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Previous: DELTIC TIMBER CORP, 8-K, 1999-01-20 |
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MUNICIPAL CENTRAL CASH FUND
SEMIANNUAL REPORT
NOVEMBER 30, 1998
INVESTMENTS NOVEMBER 30, 1998 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
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MUNICIPAL SECURITIES - 100.0%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ALABAMA - 0.2%
Phenix City Ind. Dev. Board Envir. Impt. Rev. Bonds (Mead $ 1,500,000 $ 1,500,000
Coated Board Proj.) Series 1988, 3.4% 1/14/99, LOC
ABN-AMRO Bank NV, CP mode (b)
ALASKA - 0.2%
Valdez Marine Term. Rev. Rfdg. (Atlantic Richfield Co. Proj.) 2,000,000 2,000,000
Series 1994 B, 3.2%, VRDN (a)
ARIZONA - 4.6%
Apache County Ind. Dev. Auth. Ind. Dev. Rev. (Tucson Elec. 4,800,000 4,800,000
Pwr. Co. Springerville Proj.) Series 1983 B, 3.2%, LOC Bank
of New York NA, VRDN (a)
Chandler Ind. Dev. Auth. Multi-family Hsg. Rev. Rfdg. (South 5,050,000 5,050,000
Park Apts.) Series 1989, 3.1%, LOC Citibank, New York
NA, VRDN (a)
Coconino County Ind. Dev. Rev. (Citizens Utils. Proj.) Series 2,200,000 2,200,000
1997, 3.2%, VRDN (a)(b)
Coconino County Poll. Cont. Corp. Poll. Cont. Rev. (Arizona 10,670,000 10,670,000
Pub. Svc. Co. Navajo Proj.) Series 1998, 3.45%, LOC
Kredietbank NV, VRDN (a)(b)
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co.) 1,400,000 1,400,000
Series 1994 E, 3.35%, LOC Bank of America Nat'l. Trust &
Savings Assoc., VRDN (a)
Navajo County Ind. Dev. Auth. Ind. Dev. Rev. (Citizens Utils. 1,700,000 1,700,000
Co. Proj.) Series 1997 B, 3.2%, VRDN (a)(b)
Phoenix Gen. Oblig. Series 1995 2, 3.3% (BPA Morgan 1,100,000 1,100,000
Guaranty Trust Co., NY), VRDN (a)
Phoenix Ind. Dev. Auth. Multi-family Hsg. Rev. (Paradise 3,275,000 3,275,000
Shadows II Apts. Proj.) Series 1989, 3.1%, LOC Citibank,
New York NA, VRDN (a)
Pima County Ind. Dev. Auth. Multi-family Hsg. Rev. (La Cholla 2,100,000 2,100,000
Apt. Proj.) Series 1996, 3.3%, LOC Chase Bank of Texas
NA, VRDN (a)
Salt River Proj. Agric. Impt. & Pwr. District 3.15% 3/9/99, CP 1,000,000 1,000,000
Yavapai County Ind. Dev. Auth. Ind. Dev. Rev. Bonds (Citizens Util.):
Series 1993:
3.1% 1/14/99, CP mode (b) 1,000,000 1,000,000
3.35% 1/12/99, CP mode (b) 3,500,000 3,500,000
Series 1997, 3.1% 1/14/99, CP mode (b) 1,500,000 1,500,000
39,295,000
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ARKANSAS - 1.0%
Arkansas Dev. Fin. Auth. Home Mtg. Rev. Participating VRDN $ 1,000,000 $ 1,000,000
Series 1998 C, 3.28% (Liquidity Facility Bank of America
Nat'l. Trust & Savings Assoc.) (a)(c)
Arkansas Dev. Fin. Multi-family Hsg. Rev. (Kiehl Partners LP 1,000,000 1,000,000
Proj.) Series 1998, 3.4%, LOC Bank One, Louisiana NA,
VRDN (a)
Arkansas Hosp. Equip. Fin. Auth. Hosp. Equip. Rev. 7,000,000 7,000,000
(Baptist Health Proj.) Series 1995, 3.15% (MBIA Insured),
VRDN (a)
9,000,000
CALIFORNIA - 1.5%
California Econ. Fin. Auth. (ISO Corp. Proj.) Series 1998 B, 9,900,000 9,900,000
3.2%, LOC Bank of America Nat'l. Trust & Savings Assoc.,
VRDN (a)
California Higher Ed. Ln. Auth. Student Ln. Rev. Series 1992 1,850,000 1,850,000
E1, 3.25%, LOC Student Ln. Marketing Assoc., VRDN (a)(b)
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Shell 1,500,000 1,500,000
Oil Co. Martinez Proj.) Series 1994 A, 3.3%, VRDN (a)(b)
13,250,000
COLORADO - 1.7%
Colorado Student Oblig. Auth. Student Ln. Rev. Series 1989 A, 12,400,000 12,400,000
3.15%, LOC Student Ln. Marketing Assoc., VRDN (a)(b)
Moffat County Poll. Cont. Rev. Rfdg. (Pacificorp Proj.) 3.35% 2,000,000 2,000,000
(AMBAC Insured) (BPA Bank of New York NA), VRDN (a)
14,400,000
DELAWARE - 0.4%
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co.
Proj.):
Series 1987, 3.45%, VRDN (a)(b) 1,600,000 1,600,000
Series 1988, 3.45%, VRDN (a)(b) 1,100,000 1,100,000
Series 1994, 3.45%, VRDN (a)(b) 700,000 700,000
3,400,000
FLORIDA - 9.5%
Dade County Wtr. & Swr. Sys. Rev. Participating VRDN Series 1,000,000 1,000,000
SG 74, 3.3% (Liquidity Facility Societe Generale) (a)(c)
Florida Board of Ed. Lottery Rev. Participating VRDN Series 6,105,000 6,105,000
57, 3.28% (Liquidity Facility Morgan Stanley, Dean Witter &
Co.) (a)(c)
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Florida Div. Board Fin. Dept. Gen. Svcs. Rev. Participating $ 16,570,000 $ 16,570,000
VRDN Series 61, 3.28% (Liquidity Facility Morgan Stanley,
Dean Witter & Co.) (a)(c)
Florida Local Govt. Fin. Commission Series A:
3.4% 12/1/98, LOC First Union Nat'l. Bank of North 10,000,000 10,000,000
Carolina, CP
3.4% 2/1/99, LOC First Union Nat'l. Bank of North 1,000,000 1,000,000
Carolina, CP
Highlands County Health Facilities Auth. Rev. (Adventist Health
Sys. Sunbelt Proj.):
Series 1996 A, 3.2%, LOC SunTrust Bank, Central FL NA, 4,870,000 4,870,000
VRDN (a)
3.2% (MBIA Insured) (BPA First Nat'l. Bank of Chicago), 7,600,000 7,600,000
VRDN (a)
3.2%, LOC SunTrust Bank, Central FL NA, VRDN (a) 17,100,000 17,100,000
Lakeland Elec. & Pwr. Participating VRDN Series 960901, 6,930,000 6,930,000
3.28% (Liquidity Facility Citibank, New York NA) (a)(c)
Lee County Hosp. Board Hosp. Rev. Bonds (Lee Memorial 1,000,000 1,000,000
Hosp. Proj.) Series 1997 B, 3.45% 1/13/99 (Liquidity
Facility SunTrust Bank, Central FL NA), CP mode
Mount Dora Health Facilities Auth. Health Facilities Rev. 4,000,000 4,000,000
(Waterman Village Proj.) Series 1996 A, 3.15%, LOC
Barnett Bank NA, VRDN (a)
Sarasota County Hosp. District Rev. Bonds (Sarasota Memorial 1,000,000 1,000,000
Hosp.) Series 1993 A, 3.65% 12/10/98, CP mode
Tampa Sports Auth. Rev. Participating VRDN Series SGA 61, 2,900,000 2,900,000
3.45% (Liquidity Facility Societe Generale) (a)(c)
