Series 1986, 4.20%, LOC Fuji Bank Ltd. 1,240,000 1,240,000 (Pub. Impt.) Series 1986, 4.20%, LOC Fuji Bank Ltd. 7,445,000 7,445,000 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) LOUISIANA - CONTINUED West Baton Rouge Parish Ind. Dist. #3 Rev. Rfdg. Bonds (Dow Chemical Co. Proj.) Series 1991, 4.45% tender 4/26/95 $ 15,500,000 $ 15,500,000 61,583,600 MAINE - 0.7% Baileyville Poll. Cont. Rev. (Georgia-Pacific Corp. Proj.) Series 1985, 4.25%, LOC Bank of Tokyo, VRDN 6,500,000 6,500,000 Biddeford Resource Recovery Rev. (Maine Energy Recovery Co. Proj.) Series 1985, 3.45%, LOC Bank of America, VRDN 6,700,000 6,700,000 13,200,000 MARYLAND - 0.4% Washington Suburban Sanitation Dist. Participating VRDN, Series 1994 F-A, 4.35% (Liquidity Facility Citibank) (b) 7,000,000 7,000,000 MASSACHUSETTS - 1.0% Commonwealth of Massachusetts Gen. Oblig. Participating VRDN, Series CR-147, 4.35% (Liquidity Facility Citibank) (b) 6,400,000 6,400,000 Massachusetts Health & Ed. Facs. Auth. Rev. (Cap. Asset Prog.) Series 1985 D, 3.80% (MBIA Insured) (BPA Sanwa Bank Ltd.), VRDN 14,000,000 14,000,000 20,400,000 MICHIGAN - 1.4% Dearborn Econ. Dev. Corp. Ltd. Oblig. Variable Rate Rev. (Oakbrook Common) Series 1993 4.20%, LOC Mellon Bank, VRDN 2,300,000 2,300,000 Michigan Hosp. Fin. Auth. Equip. Loan Prog. Series 1991, 4.15%, LOC Comerica Bank of Detroit, VRDN 2,400,000 2,400,000 Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 1994 C, 4.15%, LOC Credit Suisse, VRDN 3,000,000 3,000,000 Michigan Muni. Bond Auth. RAN, Series 1994 B, 4.75% 7/20/95 15,000,000 15,032,592 Michigan Strategic Fund (Dow Chemical Proj.) Series 1986, 4.25% tender 4/3/95 4,500,000 4,499,973 27,232,565 MINNESOTA - 2.4% Becker Poll. Cont. Rev. Bonds (Northern States Pwr. Co. Sherburne County Gen. #3) Series 1993 B, 4.20% tender 4/17/95 17,800,000 17,800,000 Bloomington Multi-Family Hsg. Rev. Rfdg. (Crow/Bloomington Apts. Proj.) 4.25%, LOC Citibank, VRDN 8,305,000 8,305,000 Dakota County Hsg. & Redev. Auth. Multi-Family Rental Hsg. Rev. Rfdg. (Southview Gables Apts. Proj.) 4.20%, VRDN 4,575,000 4,575,000 Mendota Heights Hsg. Mtg. Multi-Family Hsg. Rev. (Lexington Heights Apt. Proj.) Series 1991 A, 4.35%, LOC Sumitomo Bank Ltd., VRDN 3,420,000 3,420,000 Minnesota Gen. Oblig. Participating VRDN, Series 99, 4.325% (BPA Bankers Trust Co.) (b) 7,710,000 7,710,000 Richfield Independent School Dist. #280 Participating VRDN, Series 1994 N, 4.35% (Liquidity Facility First Bank of Minnesota) (b) 1,905,000 1,905,000 St. Paul Port Auth. Tax Increment Bonds (Westgate Office & Ind. Ctr. Proj.) Series 1991, 4%, LOC First Bank of Minnesota, VRDN 4,200,000 4,200,000 47,915,000 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) MISSISSIPPI - 0.4% Harrison County Poll. Cont. Rev. Rfdg. (Mississippi Pwr. Co. Proj.) Series 1992, 4.20%, VRDN $ 8,750,000 $ 8,750,000 MISSOURI - 1.2% Howell County Ind. Dev. Auth. Rev. Rfdg. Bonds (Safeway Inc. Proj.) Series 1992, 4.90%, tender 8/1/95, LOC Bankers Trust Co. 4,225,000 4,225,000 Missouri Envir. Impt. & Energy Resources Auth. Poll. Cont. Rev. Bonds (Union Elec. Co.) Series 1985 B, 3.95% tender 6/8/95, LOC Westdeutsche Landesbank Girozentrale 8,000,000 8,000,000 Univ. of Missouri RAN (Cap. Proj.) Series 1994-95 A, 4.50% 6/30/95 11,000,000 11,016,972 23,241,972 MONTANA - 1.5% Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co.) Series 1983 A, 4.15%, LOC Union Bank of Switzerland, VRDN 4,800,000 4,800,000 Montana Board of Investments Variable Rate Payroll Tax Rev. (Workers Comp. Prog.) Series 1993, 4.20%, VRDN 4,400,000 4,400,000 Montana Gen. Oblig. TRAN Series 1994, 5% 6/30/95 20,200,000 20,248,527 29,448,527 NEBRASKA - 0.3% Lancaster County Hosp. Auth. Rev. (St. Elizabeth Commty. Health Ctr. & Sisters of Charity Health Care), 4% (MBIA Insured) (Liquidity Facility Morgan Guaranty), VRDN 3,600,000 3,600,000 Omaha Pub. Pwr. Dist. Elec. Sys. Participating VRDN, Series 1993 D, 4.35% (Liquidity Facility Merrill Lynch & Co. Inc.) (b) 2,530,000 2,530,000 6,130,000 NEVADA - 0.6% Clark County Arpt. Impt. Rev. Rfdg. Series 1993 A, 4.15% (MBIA Insured) (BPA Ind. Bank of Japan Ltd.), VRDN 12,000,000 12,000,000 NEW HAMPSHIRE - 0.3% New Hampshire Higher Edl. & Health Facs. Auth. Rev. (VHA of New England), VRDN: Series 1985 C, 4.10% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago) 1,700,000 1,700,000 Series 1985 F, 4.10% (AMBAC Insured) (BPA First Nat'l. Bank of Chicago) 1,250,000 1,250,000 New Hampshire Ind. Dev. Auth. Resource Recovery Rev. Bonds (Claremont Co. LP Proj.) Series 1985, 5% tender 7/1/95 (MBIA Insured) 3,205,000 3,205,000 6,155,000 NEW JERSEY - 1.3% New Jersey Bldg. Auth. Participating VRDN, Series BT-6, 4.375% (BPA Bankers Trust) (b) 11,861,200 11,861,200 New Jersey Gen. Oblig. Participating VRDN, Series 943005, 4.35% (Liquidity Facility Citibank) (b) 7,400,000 7,400,000 New Jersey Gen. Oblig. TRAN 5% 6/15/95 7,000,000 7,012,987 26,274,187 NEW YORK - 1.6% New York City Adj. Rate Rev., VRDN: Series 1993 A-9, 4.60%, LOC Ind. Bank of Japan Ltd. 1,000,000 1,000,000 Series 1994 A-7, 4.55%, LOC Morgan Guaranty Trust Co. 1,000,000 1,000,000 New York City RAN Series A, 4.50% 4/12/95 20,200,000 20,203,503 New York State Thruway Auth. Gen. Rev. BAN Series 1994, 4.19% 4/14/95 10,200,000 10,200,000 32,403,503 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) NORTH CAROLINA - 1.0% North Carolina Med. Care Commission Hosp. Rev. Board (Park Ridge Hosp.) Series 1988, 4.25%, LOC NationsBank of Florida, VRDN $ 5,300,000 $ 5,300,000 North Carolina Med. Care Commission Pooled Finances Series 1986 A-2, 4.30% (MBIA Insured) (BPA Sakura Bank Ltd.), VRDN 1,600,000 1,600,000 North Carolina Med. Care Commission Rev. (Moses H. Cone Mem. Hosp. Proj.) 4.10%, LOC Wachovia Nat'l. Bank of North Carolina, VRDN 2,500,000 2,500,000 North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. 