FIDELITY REVERE STREET TRUST
N-30D, 1998-07-17
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MUNICIPAL CENTRAL CASH FUND
ANNUAL REPORT
MAY 31, 1998
INVESTMENTS MAY 31, 1998
 
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS
 
 
MUNICIPAL SECURITIES (A) - 100%
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
ARIZONA - 3.7%
Phoenix Civic Impt. Corp. Arpt. Impt. Series 1995, 4%, 
LOC Landesbank Hessen-Thuringen, VRDN (b)  $ 1,300,000 $ 1,300,000
Yavpi County Ind. Dev. Auth. Ind. Rev. Bonds 
(Citizens Utilities Co. Proj.) Series 1993, 
3.65% 7/17/98, CP mode (b)   3,500,000  3,500,000
   4,800,000
ARKANSAS - 0.8%
Arkansas Dev. Fin. Agency Participating VRDN, Series 1998C,
4.02% (Liquidity Facility Bank of America Nat'l. 
Trust & Savings, NA) (b)(c)   1,000,000  1,000,000
CALIFORNIA - 1.6%
Central Valley School Fin. Auth. TRAN 1997 Pool Bonds, 
4.50% 8/27/98   1,000,000  1,001,375
Contra Costa County Multi-Family Hsg. Rev. (Park Regency) 
Series A, 4.65%, LOC Sumitomo Bank, VRDN (b)   1,100,000  1,100,000
   2,101,375
COLORADO - 0.8%
Colorado Student Oblig. Bond Auth. Rev. (Student Loan 
Prog.) Series 1993 B, 4%, LOC Student Loan 
Marketing Assoc., VRDN (b)   1,000,000  1,000,000
FLORIDA - 3.1%
Florida Dept. of Envir. Protection Participating VRDN, 
Series FR/RI-A18, 4% (Liquidity Facility Nat'l. 
Westminster Bank PLC) (c)   1,000,000  1,000,000
Florida Local Gov't. Fin. Auth. Rev. Series A, 3.75% 9/9/98, 
LOC First Union Nat'l. Bank, CP   1,000,000  1,000,000
Jacksonville Hosp. Rev. (Univ. Med. Ctr.) Series 1988, 4.25%, 
LOC Sumitomo Bank Ltd., VRDN   1,000,000  1,000,000
Lee County Hosp. Board Rev. Bonds (Lee Memorial Hosp. Proj.) 
Series 1997-B, 3.95% 6/2/98 LOC Suntrust 
Bank Central Florida, NA, CP mode   1,000,000  1,000,000
   4,000,000
HAWAII - 2.8%
Hawaii Gen. Oblig. Participating VRDN, Series PA-167, 
4.02% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)   2,600,000 
2,600,000
Hawaii Arpt. Sys. Rev. Participating VRDN, 
Series PT-190B, 4.04% (Liquidity Facility 
Bayerische Hypotheken-und Wechsel) (b)(c)   1,000,000  1,000,000
   3,600,000
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
ILLINOIS - 3.1%
Southwestern Illinois Dev. Auth. Solid Waste Disp. 
Rev. (Shell Oil Co./Wood River Proj.) 
Series 1992, 4.15%, VRDN (b)  $ 4,000,000 $ 4,000,000
INDIANA - 6.0%
Elkhart County (Burger Dairy Project) 4.20% 
LOC Old Kent Bank & Trust, Michigan, VRDN (b)   1,025,000  1,025,000
Petersburg Solid Waste Disp. Rev.  
(Indianapolis Pwr. & Light) 3.95%, VRDN (b)   6,700,000  6,700,000
   7,725,000
KANSAS - 0.7%
Butler County Solid Waste Disp. Fac. (Texaco Inc.) 
Series 1994A, 4.20%, VRDN (b)   900,000  900,000
LOUISIANA - 0.8%
St. Charles Parish Poll. Cont. Rev. (Shell Oil Co. - Norco Proj.) 
Series 1991, 4.15%, VRDN (b)   1,000,000  1,000,000
MAINE - 1.0%
Maine Edl. Loan Marketing Corp. Student Loan 
Rev. Series 1997 A-2, 4% (BPA Credit Swiss 
First Boston) VRDN (b)   1,300,000  1,300,000
MARYLAND - 0.5%
Montgomery County Multi-Family Hsg. Rev. Series 1993 I, 
4.50% (BPA Sumitomo Bank Ltd., Japan) VRDN   700,000  700,000
MICHIGAN - 1.0%
Michigan Strategic Fund Ltd. Oblig. Rev. (Mans Proj.) 
Series 1998, 4.20%, LOC Comerica Bank, VRDN (b)   1,300,000  1,300,000
MINNESOTA - 1.5%
Plymouth Multi-Family Hsg. Rev. Rfdg. (Lakes Apt.) 
Series 1997 A, 4.20% (Fannie Mae Guaranteed) VRDN (b)   1,965,000 
1,965,000
NEVADA - 3.2%
Clark County Spl. Fac. Arpt. Rev. Bonds (Signature
 Flight Support Corp. Proj.) Series 1997A, 3.90% 
 tender 6/1/98, LOC Bayerische Landesbank   1,000,000  1,000,000
Washoe County Gas Fac. Rev. (Sierra Pacific 
