FIDELITY REVERE STREET TRUST
N-30D, 1998-01-15
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MUNICIPAL CENTRAL CASH FUND
SEMIANNUAL REPORT
NOVEMBER 30, 1997
INVESTMENTS NOVEMBER 30, 1997 (UNAUDITED)
 
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
 
 
MUNICIPAL SECURITIES (A) - 100%
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
ALASKA - 1.5%
Valdez Marine Terminal Rev. Rfdg. 
(Atlantic Richfield Co. Proj.):
  Bonds Series 1994 A, 3.80%, CP mode $ 2,000,000 $ 2,000,000
  Series 1994 B, 3.95%, VRDN   1,000,000  1,000,000
  3,000,000
ARIZONA - 6.0%
Arizona Elec. Pwr. Coop. Poll. Cont. Rev. Series 1997 C, 
3.65% (Nat'l Rural Utility Guaranteed)  1,410,000  1,410,000
Coconino County Poll. Cont. Corp. Poll. Cont. Rev. 
(Arizona Pub. Svc. Co. Navajo Proj.) Series 1994 A, 
4.10%, LOC Bank of America, NT & SA, VRDN (b)  5,300,000  5,300,000
Phoenix Civic Impt. Corp. Arpt. Impt. Series 1995, 
4%, LOC Landesbank Hessen-Thuringen, VRDN (b)  1,700,000  1,700,000
Yavapi County Ind. Dev. Auth. Rev. Bonds (Citizens 
Utilities Co. Proj.) Series 1993, 3.90%, CP mode (b)  3,500,000 
3,500,000
  11,910,000
CALIFORNIA - 2.8%
California Participating VRDN, 4.15% 
(Liquidity Facility Bank of New York) (c)  1,000,000  1,000,000
California School Cash Reserves Prog. Auth.
TRAN 1997 Pool Bonds 4.75% 7/2/98 (AMBAC Insured)  1,000,000 
1,004,645
Central Valley School Fin. Auth. TRAN 1997 Pool Bonds, 
4.50% 8/27/98  1,000,000  1,004,252
Riverside County Gen. Oblig. TRAN 4.50% 6/30/98  1,000,000  1,003,055
South Coast Local Ed. Agencies TRAN Series A,
4.50% 6/30/98 (MBIA Insured)  1,500,000  1,505,310
  5,517,262
COLORADO - 1.7%
Denver City & County Arpt. Rev. Participating VRDN:
4.10% (Liquidity Facility Caisse des Depots
 et Consignments) (b)(c)  2,330,000  2,330,000
 Series 1997 Q, 4% (Liquidity Facility CoreStates Bank) (c)  1,000,000 
1,000,000
  3,330,000
DELAWARE - 1.1%
Delaware Econ. Dev. Auth. Exempt Facs. Rev. (Delmarva 
Pwr. & Lt. Co. Proj.):
 Series 1988, 4%, VRDN (b)  800,000  800,000
  Series 1994, 4%, VRDN (b)  1,400,000  1,400,000
  2,200,000
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
FLORIDA - 5.1%
Broward County Ind. Dev. Auth. Rev. (Sales Tax) Series B, 
3.85% 1/23/98 (Liquidity Facility Bank of 
Tokyo-Mitsubishi Ltd.), CP (b) $ 1,100,000 $ 1,100,000
Gulf Breeze Local Gov't. Loan Program Series 1985 B, 
4% (FGIC Insured) (Liquidity Facility Credit 
Local de France) VRDN   4,575,000  4,575,000
Hillsborough County Aviation Auth.
 (Tampa International Arpt.) 3.85% 12/8/97, 
 LOC Nat'l. Westminster Bank, PLC, CP (b)  1,000,000  1,000,000
Jacksonville Health Fac. Auth. Participating VRDN, 
Series 1996 M, 4.05% (Liquidity Facility Caisse des 
Depots et Cosignations) (c)  1,500,000  1,500,000
Jacksonville Hosp. Rev. (Univ. Med. Ctr.) Series 1988, 
4.05%, LOC Sumitomo Bank Ltd., VRDN   1,000,000  1,000,000
Lee County Hosp. Board Rev. Bonds (Lee Memorial 
Hosp. Proj.) Series 1997 B, 3.85% 1/26/98, 
LOC SunTrust Bank, Central Florida, NA, CP mode  1,000,000  1,000,000
  10,175,000
GEORGIA - 2.7%
Burke County Dev. Auth. Poll. Cont. Rev. 
(Oglethorpe Power Corp. Vogtle Proj.)
 Series 1997 A,  3.60% 12/1/97 (AMBAC Insured)  1,700,000  1,700,000
Chattooga County Poll. Cont. Rev. (Aladdin 
Manufacturing Co.) 4.05%, LOC Wachovia Bank of 
Georgia, NA, VRDN (b)  1,000,000  1,000,000
Gwinnett Poll. Cont. Rev. (Klockner Namasco Corp.) 4.20%, 
LOC NationsBank, NA, VRDN (b)  800,000  800,000
Tift County Ind. Dev. Auth. Ind. Dev. Rev. Bonds (Chickasha of 
Georgia Proj.) Series 1997, 4.10%, LOC Bank of 
Tokyo-Mitsubishi Ltd., VRDN (b)  500,000  500,000
Vienna Ind. Dev. Auth. (Mid Georgia Processing Co. LLC) 
4.20%, LOC NationsBank, NA, VRDN (b)  1,300,000  1,300,000