3.95% 4/27/95, CP 11,000,000 11,000,000 20,400,000 OKLAHOMA - 0.7% Oklahoma County Fin. Auth. Ind. Dev. Rev., VRDN: (Hutto-Carbon Office Proj.) 3.80% (FGIC Insured) (Liquidity Facility Sakura Bank Ltd.) 3,000,000 3,000,000 (Perrine Office Proj.) 3.80% (FGIC Insured) (Liquidity Facility Sakura Bank Ltd.) 4,100,000 4,100,000 Tulsa Ind. Auth. Rev. (Univ. of Tulsa Proj.), VRDN: Series A, 4.375%, LOC Fuji Bank Ltd. 3,000,000 3,000,000 Series 1985, 4.375%, LOC Fuji Bank Ltd. 4,000,000 4,000,000 14,100,000 OREGON - 0.1% Port of Morrow (Oregon-Portland Gen. Elec. Co. Boardman Proj.) Series 1988 A, 4.60%, LOC Ind. Bank of Japan Ltd., VRDN 2,200,000 2,200,000 PENNSYLVANIA - 9.1% Allegheny County Hosp. Dev. Auth. Health Ctr. Rev. (Presbyterian Univ. Health Sys.), VRDN: Series 1990 C, 4.20% (MBIA Insured) (BPA Credit Suisse) 4,500,000 4,500,000 Series 1990 D, 4.20% (MBIA Insured) (BPA Credit Suisse) 4,200,000 4,200,000 Allegheny County Hosp. Redev. Auth. Health Facs. Rev. (Central Blood Bank Proj.) Series 1992, 4.20%, LOC PNC Bank, VRDN 2,225,000 2,225,000 Allegheny County Ind. Dev. Auth. Rev. Rfdg.(N. Versailles Shopping Ctr.) Series 1992,4.30%, LOC Bank One, Columbus, VRDN 4,025,000 4,025,000 Allentown Redev. Auth. Multi-Family Hsg. Rev. Rfdg. (Arcadia Assoc. Proj.) Series 1990, 4.30%, LOC Sumitomo Bank Ltd., VRDN 2,300,000 2,300,000 Beaver County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Ohio Edision Co. Mansfield Proj.) Series 1992 A, 3.45% tender 10/1/95, LOC Barclays Bank PLC 3,700,000 3,672,026 Berks County Ind. Dev. Auth. Rev. (Lutheran Home at Topton Proj.) Series 1993 B, 4.375%, LOC Meridian Bank NA, VRDN 9,000,000 9,000,000 Delaware Valley Reg'l. Fin. Auth. Local Gov't. Rev., VRDN: Series 1985 B, 4.30%, LOC Hong Kong & Shanghai Banking Corp. 6,200,000 6,200,000 Series 1985 D, 4.30%, LOC Hong Kong & Shanghai Banking Corp. 10,300,000 10,300,000 Series 1986, 4.30%, LOC Hong Kong & Shanghai Banking Corp. 4,000,000 4,000,000 Emmaus Gen. Auth. Local Gov't. Rev. (Bond Pool Prog.) Series 1989 B, 4.25%, VRDN 15,000,000 15,000,000 Lehigh County Auth. Swr. Rev. Series 1985 B, 4.10% (FGIC Insured) (BPA ABN-AMRO Bank), VRDN 2,050,000 2,050,000 Lehigh County Ind. Dev. Auth. Rev. (The Keebler Co.) Series 1992, 4.25%, LOC Wachovia Bank of North Carolina, VRDN 5,140,000 5,140,000 Pennsylvania Econ. Dev. Auth. Rev. (Foxdale Village Proj.) Series 1989 C, 4.20%, LOC PNC Bank, VRDN 2,350,000 2,350,000 Pennsylvania Gen. Oblig. TAN 4.75% 6/30/95 41,500,000 41,572,748 Pennsylvania Higher Ed. Auth. for Univ. of Penn. 4.25%, VRDN 1,400,000 1,400,000 Philadelphia Gen. Oblig. Bonds Series 1990: 4.20% tender 4/13/95, LOC Fuji Bank Ltd. 7,000,000 7,000,000 3.90% tender 5/1/95, LOC Fuji Bank Ltd. 6,210,000 6,210,000 3.85% tender 5/9/95, LOC Fuji Bank Ltd. 14,000,000 14,000,000 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) PENNSYLVANIA - CONTINUED Philadelphia Redev. Auth. School Rev. (School for the Deaf) 4.10%, LOC Fuji Bank Ltd., VRDN $ 1,095,000 $ 1,095,000 Philadelphia TRAN: Series 1994-95 B, 4.75% 6/15/95 LOC Corestates Bank 14,500,000 14,520,375 Series 1994-95 D, 4.75% 6/15/95, LOC Morgan Guaranty Trust Co. 14,500,000 14,525,872 South Fork Muni. Auth. Hosp. Rev. (Lee Hosp. Proj.) Series 1993 B, 4.20%, LOC PNC Bank, VRDN 5,350,000 5,350,000 180,636,021 SOUTH CAROLINA - 2.4% South Carolina Hsg. Fin. & Dev. Auth. Multi-Family Hsg. Rev. Rfdg., VRDN: (Charleston Oxford) Series 1990 B, 4.55% 10,180,000 10,180,000 (Greenville Oxford) Series 1990 A, 4.55% 4,855,000 4,855,000 (Richland Oxford) Series 1990 C, 4.55% 11,130,000 11,130,000 South Carolina Jobs Econ. Dev. Auth. Healthcare Facs. Rev. Bonds (The Methodist Home Proj.) Series 1994, 4.35%, LOC NationsBank of South Carolina, VRDN 4,000,000 4,000,000 South Carolina Pub. Svc. Auth. Rev., CP: 4.10% 4/7/95 11,350,000 11,350,000 4.25% 5/18/95 3,670,000 3,670,000 Walhalla Rev. Rfdg. (Avondale Mills Inc. Proj.) Series 1990, 4.20%, LOC Trust Co. Bank of Georgia, VRDN 3,300,000 3,300,000 48,485,000 SOUTH DAKOTA - 0.6% South Dakota Health & Edl. Facs. Auth. Rev., VRDN: Rfdg. (Sioux Valley Hosp.) Series 1992 A, 4.20% 4,700,000 4,700,000 (McKennan Hosp.) Series 1994, 4.25% (MBIA Insured) (Liquidity Facility Banque Paribas) 7,000,000 7,000,000 11,700,000 TENNESSEE - 2.1% Clarksville Pub. Bldg. Auth. Adj. Rate Pooled Fing. Rev. (Tennessee Muni. Bond Fund) Series 1990, 4.10% (MBIA Insured) (BPA Credit Suisse), VRDN 3,400,000 3,400,000 Knox County Health Edl. & Hsg. Facs. Board Rev. (Webb School Knoxville Proj.) 4.20%, LOC Third Nat'l. Bank of Nashville, VRDN 4,280,000 4,280,000 Metropolitan Nashville & Davidson County Health & Ed. Facs. Multi-Family Hsg. Rev. (Brentwood Oaks Apts.) 4.50%, VRDN 4,000,000 4,000,000 Metropolitan Nashville & Davidson County Health & Ed. Facs. Rev.: Bonds (Vanderbuilt Univ.) 4.25% tender 5/18/95 (Liquidity Facility NationsBank of North Carolina) 10,000,000 10,000,000 (Richland Place Inc. Proj.) 4.10%, LOC Societe Generale, VRDN 1,400,000 1,400,000 Metropolitan Nashville & Davidson County Ind. Dev. Board Multi-Family Hsg. Rev. Rfdg., VRDN: (Belle Valley Apts.) Series 1989, 4.30%, LOC Sumitomo Bank Ltd. 4,680,000 4,680,000 (Graybrook) 4.30%, LOC Sumitomo Bank Ltd. 6,710,000 6,710,000 Montgomery County Pub. Bldg. Auth. Adj. Rate Pooled Fing. Rev. Series 1995, 4.30%, LOC NationsBank of Tennessee, VRDN 8,000,000 8,000,000 42,470,000 TEXAS - 15.3% Austin Hsg. Fin. Corp. Multi-Family Hsg. Rev. (Riverchase Proj.) Series 1985 A, 4.625%, LOC Household Fin. Corp., VRDN 6,000,000 6,000,000 Bexar County Hsg. Fin. Corp. Multi-Family Hsg. Rev. Rfdg., VRDN: (Fountainhead I Proj.) Series 1992 A, 4.25% 3,880,000 3,880,000 (Fountainhead II Proj.) Series 1992 A, 4.25% 8,120,000 8,120,000 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) TEXAS - CONTINUED Central Waco Dev. Corp. Ind. Dev. Rev. (HE Butt Grocery Proj.) Series 1992, 4.20%, LOC Texas Commerce Bank of Houston, VRDN $ 2,500,000 $ 2,500,000 Conroe Independent