CENTRAL CASH COLLATERAL FUND
SEMIANNUAL REPORT
NOVEMBER 30, 1999
INVESTMENTS NOVEMBER 30, 1999 (UNAUDITED)
Showing Percentage of Net Assets
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS -
4.7%
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
U.S. TREASURY BILLS - 0.6%
5/11/00 5.27% $ 30,000,000 $ 29,307,450
U.S. TREASURY NOTES - 4.1%
2/29/00 5.17 100,000,000 100,057,231
3/31/00 5.20 60,000,000 60,302,375
8/31/00 5.42 25,000,000 24,924,021
9/30/00 5.43 25,000,000 24,791,363
210,074,990
TOTAL U.S. TREASURY 239,382,440
OBLIGATIONS
TIME DEPOSITS - 9.7%
Chase Manhattan Bank
12/1/99 5.63 500,000,000 500,000,000
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
REPURCHASE AGREEMENTS - 85.9%
MATURITY AMOUNT
In a joint trading account
(U.S. Government
Obligations) dated:
11/22/99 due 1/12/00 At 5.67% $ 503,839,167 500,000,000
(a)
In a joint trading account
(U.S. Treasury Obligations)
dated:
10/6/99 due 1/18/00 At 5.35% 48,741,867 48,000,000
10/7/99 due 2/1/00 At 5.34% 101,735,500 100,000,000
10/8/99 due 2/8/00 At 5.35% 50,913,958 50,000,000
11/30/99 due 12/1/99 At:
5.00% 64,244,922 64,236,000
5.61% 3,650,569,276 3,650,000,000
TOTAL REPURCHASE AGREEMENTS 4,412,236,000
TOTAL INVESTMENT PORTFOLIO - 5,151,618,440
100.3%
NET OTHER ASSETS - (0.3)% (14,887,868)
NET ASSETS - 100% $ 5,136,730,572
Total Cost for Income Tax Purposes $ 5,151,618,440
</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.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 5,151,618,440
value (including repurchase
agreements of
$4,412,236,000) - See
accompanying schedule
Cash 289
Interest receivable 4,955,801
TOTAL ASSETS 5,156,574,530
LIABILITIES
Distributions payable $ 19,803,908
Other payables and accrued 40,050
expenses
TOTAL LIABILITIES 19,843,958
NET ASSETS $ 5,136,730,572
Net Assets consist of:
Paid in capital $ 5,136,725,827
Accumulated net realized gain 4,745
(loss) on investments
NET ASSETS, for 5,136,725,827 $ 5,136,730,572
shares outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($5,136,730,572
(divided by) 5,136,725,827
shares)
STATEMENT OF OPERATIONS
JULY 1, 1999 (COMMENCEMENT
OF OPERATIONS) TO NOVEMBER
30, 1999 (UNAUDITED)
INTEREST INCOME $ 52,638,689
EXPENSES
Accounting fees and expenses $ 88,133
Non-interested trustees' 1,782
compensation
Custodian fees and expenses 3,128
Audit 9,998
Miscellaneous 492
TOTAL EXPENSES 103,533
NET INTEREST INCOME 52,535,156
NET REALIZED GAIN (LOSS) ON 4,745
INVESTMENTS
NET INCREASE IN NET ASSETS $ 52,539,901
RESULTING FROM OPERATIONS
STATEMENT OF CHANGES IN NET ASSETS
JULY 1, 1999 (COMMENCEMENT
OF OPERATIONS) TO NOVEMBER
30, 1999
(UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 52,535,156
Net realized gain (loss) 4,745
NET INCREASE (DECREASE) IN 52,539,901
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (52,535,156)
from net interest income
Share transactions at net 7,748,847,354
asset value of $1.00 per
share Proceeds from sales of
shares
Cost of shares redeemed (2,612,121,527)
NET INCREASE (DECREASE) IN 5,136,725,827
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) 5,136,730,572
IN NET ASSETS
NET ASSETS
Beginning of period -
End of period $ 5,136,730,572
FINANCIAL HIGHLIGHTS
JULY 1, 1999 (COMMENCEMENT
OF OPERATIONS) TO NOVEMBER
30, 1999
(UNAUDITED)
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000
period
Income from Investment .022
Operations Net interest
income
Less Distributions
From net interest income (.022)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.17%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 5,136,731
(000 omitted)
Ratio of expenses to average .01% A
net assets
Ratio of net interest income 5.38% 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 November 30, 1999 (Unaudited)
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. 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.
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 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 FMR. The investments in
repurchase agreements through the joint trading account are summarized
as follows:
<TABLE>
<CAPTION>
<S> <C>
SUMMARY OF JOINT TRADING
DATED OCTOBER 6, 1999, DUE JANUARY 18, 2000 5.35%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $400,000,000
Aggregate maturity amount of agreements $406,182,222
Aggregate market value of transferred assets $411,338,611
Coupon rates of transferred assets 5.25% to 14.0%
Maturity dates of transferred assets 12/31/99 to 8/15/29
DATED OCTOBER 7, 1999, DUE FEBRUARY 1, 2000 5.34%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $508,677,500
Aggregate market value of transferred assets $510,000,883
Coupon rates of transferred assets 5.0% to 12.38%
Maturity dates of transferred assets 12/31/99 to 2/15/06
DATED OCTOBER 8, 1999, DUE FEBRUARY 8, 2000 5.35%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $509,139,583
Aggregate market value of transferred assets $514,018,195
Coupon rates of transferred assets 4.63% to 8.75%
Maturity dates of transferred assets 2/29/00 to 5/15/05
</TABLE>
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
DATED NOVEMBER 22, 1999, DUE JANUARY 12, 2000 5.67%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $503,839,167
Aggregate market value of transferred assets $511,204,535
Coupon rates of transferred assets 5.50% to 9.00%
Maturity dates of transferred assets 3/1/08 to 11/1/29
DATED NOVEMBER 30, 1999, DUE DECEMBER 1, 1999 5.00%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $115,124,000
Aggregate maturity amount of agreements $115,139,989
Aggregate market value of transferred assets $117,809,311
Coupon rates of transferred assets 4.50% to 10.38%
Maturity dates of transferred assets 9/30/00 to 8/15/21
DATED NOVEMBER 30, 1999, DUE DECEMBER 1, 1999 5.61%
Number of dealers or banks 19
Maximum amount with one dealer or bank 16.4%
Aggregate principal amount of agreements $13,607,066,000
Aggregate maturity amount of agreements $13,609,188,239
Aggregate market value of transferred assets $13,895,565,154
Coupon rates of transferred assets 0.0% to 13.88%
Maturity dates of transferred assets 12/31/99 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 the average net assets invested by the
investing funds in the fund.
5. TRANSFER AGENT AND ACCOUNTING FEES.
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 the average net assets for the month plus out of
pocket expenses.
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.
MUNICIPAL CENTRAL CASH FUND
SEMIANNUAL REPORT
NOVEMBER 30, 1999
INVESTMENTS NOVEMBER 30, 1999 (UNAUDITED)
Showing Percentage of Net Assets
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MUNICIPAL SECURITIES - 100.1%
PRINCIPAL AMOUNT VALUE (NOTE 1)
ALABAMA - 0.9%
Jefferson County
Participating VRDN:
Series 1998 124, 3.97% $ 3,135,000 $ 3,135,000
(Liquidity Facility Morgan
Stanley Dean Witter & Co.)
(a)(c)
Series PT 124, 3.98% 3,190,000 3,190,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Phenix City Ind. Dev. Board
Envir. Impt. Rev.:
Bonds (Mead Coated Board
Proj.) Series 1988:
3.8% tender 4/6/00, LOC 1,500,000 1,500,000
ABN-AMRO Bank NV, CP mode
(b)
3.9% tender 1/27/00, LOC 1,000,000 1,000,000
ABN-AMRO Bank NV, CP mode
(b)
(Mead Coated Board Proj.) 2,190,000 2,190,000
Series 1993 A, 3.8%, LOC
Toronto Dominion Bank, VRDN
(a)(b)
11,015,000
ALASKA - 1.7%
Alaska Hsg. Fin. Corp. 2,000,000 2,000,000
Participating VRDN Series
1999 D, 4.05% (Liquidity
Facility First Union Nat'l.
Bank, North Carolina) (a)(c)
Valdez Marine Term. Rev.:
Participating VRDN Series 15,500,000 15,500,000
MSDW 1998 146, 3.97%
(Liquidity Facility Morgan
Stanley Dean Witter & Co.)
(a)(c)
Rfdg. Bonds (Atlantic 2,200,000 2,200,000
Richfield Co. Proj.) Series
1994 A, 3.55% tender
1/26/00, CP mode
19,700,000
ARIZONA - 0.6%
Maricopa County Poll. Cont. 1,500,000 1,500,000
Corp. Rev. Bonds (Southern
California Edison Co. Proj.)
