FIDELITY REVERE STREET TRUST
N-30D, 2001-01-19
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Fidelity Cash Central Fund

Semiannual Report

November 30, 2000

1.743118.101

Investments November 30, 2000

(Unaudited)

Showing Percentage of Net Assets

Federal Agencies - 20.5%

Due Date

Annualized Yield at Time of Purchase

Principal
Amount

Value
(Note 1)

Fannie Mae - 12.4%

Discount Notes - 12.4%

12/14/00

6.50%

$ 377,204,000

$ 376,330,878

12/21/00

6.50

496,863,000

495,094,996

12/28/00

6.51

170,000,000

169,184,000

1/26/01

6.52

1,000,000,000

989,966,667

2/15/01

6.52

225,264,000

222,206,166

2/22/01

6.50

442,056,000

435,533,218

2/22/01

6.52

1,770,075,000

1,743,915,750

3/19/01

6.54

200,000,000

196,190,000

3/28/01

6.50

500,000,000

489,665,000

5,118,086,675

Federal Home Loan Bank - 3.7%

Discount Notes - 3.7%

12/27/00

6.49

475,000,000

472,807,875

1/10/01

6.52

500,000,000

496,436,111

1/31/01

6.55

250,000,000

247,271,944

2/28/01

6.49

312,400,000

307,464,861

1,523,980,791

Freddie Mac - 4.4%

Discount Notes - 4.4%

12/21/00

6.50

181,500,000

180,854,163

2/22/01

6.52

992,900,000

978,226,317

3/1/01

6.51

500,000,000

492,000,000

10/11/01

6.52

150,000,000

141,993,000

1,793,073,480

TOTAL FEDERAL AGENCIES

8,435,140,946

U.S. Treasury Obligations - 29.9%

U.S. Treasury Bills - 26.6%

12/15/00

6.43

500,000,000

498,752,639

12/15/00

6.47

1,480,000,000

1,476,285,200

12/18/00

6.41

2,300,000,000

2,293,076,042

U.S. Treasury Obligations - continued

Due Date

Annualized Yield at Time of Purchase

Principal
Amount

Value
(Note 1)

U.S. Treasury Bills - continued

12/18/00

6.44%

$ 1,000,000,000

$ 996,977,778

12/21/00

6.44

3,187,000,000

3,175,703,854

1/25/01

6.27

500,000,000

495,279,167

2/1/01

6.26

315,000,000

311,655,488

2/1/01

6.29

250,000,000

247,375,764

2/1/01

6.31

600,000,000

593,572,667

2/8/01

6.32

65,000,000

64,225,092

2/22/01

6.29

100,000,000

98,593,611

5/10/01

6.29

500,000,000

486,444,444

5/17/01

6.26

260,000,000

252,678,906

10,990,620,652

U.S. Treasury Notes - 1.1%

1/31/01

6.29

100,000,000

99,700,980

1/31/01

6.61

150,000,000

149,445,858

2/28/01

6.30

135,000,000

134,554,001

6/30/01

6.37

25,000,000

24,898,117

7/31/01

6.25

50,000,000

49,728,875

458,327,831

U.S. Treasury Notes - Principal Strips - 2.2%

2/15/01

6.29

24,000,000

23,686,569

2/15/01

6.30

24,000,000

23,686,082

2/15/01

6.50

50,000,000

49,348,890

2/15/01

6.71

123,472,000

121,800,030

5/15/01

6.43

100,000,000

97,206,313

8/15/01

6.31

50,000,000

47,857,054

8/15/01

6.37

237,800,000

227,515,967

9/30/01

6.53

324,200,000

307,360,527

898,461,432

TOTAL U.S. TREASURY OBLIGATIONS

12,347,409,915

Repurchase Agreements - 53.7%

Maturity
Amount

Value
(Note 1)

In a joint trading account (U.S. Government Obligation) dated 11/30/00
due 12/1/00 At 6.55%

$ 9,350,915,154

$ 9,349,213,000

In a joint trading account (U.S. Treasury
Obligations) dated:

9/20/00 due 3/12/01 At 6.45%

103,099,583

100,000,000

11/30/00 due 12/1/00 At 6.5%

12,700,387,560

12,698,095,000

TOTAL REPURCHASE AGREEMENTS

22,147,308,000

TOTAL INVESTMENT PORTFOLIO - 104.1%

42,929,858,861

NET OTHER ASSETS - (4.1)%

(1,681,689,213)

NET ASSETS - 100%

$ 41,248,169,648

Total Cost for Income Tax Purposes $ 42,929,858,861

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.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

November 30, 2000 (Unaudited)

Assets

Investment in securities, at value (including
repurchase agreements of $22,147,308,000) -
See accompanying schedule

$ 42,929,858,861

Receivable for investments sold

498,503,056

Interest receivable

12,253,130

Prepaid expenses

10,622

Total assets

43,440,625,669

Liabilities

Payable to custodian bank

$ 650

Payable for investments purchased

1,975,037,839

Distributions payable

217,384,350

Other payables and accrued expenses

33,182

Total liabilities

2,192,456,021

Net Assets

$ 41,248,169,648

Net Assets consist of:

Paid in capital

$ 41,245,739,245

Accumulated net realized gain (loss) on investments

2,430,403

Net Assets, for 41,243,804,820 shares outstanding

$ 41,248,169,648

Net Asset Value, offering price and redemption price per share ($41,248,169,648 ÷ 41,243,804,820 shares)

$1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended November 30, 2000 (Unaudited)

Investment Income

Interest

$ 946,954,402

Expenses

Non-interested trustees' compensation

$ 45,501

Custodian fees and expenses

51,714

Audit

9,794

Legal

5,739

Insurance

91,366

Total expenses

204,114

Net investment income

946,750,288

Net Realized Gain (Loss) on Investments

1,360,809

Net increase in net assets resulting from operations

$ 948,111,097

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended November 30, 2000

(Unaudited)

Year ended
May 31,

2000

Increase (Decrease) in Net Assets

Operations
Net investment income

$ 946,750,288

$ 1,230,635,347

Net realized gain (loss)

1,360,809

(1,562,077)

Net increase (decrease) in net assets resulting
from operations

948,111,097

1,229,073,270

Distributions to shareholders from
net investment income

(946,750,288)

(1,230,635,347)

Share transactions at net asset value of $1.00 per share Proceeds from sales of shares

109,061,868,634

166,180,212,247

Cost of shares redeemed

(91,702,002,824)

(164,377,383,075)

Net increase (decrease) in net assets and shares resulting from share transactions

17,359,865,810

1,802,829,172

Total increase (decrease) in net assets

17,361,226,619

1,801,267,095

Net Assets

Beginning of period

23,886,943,029

22,085,675,934

End of period

$ 41,248,169,648

$ 23,886,943,029

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months ended November 30, 2000

Years ended May 31,

(Unaudited)

2000

1999

1998

1997 C

Selected Per-Share Data

Net asset value, beginning
of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Income from Investment Operations
Net investment
income

.033

.054

.051

.056

.033

Less Distributions

From net investment income

(.033)

(.054)

(.051)

(.056)

(.033)

Net asset value, end of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Total Return B

3.33%

5.50%

5.19%

5.74%

3.35%

Ratios and Supplemental Data

Net assets, end
of period
(000 omitted)

$ 41,248,170

$ 23,886,943

$ 22,085,676

$ 16,010,161

$ 17,438,066

Ratio of expenses to average net assets

.0014% A

.0017%

.0016%

.0016%

.0008% A

Ratio of net invest-
ment income
to average
net assets

6.57% A

5.38%

5.04%

5.58%

5.45% A

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.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended November 30, 2000 (Unaudited)

1. Significant Accounting Policies.

Fidelity Cash Central Fund (the fund) (formerly Taxable Central Cash 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."

Investment 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 investment 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 custodian bank. 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

Repurchase Agreements - continued

for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.

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.

