FIDELITY SECURITIES LENDING
CASH CENTRAL FUND
(FORMERLY CENTRAL CASH
COLLATERAL FUND)
ANNUAL REPORT
MAY 31, 2000
INVESTMENTS MAY 31, 2000
Showing Percentage of Net Assets
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS -
0.7%
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
U.S. TREASURY NOTES - 0.7%
9/30/00 5.43% $ 25,000,000 $ 24,916,957
11/30/00 6.15 25,000,000 24,798,695
TOTAL U.S. TREASURY 49,715,652
OBLIGATIONS
TIME DEPOSITS - 24.2%
ABN-AMRO Bank NV
6/1/00 6.81 300,000,000 300,000,000
Banque Nationale de Paris (BNP)
6/1/00 6.81 300,000,000 300,000,000
Fifth Third Bank, Cincinnati
6/1/00 6.81 300,000,000 300,000,000
Halifax PLC
6/1/00 6.81 300,000,000 300,000,000
Norwest Corp.
6/1/00 6.81 300,000,000 300,000,000
Suntrust Bank
6/1/00 6.81 100,000,000 100,000,000
TOTAL TIME DEPOSITS 1,600,000,000
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
REPURCHASE AGREEMENTS - 75.6%
MATURITY AMOUNT
In a joint trading account:
(U.S. Government Obligations)
dated:
4/18/00 due 6/1/00 At 6.81% $ 503,778,646 500,000,000
(a)
5/31/00 due 6/1/00 At 6.56% 4,300,783,000 4,300,000,000
5/31/00 due 6/1/00 At 6.56% 200,036,457 200,000,000
(U.S. Treasury Obligations) 7,797,299 7,796,000
dated 5/31/00 due 6/1/00 At
6%
TOTAL REPURCHASE AGREEMENTS 5,007,796,000
TOTAL INVESTMENT PORTFOLIO - 6,657,511,652
100.5%
NET OTHER ASSETS - (0.5)% (33,671,350)
NET ASSETS - 100% $ 6,623,840,302
Total Cost for Income Tax Purposes $ 6,657,511,652
</TABLE>
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due dates on these types of
securities reflects the next interest rate reset date or, when
applicable, the final maturity date.
INCOME TAX INFORMATION
A total of 6.27% of the dividends distributed during the fiscal year
was derived from interest on U.S. Government securities which is
generally exempt from state income tax. The fund will notify
shareholders in January 2001 of amounts for use in preparing 2000
income tax returns (unaudited).
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
ASSETS
Investment in securities, at $ 6,657,511,652
value (including repurchase
agreements of
$5,007,796,000) - See
accompanying schedule
Interest receivable 1,446,189
Prepaid expenses 10,101
TOTAL ASSETS 6,658,967,942
LIABILITIES
Payable to custodian bank $ 54
Distributions payable 35,064,540
Other payables and accrued 63,046
expenses
TOTAL LIABILITIES 35,127,640
NET ASSETS $ 6,623,840,302
Net Assets consist of:
Paid in capital $ 6,623,833,665
Accumulated net realized gain 6,637
(loss) on investments
NET ASSETS, for 6,623,833,665 $ 6,623,840,302
shares outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($6,623,840,302
(divided by) 6,623,833,665
shares)
STATEMENT OF OPERATIONS
JULY 1, 1999 (COMMENCEMENT
OF OPERATIONS) TO MAY 31,
2000
INTEREST INCOME $ 263,082,469
EXPENSES
Accounting fees and expenses 373,884
Non-interested trustees' 12,185
compensation
Custodian fees and expenses 8,171
Audit 21,975
Legal 211
Insurance 7,803
TOTAL EXPENSES 424,229
NET INTEREST INCOME 262,658,240
NET REALIZED GAIN (LOSS) ON 6,637
INVESTMENTS
NET INCREASE IN NET ASSETS $ 262,664,877
RESULTING FROM OPERATIONS
STATEMENT OF CHANGES IN NET ASSETS
JULY 1, 1999 (COMMENCEMENT
OF OPERATIONS) TO MAY 31,
2000
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 262,658,240
Net realized gain (loss) 6,637
NET INCREASE (DECREASE) IN 262,664,877
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (262,658,240)
from net interest income
Share transactions at net 28,984,937,158
asset value of $1.00 per
share Proceeds from sales of
shares
Cost of shares redeemed (22,361,103,493)
NET INCREASE (DECREASE) IN 6,623,833,665
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) 6,623,840,302
IN NET ASSETS
NET ASSETS
Beginning of period -
End of period $ 6,623,840,302
FINANCIAL HIGHLIGHTS
JULY 1, 1999 (COMMENCEMENT OF
OPERATIONS) TO MAY 31, 2000
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000
period
Income from Investment .051
Operations Net interest
income
Less Distributions
From net interest income (.051)
Net asset value, end of period $ 1.000
TOTAL RETURN B 5.17%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 6,623,840
(000 omitted)
Ratio of expenses to average .0093% A
net assets
Ratio of net interest income 5.75% A
to average net assets
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 2000
1. SIGNIFICANT ACCOUNTING POLICIES.
Central Cash Collateral 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. Effective July 18, 2000, Central
Cash Collateral Fund will change its name to Fidelity Securities
Lending Cash Central Fund. 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. The fund intends to qualify as a regulated investment
company under Subchapter M of the Internal Revenue Code. By so
qualifying, the fund will not be 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.
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 SEC), 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, Federal Agency,
or other obligations found to be satisfactory by Fidelity Investments
Money Management, Inc. (FIMM) 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). FIMM, the fund's investment adviser, is
responsible for determining that the value of the underlying
securities
2. OPERATING POLICIES - CONTINUED
REPURCHASE AGREEMENTS - CONTINUED
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 maturity values
of the joint trading account investments having variable rates are
calculated based on the rate at period end. The investments in
repurchase agreements through the joint trading account are summarized
as follows:
<TABLE>
<CAPTION>
<S> <C>
SUMMARY OF JOINT TRADING
DATED APRIL 18, 2000, DUE JUNE 1, 2000 6.81%
Number of dealers or banks 1
Maximum amount with one 100%
dealer or bank
Aggregate principal amount of $500,000,000
agreements
Aggregate maturity amount of $503,778,646
agreements
Aggregate market value of $512,494,344
transferred assets
Coupon rates of transferred 5.5% to 11%
assets
Maturity dates of transferred 1/1/04 to 5/1/30
assets
DATED MAY 31, 2000, DUE JUNE 1, 2000 6%
Number of dealers or banks 1
Maximum amount with one 100%
dealer or bank
Aggregate principal amount of $146,885,000
agreements
Aggregate maturity amount of $146,909,481
agreements
Aggregate market value of $150,739,682
transferred assets
Coupon rates of transferred 0% to 7.63%
assets
Maturity dates of transferred 9/14/00 to 2/15/23
assets
DATED MAY 31, 2000, DUE JUNE 1, 2000 6.56%
Number of dealers or banks 8
Maximum amount with one 34.9%
dealer or bank
Aggregate principal amount of $4,300,000,000
agreements
Aggregate maturity amount of $4,300,783,000
agreements
Aggregate market value of $4,386,222,342
transferred assets
Coupon rates of transferred 0% to 17%
assets
Maturity dates of transferred 6/1/00 to 11/1/37
assets
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED MAY 31, 2000, DUE JUNE 1, 2000 6.56%
Number of dealers or banks 12
Maximum amount with one 15.3%
dealer or bank
Aggregate principal amount of $8,414,000,000
agreements
Aggregate maturity amount of $8,415,533,735
agreements
Aggregate market value of $8,582,777,915
transferred assets
Coupon rates of transferred 0% to 17%
assets
Maturity dates of transferred 6/1/00 to 11/1/37
assets
</TABLE>
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FIMM, a wholly owned
subsidiary of FMR, receives a monthly management fee from FMR. For the
services of FIMM under the management contract, FMR, on behalf of the
fund, pays FIMM a monthly management fee.
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. This fee is
based on the level of average net assets for the month plus out of
pocket expenses.
MONEY MARKET INSURANCE. Pursuant to an Exemptive Order issued by the
SEC, the fund, along with other money market funds advised by FMR or
its affiliates, have entered
into insurance agreements with FIDFUNDS Mutual Limited (FIDFUNDS), an
affiliated mutual insurance company. FIDFUNDS provides limited
coverage for certain loss events including issuer default as to
payment of principal or interest and bankruptcy or insolvency of a
credit enhancement provider. The insurance does not cover losses
resulting from changes in interest rates, ratings downgrades or other
market conditions. The fund may be subject to a special assessment of
up to approximately 2.5 times the fund's annual gross premium if
covered losses exceed certain levels. During the period, the fund paid
premiums of $17,316 for the calendar year 2000 to FIDFUNDS, which are
being amortized over one year.
