UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07807
Fidelity Revere Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | May 31 |
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Date of reporting period: | November 30, 2013 |
Item 1. Reports to Stockholders
Fidelity® Cash Central Fund
Semiannual Report
November 30, 2013
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
TCC-SANN-0114 1.734014.113
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2013 to November 30, 2013).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized Expense RatioB | Beginning | Ending | Expenses Paid |
Actual | .0006% | $ 1,000.00 | $ 1,000.50 | $ .00** |
HypotheticalA |
| $ 1,000.00 | $ 1,025.07 | $ .00** |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
** Amount represents less than $.01.
Semiannual Report
Investment Changes (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's investments 11/30/13 | % of fund's investments 5/31/13 | % of fund's |
1 - 7 | 49.0 | 58.0 | 54.7 |
8 - 30 | 11.5 | 7.9 | 7.6 |
31 - 60 | 7.7 | 4.9 | 13.0 |
61 - 90 | 12.2 | 8.5 | 8.5 |
91 - 180 | 16.2 | 14.9 | 11.5 |
> 180 | 3.4 | 5.8 | 4.7 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 11/30/13 | 5/31/13 | 11/30/12 |
Fidelity Cash Central Fund | 46 Days | 47 Days | 44 Days |
All Taxable Money Market Funds Average* | 49 Days | 48 Days | 50 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life | |||
| 11/30/13 | 5/31/13 | 11/30/12 |
Fidelity Cash Central Fund | 71 Days | 59 Days | 57 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
* Source: iMoneyNet, Inc. |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2013 | As of May 31, 2013 | ||||||
Certificates |
| Certificates |
| ||||
Commercial Paper 0.0% |
| Commercial Paper 0.8% |
| ||||
Interfund Loans 0.2% |
| Interfund Loans 0.0% |
| ||||
Treasury Debt 15.5% |
| Treasury Debt 6.4% |
| ||||
Government |
| Government |
| ||||
Other Instruments 15.2% |
| Other Instruments 23.1% |
| ||||
Repurchase |
| Repurchase |
| ||||
Net Other Assets (Liabilities) 1.7% |
| Net Other Assets (Liabilities) 0.0% |
|
Semiannual Report
Investments November 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Certificate of Deposit - 5.1% | ||||
|
| Yield (c) | Principal | Value |
New York Branch, Yankee Dollar, Foreign Banks - 5.1% | ||||
Bank of Tokyo-Mitsubishi UFJ Ltd. | ||||
| 12/3/13 | 0.13% | $ 2,046,000,000 | $ 2,046,000,000 |
Treasury Debt - 15.5% | ||||
| ||||
U.S. Treasury Obligations - 15.5% | ||||
U.S. Treasury Bills | ||||
| 12/5/13 to 5/29/14 | 0.05 to 0.10 | 4,888,000,000 | 4,887,410,531 |
U.S. Treasury Notes | ||||
| 12/31/13 to 7/31/14 | 0.06 to 0.21 | 1,318,805,000 | 1,323,008,017 |
TOTAL TREASURY DEBT (Cost $6,210,418,548) | 6,210,418,548 | |||
Government Agency Debt - 37.3% | ||||
| ||||
Federal Agencies - 37.3% | ||||
Fannie Mae | ||||
| 12/18/13 to 10/21/15 | 0.08 to 0.17 (b) | 2,900,989,000 | 2,903,418,582 |
Federal Home Loan Bank | ||||
| 12/6/13 to 11/14/14 | 0.07 to 0.17 (b) | 7,073,441,000 | 7,073,671,412 |
Freddie Mac | ||||
| 12/20/13 to 7/17/15 | 0.07 to 0.17 (b) | 4,980,057,000 | 4,979,224,115 |
TOTAL GOVERNMENT AGENCY DEBT (Cost $14,956,314,109) | 14,956,314,109 | |||