Pwr. Co.) Series 1990, 4.15% 
LOC Union Bank of Switzerland, VRDN (b)   3,100,000  3,100,000
   4,100,000
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
NEW HAMPSHIRE - 3.5%
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Auth. Bonds 
(New England Pwr. Co.) Series 1990A:
   3.55% 6/1/98, CP mode (b)  $ 1,500,000 $ 1,500,000
   3.55% 6/1/98, CP mode (b)   1,000,000  1,000,000
   3.70% 6/1/98, CP mode (b)   1,000,000  1,000,000
   3.80% 7/31/98, CP mode (b)   950,000  950,000
   4,450,000
NEW MEXICO - 1.6%
Farmington Poll. Cont. Rev. Participating VRDN, Series PT-133, 
4.02% (Liquidity Facility Credit Suisse First Boston Bank) (c)  
1,995,000  1,995,000
NORTH CAROLINA - 1.0%
Charlotte Arpt. Rev. 4% (MBIA Insured) (Liquidity Facility 
Chase Manhattan Bank) VRDN (b)   1,300,000  1,300,000
OHIO - 6.5%
Cincinnati Student Loan Funding Corp. Rev. 
Series 1998 A-2, 4.10% (BPA Bank of America Nat'l. 
Trust & Savings, NA) VRDN (b)   1,300,000  1,300,000
Northwest Local School Dist. BAN 4.84% 6/17/98   2,500,000  2,501,068
Ohio Air Quality Dev. Auth. Poll. Cont. Rev. Bonds 
(Duquesne, Inc.) Series 1988, 3.60% 6/12/98, 
LOC Toronto-Dominion Bank, CP mode (b)   1,000,000  1,000,000
Ohio Higher Ed. (Pooled Fing. Prog.) 3.90%, 
LOC Fifth Third Bank, VRDN   1,000,000  1,000,000
Ohio Hsg. Fin. Agcy. Participating VRDN, 
Series 1998 A-1, 4.02% (Liquidity Facility Bank of 
America Nat'l. Trust & Savings, NA) (b)(c)   2,500,000  2,500,000
   8,301,068
PENNSYLVANIA - 8.6%
Allegheny County Ind. Dev. Auth. Ind. Dev. Rev. 
(Union Elec. Steel Co. Proj.) Series 1996 A, 
4.05%, LOC PNC Bank, VRDN (b)   1,000,000  1,000,000
Carbon County Ind. Dev. Auth. Resource Recovery 
Rev. Bonds (Panther Creek Partners Proj.) 
Series 1990A, 3.65% 9/9/98, 
LOC Nat'l. Westminster Bank PLC, CP mode (b)   1,800,000  1,800,000
Pennsylvania Econ. Dev. Fin. Auth. Rev. Series 1997 B2, 
4.05%, LOC PNC Bank NA, VRDN (b)   1,000,000  1,000,000
Philadelphia Gen. Oblig. TRAN Series A 1997-98, 
4.50% 6/30/98   1,300,000  1,300,496
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
PENNSYLVANIA - CONTINUED
Venango Ind. Dev. Auth. Resource Recovery Rev. Bonds 
(Scrubgrass Proj.) LOC Nat'l. Westminster Bank PLC: 
 Series 1990A, 3.65% 9/4/98, CP mode (b)  $ 2,050,000 $ 2,050,000
  Series 1990B: 
  3.65% 9/9/98, CP mode (b)   1,100,000  1,100,000
   3.80% 9/15/98, CP mode (b)   2,800,000  2,800,000
   11,050,496
SOUTH DAKOTA - 4.6%
South Dakota Health & Edl. Facs. Auth. Rev. Rfdg. 
(Sioux Valley Hosp.) Series 1992 A, 3.90%, VRDN   3,000,000  3,000,000
South Dakota Hsg. Dev. Auth. Series 1997 E, 4.10%, 
LOC Westdeutsche Landesbank Gironzentrale, VRDN (b)   1,895,000 
1,895,000
South Dakota Hsg. Dev. Auth. Mtg. Bonds Series H, 
3.95% tender 8/13/98 (b)   1,000,000  1,000,000
   5,895,000
TENNESSEE - 0.1%
Clarksville Pub. Bldg. Auth. Pooled Fing. Rev. Series 1995, 
3.90%, LOC NationsBank, NA, VRDN   100,000  100,000
TEXAS - 27.0%
Brazos River Auth. Poll. Cont. Rev. Rfdg. (Texas Util. Elec. 
Co. Proj.) Series 1996 C, 4.15% (AMBAC Insured) 
(BPA Bank of New York) VRDN (b)   2,200,000  2,200,000
Brazos River Hbr. Navigation Dist. of Brazoria County Rev.: 
Bonds (Dow Chemical Co. Proj.) Series 1988, 
 3.70% 6/12/98, CP mode (b)   5,000,000  5,000,000
 (Dow Chemical Proj.) Series 1993, 4.20%, VRDN (b)   1,000,000 
1,000,000
Gulf Coast Ind. Dev. Auth. Solid Waste Disp. Rev. 
(Citgo Petroleum) VRDN: 
  4.20%, LOC NationsBank of Texas (b)   2,900,000  2,900,000
  4.20%, LOC Wachovia Bank (b)   2,700,000  2,700,000
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. (Amoco Oil Co.)
VRDN: 