5. BENEFICIAL INTEREST.
At the end of the period, all of the outstanding shares of the fund
were held by mutual funds managed by FMR or an FMR affiliate.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Revere Street Trust and the Shareholders
of Central Cash Collateral Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Central Cash Collateral Fund (a fund of Fidelity Revere Street Trust)
at May 31, 2000, and the results of its operations, the changes in
its net assets and the financial highlights for the period indicated,
in conformity with accounting principles generally accepted in the
United States. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the
responsibility of the Central Cash Collateral Fund's management; our
responsibility is to express an opinion on these financial statements
based on our audit. We conducted our audit of these financial
statements in accordance with auditing standards generally accepted in
the United States which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audit, which
included confirmation of
securities at May 31, 2000 by correspondence with the custodian,
provides a reasonable basis for the opinion expressed above.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
June 30, 2000
FIDELITY MUNICIPAL CASH CENTRAL FUND
(FORMERLY MUNICIPAL CENTRAL CASH FUND)
ANNUAL REPORT
MAY 31, 2000
INVESTMENTS MAY 31, 2000
Showing Percentage of Net Assets
MUNICIPAL SECURITIES - 101.7%
PRINCIPAL AMOUNT VALUE (NOTE 1)
ALABAMA - 0.5%
Alabama Pub. School & College $ 5,600,000 $ 5,600,000
Auth. Rev. Participating
VRDN Series ROC 00 1, 4.4%
(Liquidity Facility Salomon
Smith Barney Hldgs., Inc.)
(a)(c)
ALASKA - 0.2%
Alaska Hsg. Fin. Corp. 2,000,000 2,000,000
Participating VRDN Series
Merlots 99 D, 4.5%
(Liquidity Facility First
Union Nat'l. Bank, North
Carolina) (a)(c)
ARIZONA - 0.8%
Arizona Edl. Ln. Marketing 5,300,000 5,300,000
Corp. Series 1991 A, 4.15%,
LOC Dresdner Bank AG, VRDN
(a)(b)
Coconino County Ind. Dev. 1,150,000 1,150,000
Rev. (Citizens Utils. Co.
Proj.) Series 1997, 4.35%,
VRDN (a)(b)
Maricopa County Poll. Cont. 3,700,000 3,700,000
Rev. (Arizona Pub. Svc. Co.
Palo Verde Proj.) Series
1994 B, 4.35%, LOC Morgan
Guaranty Trust Co., NY, VRDN
(a)
10,150,000
ARKANSAS - 0.2%
Arkansas Dev. Fin. Auth. 935,000 935,000
Participating VRDN Series
1998 C, 4.45% (Liquidity
Facility Bank of America NA)
(a)(b)(c)
Arkansas Dev. Fin. Auth. 1,000,000 1,000,000
Multi-family Hsg. Rev.
(Kiehl Partners LP Proj.)
Series 1998, 4.45%, LOC Bank
One, Louisiana NA, VRDN (a)
1,935,000
COLORADO - 3.5%
Colorado Student Oblig. Auth.:
(Student Ln. Prog.) Series 18,900,000 18,900,000
1990 A, 4.2% (AMBAC
Insured), VRDN (a)(b)
Series 1989 A, 4.2% (AMBAC 9,400,000 9,400,000
Insured), VRDN (a)(b)
Series 1999 A2, 4.2% (AMBAC 3,900,000 3,900,000
Insured), VRDN (a)(b)
Denver City & County Arpt.
Rev. Participating VRDN:
Series CDC 97 K, 4.43% 3,400,000 3,400,000
(Liquidity Facility Caisse
des Depots et Consignations)
(a)(b)(c)
Series PT 249, 4.45% 1,100,000 1,100,000
(Liquidity Facility Banco
Santander SA) (a)(b)(c)
Denver City & County Spl. 6,200,000 6,200,000
Facilites Arpt. Rev.
(Worldport at DIA Proj.)
Series A, 4.45%, LOC Morgan
Guaranty Trust Co., NY, VRDN
(a)(b)
42,900,000
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
DISTRICT OF COLUMBIA - 1.1%
District of Columbia Gen.
Oblig. Participating VRDN:
Series PA 568, 4.4% $ 4,165,000 $ 4,165,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Series ROC 00 2, 4.4% 7,800,000 7,800,000
(Liquidity Facility Salomon
Smith Barney Hldgs., Inc.)
(a)(c)
District of Columbia Hsg. 2,000,000 2,000,000
Fin. Agcy. Single Family
Mtg. Rev. Participating VRDN
Series RF 00 4, 4.55%
(Liquidity Facility Bank of
New York NA) (a)(b)(c)
13,965,000
FLORIDA - 5.5%
Collier County Health 2,930,000 2,930,000
Facilities Auth. Hosp. Rev.
(Cleveland Clinic Health
Sys. Proj.) Series 1999,
4.35% (Liquidity Facility
Bank One NA, Michigan), VRDN
(a)
Dade County Indl. Dev. Auth. 2,200,000 2,200,000
Rev. Rfdg. (Florida Pwr. &
Lt. Co. Proj.) Series 1993,
4.35%, VRDN (a)
Florida Cap. Projects Fin. 2,900,000 2,900,000
Auth. (Florida Hosp. Assoc.
Cap. Proj.) Series 1998 A,
4.1% (FSA Insured), VRDN (a)
Florida Hsg. Fin. Agcy. 7,650,000 7,650,000
(Ashley Lake Park II Proj.)
Series 1989 J, 3.95%, LOC
Freddie Mac, VRDN (a)(b)
Florida Hsg. Fin. Corp. Rev.:
(Heritage Point Apts. Proj.) 4,750,000 4,750,000
Series I1, 4.15%, LOC Key
Bank NA, VRDN (a)(b)
(Valencia Village Apts. 5,880,000 5,880,000
Proj.) Series G, 4.15%, LOC
Key Bank NA, VRDN (a)(b)
Jacksonville Elec. Auth. Rev. 4,800,000 4,800,000
Participating VRDN Series
Merlots 00 FF, 4.5%
(Liquidity Facility First
Union Nat'l. Bank, North
Carolina) (a)(c)
Lakeland Elec. & Wtr. 6,930,000 6,930,000
Participating VRDN Series
960901, 4.47% (Liquidity
Facility Citibank NA, New
York) (a)(c)
Orange County Hsg. Fin. Auth. 8,786,000 8,786,000
Multi-family Hsg. Rev.
(Regal Pointe Apts. Proj.)
Series 1997 A, 4.25%, LOC
Freddie Mac, VRDN (a)(b)
Orlando Utils. Commission 7,500,000 7,500,000
Wtr. & Elec. Rev. 4.15%
9/14/00, CP
Palm Beach County Rev. 11,000,000 11,000,000
(Jewish Cmnty. Campus Corp.
Proj.) Series 1997, 4.25%
(AMBAC Insured) (BPA
Northern Trust Co.,
Chicago), VRDN (a)
Sarasota County Pub. Hosp. 1,400,000 1,400,000
District Rev. Bonds
(Sarasota Memorial Hosp.
Proj.) Series A, 4.15%
tender 6/13/00, CP mode
66,726,000
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
GEORGIA - 4.8%
Albany Dougherty Payroll Dev. $ 3,200,000 $ 3,200,000
Auth. Poll. Cont. Rev. Rfdg.
(Philip Morris Co. Proj.)
4.45%, VRDN (a)
Atlanta Arpt. Rev. 1,800,000 1,800,000
Participating VRDN Series PA
677 R, 4.38% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
Bibb County Gen. Oblig. 8,760,000 8,760,000
Participating VRDN Series
CDC 00 A, 4.45% (Liquidity
Facility Caisse des Depots
et Consignations) (a)(c)
Burke County Ind. Dev. Auth.
Poll. Cont. Rev. (Georgia
Pwr. Co. Plant Vogtle Proj.):
Second Series 1995, 4.35%, 4,200,000 4,200,000
VRDN (a)
Third Series 1995, 4.35%, 16,200,000 16,200,000
VRDN (a)
Canton Hsg. Auth. 2,400,000 2,400,000
Multi-family Hsg. Rev.
(Canton Mill Loft Proj.)
Series 1999, 4.45%, LOC
First Union Nat'l. Bank,
North Carolina, VRDN (a)(b)
Clayton County Hsg. Auth. 5,500,000 5,500,000
Multi-family Hsg. Rev. (Hyde
Park Club Apts. Proj.)
Series 1997, 4.25%, LOC Key
Bank NA, VRDN (a)(b)
Columbia County Elderly Auth. 3,300,000 3,300,000
Residential Care Facilities
Rev. (Augusta Residential
Ctr. on Aging Proj.) 4.4%,
LOC Suntrust Bank, VRDN (a)
Crisp County Solid Waste 1,000,000 1,000,000
Mgmt. Auth. Rev. Series
1998, 4.45% (FSA Insured),
VRDN (a)(b)
Floyd County Dev. Auth. Rev. 2,000,000 2,000,000
(Berry College, Inc. Proj.)
Series 1999, 4.4%, LOC
Suntrust Bank, VRDN (a)
Fulton County Hsg. Auth. 3,295,000 3,295,000
Multi-family Hsg. Rev.