Series 1985 E, 3.55% tender
1/26/00, CP mode
Pima County Ind. Dev. Auth. 5,200,000 5,200,000
Single Family Mtg. Rev.
Bonds Series 1999 A3, 3.2%
12/1/99 (Pacific Life Ins.
Co. Guaranteed) (b)
6,700,000
ARKANSAS - 0.6%
Arkansas Dev. Fin. Auth. 1,000,000 1,000,000
Multi-family Hsg. Rev.
(Kiehl Partners L.P. Proj.)
Series 1998, 4.1%, LOC Bank
One, Louisiana NA, VRDN (a)
Arkansas Dev. Fin. Auth.
Participating VRDN:
Series 1998 C, 4.02% 975,000 975,000
(Liquidity Facility Bank of
America NA) (a)(b)(c)
Series A1, 3.98% (Liquidity 3,450,000 3,450,000
Facility Caisse des Depots
et Consignations) (a)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
ARKANSAS - CONTINUED
Arkansas Hosp. Equip. Fin. $ 1,200,000 $ 1,200,000
Auth. (Arkansas Hosp. Assoc.
Pooled Fing. Prog. Proj.)
Series 1998 A, 3.95%, LOC
Bank of America NA, VRDN (a)
6,625,000
CALIFORNIA - 1.4%
California Higher Ed. Student 16,300,000 16,300,000
Ln. Auth. Series 1992 E1,
3.95%, LOC Student Ln.
Marketing Assoc., VRDN (a)(b)
COLORADO - 1.6%
Colorado Student Oblig. Auth.:
Series 1989 A, 3.9% (AMBAC 13,400,000 13,400,000
Insured), VRDN (a)(b)
Series 1999 A2, 3.9% (AMBAC 3,900,000 3,900,000
Insured), VRDN (a)(b)
Denver City & County Arpt. 1,100,000 1,100,000
Rev. Participating VRDN
Series PT 249, 4.06%
(Liquidity Facility Banco
Santander SA) (a)(b)(c)
18,400,000
DELAWARE - 4.0%
Delaware Econ. Dev. Auth.
Rev. (Delmarva Pwr. & Lt.
Co. Proj.):
Series 1987, 3.85%, VRDN 6,200,000 6,200,000
(a)(b)
Series 1988, 3.85%, VRDN 13,200,000 13,200,000
(a)(b)
Series 1994, 3.85%, VRDN 28,000,000 28,000,000
(a)(b)
47,400,000
FLORIDA - 4.8%
Florida Cap. Projects Fin. 8,900,000 8,900,000
Auth. (Florida Hosp. Assoc.
Cap. Proj.) Series 1998 A,
3.9% (FSA Insured), VRDN (a)
Florida Div. Board Fin. Dept. 10,925,000 10,925,000
Gen. Svcs. Revs.
Participating VRDN Series
61, 3.97% (Liquidity
Facility Morgan Stanley Dean
Witter & Co.) (a)(c)
Florida Hsg. Fin. Corp. Rev. 1,480,000 1,480,000
(Valencia Village Apts.
Proj.) Series G, 3.9%, LOC
Key Bank NA, VRDN (a)(b)
Indian River County Hosp. 2,000,000 2,000,000
District Hosp. Rev. Bonds
Series 1990, 3.7% tender
12/7/99, LOC Kredietbank, CP
mode
Jacksonville 3.55% 1/31/00, CP 1,300,000 1,300,000
Lakeland Elec. & Wtr. 6,930,000 6,930,000
Participating VRDN Series
960901, 4.04% (Liquidity
Facility Citibank, New York
NA) (a)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
FLORIDA - CONTINUED
Lee County Hosp. Board Hosp.
Rev. Bonds (Lee Memorial
Hosp. Proj.):
Series 1995 A, 3.85% tender $ 1,600,000 $ 1,600,000
4/11/00, CP mode
Series 1997 B, 3.85% tender 1,000,000 1,000,000
4/11/00, CP mode
Miami-Dade County Ind. Dev. 3,000,000 3,000,000
Auth. Rev. (Palmer Trinity
School Proj.) 3.95%, LOC
Bank of America NA, VRDN (a)
Palm Beach County Rev. (Saint 5,500,000 5,500,000
Andrews School Boca Raton
Proj.) Series 1998, 3.95%,
LOC Bank of America NA, VRDN
(a)
Polk County Ind. Dev. Auth. 5,000,000 5,000,000
Ind. Dev. Rev. (Farmland
Hydro LP Proj.) 3.95%, LOC
RaboBank Nederland Coop.
Central, VRDN (a)(b)
Saint Lucie County Poll.
Cont. Rev. Rfdg. Bonds
(Florida Pwr. & Lt. Co.
Proj.) Series 1994 A:
3.55% tender 1/26/00, CP mode 1,850,000 1,850,000
3.55% tender 1/26/00, CP mode 2,000,000 2,000,000
Sarasota County Pub. Hosp. 1,400,000 1,400,000
District Rev. Bonds
(Sarasota Mem. Hosp. Proj.)
Series A, 3.75% tender
1/31/00, CP mode
Univ. of Florida Athletic 3,600,000 3,600,000
Assoc. Cap. Impt. Rev.
(Univ. of Florida Stadium
Proj.) Series 1994, 4%, LOC
SunTrust Bank, Miami NA,
VRDN (a)
56,485,000
GEORGIA - 1.9%
Burke County Ind. Dev. Auth.
Poll. Cont. Rev. Bonds
(Georgia Pwr. Co. Plant
Vogtle Proj.):
Series 1996, 3.85% tender 1,900,000 1,899,547
4/24/00, CP mode
Series 1997, 3.78% tender 8,800,000 8,800,000
4/24/00, CP mode (b)
Clayton County Hsg. Auth. 5,500,000 5,500,000
Multi-family Hsg. Rev. (Hyde
Park Club Apts. Proj.)
Series 1997, 4%, LOC Key
Bank NA, VRDN (a)(b)
Crisp County Solid Waste 1,000,000 1,000,000
Mgmt. Auth. Rev. Series
1998, 4% (FSA Insured), VRDN
(a)(b)
Georgia Muni. Elec. Auth. 3,000,000 3,000,000
Bonds (Gen. Resolution
Projs.) Series 1985 A, 3.75%
tender 12/8/99, LOC Morgan
Guaranty Trust Co., NY, CP
mode
Macon Bibb County Ind. Auth. 2,600,000 2,600,000
Dev. (Diamond Plastics Corp.
Proj.) Series 1999, 4%, LOC
Bank of America NA, VRDN
(a)(b)
22,799,547
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
HAWAII - 0.1%
Hawaii Arpt. Sys. Rev. $ 1,000,000 $ 1,000,000
Participating VRDN Series PT
190B, 4.03% (Liquidity
Facility Bayerische Hypo-und
Vereinsbank AG) (a)(b)(c)
IDAHO - 0.1%
Idaho Hsg. & Fin. Assoc. 1,500,000 1,500,000
Participating VRDN Series PT
247, 4.03% (Liquidity
Facility Banco Santander SA)
(a)(b)(c)
ILLINOIS - 8.1%
Chicago Arpt. Spl. Facilities 2,000,000 2,000,000
Rev. (Centerpoint O'Hare
Proj.) 4%, LOC Bank One NA,
Chicago, VRDN (a)(b)
Chicago Board of Ed.
Participating VRDN:
Series 1996 BB, 4.07% 11,100,000 11,100,000
(Liquidity Facility Bank of
America NA) (a)(c)
Series 1998 115, 3.97% 5,750,000 5,750,000
(Liquidity Facility Morgan
Stanley Dean Witter & Co.)
(a)(c)
Chicago O'Hare Int'l. Arpt.
Rev.:
Participating VRDN Series 5,295,000 5,295,000
1999 X1, 4% (Liquidity
Facility Bank of America NA)
(a)(b)(c)
Series 1988 A, 3.95%, LOC 5,000,000 5,000,000
Bayerische Landesbank
Girozentrale, VRDN (a)(b)
City of Rolling Meadows Solid 5,100,000 5,100,000
Waste Disp. Rev. (BFI Waste
Sys. of North America Proj.)
Series 1999, 3.95%, LOC
Bayerische Hypo-und
Vereinsbank AG, VRDN (a)(b)
Illinois Dev. Fin. Auth. 2,500,000 2,500,000
Poll. Cont. Rev. Series A,
3.95% (MBIA Insured), VRDN
(a)(b)
Illinois Dev. Fin. Auth. Rev.:
(AMR Pooled Fing. Prog.) 4,300,000 4,300,000
Series A, 3.95%, VRDN (a)
(Chicago Symphony Proj.) 8,900,000 8,900,000
Series 1996, 3.9%, LOC Bank
of America NA, VRDN (a)
(Local Govt. Prog. Proj.) 10,000,000 10,000,000
Series 1999 A, 3.95% (AMBAC
Insured), VRDN (a)
Illinois Health Facilities
Auth. Rev.:
Participating VRDN Series 7,225,000 7,225,000
1998 166, 3.97% (Liquidity
Facility Morgan Stanley Dean
Witter & Co.) (a)(c)
(Resurrection Health Care 17,300,000 17,300,000
Proj.) Series 1999A, 3.75%
(FSA Insured), VRDN (a)
Rfdg. Participating VRDN 6,000,000 6,000,000
Series PT 116, 3.98%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Madison County Envir. Impt. 2,130,000 2,130,000
Rev. Rfdg. (Shell Wood River
Proj.) 3.85% (Shell Oil Co.