School Dist. Adj. Rate TRAN 4.704% 8/31/95 (c) 5,500,000 5,500,000 Corpus Christi Port Auth. Rev. Rfdg. Bonds (Union Pacific Corp.) Series 1989, 3.95%, tender 5/11/95 5,610,000 5,610,000 El Paso Health Facs. Dev. Corp. Hosp. Rev. (Providence Mem. Hosp. Proj.) Series 1989, 4.55%, LOC Fuji Bank Ltd., VRDN 1,900,000 1,900,000 Goose Creek Consolidated Independent School Dist. Adj. Rate TRAN 4.704% 8/31/95 (c) 17,000,000 17,000,000 Guadalupe-Blanco River Auth. Ind. Dev. Rev. (BOC Group Inc. Proj.) Series 1993, 4.25%, LOC Wachovia Bank of Georgia, VRDN 12,400,000 12,400,000 Harris County Health Facs. Dev. Corp. Hosp. Rev. Bonds: (Mem. Hosp. Sys. Proj.) Series 1994 B: 4.15% tender 4/25/95, LOC Societe Generale 10,000,000 10,000,000 4.25% tender 4/27/95, LOC Societe Generale 15,200,000 15,200,000 3.90% tender 5/17/95, LOC Societe Generale 4,500,000 4,500,000 Harris County Health Facs. Dev. Corp. School Health Care Sys. Rev. (Sisters of Charity Incarnate) 4.20% 4/24/95 (BPA Credit Suisse) CP 10,000,000 10,000,000 Houston Hsg. Fin. Corp. Single-Family Mtg. Participating VRDN, Series PT-1, 4.40% (Liquidity Facility Banque Nationale de Paris) (b) 6,175,000 6,175,000 Houston Wtr. & Swr. Sys. Rev. Series A, CP: 3.95% 5/9/95 8,000,000 8,000,000 4.30% 5/16/95 10,000,000 10,000,000 4.35% 5/16/95 6,000,000 6,000,000 4.25% 5/17/95 12,000,000 12,000,000 4.30% 5/18/95 5,000,000 5,000,000 Lower Colorado River Auth. Participating VRDN (b): Series BT-36, 4.325% (BPA Bankers Trust Co.) 4,039,200 4,039,200 Series BT-59, 4.34% (Liquidity Facility Automatic Data Processing Inc.) 8,200,000 8,200,000 North Central Texas Health Facs. Dev. Corp. Hosp. Rev. Bonds (Methodist Hosp. of Dallas): Series 1991 A, 3.80% tender 4/25/95 (MBIA Insured) (BPA Fuji Bank Ltd.) 10,100,000 10,100,000 Series 1991 B, 4.10% tender 4/10/95 (MBIA Insured) (BPA Sumitomo Bank Ltd.) 10,500,000 10,500,000 Plano Health Facs. Dev. Corp. Hosp. Rev. Bonds (Childrens & Presbyterian Health Care Ctr.) 4.20% tender 4/26/95, LOC Banque Paribas 10,000,000 10,000,000 San Antonio Elec. & Gas. Sys. Series A, 4.10% 4/11/95, CP 9,300,000 9,300,000 San Antonio Gen. Oblig. Participating VRDN, Series 16, 4.375% (BPA Bankers Trust Co.) (b) 13,785,000 13,785,000 Silsbee Health Facs. Dev. Corp. Hosp. Rev. (Silsbee Doctor's Hosp.) Series 1984, 4.10%, LOC Citibank, VRDN 3,500,000 3,500,000 Tarrant County Health Facs. Dev. Corp. Hosp. Rev. (Harris Methodist Health Sys.) Series 1988, 4.25%, LOC Fuji Bank Ltd., VRDN 2,500,000 2,500,000 Texas A&M Univ. Participating VRDN, Series 15, 4.375% (BPA Bankers Trust) (b) 5,445,000 5,445,000 Texas Dept. of Hsg. & Commty. Affairs Participating VRDN, Series PT-9, 4.35% (Liquidity Facility Dai-Ichi Kangyo Bank Ltd.) (b) 5,465,000 5,465,000 Texas Gen. Oblig. TRAN: Series 1994, 5% 8/31/95 12,800,000 12,839,936 Series 1995, 5% 8/31/95 10,000,000 10,035,300 Texas Health Facs. Dev. Corp. Rev., VRDN: (Aces North Texas Pooled Healthcare): Series 1985 A, 4.25%, LOC Banque Paribas 11,900,000 11,900,000 Series 1985 B, 4.25%, LOC Banque Paribas 4,500,000 4,500,000 (Ft. Worth-Cook Children's Hosp.) Series 1985, 4.25%, LOC Societe Generale 1,300,000 1,300,000 Texas Muni. Pwr. Agcy. Rev., CP: 4.10% 4/7/95 9,950,000 9,950,000 4.15% 5/12/95 10,400,000 10,400,000 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) TEXAS - CONTINUED Tyler Health Facs. Dev. Corp. Hosp. Rev. Bonds (Texas Med. Ctr. Regional Health Care Proj.) Series 1993 C, 4.25% tender 4/7/95, LOC Banque Paribas $ 7,000,000 $ 7,000,000 Univ. of Texas Sys. Rev. Fing. Sys. Series A, 4.25% 5/18/95, CP 2,500,000 2,500,000 303,044,436 UTAH - 1.3% Intermountain Pwr. Agcy. Pwr. Supply Participating VRDN (b): Series BT-8, 4.375% (BPA Bankers Trust Co.) 11,612,700 11,612,700 Series BT-48, 4.625% (BPA Bankers Trust Co.) 9,601,900 9,601,900 Intermountain Pwr. Agcy. Pwr. Supply Rev. Rfdg. Bonds Series 1985 E-2, 4.10%, tender 5/25/95 (BPA Fuji Bank Ltd.) 5,000,000 5,000,000 26,214,600 VERMONT - 0.1% Vermont Student Assistance Corp. Student Loan Rev. Series 1985, 4%, LOC Nat'l. Westminster Bank PLC, VRDN 1,325,000 1,325,000 VIRGINIA - 5.6% Chesapeake Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr. Co.) Series 1985, 4.10% tender 4/10/95 22,000,000 22,000,000 Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Rfdg. (Philip Morris Co. Inc. Proj.) Series 1992, 4.20%, VRDN 10,000,000 10,000,000 Harrisonburg Redev. & Hsg. Auth. Multi-Family Hsg. Rev. (Misty Ridge Proj.) Series 1991 A, 4.25%, LOC Bank One, Columbus, VRDN 5,555,000 5,555,000 Louisa County Ind. Dev. Auth. Adj. Rate Pooled Fin. Rev. Series 1995, 4.30%, LOC NationsBank of Virginia, VRDN 10,000,000 10,000,000 Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1985: 4.20% tender 4/17/95 (BPA Bank of New York) 17,735,000 17,735,000 3.75% tender 4/28/95 (BPA Bank of New York) 8,650,000 8,650,000 4.25% tender 5/16/95 (BPA Bank of New York) 3,100,000 3,100,000 Suffolk Redev. & Hsg. Auth. Multi-Family Rental Hsg. Rev., VRDN: (Windsor at Fieldstone Proj.) 4.30%, LOC NationsBank of Virginia 7,426,000 7,426,000 (Windsor at Potomac Vista Proj.) 4.30%, LOC Nationsbank of Virginia 1,003,000 1,003,000 Virginia Hsg. Dev. Auth. Commonwealth Mtg. Bonds Series 1993 A, 4.25% tender 7/12/95 15,000,000 15,000,000 Virginia Hsg. Dev. Auth. Hsg. Rev. (AHC Svc. Corp.) Series 1987 A, 4.15%, LOC Mitsubishi Bank Ltd., VRDN 6,500,000 6,500,000 Williamsburg Ind. Dev. Auth. Museum Rev. (Williamsburg Foundation) 4.30%, LOC Sanwa Bank Ltd., VRDN 3,604,000 3,604,000 York County Ind. Dev. Rev. Rfdg. (Philip Morris Co. Inc. Proj.) Series 1992, 4.20%, VRDN 1,000,000 1,000,000 111,573,000 WASHINGTON - 2.0% Seattle Ind. Dev. Corp. Ind. Rev. Rfdg. (Longview Fibre Co. Proj.) Series 1988, 4.20%, LOC ABN-AMRO Bank, VRDN 2,500,000 2,500,000 Washington Gen. Oblig. Participating VRDN (b): Series 1993 C-A, 4.35% (Liquidity Facility Citibank) 21,700,000 21,700,000 Series 1995 A, 4.40% (Liquidity