(Champions Green Apts.
Proj.) Series A, 4.25%, LOC
Southtrust Bank Alabama,
VRDN (a)
Macon-Bibb County Ind. Auth. 2,600,000 2,600,000
Dev. (Diamond Plastics Corp.
Proj.) Series 1999, 4.5%,
LOC Bank of America NA, VRDN
(a)(b)
Macon-Bibb County Hosp. Auth. 3,700,000 3,700,000
Rev. (Central Sr. Health,
Inc./Carlyle Proj.) 4.4%,
LOC Suntrust Bank, VRDN (a)
57,955,000
HAWAII - 0.2%
Honolulu City & County Gen. 2,250,000 2,250,000
Oblig. Series B, 4%, LOC
Landesbank Hessen-Thuringen,
VRDN (a)
IDAHO - 0.1%
Idaho Hsg. & Fin. Assoc. 1,500,000 1,500,000
Participating VRDN Series PT
247, 4.43% (Liquidity
Facility Banco Santander SA)
(a)(b)(c)
ILLINOIS - 6.5%
Chicago Arpt. Spl. Facilities 2,000,000 2,000,000
Rev. (Centerpoint O'Hare
Proj.) 4.35%, LOC Bank One
NA, Chicago, VRDN (a)(b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
ILLINOIS - CONTINUED
Chicago Board of Ed. $ 11,100,000 $ 11,100,000
Participating VRDN Series BA
96 BB, 4.45% (Liquidity
Facility Bank of America NA)
(a)(c)
Chicago Gas Supply Rev. Rfdg. 6,500,000 6,500,000
(Peoples Gas Lt. & Coke Co.
Proj.) Series 2000 D, 4.4%,
VRDN (a)(b)
Chicago Gen. Oblig. 2,895,000 2,895,000
Participating VRDN Series PA
643 R, 4.38% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
Chicago O'Hare Int'l. Arpt.
Rev.:
Participating VRDN Series 5,295,000 5,295,000
1999 X1, 4.43% (Liquidity
Facility Bank of America NA)
(a)(b)(c)
Series 1988 A, 4.1%, LOC 4,800,000 4,800,000
Bayerische Landesbank
Girozentrale, VRDN (a)(b)
City of Rolling Meadows Solid 2,880,000 2,880,000
Waste Disp. Rev. (BFI Waste
Sys. of North America Proj.)
Series 1999, 4.4%, LOC
Bayerische Hypo-und
Vereinsbank AG, VRDN (a)(b)
Illinois Dev. Fin. Auth. 2,300,000 2,300,000
Envir. Facilities Rev.
(Citizens Utils. Co. Proj.)
Series 1997, 4.8%, VRDN
(a)(b)
Illinois Dev. Fin. Auth.
Poll. Cont. Rev.:
(Illinois Pwr. Co. Proj.) 5,000,000 5,000,000
Series 1987 B, 4.5%, LOC
Morgan Guaranty Trust Co.,
NY, VRDN (a)(b)
Series A, 4.15% (MBIA 2,500,000 2,500,000
Insured), VRDN (a)(b)
Illinois Dev. Fin. Auth. Rev.:
(AMR Pooled Fing. Prog.) 3,185,000 3,185,000
Series 1999 B1, 4.35%, LOC
Harris Trust & Savings Bank,
Chicago, VRDN (a)
(WBEZ Alliance, Inc. Proj.) 1,900,000 1,900,000
Series 1994, 4.25%, LOC
Lasalle Bank NA, VRDN (a)
Illinois Reg'l. Trans. Auth. 6,100,000 6,100,000
Participating VRDN Series
SGB 10, 4.4% (Liquidity
Facility Societe Generale)
(a)(c)
Illinois Student Assistance 2,000,000 2,000,000
Commission Student Ln. Rev.
Series 1998 A, 4.2% (MBIA
Insured) (BPA Bank of
America NA), VRDN (a)(b)
Madison County Envir. Impt.
Rev.:
(Shell Wood River Proj.) 7,800,000 7,800,000
Series 1998 A, 4.55% (Shell
Oil Co. Guaranteed), VRDN
(a)(b)
Series 1997 A, 4.55% (Shell 11,200,000 11,200,000
Oil Co. Guaranteed), VRDN
(a)(b)
Saint Charles Ind. Dev. Rev. 1,300,000 1,300,000
(Pier 1 Imports-Midwest,
Inc. Proj.) Series 1986,
4.15%, LOC Bank One, Texas
NA, VRDN (a)(b)
78,755,000
INDIANA - 3.3%
Burns Hbr. Ind. Dev. Rev. 1,400,000 1,400,000
(J&F Steel Corp. Proj.)
4.45%, LOC Societe
Generale, VRDN (a)(b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
INDIANA - CONTINUED
Elkhart County Econ. Dev. $ 1,055,000 $ 1,055,000
Rev. (Burger Dairy Proj.)
4.85%, LOC Old Kent Bank,
Michigan, VRDN (a)(b)
Indiana Bond Bank TAN Series 5,455,000 5,474,045
2000 A2, 4.75% 1/18/01, LOC
Bank of America NA
Indiana Dev. Fin. Auth. 19,300,000 19,300,000
Envir. Rev. Rfdg. (PSI
Energy Proj.) Series 1998,
4.55%, LOC Morgan Guaranty
Trust Co., NY, VRDN (a)(b)
Petersburg Solid Waste Disp. 3,600,000 3,600,000
Rev. (Indianapolis Pwr. &
Lt. Co. Proj.) Series 1995
C, 4.45%, VRDN (a)(b)
Rockport Ind. Dev. Rev. (AK 5,000,000 5,000,000
Steel Corp. Proj.) Series
1999 A, 4.15%, LOC PNC Bank
NA, VRDN (a)(b)
Whiting Ind. Swr. & Solid 4,800,000 4,800,000
Waste Disp. Rev. Rfdg.
(Amoco Oil Co. Proj.) 4.55%
(Amoco Co. Guaranteed), VRDN
(a)(b)
40,629,045
IOWA - 0.2%
Iowa Fin. Auth. Ind. Dev. 2,000,000 2,000,000
Rev. (Grafco Industries
Proj.) Series 1999, 4.55%,
LOC Bank of America NA, VRDN
(a)(b)
KANSAS - 0.5%
Butler County Solid Waste 6,100,000 6,100,000
Disp. & Cogeneration Rev.
(Texaco Refining & Mktg.
Proj.) Series 1996 B, 4.6%,
VRDN (a)(b)
KENTUCKY - 0.2%
Kentucky Eco Dev. Fin. Auth. 2,920,000 2,920,000
Indl. Bldg. Rev. (Republic
Svcs., Inc. Proj.) Series
2000, 4.35%, LOC Bank of
America NA, VRDN (a)(b)
LOUISIANA - 5.2%
Caddo Parish Indl. Dev. Board 2,500,000 2,500,000
Exempt Facilities Rev.
(Atlas Proj.) Series 1996 A,
4.45%, LOC Deutsche Bank
AG, VRDN (a)(b)
Calcasieu Parish Ind. Dev. 5,900,000 5,900,000
Board Envir. Rev. (Citgo
Petroleum Corp. Proj.)
Series 1994, 4.6%, LOC
Banque Nationale de Paris
(BNP), VRDN (a)(b)
Calcasieu Parish Pub. Trust 7,300,000 7,300,000
Auth. Solid Waste Disp. Rev.
(PPG Industries, Inc.
Proj.) Series 1994, 4.45%,
VRDN (a)(b)
Lake Charles Hbr. & Term. 10,000,000 10,000,000
Rev. 4.45%, LOC Dexia Cr.
Local de France, VRDN (a)(b)
Lousiana Local Govt. Envir. 2,800,000 2,800,000
Facilities Cmnty. Dev. Auth.
Rev.
(Shreveport/Independence
Proj.) 4.5% (MBIA Insured),
VRDN (a)
Plaquemines Parish Envir. 2,000,000 2,000,000
Rev. Rfdg. (BP Exploration &
Oil, Inc. Proj.) Series
1995, 4.55%, VRDN (a)(b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
LOUISIANA - CONTINUED
Saint Charles Parish Poll. $ 21,500,000 $ 21,500,000
Cont. Rev. (Shell Oil
Co.-Norco Proj.) Series
1991, 4.55%, VRDN (a)(b)
West Baton Rouge Parish Indl. 11,200,000 11,200,000
District #3 Rev. (Dow
Chemical Co. Proj.) Series
1995, 4.6%, VRDN (a)(b)
63,200,000
MAINE - 0.2%
Maine Hsg. Auth. Mtg. 2,295,000 2,295,000
Purchase Rev. Participating
VRDN Series 1999 P, 4.45%
(Liquidity Facility Bank of
America NA) (a)(b)(c)
MARYLAND - 2.3%
Baltimore Gen. Oblig. Rev. 1,000,000 1,000,000
Rfdg. Participating VRDN
Series SGA 20, 4.19%
(Liquidity Facility Societe
Generale) (a)(c)
Maryland Cmnty. Dev. 4,090,000 4,090,000
Administration Dept. Hsg. &
Cmnty. Dev. Participating
VRDN Series FRRI A66, 4.5%
(Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (a)(c)
Maryland Energy Fing. Admin 20,300,000 20,300,000
(Cimenteries CBR SA Proj.)