 Series 1994, 4.15% (b)   2,000,000  2,000,000
  4.15% (b)   1,100,000  1,100,000
Harris County Health Fac. Dev. Corp. School Health Care 
Bonds (Sisters of Charity Incarnate Word) Series 1997A, 
3.95% 6/1/98 (BPA Toronto Dominion Bank) CP mode    5,400,000 
5,400,000
Houston Arpt. Sys. (Senior Lien) Series 1993 A, 3.90% 
6/1/98, LOC Commerzbank/Canadian Imperial 
Bank of Canada, CP    1,100,000  1,100,000
Houston Gen. Oblig. Series B, 3.55% 7/24/98 
(Liquidity Facility Morgan Guaranty Trust Co., NY) CP   1,000,000 
1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
TEXAS - CONTINUED
North Texas Higher Ed. Student Loan Rev.
Series 1991 C, 4% (AMBAC Insured) 
(BPA Student Loan Marketing Association) VRDN (b)  $ 1,500,000 $
1,500,000
Texas Pub. Fin. Auth. Series B, 3.80% 8/14/98, CP   1,000,000 
1,000,000
Trinity River Auth. Poll. Cont. Rev. (Texas Util. Elec. Co. Proj.) 
Series 1996 A, 4.15% (AMBAC Insured) 
(BPA Bank of New York, NY) VRDN (b)   1,700,000  1,700,000
West Side Calhoun County Naval Dist. Sewage Solid 
Waste Disp. Rev. (BP Chemicals, Inc. Proj.) 
Series 1996, 4.20%, VRDN (b)   6,100,000  6,100,000
   34,700,000
VIRGINIA - 8.2%
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Bonds 
(Virginia Elec. Pwr. Co. Proj.) Series 1987A, 3.70% 9/9/98, 
LOC Bank of Tokyo-Mitsubishi Ltd., CP mode   1,000,000  1,000,000
King George County Ind. Dev. Auth. Rev. (Birchwood Pwr. 
Partners) LOC Credit Swiss First Boston, VRDN:
 Series 1996A, 4.20% (b)   1,500,000  1,500,000
  Series 1997, 4.20% (b)   4,000,000  4,000,000
King George County Ind. Dev. Auth. Solid Waste Disp. 
Series 1996, 3.90%, LOC Morgan Guaranty 
Trust, NY, VRDN (b)   1,400,000  1,400,000
Peninsula Port Auth. (Zeigler Coal Proj.) 
Series 1997, 4.15%, LOC Bank of America Nat'l. 
Trust & Savings, VRDN (b)   2,600,000  2,600,000
   10,500,000
WASHINGTON - 5.3%
Pierce County Econ. Dev. Corp. Rev. (K & M Holdings II Proj.) 
Series 1997, 4.25%, LOC Wells Fargo Bank, VRDN (b)   1,800,000 
1,800,000
Port of Seattle Rev. (Sub-Lien) Series B, 3.75% 9/8/98, 
LOC Bank of America Nat'l. Trust & 
Savings, NA, CP (b)   3,025,000  3,025,000
Washington Hsg. Fin. Commission Participating VRDN, 
Series 1997 D, 4.05% (Liquidity Facility 
CoreStates Bank) (b)(c)   1,000,000  1,000,000
Washington Pub. Pwr. Supply Sys. Participating VRDN, 
Series PT-180, 4.02% (Liquidity Facility Merrill Lynch/
Bayerische Hypotheken-und Wechsel Bank) (c)   1,000,000  1,000,000
   6,825,000
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
WEST VIRGINIA - 2.3%
West Virginia Pub. Energy Auth. Rev. Bonds 
(Morgantown Energy Assoc.) 3.80% 9/9/98, 
LOC Swiss Bank Corp., CP mode (b)  $ 2,900,000 $ 2,900,000
MULTIPLE STATES - 0.7%
Clipper Participating VRDN, Series 1995-1, 4.07%, (Liquidity 
Facility State Street Bank & Trust Co., Boston) (b)(c)   890,045 
890,045
TOTAL INVESTMENTS - 100%  $ 128,397,984
Total Cost for Income Tax Purposes  $ 128,397,928
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
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. The due dates on these types of
securities reflects the next interest rate reset date or, when
applicable, the final maturity date.
(b) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal
bonds.
INCOME TAX INFORMATION
At May 31, 1998, the fund had a capital loss carryforward of
approximately $22,000 all of which will expire on May 31, 2005.
During fiscal year ended May 31, 1998, 100% of the fund's income
dividends was free from federal income tax, and 61.09% of the fund's
income dividends was subject to the federal alternative minimum tax
(unaudited).
FINANCIAL STATEMENTS
 