Facility Internationale Nederlanden Bank) 5,500,000 5,500,000 Series BT-125, 4.325% (BPA Bankers Trust Co.) 9,575,000 9,575,000 39,275,000 MUNICIPAL SECURITIES (A) - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) WEST VIRGINIA - 0.2% Kanawha County Commercial Dev. Rev. Rfdg. (McJunkin Corp. Proj.) Series 1991, 4.35%, LOC NationsBank of North Carolina, VRDN $ 4,935,000 $ 4,935,000 WISCONSIN - 1.4% Milwaukee Ind. Dev. Rev. (Longview Fiber Co.) Series 1987, 4.20%, LOC ABN-AMRO Bank, VRDN 1,960,000 1,960,000 Milwaukee Redev. Auth. Dev. Rev. (Bradley Ctr. Parking Facs. Proj.) Series 1986, 4.15%, LOC Nat'l. Westminster Bank PLC, VRDN 2,700,000 2,700,000 Wisconsin TRAN Series 1994, 4.50% 6/15/95 23,900,000 23,927,833 28,587,833 WYOMING - 0.0% Sweetwater County Poll. Cont. Rev. Rfdg. (Pacific Corp.) Series 1990 A, 4.25%, LOC Credit Suisse, VRDN 200,000 200,000 MULTIPLE STATES - 1.9% California Student Loan Mktg. Corp. Student Loan Rev. Rfdg. Series 1993 A, 4.10%, LOC Dresdner Bank AG, VRDN 5,000,000 5,000,000 Clipper Tax-Exempt Trust Participating VRDN, Series 1993 1-A, 4.17% (Liquidity Facility State Street Bank & Trust Co.) (b) 30,300,000 30,300,000 NCNB Tax-Exempt Trust Participating VRDN, Series 1990 A, 4.50%, LOC NationsBank of North Carolina (b) 2,800,000 2,800,000 38,100,000 PUERTO RICO - 0.6% Puerto Rico Gov't. Dev. Bank for Puerto Rico 3.55% 4/5/95, CP 11,000,000 11,000,000 TOTAL INVESTMENTS - 100% $ 1,988,303,609 Total Cost for Income Tax Purposes $ 1,988,294,637 SECURITY TYPE ABBREVIATIONS BAN - Bond Anticipation Notes CP - Commercial Paper RAN - Revenue Anticipation Notes TAN - Tax Anticipation Notes TRAN - Tax and Revenue Anticipation Notes VRDN - Variable Rate Demand Notes LEGEND (a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. (b) Provides evidence of ownership in one or more underlying municipal bonds. (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (see Note 2 of Notes to Financial Statements). Additional information on each holding is as follows: ACQUISITION ACQUISITION SECURITY DATE COST Conroe Independent School Dist. Adj. Rate TRAN 4.704% 8/31/95 10/13/94 $ 5,500,000 Goose Creek Consolidated Independent School Dist. Adj. Rate TRAN 4.704% 8/31/95: 9/9/94 $ 7,000,000 10/9/94 $ 10,000,000 (d) Security purchased on a delayed delivery basis (see Note 2 of Notes to Financial Statements). INCOME TAX INFORMATION At March 31, 1995, the fund had a capital loss carryforward of approximately $528,000 which will expire on March 31, 1996. FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995 644.ASSETS 645. 646. 647.Investment in securities, at value - See accompanying schedule 648. $ 1,988,303,609 649.Interest receivable 650. 18,003,972 651.Receivable from investment adviser for expense reductions 652. 130,952 653. 654.TOTAL ASSETS 655. 2,006,438,533 656.LIABILITIES 657. 658. 659.Payable to custodian bank $ 1,114,531 660. 661.Payable for investments purchased 662. 663. Regular delivery 120,418,198 664. 665. Delayed delivery 2,300,457 666. 667.Dividends payable 5,147,868 668. 669.Accrued management fee 355,847 670. 671.Other payables and accrued expenses 287,021 672. 673. 674.TOTAL LIABILITIES 675. 129,623,922 676.677.NET ASSETS 678. $ 1,876,814,611 679.Net Assets consist of: 680. 681. 682.Paid in capital 683. $ 1,877,162,768 684.Accumulated net realized gain (loss) on investments 685. (357,129) 686.Unrealized gain from accretion of market discount 687. 8,972 688.689.NET ASSETS, for 1,877,162,768 shares outstanding 690. $ 1,876,814,611 691.692.NET ASSET VALUE, offering price and redemption price per share 693. $1.00 ($1,876,814,611 (divided by) 1,877,162,768 shares)
STATEMENT OF OPERATIONS
TEN MONTH PERIOD ENDED MARCH 31, 1995 694.695.INTEREST INCOME 696. $ 64,019,748 697.EXPENSES 698. 699. 700.Management fee $ 3,789,731 701. 702.Transfer agent, accounting and custodian fees and expenses 714,887 703. 704.Non-interested trustees' compensation 12,113 705. 706.Registration fees 228,465 707. 708.Audit 45,114 709. 710.Legal 23,818 711. 712.Miscellaneous 26,281 713. 714. Total expenses before reductions 4,840,409 715. 716. Expense reductions (1,429,650) 3,410,759 717.718.NET INTEREST INCOME 719. 60,608,989 720.REALIZED AND UNREALIZED GAIN (LOSS) 722. 321,344 721.Net realized gain (loss) on investment securities 723.Increase (decrease) in net unrealized gain from accretion of market discount 724. 1,959 725.726.NET GAIN (LOSS) 727. 323,303 728.729.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 730. $ 60,932,292
STATEMENT OF CHANGES IN NET ASSETS
TEN MONTH PERIOD YEAR ENDED ENDED MARCH 31, MAY 31, 1995 1994 731.INCREASE (DECREASE) IN NET ASSETS 732.Operations $ 60,608,989 $ 61,444,789 Net interest income 733. Net realized gain (loss) 321,344 125,587 734. Increase (decrease) in net unrealized gain from accretion of market discount 1,959 (5,602) 735. 60,932,292 61,564,774 736.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 737.Dividends to shareholders from net interest income (60,608,989) (61,444,789) 738.Share transactions at net asset value of $1.00 per share 10,940,563,835 14,549,718,245 Proceeds from sales of shares 739. Reinvestment of dividends from net interest income 13,089,613 14,570,091 740. Cost of shares redeemed (11,467,825,372) (14,412,776,499) 741. (514,171,924) 151,511,837 Net increase (decrease) in net assets and shares resulting from share transactions 742. (513,848,621) 151,631,822 743.TOTAL INCREASE (DECREASE) IN NET ASSETS 744.NET ASSETS 745. 746. 747. Beginning of period 2,390,663,232 2,239,031,410 748. End of period $ 1,876,814,611 $ 2,390,663,232
FINANCIAL HIGHLIGHTS