Series 2000, 4.55%, LOC
Deutsche Bank AG, VRDN (a)(b)
Montgomery County Hsg. 2,400,000 2,400,000
Opportunity Commission Hsg.
Rev. (Draper Lane
Arpartments Proj.) 4.1%
(FGIC Insured), VRDN (a)(b)
27,790,000
MICHIGAN - 1.9%
Michigan Hsg. Dev. Auth.
Single Family Mtg. Rev.:
Series 1999 B2, 4.3% (MBIA 2,450,000 2,450,000
Insured), VRDN (a)(b)
Series 2000 A, 4.2% (MBIA 4,500,000 4,500,000
Insured), VRDN (a)
Michigan Muni. Bond Auth.
Rev. RAN:
Series B1, 4.25% 8/25/00 2,600,000 2,603,784
Series B2, 4.25% 8/25/00, LOC 3,400,000 3,405,178
Morgan Guaranty Trust Co., NY
Michigan Strategic Fund Ltd. 1,265,000 1,265,000
Oblig. Rev. (Mans Proj.)
Series 1998, 4.5%, LOC
Comerica Bank, Detroit, VRDN
(a)(b)
Michigan Strategic Fund Poll. 5,300,000 5,300,000
Cont. Rev. (Gen. Motors
Corp. Proj.) Series 1988 A,
4.2%, VRDN (a)
Royal Oak Hosp. Fin. Auth. 3,600,000 3,600,000
Rev. (William Beaumont Hosp.
Proj.) Series 1997 L, 4.35%,
VRDN (a)
23,123,962
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MINNESOTA - 0.9%
Becker Poll. Cont. Rev. Rfdg. $ 8,600,000 $ 8,600,000
(Northern States Pwr. Co.-
Sherco 1 & 2 Proj.) Series
2000 A, 4.1%, VRDN (a)
Plymouth Multi-family Hsg. 2,265,000 2,265,000
Rev. Rfdg. (At the Lakes
Apts. Proj.) Series 1997 A,
4.35% (Fannie Mae
Guaranteed), VRDN (a)(b)
10,865,000
MISSISSIPPI - 1.7%
Jackson County Indl. Sewage 8,250,000 8,250,000
Facilities Rev. (Chevron
U.S.A, Inc. Proj.) Series
1994, 4.55%, VRDN (a)(b)
Mississippi Bus. Fin. Corp. 7,000,000 7,000,000
Solid Waste Disp. Rev.
(Choctaw Generation Ltd.
Proj.) Series 1998, 4.15%,
LOC Chase Manhattan Bank,
VRDN (a)(b)
Mississippi Gen. Oblig. 5,055,000 5,055,000
Participating VRDN Series PA
573, 4.38% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
20,305,000
MISSOURI - 0.3%
Missouri Hsg. Dev. Commission 3,640,000 3,640,000
Mtg. Rev. Participating VRDN
Series PA 157, 4.43%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(b)(c)
NEVADA - 4.5%
Clark County School District 4,995,000 4,995,000
Participating VRDN Series
MSDW 00 311, 4.4% (Liquidity
Facility Morgan Stanley Dean
Witter & Co.) (a)(c)
Clark County Spl. Facilities 1,000,000 1,000,000
Arpt. Sys. Rev. Series 1998
B, 4.1% (MBIA Insured), VRDN
(a)(b)
Nevada Hsg. Division (Oakmont 7,335,000 7,335,000
Apt. Fort Apache Road Proj.)
Series 1996 A, 4.45%, LOC
UBS AG, VRDN (a)(b)
Washoe County Gas Facilities 40,800,000 40,800,000
Rev. (Sierra Pacific Pwr.
Co. Proj.) Series 1990,
4.55%, LOC UBS AG, VRDN
(a)(b)
54,130,000
NEW HAMPSHIRE - 0.4%
New Hampshire Bus. Fin. Auth. 1,350,000 1,350,000
Poll. Cont. Rev. Bonds (New
England Pwr. Co. Proj.)
Series 1990 A, 4.3% tender
9/22/00, CP mode (b)
New Hampshire Hsg. Fin. Auth. 3,025,000 3,025,000
Multi-family Hsg. Rev. Rfdg.
(Nashua-Oxford Proj.) Series
1990, 4.5% (Continental
Casualty Co. Guaranteed),
VRDN (a)
4,375,000
NEW MEXICO - 0.3%
Albuquerque Gen. Oblig. Bonds 3,105,000 3,107,103
Series C, 4.5% 7/1/00
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - 5.7%
New York City Muni. Wtr. Fin. $ 14,320,000 $ 14,320,000
Auth. Wtr. & Swr. Sys. Rev.
Participating VRDN Series PA
441, 4.35% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
New York City Transitional
Fin. Auth. Rev.
Participating VRDN:
Series FRRI 99 A46, 4.4% 25,000,000 25,000,000
(Liquidity Facility Bank of
New York NA) (a)(c)
Series FRRI 99 A48, 4.4% 2,800,000 2,800,000
(Liquidity Facility Bank of
New York NA) (a)(c)
New York State Dorm. Auth. 14,495,000 14,495,000
Revs. Participating VRDN
Series PT 1229, 4.35%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
New York State Energy 5,300,000 5,300,000
Research & Dev. Auth. Poll.
Cont. Rev. (Niagara Mohawk
Pwr. Corp. Proj.) Series
1985 C, 4.35%, VRDN (a)
New York State Mtg. Agcy. 7,745,000 7,745,000
Participating VRDN Series
Merlots 97 J, 4.3%
(Liquidity Facility First
Union Nat'l. Bank, North
Carolina) (a)(b)(c)
69,660,000
NORTH CAROLINA - 0.3%
Cleveland County Ind. 3,300,000 3,300,000
Facilities & Poll. Cont.
Fin. Auth. Solid Waste Disp.
Rev. (PPG Ind. Proj.) 4.45%,
VRDN (a)(b)
OHIO - 3.7%
Cincinnati Student Ln. Fdg. 9,300,000 9,300,000
Corp. Student Ln. Rev.
Series 1998 A2, 4.15% (BPA
Bank of America NA), VRDN
(a)(b)
Cuyahoga County Hosp. Rev. 10,000,000 10,000,000
(Univ. Hosp. Health Sys.
Proj.) Series 1999 C, 4.35%
(AMBAC Insured), VRDN (a)
Medina County Hsg. Rev. (The 2,900,000 2,900,000
Oaks at Medina Proj.)
Series B, 4.39%, LOC Bank
One NA, VRDN (a)
Ohio Air Quality Dev. Auth. 5,000,000 5,000,000
Rev. Series 1994 B, 4.05%,
LOC Societe Generale, VRDN
(a)(b)
Ohio Hsg. Fin. Agcy. Mtg.
Rev. Participating VRDN:
Series 1999 A, 4.43% 2,870,000 2,870,000
(Liquidity Facility Caisse
des Depots et
Consignations) (a)(b)(c)
Series 1999 Q, 4.45% 7,400,000 7,400,000
(Liquidity Facility Bank of
America NA) (a)(c)
Series PT 241, 4.43% 1,700,000 1,700,000
(Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (a)(b)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
OHIO - CONTINUED
Ohio Hsg. Fin. Agcy. Single $ 3,800,000 $ 3,800,000
Family Mtg. Participating
VRDN Series FRRI 14, 4.5%
(Liquidity Facility Bank of
New York NA) (a)(b)(c)
Summit County Indl. Dev. Rev. 1,350,000 1,350,000
(SGS Tool Co. Proj.) Series
B, 4.4%, LOC Nat'l. City
Bank, VRDN (a)(b)
44,320,000
OKLAHOMA - 0.3%
Oklahoma Hsg. Fin. Auth. 1,050,000 1,050,000
Single Family Rev.
Participating VRDN Series LB
99 A5, 4.5% (Liquidity
Facility Bayerische Hypo-und
Vereinsbank AG) (a)(b)(c)
Southeastern Oklahoma Ind. 2,100,000 2,100,000
Auth. Solid Waste Disp. Rev.
(Weyerhaeuser Co. Proj.)
4.5%, VRDN (a)(b)
3,150,000
OREGON - 0.2%
Oregon Health Hsg. Edl. & 2,100,000 2,100,000
Cultural Facilities Auth.
(Hillside Manor Proj.)
Series 2000 A, 4.4%, LOC
Bank One, Arizona NA, VRDN
(a)
PENNSYLVANIA - 5.7%
Allegheny County Ind. Dev.