West Orange Memorial Hosp. Tax District Rev. Bonds Series 1,500,000 1,500,000
1991 A1, 3.1% 3/5/99, LOC Rabobank Nederland Coop.
Central, CP mode
81,575,000
GEORGIA - 3.7%
Appling County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. 2,000,000 2,000,000
Plant Hatch Proj.) 3.25%, VRDN (a)
Bibb County Dev. Auth. Rev. Rfdg. & Impt. Series 1998, 3.2%, 1,200,000 1,200,000
LOC SunTrust Bank of Atlanta, VRDN (a)
Burke County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. 3,200,000 3,200,000
Plant Vogtle Proj.) Series 1997, 3.35%, VRDN (a)(b)
Clayton County Hsg. Auth. Multi-family Hsg. Rev. (Hyde Park 2,000,000 2,000,000
Club Apts. Proj.) Series 1997, 3.35%, LOC Key Bank, NA,
VRDN (a)(b)
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
GEORGIA - CONTINUED
Crisp County Solid Waste Mgmt. Auth. Rev. Series 1998, $ 1,000,000 $ 1,000,000
3.25% (FSA Insured), VRDN (a)(b)
Metro Atlanta Rapid Transit Auth. Participating VRDN Series 5,600,000 5,600,000
PT 1064, 3.3% (Liquidity Facility Merrill Lynch & Co.) (a)(c)
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co.) 3,900,000 3,900,000
Series 97, 3.45%, VRDN (a)
Putnam County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co.) 1,100,000 1,100,000
Series 1997, 3.65%, VRDN (a)
Richmond County Dev. Auth. Solid Waste Disp. Rev. 10,000,000 10,000,000
(Evergreen Nylon Recycling Proj.) Series 1998, 3.15%, LOC
Banque Nationale de Paris, VRDN (a)(b)
Savannah Econ. Dev. Auth. Poll. Cont. Rev. Rfdg. (American 1,700,000 1,700,000
Cyanamid Co. Proj.) Series 1998, 3.15%, VRDN (a)
31,700,000
HAWAII - 0.4%
Hawaii Arpt. Sys. Rev. Participating VRDN Series PT 190B, 1,000,000 1,000,000
3.35% (Liquidity Facility Bayerische Hypo-und Vereinsbank
AG) (a)(b)(c)
Hawaii Gen. Oblig. Participating VRDN Series PA 167, 3.3% 2,600,000 2,600,000
(Liquidity Facility Merrill Lynch & Co.) (a)(c)
3,600,000
ILLINOIS - 6.1%
Chicago Board of Ed. Participating VRDN Series 1996 BB, 11,100,000 11,100,000
3.33% (Liquidity Facility Bank of America Nat'l. Trust &
Savings Assoc.) (a)(c)
Chicago Wastewtr. Transmission Rev. Participating VRDN 5,865,000 5,865,000
Series PT-1035, 3.3% (Liquidity Facility Bank of America
Nat'l. Trust & Savings Assoc.) (a)(c)
Illinois Health Facilities Auth. Rev.:
(Decatur Memorial Hosp. Proj.) Series 1996 A, 3.2% (MBIA 3,700,000 3,700,000
Insured) (BPA First Nat'l. Bank of Chicago), VRDN (a)
(Southern Illinois Healthcare) 3.15% (MBIA Insured), 2,000,000 2,000,000
VRDN (a)
(Univ. Pooled Prog.) Series 1985, 3.15% (FGIC Insured) 3,585,000 3,585,000
(BPA First Nat'l. Bank of Chicago), VRDN (a)
Illinois Student Assistance Commission Student Ln. Rev. 5,000,000 5,000,000
Series 1997 A, 3.2%, LOC First Nat'l. Bank of Chicago,
VRDN (a)(b)
Lisle Village Multi-family Hsg. Rev. (Four Lakes Phase V-Lisle) 3,500,000 3,500,000
Series 1996, 3.15%, VRDN (a)
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ILLINOIS - CONTINUED
Madison County Envir. Impt. Rev.:
(Shell Wood River Refining Co. Proj.):
Series 1997 A, 3.45%, VRDN (a)(b) $ 11,400,000 $ 11,400,000
Series A, 3.45%, VRDN (a)(b) 2,500,000 2,500,000
Rfdg. (Shell Wood River Refining Co. Proj.) 3.45%, 2,200,000 2,200,000
VRDN (a)(b)
Will County Facilities Rev. (Amoco Chemical Proj.) Series 1998 1,800,000 1,800,000
A, 3.45%, VRDN (a)(b)
52,650,000
INDIANA - 1.9%
Elkhart County Econ. Dev. Rev. (Burger Dairy Proj.) 3.7%, 1,025,000 1,025,000
LOC Old Kent Bank, Michigan, VRDN (a)(b)
Indiana Dev. Fin. Auth. Envir. Rev. Rfdg. (PSI Energy Proj.) 15,800,000 15,800,000
Series 1998, 3.45%, LOC Morgan Guaranty Trust Co., NY,
VRDN (a)(b)
16,825,000
IOWA - 0.2%
Iowa Fin. Auth. Rev. (Wheaton Franciscan Svcs.) Series 1998 2,000,000 2,000,000
B, 3.2% (MBIA Insured), VRDN (a)
KANSAS - 0.3%
Wamego Kansas Poll. Cont. Rev. Rfdg. (Utilicorp United, Inc. 3,000,000 3,000,000
Proj.) Series 1996, 3.15%, LOC Cr. Suisse First Boston (BK),
VRDN (a)
KENTUCKY - 1.5%
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper 2,600,000 2,600,000
Co. Proj.) Series 1993 A, 3.35%, VRDN (a)(b)
Kentucky Asset/Liability Commission Gen. Fund TRAN 1,000,000 1,003,695
Series B, 4% 6/25/99
Kentucky Econ. Dev. Auth. Hosp. Facilities Rev. (Health 6,400,000 6,400,000
Alliance of Cincinnati) Series 1997 C, 3.2% (MBIA Insured),
VRDN (a)
Kentucky Higher Ed. Student Ln. Corp. Student Ln. Rev. 1,200,000 1,200,000
Series 1996 A, 3.2% (MBIA Insured) (BPA Landesbank
Hessen-Thuringen), VRDN (a)(b)
Louisville Arpt. Lease Rev. Series 1989 B, 3.2%, LOC Nat'l. 2,000,000 2,000,000
City Bank, Kentucky, VRDN (a)(b)
13,203,695
