COLCHESTER STREET TRUST: DOMESTIC PORTFOLIO AND RATED MONEY MARKET
PORTFOLIO
INVESTMENTS AT MARCH 31, 1998 (UNAUDITED)
DOMESTIC
PORTFOLIO
ANUALIZED
YIELD AT DUE PRINCIPAL VALUE
TIME
OF DATE AMOUNT (NOTE 1)
PURCHASE
CERTIFICATES OF
DEPOSIT --
18.6%
DOMESTIC
CERTIFICATES OF
DEPOSIT --
10.0%
Chase Manhattan 5.65 4/6/98 20,000,000 20,000,000
Bank (USA)
Delaware
Chase Manhattan 5.71 4/6/98 5,000,000 4,999,958
Bank (USA)
Delaware
First National 5.70 3/3/99 15,000,000 14,993,382
Bank of Chicago
Fleet National 5.53 6/10/98 60,000,000 60,000,000
Bank
Fleet National
Bank
NationsBank, NA 5.60 2/10/99 10,000,000 9,995,860
SunTrust Bank, 5.52 5/6/98 30,000,000 29,999,425
Atlanta
Wachovia Bank, 5.62 (a) 4/17/98 15,000,000 14,994,812
NA
TOTAL DOMESTIC 154,983,437
CERTIFICATES OF
DEPOSIT
CHICAGO BRANCH,
YANKEE DOLLAR,
FOREIGN BANKS -
0.3%
ABN--AMRO -
Bank NV
-
NEW YORK
BRANCH, YANKEE
DOLLAR, FOREIGN
BANKS - 6.2%
Australia & New
Zealand Banking
Group
Bank of Montreal,
Canada
Bank of Montreal,
Canada
Bank of Nova
Scotia
Bank of Tokyo -
Mitsubishi Ltd.
Banque Nationale
de Paris
Barclays Bank,
PLC
Barclays Bank,
PLC
Bayerische
Hypotheken--un
d Wechsel
Bayerische
Vereinsbank AG
Credit Agricole
Indosuez
Deutsche Bank,
AG
Deutsche Bank,
AG
Dresdner Bank,
AG
National
Westminster
Bank, PLC
National
Westminster
Bank, PLC
National
Westminster
Bank, PLC
Royal Bank of
Canada
Societe Generale,
France
Societe Generale,
France
Societe Generale,
France
Swiss Bank Corp.
Swiss Bank Corp. -
TOTAL NEW YORK -
BRANCH, YANKEE
DOLLAR, FOREIGN
BANKS
PORTLAND
BRANCH, YANKEE
DOLLAR, FOREIGN
BANKS - 0.1%
Bank of Nova -
Scotia
-
LONDON BRANCH,
EURODOLLAR,
FOREIGN BANKS -
2.0%
Banco Bilbao
Vizcaya, SA
Barclays Bank,
PLC
National Australia
Bank Ltd.
National
Westminster
Bank, PLC
Norddeutsche
Landesbank
Girozentrale
Westdeutsche
Landesbank
Girozentrale
TOTAL LONDON -
BRANCH,
EURODOLLAR,
FOREIGN BANKS
TOTAL 154,983,437
CERTIFICATES
OF DEPOSIT
COMMERCIAL
PAPER -- 38.2%
American 5.56 4/7/98 25,000,000 24,976,958
Express Credit
Corp.
American 5.56 4/8/98 25,000,000 24,973,118
Express Credit
Corp.
American 5.59 5/14/98 5,000,000 4,966,854
Express Credit
Corp.
Aspen Funding
Corp.
Aspen Funding
Corp.
Asset 5.58 5/7/98 7,000,000 6,961,220
Securitization
COOP. Corp.
Asset
Securitization
Coop. Corp.
Asset
Securitization
Coop. Corp.
Associates Corp. 5.53 5/18/98 10,000,000 9,928,717
of North America
Associates Corp. 5.53 5/20/98 5,000,000 4,962,842
of North America
Bear Stearns 5.55 5/8/98 10,000,000 9,943,781
Cos., Inc.
Bear Stearns 5.59 5/20/98 5,000,000 4,962,297
Cos., Inc.
Bear Stearns
Cos., Inc.
Beneficial Corp. 5.52 5/13/98 19,000,000 18,879,857
Beneficial Corp. 5.56 5/13/98 9,000,000 8,941,620
BMW US Capital
Corp.
BTAB Holdings 5.65 4/20/98 10,000,000 9,970,286
Funding Corp.
BTAB Holdings
Funding Corp.
Caisse des
Depots et
Consigns
Chase Manhattan 5.57 5/21/98 20,000,000 19,847,222
Corp.
CIESCO, L.P. 5.53 5/14/98 10,000,000 9,935,483
CIT Group, Inc.
Citibank Credit 5.53 4/22/98 9,000,000 8,971,388
Card Master Trust
I (Dakota
Certificate
Program)
Citibank Credit 5.54 5/15/98 5,000,000 4,966,572
Card Master Trust
I (Dakota
Certificate
Program)
Citibank Credit
Card Master Trust
I (Dakota
Certificate
Program)
Commercial 5.57 5/26/98 10,000,000 9,916,125
Credit Group, Inc.
CoreStates Bank 5.62 (a) 4/2/98 4,000,000 4,000,000
CoreStates Bank 5.63 (a) 4/13/98 10,000,000 10,000,000
Delaware 5.57 5/20/98 5,143,000 5,104,359
Funding
Corporation
Eiger Capital
Corp.
Enterprise 5.55 4/13/98 3,389,000 3,382,787
Funding Corp.
Enterprise
Funding Corp.
Ford Motor Credit
Co.
Ford Motor Credit
Co.
Ford Motor Credit
Co.
General Electric 5.51 6/4/98 10,000,000 9,904,000
Capital Corp.