Auth. Rev.:
(Union Elec. Steel Co. Proj.) 1,000,000 1,000,000
Series 1996 A, 4.5%, LOC
PNC Bank NA, VRDN (a)(b)
Rfdg. (Duquesne Lt. Co. 3,600,000 3,600,000
Proj.) Series 1999 A, 4.25%
(AMBAC Insured), VRDN (a)
Berks County Ind. Dev. Auth. 2,200,000 2,200,000
Ind. Dev. Rev. Bonds
(Citizens Utils. Co. Proj.)
Series 1996, 4.1% tender
6/13/00, CP mode (b)
Dauphin County Gen. Auth. 2,400,000 2,400,000
Rev. (School District Pooled
Fing. Prog.) 4.2% (AMBAC
Insured) (BPA Bank of Nova
Scotia) (BPA Commerzbank
AG), VRDN (a)
New Garden Gen. Auth. Muni. 3,200,000 3,200,000
Rev. (Muni. Pooled Fing.
Prog.) Series 1999, 4.2%
(AMBAC Insured), VRDN (a)
Northumberland County Ind. 2,100,000 2,100,000
Dev. Auth. Rev. (Foster
Wheeler Mount Carmel, Inc.)
Series 1987 A, 4.4%, LOC UBS
AG, VRDN (a)(b)
Pennsylvania Econ. Dev. Fing. 900,000 900,000
Auth. Ind. Dev. Rev. Series
1997 B2, 4.5%, LOC PNC Bank
NA, VRDN (a)(b)
Pennsylvania Higher Ed.
Assistance Agcy. Student Ln.
Rev.:
Series 1988 C, 4.1%, LOC 6,000,000 6,000,000
Student Ln. Marketing
Assoc., VRDN (a)(b)
Series 1988 E, 4.1%, LOC 23,850,000 23,850,000
Student Ln. Marketing
Assoc., VRDN (a)(b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
PENNSYLVANIA - CONTINUED
Philadelphia Arpt. Rev. $ 8,115,000 $ 8,115,000
Participating VRDN Series SG
118, 4.4% (Liquidity
Facility Societe Generale)
(a)(b)(c)
Philadelphia School District 800,000 800,000
Participating VRDN Series PA
151, 4.35% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
Quakertown Hosp. Auth. Hosp. 8,300,000 8,300,000
Rev. (Pooled Fing. Prog.)
Series 1985 A, 4.15%, LOC
PNC Bank NA, VRDN (a)
South Fork Muni. Auth. Hosp. 6,800,000 6,800,000
Rev. (Conemaugh Health Ctr.
Proj.) Series A, 4.35% (MBIA
Insured), VRDN (a)
69,265,000
SOUTH CAROLINA - 2.6%
Berkeley County Poll. Cont. 3,900,000 3,900,000
Facilities Rev. (Alumax,
Inc. Proj.) 4.4% (Alcoa,
Inc. Guaranteed), VRDN (a)
South Carolina Hsg. Fin. & 2,200,000 2,200,000
Hsg. Dev. Auth. Multi-family
Rev. Rfdg. (Richland Oxford
Proj.) Series 1990 C, 4.5%
(Continental Casualty Co.
Guaranteed), VRDN (a)
South Carolina Port Auth. 7,700,000 7,700,000
Rev. Series 1998 B, 4.4%
(FSA Insured), VRDN (a)(b)
South Carolina Pub. Svc. 6,500,000 6,500,000
Auth. Rev. Participating
VRDN Series Merlots 00 L,
4.5% (Liquidity Facility
First Union Nat'l. Bank,
North Carolina) (a)(c)
South Carolina Trans. 11,415,000 11,415,000
Infrastructure Bank Rev.
Participating VRDN Series PA
545R, 4.38% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
31,715,000
SOUTH DAKOTA - 0.0%
South Dakota Hsg. Dev. Auth. 215,000 215,000
Series 1997 E, 4.6%, VRDN
(a)(b)
TENNESSEE - 1.8%
Chattanooga Health Ed. & Hsg. 3,300,000 3,300,000
(McCallie School Proj.)
Series 1998, 4.35%, LOC
Suntrust Bank, VRDN (a)
Chattanooga Ind. Dev. Board 4,000,000 4,000,000
Ind. Rev. (Southern Foundry
Supply Proj.) Series 1996,
4.45%, LOC Suntrust Bank,
VRDN (a)(b)
McMinn County Ind. Dev. Board 2,500,000 2,500,000
Solid Waste Disp.
Facilities Rev. (Bowater,
Inc. Proj.) Series 1999,
4.45%, LOC Wachovia Bank
NA, VRDN (a)(b)
Memphis-Shelby County Arpt. 3,000,000 3,000,000
Auth. Arpt. Rev.
Participating VRDN Series
Merlots 00 C, 4.55%
(Liquidity Facility First
Union Nat'l. Bank, North
Carolina) (a)(b)(c)
Montgomery County Pub. Bldg. 3,000,000 3,000,000
Auth. Pooled Fing. Rev.
(Tennessee County Ln. Pool
Prog.) Series 1997, 4.4%,
LOC Bank of America NA, VRDN
(a)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
TENNESSEE - CONTINUED
Shelby County Gen. Oblig. $ 3,500,000 $ 3,500,000
Series 1999 A, 4.3% 7/7/00,
CP
Tusculum Health Ed. & Hsg. 3,000,000 3,000,000
Facilities Rev. (Tusculum
College Proj.) Series 1998,
4.4%, LOC Suntrust Bank,
VRDN (a)
22,300,000
TEXAS - 26.4%
Austin Gen. Oblig. 3,500,000 3,500,000
Participating VRDN Series
1999 2, 4.4% (Liquidity
Facility Bayerische Hypo-und
Vereinsbank AG) (a)(c)
Austin Independent School 4,200,000 4,200,000
District Variable Rate TRAN
Series 1999, 4.608% 8/31/00
(a)(d)
Bexar County Health 6,825,000 6,825,000
Facilities Dev. Corp. Rev.
(Warm Springs Rehabilitation
Proj.) Series 1997, 4.5%,
LOC Chase Bank of Texas NA,
VRDN (a)
Bexar County Hsg. Fin. Auth. 3,000,000 3,000,000
Multi-family Rev.
(Fountainhead Apts. Proj.)
4.1% (Fannie Mae
Guaranteed), VRDN (a)
Brazos River Auth. Poll.
Cont. Rev. (Texas Utils.
Elec. Co. Proj.):
Series 1996 C, 4.55% (AMBAC 17,800,000 17,800,000
Insured) (BPA Bank of New
York NA), VRDN (a)(b)
Series 1997 C, 4.55% (MBIA 16,445,000 16,445,000
Insured) (BPA Bank of New
York NA), VRDN (a)(b)
Brazos River Hbr. Navigation
District of Brazoria County
Rev. (Dow Chemical Co. Proj.):
Series 1992 A, 4.6%, VRDN 3,800,000 3,800,000
(a)(b)
Series 1996, 4.6%, VRDN (a)(b) 4,300,000 4,300,000
Series 1999, 4.6%, VRDN (a)(b) 9,400,000 9,400,000
Series 2000, 4.6%, VRDN (a)(b) 9,600,000 9,600,000
Calhoun County Solid Waste 1,400,000 1,400,000
Disp. Rev. (Fomosa Plastics
Corp. Proj.) Series 2000,
4.55%, LOC Bank of America
NA, VRDN (a)(b)
Greater East Texas Higher Ed. 2,000,000 2,000,000
Auth. Student Ln. Rev. Bonds
Series 1995 A, 4.5%, tender
5/1/01, LOC Student Ln.
Marketing Assoc. (b)
Gulf Coast Ind. Dev. Auth.
Solid Waste Disp. Rev.
(Citgo Petroleum Corp. Proj.):
Series 1995, 4.6%, LOC Bank 2,000,000 2,000,000
of America NA, VRDN (a)(b)
4.6%, LOC Wachovia Bank NA, 4,100,000 4,100,000
VRDN (a)(b)
Gulf Coast Indl. Dev. Auth. 25,900,000 25,900,000
Marine Term. (Amoco Oil Co.
Proj.) Series 1993, 4.55%,
VRDN (a)(b)
Gulf Coast Waste Disp. Auth. 3,000,000 3,000,000
Envir. Impt. Rev. (Amoco Oil
Co. Proj.) Series 1998,
4.55%, VRDN (a)(b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
TEXAS - CONTINUED
Gulf Coast Waste Disp. Auth.
Poll. Cont. Rev. (Air
Products Proj.):
Series 1999, 4.15%, LOC Bank $ 3,700,000 $ 3,700,000
One NA, Chicago, VRDN (a)(b)
Series 2000, 4.15%, LOC Bank 2,400,000 2,400,000
One NA, VRDN (a)(b)
Harris County Cultural Ed. 3,500,000 3,500,000
Facilities Fin. Corp. Rev.
(Houston Music Hall-Hobby
Ctr. Proj.) Series 1999,
4.5%, LOC Chase Bank of
Texas NA, VRDN (a)
Harris County Health 7,200,000 7,200,000
Facilities Dev. Corp. Hosp.
Rev. (Methodist Hosp. Proj.)