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
LOUISIANA - 0.9%
Louisiana Pub. Facilities Auth. Rev. School Health Care Sys. $ 1,900,000 $ 1,900,000
(Sisters of Charity Incarnate Word) Series 1997 E, 3.2%
(BPA Cr. Suisse First Boston (BK)), VRDN (a)
Saint Charles Parish Poll. Cont. Rev. (Shell Oil Co. Proj.):
Series 1991, 3.45%, VRDN (a)(b) 1,000,000 1,000,000
Series 1992 A, 3.45%, VRDN (a)(b) 4,900,000 4,900,000
7,800,000
MAINE - 1.6%
Maine Edl. Ln. Marketing Corp. Ln. Rev. (Senior Student Ln.) 9,000,000 9,000,000
Series 1997A 2, 3.15% (AMBAC Insured) (BPA Cr. Suisse
First Boston (BK)), VRDN (a)(b)
Maine Gen. Oblig. BAN 4% 1/21/99 1,900,000 1,901,034
Maine Hsg. Auth. Multi-family Dev. Rev. (Park Village Apts. 2,900,000 2,900,000
Proj.) 3.25%, LOC Gen. Elec. Cap. Corp., VRDN (a)(b)
13,801,034
MARYLAND - 3.9%
Baltimore Gen. Oblig. Rev. Rfdg. Participating VRDN Series 18,400,000 18,400,000
SG 20, 3.28% (Liquidity Facility Societe Generale) (a)(c)
Maryland Nat'l. Cap. Park & Planning Commission 3.35%, 6,400,000 6,400,000
VRDN (a)
Northeast Waste Disp. Auth. Resources Recovery Rev. 8,415,000 8,415,000
Participating VRDN Series 97C-2001, 3.28% (Liquidity
Facility Citibank, New York NA) (a)(c)
33,215,000
MASSACHUSETTS - 4.5%
Massachusetts Gen. Oblig. Rfdg.:
Series 1997 B, 3.05% (BPA Landesbank Hessen-Thuringen), 8,000,000 8,000,000
VRDN (a)
Series 1998 B, 3.05% (BPA Toronto Dominion Bank), 30,000,000 30,000,000
VRDN (a)
Massachusetts Hsg. Fin. Auth. Hsg. Rev. Participating VRDN 1,000,000 1,000,000
Series 1998 B, 3.3% (Liquidity Facility Caisse des Depots et
Consignations) (a)(b)(c)
39,000,000
MICHIGAN - 1.1%
Delta County Econ. Dev. Corp. Envir. Impt. Rev. (Escanaba 1,000,000 1,000,000
Paper) Series 1985 D, 3.3%, LOC Cr. Suisse First Boston
(BK), VRDN (a)
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MICHIGAN - CONTINUED
Michigan Strategic Fund Rev.:
(Mans Proj.) Series 1998, 3.25%, LOC Comerica Bank, $ 1,300,000 $ 1,300,000
Detroit, VRDN (a)(b)
Rfdg. (Dow Chemical Co. Proj.) Series 1994, 3.35%, 1,400,000 1,400,000
VRDN (a)
Wayne Charter County Arpt. Rev. Participating VRDN 1,600,000 1,600,000
Series 1998 68, 3.33% (Liquidity Facility Morgan Stanley,
Dean Witter & Co.) (a)(b)(c)
Wayne-Westland Cmnty. Schools Participating VRDN Series 4,000,000 4,000,000
67, 3.28% (Liquidity Facility Morgan Stanley, Dean Witter &
Co.) (a)(c)
9,300,000
MINNESOTA - 0.4%
Hennepin County Gen. Oblig. Series C, 3.1% (Liquidity Facility 1,100,000 1,100,000
Westdeutsche Landesbank Girozentrale), VRDN (a)
Plymouth Multi-family Hsg. Rev. Rfdg. (At the Lakes Apt.) 1,965,000 1,965,000
Series 1997 A, 3.6%, VRDN (a)(b)
3,065,000
MISSISSIPPI - 0.3%
Jackson County Port Facilities Rev. Rfdg. (Chevron U.S.A., Inc.) 1,500,000 1,500,000
Series 1993, 3.3%, VRDN (a)
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Choctaw 1,000,000 1,000,000
Generation Ltd.) Series 1998, 3.25%, LOC Chase
Manhattan Bank, VRDN (a)(b)
2,500,000
MISSOURI - 2.2%
Kansas City Ind. Dev. Auth. Multi-family Hsg. Rev. Rfdg. 1,700,000 1,700,000
(Sleepy Hollow Apts.) Series 1996, 3.15%, VRDN (a)
Missouri Health & Edl. Facilities Research Facilities Rev. 17,000,000 17,000,000
(Stowers Institute Med. Research) 3.15%, LOC Morgan
Guaranty Trust Co., NY, VRDN (a)
18,700,000
NEVADA - 3.5%
Clark County Spl. Facilities Arpt. Sys. Rev. Bonds (Signature 1,000,000 1,000,000
Flight Support Corp. Proj.) Series 1997 A, 3.9%, tender
12/1/98, LOC Bayerische Landesbank Girozentrale (b)
Nevada Gen. Oblig. Participating VRDN Series RI 36, 3.45% 3,600,000 3,600,000
(Liquidity Facility Bank of New York NA) (a)(c)
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEVADA - CONTINUED
Nevada Hsg. Division (Oakmont at Fort Apache Road Proj.) $ 1,500,000 $ 1,500,000
Series 1996 A, 3.2%, LOC Union Bank of Switzerland AG,
VRDN (a)(b)
Washoe County Gas Facilities Rev. (Sierra Pacific Pwr. Co.) 24,100,000 24,100,000
Series 1990, 3.45%, LOC Union Bank of Switzerland AG,
VRDN (a)(b)
30,200,000
NEW HAMPSHIRE - 0.4%
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev.:
(United Illumination Co.) Series 1997 A, 3.25%, LOC 2,200,000 2,200,000
Barclays Bank PLC, VRDN (a)(b)
Bonds (New England Pwr. Co. Proj.) Series 1990 A, 3.45% 1,350,000 1,350,000
5/4/99, CP mode (b)
3,550,000
NEW JERSEY - 2.4%
Delaware River Port Auth. Pennsylvania & New Jersey Rev. 12,200,000 12,200,000
Participating VRDN Series SG 53, 3.25% (Liquidity Facility
Societe Generale) (a)(c)
New Jersey Gen. Oblig. Participating VRDN Series 1997 L, 8,565,000 8,565,000
3.3% (Liquidity Facility Caisse des Depots et