General Electric 5.53 5/13/98 30,000,000 29,811,058
Capital Corp.
General Electric 5.54 8/6/98 10,000,000 9,809,853
Capital Corp.
General Electric
Capital Corp.
General Electric
Capital Corp.
General Electric
Capital Corp.
General Electric 5.73 4/27/98 5,000,000 4,979,886
Capital Services,
Inc.
General Electric 5.50 6/4/98 10,000,000 9,904,178
Co.
General Electric 5.53 4/30/98 10,000,000 9,955,936
Co.
General Motors 5.56 5/13/98 10,000,000 9,936,678
Acceptance Corp.
General Motors 5.57 5/28/98 20,000,000 19,826,467
Acceptance Corp.
General Motors 5.58 4/22/98 15,000,000 14,951,525
Acceptance Corp.
General Motors
Acceptance Corp.
General Motors 5.61 4/27/98 5,000,000 4,979,850
Corp.
Goldman Sachs 5.69 4/13/98 10,000,000 9,981,333
Group, L.P.
GTE Corp. 5.76 4/27/98 2,900,000 2,887,999
GTE Corp. 5.77 4/20/98 4,000,000 3,987,861
IBM Credit Corp.
Kitty Hawk 5.58 5/13/98 2,927,000 2,907,945
Funding Corp.
Merrill Lynch & 5.59 5/26/98 20,000,000 19,831,639
Co., Inc.
Merrill Lynch & 5.59 6/15/98 20,000,000 19,770,417
Co., Inc.
Monsanto Co. 5.51 7/9/98 5,300,000 5,221,587
Monsanto Co. 5.53 8/13/98 10,000,000 9,800,117
Monsanto Co. 5.56 8/18/98 4,000,000 3,916,600
Morgan Stanley, 5.60 6/3/98 15,000,000 14,855,100
Dean Witter,
Discover & Co.
Nationwide
Building Society
New Center Asset 5.51 4/22/98 5,000,000 4,984,133
Trust
New Center Asset 5.54 5/15/98 5,000,000 4,966,756
Trust
New Center Asset 5.55 5/18/98 15,000,000 14,892,879
Trust
New Center Asset 5.58 5/4/98 30,000,000 29,847,650
Trust
Norwest 5.51 5/15/98 10,000,000 9,933,878
Financial, Inc.
PHH Corp. 5.61 5/26/98 5,000,000 4,957,146
Preferred 5.55 4/15/98 3,060,000 3,053,455
Receivables
Funding Corp.
Preferred 5.58 4/6/98 5,325,000 5,320,895
Receivables
Funding Corp.
Three Rivers 5.58 4/21/98 4,000,000 3,987,667
Funding Corp.
TOTAL 504,755,974
COMMERCIAL
PAPER
FEDERAL
AGENCIES --
1.7%
Fannie Mae - 5.59 (a) 6/12/98 15,000,000 14,998,570
Agency Coupons
Fannie Mae - 6.06 4/15/98 10,000,000 9,999,559
Agency Coupons
TOTAL 24,998,129
FEDERAL
AGENCIES
BANK NOTES --
16.0%
Bank of America 5.51 7/27/98 25,000,000 25,000,000
National Trust &
Savings, San
Francisco
Bank of America 5.52 7/13/98 13,000,000 13,001,029
National Trust &
Savings, San
Francisco
Bank One - 5.57 (a) 4/7/98 8,000,000 7,998,936
Columbus
BankBoston NA 5.71 4/1/98 9,000,000 9,000,000
BankOne, 5.62 (a) 6/19/98 17,000,000 17,004,319
Milwaukee
CoreStates Bank 5.63 (a) 4/6/98 20,000,000 20,000,000
CoreStates Bank 5.65 4/14/98 10,000,000 10,000,000
First Bank NA - 5.65 (a) 4/15/98 5,000,000 4,998,885
Minnesota
First National 5.70 2/16/99 18,000,000 17,971,058
Bank of Chicago,
IL
Key Bank, 5.59 (a) 4/1/98 15,000,000 14,994,882
National
Association
Key Bank, 5.64 (a) 4/23/98 4,000,000 3,998,491
National
Association
Key Bank, 5.64 (a) 4/24/98 6,000,000 5,998,906
National
Association
Key Bank, 5.94 9/17/98 15,000,000 14,997,341
National
Association
Morgan Guaranty 5.85 8/31/98 3,000,000 3,000,579
Trust Co., NY
Morgan Guaranty 5.97 8/31/98 15,000,000 14,997,612
Trust Co., NY
National City 5.64 (a) 4/6/98 10,000,000 9,995,017
Bank - Kentucky
National City 5.64 4/2/98 5,000,000 4,999,249
Bank -
Pennsylvania
NationsBank, NA 5.54 10/19/98 20,000,000 20,000,000
NationsBank, NA 5.54 12/22/98 15,000,000 15,027,625
Northern Trust 5.69 (a) 4/1/98 3,000,000 2,999,491
Co., Chicago
PNC Bank, NA 5.58 (a) 4/16/98 15,000,000 14,993,068
PNC Bank, NA 5.64 (a) 4/27/98 3,000,000 3,000,994
PNC Bank, NA 5.65 (a) 4/27/98 3,000,000 2,999,731
SouthTrust Bank, 5.65 (a) 4/13/98 5,000,000 4,998,700
Alabama
US Bank, NA 5.64 (a) 4/15/98 5,000,000 4,998,400
Wachovia Bank, 5.49 11/13/98 5,000,000 4,989,277
NA
TOTAL BANK 271,963,590
NOTES
MASTER NOTES --
5.2%
Goldman Sachs 5.69 (a) 6/13/98 40,000,000 40,000,000
Group, LP (c)
Goldman Sachs 5.63 (a) 5/4/98 2,000,000 2,000,000
Group, LP (c)
J.P. Morgan 5.65 (a) 4/7/98 26,000,000 26,000,000
Securities, Inc.