Guaranteed), VRDN (a)(b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
ILLINOIS - CONTINUED
Saint Charles Ind. Dev. Rev. $ 1,300,000 $ 1,300,000
(Pier 1 Imports-Midwest,
Inc. Proj.) Series 1986,
4.02%, LOC Bank One, Texas
NA, VRDN (a)(b)
Will County Facilities Rev. 1,700,000 1,700,000
(Amoco Chemical Co. Proj.)
3.85%, VRDN (a)(b)
95,600,000
INDIANA - 3.7%
Burns Hbr. Ind. Dev. Rev. (J 1,400,000 1,400,000
& F Steel Corp. Proj.) 4.1%,
LOC Societe Generale,
France, VRDN (a)(b)
Elkhart County Econ. Dev. 955,000 955,000
Rev. (Burger Dairy Proj.)
4.25%, LOC Old Kent Bank,
Michigan, VRDN (a)(b)
Indiana Bond Bank Rev. 1,995,000 1,995,000
Participating VRDN Series PT
281, 3.98% (Liquidity
Facility Banco Santander SA)
(a)(c)
Indiana Dev. Auth. Solid 5,600,000 5,600,000
Waste Disp. Rev. Bonds (Pure
Air on the Lake Proj.)
Series 1991 A, 3.8% tender
2/1/00, LOC Nat'l.
Westminster Bank PLC, CP
mode (b)
Indiana Dev. Fin. Auth. 7,400,000 7,400,000
Envir. Rev. Rfdg. (PSI
Energy Proj.) Series 1998,
3.85%, LOC Morgan Guaranty
Trust Co., NY, VRDN (a)(b)
Indianapolis Gas Util. Sys.
Rev.:
3.55% 1/26/00, CP 1,100,000 1,100,000
3.65% 1/28/00, CP 5,000,000 5,000,000
Petersburg Solid Waste Disp. 3,600,000 3,600,000
Rev. (Indianapolis Pwr. &
Lt. Co. Proj.) Series 1995
C, 4%, VRDN (a)(b)
Rockport Ind. Dev. Rev. (AK 5,000,000 5,000,000
Steel Corp. Proj.) Series
1999 A, 3.95%, LOC PNC Bank
NA, VRDN (a)(b)
South Bend Cmnty. School 1,500,000 1,500,418
Corp. TAN 3.5% 12/31/99
Sullivan Poll. Cont. Rev.
Bonds (Hoosier Energy Rural
Elec. Coop. Proj.):
Series 1985 L2:
3.55% tender 1/26/00 (Nat'l. 2,400,000 2,400,000
Rural Util. Coop. Fin. Corp.
Guaranteed), CP mode
3.55% tender 1/31/00 (Nat'l. 3,000,000 3,000,000
Rural Util. Coop. Fin. Corp.
Guaranteed), CP mode
Series 1985 L4, 3.55% tender 1,790,000 1,790,000
1/31/00 (Nat'l. Rural Util.
Coop. Fin. Corp.
Guaranteed), CP mode
Series 1985 L6, 3.55% tender 2,700,000 2,700,000
1/25/00 (Nat'l. Rural Util.
Coop. Fin. Corp.
Guaranteed), CP mode
43,440,418
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
IOWA - 0.6%
Iowa Fin. Auth. Ind. Dev. $ 2,000,000 $ 2,000,000
Rev. (Graphco Industries
Proj.) Series 1999, 4.05%,
LOC Bank of America NA, VRDN
(a)(b)
Iowa Student Ln. Liquidity 5,000,000 5,000,000
Corp. Student Ln. Rev.
Series B, 3.85% (AMBAC
Insured) (BPA Norwest Bank
NA Minnesota), VRDN (a)(b)
7,000,000
KANSAS - 0.3%
Butler County Solid Waste 3,000,000 3,000,000
Disp. & Cogeneration Rev.
(Texaco Refining & Mktg.
Proj.) Series 1996 B, 3.9%,
VRDN (a)(b)
KENTUCKY - 1.2%
Daviess County Solid Waste 2,300,000 2,300,000
Disp. Facilities Rev. (Scott
Paper Co. Proj.) Series 1993
B, 4% (Kimberly-Clark Corp.
Guaranteed), VRDN (a)(b)
Jefferson County Poll. Cont.
Rev. Bonds (Louisville Gas &
Elec. Co. Proj.):
Series 1992 A, 3.7% tender 2,000,000 2,000,000
12/9/99, CP mode
Series 1997 A:
3.6% tender 1/21/00, CP mode 2,500,000 2,500,000
(b)
3.7% tender 1/28/00, CP mode 1,100,000 1,100,000
(b)
Kentucky Asset Liability 4,080,000 4,080,000
Commission Gen. Fund Rev.
Bonds (1999 Gen. Fund Proj.)
Second Series A, 3.75%
tender 12/6/99, LOC Cr.
Local de France, CP mode
Kentucky Hsg. Corp. Hsg. Rev. 1,800,000 1,800,000
Bonds Series 1999 C, 3.2%,
tender 12/31/99 (b)
13,780,000
LOUISIANA - 3.8%
Caddo Parish Ind. Dev. Board 2,500,000 2,500,000
Exempt Facilities Rev.
(Atlas Proj.) Series 1996 A,
4%, LOC Deutsche Bank AG,
VRDN (a)(b)
Calcasieu Parish Ind. Dev. 5,000,000 5,000,000
Board Envir. Rev. (Citgo
Petroleum Corp. Proj.) 3.9%,
LOC Banque Nationale de
Paris, 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%, VRDN (a)(b)
Iberville Parish Rev. (Dow 7,500,000 7,500,000
Chemical Co. Proj.) Series
1999, 3.95%, VRDN (a)(b)
Saint Charles Parish Poll. 3,200,000 3,200,000
Cont. Rev. (Shell Oil
Co.-Norco Proj.) Series
1991, 3.85%, VRDN (a)(b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
LOUISIANA - CONTINUED
West Baton Rouge Parish Ind.
District #3 Rev. (Dow
Chemical Co. Proj.):
Series 1993, 3.95%, VRDN $ 14,300,000 $ 14,300,000
(a)(b)
Series 1995, 3.95%, VRDN 5,000,000 5,000,000
(a)(b)
44,800,000
MAINE - 0.4%
Maine Hsg. Auth. Mtg. Purp. 2,295,000 2,295,000
Participating VRDN Series
1999 P, 4.02% (Liquidity
Facility Bank of America
Nat'l. Trust & Savings
Assoc.) (a)(b)(c)
Maine Hsg. Auth. Multi-family 2,900,000 2,900,000
Dev. Rev. (Park Village
Apts. Proj.) 3.95%, LOC Gen.
Elec. Cap. Corp., VRDN (a)(b)
5,195,000
MARYLAND - 0.3%
Baltimore County Metro. 2,000,000 2,000,000
District 3.75% 12/3/99
(Liquidity Facility
Westdeutsche Landesbank
Girozentrale), CP
Baltimore Gen. Oblig. Rfdg. 1,000,000 1,000,000
Participating VRDN Series
SGA 20, 4% (Liquidity
Facility Societe Generale,
France) (a)(c)
3,000,000
MICHIGAN - 1.6%
Michigan Muni. Bond Auth.
Rev. RAN:
Series B1, 4.25% 8/25/00 2,600,000 2,611,932
Series B2, 4.25% 8/25/00, LOC 3,400,000 3,416,327
Morgan Guaranty Trust Co., NY
Michigan Strategic Fund Poll. 4,500,000 4,500,000
Cont. Rev. (Consumers Pwr.
Co. Proj.) Series 1988 A,
3.7%, LOC UBS AG, VRDN (a)
Michigan Strategic Fund Rev. 1,265,000 1,265,000
(Mans Proj.) Series 1998,
4%, LOC Comerica Bank,
Detroit, VRDN (a)(b)
Michigan Strategic Fund Solid 51,000 51,000
Waste Disp. Rev. (Grayling
Gen. Station Proj.) Series
1990, 3.9%, LOC Barclays
Bank PLC, VRDN (a)(b)
Wayne Charter County Arpt. 3,300,000 3,300,000
Rev. Participating VRDN
Series 1998 68, 4.02%
(Liquidity Facility Morgan
Stanley Dean Witter & Co.)