  5,300,000
IDAHO - 1.1%
Idaho Gen. Oblig. TAN 4.625% 6/30/98  2,200,000  2,209,118
ILLINOIS - 4.5%
Chicago School Reform Participating VRDN, Series
 1997 E, 4.05% (Liquidity Facility CoreStates Bank) (c)  500,000 
500,000
Cook County Ind. Dev. Rev. Bonds (Little Lady Foods Proj.) 
Series 1997, 4.20%, LOC LaSalle Nat'l Bank, VRDN (b)  3,000,000 
3,000,000
Decatur Water Rev. Bonds Series 1985, 3.90% 12/11/97, 
LOC Sumitomo Bank Ltd., CP mode  1,000,000  1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
ILLINOIS - CONTINUED
Illinois Edl. Facs. Auth. Rev. Participating VRDN,
Series 1997 U, 4.05% 
(Liquidity Facility Corestates Bank) (c) $ 1,000,000 $ 1,000,000
Illinois Health Fac. Auth. 
(Little Co. of Mary Hosp. and Health Care Centers)
Series 1997 B, 4.05% (MBIA Insured) (Liquidity
Facility First Nat'l. Bank, Chicago) VRDN  3,000,000  3,000,000
Mundelein Ind. Dev. Rev. (Print-O-Tape Proj.) 
Series 1997, 4.05%, LOC Harris Trust & Savings Bank, 
Chicago, VRDN   500,000  500,000
  9,000,000
INDIANA - 2.7%
Elkhart County (Burger Dairy Project) 4.10%, 
LOC Old Kent Bank, Michigan, VRDN (b)  1,095,000  1,095,000
Indianapolis Gas Util. Sys. Bonds
 (Citizens Gas & Coke Util.) 3.85% 12/11/97
 (Liquidity Facility NBD Bank, Detroit) CP mode  4,300,000  4,300,000
  5,395,000
KANSAS - 5.5%
Butler County Solid Waste Disposal Fac. (Texaco, Inc.) 
4.15%, VRDN (b)   8,100,000  8,100,000
La Cygne Envir. Impt. Rev. Rfdg. Bonds (Kansas City 
Pwr. & Lt.) Series 1994, 3.95%, VRDN   2,840,000  2,840,000
  10,940,000
KENTUCKY - 1.0%
Louisville & Jefferson County Reg. Arpt. Auth. Sys. 
Rev. Series 1996 A, 4.05%, LOC Nat'l. City Bank, 
Kentucky, VRDN (b)  1,000,000  1,000,000
Trimble County Poll. Cont. Rev. Bonds Series 1997 A, 
3.85%, CP mode (b)  1,000,000  1,000,000
  2,000,000
LOUISIANA - 1.7%
Caddo Parish Ind. Dev. Bonds Board Exempt Facs. Rev. 
(Atlas Proj.) Series 1996 A, 4.15%, 
LOC ABN-AMRO Bank, NV, VRDN (b)  1,000,000  1,000,000
West Baton Rouge Parish Ind. Dist. #3 Rev. 
(Dow Chemical Co. Proj.) Series 1993, 4.15%, VRDN (b)  2,400,000 
2,400,000
  3,400,000
MARYLAND - 0.4%
Montgomery County Multi-Family Hsg. Rev. Series 1993 I, 
4.30% (BPA Sumitomo Bank Ltd., Japan) VRDN   700,000  700,000
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
MASSACHUSETTS - 0.5%
Massachusetts Turnpike Authority West Participating VRDN, 
Series 1997 N, 4.07% (Liquidity Facility Bank of 
America Nat'l. Tr. & Savings, San Francisco) (c) $ 1,000,000 $
1,000,000
MICHIGAN - 7.4%
Michigan Hsg. Fin. Auth. Hosp. Equip. Rev. 
4.15%, LOC First of America Bank-Michigan, VRDN  500,000  500,000
Michigan Muni. Bond Auth. RAN 4.50% 7/2/98  5,800,000  5,821,166
Michigan State Bldg. Auth. 3.75% 3/2/98, 
LOC Canadian Imperial Bank of Commerce, CP  5,000,000  5,000,000
Michigan Strategic Fund Ltd. Oblig. Rev.  
(Nat'l Rubber Michigan, Inc.) Series 1995, 3.95%
LOC Nat'l Bank of Canada , VRDN (b)  2,100,000  2,100,000
Monroe County Poll. Cont. Participating VRDN, 
Series PT-143, 4.10% 
(Liquidity Facility Commerzbank, AG) (b)(c)  1,300,000  1,300,000
  14,721,166
MINNESOTA - 1.0%
Plymouth Multifamily Hsg. Rev. Rfdg. (Lakes Apt.) 
Series 1997 A, 4.10% (FNMA Guaranteed) VRDN (b)  1,965,000  1,965,000
NEVADA - 3.5%
Clark County Ind. Dev. Rev. (Nevada Pwr. Co. Proj.) Series 
1995 A, 4.15%, LOC Barclays Bank, PLC, VRDN (b)  1,000,000  1,000,000
Clark County Participating VRDN, Series SG-18, 4% 
(Liquidity Facility Societe Generale, France) (c)  1,400,000 
1,400,000
Clark County Poll. Cont. Rev. Bonds (Southern California 
Edison) Series 1987 A, 3.85%, CP mode (b)  3,010,000  3,010,000
Clark County Special Fac. Arpt. Rev. (Signature Flight 
Support Corp. Proj.) Series 1997 A, 