J.P. Morgan 5.66 (a) 4/7/98 12,000,000 12,000,000
Securities, Inc.
Suntrust Banks, 5.64 (a) 4/7/98 5,000,000 5,000,000
Inc.
TOTAL MASTER 85,000,000
NOTES
MEDIUM--TERM
NOTES -- 4.8%
Beneficial Corp. 5.55 (a) 4/11/98 2,000,000 1,999,798
General Motors 5.87 5/18/98 5,000,000 5,009,471
Acceptance Corp.
Merrill Lynch & 5.66 (a) 4/6/98 2,000,000 1,999,964
Co., Inc.
Merrill Lynch & 5.75 (a) 4/1/98 5,000,000 4,999,750
Co., Inc.
Morgan Stanley, 5.60 4/1/98 10,000,000 10,000,253
Dean Witter,
Discover & Co.
Morgan Stanley, 5.62 4/1/98 5,000,000 4,999,865
Dean Witter,
Discover & Co.
Morgan Stanley, 5.67 (a) 4/1/98 15,000,000 15,000,000
Dean Witter,
Discover & Co.
New York Life 5.89 (a) 6/23/98 15,000,000 15,000,000
Insurance Co.
Norwest Corp. 5.67 (a) 4/22/98 9,000,000 9,000,000
Pacific Mutual Life 5.95 (a) 6/9/98 (b) 3,000,000 3,000,000
Insurance Co.
Transamerica Life 5.70 (a) 6/16/98 3,000,000 3,000,000
Insurance &
Annuity Co.
TOTAL 74,009,101
MEDIUM--TERM
NOTES
SHORT--TERM
NOTES -- 5.3%
Capital One
Funding Corp.
(1994--B)
Capital One
Funding Corp.
(1994--E)
Capital One 5.63 (a) 4/7/98 2,792,000 2,792,000
Funding Corp.
(1995--D)
Capital One 5.63 (a) 4/7/98 3,971,000 3,971,000
Funding Corp.
(1996--G)
Capital One 5.63 (a) 4/7/98 5,000,000 5,000,000
Funding Corp.
(1997--D)
Capital One 5.63 (a) 4/7/98 5,000,000 5,000,000
Funding Corp.
(1997--F)
Capital One 5.63 (a) 4/7/98 8,000,000 8,000,000
Funding Corp.
(1997--G)
Liquid Asset
Backed Securities
Trust (1997--5)
(b)
SMM Trust 5.69 (a) 4/29/98 4,000,000 4,000,000
(1997--I) (b)
SMM Trust 5.69 (a) 4/16/98 2,000,000 2,000,000
(1997--P) (b)
SMM Trust 5.69 (a) 4/13/98 7,000,000 7,000,000
(1997--X) (b)
Strategic Money 5.69 (a) 6/23/98 15,000,000 15,000,000
Market Trust
(1997--A) (b)
Strategic Money 5.69 (a) 4/6/98 9,000,000 9,000,000
Market Trust
(1998--B) (b)
TOTAL 61,763,000
SHORT--TERM
NOTES
REPURCHASE
AGREEMENTS --
10.2%
MATURITY
IN A JOINT TRADING AMOUNT
ACCOUNT
(U.S.
GOVERNMENT
OBLIGATIONS)
dated 3/31/98 At 5.94% 58,719,695 58,710,000
due 4/1/98:
dated 3/31/98 At 5.97% 35,005,807 35,000,000
due 4/1/98:
dated 3/31/98 At 6.08% 75,012,673 75,000,000
due 4/1/98:
(U.S. TREASURY
OBLIGATIONS):
dated 3/31/98
due 4/1/98
TOTAL 168,710,000
REPURCHASE
AGREEMENTS
TOTAL 1,346,183,231
INVESTMENTS -
100%
TOTAL COST FOR 1,346,183,231
INCOME TAX
PURPOSES
RATED COMBINED
MONEY
MARKET
PORTFOLIO
ANUALIZED
YIELD AT DUE PRINCIPAL VALUE PRINCIPAL VALUE CUSIP
TIME
OF PURCHASE DATE AMOUNT (NOTE 1) AMOUNT (NOTE 1) _________
CERTIFICATES OF
DEPOSIT --
18.6%
DOMESTIC
CERTIFICATES OF
DEPOSIT --
10.0%
Chase Manhattan 20,000,000 20,000,000 161991BA
Bank (USA)
Delaware
Chase Manhattan 5,000,000 4,999,958 161991BE
Bank (USA)
Delaware
First National 15,000,000 14,993,382 9959903F
Bank of Chicago
Fleet National 60,000,000 60,000,000 397998AB
Bank
Fleet National 5.53 6/10/98 10,000,000 10,000,000 10,000,000 10,000,000 397998AA
Bank
NationsBank, NA 10,000,000 9,995,860 643998AM
SunTrust Bank, 5.52 5/6/98 10,000,000 9,999,808 40,000,000 39,999,233 93099PDE
Atlanta
Wachovia Bank, 15,000,000 14,994,812 92976PFD
NA
TOTAL DOMESTIC 19,999,808 174,983,245
CERTIFICATES OF
DEPOSIT
CHICAGO BRANCH,
YANKEE DOLLAR,
FOREIGN BANKS -
0.3%
ABN--AMRO 5.54 2/2/99 5,000,000 4,998,351 5,000,000 4,998,351 032993RU
Bank NV
4,998,351 4,998,351
NEW YORK
BRANCH, YANKEE
DOLLAR, FOREIGN
BANKS - 6.2%
Australia & New 5.70 4/2/98 5,000,000 5,000,004 5,000,000 5,000,004 0525289U
Zealand Banking
Group
Bank of Montreal, 5.57 4/6/98 5,000,000 5,000,000 5,000,000 5,000,000 063990CJ
Canada
Bank of Montreal, 5.52 5/4/98 5,000,000 5,000,000 5,000,000 5,000,000 063990CC
Canada
Bank of Nova 5.97 7/21/98 1,000,000 999,530 1,000,000 999,530 669991KB
Scotia
Bank of Tokyo - 6.03 4/20/98 9,000,000 9,000,000 9,000,000 9,000,000 88999HEM
Mitsubishi Ltd.