TEN MONTH PERI YEARS ENDED MAY 31, OD ENDED MARCH 31, 1995 1994 1993 1992 1991 749.SELECTED PER-SHARE DATA 750.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 751.Income from Investment Operations .027 .024 .026 .040 .053 Net interest income 752.Less Distributions (.027) (.024) (.026) (.040) (.053) 753. From net interest income 754.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 755.TOTAL RETURN B 2.44% 2.66% 4.02% 5.40% 2.74% 756.RATIOS AND SUPPLEMENTAL DATA 757.Net assets, end of period (000 omitted) $ 1,876,815 $ 2,390,663 $ 2,239,031 $ 2,556,995 $ 2,116,841 758.Ratio of expenses to average net assets .18% .18% .18% .18% .18% A 759.Ratio of expenses to average net assets before .26% .24% .24% .25% .23% expense reductions A 760.Ratio of net interest income to average net assets 3.20% 2.41% 2.62% 3.90% 5.28% A
A ANNUALIZED 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. SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS. DAILY MONEY FUND: FIDELITY U.S. TREASURY INCOME PORTFOLIO INVESTMENTS MARCH 31, 1995 Showing Percentage of Total Value of Investments U.S. TREASURY OBLIGATIONS - 100.0% DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) U.S. TREASURY BILLS - 55.4% 4/6/95 5.73% $ 80,818,000 $ 80,754,692 4/6/95 5.75 15,532,000 15,519,790 4/6/95 5.81 10,602,000 10,593,600 4/6/95 5.89 7,612,000 7,605,900 4/13/95 5.84 63,180,000 63,058,906 4/13/95 5.87 815,000 813,435 4/20/95 5.76 34,634,000 34,529,718 4/20/95 5.79 53,445,000 53,283,372 4/20/95 5.80 5,455,000 5,438,546 4/20/95 5.86 60,000,000 59,817,917 4/27/95 5.80 20,156,000 20,072,879 4/27/95 5.93 25,518,000 25,410,555 5/4/95 5.74 1,560,000 1,552,020 5/4/95 5.84 8,249,000 8,205,445 5/4/95 6.10 51,375,000 51,093,850 5/11/95 6.33 11,685,000 11,605,023 5/18/95 6.00 2,101,000 2,084,816 5/25/95 5.76 2,040,000 2,022,619 5/25/95 5.78 37,592,000 37,270,589 5/25/95 5.82 17,611,000 17,459,634 5/25/95 6.03 40,016,000 39,660,658 6/1/95 5.83 25,000,000 24,756,212 6/8/95 5.77 2,470,000 2,443,383 6/8/95 5.83 20,000,000 19,782,589 6/22/95 5.76 19,528,000 19,275,351 6/22/95 5.78 583,000 575,430 6/29/95 5.75 3,262,000 3,192,649 7/13/95 5.97 3,328,000 3,272,297 8/17/95 6.03 3,402,000 3,325,515 TOTAL U.S. TREASURY BILLS 624,477,390 U.S. TREASURY OBLIGATIONS - CONTINUED DUE ANNUALIZED YIELD AT PRINCIPAL VALUE DATE TIME OF PURCHASE AMOUNT (NOTE 1) U.S. TREASURY NOTES - 44.6% 4/15/95 5.74% $ 40,000,000 $ 40,033,656 4/30/95 5.92 22,319,000 22,281,950 4/30/95 6.18 20,000,000 19,962,064 4/30/95 6.26 11,000,000 10,978,564 4/30/95 6.28 21,076,000 21,034,570 5/15/95 5.82 34,755,000 34,751,856 5/15/95 5.94 32,326,000 32,408,626 5/15/95 5.95 5,056,000 5,054,824 5/15/95 6.07 10,268,000 10,264,231 5/15/95 6.11 20,000,000 19,991,575 5/15/95 6.33 25,000,000 25,062,005 5/15/95 6.38 1,652,000 1,655,967 5/31/95 5.83 5,458,000 5,441,759 5/31/95 5.88 33,099,000 32,997,720 5/31/95 5.99 9,132,000 9,102,712 5/31/95 6.09 3,844,000 3,831,170 5/31/95 6.10 12,029,000 11,988,458 5/31/95 6.13 10,060,000 10,025,615 5/31/95 6.17 10,000,000 9,965,043 6/30/95 5.78 25,000,000 24,893,466 7/15/95 5.96 20,000,000 20,154,483 7/15/95 5.98 37,349,000 37,632,590 7/31/95 5.93 5,633,000 5,600,578 7/31/95 6.00 5,316,000 5,284,407 7/31/95 6.07 23,622,000 23,477,511 7/31/95 6.12 9,859,000 9,796,868 7/31/95 6.26 40,000,000 39,732,351 8/15/95 6.05 10,873,000 10,813,676 8/15/95 6.10 18,617,000 18,775,765 8/15/95 6.11 25,000,000 24,858,449 8/15/95 6.15 15,000,000 14,913,234 TOTAL U.S. TREASURY OBLIGATIONS 562,765,743 TOTAL INVESTMENTS - 100% $ 1,187,243,133 Total Cost for Income Tax Purposes $ 1,187,243,133 INCOME TAX INFORMATION At March 31, 1995, the fund had a capital loss carryforward of approximately $184,000 of which $22,000 and $162,000 will expire on March 31, 2001 and 2002, respectively. DAILY MONEY FUND: FIDELITY U.S. TREASURY INCOME PORTFOLIO FINANCIAL STATEMENTS STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995 761.ASSETS 762. 763. 764.Investment in securities, at value - See accompanying schedule 765. $ 1,187,243,133 766.Receivable for investments sold 767. 73,970,500 768.Interest receivable 769. 9,745,456 770. 771.TOTAL ASSETS 772. 1,270,959,089 773.LIABILITIES 774. 775. 776.Dividends payable $ 4,471,093 777. 778.Accrued management fee 203,425 779. 780. 781.TOTAL LIABILITIES 782. 4,674,518 783.784.NET ASSETS 785. $ 1,266,284,571 786.Net Assets consist of: 787. 788. 789.Paid in capital 790. $ 1,266,266,697 791.Accumulated net realized gain (loss) on investments 792. 17,874 793.794.NET ASSETS, for 1,266,266,697 shares outstanding 795. $ 1,266,284,571 796.797.NET ASSET VALUE, offering price and redemption price per share 798. $1.00 ($1,266,284,571 (divided by) 1,266,266,697 shares)
STATEMENT OF OPERATIONS
EIGHT MONTH PERIOD ENDED MARCH 31, 1995 799.800.INTEREST INCOME 801. $ 40,811,110 802.EXPENSES 803. 804. 805.Management fee $ 3,279,429 806. 807.Non-interested trustees' compensation 3,836 808. 809. Total expenses before reductions 3,283,265 810. 811. Expense reductions (1,719,806) 1,563,459 812.813.NET INTEREST INCOME 814. 39,247,651 815.816.NET REALIZED GAIN (LOSS) ON INVESTMENTS 817. 37,522 818.819.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 820. $ 39,285,173
STATEMENT OF CHANGES IN NET ASSETS
EIGHT MONTH PERI YEARS ENDED JULY 31, OD ENDED MARCH 31, 1995 1994 1993 821.INCREASE (DECREASE) IN NET ASSETS 822.Operations $ 39,247,651 $ 36,180,457 $ 35,642,094 Net interest income 823. Net realized gain (loss) 37,522 (162,127) (59,984) 824. 39,285,173 36,018,330 35,582,110 825.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 826.Dividends to shareholders from net interest income (39,247,651) (36,180,457) (35,642,094) 827.Share transactions at net asset value of $1.00 per share 3,322,554,603 4,258,629,047 5,005,239,937 Proceeds from sales of shares 828. Reinvestment of dividends from net interest income 8,674,938 9,408,877 11,294,869 829. Cost of shares redeemed (3,114,152,108) (4,266,497,201) (5,166,243,130) 830. 217,077,433 1,540,723 (149,708,324) Net increase (decrease) in net assets and shares resulting from share transactions 831. 217,114,955 1,378,596 (149,768,308) 832.TOTAL INCREASE (DECREASE) IN NET ASSETS 833.NET ASSETS 834. 835. 836. 837. Beginning of period 1,049,169,616 1,047,791,020 1,197,559,328 838. End of period $ 1,266,284,571 $ 1,049,169,616 $ 1,047,791,020