4% tender,12/1/97, LOC Bayerische Landesbank  1,000,000  1,000,000
Nevada Cap. Improv. Participating VRDN, 4% 
(Liquidity Facility Bankers Trust Co.) (c)  500,000  500,000
  6,910,000
NEW HAMPSHIRE - 2.2%
New Hampshire Bus. Fin. Auth. Poll. Cont. Auth. Rev. Bonds 
(New England Pwr. Co.):
  Series 1990 A, 3.90% 12/10/97, CP mode (b)  1,000,000  1,000,000
  Series 1990 A, 3.85% 12/16/97, CP mode (b)  950,000  950,000
  Series 1990 A, 3.90% 1/20/98, CP mode (b)  1,000,000  1,000,000
  Series 1990 A, 3.85% 2/19/98, CP mode (b)  1,500,000  1,500,000
  4,450,000
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
NEW JERSEY - 4.9%
New Jersey Hsg. & Mtg. Fin. Agency Participating VRDN, 
4.05% (Liquidity Facility Banco Santander) (b)(c) $ 1,000,000 $
1,000,000
New Jersey TRAN, Series 1998 A, 3.85% 1/22/98 
(Liquidity Facility Bank of Nova Scotia)  8,800,000  8,800,000
  9,800,000
NEW MEXICO - 0.5%
New Mexico Gen. Oblig. TRAN Series A, 4.50% 6/30/98  1,000,000 
1,003,739
NEW YORK - 2.1%
New York City RAN Series 1988 A, 4.50% 6/30/98  2,100,000  2,107,578
New York State Local Gov't Assistance Corp. Rev. Participating 
VRDN, Series 1997 SG-99, 4.05% (Liquidity Facility 
Societe Generale, France) (c)  1,000,000  1,000,000
New York State Mtg. Agcy. Rev. Participating VRDN, 
Series 97J, 4.10% (Liquidity Facility CoreStates Bank) (b)(c) 
1,000,000  1,000,000
  4,107,578
NEW YORK & NEW JERSEY - 0.8%
New York & New Jersey Port Auth. Participating 
VRDN, Series 6, 4.05% (Liquidity Facility Societe 
Generale, France) (c)  1,600,000  1,600,000
OHIO - 0.3%
Cleveland School Dist. Rev. Participating VRDN, 
4% (Liquidity Facility Bankers Trust Co.) (c)  500,000  500,000
OKLAHOMA - 0.6%
Oklahoma Housing Fin. Auth. Participating VRDN, 
Series PT-104, 4.10% (Liquidity Facility 
Bayerische Hypotheken-und Wechsel) (b)(c)  500,000  500,000
Tulsa Int'l. Arpt. Gen. Rev. Participating VRDN,
Series 1997 B1, 4.04% (Liquidity Facility Bank of America, 
Nat'l. Trust & Savings) (b)(c)  600,000  600,000
  1,100,000
PENNSYLVANIA - 6.9%
Carbon County Ind. Dev. Auth. Resource Recovery Rev. Bonds 
(Panther Creek Partners Proj.) Series 1991 A:
  3.85% 12/9/97, LOC Nat'l. Westminster Bank, PLC,
  CP mode (b)  1,000,000  1,000,000
  3.75% 1/28/98, LOC Nat'l. Westminster Bank, PLC,
  CP mode (b)  1,000,000  1,000,000
Dauphin County Hosp. Gen. Auth. (All-Health Pooled Fin. Prog.) 
Series 1997 A, 4% (FSA Insured) (Liquidity Facility 
Credit Suisse First Boston) VRDN   3,600,000  3,600,000
Pennsylvania Econ. Dev. Fin. Auth. Rev. Series 1997 B2, 
4.10%, LOC PNC Bank NA, VRDN (b)  1,000,000  1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
PENNSYLVANIA - CONTINUED
Pennsylvania Higher Ed. Fac. Auth. Rev. (Waynesburg College) 
Series 1997 A8, 3.85%, LOC PNC Bank NA, VRDN  $ 1,000,000 $ 1,000,000
Philadelphia Gen. Oblig. TRAN Series A 1997-98, 
4.50%  6/30/98  1,300,000  1,303,611
Titusville Gen. Oblig. Participating VRDN, Series PA-191,
 4% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)  2,495,000 
2,495,000
Venango Ind. Dev. Auth. Resource Recovery Rev. Bonds 
(Scrubgrass Proj.) Series 1990 B, 3.80%, LOC Nat'l. 
Westminster Bank PLC, CP mode (b)  2,200,000  2,200,000
  13,598,611
SOUTH CAROLINA - 3.0%
South Carolina Jobs Econ. Dev. Rev. (Chambers 
Richland Co. Landfill) 4.05%, LOC SunTrust Bank, 
Atlanta, VRDN (b)  1,000,000  1,000,000
South Carolina Public Svc. Auth. Rev. 3.85% 1/23/98, CP  5,000,000 
5,000,000
  6,000,000
SOUTH DAKOTA - 1.5%
South Dakota Hsg. Dev. Auth.: 
Series 1997 E, 4.15%, LOC Westdeutsche
 Landesbank Gironzentrale, VRDN (b)  1,895,000  1,895,000
  Bonds Series H, 3.95% tender, 8/13/98 (b)  1,000,000  1,000,000
  2,895,000
TENNESSEE - 0.7%