Banque Nationale 5.52 5/5/98 5,000,000 5,000,000 5,000,000 5,000,000 055992YE
de Paris
Barclays Bank, 5.52 5/13/98 5,000,000 5,000,000 5,000,000 5,000,000 06799MET
PLC
Barclays Bank, 5.52 5/20/98 7,000,000 7,000,000 7,000,000 7,000,000 06799MEU
PLC
Bayerische 5.56 5/11/98 5,000,000 5,000,000 5,000,000 5,000,000 07299GDK
Hypotheken--un
d Wechsel
Bayerische 5.66 5/4/98 5,000,000 5,000,000 5,000,000 5,000,000 072992LC
Vereinsbank AG
Credit Agricole 5.52 5/20/98 2,000,000 2,000,000 2,000,000 2,000,000 22799HDD
Indosuez
Deutsche Bank, 5.58 4/15/98 6,000,000 5,999,718 6,000,000 5,999,718 252999DL
AG
Deutsche Bank, 5.52 8/3/98 5,000,000 5,000,000 5,000,000 5,000,000 252999DC
AG
Dresdner Bank, 5.56 4/6/98 5,000,000 5,000,000 5,000,000 5,000,000 261990NQ
AG
National 6.00 6/23/98 3,000,000 2,999,420 3,000,000 2,999,420 638990PC
Westminster
Bank, PLC
National 5.89 7/22/98 5,000,000 4,999,186 5,000,000 4,999,186 638990PH
Westminster
Bank, PLC
National 5.97 8/7/98 3,000,000 2,998,654 3,000,000 2,998,654 638990PM
Westminster
Bank, PLC
Royal Bank of 5.60 2/10/99 5,000,000 4,997,102 5,000,000 4,997,102 780990GH
Canada
Societe Generale, 5.58 6/8/98 5,000,000 5,000,000 5,000,000 5,000,000 85899PJD
France
Societe Generale, 5.53 8/4/98 5,000,000 5,000,000 5,000,000 5,000,000 85899PFN
France
Societe Generale, 5.55 8/24/98 5,000,000 5,000,000 5,000,000 5,000,000 85899PGT
France
Swiss Bank Corp. 5.97 8/28/98 2,000,000 1,999,610 2,000,000 1,999,610 8709905Q
Swiss Bank Corp. 5.75 3/24/99 5,000,000 4,995,229 5,000,000 4,995,229 8709906E
TOTAL NEW YORK 107,988,453 107,988,453
BRANCH, YANKEE
DOLLAR, FOREIGN
BANKS
PORTLAND
BRANCH, YANKEE
DOLLAR, FOREIGN
BANKS - 0.1%
Bank of Nova 6.20 4/1/98 2,000,000 2,000,000 2,000,000 2,000,000 669991HV
Scotia
2,000,000 2,000,000
LONDON BRANCH,
EURODOLLAR,
FOREIGN BANKS -
2.0%
Banco Bilbao 5.65 4/7/98 2,000,000 2,000,003 2,000,000 2,000,003 05999MCH
Vizcaya, SA
Barclays Bank, 5.80 4/23/98 5,000,000 5,000,000 5,000,000 5,000,000 06799MEA
PLC
National Australia 5.72 4/14/98 5,000,000 4,999,930 5,000,000 4,999,930 632990AY
Bank Ltd.
National 5.52 4/6/98 7,000,000 6,999,999 7,000,000 6,999,999 638990QH
Westminster
Bank, PLC
Norddeutsche 5.56 4/15/98 10,000,000 9,999,604 10,000,000 9,999,604 65599BBK
Landesbank
Girozentrale
Westdeutsche 5.52 6/4/98 6,000,000 6,000,105 6,000,000 6,000,105 957991SS
Landesbank
Girozentrale
TOTAL LONDON 34,999,641 34,999,641
BRANCH,
EURODOLLAR,
FOREIGN BANKS
TOTAL 169,986,253 324,969,690
CERTIFICATES
OF DEPOSIT
COMMERCIAL
PAPER -- 38.2%
American 25,000,000 24,976,958 025990SW
Express Credit
Corp.
American 25,000,000 24,973,118 025990SX
Express Credit
Corp.
American 5,000,000 4,966,854 025990TC
Express Credit
Corp.
Aspen Funding 5.60 4/15/98 5,000,000 4,989,189 5,000,000 4,989,189 04699XBW
Corp.
Aspen Funding 5.59 4/16/98 15,000,000 14,965,313 15,000,000 14,965,313 04699XBX
Corp.
Asset 7,000,000 6,961,220 04599RHF
Securitization
COOP. Corp.
Asset 5.59 4/14/98 2,000,000 1,995,992 2,000,000 1,995,992 04599RGY
Securitization
Coop. Corp.
Asset 5.52 5/8/98 2,000,000 1,988,808 2,000,000 1,988,808 04599RGP
Securitization
Coop. Corp.
Associates Corp. 5.53 5/18/98 5,000,000 4,964,358 15,000,000 14,893,075 04699JLP
of North America
Associates Corp. 5,000,000 4,962,842 04699JLS
of North America
Bear Stearns 10,000,000 9,943,781 07399H2P
Cos., Inc.
Bear Stearns 5,000,000 4,962,297 07399H2Y
Cos., Inc.