FINANCIAL HIGHLIGHTS
EIGHT MONTH YEARS ENDED JULY 31, OCTOBER 3, 1990 PERIOD (COMMENCEME ENDED NT MARCH 31, OF OPERATIONS) T O JULY 31, 1995 1994 1993 1992 1991 839.SELECTED PER-SHARE DATA 840.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 841.Income from Investment Operations .033 .032 .031 .045 .055 Net interest income 842.Less Distributions (.033) (.032) (.031) (.045) (.055) From net interest income 843.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 844.TOTAL RETURN B 3.38% 3.27% 3.10% 4.64% 5.63% 845.RATIOS AND SUPPLEMENTAL DATA 846.Net assets, end of period (000 omitted) $ 1,266,285 $ 1,049,170 $ 1,047,791 $ 1,197,559 $ 705,543 847.Ratio of expenses to average net assets .20% .20% .20% .20% .03% A A 848.Ratio of expenses to average net assets before .42% .42% .42% .42% .42% expense reductions A A 849.Ratio of net interest income to average net assets 5.02% 3.22% 3.05% 4.43% 6.34% A A
A ANNUALIZED 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. SEE NOTE 5 OF NOTES TO THE FINANCIAL STATEMENTS. NOTES TO FINANCIAL STATEMENTS For the period ended March 31, 1995 1. SIGNIFICANT ACCOUNTING POLICIES. U.S. Treasury, U.S. Treasury II, U.S. Government, Domestic Money Market and Money Market Portfolios are funds of Fidelity Institutional Cash Portfolios (a trust). Fidelity U.S. Treasury Income Portfolio is a fund of Daily Money Fund (a trust). Fidelity Institutional Tax-Exempt Cash Portfolios is a fund of a trust of the same name. 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. On February 8, 1995, the Trustees of Fidelity Institutional Tax-Exempt Cash Portfolios and the Trustees of Fidelity U.S. Treasury Income Portfolio approved a change in the fiscal year-end of each fund to March 31. Accordingly, the financial statements of Fidelity Institutional Tax-Exempt Cash Portfolios and Fidelity U.S. Treasury Income Portfolio are presented as of and for the ten-month and eight-month periods ended March 31, 1995, respectively. Each fund of Fidelity Institutional Cash Portfolios currently offers two classes of shares, Class A and Class B, each of which has equal rights as to earnings, 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. As of March 31, 1995, Class B shares were not operational for the U.S. Treasury fund. 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 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 original issue discount, is accrued as earned. For Fidelity Institutional Tax-Exempt Cash Portfolios, accretion of market discount represents unrealized gain until realized at the time of a security disposition or maturity. ALLOCATED EARNINGS AND EXPENSES. FIDELITY INSTITUTIONAL CASH PORTFOLIOS: 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. FIDELITY U.S. TREASURY INCOME PORTFOLIO: Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned between the funds in the trust. DISTRIBUTIONS TO SHAREHOLDERS. 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. DELAYED DELIVERY TRANSACTIONS. Each fund may purchase or sell securities on a when-issued or forward commitment basis. Payment and delivery may take place a month or more after the date of the transaction. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Each fund identifies securities as segregated in its custodial records with a value at least equal to the amount of the purchase commitment. REPURCHASE AGREEMENTS. The funds of Fidelity Institutional Cash Portfolios, through their custodian, receive delivery of the underlying securities, whose market value is required to be at least 102% of the resale price at the time of purchase. The funds' investment adviser, Fidelity Management & Research Company (FMR), is responsible for determining that the value of these underlying securities remains at least equal to the resale price. REVERSE REPURCHASE AGREEMENTS. Each fund of Fidelity Institutional Cash Portfolios (except U.S. Treasury II) is permitted to engage in reverse repurchase agreements for temporary purposes. The U.S. Treasury fund engaged in reverse repurchase agreements during the period, earning net interest income of $89,713, which is included in Interest Income on the Statement of Operations. 2. OPERATING POLICIES - CONTINUED JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the funds of Fidelity Institutional Cash Portfolios, along with other affiliated entities of 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. RESTRICTED SECURITIES. The Domestic Money Market and Money Market funds, and Fidelity Institutional Tax-Exempt Cash Portfolios are permitted to invest in privately placed restricted securities. These securities may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. At the end of the period, restricted securities (excluding 144A issues) amounted to $22,000,000 or 2.8% of net assets for Domestic Money Market fund, $44,000,000 or 0.8% of net assets for Money Market fund and $22,500,000 or 1.2% of net assets for Fidelity Institutional Tax-Exempt Cash Portfolios. 