Shelby County Gen. Oblig. Participating VRDN, Series SG-21, 
4% (Liquidity Facility Societe Generale, France) (c)  1,300,000 
1,300,000
TEXAS - 19.5%
Brazos River Hbr. Navigation Dist. of Brazoria County Rev. 
(Dow Chemical Co.):
 Bonds:
   Series 1988, 3.80% 1/21/98, CP mode (b)  5,000,000  5,000,000
   Series 1992, 3.85% 12/9/97, CP mode (b)  3,000,000  3,000,000
  Series 1997, 4.15%, VRDN (b)  1,000,000  1,000,000
Brazos River Auth. Poll. Cont. Rev. Rfdg. (Texas Utils. 
Elec. Co. Proj.) Series 1996 A, 4.10% (AMBAC Insured) 
(BPA Bank of New York, NY) VRDN (b)  6,300,000  6,300,000
Denton Util. Sys. Rev. Participating VRDN, Series SG-32, 
4% (Liquidity Facility Societe Generale, France) (c)  2,000,000 
2,000,000
Galveston Ind. Dev. Corp. Rev. Rfdg. (Mitchell Interests) 3.95%, 
LOC National Westminster Bank PLC, VRDN (b)  1,000,000  1,000,000
Greater Texas Student Loan Rev. Rfdg. Bonds 
Series 1996 A, 3.70% 3/1/97,
LOC Student Loan Marketing Association (b)  1,400,000  1,400,000
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
TEXAS - CONTINUED
Gulf Coast Ind. Dev. Auth. Solid Waste Disp. Rev. 
(Citgo Petroleum Corp.):
  4.15%, LOC Wachovia Bank, VRDN (b) $ 2,900,000 $ 2,900,000
  4.15%, LOC NationsBank of Texas, VRDN (b)  4,700,000  4,700,000
Houston Hsg. Fin. Corp. Participating VRDN, Series PT-1, 4% 
(Liquidity Facility Banque Nationale de Paris) (c)  4,300,000 
4,300,000
San Antonio Elec. & Gas Sys. Rev. Participating VRDN, 
Series 1997, 4.05% (Liquidity Facility Societe 
Generale, France) (c)  1,300,000  1,300,000
Terrel Dev. Corp Ind. Dev. Rev. (Consolidated Systems) 
4.05%, LOC Wachovia Bank, VRDN (b)  1,300,000  1,300,000
Texas Hsg. & Commty. Participating VRDN,
 Series PA-126, 4% (MBIA Insured)
 (Liquidity Facility Merrill Lynch & Co., Inc.) (c)  3,070,000 
3,070,000
Univ. of Texas Sys. Rev. Fing. Sys. Series A, 
3.85% 12/12/97, CP  1,500,000  1,500,000
  38,770,000
VIRGINIA - 2.2%
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Bonds 
(Virginia Elec. & Power Co. Proj.) Series 1987 A, 3.85%, 
CP mode  1,000,000  1,000,000
Richmond Gen. Oblig. RAN Series B, 4.05% 
(Liquidity Facility NationsBank NA) VRDN   3,300,000  3,300,000
  4,300,000
WASHINGTON - 1.4%
Pierce County Econ. Dev. Corp. Rev. (K & M Holdings II Proj.) 
Series 1997, 4.15%, LOC Wells Fargo Bank, VRDN (b)  1,800,000 
1,800,000
Washington Hsg. Fin. Commission Participating VRDN, 
Series 1997 D, 4.15% (Liquidity Facility 
CoreStates Bank) (b)(c)  1,000,000  1,000,000
  2,800,000
WEST VIRGINIA - 1.5%
West Virginia Pub. Energy Auth. Rev. Bonds (Morgantown 
Energy Assoc. Proj.):
  3.80% 7/1/17, LOC Swiss Bank, CP mode (b)  1,900,000  1,900,000
  3.90% 7/1/17, LOC Swiss Bank, CP mode (b)  1,000,000  1,000,000
  2,900,000
WISCONSIN - 0.7%
Milwaukee School Dist. Rev. RAN 4.25% 8/27/98  1,400,000  1,404,081
WYOMING - 0.5%
Wyoming Gen. Oblig. TRAN Series 1997, 4.25% 6/26/98  1,000,000 
1,002,303
MUNICIPAL SECURITIES (A) - CONTINUED
  PRINCIPAL VALUE
  AMOUNT (NOTE 1)
MULTIPLE STATES - 0.5%
Clipper Participating VRDN, Series 1995-1, 4.09% (Liquidity 
Facility State Street Bank & Trust Co.) (b)(c) $ 960,451 $ 960,451
TOTAL INVESTMENTS - 100%   $ 198,164,309
Total Cost for Income Tax Purposes $  198,164,309
SECURITY TYPE ABBREVIATIONS
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation
  Notes
VRDN - Variable Rate Demand Notes
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. 
2. Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
3. Provides evidence of ownership in one or more underlying municipal
bonds.
INCOME TAX INFORMATION
At May 31, 1997, the fund had a capital loss carryforward of
approximately $30,000, all of which will expire on May 31, 2005.
FINANCIAL STATEMENTS
 