 
 
<TABLE>
<CAPTION>
<S>                                                        <C>          <C>            
STATEMENT OF ASSETS AND LIABILITIES
 MAY 31, 1998                                                                          
 
ASSETS                                                                                 
 
INVESTMENT IN SECURITIES, AT VALUE -                                    $ 128,397,984  
SEE ACCOMPANYING SCHEDULE                                                              
 
CASH                                                                     47,266        
 
RECEIVABLE FOR INVESTMENTS SOLD                                          1,000,441     
 
INTEREST RECEIVABLE                                                      713,863       
 
 TOTAL ASSETS                                                            130,159,554   
 
LIABILITIES                                                                            
 
PAYABLE FOR INVESTMENTS PURCHASED                          $ 1,304,502                 
 
DISTRIBUTIONS PAYABLE                                       481,782                    
 
OTHER PAYABLES AND ACCRUED EXPENSES                         21,646                     
 
 TOTAL LIABILITIES                                                       1,807,930     
 
NET ASSETS                                                              $ 128,351,624  
 
NET ASSETS CONSIST OF:                                                                 
 
PAID IN CAPITAL                                                         $ 128,373,377  
 
ACCUMULATED UNDISTRIBUTED NET REALIZED                                   (21,753)      
GAIN (LOSS) ON INVESTMENTS                                                             
 
NET ASSETS, FOR 128,373,377 SHARES OUTSTANDING                          $ 128,351,624  
 
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER                 $1.00         
SHARE ($128,351,624 (DIVIDED BY) 128,373,377 SHARES)                                   
 
</TABLE>
 
STATEMENT OF OPERATIONS
 YEAR ENDED MAY 31, 1998                                                      
 
INTEREST INCOME                                                  $ 8,285,707  
 
EXPENSES                                                                      
 
NON-INTERESTED TRUSTEES' COMPENSATION                  $ 1,024                
 
CUSTODIAN FEES AND EXPENSES                             18,046                
 
AUDIT                                                   24,633                
 
LEGAL                                                   451                   
 
MISCELLANEOUS                                           788                   
 
 TOTAL EXPENSES BEFORE REDUCTIONS                       44,942                
 
 EXPENSE REDUCTIONS                                     (6,168)   38,774      
 
NET INTEREST INCOME                                               8,246,933   
 
NET REALIZED GAIN (LOSS) ON INVESTMENTS                           8,396       
 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS             $ 8,255,329  
 
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL
STATEMENTS.
 
<TABLE>
<CAPTION>
<S>                                                       <C>               <C>                
STATEMENT OF CHANGES IN NET ASSETS
                                                          YEAR ENDED        JANUARY 27, 1997   
                                                          MAY 31,           (COMMENCEMENT      
                                                          1998              OF OPERATIONS) TO  
                                                                            MAY 31, 1997       
 
INCREASE (DECREASE) IN NET ASSETS                                                              
 
OPERATIONS                                                $ 8,246,933       $ 5,854,714        
NET INTEREST INCOME                                                                            
 
 NET REALIZED GAIN (LOSS)                                  8,396             (30,149)          
 
 NET INCREASE (DECREASE) IN NET ASSETS RESULTING           8,255,329         5,824,565         
FROM OPERATIONS                                                                                
 
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME     (8,246,933)       (5,854,714)       
 
SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE   3,063,212,735     1,954,365,358     
PROCEEDS FROM SALES OF SHARES                                                                  
 
 COST OF SHARES REDEEMED                                   (3,211,446,045)   (1,677,758,671)   
 
 NET INCREASE (DECREASE) IN NET ASSETS AND SHARES          (148,233,310)     276,606,687       
RESULTING FROM SHARE TRANSACTIONS                                                              
 
  TOTAL INCREASE (DECREASE) IN NET ASSETS                  (148,224,914)     276,576,538       
 
NET ASSETS                                                                                     
 
 BEGINNING OF PERIOD                                       276,576,538       -                 
 
 END OF PERIOD                                            $ 128,351,624     $ 276,576,538      
 
</TABLE>

<TABLE>
<CAPTION>
<S>                                                  <C>          <C>  
FINANCIAL HIGHLIGHTS
                                                     YEAR ENDED   JANUARY 27, 1997   
                                                     MAY 31,      (COMMENCEMENT      
                                                                  OF OPERATIONS) TO  
                                                                  MAY 31,            
 