Bear Stearns 5.59 6/11/98 5,000,000 4,945,567 5,000,000 4,945,567 07399H2W
Cos., Inc.
Beneficial Corp. 19,000,000 18,879,857 08199BFX
Beneficial Corp. 9,000,000 8,941,620 08199BGF
BMW US Capital 5.65 5/26/98 2,000,000 1,983,103 2,000,000 1,983,103 06399TGU
Corp.
BTAB Holdings 10,000,000 9,970,286 07099KAC
Funding Corp.
BTAB Holdings 5.65 4/22/98 5,000,000 4,983,579 5,000,000 4,983,579 07099KAB
Funding Corp.
Caisse des 5.57 4/28/98 5,000,000 4,979,225 5,000,000 4,979,225 12799EEL
Depots et
Consigns
Chase Manhattan 20,000,000 19,847,222 16161A9E
Corp.
CIESCO, L.P. 10,000,000 9,935,483 1779966N
CIT Group, Inc. 5.82 6/25/98 5,000,000 4,933,299 5,000,000 4,933,299 1729904M
Citibank Credit 9,000,000 8,971,388 23499JLK
Card Master Trust
I (Dakota
Certificate
Program)
Citibank Credit 5,000,000 4,966,572 23499JMA
Card Master Trust
I (Dakota
Certificate
Program)
Citibank Credit 5.54 4/16/98 19,000,000 18,956,617 19,000,000 18,956,617 23499JLP
Card Master Trust
I (Dakota
Certificate
Program)
Commercial 10,000,000 9,916,125 201997BY
Credit Group, Inc.
CoreStates Bank 4,000,000 4,000,000 2186X8CA
CoreStates Bank 10,000,000 10,000,000 2186X8CF
Delaware 5,143,000 5,104,359 24699AEW
Funding
Corporation
Eiger Capital 5.54 4/13/98 4,940,000 4,930,943 4,940,000 4,930,943 27699BCD
Corp.
Enterprise 3,389,000 3,382,787 29399H7Y
Funding Corp.
Enterprise 5.59 5/13/98 5,000,000 4,967,742 5,000,000 4,967,742 29399H8U
Funding Corp.
Ford Motor Credit 5.58 4/7/98 5,000,000 4,995,417 5,000,000 4,995,417 34599XMN
Co.
Ford Motor Credit 5.53 4/10/98 10,000,000 9,986,300 10,000,000 9,986,300 34599XMT
Co.
Ford Motor Credit 5.53 5/11/98 5,000,000 4,969,667 5,000,000 4,969,667 34599XMY
Co.
General Electric 10,000,000 9,904,000 36999HKG
Capital Corp.
General Electric 30,000,000 29,811,058 36999HLW
Capital Corp.
General Electric 10,000,000 9,809,853 36999HKX
Capital Corp.
General Electric 5.79 4/7/98 5,000,000 4,995,333 5,000,000 4,995,333 36999HEQ
Capital Corp.
General Electric 5.54 6/3/98 5,000,000 4,952,313 5,000,000 4,952,313 36999HLE
Capital Corp.
General Electric 5.54 8/4/98 10,000,000 9,812,847 10,000,000 9,812,847 36999HKW
Capital Corp.
General Electric 5,000,000 4,979,886 36959C9R
Capital Services,
Inc.
General Electric 10,000,000 9,904,178 369999HH
Co.
General Electric 10,000,000 9,955,936 369999HM
Co.
General Motors 10,000,000 9,936,678 50899ACX
Acceptance Corp.
General Motors 20,000,000 19,826,467 50899ACQ
Acceptance Corp.
General Motors 5.58 4/22/98 5,000,000 4,983,842 20,000,000 19,935,367 50899ACW
Acceptance Corp.
General Motors 5.57 5/27/98 5,000,000 4,957,375 5,000,000 4,957,375 50899ACP
Acceptance Corp.
General Motors 5,000,000 4,979,850 3704429H
Corp.
Goldman Sachs 5.69 4/13/98 10,000,000 9,981,333 20,000,000 19,962,666 696992SR
Group, L.P.
GTE Corp. 2,900,000 2,887,999 362991QY
GTE Corp. 4,000,000 3,987,861 362991RC
IBM Credit Corp. 5.57 4/27/98 5,000,000 4,980,067 5,000,000 4,980,067 449991JG
Kitty Hawk 2,927,000 2,907,945 49999VAU
Funding Corp.
Merrill Lynch & 20,000,000 19,831,639 59099GSK
Co., Inc.
Merrill Lynch & 20,000,000 19,770,417 59099GSP
Co., Inc.
Monsanto Co. 5,300,000 5,221,587 611996KT
Monsanto Co. 10,000,000 9,800,117 611996KX
Monsanto Co. 4,000,000 3,916,600 611996LB
Morgan Stanley, 5.60 6/3/98 5,000,000 4,951,700 20,000,000 19,806,800 61799EUT
Dean Witter,
Discover & Co.
Nationwide 5.68 4/7/98 5,000,000 4,995,333 5,000,000 4,995,333 638993LW
Building Society
New Center Asset 5,000,000 4,984,133 643995RU
Trust
New Center Asset 5.54 5/15/98 3,000,000 2,980,053 8,000,000 7,946,809 643995RT
Trust
New Center Asset 5.55 5/18/98 5,000,000 4,964,293 20,000,000 19,857,172 643995SD
Trust
New Center Asset 30,000,000 29,847,650 643995SN
Trust
Norwest 10,000,000 9,933,878 66999BBR
Financial, Inc.
PHH Corp. 5,000,000 4,957,146 71999HHU
Preferred 3,060,000 3,053,455 74099SSL
Receivables
Funding Corp.
Preferred 5,325,000 5,320,895 74099STD
Receivables
Funding Corp.