(a)(b)(c)
Wayne-Westland Cmnty. Schools 4,000,000 4,000,000
Participating VRDN Series
67, 3.97% (Liquidity
Facility Morgan Stanley Dean
Witter & Co.) (a)(c)
19,144,259
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MISSISSIPPI - 0.6%
Mississippi Bus. Fin. Corp. $ 1,000,000 $ 1,000,000
Solid Waste Disp. Rev.
(Choctaw Generation Ltd.
Proj.) Series 1998, 4%, LOC
Chase Manhattan Bank, VRDN
(a)(b)
Mississippi Gen. Oblig.
Participating VRDN:
Series 992401, 4.02% 1,900,000 1,900,000
(Liquidity Facility
Citibank, New York NA)
(a)(c)
Series MLPA 573, 3.98% 5,055,000 5,055,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
7,955,000
MISSOURI - 3.7%
Missouri Envir. Impt. & 1,200,000 1,200,000
Energy Resources Auth. Poll.
Cont. Rev. Bonds (Union
Elec. Co. Proj.) Series 1985
A, 3.25% tender 1/27/00, LOC
UBS AG, CP mode
Missouri Health & Edl.
Facilities Auth. Rev.:
(Lutheran Senior Svcs.) 7,300,000 7,300,000
Series 1996 B, 3.95%, LOC
LaSalle Nat'l. Bank,
Chicago, VRDN (a)
(Missouri Pooled Hosp. Ln. 20,000,000 20,000,000
Prog. Proj.) Series 1999 A,
3.95% (CDC Fdg. Corp.
Guaranteed), VRDN (a)
Missouri Higher Ed. Ln. Auth.
Student Ln. Rev.:
Series 1990 A, 3.95%, LOC 10,500,000 10,500,000
Nat'l. Westminster Bank
PLC, VRDN (a)(b)
Series 1990 B, 3.95%, LOC 1,000,000 1,000,000
Nat'l. Westminster Bank
PLC, VRDN (a)(b)
Missouri Hsg. Dev. Commission 3,780,000 3,780,000
Mtg. Rev. Bonds Series PA
157, 3.75%, tender 2/24/00
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(c)(d)
43,780,000
NEVADA - 3.3%
Clark County Spl. Facilities 1,000,000 1,000,000
Arpt. Sys. Rev. Series 1998
B, 3.95% (MBIA Insured),
VRDN (a)(b)
Las Vegas Valley Wtr. 3,900,000 3,900,000
District Series A, 3.85%
12/8/99, LOC UBS AG, LOC
Westdeutsche Landesbank
Girozentrale, CP
Nevada Gen. Oblig.
Participating VRDN:
Series FRRI 36, 3.95% 3,600,000 3,600,000
(Liquidity Facility Bank of
New York NA) (a)(c)
Series SGB 97 31, 3.94% 3,500,000 3,500,000
(Liquidity Facility Societe
Generale, France) (a)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEVADA - CONTINUED
Nevada Hsg. Division (Oakmont $ 4,300,000 $ 4,300,000
Apt. Fort Apache Road Proj.)
Series 1996 A, 4%, LOC UBS
AG, VRDN (a)(b)
Washoe County Gas Facilities 23,200,000 23,200,000
Rev. (Sierra Pacific Pwr.
Co. Proj.) Series 1990,
3.9%, LOC UBS AG, VRDN (a)(b)
39,500,000
NEW HAMPSHIRE - 0.1%
New Hampshire Bus. Fin. Auth. 1,350,000 1,350,000
Poll. Cont. Rev. Bonds (New
England Pwr. Co. Proj.)
Series 1990 A, 3.9% tender
1/24/00, CP mode (b)
NEW JERSEY - 0.4%
Middlesex County Gen. Oblig. 5,000,000 5,002,515
BAN 3.25% 1/24/00
NEW MEXICO - 0.5%
Albuquerque Gen. Oblig. Bonds 3,105,000 3,119,931
Series C, 4.5% 7/1/00
Hurly Poll. Cont. Rev. 3,100,000 3,100,000
(Kennecott Sante Fe Corp.
Proj.) Series 1985, 3.7%,
VRDN (a)
6,219,931
NEW YORK - 5.7%
Long Island Pwr. Auth. New 7,600,000 7,600,000
York Elec. Sys. Rev. Elec.
Sys. Sub. Rev. Series 1,
3.85%, LOC Westdeutsche
Landesbank Girozentrale, LOC
Bayerische Landesbank
Girozentrale, VRDN (a)
New York City Gen. Oblig.:
Series 1994A-7, 3.7%, LOC 3,100,000 3,100,000
Morgan Guaranty Trust Co.,
NY, VRDN (a)
Series B2 B5, 3.65% (MBIA 4,500,000 4,500,000
Insured), VRDN (a)
New York City Hsg. Dev. Corp. 3,400,000 3,400,000
Multi-family Hsg. Mtg. Rev.
(East 17th Street Property
Proj.) Series 1993 A, 3.65%,
LOC Chase Manhattan Bank,
VRDN (a)
New York City Ind. Dev. Agcy.
Ind. Dev. Rev. Participating
VRDN:
Series 1996 H, 4.03% 1,635,000 1,635,000
(Liquidity Facility Caisse
des Depots et Consignations)
(a)(b)(c)
Series 1997 H, 4.03% 3,140,000 3,140,000
(Liquidity Facility Caisse
des Depots et Consignations)
(a)(b)(c)
New York City Muni. Wtr. Fin. 3,995,000 3,995,000
Auth. Wtr. & Swr. Sys. Rev.
Participating VRDN Series PA
454, 3.98% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
New York City Transitional 2,800,000 2,800,000
Fin. Auth. Rev.
Participating VRDN Series
FRRI 1999 A48, 4% (Liquidity
Facility Bank of New York
NA) (a)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW YORK - CONTINUED
New York NY Participating VRDN:
Series 1999 A50, 3.95% $ 18,700,000 $ 18,700,000
(Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (a)(c)
Series 1999 A51, 3.95% 4,300,000 4,300,000
(Liquidity Facility Bank of
New York NA) (a)(c)
New York State Med. Care 3,710,000 3,710,000
Facilities Participating
VRDN Series PA 89, 3.98%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
New York State Mtg. Agcy. 9,975,000 9,975,000
Participating VRDN Series
1997 J, 4.05% (Liquidity
Facility First Union Nat'l.
Bank, North Carolina)
(a)(b)(c)
66,855,000
NEW YORK & NEW JERSEY - 1.9%
Port Auth. New York & New 22,800,000 22,800,000
Jersey Spl. Oblig. Rev.
Participating VRDN Series
FRRI 16, 4% (Liquidity
Facility Bank of New York
NA) (a)(b)(c)
NORTH CAROLINA - 0.8%
Cleveland County Ind. 3,300,000 3,300,000
Facilities & Poll. Cont.
Fin. Auth. Solid Waste Disp.
Rev. (PPG Ind. Proj.) 4%,
VRDN (a)(b)
Gaston County Ind. Facilities 2,000,000 2,000,000
& Poll. Cont. Fing. Auth.
Rev. Bonds (Duke Energy
Corp. Proj.) Series 1999,
3.9% tender 1/18/00, CP mode
(b)
North Carolina Gen. Oblig. 4,125,000 4,125,000
Participating VRDN Series
1999 4, 3.97% (Liquidity
Facility Toronto Dominion
Bank) (a)(c)
9,425,000
NORTH DAKOTA - 0.3%
North Dakota Hsg. Fin. Agcy. 2,500,000 2,500,000
Rev. Bonds Series 1999 C,
3.2% 4/1/00 (b)
Oliver County Poll. Cont. 1,100,000 1,100,000
Rev. Participating VRDN
Series MSDW 1998 12, 3.99%
(Liquidity Facility Morgan
Stanley Dean Witter & Co.)
(a)(c)
3,600,000
OHIO - 3.4%
Cincinnati Student Ln. Fdg. 5,000,000 5,000,000
Corp. Student Ln. Rev.
Series 1998 A1, 3.9% (BPA
Bank of America NA), VRDN
(a)(b)
Clinton County Hosp. Rev. 15,000,000 15,000,000
(Ohio Hosp. Cap., Inc.
Proj.) 3.95%, LOC Fifth
Third Bank, Cincinnati, VRDN
(a)
Ohio Envir. Impt. Rev. 4,855,000 4,855,000
(Newark Group Industries,
Inc. Proj.) Series 1996,
3.9%, LOC Chase Manhattan
Bank, VRDN (a)(b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
OHIO - CONTINUED
Ohio Hsg. Fin. Agcy. Mtg.