3. Joint Trading Account.

At the end of the period, the fund had 20% or more of its total investments in repurchase agreements through a joint trading account. These repurchase agreements were with entities whose creditworthiness has been reviewed and found satisfactory by FIMM. The investments in repurchase agreements through the joint trading account are summarized as follows:

Summary of Joint Trading

Dated September 20, 2000, due March 12, 2001

6.45%

Number of dealers or banks

1

Maximum amount with one dealer or bank

100%

Aggregate principal amount of agreements

$350,000,000

Aggregate maturity amount of agreements

$360,848,542

Aggregate market value of transferred assets

$361,544,164

Coupon rates of transferred assets

5.5% to 14%

Maturity dates of transferred assets

8/15/03 to 5/15/30

Dated November 30, 2000, due December 1, 2000

6.5%

Number of dealers or banks

9

Maximum amount with one dealer or bank

28.5%

Aggregate principal amount of agreements

$13,801,249,000

Aggregate maturity amount of agreements

$13,803,740,728

Aggregate market value of transferred assets

$14,125,312,532

Coupon rates of transferred assets

0% to 13.38%

Maturity dates of transferred assets

12/31/00 to 5/15/30

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Joint Trading Account - continued

Summary of Joint Trading - continued

Dated November 30, 2000, due December 1, 2000

6.55%

Number of dealers or banks

18

Number of dealers or banks

18

Maximum amount with one dealer or bank

13.3%

Aggregate principal amount of agreements

$15,021,000,000

Aggregate maturity amount of agreements

$15,023,734,782

Aggregate market value of transferred assets

$15,377,822,738

Coupon rates of transferred assets

0% to 14.5%

Maturity dates of transferred assets

12/1/00 to 10/1/40

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 $27,271,707. The weighted average

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Interfund Lending Program - continued

interest rate was 6.64%. Interest earned from the interfund lending program amounted to $206,420 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 affiliate.

Semiannual Report

Proxy Voting Results

A special meeting of the fund's shareholders was held on December 13, 2000. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect as Trustees the following twelve nominees.*

# of
Votes Cast

% of
Votes Cast

J. Michael Cook

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Ralph F. Cox

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Phyllis Burke Davis

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Robert M. Gates

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Edward C. Johnson 3d

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Donald J. Kirk

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

# of
Votes Cast

% of
Votes Cast

Marie L. Knowles

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Ned C. Lautenbach

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Peter S. Lynch

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

William O. McCoy

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Marvin L. Mann

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Robert C. Pozen

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

PROPOSAL 2

To ratify the selection of PricewaterhouseCoopers LLP as independent accountants of the fund.

# of
Votes Cast

% of
Votes Cast

Affirmative

29,665,911,034.71

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

29,665,911,034.71

100.000

PROPOSAL 3

To continue the effectiveness of Article VII, Section 7.04 of the Trust Instrument.*

# of
Votes Cast

% of
Votes Cast

Affirmative

34,936,748,947.94

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

34,936,748,947.94

100.000

PROPOSAL 4

To authorize the Trustees to adopt an Amended and Restated Trust Instrument.*

# of
Votes Cast

% of
Votes Cast

Affirmative

34,936,748,947.94

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

34,936,748,947.94

100.000

PROPOSAL 5

To approve an amended management contract that would allow future modifications of the contract without a shareholder vote if permitted by the 1940 Act.

# of
Votes Cast

% of
Votes Cast

Affirmative

29,665,911,034.71

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

29,665,911,034.71

100.000

PROPOSAL 7

To amend the fundamental investment limitation concerning diversification.

# of
Votes Cast

% of
Votes Cast

Affirmative

29,665,911,034.71

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

29,665,911,034.71

100.000

PROPOSAL 8

To amend the fundamental investment limitation concerning underwriting.

# of
Votes Cast

% of
Votes Cast

Affirmative

29,665,911,034.71

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

29,665,911,034.71

100.000

*Denotes trust-wide proposals and voting results.

Semiannual Report

Fidelity Municipal Cash Central Fund

Semiannual Report

November 30, 2000

1.743117.101

Investments November 30, 2000

(Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 100.5%

Principal Amount

Value
(Note 1)

Alabama - 0.7%

Alabama Pub. School & College Auth. Rev. Participating VRDN Series ROC 00 1, 4.22% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (a)(c)

$ 6,100,000

$ 6,100,000

Columbia Ind. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) Series 1999 C, 4.3%, VRDN (a)

3,200,000

3,200,000

9,300,000

Alaska - 0.1%

Alaska Hsg. Fin. Corp. Participating VRDN Series Merlots 99 D, 4.29% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(c)

2,000,000

2,000,000

Arizona - 1.3%

Arizona Health Facilities Auth. Rev. (Arizona Health Care Pooled Fing. Prog.) Series 2000 A, 4.2%, VRDN (a)

6,800,000

6,800,000

Coconino County Ind. Dev. Rev. (Citizens Utils. Co. Proj.) Series 1997, 5.25%, VRDN (a)(b)

2,550,000

2,550,000

Mohave County Ind. Dev. Auth. Ind. Dev. Rev. Bonds
(Citizens Communications Co. Proj.) Series 1988, 5.3% tender 12/4/00, CP mode (b)

2,000,000

2,000,000

Navajo County Ind. Dev. Auth. Ind. Rev. (Citizens Utils. Co. Proj.) Series 1997 B, 5.25%, VRDN (a)(b)

6,685,000

6,685,000

18,035,000

Arkansas - 1.7%

Arkansas Dev. Fin. Auth. Participating VRDN Series BA 98 C, 4.45% (Liquidity Facility Bank of America NA) (a)(b)(c)

905,000

905,000

Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 1998, 4.35%, LOC Bank One, Louisiana NA, VRDN (a)(b)

1,000,000

1,000,000

Arkansas Hosp. Equip. Fin. Auth. (Baptist Health Proj.)
Series 1995, 4.22% (MBIA Insured), VRDN (a)

14,550,000

14,550,000

Crossett Poll. Cont. Rev. (Georgia-Pacific Corp. Proj.) 4.3%, LOC Suntrust Bank, VRDN (a)

6,500,000

6,500,000

22,955,000

Colorado - 5.6%

Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 4.05%, LOC Bank One, Colorado NA, VRDN (a)

10,100,000

10,100,000

Colorado Student Oblig. Auth. (Student Ln. Prog.)
Series 1990 A, 4.2% (AMBAC Insured), VRDN (a)(b)

6,300,000

6,300,000

Denver City & County Arpt. Rev.:

Participating VRDN Series FRRI L27, 4.4% (Liquidity Facility Lehman Brothers, Inc.) (a)(b)(c)

9,500,000

9,500,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Colorado - continued

Denver City & County Arpt. Rev.: - continued

Series 2000 B, 4.3% (MBIA Insured), VRDN (a)(b)

$ 42,700,000

$ 42,700,000

Series 2000 C, 4.25% (MBIA Insured), VRDN (a)(b)

2,600,000

2,600,000

Denver City & County Spl. Facilites Arpt. Rev. (Worldport at DIA Proj.) Series A, 4.3%, LOC Morgan Guaranty Trust Co., NY, VRDN (a)(b)

6,200,000

6,200,000

77,400,000

Delaware - 3.3%

Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):

Series 1987, 4.3%, VRDN (a)(b)

5,900,000

5,900,000

Series 1988, 4.3%, VRDN (a)(b)

12,800,000

12,800,000

Series 1994, 4.3%, VRDN (a)(b)

26,300,000

26,300,000

45,000,000

District of Columbia - 0.4%

District of Columbia Gen. Oblig. Participating VRDN Series PA 568, 4.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

4,165,000

4,165,000

District of Columbia Hsg. Fin. Agcy. Single Family Mtg. Rev. Participating VRDN Series RF 00 4, 4.37% (Liquidity Facility Bank of New York NA) (a)(b)(c)

2,000,000

2,000,000

6,165,000

Florida - 2.9%

Broward County Port Facilities Rev. (Port Everglades Proj.) Series 1998, 4.1% (AMBAC Insured) (BPA Bank of Nova Scotia), VRDN (a)(b)

2,200,000

2,200,000

Clay County Hsg. Fin. Auth. Rev. Participating VRDN
Series 2000 O, 4.27% (Liquidity Facility Bank of America NA) (a)(b)(c)

4,125,000

4,125,000

Escambia County Hsg. Fin. Rev. Participating VRDN
Series RF 00 15, 4.32% (Liquidity Facility Bank of New York NA) (a)(b)(c)

2,400,000

2,400,000

Florida Board of Ed. Cap. Outlay Participating VRDN
Series 000902, 4.22% (Liquidity Facility Citibank NA,
New York) (a)(c)

5,000,000

5,000,000

Florida Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Banyan Bay Apts. Proj.) 4.1%, LOC Fannie Mae, VRDN (a)(b)

5,275,000

5,275,000

Florida Hsg. Fin. Corp. Rev. (Riverside Apts. Proj.) Series 2000 1, 4.2%, LOC Bank of America NA, VRDN (a)(b)

4,100,000

4,100,000

Jacksonville Elec. Auth. Rev. Participating VRDN
Series Merlots 00 FF, 4.29% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(c)

4,800,000

4,800,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Florida - continued

Lakeland Elec. & Wtr. Participating VRDN Series 960901, 4.29% (Liquidity Facility Citibank NA, New York) (a)(c)

$ 6,930,000

$ 6,930,000

Orange County Health Facilities Auth. Rev. (Florida Hosp. Assoc. Health Proj.) Series 2000 A, 4.2%, VRDN (a)

3,000,000

3,000,000

Sarasota Edl. Facilities Rev. (Ringling School of Art Proj.) Series 2000, 4.2%, LOC Suntrust Bank, VRDN (a)