                                                     1998         1997               
 
SELECTED PER-SHARE DATA                                                    
 
NET ASSET VALUE, BEGINNING OF PERIOD                 $ 1.000      $ 1.000    
 
INCOME FROM INVESTMENT OPERATIONS                     .037        .012      
NET INTEREST INCOME                                                        
 
LESS DISTRIBUTIONS                                                         
 
 FROM NET INTEREST INCOME                             (.037)      (.012)    
 
NET ASSET VALUE, END OF PERIOD                       $ 1.000      $ 1.000    
 
TOTAL RETURN B                                        3.78%       1.25%     
 
RATIOS AND SUPPLEMENTAL DATA                                               
 
NET ASSETS, END OF PERIOD (000 OMITTED)              $ 128,352    $ 276,577  
 
RATIO OF EXPENSES TO AVERAGE NET ASSETS               .02%        .02% A    
 
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS    3.72%       3.59% A   
 
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN
  ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 1998 
 
 
1. SIGNIFICANT ACCOUNTING POLICIES.
Municipal Central Cash Fund (the fund) is a fund of Fidelity Revere
Street Trust (the trust) and is authorized to issue an unlimited
number of shares. The trust is registered under the Investment Company
Act of 1940, as amended (the 1940 Act), as an open-end management
investment company organized as a Delaware business trust. Shares of
the fund are only offered to other investment companies and accounts
(the investing funds) managed by Fidelity Management & Research
Company (FMR), or its affiliates. The financial statements have been
prepared in conformity with generally accepted accounting principles
which require management to make certain estimates and assumptions at
the date of the financial statements. The following summarizes the
significant accounting policies of the fund:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost
and thereafter assume a constant amortization to maturity of any
discount or premium.
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, the fund is not subject to
income taxes to the extent that it distributes substantially all of
its taxable income for its fiscal year. The schedule of investments
includes information regarding income taxes under the caption "Income
Tax Information."
INTEREST INCOME. Interest income, which includes amortization of
premium and accretion of discount, is accrued as earned. Accretion of
discount represents unrealized gain until realized at the time of a
security disposition or maturity.
EXPENSES. Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
among 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.
RESTRICTED SECURITIES. The fund is permitted to invest in securities
that are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from
registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations
and expense, and prompt sale at an acceptable price may be difficult.
At the end of the period, the fund had no investments in restricted
securities (excluding 144A issues).
3. TRANSACTIONS WITH FMR AND AFFILIATES. 
As the fund's investment advisor, Fidelity Investments Money
Management, Inc. (FIMM), a wholly owned subsidiary of FMR, receives a
monthly management fee from FMR. This fee is based on the management
fee FMR receives from the investing funds, and a percentage of average
net assets invested by the investing funds in the fund. 
Fidelity Investments Institutional Operations Company, Inc. (FIIOC),
an affiliate of FMR, is the fund's transfer, dividend disbursing and
shareholder servicing agent. FIIOC provides transfer agency services
to the fund. Prior to January 1, 1998, FIIOC received fees from FIMM
for these services. Effective January 1, 1998, FIIOC does not receive
any fees for its transfer agency services. Fidelity Service Company,
Inc., also an affiliate of FMR, maintains the fund's accounting
records. Pursuant to its management contract with the fund, FIMM pays
the fees associated with the fund's accounting functions.
4. EXPENSE REDUCTIONS.
The fund has entered into an arrangement with its custodian whereby
credits realized as a result of uninvested cash balances were used to
reduce a portion of the fund's expenses. During the period, the fund's
custodian fees were reduced by $6,168 under this arrangement.
5. BENEFICIAL INTEREST.
At the end of the period, all of the outstanding shares of the fund
were held by mutual funds managed by FMR or an FMR affiliate.
REPORT OF INDEPENDENT ACCOUNTANTS
 
 
To the Trustees of Fidelity Revere Street Trust and the Shareholders
of Municipal Central Cash Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule 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 
Municipal Central  Cash Fund (a fund of Fidelity Revere Street Trust)
at May 31, 1998, and the results of its operations,  the changes in
its net assets and the financial highlights for the periods indicated,
in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to
as "financial statements") are the responsibility of the Municipal
Central  Cash 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 at May 31,
1998 by correspondence with the custodian and the application of
alternative auditing procedures where securities purchased were not
yet received by the custodian, provide a reasonable basis for the
opinion expressed above.
 