Consignations) (a)(c)
20,765,000
NEW MEXICO - 0.4%
Farmington Poll. Cont. Rev. Participating VRDN Series PT 133, 1,995,000 1,995,000
3.35% (Liquidity Facility Cr. Suisse First Boston (BK)) (a)(c)
New Mexico Hsg. Auth. Multi-Family Hsg. Rev. Participating 1,125,000 1,125,000
VRDN Series 96C3101, 3.28% (Liquidity Facility Citibank,
New York NA) (a)(c)
3,120,000
NEW YORK - 9.9%
Battery Park City Auth. Rev. Participating VRDN Series FR/RI 7,425,000 7,425,000
25, 3.4% (Liquidity Facility Bank of New York NA) (a)(c)
Long Island Pwr. Auth. Elec. Sys. Rev. Sub Series 7, 3.3% 3,800,000 3,800,000
(MBIA Insured) (BPA Cr. Suisse First Boston (BK)), VRDN (a)
Metro Trans. Auth. Commuter Facilities Rev. Participating 1,760,000 1,760,000
VRDN Series PT 126, 3.3% (Liquidity Facility Merrill
Lynch & Co.) (a)(c)
New York City Gen. Oblig.:
Bonds Series J 1996 J3, 3.3% 1/11/99, LOC Morgan 2,000,000 2,000,000
Guaranty Trust Co., NY, CP mode
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - CONTINUED
New York City Gen. Oblig.: - continued
Participating VRDN:
Series FR/RI 33, 3.4% (Liquidity Facility Bank of New York $ 4,500,000 $ 4,500,000
NA) (a)(c)
Series PT 206, 3.35% (Liquidity Facility Bayerische 2,255,000 2,255,000
Hypo-und Vereinsbank AG) (a)(c)
Series SGB 35, 3.2% (Liquidity Facility Societe 2,500,000 2,500,000
Generale) (a)(c)
Series 1995B-5, 3.35% (MBIA Insured), VRDN (a) 1,300,000 1,300,000
New York City Ind. Dev. Agcy. Ind. Dev. Rev. Participating
VRDN:
Series 1996 H, 3.35% (Liquidity Facility Caisse des Depots et 1,675,000 1,675,000
Consignations) (a)(b)(c)
Series 1997 H, 3.35% (Liquidity Facility Caisse des Depots et 3,240,000 3,240,000
Consignations) (a)(b)(c)
New York City Muni. Wtr. Fin. Auth.:
Participating VRDN Series SGB 25, 3.33% (Liquidity Facility 1,200,000 1,200,000
Societe Generale) (a)(c)
Series 3, 3.25% 1/11/99, LOC Commerzbank AG, LOC 13,900,000 13,900,000
Toronto Dominion Bank, CP
New York City Transitional Fin. Auth. Rev. Series A 2, 3.25% 1,300,000 1,300,000
(Liquidity Facility Morgan Guaranty Trust Co., NY),
VRDN (a)
New York Local Govt. Assistance Corp. Participating VRDN 10,595,000 10,595,000
Series PA 445, 3.63% (Liquidity Facility Merrill Lynch &
Co.) (a)(c)
New York State Energy Research & Dev. Auth. Participating 12,400,000 12,400,000
VRDN Series 943202, 3.28% (Liquidity Facility Citibank,
New York NA) (a)(c)
New York State Gen. Oblig. Bonds (Envir. Quality 1986 Proj.) 2,100,000 2,100,000
Series 1997 A, 3.25% 1/11/99, LOC Bayerische
Landesbank Girozentrale, LOC Landesbank
Hessen-Thuringen, CP mode
New York State Med. Care Facilities Fin. Agcy. Rev. 3,700,000 3,700,000
Participating VRDN Series PT 145A, 3.3% (Liquidity Facility
Merrill Lynch & Co.) (a)(c)
New York State Mtg. Agcy. Rev. Participating VRDN:
Series 1997 J, 3.3% (Liquidity Facility First Union Nat'l. Bank 4,600,000 4,600,000
of North Carolina) (a)(b)(c)
Series1997 G, 3.35% (Liquidity Facility Caisse des Depots et 4,740,000 4,740,000
Consignations) (a)(b)(c)
84,990,000
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK & NEW JERSEY - 0.8%
Port Auth. New York & New Jersey Gen. Oblig. Participating $ 4,080,000 $ 4,080,000
VRDN Series PA 67, 3.25% (Liquidity Facility Merrill Lynch &
Co.) (a)(c)
Port Auth. New York & New Jersey Spl. Oblig. Rev. 3,200,000 3,200,000
Participating VRDN Series 6, 3.35% (Liquidity Facility
Societe Generale) (a)(b)(c)
7,280,000
NORTH CAROLINA - 0.3%
North Carolina Med. Care Cmnty. Hosp. Rev. (Lexington 1,000,000 1,000,000
Memorial Hosp. Proj.) 3.35%, LOC First Union Nat'l. Bank
of North Carolina, VRDN (a)
Raleigh-Durham Arpt. Auth. Spl. Facilities Rev. Rfdg. 1,700,000 1,700,000
(American Airlines, Inc.) Series 1995 A, 3.35%, LOC
NationsBank NA, VRDN (a)
2,700,000
OHIO - 1.5%
Ohio Air Quality Dev. Auth. (JMG Fdg. Ltd.) 3.2%, LOC 3,300,000 3,300,000
Societe Generale, VRDN (a)(b)
Ohio Hsg. Fin. Agcy. Mtg. Rev. Participating VRDN 2,400,000 2,400,000
Series PT 241, 3.62% (Liquidity Facility Bayerische
Hypo-und Vereinsbank AG) (a)(b)(c)
Ohio Solid Waste Rev. (British Petroleum Exploration & Oil, 5,500,000 5,500,000
Inc. Proj.) 3.45%, VRDN (a)(b)
Summit County Ind. Dev. Rev. (SGS Tool Proj.) Series B, 3.45%, 1,500,000 1,500,000
LOC Nat'l. City Bank, Cleveland, VRDN (a)(b)
12,700,000
OREGON - 0.3%
Portland Multi-family Hsg. Rev. Rfdg. (Univ. Park Apts. Proj.) 2,500,000 2,500,000
Series 1993, 3.15%, LOC BankBoston NA, VRDN (a)
PENNSYLVANIA - 3.9%
Allegheny County Ind. Dev. Auth. Ind. Dev. Rev. (Union Elec. 1,000,000 1,000,000
Steel Co. Proj.) Series 1996 A, 3.45%, LOC PNC Bank NA,