2,300,000

2,300,000

40,130,000

Georgia - 6.3%

Albany Dougherty Payroll Dev. Auth. Poll. Cont. Rev. (Philip Morris Co. Proj.) 4.27%, VRDN (a)

3,200,000

3,200,000

Atlanta Arpt. Rev. Participating VRDN:

Series PA 677R, 4.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

1,800,000

1,800,000

Series SG 138, 4.22% (Liquidity Facility Societe Generale) (a)(c)

2,800,000

2,800,000

Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Proj.) Second Series 1998, 4.65%, VRDN (a)(b)

3,300,000

3,300,000

Bibb County Gen. Oblig. Participating VRDN Series CDC 00 A, 4.27% (Liquidity Facility Caisse des Depots et Consignations) (a)(c)

8,760,000

8,760,000

Burke County Ind. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Series 1997, 4.3%, VRDN (a)(b)

8,700,000

8,700,000

Canton Hsg. Auth. Multi-family Hsg. Rev. (Canton Mill Lofts Proj.) Series 1999, 4.25%, LOC First Union Nat'l. Bank, North Carolina, VRDN (a)(b)

2,400,000

2,400,000

Clayton County Hsg. Auth. Multi-family Hsg. Rev. (Hyde Park Club Apts. Proj.) Series 1997, 4.3%, LOC Fannie Mae, VRDN (a)(b)

5,500,000

5,500,000

Cobb County Dev. Auth. Poll Cont. Rev. (Georgia Pwr. Co. Plant Proj.) First Series 1991, 4.15%, VRDN (a)

2,400,000

2,400,000

Columbia County Elderly Auth. Residential Care Facilities Rev. (Augusta Residential Ctr. on Aging Proj.) 4.2%, LOC Suntrust Bank, VRDN (a)

3,300,000

3,300,000

Dekalb County Hosp. Auth. Rev. (Med. Ctr. Proj.) Series B, 4.2%, LOC Suntrust Bank, VRDN (a)

2,200,000

2,200,000

Fulton County Hsg. Auth. Multi-family Hsg. Rev. (Champions Green Apts. Proj.) Series A, 4.25%, LOC Southtrust Bank NA, VRDN (a)

3,295,000

3,295,000

Gwinnett County Hsg. Auth. Multi-family Hsg. Rev.
(Post Corners Proj.) Series 1996, 4.15%, VRDN (a)

4,200,000

4,200,000

Macon-Bibb County Ind. Auth. Dev. (Diamond Plastics Corp. Proj.) Series 1999, 4.35%, LOC Bank of America NA, VRDN (a)(b)

2,600,000

2,600,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Georgia - continued

Marietta Hsg. Auth. Multi-family Hsg. Rev. (Winterset Apts. Proj.) 4.15%, LOC Wachovia Bank NA, VRDN (a)

$ 3,000,000

$ 3,000,000

Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Proj.) First Series 97, 4.25%, VRDN (a)

3,700,000

3,700,000

Richmond County Dev. Auth. Solid Waste Disp. Rev. (Evergreen Nylon Recycling Proj.) Series 1998, 4.3%,
LOC BNP Paribas SA, VRDN (a)(b)

15,000,000

15,000,000

Roswell Hsg. Auth. Multi-family Hsg. Rev. Series 1996, 4.15% (Fannie Mae Guaranteed), VRDN (a)

7,295,000

7,295,000

Summerville Ind. Dev. Auth. Facility Rev. (Image Ind., Inc. Proj.) Series 1997, 4.29%, LOC First Union Nat'l. Bank, North Carolina, VRDN (a)(b)

2,400,000

2,400,000

85,850,000

Illinois - 7.3%

Chicago Arpt. Spl. Facilities Rev. (Centerpoint O'Hare Proj.) 4.3%, LOC Bank One NA, Chicago, VRDN (a)(b)

1,600,000

1,600,000

Chicago Board of Ed. Participating VRDN Series BA 96 BB, 4.27% (Liquidity Facility Bank of America NA) (a)(c)

11,100,000

11,100,000

Chicago Gen. Oblig. Participating VRDN Series PA 643 R, 4.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

2,895,000

2,895,000

Chicago O'Hare Int'l. Arpt. Rev. Series 1988 A, 4.25%,
LOC Bayerische Landesbank Girozentrale, VRDN (a)(b)

14,800,000

14,800,000

Chicago Wtr. Rev. Participating VRDN Series SGA 93, 4.35% (Liquidity Facility Societe Generale) (a)(c)

11,500,000

11,500,000

City of Rolling Meadows Solid Waste Disp. Rev. (BFI Waste Sys. of North America Proj.) Series 1999, 4.22%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (a)(b)

2,880,000

2,880,000

Illinois Dev. Fin. Auth. Envir. Facilities Rev. (Citizens Communications Co. Proj.) Series 1997, 5.2%, VRDN (a)(b)

2,300,000

2,300,000

Illinois Dev. Fin. Auth. Poll. Cont. Rev.:

(Uno-Ven Co. Proj.) Series 1994, 4.2%, LOC Bank One NA, Michigan, VRDN (a)

3,700,000

3,700,000

Series 1997 A, 4.25% (MBIA Insured), VRDN (a)(b)

2,500,000

2,500,000

Illinois Dev. Fin. Auth. Rev. (AMR Pooled Fing. Prog.)
Series 1999 B1, 4.2%, LOC Harris Trust & Savings Bank, Chicago, VRDN (a)

3,185,000

3,185,000

Illinois Edl. Facilities Auth. Rev. (Field Museum of Natural History Proj.) Series 2000, 4.2%, LOC Bank One NA, VRDN (a)

6,400,000

6,400,000

Illinois Gen. Oblig. Participating VRDN Series ROC 00 10, 4.22% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (a)(c)

4,000,000

4,000,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Illinois - continued

Illinois Health Facilities Auth. Rev.:

(Central Dupage Health Proj.) Series 2000 C, 4.25% (Liquidity Facility American Nat'l. Bank & Trust, Chicago), VRDN (a)

$ 3,200,000

$ 3,200,000

(Northwest Cmnty. Hosp. Proj.) Series 1995, 4.25% (Liquidity Facility Bank One NA, Chicago), VRDN (a)

13,600,000

13,600,000

(Southern Illinois Health Care Proj.) 4.3% (MBIA Insured), VRDN (a)

2,075,000

2,075,000

Illinois Hsg. Dev. Auth. Multi-family Rev. (Hyde Park Tower Apts. Proj.) Series 2000 A, 4.3%, LOC Fannie Mae, VRDN (a)(b)

5,600,000

5,600,000

Madison County Envir. Impt. Rev. (Shell Wood River Refining Co. Proj.):

Series 1997 A, 4.3% (Shell Oil Co. Guaranteed), VRDN (a)(b)

1,500,000

1,500,000

Series 1998 A, 4.3% (Shell Oil Co. Guaranteed), VRDN (a)(b)

5,400,000

5,400,000

Saint Charles Ind. Dev. Rev. (Pier 1 Imports-Midwest, Inc. Proj.) Series 1986, 4.35%, LOC Bank One, Texas NA, VRDN (a)(b)

1,300,000

1,300,000

99,535,000

Indiana - 1.2%

Burns Hbr. Ind. Dev. Rev. (J&F Steel Corp. Proj.) 4.45%,
LOC Societe Generale, VRDN (a)(b)

1,400,000

1,400,000

Elkhart County Econ. Dev. Rev. (Burger Dairy Proj.) 4.75%, LOC Old Kent Bank, Michigan, VRDN (a)(b)

1,055,000

1,055,000

Indiana Bond Bank TAN Series 2000 A2, 4.75% 1/18/01, LOC Bank of America NA

5,455,000

5,458,957

Petersburg Solid Waste Disp. Rev. (Indianapolis Pwr. & Lt. Co. Proj.) Series 1995 C, 4.4%, VRDN (a)(b)

3,600,000

3,600,000

Rockport Ind. Dev. Rev. (AK Steel Corp. Proj.) Series 1999 A, 4.25%, LOC PNC Bank NA, VRDN (a)(b)

5,000,000

5,000,000

16,513,957

Iowa - 1.6%

Iowa Fin. Auth. Ind. Dev. Rev. (Grafco Industries Proj.)
Series 1999, 4.4%, LOC Bank of America NA, VRDN (a)(b)

1,900,000

1,900,000

Iowa Fin. Auth. Solid Disp. Waste Rev. (Cedar River Paper Co. Proj.) Series 1994 A, 4.35%, LOC UBS AG, VRDN (a)(b)

19,500,000

19,500,000

21,400,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Kansas - 1.9%

Butler County Solid Waste Disp. & Cogeneration Rev. (Texaco Refining & Mktg. Proj.) Series 1996 B, 4.35%, VRDN (a)(b)