3. JOINT TRADING ACCOUNT. At the end of the period, the U.S. Treasury, U.S. Treasury II and U.S. Government funds of Fidelity Institutional Cash Portfolios had 20% or more of their total investments in repurchase agreements through a joint trading account. These repurchase agreements were with entities whose creditworthiness has been reviewed and found satisfactory by FMR. The repurchase agreements were dated March 31, 1995 and due April 3, 1995. The maturity values of the joint trading account investments were $529,273,398 at 6.20%, $61,699,018 at 6.23% and $263,319,925 at 6.24% for U.S. Treasury fund, $3,149,626,170 at 6.20% and $332,298,444 at 6.23% for U.S. Treasury II fund, and $251,768,919 at 6.24% and $1,001,982,267 at 6.33% for U.S. Government fund. The investments in repurchase agreements through the joint trading account are summarized as follows: MAXIMUM AMOUNT AGGREGATE AGGREGATE AGGREGATE NO. OF WITH ONE PRINCIPAL MATURITY MARKET COUPON MATURITY DEALERS DEALER AMOUNT OF AMOUNT OF VALUE OF RATES OF DATES OF OR BANKS OR BANK AGREEMENTS AGREEMENTS COLLATERAL COLLATERAL COLLATERAL At 6.20% 28 14.5% $ 17,509,591,000 $ 17,518,640,314 $ 17,913,776,926 0%-15.75% 4/6/95-2/15/25 At 6.20% 10 35.6% $ 4,771,000,000 $ 4,773,464,567 $ 4,876,084,071 0%-14.00% 5/15/95-2/15/25 At 6.23% 5 20.4% $ 540,000,000 $ 540,280,375 $ 552,085,587 0%-14.00% 5/15/95-2/15/25 At 6.24% 7 37.2% $ 1,908,426,000 $ 1,909,418,890 $ 1,948,841,061 0%-15.75% 4/6/95-2/15/25 At 6.33% 4 44.4% $ 2,700,000,000 $ 2,701,424,250 $ 2,801,049,764 0%-14.25% 4/5/95-10/1/32 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 for the funds of Fidelity Institutional Cash Portfolios and for Fidelity Institutional Tax-Exempt Cash Portfolios. For Fidelity U.S. Treasury Income Portfolio, 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. 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, and after reducing the fee for any payments by FMR pursuant to each fund's Distribution and Service Plan. DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service Plans of Fidelity Institutional Cash Portfolios Class B, and in accordance with Rule 12b-1 of the 1940 Act, each 4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED DISTRIBUTION AND SERVICE PLAN - CONTINUED Class B fund, except U.S. Government fund, pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a distribution and service fee that is based on an annual rate of up to .32% of its average net assets. U.S. Government fund pays FDC at an annual rate of up to .25% of its average net assets. For the period, Class B of the U.S. Treasury II, U.S. Government, Domestic Money Market and Money Market funds paid FDC $418,917, $331,170, $52,640,and $812,749, respectively, of which $395,473, $44,728, $52,030 and $784,046 was paid to securities dealers, banks and other financial institutions for selling shares and providing shareholder support services on behalf of Class B of the U.S. Treasury II, U.S. Government, Domestic Money Market and Money Market funds, respectively. TRANSFER AGENT FEES. Fidelity Investments Institutional Operations Company (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for the funds of Fidelity Institutional Cash Portfolios. United Missouri Bank, N.A. (the Bank) is the custodian and transfer and shareholder servicing agent for Fidelity Institutional Tax-Exempt Cash Portfolios. The Bank has entered into a sub-contract with FIIOC to perform the activities associated with the transfer and shareholder servicing agent functions for Fidelity Institutional Tax-Exempt Cash Portfolios. During the period April 1, 1994 to December 31, 1994 for the funds of Fidelity Institutional Cash Portfolios, and June 1, 1994 to December 31, 1994 for Fidelity Institutional Tax-Exempt Cash Portfolios, FIIOC received fees based on the type, size, number of accounts and the number of transactions made by shareholders. Effective January 1, 1995, the Board of Trustees approved a revised transfer agent fee contract pursuant to which FIIOC receives account fees and asset-based fees that vary according to account size. FIIOC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the ten-month period ended March 31, 1995, FIIOC received transfer and shareholder servicing agent fees amounting to $309,306 for Fidelity Institutional Tax-Exempt Cash Portfolios. ACCOUNTING FEES. Fidelity Service Co. (FSC), an affiliate of FMR, maintains the accounting records for the funds of Fidelity Institutional Cash Portfolios. The Bank also has a sub-contract with FSC to maintain Fidelity Institutional Tax-Exempt Cash Portfolios' accounting records. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses. For the ten month period ended March 31, 1995, FSC received accounting fees amounting to $237,209 for Fidelity Institutional Tax-Exempt Cash Portfolios. 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 B shares of the funds of Fidelity Institutional Cash Portfolios) above an annual rate of .18% of average net assets for Fidelity Institutional Cash Portfolios and Fidelity Institutional Tax-Exempt Cash Portfolios, and .20% of average net assets for Fidelity U.S. Treasury Income Portfolio. Effective July 1, 1995, the expense limitation for Fidelity Institutional Cash Portfolios (excluding the Money Market fund) and Fidelity Institutional Tax-Exempt Cash Portfolios will increase to .20% of average net assets. FIDELITY INSTITUTIONAL CASH PORTFOLIOS. For the period, the reimbursement reduced expenses by $822,285, $3,539,319, $1,936,406, $866,856 and $3,002,430 for the U.S. Treasury, U.S. Treasury II, U.S. Government, Domestic Money Market and Money Market funds, respectively. FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS. For the ten-month period ended March 31, 1995, the reimbursement reduced expenses by $1,429,650. FIDELITY U.S. TREASURY INCOME PORTFOLIO. For the eight-month period ended March 31, 1995, the reimbursement reduced expenses by $1,719,806. 