Series 1994, 4.35%, VRDN (a)
Harris County Health 2,900,000 2,900,000
Facilities Dev. Corp. Rev.
(Saint Lukes Hosp. Proj.)
Series A, 4.4%, VRDN (a)
Harris County Health 2,100,000 2,100,000
Facilities Dev. Corp. Spl.
Facilities Rev. (Texas Med.
Ctr. Proj.) Series 1999 B,
4.5% (FSA Insured), VRDN (a)
Houston Gen. Oblig.:
Participating VRDN Series SGA 2,100,000 2,100,000
28, 4.19% (Liquidity
Facility Societe Generale)
(a)(c)
TRAN Series 1999, 4.25% 5,200,000 5,201,939
6/30/00
Houston Wtr. & Swr. Sys. Rev. 6,840,000 6,840,000
Rfdg. Participating VRDN
Series SGB 24, 4.4%
(Liquidity Facility Societe
Generale) (a)(c)
Hunt County Indl. Dev. Corp. 5,000,000 5,000,000
(Trico Industries, Inc.
Proj.) Series 1987, 4%, LOC
ABN-AMRO Bank NV, VRDN (a)
Lower Colorado River Auth. 6,410,000 6,410,000
Tax Rev. Participating VRDN
Series PA 590R, 4.38%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Midlothian Ind. Dev. Corp. 2,000,000 2,000,000
Poll. Cont. Rev. (Box-Crow
Cement Proj.) 4.05%, LOC UBS
AG, VRDN (a)
Midlothian Indl. Dev. Corp. 6,200,000 6,200,000
Envir. Facilities Rev.
(Holnam Texas LP Proj.)
Series 1999, 4.1%, LOC Bank
One NA, Michigan, VRDN (a)(b)
Mineral Wells Ind. Dev. Corp. 7,200,000 7,200,000
Rev. (Ameron Int'l. Corp.
Proj.) 4.35%, LOC Bank One,
Illinois NA, VRDN (a)(b)
North Texas Higher Ed. Auth. 11,900,000 11,900,000
Student Ln. Rev. Series C,
4.1% (AMBAC Insured) (BPA
Student Ln. Marketing
Assoc.), VRDN (a)(b)
Port Arthur Navigation 4,200,000 4,200,000
District Poll. Cont. Rev.
(Texaco, Inc. Proj.) Series
1994, 4.35%, VRDN (a)
Port Corpus Christi Ind. Dev. 2,700,000 2,700,000
Corp. Solid Waste Disp. Rev.
(Coastal Refining &
Marketing Proj.) 4.15%, LOC
Banque Nationale de Paris
(BNP), VRDN (a)(b)
Sabine River Auth. Poll. 49,625,000 49,625,000
Cont. Rev. Rfdg. (Texas
Utils. Elec. Co. Proj.)
Series 1997 A, 4.15% (MBIA
Insured), VRDN (a)(b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
TEXAS - CONTINUED
San Antonio Elec. & Gas Rev. $ 5,600,000 $ 5,600,000
Participating VRDN Series SG
101, 4.38% (Liquidity
Facility Societe Generale)
(a)(c)
Texas Gen. Oblig.:
Participating VRDN Series PA 7,600,000 7,600,000
631R, 4.43% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(b)(c)
TRAN Series 1999 A, 4.5% 52,400,000 52,477,640
8/31/00
Trinity River Auth. Poll. 3,260,000 3,260,000
Cont. Rev. (Texas Utils.
Elec. Co. Proj.) Series 1997
A, 4.15% (MBIA Insured),
VRDN (a)(b)
West Side Calhoun County 2,600,000 2,600,000
Navigation District Sewage
Solid Waste Disp. Rev. (BP
Chemicals, Inc. Proj.)
Series 1996, 4.55% (British
Petroleum Co. PLC
Guaranteed), VRDN (a)(b)
319,984,579
UTAH - 0.7%
Intermountain Pwr. Agcy. 2,000,000 2,000,000
Ctfs. of Prtn. Rfdg.
Participating VRDN Series
96C4402 Class A, 4.4%
(Liquidity Facility Citibank
NA, New York) (a)(c)
Intermountain Pwr. Agcy. Pwr. 1,000,000 1,000,000
Supply Rev. Series 1998 B5,
4.5% 8/22/00, CP
Provo City Hsg. Rev. 1,300,000 1,300,000
(Branbury Park Proj.) Series
1987 B, 4.49%, LOC Bank One,
Arizona NA, VRDN (a)(b)
Salt Lake County Poll. Cont. 1,800,000 1,800,000
Rev. Rfdg. (Svc. Station
Hldgs. Proj.) Series B,
4.3%, VRDN (a)
Utah Gen. Oblig. 2,100,000 2,100,000
Participating VRDN Series
MSDW 98 62, 4.4% (Liquidity
Facility Morgan Stanley Dean
Witter & Co.) (a)(c)
8,200,000
VIRGINIA - 6.5%
Dinwiddie County Ind. Dev. 36,700,000 36,700,000
Auth. Rev. (Chaparral Steel
Proj.) Series 1998 A, 4.55%,
LOC Bank of America NA, VRDN
(a)(b)
King George County Ind. Dev. 2,300,000 2,300,000
Auth. Exempt Facilities Rev.
(Birchwood Pwr. Partners
Proj.) Series 1996 A, 4.55%,
LOC Cr. Swiss First Boston
Bank, VRDN (a)(b)
Newport News Gen. Oblig. BAN 1,700,000 1,700,238
4.5% 6/15/00
Richmond Gen. Oblig. Series 15,550,000 15,550,000
B, 4.2%, VRDN (a)
Richmond Pub. Util. Rev. 13,500,000 13,500,000
Series 1998 A, 4.45%, VRDN
(a)
Virginia Commonwealth Trans. 2,600,000 2,600,000
Board Trans. Rev.
Participating VRDN Series SG
134, 4.82% (Liquidity
Facility Societe Generale)
(a)(c)
Virginia Pub. School Auth. 7,000,000 7,000,000
Participating VRDN Series
Putters 139, 4.4% (Liquidity
Facility J.P. Morgan & Co.,
Inc.) (a)(c)
79,350,238
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
WASHINGTON - 2.0%
Chelan County Pub. Util. $ 2,400,000 $ 2,400,000
District #1 Rev.
Participating VRDN Series
Merlots 00 R, 4.55%
(Liquidity Facility First
Union Nat'l. Bank, North
Carolina) (a)(b)(c)
Pierce County Econ. Dev. 1,500,000 1,500,000
Corp. Rev. (K&M Hldgs. II
Proj.) Series 1997, 4.7%,
LOC Wells Fargo Bank NA, San
Francisco, VRDN (a)(b)
Port Seattle Gen. Oblig. 5,000,000 5,000,000
Series 1997, 4.45%, LOC
Canadian Imperial Bank of
Commerce, VRDN (a)(b)
Washington Econ. Dev. Fin. 1,865,000 1,865,000
Auth. Rev. (Ferry Brothers,
Inc. Proj.) 4.35%, LOC Key
Bank NA, VRDN (a)(b)
Washington Gen. Oblig.
Participating VRDN:
Series RobIns 6, 4.45% 3,195,000 3,195,000
(Liquidity Facility Bank of
New York NA) (a)(c)
Series SGA 34, 4.19% 5,080,000 5,080,000
(Liquidity Facility Societe
Generale) (a)(c)
Washington Hsg. Fin. 890,000 890,000
Commission Participating
VRDN Series Merlots 97 D,
4.35% (Liquidity Facility
First Union Nat'l. Bank,
North Carolina) (a)(b)(c)
Washington Motor Vehicle Fuel 4,015,000 4,015,000
Tax Participating VRDN
Series 964701, 4.4%
(Liquidity Facility Citibank
NA, New York) (a)(c)
23,945,000
WISCONSIN - 0.5%
Wisconsin Hsg. & Econ. Dev. 6,120,000 6,120,000
Auth. Single Family Rev.
Participating VRDN Series PT
324, 4.45% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(b)(c)
TOTAL INVESTMENT PORTFOLIO - 1,231,840,927
101.7%
NET OTHER ASSETS - (1.7)% (20,872,401)
NET ASSETS - 100% $ 1,210,968,526
Total Cost for Income Tax Purposes $ 1,231,840,927
SECURITY TYPE ABBREVIATIONS
BAN - BOND ANTICIPATION NOTE
CP - COMMERCIAL PAPER
RAN - REVENUE ANTICIPATION NOTE
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.
(d) Restricted securities - Investment in securities not registered
under the Securities Act of 1933.
Additional information on each holding is as follows:
SECURITY ACQUISITION DATE COST
Austin Independent School 9/17/99 $ 4,200,000
District Variable Rate TRAN
Series 1999, 4.608% 8/31/00
INCOME TAX INFORMATION
At May 31, 2000, the fund had a capital loss carryforward of
approximately $5,000 of which $4,000 and $1,000 will expire on May 31,
2005 and 2007, respectively.