$ 18,100,000

$ 18,100,000

Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.)
Series 2000, 4.35%, LOC Bank of America NA, VRDN (a)(b)

3,600,000

3,600,000

La Cygne Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) Series 1994, 5.15%, VRDN (a)

4,500,000

4,500,000

26,200,000

Kentucky - 0.9%

Kentucky Econ. Dev. Fin. Auth. Indl. Bldg. Rev. (Republic Svcs., Inc. Proj.) Series 2000, 4.3%, LOC Bank of America NA, VRDN (a)(b)

2,920,000

2,920,000

Louisville & Jefferson County Reg'l. Arpt. Auth.:

(UPS Worldwide, Inc. Proj.) Series B, 4.3% (United Parcel Svc. of America Guaranteed), VRDN (a)(b)

7,700,000

7,700,000

Series 1999 A, 4.3% (United Parcel Svc. of America Guaranteed), VRDN (a)(b)

1,900,000

1,900,000

12,520,000

Louisiana - 6.7%

Caddo Parish Indl. Dev. Board Exempt Facilities Rev. (Atlas Proj.) Series 1996 A, 4.35%, LOC Deutsche Bank AG, VRDN (a)(b)

2,500,000

2,500,000

Calcasieu Parish Ind. Dev. Board Envir. Rev. (Citgo Petroleum Corp. Proj.):

Series 1994, 4.35%, LOC BNP Paribas SA, VRDN (a)(b)

5,900,000

5,900,000

4.35%, LOC BNP Paribas SA, VRDN (a)(b)

6,200,000

6,200,000

Calcasieu Parish Pub. Trust Auth. Solid Waste Disp. Rev.
(PPG Industries, Inc. Proj.) Series 1994, 4.35%, VRDN (a)(b)

7,300,000

7,300,000

Iberville Parish Rev. (Dow Chemical Co. Proj.) Series 1999, 4.35%, VRDN (a)(b)

7,000,000

7,000,000

Louisiana Pub. Facilities Auth. Rev. (Equip. & Cap. Pooled Ln. Prog.) Series 2000, 4.22%, LOC KBC Bank, NV, VRDN (a)

8,265,000

8,265,000

Lousiana Local Govt. Envir. Facilities Cmnty. Dev. Auth. Rev. (Shreveport/Independence Proj.) 4.3% (MBIA Insured), VRDN (a)

2,800,000

2,800,000

Plaquemines Parish Envir. Rev. (BP Exploration & Oil, Inc. Proj.) Series 1995, 4.3%, VRDN (a)(b)

12,300,000

12,300,000

Saint Charles Parish Poll. Cont. Rev. (Shell Oil Co.-Norco Proj.) Series 1991, 4.3%, VRDN (a)(b)

6,900,000

6,900,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Louisiana - continued

West Baton Rouge Parish Indl. District #3 Rev.
(Dow Chemical Co. Proj.):

Series 1993, 4.35%, VRDN (a)(b)

$ 14,100,000

$ 14,100,000

Series 1995, 4.35%, VRDN (a)(b)

18,900,000

18,900,000

92,165,000

Maine - 0.7%

Maine Hsg. Auth. Mtg. Purchase Rev. Participating VRDN Series BA 99 P, 4.27% (Liquidity Facility Bank of America NA) (a)(b)(c)

9,095,000

9,095,000

Maryland - 4.1%

Maryland Cmnty. Dev. Administration Dept. Hsg. & Cmnty. Dev. Participating VRDN Series FRRI A66, 4.35% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(c)

3,910,000

3,910,000

Maryland Energy Fing. Admin (Cimenteries CBR SA Proj.) Series 2000, 4.35%, LOC Deutsche Bank AG, VRDN (a)(b)

24,750,000

24,750,000

Montgomery County Hsg. Opportunity Commission Hsg. Rev.:

(Draper Lane Apts. Proj.) 4.25% (FGIC Insured), VRDN (a)(b)

2,400,000

2,400,000

(The Grand Proj.) Series 1997 1, 4.2%, LOC Fannie Mae, VRDN (a)(b)

25,000,000

25,000,000

56,060,000

Michigan - 1.5%

Detroit Swr. Disp. Rev. Participating VRDN Series BS 99 81, 4.22% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(c)

2,900,000

2,900,000

Detroit Wtr. Sys. Rev. Participating VRDN Series 992201, 4.22% (Liquidity Facility Citibank NA, New York) (a)(c)

4,000,000

4,000,000

Michigan Hosp. Fin. Auth. Rev. Participating VRDN
Series BS 97 23, 4.22% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(c)

5,970,000

5,970,000

Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.
Series 1999 B2, 4.3% (MBIA Insured), VRDN (a)(b)

2,450,000

2,450,000

Michigan Strategic Fund Ltd. Oblig. Rev.:

(HP Pelzer Automotive Sys. Sterling Heights Proj.) 4.3%,
LOC Bank One NA, Michigan, VRDN (a)(b)

2,800,000

2,800,000

(Mans Proj.) Series 1998, 4.35%, LOC Comerica Bank, Detroit, VRDN (a)(b)

1,115,000

1,115,000

Royal Oak Hosp. Fin. Auth. Rev. (William Beaumont Hosp. Proj.) Series 1997 L, 4.25%, VRDN (a)

1,800,000

1,800,000

21,035,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Minnesota - 0.2%

Plymouth Multi-family Hsg. Rev. (At the Lakes Apts. Proj.) Series 1997 A, 4.3% (Fannie Mae Guaranteed), VRDN (a)(b)

$ 2,265,000

$ 2,265,000

Mississippi - 0.6%

Jackson County Indl. Sewage Facilities Rev. (Chevron U.S.A, Inc. Proj.) Series 1994, 4.3%, VRDN (a)(b)

2,900,000

2,900,000

Mississippi Gen. Oblig. Participating VRDN Series PA 573, 4.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

5,025,000

5,025,000

7,925,000

Missouri - 1.8%

Missouri Higher Ed. Ln. Auth. Student Ln. Rev. Series 1990 A, 4.1%, LOC Nat'l. Westminster Bank PLC, VRDN (a)(b)

21,200,000

21,200,000

Missouri Hsg. Dev. Commission Single Family Mtg. Rev. Participating VRDN Series PA 157, 4.27% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)

3,410,000

3,410,000

24,610,000

Nebraska - 1.9%

Lancaster County Hosp. Auth. (Immanuel Health Sys. Proj.) Series 2000 A, 4.25%, LOC Lasalle Bank NA, VRDN (a)

4,600,000

4,600,000

Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.:

Participating VRDN Series Merlots 00 UU, 4.34% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(b)(c)

2,820,000

2,820,000

Series 2000 G, 4.35% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b)

6,200,000

6,200,000

Washington County Indl. Dev. Rev. (Cargill Dow Polymers
LLC Proj.) 4.3%, LOC Wachovia Bank NA, VRDN (a)(b)

11,900,000

11,900,000

25,520,000

Nevada - 2.1%

Clark County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 4.4%, VRDN (a)(b)

16,100,000

16,100,000

Clark County School District Participating VRDN
Series MSDW 00 311, 4.22% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(c)

4,995,000

4,995,000

Clark County Spl. Facilities Arpt. Rev. Series 1998 B, 4.25% (MBIA Insured), VRDN (a)(b)

900,000

900,000

Nevada Hsg. Division (Oakmont Apt. Fort Apache Road Proj.) Series 1996 A, 4.25%, LOC UBS AG, VRDN (a)(b)

7,335,000

7,335,000

29,330,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

New Hampshire - 0.4%

New Hampshire Higher Edl. & Health Facilities Auth. Rev. (VHA of New England, Inc. Proj.) Series 1985 F, 4.2% (AMBAC Insured) (BPA Mellon Bank NA, Pittsburgh), VRDN (a)

$ 2,000,000

$ 2,000,000

New Hampshire Hsg. Fin. Auth. Multi-family Hsg. Rev. (Nashua-Oxford Proj.) Series 1990, 4.3% (Continental Casualty Co. Guaranteed), VRDN (a)

3,025,000

3,025,000

5,025,000

New Jersey - 0.4%

New Jersey Trans. Trust Fund Auth. Bonds (Trans. Sys. Proj.) Series 1999 A, 4.05% tender 12/7/00 (Liquidity Facility Bear Stearns Companies, Inc.) (a)(c)

5,000,000

5,000,000

New Mexico - 0.2%

Farmington Poll. Cont. Rev. Participating VRDN
Series Merlots 00 DD, 4.29% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(c)

2,500,000

2,500,000

New York - 0.6%

New York State Mtg. Agcy. Participating VRDN
Series Merlots 97 J, 4.29% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(b)(c)