 
STATEMENT OF ASSETS AND LIABILITIES
 
<TABLE>
<CAPTION>
<S>                                                         <C>           <C>             
 NOVEMBER 30, 1997 (UNAUDITED)                                                            
 
ASSETS                                                                                    
 
INVESTMENT IN SECURITIES, AT VALUE -                                      $ 198,164,309   
SEE ACCOMPANYING SCHEDULE                                                                 
 
CASH                                                                       53,645         
 
INTEREST RECEIVABLE                                                        1,267,386      
 
 TOTAL ASSETS                                                              199,485,340    
 
LIABILITIES                                                                               
 
PAYABLE FOR INVESTMENTS PURCHASED                           $ 7,875,000                   
 
DISTRIBUTIONS PAYABLE                                        680,888                      
 
OTHER PAYABLES AND ACCRUED EXPENSES                          14,013                       
 
 TOTAL LIABILITIES                                                         8,569,901      
 
NET ASSETS                                                                $ 190,915,439   
 
NET ASSETS CONSIST OF:                                                                    
 
PAID IN CAPITAL                                                           $ 190,946,452   
 
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS                        (31,013)       
 
NET ASSETS, FOR 190,946,452 SHARES OUTSTANDING                            $ 190,915,439   
 
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER                   $1.00          
SHARE ($190,915,439 (DIVIDED BY) 190,946,452 SHARES)                                      
 

 
STATEMENT OF OPERATIONS
 SIX MONTHS ENDED NOVEMBER 30, 1997 (UNAUDITED)                                  
 
INTEREST INCOME                                                    $ 5,229,474   
 
EXPENSES                                                                         
 
CUSTODIAN FEES AND EXPENSES                              10,552                  
 
NON-INTERESTED TRUSTEES' COMPENSATION                    650                     
 
AUDIT                                                    8,748                   
 
LEGAL                                                    117                     
 
MISCELLANEOUS                                            788                     
 
 TOTAL EXPENSES BEFORE REDUCTIONS                        20,855                  
 
 EXPENSE REDUCTIONS                                      (2,763)    18,092       
 
NET INTEREST INCOME                                                 5,211,382    
 
NET REALIZED GAIN (LOSS) ON INVESTMENTS                             (864)        
 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS               $ 5,210,518   
 
STATEMENT OF CHANGES IN NET ASSETS
</TABLE>
 
<TABLE>
<CAPTION>
<S>                                                        <C>                <C>                 
                                                           SIX MONTHS ENDED   JANUARY 27, 1997    
                                                           NOVEMBER 30,       (COMMENCEMENT       
                                                           1997               OF OPERATIONS) TO   
                                                           (UNAUDITED)        MAY 31, 1997        
 
INCREASE (DECREASE) IN NET ASSETS                                                                 
 
OPERATIONS                                                 $ 5,211,382        $ 5,854,714         
NET INTEREST INCOME                                                                               
 
 NET REALIZED GAIN (LOSS)                                   (864)              (30,149)           
 
 NET INCREASE (DECREASE) IN NET ASSETS RESULTING            5,210,518          5,824,565          
FROM OPERATIONS                                                                                   
 
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME      (5,211,382)        (5,854,714)        
 
SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE    1,587,434,382      1,954,365,358      
PROCEEDS FROM SALES OF SHARES                                                                     
 
 COST OF SHARES REDEEMED                                    (1,673,094,617)    (1,677,758,671)    
 
 NET INCREASE (DECREASE) IN NET ASSETS AND SHARES           (85,660,235)       276,606,687        
RESULTING FROM SHARE TRANSACTIONS                                                                 
 