Rev. Participating VRDN:
Series 1999 Q, 4.02% $ 5,000,000 $ 5,000,000
(Liquidity Facility Bank of
America NA) (a)(c)
Series PT 241, 4.03% 1,920,000 1,920,000
(Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (a)(b)(c)
Ohio Hsg. Fin. Agcy. Single
Family Mtg. Participating
VRDN:
Series 14, 3.85% (Liquidity 2,200,000 2,200,000
Facility Bank of New York
NA) (a)(b)(c)
Series FRRI A25, 3.85% 4,115,000 4,115,000
(Liquidity Facility
Commerzbank AG) (a)(c)
Summit County Ind. Dev. Rev. 1,425,000 1,425,000
(SGS Tool Proj.) Series B,
4.1%, LOC Nat'l. City Bank,
VRDN (a)(b)
39,515,000
OKLAHOMA - 0.5%
Oklahoma Dev. Fin. Auth. Rev. 5,200,000 5,200,000
(Hosp. Assoc. Pool Ln.
Prog.) Series 1999 A, 3.95%
(CDC Fdg. Corp. Guaranteed),
VRDN (a)
Oklahoma Hsg. Fin. Auth. 1,090,000 1,090,000
Single Family Rev.
Participating VRDN Series
1999 A5, 4.05% (Liquidity
Facility Bayerische Hypo-und
Vereinsbank AG) (a)(b)(c)
6,290,000
PENNSYLVANIA - 2.0%
Allegheny County Ind. Dev. 1,000,000 1,000,000
Auth. Rev. (Union Elec.
Steel Co. Proj.) Series 1996
A, 4.1%, LOC PNC Bank NA,
VRDN (a)(b)
Berks County Ind. Dev. Auth. 2,200,000 2,200,000
Ind. Dev. Rev. Bonds
(Citizens Utils. Proj.)
Series 1996, 4% tender
1/18/00, CP mode (b)
Carbon County Ind. Dev. Auth.
Resource Recovery Rev. Bonds
(Panther Creek Partners
Proj.):
Series 1990 A, 3.75% tender 3,500,000 3,500,000
12/2/99, LOC Nat'l.
Westminster Bank PLC, CP
mode (b)
Series 1990 B, 3.8% tender 1,290,000 1,290,000
12/8/99, LOC Nat'l.
Westminster Bank PLC, CP
mode (b)
Pennsylvania Econ. Dev. Fing. 1,000,000 1,000,000
Auth. Ind. Dev. Rev. Series
1997 B2, 4.1%, LOC PNC Bank
NA, VRDN (a)(b)
Philadelphia Arpt. Rev. 8,115,000 8,115,000
Participating VRDN Series SG
118, 4.03% (Liquidity
Facility Societe Generale,
France) (a)(b)(c)
Philadelphia Hosp. & Higher 1,100,000 1,100,000
Ed. Facilities Auth. Health
Sys. Rev. Bonds (Jefferson
Health Sys. Proj.) Series
1999 B, 3.25%, tender 3/31/00
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
PENNSYLVANIA - CONTINUED
Philadelphia Ind. Dev. Rev. $ 1,300,000 $ 1,300,000
(30th Street Station Proj.)
3.8% (MBIA Insured), VRDN
(a)(b)
Venango Ind. Dev. Auth.
Resource Recovery Rev. Bonds
(Scrubgrass Pwr. Corp. Proj.):
Series 1990 A, 3.55% tender 2,000,000 2,000,000
1/28/00, LOC Nat'l.
Westminster Bank PLC, CP
mode (b)
Series 1990 B, 3.7% tender 1,500,000 1,500,000
1/31/00, LOC Nat'l.
Westminster Bank PLC, CP
mode (b)
23,005,000
SOUTH CAROLINA - 1.5%
South Carolina Edl. 3,500,000 3,500,000
Facilities Auth. (Allen
Univ. Proj.) 3.95%, LOC Bank
of America NA, VRDN (a)
South Carolina Port Auth. 2,700,000 2,700,000
Rev. Series 1998 B, 3.95%
(FSA Insured), VRDN (a)(b)
South Carolina Trans. 11,415,000 11,415,000
Infrastructure Bank Rev.
Participating VRDN Series PA
545R, 3.98% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
17,615,000
SOUTH DAKOTA - 0.2%
South Dakota Hsg. Dev. Auth.:
Bonds Series 1998 I, 3.2% 1,650,000 1,650,000
12/2/99 (b)
Series 1997 E, 4.15%, VRDN 215,000 215,000
(a)(b)
1,865,000
TENNESSEE - 2.1%
Chattanooga Ind. Dev. Board 4,000,000 4,000,000
Ind. Rev. (Southern Foundry
Supply Proj.) Series 1996,
4.05%, LOC SunTrust Bank of
Atlanta, VRDN (a)(b)
Knox County Health & Ed. Hsg. 3,700,000 3,700,000
Facilities Board Rev.
(Pooled Hosp. Ln. Prog.)
3.95% (Liquidity Facility
Landesbank
Hessen-Thuringen), VRDN (a)
McMinn County Ind. Dev. Board 2,500,000 2,500,000
Solid Waste Disp. Fac. Rev.
(Bowater, Inc. Proj.) Series
1999, 4%, LOC Wachovia Bank
NA, VRDN (a)(b)
Shelby County Gen. Oblig.:
Series 1999 A, 3.95% 1/21/00, 7,800,000 7,800,000
CP
3.65% 1/27/00, CP 3,000,000 3,000,000
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
TENNESSEE - CONTINUED
Signal Mountain Health Ed. $ 1,300,000 $ 1,300,000
Health Facilities Bonds
(Alexian Village Proj.)
Series 1999, 3.3%, tender
2/29/00 (FSA Insured) (BPA
Bank One NA, Chicago)
Tusculum Health Ed. & Hsg. 3,000,000 3,000,000
Facilities Rev. (Tusculum
College Proj.) Series 1998,
3.95%, LOC SunTrust Bank,
Nashville NA, VRDN (a)
25,300,000
TEXAS - 24.0%
Austin Gen. Oblig. 1,500,000 1,500,000
Participating VRDN Series 99
2, 3.82% (Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (a)(c)
Austin Independent School 4,200,000 4,200,000
District Variable Rate TRAN
3.768% 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%, LOC
Chase Bank of Texas NA, VRDN
(a)
Brazos Hbr. Ind. Dev. Corp. 2,400,000 2,400,000
Poll. Cont. Rev. Bonds (Dow
Chemical Co. Proj.) Series
1986, 3.55% tender 1/28/00,
CP mode
Brazos River Auth. Poll.
Cont. Rev.:
(Texas Utils. Elec. Co. Proj.):
Series 1997 B, 3.9% (MBIA 2,150,000 2,150,000
Insured) (BPA Bank of New
York NA), VRDN (a)(b)
Series 1997 C, 3.9% (MBIA 11,245,000 11,245,000
Insured) (BPA Bank of New
York NA), VRDN (a)(b)
Rfdg. (Texas Utils. Elec. Co. 5,700,000 5,700,000
Proj.) Series 1996 C, 3.9%
(AMBAC Insured) (BPA Bank of
New York NA), VRDN (a)(b)
Brazos River Hbr. Navigation 2,700,000 2,700,000
District of Brazoria County
Poll. Cont. Rev. Bonds (Dow
Chemical Co. Proj.) Series
1988, 3.65% tender 1/27/00,
CP mode (b)
Brazos River Hbr. Navigation
District of Brazoria County
Rev. (Dow Chemical Co. Proj.):
Series 1992 A, 3.95%, VRDN 6,800,000 6,800,000
(a)(b)
Series 1993, 3.95%, VRDN 3,900,000 3,900,000
(a)(b)
Series 1997, 3.95%, VRDN 16,000,000 16,000,000
(a)(b)
Series 1999, 3.95%, VRDN 7,800,000 7,800,000
(a)(b)
Brownsville Util. Sys. Rev. 1,600,000 1,600,000
Series A, 3.55% 1/31/00, LOC
Toronto Dominion Bank, CP
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
TEXAS - CONTINUED
Dallas Area Rapid Transit $ 1,100,000 $ 1,100,000
Sales Tax Rev. Series B,
3.95% 1/21/00, LOC
Bayerische Landesbank
Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP
Dallas Gen. Oblig. 4,000,000 4,000,000
Participating VRDN Series
1998 93, 3.97% (Liquidity
Facility Morgan Stanley Dean
Witter & Co.) (a)(c)
Greater East Texas Higher Ed. 2,000,000 2,000,000
Auth. Student Ln. Rev. Bonds
Series 1995 A, 3.15%, tender
5/1/00, LOC Student Ln.
Marketing Assoc. (b)
Gulf Coast Ind. Dev. Auth. 9,000,000 9,000,000
Marine Term. (Amoco Oil Co.
Proj.) Series 1993, 3.85%,
VRDN (a)(b)
Gulf Coast Ind. Dev. Auth.
Solid Waste Disp. Rev.
(Citgo Petroleum Corp. Proj.):
Series 1995, 3.9%, LOC Bank 4,100,000 4,100,000
of America NA, VRDN (a)(b)
3.9%, LOC Wachovia Bank NA, 2,100,000 2,100,000
VRDN (a)(b)
Gulf Coast Waste Disp. Auth. 2,300,000 2,300,000
Envir. Impt. Rev. (Amoco Oil
Co. Proj.) Series 1997,
3.85%, VRDN (a)(b)
Gulf Coast Waste Disp. Auth. 27,400,000 27,400,000
Poll. Cont. Rev. (Amoco Oil
Co. Proj.) 3.85%, VRDN (a)(b)
Harris County Cultural Ed. 3,500,000 3,500,000
Facilities Fin. Corp. Rev.