VRDN (a)
Cambria County Ind. Dev. Auth. Resource Recovery (Cambria 1,900,000 1,900,000
Cogen Co. Proj.) Series 1998 A 1, 2.95%, LOC Bayerische
Hypo-und Vereinsbank AG, VRDN (a)(b)
Delaware County Ind. Dev. Auth. Bonds (Philadelphia Elec. 2,000,000 2,000,000
Proj.) Series 1988 B, 3.3% 1/11/99 (FGIC Insured),
CP mode
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
PENNSYLVANIA - CONTINUED
Emmaus Gen. Auth. Rev. Series 1996, 3.15% (FSA Insured) $ 8,000,000 $ 8,000,000
(BPA Cr. Suisse First Boston (BK)), VRDN (a)
Indiana County Ind. Dev. Auth. Poll. Cont. Rev. (Conemaugh 5,000,000 5,000,000
Proj.) Series 1997 A, 3.15%, LOC Union Bank of
Switzerland, LOC Union Bank of Switzerland AG,
VRDN (a)(b)
Northumberland County Ind. Dev. Auth. Rev. (Foster Wheeler 1,500,000 1,500,000
Mt. Carmel, Inc. Proj.) Series 1987 A, 3.2%, LOC Union
Bank of Switzerland AG, VRDN (a)(b)
Pennsylvania Econ. Dev. Fin. Auth. Econ. Dev. Rev. 1,000,000 1,000,000
Series 1997 B 2, 3.45%, LOC PNC Bank NA, VRDN (a)(b)
Pennsylvania Hsg. Fin. Agcy. Rev. Participating VRDN 6,685,000 6,685,000
Series PT 119A, 3.25% (Liquidity Facility Cr. Suisse First
Boston (BK)) (a)(c)
Venango Ind. Dev. Auth. Resource Recovery Rev. Bonds
(Scrubgrass Proj.) Series 1990 B:
3.4% 12/4/98, LOC Nat'l. Westminster Bank PLC, CP 3,300,000 3,300,000
mode (b)
3.4% 12/8/98, LOC Nat'l. Westminster Bank PLC, CP 2,050,000 2,050,000
mode (b)
York Gen. Auth. Pooled Fing. Rev. Series 1996, 3.2%, 1,370,000 1,370,000
LOC First Union Nat'l. Bank of North Carolina, VRDN (a)
33,805,000
SOUTH CAROLINA - 1.8%
Berkeley County Exam Facilities Ind. Rev. (AMOCO Corp.):
Series 1998, 3.45%, VRDN (a)(b) 3,000,000 3,000,000
3.45%, VRDN (a)(b) 1,100,000 1,100,000
South Carolina Jobs Econ. Dev. Auth. Hosp. Facilities Rev. 1,900,000 1,900,000
(Orangeburg Med. Ctr. & Calhoun Co.) Series 1998, 3.05%
(AMBAC Insured), VRDN (a)
South Carolina Pub. Svcs. Auth. Rev.:
3.3% 1/11/99, CP 8,500,000 8,500,000
3.6% 12/11/98, CP 1,200,000 1,200,000
15,700,000
SOUTH DAKOTA - 0.3%
South Dakota Hsg. Dev. Auth.:
Bonds Series 1998 I, 3.2% 12/2/99 (b) 1,650,000 1,650,000
Series 1997 E, 3.45%, VRDN (a)(b) 795,000 795,000
2,445,000
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TENNESSEE - 1.3%
Chattanooga Health Ed. & Hsg. (McCallie School Proj.) $ 2,400,000 $ 2,400,000
Series 1998, 3.2%, LOC SunTrust Bank of Atlanta,
VRDN (a)
Metro Govt. Nashville & Davidson County Adventist Health 5,880,000 5,880,000
Sys. 3.2%, LOC SunTrust Bank, Central FL NA, VRDN (a)
Metro Nashville Arpt. Rev. (American Airlines Proj.) 3,200,000 3,200,000
Series B, 3.25%, LOC Bayerische Landesbank Girozentrale,
VRDN (a)
11,480,000
TEXAS - 14.1%
Bexar County Health Facilities Dev. Corp. Rev. (Warm Springs 6,925,000 6,925,000
Rehabilitation Proj.) Series 1997, 3.3%, LOC Chase Bank of
Texas NA, VRDN (a)
Brazos River Hbr. Navigation District Brazoria County 5,200,000 5,200,000
Rev. (Dow Chemical co. Proj.) Series 1998, 3.55%,
VRDN (a)(b)
Brazos River Hbr. Navigation District Hbr. Rev. (Dow Chemical 1,200,000 1,200,000
Co. Proj.) Series 1997, 3.55%, VRDN (a)(b)
Brazos River Poll. Cont. Rev.:
(Texas Utils. Elec. Co. Proj.):
Series 1996 B, 3.8% (AMBAC Insured) (BPA Bank of 1,500,000 1,500,000
New York NA), VRDN (a)(b)
Series 1997 A, 3.35% (MBIA Insured) (BPA Bank of 1,500,000 1,500,000
New York NA), VRDN (a)(b)
Series 1997 B, 3.35% (MBIA Insured) (BPA Bank of 3,300,000 3,300,000
New York NA), VRDN (a)(b)
Rfdg. (Texas Utils. Elec. Co. Proj.):
Series 1996 A, 3.45% (AMBAC Insured) (BPA Bank of 3,100,000 3,100,000
New York NA), VRDN (a)(b)
Series 1996 C, 3.45% (AMBAC Insured) (BPA Bank of 4,600,000 4,600,000
New York NA), VRDN (a)(b)
Brownsville Util. Sys. Rev. Series A, 3.6% 12/11/98, 1,400,000 1,400,000
LOC Toronto Dominion Bank, CP
Coastal Bend Facilities Dev. Corp. Incarnate Word Health Sys. 3,600,000 3,600,000
Rev. Series 1998 B, 3.2% (AMBAC Insured), VRDN (a)
Dallas Civic Ctr. Convention Complex Rev. Participating VRDN 1,300,000 1,300,000
Series PT 1059, 3.3% (Liquidity Facility Merrill Lynch &
Co.) (a)(c)
Denton Util. Sys. Rev. Rfdg. Participating VRDN Series SGA 8,000,000 8,000,000
32, 3.28% (Liquidity Facility Societe Generale) (a)(c)
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TEXAS - CONTINUED
Guadalupe-Blanco River Auth. Poll. Cont. Rev. Rfdg. (Central $ 1,800,000 $ 1,800,000
Pwr. & Lt. Co.) 3.35%, LOC ABN-AMRO Bank NV,
VRDN (a)
Gulf Coast Ind. Dev. Auth. (Amoco Oil Proj.) Series 1993, 1,200,000 1,200,000
3.45%, VRDN (a)(b)
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. (Amoco Oil Co.