Three Rivers 4,000,000 3,987,667 88599SBE
Funding Corp.
TOTAL 162,089,608 666,845,582
COMMERCIAL
PAPER
FEDERAL
AGENCIES --
1.7%
Fannie Mae - 5.90 (a) 6/12/98 5,000,000 4,999,523 20,000,000 19,998,093 31364CSN
Agency Coupons
Fannie Mae - 10,000,000 9,999,559 31364CE5
Agency Coupons
TOTAL 4,999,523 29,997,652
FEDERAL
AGENCIES
BANK NOTES --
16.0%
Bank of America 25,000,000 25,000,000 06399AGW
National Trust &
Savings, San
Francisco
Bank of America 13,000,000 13,001,029 06399AHC
National Trust &
Savings, San
Francisco
Bank One - 8,000,000 7,998,936 06420UAJ
Columbus
BankBoston NA 9,000,000 9,000,000 06999HAK
BankOne, 17,000,000 17,004,319 06421VAD
Milwaukee
CoreStates Bank 20,000,000 20,000,000 2186W2BS
CoreStates Bank 10,000,000 10,000,000 2186W2AD
First Bank NA - 5,000,000 4,998,885 31925JBB
Minnesota
First National 18,000,000 17,971,058 9959903E
Bank of Chicago,
IL
Key Bank, 15,000,000 14,994,882 49306BEL
National
Association
Key Bank, 4,000,000 3,998,491 49306BDT
National
Association
Key Bank, 6,000,000 5,998,906 49306BDD
National
Association
Key Bank, 15,000,000 14,997,341 49399UAS
National
Association
Morgan Guaranty 3,000,000 3,000,579 6189978L
Trust Co., NY
Morgan Guaranty 15,000,000 14,997,612 6189978K
Trust Co., NY
National City 10,000,000 9,995,017 63536QAE
Bank - Kentucky
National City 5,000,000 4,999,249 63599KAA
Bank -
Pennsylvania
NationsBank, NA 20,000,000 20,000,000 643998AL
NationsBank, NA 15,000,000 15,027,625 643998AJ
Northern Trust 5.69 (a) 4/1/98 5,000,000 4,999,151 8,000,000 7,998,642 66586GBL
Co., Chicago
PNC Bank, NA 15,000,000 14,993,068 69347KEX
PNC Bank, NA 3,000,000 3,000,994 69347KCS
PNC Bank, NA 3,000,000 2,999,731 69347KDT
SouthTrust Bank, 5.65 (a) 4/13/98 1,000,000 999,740 6,000,000 5,998,440 8447HAAW
Alabama
US Bank, NA 5.64 (a) 4/15/98 1,000,000 999,680 6,000,000 5,998,080 90331JAA
Wachovia Bank, 5,000,000 4,989,277 93999PAE
NA
TOTAL BANK 6,998,571 278,962,161
NOTES
MASTER NOTES --
5.2%
Goldman Sachs 5.69 (a) 6/13/98 5,000,000 5,000,000 45,000,000 45,000,000 696992ST
Group, LP (c)
Goldman Sachs 2,000,000 2,000,000 696992RX
Group, LP (c)
J.P. Morgan 26,000,000 26,000,000 61999PVS
Securities, Inc.
J.P. Morgan 12,000,000 12,000,000 61999PNS
Securities, Inc.
Suntrust Banks, 5,000,000 5,000,000 8679149S
Inc.
TOTAL MASTER 5,000,000 90,000,000
NOTES
MEDIUM--TERM
NOTES -- 4.8%
Beneficial Corp. 2,000,000 1,999,798 08172MFG
General Motors 5,000,000 5,009,471 37042NRC
Acceptance Corp.
Merrill Lynch & 5.66 (a) 4/6/98 1,000,000 999,982 3,000,000 2,999,946 59018STV
Co., Inc.
Merrill Lynch & 5.75 (a) 4/1/98 3,000,000 2,999,850 8,000,000 7,999,600 59018SXD
Co., Inc.
Morgan Stanley, 10,000,000 10,000,253 61745EKP
Dean Witter,
Discover & Co.
Morgan Stanley, 5,000,000 4,999,865 61745EKP
Dean Witter,
Discover & Co.
Morgan Stanley, 5.67 (a) 4/1/98 5,000,000 5,000,000 20,000,000 20,000,000 61745ELF
Dean Witter,
Discover & Co.
New York Life 15,000,000 15,000,000 64952G9B
Insurance Co.
Norwest Corp. 9,000,000 9,000,000 66899CDY
Pacific Mutual Life 3,000,000 3,000,000 694995AE
Insurance Co.
Transamerica Life 3,000,000 3,000,000 90899FAJ
Insurance &
Annuity Co.
TOTAL 8,999,832 83,008,933
MEDIUM--TERM
NOTES
SHORT--TERM
NOTES -- 5.3%
Capital One 5.63 (a) 4/7/98 3,899,000 3,899,000 3,899,000 3,899,000 14040G9B
Funding Corp.
(1994--B)
Capital One 5.63 (a) 4/7/98 2,225,000 2,225,000 2,225,000 2,225,000 14040G9G
Funding Corp.
(1994--E)
Capital One 2,792,000 2,792,000 14040G9N
Funding Corp.
(1995--D)
Capital One 3,971,000 3,971,000 14040GAW
Funding Corp.
(1996--G)
Capital One 5,000,000 5,000,000 14040GBE
Funding Corp.
(1997--D)
Capital One 5,000,000 5,000,000 14040GBC
Funding Corp.
(1997--F)
Capital One 8,000,000 8,000,000 14040GBF
Funding Corp.