7,715,000

7,715,000

North Carolina - 0.7%

Cleveland County Ind. Facilities & Poll. Cont. Fin. Auth. Solid Waste Disp. Rev. (PPG Ind. Proj.) 4.35%, VRDN (a)(b)

3,300,000

3,300,000

Gaston County Ind. Facilities & Poll. Cont. Fing. Auth. Rev. (Duke Energy Corp. Proj.) Series 1999, 4.35%, VRDN (a)(b)

7,000,000

7,000,000

10,300,000

Ohio - 1.6%

Ohio Hsg. Fin. Agcy. Mtg. Rev. Participating VRDN:

Series BA 00 F, 4.25% (Liquidity Facility Bank of America NA) (a)(b)(c)

5,300,000

5,300,000

Series CDC 99 A, 4.27% (Liquidity Facility Caisse des Depots et Consignations) (a)(b)(c)

2,870,000

2,870,000

Ohio Hsg. Fin. Agcy. Single Family Mtg. Participating VRDN:

Series 14, 4.2% (Liquidity Facility Bank of New York NA) (a)(b)(c)

3,800,000

3,800,000

Series FRRI A25, 4.2% (Liquidity Facility Commerzbank AG) (a)(b)(c)

10,065,000

10,065,000

22,035,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Oklahoma - 1.1%

Oklahoma Dev. Fin. Auth. Hosp. Rev. (Deaconess Health Care Corp. Proj.) Series 2000 A, 4.2%, LOC KBC Bank, NV, VRDN (a)

$ 7,000,000

$ 7,000,000

Oklahoma Dev. Fin. Auth. Rev. (Oklahoma Hosp. Assoc. Proj.) Series 1999 A, 4.2% (CDC Fdg. Corp. Guaranteed), VRDN (a)

4,600,000

4,600,000

Oklahoma Hsg. Fin. Auth. Single Family Rev. Participating VRDN Series LB 99 A5, 4.35% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(b)(c)

1,030,000

1,030,000

Southeastern Oklahoma Ind. Auth. Solid Waste Disp. Rev. (Weyerhaeuser Co. Proj.) 5%, VRDN (a)(b)

2,100,000

2,100,000

14,730,000

Oregon - 1.6%

Multnomah County Gen. Oblig. Participating VRDN
Series ROC 00 17, 4.22% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (a)(c)

6,095,000

6,095,000

Oregon Econ. Dev. Rev. (SP Newsprint Co. Proj.) Series 1996, 4.35%, LOC Toronto Dominion Bank, VRDN (a)(b)

15,900,000

15,900,000

21,995,000

Pennsylvania - 3.4%

Allegheny County Arpt. Rev. Participating VRDN
Series PA 567, 4.2% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)

10,905,000

10,905,000

Allegheny County Ind. Dev. Auth. Rev.:

(Duquesne Lt. Co. Proj.) Series 1999 A, 4.35%
(AMBAC Insured), VRDN (a)

3,600,000

3,600,000

(Residential Rental Dev. Proj.) Series A, 4.25%,
LOC PNC Bank NA, VRDN (a)(b)

4,000,000

4,000,000

(Union Elec. Steel Co. Proj.) Series 1996 A, 4.35%,
LOC PNC Bank NA, VRDN (a)(b)

1,000,000

1,000,000

Cumberland County Series 2000, 4.2% (AMBAC Insured), VRDN (a)

3,500,000

3,500,000

Dauphin County Gen. Auth. Rev. (School District Pooled Fing. Prog.) 4.23% (AMBAC Insured) (BPA Bank of Nova Scotia) (BPA Commerzbank AG), VRDN (a)

2,400,000

2,400,000

Northeastern Pennsylvania Hosp. & Edl. Auth. Health Care Rev. (Wyoming Valley Health Care Proj.) Series 1994 A, 4.35% (AMBAC Insured), VRDN (a)

2,100,000

2,100,000

Northumberland County Ind. Dev. Auth. Rev. (Foster Wheeler Mount Carmel, Inc.) Series 1987 A, 4.3%, LOC UBS AG, VRDN (a)(b)

1,960,000

1,960,000

Pennsylvania Econ. Dev. Fing. Auth. Ind. Dev. Rev.
Series 1997 B2, 4.35%, LOC PNC Bank NA, VRDN (a)(b)

900,000

900,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Pennsylvania - continued

Pennsylvania Higher Ed. Assistance Agcy. Student Ln. Rev.:

Series 1988 A, 4.1% (AMBAC Insured), VRDN (a)(b)

$ 6,100,000

$ 6,100,000

Series 1994 A, 4% (AMBAC Insured), VRDN (a)(b)

10,000,000

10,000,000

46,465,000

South Carolina - 2.5%

Berkeley County Exempt Facilities Ind. Rev.
(AMOCO Corp. Proj.) Series 1998, 4.3%, VRDN (a)(b)

1,900,000

1,900,000

South Carolina Hsg. Fin. & Hsg. Dev. Auth. Multi-family Rev. (Richland Oxford Proj.) Series 1990 C, 4.3% (Continental Casualty Co. Guaranteed), VRDN (a)

2,200,000

2,200,000

South Carolina Jobs Econ. Dev. Auth. Healthcare Facilities Rev. (The Methodist Home Proj.) Series 1994, 4.25%, LOC Bank of America NA, VRDN (a)

3,000,000

3,000,000

South Carolina Port Auth. Rev. Series 1998 B, 4.3%
(FSA Insured), VRDN (a)(b)

20,800,000

20,800,000

South Carolina Pub. Svc. Auth. Rev. Participating VRDN
Series Merlots 00 L, 4.29% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(c)

6,500,000

6,500,000

34,400,000

South Dakota - 1.0%

South Dakota Hsg. Dev. Auth. Participating VRDN:

Series Merlots 00 GGG, 4.34% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(b)(c)

6,870,000

6,870,000

Series PA 725R, 4.27% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)

7,275,000

7,275,000

14,145,000

Tennessee - 1.6%

Chattanooga Ind. Dev. Board Ind. Rev. (Southern Foundry Supply Proj.) Series 1996, 4.25%, LOC Suntrust Bank, VRDN (a)(b)

2,800,000

2,800,000

Knox County Health & Ed. Hsg. Facilities Board Rev. (Pooled Hosp. Ln. Prog.) Series 1999 A, 4.2% (CDC Fdg. Corp. Guaranteed), VRDN (a)

4,400,000

4,400,000

McMinn County Ind. Dev. Board Solid Waste Disp. Facilities Rev. (Bowater, Inc. Proj.) Series 1999, 4.3%, LOC Wachovia Bank NA, VRDN (a)(b)

2,500,000

2,500,000

Memphis-Shelby County Arpt. Auth. Arpt. Rev. Participating VRDN Series Merlots 00 C, 4.34% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(b)(c)

3,000,000

3,000,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Tennessee - continued

Sevier County Pub. Bldg. Auth. Rev. Series II D1, 4.25% (AMBAC Insured), VRDN (a)(b)

$ 6,300,000

$ 6,300,000

Shelby County Gen. Oblig. Participating VRDN
Series 004201, 4.22% (Liquidity Facility Citibank NA,
New York) (a)(c)

2,700,000

2,700,000

21,700,000

Texas - 21.5%

Bexar County Health Facilities Dev. Corp. Rev. (Warm Springs Rehabilitation Proj.) Series 1997, 4.3%, LOC Chase Bank of Texas NA, VRDN (a)

6,725,000

6,725,000

Brazos River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.):

Series 1996 B, 4.55% (AMBAC Insured) (BPA Bank of New York NA), VRDN (a)(b)

4,000,000

4,000,000

Series 1996 C, 4.3% (AMBAC Insured) (BPA Bank of New York NA), VRDN (a)(b)

5,100,000

5,100,000

Series 1997 A, 4.35% (MBIA Insured) (BPA Bank of New York NA), VRDN (a)(b)

6,200,000

6,200,000

Series 1997 B, 4.3% (MBIA Insured) (BPA Bank of New York NA), VRDN (a)(b)

7,300,000

7,300,000

Brazos River Hbr. Navigation Brazoria County Envir. Facilities Rev.:

(JT Venture Proj.) Series 1998, 4.35%, LOC Chase Manhattan Bank, VRDN (a)(b)

4,900,000

4,900,000

(Merey Sweeny LP Proj.):

Series 2000 A, 4.35%, LOC Chase Manhattan Bank, VRDN (a)(b)

2,000,000

2,000,000

Series 2000 B, 4.35%, LOC Citibank NA, New York, VRDN (a)(b)

12,500,000

12,500,000

Brazos River Hbr. Navigation District of Brazoria County Rev. (Dow Chemical Co. Proj.):

Series 1999, 4.35%, VRDN (a)(b)

17,200,000

17,200,000

Series 2000, 4.35%, VRDN (a)(b)