  TOTAL INCREASE (DECREASE) IN NET ASSETS                   (85,661,099)       276,576,538        
 
NET ASSETS                                                                                        
 
 BEGINNING OF PERIOD                                        276,576,538        -                  
 
 END OF PERIOD                                             $ 190,915,439      $ 276,576,538       
 
</TABLE>
 
 
FINANCIAL HIGHLIGHTS
      SIX MONTHS ENDED    JANUARY 27, 1997    
      NOVEMBER 30, 1997   (COMMENCEMENT       
      (UNAUDITED)         OF OPERATIONS) TO   
                          MAY 31,             
                          1997                
 
SELECTED PER-SHARE DATA                                                       
 
NET ASSET VALUE, BEGINNING OF PERIOD                  $ 1.000     $ 1.000     
 
INCOME FROM INVESTMENT OPERATIONS                      .019        .012       
NET INTEREST INCOME                                                           
 
                                                                              
 
LESS DISTRIBUTIONS                                                            
 
 FROM NET INTEREST INCOME                              (.019)      (.012)     
 
NET ASSET VALUE, END OF PERIOD                        $ 1.000     $ 1.000     
 
TOTAL RETURN B                                         1.89%       1.25%      
 
RATIOS AND SUPPLEMENTAL DATA                                                  
 
NET ASSETS, END OF PERIOD (000 OMITTED)               $ 190,915   $ 276,577   
 
RATIO OF EXPENSES TO AVERAGE NET ASSETS                .01% A      .02%       
                                                                  A           
 
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS     3.75% A     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 November 30, 1997 (Unaudited)
 
   
 
 
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 permit 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 original issue 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
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.
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.
3. TRANSACTIONS WITH FMR AND AFFILIATES. 
As the fund's investment adviser, FMR Texas Inc., a wholly owned
subsidiary of FMR, receives a monthly management fee 
3. TRANSACTIONS WITH FMR AND AFFILIATES - CONTINUED
from FMR. This fee is based on the management fee FMR receives from
the investing funds, and the percentage of average net assets invested
by the investing funds in the fund.
Fidelity Investments Institutional Operations Company, Inc., an
affiliate of FMR, is the fund's transfer, dividend disbursing and
shareholder servicing agent. Fidelity Service Company, Inc., also an
affiliate of FMR, maintains the fund's accounting records. Pursuant to
its management contract with the fund, FMR Texas pays the fees
associated with the fund's transfer agent and 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 $2,763 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.
 
TAXABLE CENTRAL CASH FUND
SEMIANNUAL REPORT
NOVEMBER 30, 1997
INVESTMENTS NOVEMBER 30, 1997 
(UNAUDITED)
 
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
 
 
U.S. TREASURY OBLIGATIONS - 27.2%
 DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
 DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 20.7%
 12/16/97 5.52% $ 4,970,000,000 $ 4,958,535,850
 3/5/98 5.67  518,500,000  511,249,043
 4/2/98 6.03  336,000,000  329,546,183
 4/30/98 6.07  200,000,000  195,257,200
 5/28/98 5.88  226,000,000  219,797,814
  6,214,386,090
U.S. TREASURY NOTES - 5.3%
 2/15/98 5.33  92,000,000  92,288,691
 2/28/98 5.67  175,000,000  174,731,892
 3/31/98 5.56  474,000,000  474,361,794
 3/31/98 5.93  100,000,000  99,724,723
 5/15/98 5.92  150,000,000  150,075,404
 5/31/98 5.67  200,000,000  200,208,895
 6/30/98 5.68  100,000,000  100,267,928
 7/31/98 5.57  50,000,000  50,188,538
 8/15/98 5.51  195,400,000  195,695,752
 9/30/98 6.00  63,000,000  63,193,243
  1,600,736,860
PRINCIPAL ONLY STRIPS - 1.2%
 8/15/98 5.66  244,800,000  235,197,876
 11/15/98 5.63  125,000,000  118,511,903
    353,709,779
TOTAL U.S. TREASURY OBLIGATIONS   8,168,832,729
REPURCHASE AGREEMENTS - 72.8%
 MATURITY 
 AMOUNT 
In a joint trading account (Note 3)
(U.S. Treasury Obligations):
 dated 11/28/97 due 12/1/97
  At 5.70%  $ 19,521,682,397  19,512,414,000
 dated 11/19/97 due 12/2/97
  At 5.55%   300,601,250  300,000,000
 dated 11/25/97 due 12/2/97
  At 5.62%   280,305,978  280,000,000
 dated 9/5/97 due 12/3/97
  At 5.50%   314,215,139  310,000,000
 dated 10/23/97 due 12/22/97
  At 5.54%   315,890,033  313,000,000
 dated 11/18/97 due 2/17/98
  At 5.61%   507,091,821  500,000,000
REPURCHASE AGREEMENTS - CONTINUED
 MATURITY VALUE
 AMOUNT (NOTE 1)
In a joint trading account (Note 3)
(U.S. Treasury Obligations): - continued
 dated 11/19/97 due 2/17/98
  At 5.62%  $ 304,215,000 $ 300,000,000
 dated 11/21/97 due 2/18/98
  At 5.62%   304,168,167  300,000,000
TOTAL REPURCHASE AGREEMENTS  $ 21,815,414,000
TOTAL INVESTMENTS - 100%  $ 29,984,246,729
Total Cost for Income Tax Purposes    $  29,984,246,729
FINANCIAL STATEMENTS
 