Bonds (Houston Music
Hall-Hobby Ctr. Proj.)
Series 1999, 3.9%, tender
2/2/00, LOC Chase Bank of
Texas NA
Harris County Gen. Oblig. 1,900,000 1,900,000
Series C, 3.8% 1/21/00, CP
Harris County Health 13,995,000 13,995,000
Facilities Dev. Corp. Rev.
Participating VRDN Series PA
549, 3.98% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
Harris County Health 2,100,000 2,100,000
Facilities Dev. Corp. Spl.
Facilities Rev. (Texas Med.
Ctr. Proj.) Series 1999 B,
4% (FSA Insured), VRDN (a)
Houston Gen. Oblig.:
Participating VRDN Series SGA 2,100,000 2,100,000
28, 4% (Liquidity Facility
Societe Generale, France)
(a)(c)
TRAN Series 1999, 4.25% 10,000,000 10,027,257
6/30/00
Hunt Memorial Hosp. District 3,000,000 3,000,000
Rev. Series 1998, 3.95% (FSA
Insured), VRDN (a)
Lower Colorado River Auth.
Rev.:
Participating VRDN Series 6,410,000 6,410,000
MLPA 590R, 3.98% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
3.9% 1/31/00, CP 2,200,000 2,200,000
North Central Texas Health 2,700,000 2,700,000
Facilities Dev. Corp. Rev.
Bonds (Dallas Methodist
Hosp. Proj.) Series 1998,
3.55% tender 1/31/00 (AMBAC
Insured), CP mode
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
TEXAS - CONTINUED
North Texas Higher Ed. Auth.
Student Ln. Rev.:
Series 1991 C, 3.95% (AMBAC $ 2,000,000 $ 2,000,000
Insured) (BPA Student Ln.
Marketing Assoc.), VRDN
(a)(b)
Series C, 3.95% (AMBAC 3,500,000 3,500,000
Insured) (BPA Student Ln.
Marketing Assoc.), VRDN
(a)(b)
Port Corpus Christi Ind. Dev. 9,200,000 9,200,000
Corp. (Citgo Petroleum
Proj.) Series 1998, 3.9%,
LOC Bank One Oklahoma NA,
VRDN (a)(b)
Port Corpus Christi Ind. Dev. 2,700,000 2,700,000
Corp. Solid Waste Disp. Rev.
(Coastal Refining &
Marketing Proj.) 3.95%, LOC
Banque Nationale de Paris,
VRDN (a)(b)
Sabine River Auth. Poll.
Cont. Rev.:
(Texas Utils. Elec. Co. 5,000,000 5,000,000
Proj.) Series 1996 B, 3.9%
(AMBAC Insured) (BPA Bank of
New York NA), VRDN (a)(b)
Rfdg. (Texas Utils. Elec. Co. 14,700,000 14,700,000
Proj.) Series 1997 A, 3.85%
(MBIA Insured), VRDN (a)(b)
San Antonio Elec. & Gas Rev. 5,600,000 5,600,000
Participating VRDN Series SG
101, 3.98% (Liquidity
Facility Societe Generale,
France) (a)(c)
Texas A & M Univ. Rev. 2,495,000 2,495,000
Participating VRDN Series PA
556, 3.98% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
Texas Gen. Oblig. TRAN Series 53,400,000 53,706,931
1999 A, 4.5% 8/31/00
Texas Pub. Fin. Auth. Rev. 5,000,000 5,000,000
Series 1993 A, 3.55%
1/31/00, CP
Univ. of Texas Univ. Revs 6,400,000 6,400,000
Participating VRDN Series
1998 97, 3.97% (Liquidity
Facility Morgan Stanley Dean
Witter & Co.) (a)(c)
283,054,188
UTAH - 0.9%
Intermountain Pwr. Agcy. Pwr.
Supply Rev.:
Rfdg. Bonds Series E, 3.9% 3,400,000 3,400,000
tender 1/25/00 (AMBAC
Insured), CP mode
Series 1998 B5:
3.45% 1/27/00, CP 5,200,000 5,200,000
3.6% 1/27/00, CP 1,000,000 1,000,000
Provo City Hsg. Rev. 1,300,000 1,300,000
(Branbury Park Proj.) Series
1987 B, 4.02%, LOC Bank One,
Arizona NA, VRDN (a)(b)
10,900,000
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
VERMONT - 1.0%
Vermont Edl. & Health Bldg. $ 1,200,000 $ 1,200,000
Fin. Agcy. Rev. Bonds
(Middlebury College Proj.)
3.15%, tender 5/1/00
Vermont Ind. Dev. Auth. Ind. 10,300,000 10,300,000
Dev. Rev. (Ryegate Proj.)
Series 1990, 4%, LOC
ABN-AMRO Bank NV, VRDN (a)(b)
11,500,000
VIRGINIA - 4.8%
Chesterfield County Ind. Dev.
Auth. Poll. Cont. Rev. Bonds
(Virginia Elec. & Pwr. Co.
Proj.):
Series 1985, 3.7% tender 5,100,000 5,100,000
12/8/99, CP mode
Series 1987 A:
3.7% tender 12/7/99, CP mode 1,000,000 1,000,000
3.9% tender 1/18/00, CP mode 1,900,000 1,900,000
Dinwiddie County Ind. Dev. 18,850,000 18,850,000
Auth. Rev. (Chaparral Steel
Proj.) Series 1998 A, 3.9%,
LOC Bank of America NA, VRDN
(a)(b)
King George County Ind. Dev.
Auth. Exempt Facilities Rev.
(Birchwood Pwr. Partners
Proj.):
Series 1994 B, 3.9%, LOC Cr. 3,655,000 3,655,000
Swiss First Boston Bank,
VRDN (a)(b)
Series A, 3.9%, LOC Cr. Swiss 1,450,000 1,450,000
First Boston Bank, VRDN
(a)(b)
Louisa Ind. Dev. Auth. Poll. 2,300,000 2,300,000
Cont. Rev. Bonds (Virginia
Elec. & Pwr. Co. Proj.)
Series 1985, 3.9% tender
1/19/00, CP mode
Norfolk Ind. Dev. Auth. Rev. 4,300,000 4,300,000
(Childrens Hosp. Facilities
Proj.) 3.9%, LOC Wachovia
Bank NA, VRDN (a)
Peninsula Ports Auth. Port 3,000,000 3,000,000
Facilities Rev. Rfdg. Bonds
(CSX Trans. Proj.) Series
1992, 3.75% tender 12/8/99,
LOC Bank of Nova Scotia, CP
mode
Richmond Pub. Util. Rev. 9,000,000 9,000,000
Series 1998 A, 3.95%, VRDN
(a)
York County Ind. Dev. Auth. 6,000,000 6,000,000
Poll. Cont. Rev. Bonds
(Virginia Elec. & Pwr. Co.
Proj.) Series 1985, 3.7%
tender 1/19/00, CP mode
56,555,000
WASHINGTON - 1.6%
Pierce County Econ. Dev. 1,600,000 1,600,000
Corp. Rev. (K & M Hldgs. II
Proj.) Series 1997, 4%, LOC
Wells Fargo Bank NA, San
Francisco, VRDN (a)(b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
WASHINGTON - CONTINUED
Port of Seattle Rev.:
(Sub Lien) Series A, 3.75% $ 3,800,000 $ 3,800,000
12/8/99, LOC Bank of America
NA, CP
Series B, 3.7% 1/19/00, LOC 2,175,000 2,175,000
Bank of America NA, CP (b)
Seattle Gen. Oblig. Ltd. Tax 2,400,000 2,400,000
Participating VRDN Series
SGB 12, 3.94% (Liquidity
Facility Societe Generale,
France) (a)(c)
Washington Econ. Dev. Fin. 1,865,000 1,865,000
Auth. Rev. (Ferry Brothers,
Inc. Proj.) 4%, LOC Key Bank
NA, VRDN (a)(b)
Washington Gen. Oblig. 5,080,000 5,080,000
Participating VRDN Series
SGA 34, 4% (Liquidity
Facility Societe Generale,
France) (a)(c)
Washington Hsg. Fin. 935,000 935,000
Commission Participating
VRDN Series 1997 D, 4.1%
(Liquidity Facility First
Union Nat'l. Bank, North
Carolina) (a)(b)(c)
Washington Pub. Pwr. Supply 1,000,000 1,000,000
Sys. Nuclear Proj. #1 Rev.