13,800,000

13,800,000

Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.) Series 2000, 4.4%, LOC Bank of America NA, VRDN (a)(b)

1,400,000

1,400,000

Denton County Indl. Dev. Rev. (Hydro Conduit Corp.) 4.35%, LOC UBS AG, VRDN (a)(b)

3,500,000

3,500,000

Greater East Texas Higher Ed. Auth. Student Ln. Rev. Bonds Series 1995 A, 4.5%, tender 5/1/01, LOC Student Ln. Marketing Assoc. (b)

2,000,000

2,000,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Texas - continued

Gulf Coast Ind. Dev. Auth. Solid Waste Disp. Rev.
(Citgo Petroleum Corp. Proj.):

Series 1995, 4.35%, LOC Bank of America NA, VRDN (a)(b)

$ 7,500,000

$ 7,500,000

4.35%, LOC Wachovia Bank NA, VRDN (a)(b)

4,500,000

4,500,000

Gulf Coast Indl. Dev. Auth. Envir. Facilities Rev.
(Citgo Petroleum Corp. Proj.) Series 1999, 4.35%,
LOC BNP Paribas SA, VRDN (a)(b)

3,300,000

3,300,000

Gulf Coast Waste Disp. Auth. Envir. Impt. Facilities Rev.
(Exxon Mobil Proj.) 4.3% (Exxon Mobil Corp. Guaranteed), VRDN (a)(b)

2,420,000

2,420,000

Gulf Coast Waste Disp. Auth. Poll. Cont. Rev.:

(Air Products Proj.):

Series 1999, 4.25%, LOC Bank One NA, Chicago, VRDN (a)(b)

3,700,000

3,700,000

Series 2000, 4.25%, LOC Bank One NA, VRDN (a)(b)

2,400,000

2,400,000

(Amoco Oil Co. Proj.) Series 1995, 4.3% (Amoco Co. Guaranteed), VRDN (a)(b)

2,000,000

2,000,000

Harlandale Independent School District Participating VRDN Series SGA 100, 4.22% (Liquidity Facility Societe Generale) (a)(c)

3,380,000

3,380,000

Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Houston Music Hall-Hobby Ctr. Proj.) Series 1999, 4.3%, LOC Chase Bank of Texas NA, VRDN (a)

3,500,000

3,500,000

Harris County Health Facilities Dev. Corp. Hosp. Rev. (Methodist Hosp. Proj.) Series 1994, 4.25%, VRDN (a)

1,200,000

1,200,000

Harris County Health Facilities Dev. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.) Series 1999 B, 4.3% (FSA Insured), VRDN (a)

2,100,000

2,100,000

Houston Arpt. Facilities Sys. Rev. Participating VRDN
Series ROC II R40, 4.24% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (a)(b)(c)

10,125,000

10,125,000

Houston Gen. Oblig. Participating VRDN Series SGA 28, 4.22% (Liquidity Facility Societe Generale) (a)(c)

2,100,000

2,100,000

Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series SG 139, 4.22% (Liquidity Facility Societe Generale) (a)(c)

3,100,000

3,100,000

Houston Wtr. & Swr. Sys. Rev. Participating VRDN
Series SGB 24, 4.22% (Liquidity Facility Societe Generale) (a)(c)

6,840,000

6,840,000

Hunt County Indl. Dev. Corp. (Trico Industries, Inc. Proj.)
Series 1987, 4.2%, LOC ABN-AMRO Bank NV, VRDN (a)

5,000,000

5,000,000

Kerrville Independent School District Participating VRDN
Series PA 698, 4.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

6,010,000

6,010,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Texas - continued

Lower Colorado River Auth. Rev. Participating VRDN
Series PA 590R, 4.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)

$ 19,425,000

$ 19,425,000

Lower Neches Valley Auth. Ind. Dev. Rev. (Mobil Oil Corp. Proj.) Series 1999, 4.3%, VRDN (a)(b)

7,100,000

7,100,000

Midlothian Indl. Dev. Corp. Envir. Facilities Rev. (Holnam Texas LP Proj.) Series 1999, 4.25%, LOC Bank One NA, Michigan, VRDN (a)(b)

6,200,000

6,200,000

Mineral Wells Ind. Dev. Corp. Rev. (Ameron Int'l. Corp. Proj.) 4.3%, LOC Bank One, Illinois NA, VRDN (a)(b)

7,200,000

7,200,000

North East Texas Independent School District Participating VRDN Series SG 143, 4.22% (Liquidity Facility Societe Generale) (a)(c)

5,215,000

5,215,000

North Texas Higher Ed. Auth. Student Ln. Rev. Series C, 4.1% (AMBAC Insured) (BPA Student Ln. Marketing Assoc.), VRDN (a)(b)

11,900,000

11,900,000

Pharr San Juan Alamo Independent School District Participating VRDN Series SGA 101, 4.22% (Liquidity Facility Societe Generale) (a)(c)

6,735,000

6,735,000

Port Corpus Christi Ind. Dev. Corp. Solid Waste Disp. Rev. (Coastal Refining & Marketing Proj.) 4.25%,
LOC BNP Paribas SA, VRDN (a)(b)

2,700,000

2,700,000

Port Corpus Christi Ind. Dev. Corp. Swr. & Solid Waste Rev. (Citgo Petroleum Corp. Proj.) Series 1996, 4.35%,
LOC BNP Paribas SA, VRDN (a)(b)

6,000,000

6,000,000

Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series 1996 B, 4.3% (AMBAC Insured) (BPA Bank of New York NA), VRDN (a)(b)

5,000,000

5,000,000

San Antonio Elec. & Gas Rev. Participating VRDN Series SG 101, 4.22% (Liquidity Facility Societe Generale) (a)(c)

5,600,000

5,600,000

San Antonio Wtr. Sys. Rev. Participating VRDN Series Merlots 00 VV, 4.29% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(c)

1,500,000

1,500,000

Texas Gen. Oblig.:

Participating VRDN:

Series FRRI 00 L18, 4.3% (Liquidity Facility Lehman Brothers, Inc.) (a)(c)

29,400,000

29,400,000

Series PA 631R, 4.27% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)

7,600,000

7,600,000

(Veterans Land Proj.) Series A, 4.2%, VRDN (a)(b)

10,700,000

10,700,000

West Side Calhoun County Navigation District Envir. Facilities Rev. (BP Chemicals, Inc. Proj.) Series 2000, 4.3%, VRDN (a)(b)

5,800,000

5,800,000

293,875,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Utah - 1.9%

Provo City Hsg. Rev. (Branbury Park Proj.) Series 1987 B, 4.32%, LOC Bank One, Arizona NA, VRDN (a)(b)

$ 1,300,000

$ 1,300,000

Utah Board of Regents Student Ln. Rev. 4.1% (AMBAC Insured) (BPA Dexia Bank SA), VRDN (a)(b)

25,000,000

25,000,000

26,300,000

Virginia - 3.3%

Dinwiddie County Indl. Dev. Auth. Exempt Facility Rev. (Chaparral Steel VA Proj.) Series 1998 A, 4.35%,
LOC Bank of America NA, VRDN (a)(b)

9,050,000

9,050,000

Richmond Pub. Util. Rev. Series 1998 A, 4.25%, VRDN (a)

13,500,000

13,500,000

Roanoke Ind. Dev. Auth. Hosp. Rev. (Carilion Health Svcs. Proj.) Series 1995 B, 4.25% (BPA First Union Nat'l. Bank, North Carolina), VRDN (a)

3,000,000

3,000,000

Virginia Commonwealth Trans. Board Trans. Rev. Participating VRDN Series SG 134, 4.22% (Liquidity Facility Societe Generale) (a)(c)

2,600,000

2,600,000

Virginia Pub. School Auth. Participating VRDN Series Putters 139, 4.22% (Liquidity Facility J.P. Morgan & Co., Inc.) (a)(c)

10,095,000

10,095,000

Virginia Trans. Board Trans. Contract Rev. Participating VRDN Series FRRI 99 A6, 4.35% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(c)

6,980,000

6,980,000

45,225,000

Washington - 2.2%

Chelan County Pub. Util. District #1 Rev. Participating VRDN Series Merlots 00 R, 4.34% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(b)(c)

2,400,000

2,400,000

Pierce County Econ. Dev. Corp. Rev. (K&M Hldgs. II Proj.) Series 1997, 4.35%, LOC Wells Fargo Bank NA, San Francisco, VRDN (a)(b)

1,500,000

1,500,000

Port Seattle Gen. Oblig. Series 1997, 4.35%, LOC Canadian Imperial Bank of Commerce, VRDN (a)(b)

5,000,000

5,000,000

Washington Econ. Dev. Fin. Auth. Rev. (Ferry Brothers, Inc. Proj.) 4.35%, LOC Key Bank Nat'l. Assoc., VRDN (a)(b)