 
STATEMENT OF ASSETS AND LIABILITIES
 
<TABLE>
<CAPTION>
<S>                                                     <C>               <C>                
 NOVEMBER 30, 1997 (UNAUDITED)                                                               
 
ASSETS                                                                                       
 
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING                             $ 29,984,246,729   
REPURCHASE AGREEMENTS OF $21,815,414,000) -                                                  
SEE ACCOMPANYING SCHEDULE                                                                    
 
INTEREST RECEIVABLE                                                        42,320,553        
 
 TOTAL ASSETS                                                              30,026,567,282    
 
LIABILITIES                                                                                  
 
PAYABLE FOR INVESTMENTS PURCHASED                       $ 4,958,535,852                      
 
DISTRIBUTIONS PAYABLE                                    106,019,403                         
 
 TOTAL LIABILITIES                                                         5,064,555,255     
 
NET ASSETS                                                                $ 24,962,012,027   
 
NET ASSETS CONSIST OF:                                                                       
 
PAID IN CAPITAL                                                           $ 24,961,938,858   
 
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS                        73,169            
 
NET ASSETS, FOR 24,961,938,858 SHARES OUTSTANDING                         $ 24,962,012,027   
 
NET ASSET VALUE, OFFERING PRICE AND                                        $1.00             
REDEMPTION PRICE PER SHARE                                                                   
($24,962,012,027 (DIVIDED BY) 24,961,938,858 SHARES)                                         
 
</TABLE>
 
STATEMENT OF OPERATIONS
 
<TABLE>
<CAPTION>
<S>                                                     <C>        <C>             
 SIX MONTHS ENDED NOVEMBER 30, 1997 (UNAUDITED)                                    
 
INTEREST INCOME                                                    $ 502,593,013   
 
EXPENSES                                                                           
 
NON-INTERESTED TRUSTEES' COMPENSATION                   $ 31,312                   
 
CUSTODIAN FEES AND EXPENSES                              24,032                    
 
LEGAL                                                    4,162                     
 
INSURANCE                                                35,330                    
 
 TOTAL EXPENSES                                                     94,836         
 
NET INTEREST INCOME                                                 502,498,177    
 
NET REALIZED GAIN (LOSS) ON INVESTMENTS                             (122,670)      
 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS               $ 502,375,507   
 
</TABLE>
 
STATEMENT OF CHANGES IN NET ASSETS
      SIX MONTHS ENDED    OCTOBER 21, 1996    
      NOVEMBER 30, 1997   (COMMENCEMENT       
      (UNAUDITED)         OF OPERATIONS) TO   
                          MAY 31,1997         
 
 
<TABLE>
<CAPTION>
<S>                                                       <C>                 <C>                 
INCREASE (DECREASE) IN NET ASSETS                                                                 
 
OPERATIONS                                                $ 502,498,177       $ 477,212,744       
NET INTEREST INCOME                                                                               
 
 NET REALIZED GAIN (LOSS)                                  (122,670)           195,839            
 
 NET INCREASE (DECREASE) IN NET ASSETS RESULTING           502,375,507         477,408,583        
FROM OPERATIONS                                                                                   
 
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME     (502,498,177)       (477,212,744)      
 
SHARE TRANSACTIONS AT NET ASSET VALUE                      47,482,186,434      56,437,494,218     
OF $1.00 PER SHARE                                                                                
PROCEEDS FROM SALES OF SHARES                                                                     
 
 COST OF SHARES REDEEMED                                   (39,958,117,365)    (38,999,624,429)   
 
 NET INCREASE (DECREASE) IN NET ASSETS AND SHARES          7,524,069,069       17,437,869,789     
RESULTING FROM SHARE TRANSACTIONS                                                                 
 
  TOTAL INCREASE (DECREASE) IN NET ASSETS                  7,523,946,399       17,438,065,628     
 
NET ASSETS                                                                                        
 
 BEGINNING OF PERIOD                                       17,438,065,628      -                  
 
 END OF PERIOD                                            $ 24,962,012,027    $ 17,438,065,628    
 
</TABLE>
 
FINANCIAL HIGHLIGHTS
      SIX MONTHS ENDED    OCTOBER 21, 1996    
      NOVEMBER 30, 1997   (COMMENCEMENT       
      (UNAUDITED)         OF OPERATIONS) TO   
                          MAY 31, 1997        
 
 
<TABLE>
<CAPTION>
<S>                                                   <C>            <C>            
SELECTED PER-SHARE DATA                                                             
 