(1997--G)
Liquid Asset 5.67 (a) 4/17/98 4,000,000 4,000,000 4,000,000 4,000,000 535912AT
Backed Securities
Trust (1997--5)
(b)
SMM Trust 4,000,000 4,000,000 784568CL
(1997--I) (b)
SMM Trust 5.69 (a) 4/16/98 2,000,000 2,000,000 4,000,000 4,000,000 784568CQ
(1997--P) (b)
SMM Trust 5.69 (a) 4/13/98 6,000,000 6,000,000 13,000,000 13,000,000 784568CN
(1997--X) (b)
Strategic Money 5.69 (a) 6/23/98 10,000,000 10,000,000 25,000,000 25,000,000 86276PAA
Market Trust
(1997--A) (b)
Strategic Money 5.69 (a) 4/6/98 3,000,000 3,000,000 12,000,000 12,000,000 86276PAC
Market Trust
(1998--B) (b)
TOTAL 31,124,000 92,887,000
SHORT--TERM
NOTES
REPURCHASE
AGREEMENTS --
10.2%
MATURITY MATURITY
IN A JOINT TRADING AMOUNT AMOUNT
ACCOUNT
(U.S.
GOVERNMENT
OBLIGATIONS)
dated 3/31/98 58,719,695 58,710,000 65799LHM
due 4/1/98:
dated 3/31/98 35,005,807 35,000,000 65799LHH
due 4/1/98:
dated 3/31/98 75,012,673 75,000,000 65799LHD
due 4/1/98:
(U.S. TREASURY
OBLIGATIONS):
dated 3/31/98 At 5.94% 11,151,841 11,150,000 11,151,841 11,150,000 65799LHL
due 4/1/98
TOTAL 11,150,000 179,860,000
REPURCHASE
AGREEMENTS
TOTAL 400,347,787 1,746,531,018
INVESTMENTS -
100%
TOTAL COST FOR 400,347,787 1,746,531,018
INCOME TAX
PURPOSES
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represent the
rate at period end. The due dates on these types of securities reflect
the next
interest rate reset date or, when applicable, the final maturity date.
(b) Security exempt from registration under Rule 144A of the
Securities Act of
1933. These securities may be resold in transactions exempted from
registration,
normally to qualified institutional buyers. At the period end, the
value of these
securities amounted to $40,000,000 or 3.1% of net assets of Domestic
Porfolio,
and $25,000,000 or 6.2% of the net assets for Rated Money Market.
(C) RESTRICTED ACQUISITION ACQUISITION
SECURITIES --
INVESTMENTS IN
SECURITIES NOT
REGISTERED UNDER
THE
SECURITIES ACT OF DATE COST DATE COST TOTAL COST
1933.
GOLDMAN SACHS 3/10/98 $40,000,000 35,864 $ 5,000,000 $ 45,000,000
GROUP, LP, 5.69%,
6/13/98
GOLDMAN SACHS 8/5/97 $ 2,000,000 $ 2,000,000
GROUP, LP, 5.63%,
5/4/98
OTHER
INFORMATION
AT THE END OF THE
PERIOD, RESTRICTED
SECURITIES
(EXCLUDING 144A
ISSUES) AMOUNTED
TO $42,000,000 OR
3.3% OF NET
ASSETS FOR
DOMESTIC
PORTFOLIO AND
$5,000,000
OR 1.2% OF NET
ASSETS FOR RATED
MONEY MARKET
PORTFOLIO.
COLCHESTER STREET TRUST: DOMESTIC PORTFOLIO
COLCHESTER STREET TRUST: RATED MONEY MARKET PORTFOLIO
PRO FORMA COMBINING STATEMENT OF ASSETS & LIABILITIES AS OF MARCH 31, 1998
(UNAUDITED)
COLCHESTER STREET TRUST:
DOMESTIC RATED MONEY PRO FORMA PRO FORMA
PORTFOLIO MARKET PORTFOLIO COMBINED ADJUSTMENTS COMBINED
ASSETS
INVESTMENT IN SECURITIES, AT VALUE
- SEE ACCOMPANYING SCHEDULE $1,346,183,231 $400,347,787 $1,746,531,018 - $1,746,531,018
CASH 515 526 1,041 - 1,041
RECEIVABLE FOR INVESTMENTS SOLD 100,000 55,000 155,000 - 155,000
INTEREST RECEIVABLE 6,416,788 2,448,432 8,865,220 - 8,865,220
TOTAL ASSETS 1,352,700,534 402,851,745 1,755,552,279 - 1,755,552,279
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $71,456,785 $- $71,456,785 - 71,456,785
DISTRIBUTIONS PAYABLE 2,341,963 173,450 2,515,413 - 2,515,413
ACCRUED MANAGEMENT FEE 180,624 56,753 237,377 - 237,377
DISTRIBUTION FEES PAYABLE 19,825 20,059 39,884 - 39,884
OTHER PAYABLES AND ACCRUED EXPENSES 115,380 73,815 189,195 - 189,195
TOTAL LIABILITIES 74,114,577 324,077 74,438,654 - 74,438,654
NET ASSETS $1,278,585,957 $402,527,668 $1,681,113,625 $- $1,681,113,625
NET ASSETS CONSIST OF:
PAID IN CAPITAL $1,278,715,097 $402,559,052 $1,681,274,149 - $1,681,274,149
ACCUMULATED UNDISTRIBUTED NET
REALIZED GAIN (LOSS) ON INVESTMENTS (129,140) (31,384) (160,524) - (160,524)
NET ASSETS $1,278,585,957 $402,527,668 $1,681,113,625 $- $1,681,113,625
CLASS I
NET ASSETS $1,170,833,137 $303,826,094 $1,474,659,231 $- $1,474,659,231
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE $1.00 $1.00 $1.00
SHARES OUTSTANDING 1,170,937,082 303,901,525 1,474,838,607 - 1,474,838,607
CLASS II
NET ASSETS $34,455,169 $23,321,405 $57,776,574 $- $57,776,574
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE $1.00 $1.00 $1.00
SHARES OUTSTANDING 34,458,227 23,327,195 57,785,422 - 57,785,422
CLASS III
NET ASSETS $73,297,651 $75,380,169 $148,677,820 $- $148,677,820
NET ASSET VALUE, OFFERING PRICE AND
REDEMPTION PRICE PER SHARE $1.00 $1.00 $1.00
SHARES OUTSTANDING 73,304,158 75,398,884 148,703,042 - 148,703,042
COLCHESTER STREET TRUST: DOMESTIC PORTFOLIO
COLCHESTER STREET TRUST: RATED MONEY MARKET PORTFOLIO
PRO FORMA COMBINING STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1998