During the fiscal year ended May 31, 2000, 100% of the fund's income
dividends was free from federal income tax, and 45.58% of the fund's
income dividends was subject to the federal alternative minimum tax
(unaudited).
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
ASSETS
Investment in securities, at $ 1,231,840,927
value - See accompanying
schedule
Receivable for investments 14,241,228
sold
Interest receivable 10,136,843
Prepaid expenses 26,947
TOTAL ASSETS 1,256,245,945
LIABILITIES
Payable to custodian bank $ 643,380
Payable for investments 39,795,270
purchased
Distributions payable 4,838,769
TOTAL LIABILITIES 45,277,419
NET ASSETS $ 1,210,968,526
Net Assets consist of:
Paid in capital $ 1,211,005,920
Accumulated undistributed net (37,615)
realized gain (loss) on
investments
Unrealized gain from 221
accretion of discount
NET ASSETS, for 1,211,005,506 $ 1,210,968,526
shares outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($1,210,968,526
(divided by) 1,211,005,506
shares)
STATEMENT OF OPERATIONS
YEAR ENDED MAY 31, 2000
INTEREST INCOME $ 48,166,746
EXPENSES
Non-interested trustees' $ 3,785
compensation
Custodian fees and expenses 61,846
Audit 22,194
Legal 146
Insurance 25,658
Total expenses before 113,629
reductions
Expense reductions (61,846) 51,783
NET INTEREST INCOME 48,114,963
REALIZED AND UNREALIZED GAIN (319)
(LOSS)
Net realized gain (loss) on
investment securities
Increase (decrease) in net 221
unrealized gain from
accretion of discount
NET GAIN (LOSS) (98)
NET INCREASE (DECREASE) IN $ 48,114,865
NET ASSETS RESULTING FROM
OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MAY 31, 2000 YEAR ENDED MAY 31, 1999
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 48,114,963 $ 23,459,786
Net realized gain (loss) (319) (15,129)
Increase (decrease) in net 221 -
unrealized gain from
accretion of discount
NET INCREASE (DECREASE) IN 48,114,865 23,444,657
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (48,114,963) (23,459,786)
from net interest income
Share transactions at net 12,086,540,118 7,213,677,207
asset value of $1.00 per
share Proceeds from sales of
shares
Cost of shares redeemed (11,721,480,490) (6,496,104,706)
NET INCREASE (DECREASE) IN 365,059,628 717,572,501
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) 365,059,530 717,557,372
IN NET ASSETS
NET ASSETS
Beginning of period 845,908,996 128,351,624
End of period $ 1,210,968,526 $ 845,908,996
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED MAY 31, 2000 1999 1998 1997 D
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
Income from Investment .037 .033 .037 .012
Operations Net interest
income
Less Distributions
From net interest income (.037) (.033) (.037) (.012)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B, C 3.74% 3.35% 3.78% 1.25%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,210,969 $ 845,909 $ 128,352 $ 276,577
(000 omitted)
Ratio of expenses to average .0087% .0095% .0203% .0245% A
net assets
Ratio of expenses to average .0040% E .0071% E .0175% E .0245% A
net assets after expense
reductions
Ratio of net interest income 3.69% 3.12% 3.72% 3.59% A
to average net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D FOR THE PERIOD JANUARY 27, 1997 (COMMENCEMENT OF OPERATIONS) TO MAY
31, 1997.
E FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 2000
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. Effective July 18, 2000,
Municipal Central Cash Fund will change its name to Fidelity Municipal
Cash Central Fund. The following summarizes the significant accounting
policies of the fund:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost
and thereafter assume a constant amortization to maturity of any
discount or premium.
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, the fund is not subject to
income taxes to the extent that it distributes substantially all of
its taxable income for its fiscal year. The schedule of investments
includes information regarding income taxes under the caption "Income
Tax Information."
INTEREST INCOME. Interest income, which includes amortization of
premium and accretion of discount, is accrued as earned. Accretion of
discount represents unrealized gain until realized at the time of a
security disposition or maturity.
EXPENSES. Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
among the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.
2. OPERATING POLICIES.
RESTRICTED SECURITIES. The fund is permitted to invest in securities
that are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from
registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations
and expense, and prompt sale at an acceptable price may be difficult.
At the end of the period, restricted securities (excluding 144A
issues) amounted to $4,200,000 or 0.3% of net assets.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, Fidelity Investments
Money Management, Inc. (FIMM), a wholly owned subsidiary of FMR,
receives a monthly
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
management fee from FMR. This fee is based on the management fee FMR
receives from the investing funds, and a percentage of the 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.
MONEY MARKET INSURANCE. Pursuant to an Exemptive Order issued by the
the Securities and Exchange Commission, the fund, along with other
money market funds advised by FMR or its affiliates, has entered into
insurance agreements with FIDFUNDS Mutual Limited (FIDFUNDS), an
affiliated mutual insurance company. FIDFUNDS provides limited
coverage for certain loss events including issuer default as to
payment of principal or interest and bankruptcy or insolvency of a
credit enhancement provider. The insurance does not cover losses
resulting from changes in interest rates, ratings downgrades or other
market conditions. The fund may be subject to a special assessment of
up to approximately 2.5 times the fund's annual gross premium if
covered losses exceed certain levels. During the period, the fund paid
premiums of $46,194 for the calendar year 2000 to FIDFUNDS, which are
being amortized over one year.
4. EXPENSE REDUCTIONS.
Through an arrangement with the fund's custodian, 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 $61,846 under this arrangement.
5. BENEFICIAL INTEREST.
At the end of the period, all of the outstanding shares of the fund
were held by mutual funds managed by FMR or an FMR affiliate.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Revere Street Trust and the Shareholders
of Municipal Central Cash Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Municipal Central Cash Fund (a fund of Fidelity Revere Street Trust)
at May 31, 2000, and the results of its operations, the changes in
its net assets and the financial highlights for the periods indicated,
in conformity with accounting principles generally accepted in the
United States. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the
responsibility of the Municipal Central Cash Fund's management; our
responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in
the United States which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits,
which included confirmation of securities at May 31, 2000 by
correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
June 30, 2000
FIDELITY CASH CENTRAL FUND
(FORMERLY TAXABLE CENTRAL CASH FUND)
ANNUAL REPORT
MAY 31, 2000
INVESTMENTS MAY 31, 2000
Showing Percentage of Net Assets
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS -
14.3%
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
U.S. TREASURY BILLS - 8.6%
8/3/00 5.86% $ 100,500,000 $ 99,484,268
8/3/00 5.87 100,000,000 98,988,500
8/3/00 5.90 300,000,000 296,949,750
8/3/00 5.93 200,000,000 197,956,000
8/10/00 5.91 150,000,000 148,325,833
8/10/00 5.92 153,000,000 151,289,375
8/10/00 5.96 265,000,000 261,972,742
11/9/00 5.47 100,000,000 97,683,389
11/16/00 6.41 220,000,000 213,624,400
11/16/00 6.42 350,000,000 339,840,667
11/16/00 6.45 35,000,000 33,979,077
1/4/01 6.09 60,000,000 57,922,150
1/4/01 6.26 50,000,000 48,217,285
2,046,233,436
U.S. TREASURY NOTES - 5.7%
7/31/00 5.27 50,000,000 50,059,730
7/31/00 5.80 275,000,000 275,082,784
8/15/00 5.34 89,000,000 89,093,961
8/15/00 5.87 100,000,000 100,000,000
8/15/00 6.06 100,000,000 99,969,363
8/31/00 5.42 25,000,000 24,974,766
8/31/00 5.93 100,000,000 99,760,200
8/31/00 5.95 100,000,000 99,757,378
9/30/00 5.43 25,000,000 24,916,957
11/30/00 6.15 93,000,000 92,251,146
1/31/01 6.29 100,000,000 98,803,922
1/31/01 6.61 150,000,000 147,783,430
2/15/01 6.50 50,000,000 47,776,541
2/15/01 6.71 123,472,000 117,793,172
1,368,023,350
TOTAL U.S. TREASURY 3,414,256,786
OBLIGATIONS
TIME DEPOSITS - 14.7%
Banque Nationale de Paris (BNP)
6/1/00 6.81 700,000,000 700,000,000
Fifth Third Bank, Cincinnati
6/1/00 6.81 200,000,000 200,000,000
TIME DEPOSITS - CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
Halifax PLC
6/1/00 6.81% $ 400,000,000 $ 400,000,000
Norwest Corp.
6/1/00 6.81 1,200,000,000 1,200,000,000
UBS AG
6/1/00 6.81 1,000,000,000 1,000,000,000
TOTAL TIME DEPOSITS 3,500,000,000
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
REPURCHASE AGREEMENTS - 70.2%
MATURITY AMOUNT
In a joint trading account:
(U.S. Government Obligations) $ 6,759,206,868 6,757,975,000
dated 5/31/00 due 6/1/00 At
6.56%
(U.S. Treasury Obligations)
dated:
5/25/00 due 8/23/00 At 6.45% 254,031,250 250,000,000
5/31/00 due 6/1/00 At 6.39% 9,768,491,692 9,766,757,000
TOTAL REPURCHASE AGREEMENTS 16,774,732,000
TOTAL INVESTMENT PORTFOLIO - 23,688,988,786
99.2%
NET OTHER ASSETS - 0.8% 197,954,243
NET ASSETS - 100% $ 23,886,943,029
Total Cost for Income Tax Purposes $ 23,688,988,786
</TABLE>
INCOME TAX INFORMATION
At May 31, 2000, the fund had a capital loss carryforward of
approximately $1,833,000 all of which will expire on May 31, 2008.