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
July 1, 1998
 
TAXABLE CENTRAL CASH FUND
ANNUAL REPORT
MAY 31, 1998
INVESTMENTS MAY 31, 1998 
 
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
 
 
U.S. TREASURY OBLIGATIONS - 24.5%
 DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
 DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 7.0%
 8/20/98 5.51% $ 250,000,000 $ 247,052,778
 9/17/98 5.50  350,000,000  344,462,750
 9/17/98 5.54  200,000,000  196,814,000
 12/10/98 5.51  50,000,000  48,608,000
 3/4/99 5.41  167,500,000  160,918,575
 4/29/99 5.41  50,000,000  47,636,806
 4/29/99 5.43  50,000,000  47,625,278
   1,093,118,187
U.S. TREASURY NOTES - 10.4%
 6/30/98 5.54  100,000,000  100,052,572
 6/30/98 5.68  100,000,000  100,036,824
 7/15/98 5.42  25,000,000  25,076,389
 7/31/98 5.43  200,000,000  200,203,420
 7/31/98 5.44  50,000,000  50,050,302
 7/31/98 5.57  50,000,000  50,046,745
 8/15/98 5.51  165,400,000  165,474,751
 8/15/98 5.54  30,000,000  30,011,557
 8/31/98 5.55  54,000,000  53,876,297
 9/30/98 5.52  158,000,000  157,808,357
 10/31/98 5.34  105,000,000  105,121,647
 11/30/98 5.64  150,000,000  149,580,528
 11/30/98 5.66  150,000,000  149,564,010
 2/28/99 5.26  100,000,000  100,241,112
 2/28/99 5.44  200,000,000  200,450,372
   1,637,594,883
PRINCIPAL ONLY STRIPS - 7.1%
 8/15/98 5.66  50,000,000  49,425,073
 8/15/98 5.68  50,000,000  49,426,577
 8/15/98 5.74  30,000,000  29,651,963
 8/15/98 5.76  93,000,000  91,915,945
 8/15/98 5.80  21,800,000  21,544,213
 11/15/98 5.40  90,000,000  87,801,328
 11/15/98 5.41  40,000,000  39,024,497
 11/15/98 5.44  100,000,000  97,554,282
 11/15/98 5.63  50,000,000  48,761,058
 11/15/98 5.64  25,000,000  24,376,287
 11/15/98 5.65  50,000,000  48,756,921
 2/15/99 5.45  85,000,000  81,794,649
 2/15/99 5.48  100,000,000  96,236,512
 2/15/99 5.50  150,000,000  144,310,297
 2/15/99 5.51  35,000,000  33,674,370
U.S. TREASURY OBLIGATIONS - CONTINUED
 DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
 DATE TIME OF PURCHASE AMOUNT (NOTE 1)
PRINCIPAL ONLY STRIPS - CONTINUED
 2/15/99 5.54% $ 35,000,000 $ 33,685,519
 5/15/99 5.57  150,000,000  142,320,674
   1,120,260,165
TOTAL U.S. TREASURY OBLIGATIONS   3,850,973,235
REPURCHASE AGREEMENTS - 75.5%
 MATURITY
  AMOUNT
In a joint trading account (Notes 2 & 3)
(U.S. Treasury Obligations):
 dated 5/29/98 due 6/1/98
  At 5.54%  $ 11,159,891,608  11,154,738,000
  dated 4/27/98 due 6/30/98
   At 5.46%  25,242,667  25,000,000
  dated 1/6/98 due 7/6/98
   At 5.51%  205,540,611  200,000,000
  dated 5/14/98 due 7/13/98
   At 5.47%  151,367,500  150,000,000
  dated 4/22/98 due 7/15/98
   At 5.45%  126,589,583  125,000,000
  dated 5/5/98 due 8/6/98
   At 5.50%  202,841,667  200,000,000
TOTAL REPURCHASE AGREEMENTS   11,854,738,000
TOTAL INVESTMENTS - 100%  $ 15,705,711,235
Total Cost for Income Tax Purposes  $ 15,705,711,235
INCOME TAX INFORMATION
A total of 27.12% of the dividends distributed during the fiscal year
was derived from interest on U.S. Government securities which is
generally exempt from state income tax (unaudited).
FINANCIAL STATEMENTS
 
 
 

</TABLE>
<TABLE>
<CAPTION>
<S>                                                          <C>           <C>               
STATEMENT OF ASSETS AND LIABILITIES
 MAY 31, 1998                                                                                
 
ASSETS                                                                                       
 
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE                   $ 15,705,711,235  
AGREEMENTS OF $11,854,738,000) -                                                             
SEE ACCOMPANYING SCHEDULE                                                                    
 
RECEIVABLE FOR INVESTMENTS SOLD                                             330,000,000      
 
INTEREST RECEIVABLE                                                         52,195,781       
 
OTHER RECEIVABLES                                                           32,605           
 
 TOTAL ASSETS                                                               16,087,939,621   
 
LIABILITIES                                                                                  
 
DISTRIBUTIONS PAYABLE                                        $ 77,759,715                    
 
OTHER PAYABLES AND ACCRUED EXPENSES                           18,636                         
 
TOTAL LIABILITIES                                                           77,778,351       
 
NET ASSETS                                                                 $ 16,010,161,270  
 
NET ASSETS CONSIST OF:                                                                       
 
PAID IN CAPITAL                                                            $ 16,008,326,575  
 
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS                         1,834,695        
 