Proj.):
Series 1993, 3.45%, VRDN (a)(b) 2,300,000 2,300,000
Series 1994, 3.45%, VRDN (a)(b) 9,800,000 9,800,000
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev. (Amoco Oil 1,000,000 1,000,000
Co. Proj.) Series 1998, 3.45%, VRDN (a)(b)
Gulf Coast Waste Disp. Auth. Poll. Cont. & Solid Waste Rev. 1,600,000 1,600,000
(Amoco Oil Co. Proj.) Series 1996, 3.45%, VRDN (a)(b)
Gulf Coast Waste Disp. Auth. Rev. (Amoco Oil Co. Proj.) 1,100,000 1,100,000
3.45%, VRDN (a)(b)
Harris County Health Facilities Dev. Corp. Hosp. Rev. 1,900,000 1,900,000
(Methodist Hosp.) Series 1994, 3.3% (BPA Morgan
Guaranty Trust Co., NY), VRDN (a)
Harris County Health Facilities Dev. Corp. Rev.:
(Saint Luke's Hosp.):
Series A, 3.25%, VRDN (a) 2,700,000 2,700,000
Series B, 3.25%, VRDN (a) 6,000,000 6,000,000
(Sisters of Charity Incarnate Word) Series 1997 C, 3.2% 6,000,000 6,000,000
(BPA Cr. Suisse First Boston (BK)), VRDN (a)
Harris County Ind. Dev. Corp. Poll. Cont. Rev. Rfdg. (Shell Oil 1,100,000 1,100,000
Co. Proj.) Series 1997, 3.35%, VRDN (a)
Houston Arpt. Sys. Rev. Series 1993 A, 3.4% 12/2/98, LOC 2,000,000 2,000,000
Canadian Imperial Bank of Commerce, LOC Commerzbank
AG, CP (b)
Midlothian Ind. Dev. Corp. Poll. Cont. Rev. (Box-Crow 3,500,000 3,500,000
Cement Proj.) 3.15%, LOC Union Bank of Switzerland AG,
VRDN (a)
North Central Health Facilities Dev. Corp. Hosp. Rev. 1,700,000 1,700,000
(Presbyterian Med. Ctr. Proj.) Series C, 3.25% (MBIA
Insured) (BPA NationsBank NA), VRDN (a)
North Texas Higher Ed. Auth., Inc. Student Ln. Rev. Series 2,000,000 2,000,000
1991 C, 3.25% (AMBAC Insured) (BPA Student Ln.
Marketing Assoc.), VRDN (a)(b)
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TEXAS - CONTINUED
Panhandle-Plains Higher Ed. Auth. Student Ln. Rev. Series $ 5,500,000 $ 5,500,000
1992 A, 3.15%, LOC Student Ln. Marketing Assoc.,
VRDN (a)(b)
Plano Health Facilities Dev. Corp. Hosp. Rev. Bonds (Childrens 1,000,000 1,000,000
& Presbyterian Health Care Ctr.) 3.45% 12/8/98 (MBIA
Insured) (BPA Chase Bank of Texas NA), CP mode
Port Corpus Christi Ind. Dev. Corp. Envir. (Citgo Petroleum 4,700,000 4,700,000
Proj.) Series 1998, 3.5%, LOC Bank One Oklahoma NA,
VRDN (a)(b)
Port of Port Arthur Navigation District Jefferson County Rev. 6,425,000 6,425,000
(Fina Oil Co. Proj.) Series 1998, 3.4%, VRDN (a)(b)
Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) 3,300,000 3,300,000
Series 1996 B, 3.35% (AMBAC Insured) (BPA Bank of New
York NA), VRDN (a)(b)
San Antonio Arpt. Sys. Rev. Participating VRDN 2,005,000 2,005,000
Series 96C4305, 3.28% (Liquidity Facility Citibank,
New York NA) (a)(c)
San Antonio Elec. & Gas Sys. Rev. Series A, 3.35% 1,200,000 1,200,000
2/12/99, CP
Spring Branch Independent School District Rev. Participating 5,000,000 5,000,000
VRDN Series PA 285, 3.3% (Liquidity Facility Merrill
Lynch & Co.) (a)(c)
Texas Assoc. School Board TAN Series 1998 A, 4% 1,000,000 1,000,000
8/31/99
Texas Small Bus. Ind. Dev. Corp. Ind. Dev. Rev. (Texas Pub. 1,000,000 1,000,000
Facilities Cap. Access Prog.) 3.2%, LOC KBC Bank, NV,
VRDN (a)
Trinity River Auth. Poll. Cont. Rev. Rfdg. (Texas Util. Elec. Co. 3,000,000 3,000,000
Proj.) Series 1997 A, 3.2% (MBIA Insured), VRDN (a)(b)
121,455,000
UTAH - 1.6%
Emery County Poll. Cont. Rev. Rfdg. (Pacificorp. Proj.) 3,100,000 3,100,000
Series 1994, 3.35% (AMBAC Insured) (BPA Bank of Nova
Scotia), VRDN (a)
Intermountain Pwr. Agcy. Rev.:
Series 1997 B 1, 3.6% 12/11/98, CP 3,000,000 3,000,000
Series 1998 B 5, 3.4% 1/14/99, CP 1,500,000 1,500,000
Utah Hsg. Fin. Agcy. Single Family Mtg. Rev. Series 1998 2, 5,800,000 5,800,000
3.3% (Bayerische Landesbank Girozentrale Guaranteed),
VRDN (a)(b)
13,400,000
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
VIRGINIA - 4.1%
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Bonds $ 1,000,000 $ 1,000,000
(Virginia Elec. Pwr. Co. Proj.) Series 1987 A, 3.45%
2/24/99, CP mode
Dinwiddie County Ind. Dev. Auth. Rev. (Chaparral Steel Proj.) 7,500,000 7,500,000
Series 1998 A, 3.5%, LOC NationsBank NA, VRDN (a)(b)
Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Elec. Pwr. Co. 4,000,000 4,000,000
Proj.) Series 1984, 3.25% 1/15/99, CP mode
Peninsula Ports Auth. Port Facilities Rev. (Zeigler Coal Proj.) 1,000,000 1,000,000
Series 1997, 3.5%, LOC Bank of America Nat'l. Trust &
Savings Assoc., VRDN (a)(b)
Richmond Gen. Oblig. Series C, 3.2% (BPA NationsBank NA), 5,000,000 5,000,000
VRDN (a)
Roanoke Ind. Dev. Auth. Hosp. Rev. (Carilion Health Sys.):
Series 1997 A, 3.3% (Liquidity Facility NationsBank NA), 11,800,000 11,800,000
VRDN (a)
Series 1997 B, 3.35% (Liquidity Facility NationsBank NA), 5,200,000 5,200,000
VRDN (a)
35,500,000
WASHINGTON - 4.3%
Pierce County Econ. Dev. Corp. Rev. (K & M Hldgs. II Proj.) 1,700,000 1,700,000
Series 1997, 3.55%, LOC Wells Fargo Bank NA, San
Francisco, VRDN (a)(b)
Port of Seattle Gen. Oblig. Series B:
3.3% 1/13/99, LOC Bank of America Nat'l. Trust & Savings 11,760,000 11,760,000
Assoc., CP
3.35% 2/10/99, LOC Bank of America Nat'l. Trust & 1,040,000 1,040,000
Savings Assoc., CP (b)
3.4% 2/19/99, LOC Bank of America Nat'l. Trust & Savings 3,025,000 3,025,000
Assoc., CP (b)
Seattle Ltd. Tax Gen. Oblig. Participating VRDN Series SGB 2,400,000 2,400,000