A total of 33.22% of the dividends distributed during the fiscal year
was derived from interest on U.S. Government securities which is
generally exempt from state income tax. The fund will notify
shareholders in January 2001 of amounts for use in preparing 2000
income tax returns (unaudited).
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000
ASSETS
Investment in securities, at $ 23,688,988,786
value (including repurchase
agreements of
$16,774,732,000) - See
accompanying schedule
Receivable for investments 301,121,417
sold
Interest receivable 22,624,396
Prepaid expenses 74,351
TOTAL ASSETS 24,012,808,950
LIABILITIES
Payable to custodian bank $ 162
Distributions payable 125,818,861
Other payables and accrued 46,898
expenses
TOTAL LIABILITIES 125,865,921
NET ASSETS $ 23,886,943,029
Net Assets consist of:
Paid in capital $ 23,885,873,435
Accumulated net realized gain 1,069,594
(loss) on investments
NET ASSETS, for $ 23,886,943,029
23,883,939,010 shares
outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($23,886,943,029
(divided by) 23,883,939,010
shares)
STATEMENT OF OPERATIONS
YEAR ENDED MAY 31, 2000
INTEREST INCOME $ 1,231,031,649
EXPENSES
Non-interested trustees' $ 67,025
compensation
Custodian fees and expenses 97,347
Audit 27,336
Legal 38,914
Insurance 165,680
TOTAL EXPENSES 396,302
NET INTEREST INCOME 1,230,635,347
NET REALIZED GAIN (LOSS) ON (1,562,077)
INVESTMENTS
NET INCREASE IN NET ASSETS $ 1,229,073,270
RESULTING FROM OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MAY 31, 2000 YEAR ENDED MAY 31, 1999
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 1,230,635,347 $ 1,087,598,185
Net realized gain (loss) (1,562,077) 2,731,401
NET INCREASE (DECREASE) IN 1,229,073,270 1,090,329,586
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (1,230,635,347) (1,087,598,185)
from net interest income
Share transactions at net 166,180,212,247 118,148,227,043
asset value of $1.00 per
share Proceeds from sales of
shares
Cost of shares redeemed (164,377,383,075) (112,075,443,780)
NET INCREASE (DECREASE) IN 1,802,829,172 6,072,783,263
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) 1,801,267,095 6,075,514,664
IN NET ASSETS
NET ASSETS
Beginning of period 22,085,675,934 16,010,161,270
End of period $ 23,886,943,029 $ 22,085,675,934
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED MAY 31, 2000 1999 1998 1997 C
SELECTED PER-SHARE DATA
Net asset value, beginning $ 1.000 $ 1.000 $ 1.000 $ 1.000
of period
Income from Investment .054 .051 .056 .033
Operations Net interest
income
Less Distributions
From net interest income (.054) (.051) (.056) (.033)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 5.50% 5.19% 5.74% 3.35%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 23,886,943 $ 22,085,676 $ 16,010,161 $ 17,438,066
(000 omitted)
Ratio of expenses to average .0017% .0016% .0016% .0008% A
net assets
Ratio of net interest income 5.38% 5.04% 5.58% 5.45% A
to average net assets
</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 May 31, 2000
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. Effective July 18, 2000, Taxable
Central Cash Fund will change its name to Fidelity Cash Central Fund.
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.
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 SEC), 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, Federal Agency,
or other obligations found to be satisfactory by Fidelity Investments
Money Management, Inc. (FIMM) 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
2. OPERATING POLICIES - CONTINUED
REPURCHASE AGREEMENTS - CONTINUED
agreement (including accrued interest). 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.
MUNICIPAL CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the SEC, the fund may invest in the Municipal Central Cash Fund (the
Cash Fund) managed by FIMM, an affiliate of FMR. The Cash Fund is an
open-end money market fund available only to investment companies and
other accounts managed by FMR and its affiliates. The Cash Fund seeks
preservation of capital, liquidity, and current income by investing in
high-quality, short-term municipal securities of various states and
municipalities. Income distributions from the Cash Fund are declared
daily and paid monthly from net interest income. Income distributions
earned by the fund are recorded as interest income in the accompanying
financial statements.
INTERFUND LENDING PROGRAM. Pursuant to an Exemptive Order issued by
the SEC, the fund, along with other registered investment companies
having management contracts with FMR, may participate
in an interfund lending program. This program provides an alternative
credit facility allowing the fund to borrow from, or lend money to,
other participating funds.
DELAYED DELIVERY TRANSACTIONS. The fund may purchase or sell
securities on a delayed delivery basis. Payment and delivery may take
place after the customary settlement period for that security. The
price of the underlying securities and the date when the securities
will be delivered and paid for are fixed at the time the transaction
is negotiated. The fund may receive compensation for interest forgone
in the purchase of a delayed delivery security. With respect to
purchase commitments, the fund identifies securities as segregated in
its records with a value at least equal to the amount of the
commitment. Losses may arise due to changes in the value of the
underlying securities or if the counterparty does not perform under
the contract.
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
3. JOINT TRADING ACCOUNT - CONTINUED
agreements through the joint trading account are summarized as
follows:
<TABLE>
<CAPTION>
<S> <C>
SUMMARY OF JOINT TRADING
DATED MAY 25, 2000 DUE AUGUST 23, 2000 6.45%
Number of dealers or banks 1
Maximum amount with one 100%
dealer or bank
Aggregate principal amount of $500,000,000
agreements
Aggregate maturity amount of $508,062,500
agreements
Aggregate market value of $510,548,767
transferred assets
Coupon rates of transferred 5.87% to 11.63%
assets
Maturity dates of transferred 5/15/01 to 11/15/09
assets
DATED MAY 31, 2000, DUE JUNE 1, 2000 6.39%
Number of dealers or banks 12
Maximum amount with one 18.8%
dealer or bank
Aggregate principal amount of $12,594,748,000
agreements
Aggregate maturity amount of $12,596,984,976
agreements
Aggregate market value of $12,870,315,977
transferred assets
Coupon rates of transferred 4% to 14.25%
assets
Maturity dates of transferred 6/30/00 to 5/15/30
assets
DATED MAY 31, 2000 DUE JUNE 1, 2000 6.56%
Number of dealers or banks 12
Maximum amount with one 15.3%
dealer or bank
Aggregate principal amount of $8,414,000,000
agreements
Aggregate maturity amount of $8,415,533,735
agreements
Aggregate market value of $8,582,777,915
transferred assets
Coupon rates of transferred 0% to 17%
assets
Maturity dates of transferred 6/1/00 to 11/1/37
assets
</TABLE>
4. FEES AND OTHER TRANSACTIONS WITH 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 the 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.
MONEY MARKET INSURANCE. Pursuant to an Exemptive Order issued by the
SEC, the fund, along with other money market funds advised by FMR or
its affiliates, has entered into insurance agreements with FIDFUNDS
Mutual Limited (FIDFUNDS), an affiliated mutual insurance company.
FIDFUNDS provides limited coverage for certain loss events including
issuer default as to payment of principal or interest and bankruptcy
or insolvency of a credit enhancement provider. The insurance does not
cover losses resulting from changes in interest rates, ratings
downgrades or other market conditions. The fund may be subject to a
special assessment of up to approximately 2.5 times the fund's annual
gross premium if covered losses exceed certain levels. During the
period, the fund paid premiums of $127,459 for the calendar year 2000
to FIDFUNDS, which are being amortized over one year.
5. INTERFUND LENDING PROGRAM.
The fund participated in the interfund lending program as a lender.
The average daily loan balance during the period for which loans were
outstanding amounted to $19,018,793. The weighted average interest
rate was 5.81%. Interest earned from the interfund lending program
amounted to $843,653 and is included in interest income on the
Statement of Operations. At period end there were no interfund loans
outstanding.
6. BENEFICIAL INTEREST.
At the end of the period, all of the outstanding shares of the fund
were held by mutual funds managed by FMR or an FMR affiliate.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Revere Street Trust and the Shareholders
of Taxable Central Cash Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Taxable Central Cash Fund (a fund of Fidelity Revere Street Trust) at
May 31, 2000, and the results of its operations, the changes in its
net assets and the financial highlights for the periods indicated, in
conformity with accounting principles generally accepted in the United
States. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the
Taxable Central Cash Fund's management; our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States which
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which
included confirmation of securities at May 31, 2000 by correspondence
with the custodian, provide a reasonable basis for the opinion
expressed above.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
June 30, 2000