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 U.S. Treasury 2 35% U.S. Treasury II 2 23% U.S. Government 1 13% Domestic Money Market 1 26% Money Market 1 22% 7. SHARE TRANSACTIONS. Share transactions for both classes of the U.S. Treasury II, U.S. Government, Domestic Money Market and Money Market funds of Fidelity Institutional Cash Portfolios at net asset value of $1.00 per share were as follows: YEAR ENDED YEAR ENDED MARCH 31, 1995** MARCH 31,1994* U.S. TREASURY II CLASS A Proceeds from sales of shares $ 51,629,761,018 $ 37,652,306,847 Reinvestment of dividends from net interest income 66,481,161 53,681,583 Shares redeemed (51,559,646,169) (38,743,519,132) Net increase (decrease) in net assets and shares resulting from share transactions $ 136,596,010 $ (1,037,530,702) U.S. TREASURY II CLASS B* Proceeds from sales of shares $ 4,121,373,809 $ 11,853,621 Reinvestment of dividends from net interest income 1,891,594 14,790 Shares redeemed (3,542,818,006) (6,692,877) Net increase (decrease) in net assets and shares resulting from share transactions $ 580,447,397 $ 5,175,534 (*) Share transactions for U.S. Treasury II Class B are for the period October 22, 1993 (commencement of sale of shares) to March 31, 1994. U.S. GOVERNMENT CLASS A Proceeds from sales of shares $ 25,831,576,012 $ 33,376,241,019 Reinvestment of dividends from net interest income 70,455,356 54,284,929 Shares redeemed (26,344,771,188) (35,351,904,003) Net increase (decrease) in net assets and shares resulting from share transactions $ (442,739,820) $ (1,921,378,055) U.S. GOVERNMENT CLASS B** Proceeds from sales of shares $ 264,194,203 $ - Reinvestment of dividends from net interest income 736,478 - Shares redeemed (224,408,715) - Net increase (decrease) in net assets and shares resulting from share transactions $ 40,521,966 $ - (**) Share transactions for U.S. Government Class B are for the period April 4, 1994 (commencement of sale of shares) to March 31, 1995. DOMESTIC MONEY MARKET CLASS A Proceeds from sales of shares $ 7,602,650,013 $ 6,042,925,540 Reinvestment of dividends from net interest income 11,742,701 6,177,168 Shares redeemed (7,499,385,324) (6,196,482,006) Net increase (decrease) in net assets and shares resulting from share transactions $ 115,007,390 $ (147,379,298) DOMESTIC MONEY MARKET CLASS B** Proceeds from sales of shares $ 273,550,017 $ - Reinvestment of dividends from net interest income 779,088 - Shares redeemed (247,781,428) - Net increase (decrease) in net assets and shares resulting from share transactions $ 26,547,677 $ - (**) Share transactions for Domestic Money Market Class B are for the period July 19, 1994 (commencement of sale of shares) to March 31, 1995. MONEY MARKET CLASS A Proceeds from sales of shares $ 46,997,530,563 $ 48,632,985,539 Reinvestment of dividends from net interest income 141,162,693 59,354,442 Shares redeemed (45,208,411,681) (49,824,192,759) Net increase (decrease) in net assets and shares resulting from share transactions $ 1,930,281,575 $ (1,131,852,778) MONEY MARKET CLASS B* Proceeds from sales of shares $ 1,727,673,441 $ 112,664,085 Reinvestment of dividends from net interest income 10,646,994 379,584 Shares redeemed (1,370,385,613) (23,548,202) Net increase (decrease) in net assets and shares resulting from share transactions $ 367,934,822 $ 89,495,467 (*) Share transactions for Money Market Class B are for the period November 17, 1993 (commencement of sale of shares) to March 31, 1994. REPORT OF INDEPENDENT ACCOUNTANTS To the Trustees and Shareholders of Fidelity Institutional Tax-Exempt Cash Portfolios and To the Trustees of Daily Money Fund and the Shareholders of Fidelity U.S. Treasury Income Portfolio: We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, the related statements of operations and changes in net assets, and the financial highlights of Fidelity Institutional Tax-Exempt Cash Portfolios and Daily Money Fund: Fidelity U.S. Treasury Income Portfolio as listed on pages 37 to 52 and 53 to 57, respectively, of this annual report. These financial statements and financial highlights are the responsibility of the Fidelity Institutional Tax-Exempt Cash Portfolios' and Daily Money Fund: Fidelity U.S. Treasury Income Portfolio'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 which 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. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 1995 by correspondence with the custodians and brokers. 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 as of March 31, 1995 and the results of operations, changes in net assets and the financial highlights for each of the periods indicated on pages 49 to 52 and 54 to 57 of this annual report for Fidelity Institutional Tax-Exempt Cash Portfolios and Daily Money Fund: Fidelity U.S. Treasury Income Portfolio, respectively, in conformity with generally accepted accounting principles. COOPERS & LYBRAND L.L.P. Dallas, Texas April 26, 1995 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 the U.S. Treasury Portfolio, the U.S. Treasury Portfolio II, the U.S. Government Portfolio, the Domestic Money Market Portfolio and the Money Market Portfolio (constituting Fidelity Institutional Cash Portfolios, hereafter referred to as the "Fund") at March 31, 1995, 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 in the period then ended and the financial highlights for each of the five years in the period then ended, 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, 1995 by correspondence with the custodian and brokers, provide a reasonable basis for the opinion expressed above. PRICE WATERHOUSE LLP Dallas, Texas May 4, 1995 INVESTMENT ADVISER Fidelity Management & Research Company Boston, MA OFFICERS Edward C. Johnson 3d, PRESIDENT J. Gary Burkhead, SENIOR VICE PRESIDENT Leland Barron, VICE PRESIDENT Fred L. Henning, Jr., VICE PRESIDENT Burnell Stehman, VICE PRESIDENT John Todd, VICE PRESIDENT Sarah H. Zenoble, VICE PRESIDENT Arthur S. Loring, SECRETARY Stephen P. Jonas, TREASURER Thomas D. Maher, ASSISTANT VICE PRESIDENT Michael D. Conway, ASSISTANT TREASURER 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 United Missouri Bank, N.A. Kansas City, MO FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS CUSTODIANS Morgan Guaranty Trust Company of New York New York, NY FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY, U.S. GOVERNMENT, DOMESTIC MONEY MARKET AND MONEY MARKET DAILY MONEY FUND: FIDELITY U.S. TREASURY INCOME PORTFOLIO Bank of New York New York, NY FIDELITY INSTITUTIONAL CASH PORTFOLIOS: U.S. TREASURY II United Missouri Bank, N.A. Kansas City, MO FIDELITY INSTITUTIONAL TAX-EXEMPT CASH PORTFOLIOS