(UNAUDITED)
COLCHESTER STREET
TRUST:
DOMESTIC RATED MONEY PRO FORMA PRO FORMA
PORTFOLIO MARKET PORTFOLIO COMBINED ADJUSTMENTS COMBINED
INTEREST
INCOME
Interest $22,589,605 $93,442,476 - $93,442,476
Income $70,852,871
EXPENSES
Management 2,486,885 1,408,420 3,895,305 (615,892) (a) 3,279,413
fee
Transfer
agent fees
Class I 431,378 30,043 461,421 6,040 (b) 477,461
Class II 5,016 801 5,817 3,146 (b) 8,963
Class III 25,088 2,353 27,441 2,791 (b) 30,232
Distribution
fees
Class II 16,366 41,909 58,275 774 (b) 59,049
Class III 213,409 116,323 329,732 249 (b) 329,981
Accounting 143,578 20,711 164,289 8,689 (b) 172,978
fees and
expenses
Non-intereste 7,899 1,109 9,008 1,411 (b) 10,419
d trustees'
compensation
Custodian 30,960 8,659 39,619 1,219 (b) 40,838
fees and
expenses
Registration 134,938 21,726 156,664 79,916 (c) 236,580
fees
Audit 14,895 24,195 39,090 (6,090) (d) 33,000
Legal 6,488 427 6,915 1,643 (b) 8,558
Miscellaneou 13,267 500 13,767 3,733 (b) 17,500
s
Total 3,530,167 1,677,176 5,207,343 (502,371) 4,704,972
expenses
before
reductions
Expense (824,131) (731,960) (1,556,091) 505,710 (e) (1,050,381)
reductions
Total 2,706,036 945,216 3,651,252 3,339 3,654,591
expenses
NET INTEREST 68,146,835 21,644,389 89,791,224 (3,339) 89,787,885
INCOME
NET REALIZED (4,895) (15,808) (20,703) - (20,703)
GAIN (LOSS) ON
INVESTMENTS
NET INCREASE
(DECREASE) IN
NET
ASSETS $68,141,940 $21,628,581 89,770,521 $(3,339) $89,767,182
RESULTING
FROM
OPERATIONS
CAPITALIZATION
The following table shows the capitalization of the funds as of March
31, 1998 and on a pro forma combined basis (unaudited) as of that date
giving effect to the Reorganization.
DOMESTIC RATED MM COMBINED
NET ASSET VALUE $1,170,833,137 $303,826,094 $1,474,659,231
$34,455,169 $23,321,405 $57,776,574
$73,297,651 $75,380,169 $148,677,820
SHARES 1,170,937,082 303,901,525 1,474,838,607
OUTSTANDING 34,458,227 23,327,195 57,785,422
73,304,158 75,398,884 148,703,042
Colchester Street Trust: Domestic Portfolio
Colchester Street Trust: Rated Money Market Portfolio
Notes to Pro Forma Combining Financial Statements
(Unaudited)
The accompanying unaudited Pro Forma Combining Schedule of
Investments and Statement of Assets and Liabilities as of March 31,
1998 and the unaudited Pro Forma Combining Statement of Operations for
the year ended March 31, 1998 are intended to present the financial
condition and related results of operations of Colchester Street
Trust: Domestic Portfolio as if the reorganization with Colchester
Street Trust: Rated Money Market Portfolio had been consummated at
April 1, 1997 . Had the pro forma adjustments not included the
effect of the expense limitations, Pro Forma Combined Expense
reductions would have been $11,885, resulting in Pro Forma Combined
Net Interest Income and Pro Forma Combined Net Increase in Net Assets
resulting from operations of $88,749,389 and $88,728,686,
respectively.
Prior to January 1, 1998, FMR paid all expenses except the
compensation of the non-interested Trustees and certain exceptions
such as interest, taxes, brokerage commissions and extraordinary
expenses for Rated Money Market Portfolio. FMR received a fee that
was computed daily at an annual rate of 0.42% of Rated Money Market
Portfolio's average daily net assets. Effective January 1, 1998, the
expense structure changed to where FMR received a fee that was
computed daily at an annual rate of 0.20% of average net assets and
Rated Money Market Portfolio would be responsible for paying other
expenses such as transfer agent, accounting, legal, audit and
custodian fees.
The pro forma adjustments to these pro forma financial statements are
comprised of:
(a) Decrease in management fee reflects Colchester Street Trust:
Domestic Portfolio's management fee rate applied to the combined
fund's average net assets.
(b) Increase in fees reflects contractual rates charged against
combined average net assets.
(c) Increase in fees reflects net increase in costs incurred as a
result of the reorganization offset with savings in duplicate charges.
(d) Decreases in fees reflects elimination of duplicated services or
charges.
(e) Decrease in Reimbursement to offset reduction of management fees
from Colchester Street Trust: Rated Money Market's rate.
The unaudited pro forma combining statements should be read in
conjunction with the separate annual audited financial statements as
of March 31, 1998 for Colchester Street Trust: Domestic Portfolio and
Rated Money Market Portfolio, which are incorporated by reference in
the Statement of Additional Information to this Proxy Statement and
Prospectus.