Participating VRDN Series PT
180, 4.01% (Liquidity
Facility Bayerische Hypo-und
Vereinsbank AG) (a)(c)
18,855,000
WEST VIRGINIA - 0.5%
Marion County Solid Waste 3,730,000 3,730,000
Disp. Rev. (Grant Town
Cogeneration Proj.) Series
1990 B, 3.95%, LOC Nat'l.
Westminster Bank PLC, VRDN
(a)(b)
West Virginia Pub. Energy 2,500,000 2,500,000
Auth. Energy Rev. Bonds
(Morgantown Energy Assoc.
Proj.) 3.7% tender 1/19/00,
LOC UBS AG, CP mode (b)
6,230,000
WISCONSIN - 1.8%
Milwaukee County 20,800,000 20,800,000
Participating VRDN Series
FR/RI A37, 3.95% (Liquidity
Facility Bank of New York
NA) (a)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
WYOMING - 0.8%
Lincoln County Poll. Cont. $ 10,000,000 $ 10,000,000
Rev. (Exxon Co. Proj.)
Series 1985, 3.7%, VRDN (a)
TOTAL INVESTMENT PORTFOLIO - 1,180,855,858
100.1%
NET OTHER ASSETS - (0.1)% (1,399,952)
NET ASSETS - 100% $ 1,179,455,906
Total Cost for Income Tax Purposes $ 1,180,855,858
</TABLE>
Prior to this report, certain information related to portfolio
holdings was stated as a percentage of the funds investments.
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
3.768% 8/31/00
Missouri Hsg. Dev. Commission 8/24/99 $ 3,780,000
Mtg. Rev. Bonds Series PA
157, 3.75%, tender 2/24/00
(Liquidity Facility Merrill
Lynch & Co., Inc.)
INCOME TAX INFORMATION
At May 31, 1999, the fund had a capital loss carryforward of
approximately $22,000, all of which will expire on May 31, 2005.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 1,180,855,858
value - See accompanying
schedule
Interest receivable 7,320,733
Prepaid expenses 699
TOTAL ASSETS 1,188,177,290
LIABILITIES
Payable to custodian bank $ 123,078
Payable for investments 5,000,000
purchased
Distributions payable 3,589,567
Other payables and accrued 8,739
expenses
TOTAL LIABILITIES 8,721,384
NET ASSETS $ 1,179,455,906
Net Assets consist of:
Paid in capital $ 1,179,461,496
Accumulated undistributed net (5,612)
realized gain (loss) on
investments
Unrealized gain from 22
accretion of discount
NET ASSETS, for 1,179,461,496 $ 1,179,455,906
shares outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($1,179,455,906
(divided by) 1,179,461,496
shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED NOVEMBER
30, 1999 (UNAUDITED)
INVESTMENT INCOME $ 19,648,644
Interest
EXPENSES
Non-interested trustees' $ 1,555
compensation
Custodian fees and expenses 32,982
Audit 9,536
Legal 93
Insurance 5,497
Total expenses before 49,663
reductions
Expense reductions (33,717) 15,946
NET INTEREST INCOME 19,632,698
REALIZED AND UNREALIZED GAIN 31,270
(LOSS)
Net realized gain (loss) on
investment securities
Increase (decrease) in net 22
unrealized gain from
accretion of discount
NET GAIN (LOSS) 31,292
NET INCREASE (DECREASE) IN $ 19,663,990
NET ASSETS RESULTING FROM
OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED NOVEMBER 30, YEAR ENDED MAY 31, 1999
1999
(UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 19,632,698 $ 23,459,786
Net realized gain (loss) 31,270 (15,129)
Increase (decrease) in net 22 -
unrealized gain from
accretion of discount
NET INCREASE (DECREASE) IN 19,663,990 23,444,657
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (19,632,698) (23,459,786)
from net interest income
Share transactions at net 4,846,069,349 7,213,677,207
asset value of $1.00 per
share Proceeds from sales of
shares
Cost of shares redeemed (4,512,553,731) (6,496,104,706)
NET INCREASE (DECREASE) IN 333,515,618 717,572,501
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) 333,546,910 717,557,372
IN NET ASSETS
NET ASSETS
Beginning of period 845,908,996 128,351,624
End of period $ 1,179,455,906 $ 845,908,996
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED NOVEMBER 30, YEARS ENDED MAY 31,
1999
(UNAUDITED) 1999 1998 1997 C
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
Income from Investment .017 .033 .037 .012
Operations Net interest
income
Less Distributions
From net interest income (.017) (.033) (.037) (.012)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 1.70% 3.35% 3.78% 1.25%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,179,456 $ 845,909 $ 128,352 $ 276,577
(000 omitted)
Ratio of expenses to average .01% A .01% .02% .02% A
net assets
Ratio of net interest income 3.40% A 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 FOR THE PERIOD JANUARY 27, 1997 (COMMENCEMENT OF OPERATIONS) TO MAY
31, 1997.
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1999 (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. 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 $7,980,000 or 0.7% of net assets.
3. TRANSACTIONS WITH FMR AND AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, Fidelity Investments
3. TRANSACTIONS WITH FMR AND AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
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 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
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, effective January 1, 1999.
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 $8,387 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 $33,717 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.
TAXABLE CENTRAL CASH FUND
SEMIANNUAL REPORT
NOVEMBER 30, 1999
INVESTMENTS NOVEMBER 30, 1999 (UNAUDITED)
Showing Percentage of Net Assets
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
U.S. TREASURY OBLIGATIONS -
67.9%
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
U.S. TREASURY BILLS - 45.5%
1/13/00 5.34% (a) $ 500,000,000 $ 496,831,736
1/13/00 5.37 500,000,000 496,813,820
2/3/00 5.03 125,000,000 123,896,667
2/3/00 5.06 2,280,000,000 2,259,746,617
2/10/00 5.05 775,000,000 767,372,924
2/10/00 5.06 150,000,000 148,520,833
2/10/00 5.07 200,000,000 198,023,833
2/10/00 5.09 900,000,000 891,075,300
2/10/00 5.10 500,000,000 495,030,000
2/10/00 5.11 130,000,000 128,706,518
2/17/00 5.12 50,000,000 49,452,917
2/17/00 5.14 250,000,000 247,251,042
2/17/00 5.18 250,000,000 247,229,286
2/17/00 5.22 400,000,000 395,536,666
2/17/00 5.23 500,000,000 494,412,708
2/24/00 5.17 200,000,000 197,589,306
2/24/00 5.19 450,000,000 444,557,639
5/4/00 5.22 500,000,000 489,050,972
5/4/00 5.23 350,000,000 342,319,965
5/4/00 5.24 100,000,000 97,799,861
5/11/00 5.26 180,000,000 175,852,800
5/11/00 5.27 150,000,000 146,537,250
5/18/00 5.34 60,000,000 58,535,333
5/18/00 5.37 400,000,000 390,188,611
5/25/00 5.47 70,000,000 68,175,956
5/25/00 5.49 250,000,000 243,461,111
11/9/00 5.47 100,000,000 95,050,222
10,189,019,893
U.S. TREASURY NOTES - 20.3%
12/31/99 4.67 100,000,000 100,225,891
12/31/99 4.88 150,000,000 150,307,845
12/31/99 4.98 625,000,000 626,290,458
1/31/00 4.72 85,000,000 85,396,076
1/31/00 4.74 300,000,000 301,388,823
1/31/00 4.92 124,000,000 124,538,886
1/31/00 5.00 50,000,000 50,213,048
1/31/00 5.25 50,000,000 50,184,476
1/31/00 5.26 29,480,000 29,475,394
1/31/00 5.37 50,000,000 49,992,188
U.S. TREASURY OBLIGATIONS -
CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
U.S. TREASURY NOTES - CONTINUED
2/15/00 4.73% $ 50,000,000 $ 50,106,842
2/15/00 4.78 50,000,000 50,101,999
2/15/00 4.79 140,000,000 140,276,254
2/29/00 4.85 100,000,000 100,496,602
2/29/00 4.86 100,000,000 100,495,025
2/29/00 4.90 70,000,000 70,339,181
2/29/00 4.98 100,000,000 100,460,603
2/29/00 5.09 100,000,000 100,067,092
2/29/00 5.11 150,000,000 150,478,803
2/29/00 5.12 50,000,000 50,225,101
2/29/00 5.13 380,000,000 381,191,739
2/29/00 5.17 75,000,000 75,030,880
2/29/00 5.20 113,000,000 113,057,703
3/31/00 4.81 100,000,000 100,618,089
3/31/00 5.13 34,000,000 34,170,053
3/31/00 5.19 220,000,000 220,148,774
3/31/00 5.20 100,000,000 100,059,495
3/31/00 5.21 50,000,000 50,251,286
3/31/00 5.24 80,000,000 80,392,668
4/30/00 4.86 100,000,000 100,262,522
4/30/00 4.87 175,000,000 175,452,324
4/30/00 5.05 173,000,000 174,075,423
4/30/00 5.24 175,000,000 175,127,925
4/30/00 5.33 60,000,000 60,050,837
6/30/00 5.38 30,000,000 29,969,947
7/31/00 5.27 50,000,000 50,241,906
8/15/00 5.34 89,000,000 89,323,226
8/31/00 5.42 25,000,000 24,924,021
9/30/00 5.43 25,000,000 24,791,363
4,540,200,768
U.S. TREASURY NOTES -
PRINCIPAL ONLY STRIPS - 2.1%
2/15/00 4.77 50,000,000 49,510,975
2/15/00 4.80 25,000,000 24,753,821
2/15/00 4.81 100,000,000 99,012,255
2/15/00 4.91 125,000,000 123,735,507
2/15/00 4.94 150,000,000 148,510,764
2/15/00 5.01 25,000,000 24,740,004
470,263,326
TOTAL U.S. TREASURY 15,199,483,987
OBLIGATIONS
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
REPURCHASE AGREEMENTS - 35.8%
MATURITY AMOUNT VALUE (NOTE 1)
In a joint trading account
(U.S. Treasury Obligations)
dated:
7/2/99 due:
1/10/00 At 5.18% $ 411,050,667 $ 400,000,000
1/12/00 At 5.17% 462,537,250 450,000,000
7/6/99 due 1/12/00 At 5.18% 256,834,722 250,000,000
7/15/99 due 1/18/00 At 5.12% 195,053,156 190,000,000
8/10/99 due 1/24/00 At 5.37% 256,227,708 250,000,000
8/17/99 due 1/18/00 At 5.69% 255,283,056 250,000,000
(b)
10/7/99 due 2/1/00 At 5.34% 254,338,750 250,000,000
10/8/99 due 2/8/00 At 5.35% 274,935,375 270,000,000
11/30/99 due 12/1/99 At 5.61% 5,697,871,535 5,696,983,000
TOTAL REPURCHASE AGREEMENTS 8,006,983,000
TOTAL INVESTMENT PORTFOLIO - 23,206,466,987
103.7%
NET OTHER ASSETS - (3.7)% (832,023,291)
NET ASSETS - 100% $ 22,374,443,696
Total Cost for Income Tax Purposes $ 23,206,466,987
</TABLE>
Prior to this report, certain information related to portfolio
holdings was stated as a percentage of the fund's investments.