12, 3.33% (Liquidity Facility Societe Generale) (a)(c)
Washington Gen. Oblig. Series VR 1996 A, 3.05% (Liquidity 15,100,000 15,100,000
Facility Landesbank Hessen-Thuringen), VRDN (a)
Washington Hsg. Fin. Commission Single Family Rev. 935,000 935,000
Participating VRDN Series 1997 D, 3.35% (Liquidity Facility
First Union Nat'l. Bank of North Carolina) (a)(b)(c)
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #1 Rev. 1,000,000 1,000,000
Participating VRDN Series PT 180, 3.35% (Liquidity Facility
Bayerische Hypo-und Vereinsbank AG) (a)(c)
36,960,000
MUNICIPAL SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
WEST VIRGINIA - 0.5%
West Virginia Pub. Energy Auth. Energy Rev. Bonds
(Morgantown Energy Assoc.):
3.4% 2/24/99, LOC Union Bank of Switzerland AG, $ 1,000,000 $ 1,000,000
CP mode (b)
3.45% 2/24/99, LOC Union Bank of Switzerland AG, 2,900,000 2,900,000
CP mode (b)
3,900,000
WISCONSIN - 0.1%
Wisconsin Health & Edl. Facilities Auth. Rev. (Felician Svc., Inc. 1,200,000 1,200,000
Obligated Group) Series 1997 B, 3.2% (AMBAC Insured),
VRDN (a)
WYOMING - 0.3%
Sweetwater County Poll. Cont. Rev. Rfdg. (Pacificorp Proj.) 2,700,000 2,700,000
Series 1994, 3.3% (AMBAC Insured) (BPA Bank of New York
NA), VRDN (a)
MULTIPLE STATES - 0.1%
Clipper Tax-Exempt Trust Participating VRDN Series 1995 1, 750,127 750,127
Class A, 3.33% (Liquidity Facility State Street Bank & Trust
Co.) (a)(b)(c)
TOTAL INVESTMENTS IN SECURITIES - 100% $ 861,879,856
</TABLE>
Total Cost for Income Tax Purposes $ 861,879,856
SECURITY TYPE ABBREVIATION
BAN - BOND ANTICIPATION NOTE
CP - COMMERCIAL PAPER
TAN - TAX ANTICIPATION NOTE
TRAN - TAX AND REVENUE ANTICIPATION NOTE
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(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.
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1998 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE - $ 861,879,856
SEE ACCOMPANYING SCHEDULE
CASH 4,306,212
RECEIVABLE FOR INVESTMENTS SOLD 5,281
INTEREST RECEIVABLE 3,956,005
TOTAL ASSETS 870,147,354
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 48,690,719
DISTRIBUTIONS PAYABLE 1,470,078
OTHER PAYABLES AND ACCRUED EXPENSES 17,890
TOTAL LIABILITIES 50,178,687
NET ASSETS $ 819,968,667
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 819,990,607
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (21,940)
NET ASSETS, FOR 819,990,607 SHARES OUTSTANDING $ 819,968,667
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER $1.00
SHARE ($819,968,667 (DIVIDED BY) 819,990,607 SHARES)
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED NOVEMBER 30, 1998 (UNAUDITED)
INTEREST INCOME $ 3,930,917
EXPENSES
NON-INTERESTED TRUSTEES' COMPENSATION 237
CUSTODIAN FEES AND EXPENSES 12,085
AUDIT 13,303
MISCELLANEOUS 249
TOTAL EXPENSES BEFORE REDUCTIONS 25,874
EXPENSE REDUCTIONS (3,472) 22,402
NET INTEREST INCOME 3,908,515
NET REALIZED GAIN (LOSS) ON INVESTMENTS (187)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 3,908,328
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, 1998 MAY 31,
(UNAUDITED) 1998
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 3,908,515 $ 8,246,933
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (187) 8,396
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 3,908,328 8,255,329
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME (3,908,515) (8,246,933)
SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE 1,824,800,606 3,063,212,735
PROCEEDS FROM SALES OF SHARES
COST OF SHARES REDEEMED (1,133,183,376) (3,211,446,045)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 691,617,230 (148,233,310)
FROM SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) IN NET ASSETS 691,617,043 (148,224,914)
NET ASSETS
BEGINNING OF PERIOD 128,351,624 276,576,538
END OF PERIOD $ 819,968,667 $ 128,351,624
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEARS ENDED
NOVEMBER 30, 1998 MAY 31,
(UNAUDITED) 1998 1997 C
SELECTED PER-SHARE DATA
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS .017 .037 .012
NET INTEREST INCOME
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.017) (.037) (.012)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 1.76% 3.78% 1.25%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 819,969 $ 128,352 $ 276,577
RATIO OF EXPENSES TO AVERAGE NET ASSETS .02% A .02% .02% A
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 3.52% A 3.72% 3.59% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C FOR THE PERIOD JANUARY 27, 1997 (COMMENCEMENT OF OPERATIONS) TO MAY
31, 1997.
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1998 (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 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. TRANSACTIONS WITH FMR AND AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, 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 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.
2. TRANSACTIONS WITH FMR AND AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
Pursuant to its management contract with the fund, FIMM pays the fees
associated with the fund's accounting functions.
3. 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 $3,472 under this arrangement.