1,865,000

1,865,000

Washington Gen. Oblig. Participating VRDN:

Series RobIns 6, 4.22% (Liquidity Facility Bank of New York NA) (a)(c)

3,195,000

3,195,000

Series SGA 34, 4.22% (Liquidity Facility Societe Generale) (a)(c)

5,080,000

5,080,000

Washington Hsg. Fin. Commission Participating VRDN
Series Merlots 97 D, 4.34% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(b)(c)

885,000

885,000

Municipal Securities - continued

Principal Amount

Value
(Note 1)

Washington - continued

Washington Motor Vehicle Fuel Tax Participating VRDN
Series 964701, 4.22% (Liquidity Facility Citibank NA, New York) (a)(c)

$ 4,015,000

$ 4,015,000

Washington Pub. Pwr. Supply Sys. Nuclear Proj. #1 Rev. Participating VRDN Series Merlots 00 A20, 4.29% (Liquidity Facility First Union Nat'l. Bank, North Carolina) (a)(c)

6,320,000

6,320,000

30,260,000

West Virginia - 1.3%

Marion County Solid Waste Disp. Rev. (Grant Town Cogeneration Proj.) Series 1990 D, 4.1%, LOC Nat'l. Westminster Bank PLC, VRDN (a)(b)

13,900,000

13,900,000

West Virginia Hosp. Fin. Auth. Rev. (WVHA Pooled Ln. Fing. Prog.) Series 2000 A, 4.32%, VRDN (a)

4,200,000

4,200,000

18,100,000

Wisconsin - 0.4%

Wisconsin Hsg. & Econ. Dev. Auth. Rev. Participating VRDN Series PT 455, 4.27% (Liquidity Facility Commerzbank AG) (a)(b)(c)

2,600,000

2,600,000

Wisconsin Hsg. & Econ. Dev. Auth. Single Family Rev. Participating VRDN Series PT 324, 4.29% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)

2,360,000

2,360,000

4,960,000

TOTAL INVESTMENT PORTFOLIO - 100.5%

1,375,738,957

NET OTHER ASSETS - (0.5)%

(6,694,704)

NET ASSETS - 100%

$ 1,369,044,253

Total Cost for Income Tax Purposes $ 1,375,738,957

Security Type Abbreviations

CP - COMMERCIAL PAPER

TAN - TAX ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Provides evidence of ownership in one or more underlying municipal bonds.

Income Tax Information

At May 31, 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.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

November 30, 2000 (Unaudited)

Assets

Investment in securities, at value -
See accompanying schedule

$ 1,375,738,957

Cash

26,068

Interest receivable

8,238,395

Prepaid expenses

3,850

Total assets

1,384,007,270

Liabilities

Payable for investments purchased

$ 10,000,000

Distributions payable

4,951,415

Other payables and accrued expenses

11,602

Total liabilities

14,963,017

Net Assets

$ 1,369,044,253

Net Assets consist of:

Paid in capital

$ 1,369,086,533

Accumulated net realized gain (loss) on investments

(42,280)

Net Assets, for 1,369,086,119 shares outstanding

$ 1,369,044,253

Net Asset Value, offering price and redemption price per share ($1,369,044,253 ÷ 1,369,086,119 shares)

$1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended November 30, 2000 (Unaudited)

Investment Income

Interest

$ 29,941,191

Expenses

Non-interested trustees' compensation

$ 2,365

Custodian fees and expenses

40,731

Audit

10,502

Legal

152

Insurance

24,319

Total expenses before reductions

78,069

Expense reductions

(18,817)

59,252

Net investment income

29,881,939

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities

(4,665)

Increase (decrease) in net unrealized gain from
accretion of discount

(221)

Net gain (loss)

(4,886)

Net increase in net assets resulting from operations

$ 29,877,053

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended November 30, 2000 (Unaudited)

Year ended
May 31,
2000

Increase (Decrease) in Net Assets

Operations
Net investment income

$ 29,881,939

$ 48,114,963

Net realized gain (loss)

(4,665)

(319)

Increase (decrease) in net unrealized gain
accretion of discount

(221)

221

Net increase (decrease) in net assets resulting
from operations

29,877,053

48,114,865

Distributions to shareholders from net investment income

(29,881,939)

(48,114,963)

Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares

6,146,220,731

12,086,540,118

Cost of shares redeemed

(5,988,140,118)

(11,721,480,490)

Net increase (decrease) in net assets and shares resulting from share transactions

158,080,613

365,059,628

Total increase (decrease) in net assets

158,075,727

365,059,530

Net Assets

Beginning of period

1,210,968,526

845,908,996

End of period

$ 1,369,044,253

$ 1,210,968,526

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months ended November 30, 2000

Years ended May 31,

(Unaudited)

2000

1999

1998

1997 D

Selected Per-Share Data

Net asset value,
beginning of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Income from Investment Operations
Net investment income

.022

.037

.033

.037

.012

Less Distributions

From net investment
income

(.022)

(.037)

(.033)

(.037)

(.012)

Net asset value,
end of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Total Return B, C

2.18%

3.74%

3.35%

3.78%

1.25%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 1,369,044

$ 1,210,969

$ 845,909

$ 128,352

$ 276,577

Ratio of expenses to
average net assets

.0113% A

.0087%

.0095%

.0203%

.0245% A

Ratio of expenses to
average net assets after expense reductions

.0086% A, E

.0040% E

.0071% E

.0175% E

.0245% A

Ratio of net investment income to average
net assets

4.32% A

3.69%

3.12%

3.72%

3.59% A

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.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended November 30, 2000 (Unaudited)

1. Significant Accounting Policies.

Fidelity Municipal Cash Central Fund (the fund) (formerly Municipal Central Cash 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."

Investment 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 investment income.

Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.

2. Operating Policies.

Restricted Securities. The fund is permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. At the end of the period, the fund had no investments in restricted securities.

3. 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 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 $18,817 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 affiliate.

Semiannual Report

Proxy Voting Results

A special meeting of the fund's shareholders was held on December 13, 2000. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect as Trustees the following twelve nominees.*

# of
Votes Cast

% of
Votes Cast

J. Michael Cook

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Ralph F. Cox

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Phyllis Burke Davis

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Robert M. Gates

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Edward C. Johnson 3d

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Donald J. Kirk

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

# of
Votes Cast

% of
Votes Cast

Marie L. Knowles

Affirmative

34,936,748,947.94

100.000

Withheld

0.000

0.000

TOTAL

34,936,748,947.94

100.000

Ned C. Lautenbach

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Peter S. Lynch

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

William O. McCoy

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Marvin L. Mann

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Robert C. Pozen

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

00.000

TOTAL

34,936,748,947.94

100.000

PROPOSAL 2

To ratify the selection of PricewaterhouseCoopers LLP as independent accountants of the fund.

# of
Votes Cast

% of
Votes Cast

Affirmative

1,613,117,275.77

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

1,613,117,275.77

100.000

PROPOSAL 3

To continue the effectiveness of Article VII, Section 7.04 of the Trust Instrument.*

# of
Votes Cast

% of
Votes Cast

Affirmative

34,936,748,947.94

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

34,936,748,947.94

100.000

PROPOSAL 4

To authorize the Trustees to adopt an Amended and Restated Trust Instrument.*

# of
Votes Cast

% of
Votes Cast

Affirmative

34,936,748,947.94

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

34,936,748,947.94

100.000

PROPOSAL 5

To approve an amended management contract that would allow future modifications of the contract without a shareholder vote if permitted by the 1940 Act.

# of
Votes Cast

% of
Votes Cast

Affirmative

1,613,117,275.77

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

1,613,117,275.77

100.000

PROPOSAL 6

To eliminate the fundamental 80% investment policy and adopt a comparable non-fundamental policy.

# of
Votes Cast

% of
Votes Cast

Affirmative

1,613,117,275.77

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

1,613,117,275.77

100.000

PROPOSAL 7

To amend the fundamental investment limitation concerning diversification.

# of
Votes Cast

% of
Votes Cast

Affirmative

1,613,117,275.77

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

1,613,117,275.77

100.000

PROPOSAL 8

To amend the fundamental investment limitation concerning underwriting.

# of
Votes Cast

% of
Votes Cast

Affirmative

1,613,117,275.77

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

1,613,117,275.77

100.000

*Denotes trust-wide proposals and voting results.