LEGEND
(a) Security purchased on a delayed delivery or when-issued basis.
(b) 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.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 23,206,466,987
value (including repurchase
agreements of
$8,006,983,000) - See
accompanying schedule
Receivable for investments 297,848,611
sold
Interest receivable 120,426,812
Prepaid expenses 12,154
TOTAL ASSETS 23,624,754,564
LIABILITIES
Payable to custodian bank $ 783
Payable for investments 645,885,243
purchased Regular delivery
Delayed delivery 496,831,736
Distributions payable 107,573,502
Other payables and accrued 19,604
expenses
TOTAL LIABILITIES 1,250,310,868
NET ASSETS $ 22,374,443,696
Net Assets consist of:
Paid in capital $ 22,372,088,199
Accumulated net realized gain 2,355,497
(loss) on investments
NET ASSETS, for $ 22,374,443,696
22,371,892,360 shares
outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($22,374,443,696
(divided by) 22,371,892,360
shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED NOVEMBER
30, 1999 (UNAUDITED)
INTEREST INCOME $ 593,053,585
Expenses
Non-interested trustees' $ 32,942
compensation
Custodian fees and expenses 25,844
Audit 10,620
Legal 22,449
Insurance 95,886
TOTAL EXPENSES 187,741
NET INTEREST INCOME 592,865,844
NET REALIZED GAIN (LOSS) ON (2,014,760)
INVESTMENTS
NET INCREASE IN NET ASSETS $ 590,851,084
RESULTING FROM OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED NOVEMBER 30, YEAR ENDED MAY 31, 1999
1999 (UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 592,865,844 $ 1,087,598,185
Net realized gain (loss) (2,014,760) 2,731,401
NET INCREASE (DECREASE) IN 590,851,084 1,090,329,586
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (592,865,844) (1,087,598,185)
from net interest income
Share transactions at net 60,299,918,592 118,148,227,043
asset value of $1.00 per
share Proceeds from sales of
shares
Cost of shares redeemed (60,009,136,070) (112,075,443,780)
NET INCREASE (DECREASE) IN 290,782,522 6,072,783,263
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) 288,767,762 6,075,514,664
IN NET ASSETS
NET ASSETS
Beginning of period 22,085,675,934 16,010,161,270
End of period $ 22,374,443,696 $ 22,085,675,934
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED NOVEMBER 30, YEARS ENDED MAY 31,
1999
(UNAUDITED) 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 .025 .051 .056 .033
Operations Net interest
income
Less Distributions
From net interest income (.025) (.051) (.056) (.033)
Net asset value, end of $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
TOTAL RETURN B 2.57% 5.19% 5.74% 3.35%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 22,374,444 $ 22,085,676 $ 16,010,161 $ 17,438,066
(000 omitted)
Ratio of expenses to average .0016% A .0016% .0016% .0008% A
net assets
Ratio of net interest income 5.08% A 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 November 30, 1999 (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 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 or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal amount of the repurchase agreement (including accrued
interest). Fidelity Investments Money Management, Inc. (FIMM), the
fund's investment adviser, is responsible for determining that the
value of the underlying securities remains in accordance with the
market value requirements stated above.
2. OPERATING POLICIES -
CONTINUED
INTERFUND LENDING PROGRAM. Pursuant to an Exemptive Order issued by
the SEC, the fund, along with other registered investment companies
having management contracts with FIMM, 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 values of the securities purchased on a delayed
delivery
basis are identified as such in the fund's schedule of investments.
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 FMR. The investments in
repurchase agreements through the joint trading account are summarized
as follows:
<TABLE>
<CAPTION>
<S> <C>
SUMMARY OF JOINT TRADING
DATED JULY 2, 1999, DUE JANUARY 10, 2000 5.18%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $513,813,334
Aggregate market value of transferred assets $512,502,735
Coupon rates of transferred assets 5.50% to 8.50%
Maturity dates of transferred assets 8/31/00 to 8/15/26
</TABLE>
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
DATED JULY 2, 1999, DUE JANUARY 12, 2000 5.17%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $513,930,278
Aggregate market value of transferred assets $510,000,220
Coupon rates of transferred assets 5.88%
Maturity dates of transferred assets 11/30/01
DATED JULY 6, 1999, DUE JANUARY 12, 2000 5.18%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $300,000,000
Aggregate maturity amount of agreements $308,201,666
Aggregate market value of transferred assets $308,354,672
Coupon rates of transferred assets 5.25% to 9.0%
Maturity dates of transferred assets 12/31/99 to 2/15/29
DATED JULY 15, 1999, DUE JANUARY 18, 2000 5.12%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $300,000,000
Aggregate maturity amount of agreements $307,978,667
Aggregate market value of transferred assets $308,354,672
Coupon rates of transferred assets 5.25% to 9.0%
Maturity dates of transferred assets 12/31/99 to 2/15/29
DATED AUGUST 10, 1999, DUE JANUARY 24, 2000 5.37%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $300,000,000
Aggregate maturity amount of agreements $307,473,250
Aggregate market value of transferred assets $307,302,202
Coupon rates of transferred assets 5.0% to 12.0%
Maturity dates of transferred assets 10/31/00 to 8/15/25
</TABLE>
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
<TABLE>
<CAPTION>
<S> <C>
DATED AUGUST 17, 1999, DUE JANUARY 18, 2000 5.69%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $510,566,112
Aggregate market value of transferred assets $510,000,851
Coupon rates of transferred assets 4.88% to 7.25%
Maturity dates of transferred assets 2/15/00 to 2/15/08
DATED OCTOBER 7, 1999, DUE FEBRUARY 1, 2000 5.34%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $508,677,500
Aggregate market value of transferred assets $510,000,883
Coupon rates of transferred assets 5.0% to 12.38%
Maturity dates of transferred assets 12/31/99 to 2/15/06
DATED OCTOBER 8, 1999, DUE FEBRUARY 8, 2000 5.35%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $509,139,583
Aggregate market value of transferred assets $514,018,195
Coupon rates of transferred assets 4.63% to 8.75%
Maturity dates of transferred assets 2/29/00 to 5/15/05
DATED NOVEMBER 30, 1999, DUE DECEMBER 1, 1999 5.61%
Number of dealers or banks 19
Maximum amount with one dealer or bank 16.4%
Aggregate principal amount of agreements $13,607,066,000
Aggregate maturity amount of agreements $13,609,188,239
Aggregate market value of transferred assets $13,895,565,154
Coupon rates of transferred assets 0.0% to 13.88%
Maturity dates of transferred assets 12/31/99 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 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,
effective January 1, 1999. 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 $145,850 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 $8,628,367. The weighted average interest rate
was 5.27%. Interest earned from the interfund lending program amounted
to $38,127 and is included in interest income on the Statement of
Operations.
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.