4. 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, 1998
INVESTMENTS NOVEMBER 30, 1998 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
U.S. TREASURY OBLIGATIONS - 58.8%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 33.5%
12/10/98 5.00% $ 300,000,000 $ 299,630,250
12/10/98 5.01 150,000,000 149,814,938
12/15/98 4.87 1,640,000,000 1,636,900,400
1/21/99 4.54 250,000,000 248,402,708
1/21/99 4.72 1,660,000,000 1,649,015,631
2/4/99 4.52 200,000,000 198,394,861
2/4/99 4.53 100,000,000 99,191,111
2/4/99 4.54 400,000,000 396,754,514
2/4/99 4.57 80,000,000 79,347,111
2/18/99 4.45 447,000,000 442,684,829
2/18/99 4.52 250,000,000 247,547,708
2/25/99 4.53 390,000,000 385,830,792
2/25/99 4.56 220,000,000 217,629,744
3/4/99 4.49 400,000,000 395,516,000
3/4/99 5.41 167,500,000 165,282,346
4/1/99 4.60 100,000,000 98,487,500
4/22/99 3.97 100,000,000 98,463,639
4/29/99 5.41 50,000,000 48,939,410
4/29/99 5.43 50,000,000 48,934,236
5/6/99 4.43 125,000,000 122,654,583
5/27/99 4.54 300,000,000 293,449,156
5/27/99 4.56 250,000,000 244,524,063
6/3/99 4.51 300,000,000 293,313,000
6/24/99 4.82 50,000,000 48,677,465
6/24/99 5.41 100,000,000 97,081,597
6/24/99 5.42 200,000,000 194,151,806
8/19/99 5.26 100,000,000 96,382,250
8/19/99 5.27 50,000,000 48,186,594
9/16/99 3.79 50,000,000 48,530,917
10/14/99 4.52 100,000,000 96,178,389
8,489,897,548
U.S. TREASURY NOTES - 21.9%
2/15/99 4.50 75,000,000 75,638,500
2/15/99 4.64 117,520,000 118,483,233
2/15/99 5.00 250,000,000 251,867,757
2/28/99 4.45 85,432,000 85,617,382
2/28/99 4.52 122,000,000 122,352,154
U.S. TREASURY OBLIGATIONS - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES - CONTINUED
2/28/99 4.57% $ 100,000,000 $ 100,276,283
2/28/99 5.26 100,000,000 100,079,170
2/28/99 5.44 200,000,000 200,147,365
3/31/99 4.34 225,000,000 226,348,003
3/31/99 4.64 136,000,000 136,683,036
4/30/99 4.64 50,000,000 50,346,236
4/30/99 4.73 50,000,000 50,327,035
5/31/99 4.27 150,000,000 151,324,439
5/31/99 4.30 250,000,000 252,175,481
5/31/99 4.37 500,000,000 504,397,238
5/31/99 4.40 500,000,000 505,287,627
5/31/99 4.44 34,498,000 34,773,951
5/31/99 4.45 200,000,000 201,592,306
5/31/99 4.46 340,000,000 342,663,413
5/31/99 4.48 180,000,000 181,830,459
5/31/99 4.49 50,000,000 50,388,115
5/31/99 4.54 507,000,000 510,749,249
5/31/99 4.55 100,000,000 100,747,599
5/31/99 4.59 200,000,000 201,454,797
5/31/99 5.45 250,000,000 250,835,397
6/30/99 4.44 100,000,000 101,222,476
6/30/99 4.60 150,000,000 151,061,226
7/31/99 4.23 100,000,000 100,969,115
7/31/99 4.83 50,000,000 50,607,484
8/31/99 4.56 75,000,000 75,637,037
9/30/99 4.20 250,000,000 255,675,713
5,541,559,276
U.S. TREASURY NOTES - PRINCIPAL ONLY STRIPS - 3.4%
2/15/99 5.45 85,000,000 84,063,319
2/15/99 5.48 100,000,000 98,876,296
2/15/99 5.50 150,000,000 148,350,508
2/15/99 5.51 35,000,000 34,611,836
2/15/99 5.54 35,000,000 34,614,269
5/15/99 4.30 15,000,000 14,708,623
5/15/99 4.60 81,600,000 79,905,761
5/15/99 4.61 18,723,000 18,332,882
5/15/99 5.00 90,000,000 87,987,098
5/15/99 5.50 50,000,000 48,795,246
U.S. TREASURY OBLIGATIONS - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES - PRINCIPAL ONLY STRIPS - CONTINUED
5/15/99 5.57% $ 150,000,000 $ 146,282,132
8/15/99 5.00 70,000,000 67,603,862
864,131,832
TOTAL U.S. TREASURY OBLIGATIONS 14,895,588,656
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
REPURCHASE AGREEMENTS - 41.2%
MATURITY
AMOUNT
In a joint trading account (Notes 2 & 3)
(U.S. Treasury Obligations) dated:
10/14/98 due 12/14/98 At 5.02% $ 176,464,167 175,000,000
11/30/98 due 12/1/98 At 5.25% 10,267,806,942 10,266,310,000
TOTAL REPURCHASE AGREEMENTS 10,441,310,000
TOTAL INVESTMENTS - 100% $ 25,336,898,656
</TABLE>
Total Cost for Income Tax Purposes $ 25,336,906,238
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1998 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE $ 25,336,898,656
AGREEMENTS OF $10,441,310,000) -
SEE ACCOMPANYING SCHEDULE
INTEREST RECEIVABLE 42,019,260
TOTAL ASSETS 25,378,917,916
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 2,325,729,400
DISTRIBUTIONS PAYABLE 94,551,678
OTHER PAYABLES AND ACCRUED EXPENSES 29,905
TOTAL LIABILITIES 2,420,310,983
NET ASSETS $ 22,958,606,933
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 22,952,995,514
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS 5,611,419
NET ASSETS, FOR 22,952,995,514 SHARES OUTSTANDING $ 22,958,606,933
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER $1.00
SHARE ($22,958,606,933 (DIVIDED BY) 22,952,995,514 SHARES)
</TABLE>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED NOVEMBER 30, 1998 (UNAUDITED)
INTEREST INCOME $ 550,382,591
EXPENSES
NON-INTERESTED TRUSTEES' COMPENSATION 34,881
CUSTODIAN FEES AND EXPENSES 64,647
AUDIT 16,144
MISCELLANEOUS 544
TOTAL EXPENSES 116,216
NET INTEREST INCOME 550,266,375
NET REALIZED GAIN (LOSS) ON INVESTMENTS 3,776,724
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 554,043,099
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
NOVEMBER 30, 1998 MAY 31,
(UNAUDITED) 1998
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 550,266,375 $ 1,094,248,110
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 3,776,724 1,638,856
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 554,043,099 1,095,886,966
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME (550,266,375) (1,094,248,110)
SHARE TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE 57,149,974,610 97,430,674,529
PROCEEDS FROM SALES OF SHARES
COST OF SHARES REDEEMED (50,205,305,671) (98,860,217,743)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 6,944,668,939 (1,429,543,214)
FROM SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) IN NET ASSETS 6,948,445,663 (1,427,904,358)
NET ASSETS
BEGINNING OF PERIOD 16,010,161,270 17,438,065,628
END OF PERIOD $ 22,958,606,933 $ 16,010,161,270
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEAR ENDED MAY 31,
NOVEMBER 30, 1998
(UNAUDITED) 1998 1997 C
SELECTED PER-SHARE DATA
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000
INCOME FROM INVESTMENT OPERATIONS .027 .056 .033
NET INTEREST INCOME
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.027) (.056) (.033)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.71% 5.74% 3.35%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 22,958,607 $ 16,010,161 $ 17,438,066
RATIO OF EXPENSES TO AVERAGE NET ASSETS .0011% A .0016% .0008% A
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 5.32% A 5.58% 5.45% A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C FOR THE PERIOD OCTOBER 21, 1996 (COMMENCEMENT OF OPERATIONS) TO MAY
31, 1997.
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1998 (Unaudited)
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.
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:
<TABLE>
<CAPTION>
<S> <C>
SUMMARY OF JOINT TRADING
DATED OCTOBER 14, 1998, DUE DECEMBER 14, 1998 AT 5.02%
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 $252,126,527
Aggregate market value of transferred assets $255,754,540
Coupon rates of transferred assets 5.38% to 6.50%
Maturity dates of transferred assets 2/15/01 to 8/15/05
DATED NOVEMBER 30, 1998, DUE DECEMBER 1, 1998 AT 5.25%
Number of dealers or banks 20
Maximum amount with one dealer or bank 11.7%
Aggregate principal amount of agreements $12,799,391,000
Aggregate maturity amount of agreements $12,801,257,293
Aggregate market value of transferred assets $13,068,854,247
Coupon rates of transferred assets 0% to 13.25%
Maturity dates of transferred assets 12/10/98 to 11/15/28
</TABLE>
4. TRANSACTIONS WITH FMR AND AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, 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 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.
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