Semiannual Report

Fidelity Securities Lending
Cash Central Fund

Semiannual Report

November 30, 2000

1.734009.102

Investments November 30, 2000

(Unaudited)

Showing Percentage of Net Assets

Federal Agencies - 3.9%

Due Date

Annualized Yield at Time of Purchase

Principal
Amount

Value
(Note 1)

Fannie Mae - 3.9%

Discount Notes - 3.9%

2/22/01

6.50%

$ 100,000,000

$ 98,524,444

Time Deposits - 20.5%

Firstar Bank NA

12/1/00

6.56

130,000,000

130,000,000

Key Bank National Association

12/1/00

6.56

130,000,000

130,000,000

Norwest Bank NA, Minnesota

12/1/00

6.57

130,000,000

130,000,000

Suntrust Bank

12/1/00

6.56

130,000,000

130,000,000

TOTAL TIME DEPOSITS

520,000,000

Repurchase Agreements - 76.3%

Maturity
Amount

In a joint trading account (U.S. Government Obligations) dated 11/30/00 due:

12/1/00 At 6.55%

$ 1,350,245,786

$ 1,350,000,000

12/1/00 At 6.55%

274,049,853

274,000,000

2/5/01 At 6.54%

101,217,167

100,000,000

In a joint trading account (U.S. Treasury Obligations) dated 11/30/00 due 12/1/00 At 6.49%

207,764,470

207,727,000

TOTAL REPURCHASE AGREEMENTS

1,931,727,000

TOTAL INVESTMENT PORTFOLIO - 100.7%

2,550,251,444

NET OTHER ASSETS - (0.7)%

(18,220,809)

NET ASSETS - 100%

$ 2,532,030,635

Total Cost for Income Tax Purposes $ 2,550,251,444

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

November 30, 2000 (Unaudited)

Assets

Investment in securities, at value (including repurchase agreements of $1,931,727,000) -
See accompanying schedule

$ 2,550,251,444

Interest receivable

445,746

Prepaid expenses

1,443

Total assets

2,550,698,633

Liabilities

Payable to custodian bank

$ 407

Distributions payable

18,632,787

Other payables and accrued expenses

34,804

Total liabilities

18,667,998

Net Assets

$ 2,532,030,635

Net Assets consist of:

Paid in capital

$ 2,532,031,634

Accumulated net realized gain (loss) on investments

(999)

Net Assets, for 2,532,024,997 shares outstanding

$ 2,532,030,635

Net Asset Value, offering price and redemption price per share ($2,532,030,635 ÷ 2,532,024,997 shares)

$1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended November 30, 2000 (Unaudited)

Investment Income

Interest

$ 156,516,031

Expenses

Accounting fees and expenses

$ 197,344

Non-interested trustees' compensation

9,031

Custodian fees and expenses

14,077

Audit

9,171

Legal

528

Insurance

14,743

Total expenses before reductions

244,894

Expense reductions

(5,462)

239,432

Net investment income

156,276,599

Net Realized Gain (Loss) on Investments

(999)

Net increase in net assets resulting from operations

$ 156,275,600

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended November 30, 2000

(Unaudited)

July 1, 1999 (commencement
of operations) to
May 31, 2000

Increase (Decrease) in Net Assets

Operations
Net investment income

$ 156,276,599

$ 262,658,240

Net realized gain (loss)

(999)

6,637

Net increase (decrease) in net assets resulting
from operations

156,275,600

262,664,877

Distributions to shareholders from net investment income

(156,276,599)

(262,658,240)

Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares

9,984,500,104

28,984,937,158

Cost of shares redeemed

(14,076,308,772)

(22,361,103,493)

Net increase (decrease) in net assets and shares resulting from share transactions

(4,091,808,668)

6,623,833,665

Total increase (decrease) in net assets

(4,091,809,667)

6,623,840,302

Net Assets

Beginning of period

6,623,840,302

-

End of period

$ 2,532,030,635

$ 6,623,840,302

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months ended November 30, 2000

Year ended
May 31,

(Unaudited)

2000 D

Selected Per-Share Data

Net asset value, beginning of period

$ 1.000

$ 1.000

Income from Investment Operations
Net investment income

.033

.051

Less Distributions

From net investment income

(.033)

(.051)

Net asset value, end of period

$ 1.000

$ 1.000

Total Return B, C

3.36%

5.17%

Ratios and Supplemental Data

Net assets, end of period (000 omitted)

$ 2,532,031

$ 6,623,840

Ratio of expenses to average net assets

.0103% A

.0093% A

Ratio of expenses to average net assets
after expense reductions

.0100% A, E

.0093% A

Ratio of net investment income to average net assets

6.55% A

5.75% A

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 July 1, 1999 (commencement of operations) to May 31, 2000.

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.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended November 30, 2000 (Unaudited)

1. Significant Accounting Policies.

Fidelity Securities Lending Cash Central Fund (the fund) (formerly Central Cash Collateral 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.

Investment 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 investment 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 custodian bank. 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 remains in accordance with the market value requirements stated above.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Joint Trading Account.

At the end of the period, the fund had 20% or more of its total investments in repurchase agreements through a joint trading account. These repurchase

agreements were with entities whose creditworthiness has been reviewed and found satisfactory by FIMM. The investments in repurchase agreements through the joint trading account are summarized as follows:

Summary of Joint Trading

Dated November 30, 2000, due December 1, 2000

6.49%

Number of dealers or banks

4

Maximum amount with one dealer or bank

73.8%

Aggregate principal amount of agreements

$685,784,000

Aggregate maturity amount of agreements

$685,907,704

Aggregate market value of transferred assets

$699,894,648

Coupon rates of transferred assets

5.5% to 8.88%

Maturity dates of transferred assets

10/31/01 to 8/15/28

Dated November 30, 2000, due December 1, 2000

6.55%

Number of dealers or banks

18

Maximum amount with one dealer or bank

13.3%

Aggregate principal amount of agreements

$15,021,000,000

Aggregate maturity amount of agreements

$15,023,734,782

Aggregate market value of transferred assets

$15,377,822,738

Coupon rates of transferred assets

0% to 14.5%

Maturity dates of transferred assets

12/1/00 to 10/1/40

Dated November 30, 2000, due December 1, 2000

6.55%

Number of dealers or banks

2

Maximum amount with one dealer or bank

50.0%

Aggregate principal amount of agreements

$500,000,000

Aggregate maturity amount of agreements

$500,090,972

Aggregate market value of transferred assets

$510,025,288

Coupon rates of transferred assets

0% to 10.35%

Maturity dates of transferred assets

12/26/00 to 10/1/38

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Joint Trading Account - continued

Summary of Joint Trading - continued

Dated November 30, 2000, due February 5, 2001

6.54%

Number of dealers or banks

1

Maximum amount with one dealer or bank

100%

Aggregate principal amount of agreements

$250,000,000

Aggregate maturity amount of agreements

$253,042,917

Aggregate market value of transferred assets

$255,002,889

Coupon rate of transferred assets

7.13%

Maturity date of transferred assets

11/15/01

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.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records. The 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, 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 $17,316 for the calendar year 2000 to FIDFUNDS, which are being amortized over one year.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. 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 $5,462 under this arrangement.

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 affiliate.

Semiannual Report

Proxy Voting Results

A special meeting of the fund's shareholders was held on December 13, 2000. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect as Trustees the following twelve nominees.*

# of
Votes Cast

% of
Votes Cast

J. Michael Cook

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Ralph F. Cox

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Phyllis Burke Davis

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Robert M. Gates

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Edward C. Johnson 3d

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Donald J. Kirk

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

# of
Votes Cast

% of
Votes Cast

Marie L. Knowles

Affirmative

34,936,748,947.94

100.000

Withheld

0.000

0.000

TOTAL

34,936,748,947.94

100.000

Ned C. Lautenbach

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Peter S. Lynch

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

William O. McCoy

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Marvin L. Mann

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

Robert C. Pozen

Affirmative

34,936,748,947.94

100.000

Withheld

0.00

0.000

TOTAL

34,936,748,947.94

100.000

PROPOSAL 2

To ratify the selection of PricewaterhouseCoopers LLP as independent accountants of the fund.

# of
Votes Cast

% of
Votes Cast

Affirmative

3,657,720,637.46

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

3,657,720,637.46

100.000

PROPOSAL 3

To continue the effectiveness of Article VII, Section 7.04 of the Trust Instrument.*

# of
Votes Cast

% of
Votes Cast

Affirmative

34,936,748,947.94

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

34,936,748,947.94

100.000

PROPOSAL 4

To authorize the Trustees to adopt an Amended and Restated Trust Instrument.*

# of
Votes Cast

% of
Votes Cast

Affirmative

34,936,748,947.94

100.000

Against

0.00

0.000

Abstain

0.00

0.000

TOTAL

34,936,748,947.94

100.000

PROPOSAL 8

To amend the fundamental investment limitation concerning underwriting.

# of
Votes Cast

% of
Votes Cast

Affirmative

3,657,720,637.46

100.000

Against

0.00

00.000

Abstain

0.00

00.000

TOTAL

3,657,720,637.46

100.000

*Denotes trust-wide proposals and voting results.

Semiannual Report



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