NET ASSETS, FOR 16,008,326,575 SHARES OUTSTANDING                          $ 16,010,161,270  
 
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER                    $1.00            
SHARE ($16,010,161,270 (DIVIDED BY) 16,008,326,575 SHARES)                                   
 
</TABLE>
 
 
<TABLE>
<CAPTION>
<S>                                                    <C>       <C>              
STATEMENT OF OPERATIONS
 YEAR ENDED MAY 31, 1998                                                          
 
INTEREST INCOME                                                  $ 1,094,554,029  
 
EXPENSES                                                                          
 
NON-INTERESTED TRUSTEES' COMPENSATION                  $ 72,996                   
 
CUSTODIAN FEES AND EXPENSES                             46,277                    
 
AUDIT                                                   25,255                    
 
LEGAL                                                   11,140                    
 
INTEREST EXPENSE                                        112,083                   
 
INSURANCE                                               35,330                    
 
MISCELLANEOUS                                           2,838                     
 
 TOTAL EXPENSES                                                   305,919         
 
NET INTEREST INCOME                                               1,094,248,110   
 
NET REALIZED GAIN (LOSS) ON INVESTMENTS                           1,638,856       
 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS             $ 1,095,886,966  
 
</TABLE>
 
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL
STATEMENTS.
 
<TABLE>
<CAPTION>
<S>                                                       <C>                <C>                 
STATEMENT OF CHANGES IN NET ASSETS
                                                          YEAR ENDED         OCTOBER 21, 1996    
                                                          MAY 31,            (COMMENCEMENT       
                                                          1998               OF OPERATIONS) TO   
                                                                             MAY 31, 1997        
 
INCREASE (DECREASE) IN NET ASSETS                                                                
 
OPERATIONS                                                $ 1,094,248,110    $ 477,212,744       
NET INTEREST INCOME                                                                              
 
 NET REALIZED GAIN (LOSS)                                  1,638,856          195,839            
 
 NET INCREASE (DECREASE) IN NET ASSETS RESULTING           1,095,886,966      477,408,583        
FROM OPERATIONS                                                                                  
 
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME     (1,094,248,110)    (477,212,744)      
 
SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE   97,430,674,529     56,437,494,218     
PROCEEDS FROM SALES OF SHARES                                                                    
 
 COST OF SHARES REDEEMED                                   (98,860,217,743)   (38,999,624,429)   
 
 NET INCREASE (DECREASE) IN NET ASSETS AND SHARES          (1,429,543,214)    17,437,869,789     
RESULTING FROM SHARE TRANSACTIONS                                                                
 
  TOTAL INCREASE (DECREASE) IN NET ASSETS                  (1,427,904,358)    17,438,065,628     
 
NET ASSETS                                                                                       
 
 BEGINNING OF PERIOD                                       17,438,065,628     -                  
 
 END OF PERIOD                                            $ 16,010,161,270   $ 17,438,065,628    
 
</TABLE>
 
 
 
<TABLE>
<CAPTION>
<S>                                                  <C>           <C>           
FINANCIAL HIGHLIGHTS
                                                     YEAR ENDED    OCTOBER 21, 1996   
                                                     MAY 31,       (COMMENCEMENT      
                                                     1998          OF OPERATIONS) TO  
                                                                   MAY 31, 1997       
SELECTED PER-SHARE DATA                                                          
 
NET ASSET VALUE, BEGINNING OF PERIOD                 $ 1.000       $ 1.000       
 
INCOME FROM INVESTMENT OPERATIONS                     .056          .033         
NET INTEREST INCOME                                                              
 
LESS DISTRIBUTIONS                                                               
 
 FROM NET INTEREST INCOME                             (.056)        (.033)       
 
NET ASSET VALUE, END OF PERIOD                       $ 1.000       $ 1.000       
 
TOTAL RETURN B                                        5.74%         3.35%        
 
RATIOS AND SUPPLEMENTAL DATA                                                     
 
NET ASSETS, END OF PERIOD (000 OMITTED)              $ 16,010,161  $ 17,438,066  
 
RATIO OF EXPENSES TO AVERAGE NET ASSETS               .0016%        .0008% A     
 
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS    5.58%         5.45% A      
 
</TABLE>
 
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN
  ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 1998 
 