NET ASSET VALUE, BEGINNING OF PERIOD                  $ 1.000        $ 1.000        
 
INCOME FROM INVESTMENT OPERATIONS                      .028           .033          
NET INTEREST INCOME                                                                 
 
                                                                                    
 
LESS DISTRIBUTIONS                                                                  
 
 FROM NET INTEREST INCOME                              (.028)         (.033)        
 
NET ASSET VALUE, END OF PERIOD                        $ 1.000        $ 1.000        
 
TOTAL RETURN B                                         2.84%          3.35%         
 
RATIOS AND SUPPLEMENTAL DATA                                                        
 
NET ASSETS, END OF PERIOD (000 OMITTED)               $ 24,962,012   $ 17,438,066   
 
RATIO OF EXPENSES TO AVERAGE NET ASSETS                .0011% A       .0008% A      
 
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS     5.62% A        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 November 30, 1997 (Unaudited)
 
   
 
 
6. 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
managed by Fidelity Management & Research Company (FMR), or its
affiliates. The financial statements have been prepared in conformity
with generally accepted accounting principles which permit management
to make certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the 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
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.
7. 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).  FMR Texas, Inc. (FMR Texas), 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.  
8. JOINT TRADING ACCOUNT. 
At the end of the period, the fund had 20% or more of its total
investments in repurchase agreements through a joint trading account.
These repurchase agreements were with entities whose creditworthiness
has been reviewed and found satisfactory by FMR Texas.  The maturity
values of the joint trading account investments were $19,521,682,397
at 5.70%, $300,601,250 at 5.55%, $280,305,978 at 5.62%, $314,215,139
at 5.50%, $315,890,033 at 5.54%, $507,091,821 at 5.61%,  $304,215,000
at 5.62% and $304,168,167 at 5.62%. The investments in repurchase
agreements through the joint trading account are summarized as
follows:
SUMMARY OF JOINT TRADING
DATED NOVEMBER 28,1997, DUE DECEMBER 1, 1997 AT 5.70% 
Number of dealers or banks 35
Maximum amount with one dealer or bank 17.1%
Aggregate principal amount of agreements $24,029,617,000
Aggregate maturity amount of agreements $24,041,030,431
Aggregate market value of transferred assets $24,573,098,512
Coupon rates of transferred assets 0% to 15.75%
Maturity dates of transferred assets 12/4/97 to 11/15/27
DATED NOVEMBER 19, 1997, DUE DECEMBER 2, 1997 AT 5.55% 
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 $501,002,083
Aggregate market value of transferred assets $511,169,458
Coupon rates of transferred assets 0% to 12.75%
Maturity dates of transferred assets 4/30/98 to 11/15/16
DATED NOVEMBER 25, 1997, DUE DECEMBER 2, 1997 AT 5.62%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $400,000,000
Aggregate maturity amount of agreements $400,437,111
Aggregate market value of transferred assets $409,971,496
Coupon rate of transferred assets 6%
Maturity date of transferred assets 8/15/00
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED SEPTEMBER 5, 1997, DUE DECEMBER 3,1997  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 $506,798,611
Aggregate market value of transferred assets $513,061,982
Coupon rates of transferred assets 5.75% to 6.63%
Maturity dates of transferred assets 9/30/99 to 5/15/07
DATED OCTOBER 23, 1997, DUE DECEMBER 22, 1997 AT 5.54%
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 $504,616,666
Aggregate market value of transferred assets $510,404,139
Coupon rates of transferred assets 0% to 9.98%
Maturity dates of transferred assets 1/15/98 to 2/15/26
DATED NOVEMBER 18, 1997, DUE FEBRUARY 17, 1998 AT 5.61%
Number of dealers or banks 2
Maximum amount with one dealer or bank 55.6%
Aggregate principal amount of agreements $900,000,000
Aggregate maturity amount of agreements $912,765,278
Aggregate market value of transferred assets $919,329, 298
Coupon rates of transferred assets 0% to 12.75%
Maturity dates of transferred assets 2/19/98 to 11/15/16
DATED NOVEMBER 19, 1997, DUE FEBRUARY 17, 1998 AT 5.62%
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 $507,025,000
Aggregate market value of transferred assets $511,169,458
Coupon rates of transferred assets 0% to 12.75%
Maturity dates of transferred assets 4/30/98 to 11/15/16
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED NOVEMBER 21, 1997, DUE FEBRUARY 18, 1998 AT 5.62%
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 $506,946,945
Aggregate market value of transferred assets $519,039,322
Coupon rates of transferred assets 5.88% to 6.63%
Maturity dates of transferred assets 2/28/99 to 5/15/07
9. TRANSACTIONS WITH FMR AND AFFILIATES. 
As the fund's investment adviser, FMR Texas, a wholly owned subsidiary
of FMR, receives a monthly management fee from FMR. The 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. Fidelity Service Company, Inc. (FSC),
also an affiliate of FMR, maintains the fund's accounting records.
Pursuant to its management contract with the fund, FMR Texas pays the
fees associated with the fund's transfer agent and accounting
functions.
10. 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.



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