 
1. SIGNIFICANT ACCOUNTING POLICIES.
Taxable Central Cash Fund (the fund) is a fund of Fidelity Revere
Street Trust (the trust) and is authorized to issue an unlimited
number of shares. The trust is registered under the Investment Company
Act of 1940, as amended (the 1940 Act), as an open-end management
investment company organized as a Delaware  business trust. Shares of
the fund are only offered to other investment companies and accounts
(the investing funds) managed by Fidelity Management & Research
Company (FMR), or its affiliates. The financial statements have been
prepared in conformity with generally accepted accounting principles
which require management to make certain estimates and assumptions at
the date of the financial statements. The following summarizes the
significant accounting policies of the fund:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost
and thereafter assume a constant amortization to maturity of any
discount or premium.
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, the fund is not subject to
income taxes to the extent that it distributes substantially all of
its taxable income for its fiscal year. 
INTEREST INCOME. Interest income, which includes amortization of
premium and accretion of discount, is accrued as earned. 
EXPENSES. Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
among 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.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, 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 for U.S. Treasury or Federal Agency
obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal amount of the repurchase agreement (including accrued
interest). Fidelity Investments Money Management, Inc. (FIMM), the
fund's investment adviser, is responsible for determining that the
value of the underlying securities remains in accordance with the
market value requirements stated above. 
2. OPERATING POLICIES - 
CONTINUED
REVERSE REPURCHASE AGREEMENTS. At all times that a reverse repurchase
agreement is outstanding, the fund identifies cash and liquid
securities as segregated in its custodian records with a value at
least equal to its obligation under the agreement.
3. JOINT TRADING ACCOUNT. 
At the end of the period, the fund had 20% or more of its total
investments in repurchase agreements through a joint trading account.
These repurchase agreements were with entities whose creditworthiness
has been reviewed and found satisfactory by FIMM. The investments in
repurchase agreements through the joint trading account are summarized
as follows:
SUMMARY OF JOINT TRADING
DATED MAY 29, 1998, DUE JUNE 1, 1998   AT 5.54%
Number of dealers or banks 25
Maximum amount with one dealer or bank 11.09%
Aggregate principal amount of agreements $13,528,830,000
Aggregate maturity amount of agreements $13,535,080,464
Aggregate market value of transferred assets $13,818,441,693
Coupon rates of transferred assets 0.00% to 15.75%
Maturity dates of transferred assets 5/31/98 to 11/15/27
DATED APRIL 27, 1998, DUE JUNE 30, 1998   AT 5.46%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $150,000,000
Aggregate maturity amount of agreements $151,456,000
Aggregate market value of transferred assets $153,014,212
Coupon rates of transferred assets 5.63% to 8.88%
Maturity dates of transferred assets 2/15/03 to 2/15/19
DATED JANUARY 6, 1998, DUE JULY 6, 1998   AT 5.51%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $250,000,000
Aggregate maturity amount of agreements $256,925,764
Aggregate market value of transferred assets $256,235,965
Coupon rates of transferred assets 5.63% to 6.75%
Maturity dates of transferred assets 2/28/99 to 5/15/01
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED MAY 14, 1998, DUE JULY 13, 1998   AT 5.47%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $150,000,000
Aggregate maturity amount of agreements $151,367,500
Aggregate market value of transferred assets $153,348,871
Coupon rates of transferred assets 4.75% to 8.75%
Maturity dates of transferred assets 7/31/98 to 2/15/07
DATED APRIL 22, 1998, DUE JULY 15, 1998   AT 5.45%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $202,543,333
Aggregate market value of transferred assets $206,116,003
Coupon rate of transferred assets 5.75%
Maturity date of transferred assets 4/30/03
DATED MAY 5, 1998, DUE AUGUST 6, 1998   AT 5.50%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $507,104,167
Aggregate market value of transferred assets $512,471,929
Coupon rates of transferred assets 5.63% to 6.75%
Maturity dates of transferred assets 2/28/99 to 5/15/01
4. TRANSACTIONS WITH FMR AND AFFILIATES. 
As the fund's investment advisor, FIMM, a wholly owned subsidiary of
FMR, receives a monthly management fee from FMR. This fee is based on
the management fee FMR receives from the investing funds, and a
percentage of average net assets invested by the investing funds in
the fund.
Fidelity Investments Institutional Operations Company, Inc. (FIIOC),
an affiliate of FMR, is the fund's transfer, dividend disbursing and
shareholder servicing agent. FIIOC provides transfer agency services
to the fund. Prior to January 1, 1998, FIIOC received fees from FIMM
for these services. Effective January 1, 1998, FIIOC does not receive
any fees for its transfer agency services. Fidelity Service Company,
Inc., also an affiliate of FMR, maintains the fund's accounting
records. Pursuant to its management contract with the fund, FIMM pays
the fees associated with the fund's accounting functions.
5. BENEFICIAL INTEREST.
At the end of the period, all of the outstanding shares of the fund
were held by mutual funds managed by FMR or an FMR affiliate.
REPORT OF INDEPENDENT ACCOUNTANTS
 
 
To the Trustees of Fidelity Revere Street Trust and the Shareholders
of Taxable Central Cash Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule 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 
Taxable Central Cash Fund (a fund of Fidelity Revere Street Trust) at
May 31, 1998, and the results of its operations,  the changes in its
net assets and the financial highlights for the periods indicated, in
conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to
as "financial statements") are the responsibility of the Taxable
Central Cash 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 at May 31, 1998 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
July 1, 1998



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