Other Instrument - 15.2% | ||||
| ||||
Time Deposits - 15.2% | ||||
Citibank NA | ||||
| 12/2/13 | 0.09 | 1,800,000,000 | 1,800,000,000 |
DNB Bank ASA | ||||
| 12/2/13 | 0.04 | 1,600,000,000 | 1,600,000,000 |
Natixis SA (TD) | ||||
| 12/2/13 | 0.08 | 1,900,000,000 | 1,900,000,000 |
Other Instrument - continued |
|
| Yield (c) | Principal | Value |
Time Deposits - continued | |||||
Skandinaviska Enskilda Banken AB | |||||
| 12/2/13 | 0.06% | $ 800,000,000 | $ 800,000,000 | |
TOTAL OTHER INSTRUMENT (Cost $6,100,000,000) | 6,100,000,000 |
Interfund Loans - 0.2% | |||
|
| ||
With: | |||
Fidelity Advisor Capital Development Fund at 0.94% due 12/2/13 (a) | 785,000 | 785,000 | |
Fidelity Health Care Central Fund at 0.94% due 12/2/13 (a) | 6,835,000 | 6,835,000 | |
Fidelity International Capital Appreciation Fund at 0.94% due 12/2/13 (a) | 3,538,000 | 3,538,000 | |
Fidelity Select Consumer Staples Portfolio at 0.94% due 12/2/13 (a) | 56,660,000 | 56,660,000 | |
Fidelity Select Energy Services Portfolio at 0.94% due 12/2/13 (a) | 11,455,000 | 11,455,000 | |
Fidelity Select Construction and Housing Portfolio at 0.94% due 12/2/13 (a) | 1,995,000 | 1,995,000 | |
TOTAL INTERFUND LOANS (Cost $81,268,000) | 81,268,000 | ||
Government Agency Repurchase Agreement - 17.0% | |||
Maturity |
| ||
In a joint trading account at 0.08% dated 11/29/13 due 12/2/13: | |||
(Collateralized by U.S. Government Obligations) # | $ 609,990,886 | 609,987,000 | |
(Collateralized by U.S. Government Obligations) # | 97,215,648 | 97,215,000 | |
With: | |||
BNP Paribas Securities Corp. at: | |||
0.07%, dated 11/7/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $315,118,818, 1.63% - 6.5%, 1/1/18 - 10/1/43) | 308,962,243 | 308,925,000 | |
0.08%, dated: | |||
11/12/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $1,106,536,445, 1.22% - 7%, 1/31/14 - 11/20/43) | 1,084,189,795 | 1,083,973,000 | |
11/21/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $715,037,479, 1.79% - 6%, 5/1/18 - 11/1/43) | 701,126,180 | 701,000,000 | |
Government Agency Repurchase Agreement - continued | |||
Maturity | Value | ||
With: - continued | |||
BNP Paribas Securities Corp. at - continued | |||
0.1%, dated 11/25/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $708,913,785, 2.05% - 4.5%, 11/1/25 - 11/1/43) | $ 695,245,181 | $ 695,000,000 | |
Citibank NA at 0.08%, dated 11/27/13 due 12/4/13 (Collateralized by U.S. Government Obligations valued at $349,863,888, 0% - 7.25%, 12/3/13 - 5/15/30) | 343,005,336 | 343,000,000 | |
Deutsche Bank Securities, Inc. at 0.08%, dated 11/26/13 due 12/3/13 (Collateralized by U.S. Government Obligations valued at $53,040,707, 2.5% - 4.5%, 9/1/28 - 11/1/43) | 52,000,809 | 52,000,000 | |
Goldman Sachs & Co. at 0.07%, dated 11/27/13 due 12/4/13 (Collateralized by U.S. Government Obligations valued at $175,441,707, 3.5%, 1/20/43) | 172,002,341 | 172,000,000 | |
Merrill Lynch, Pierce, Fenner & Smith at: | |||
0.07%, dated: | |||
11/12/13 due 12/6/13: | |||
(Collateralized by U.S. Government Obligations valued at $706,859,948, 2.38% - 4.5%, 10/1/27 - 11/1/43) | 693,056,542 | 692,973,000 | |
(Collateralized by U.S. Government Obligations valued at $706,859,949, 1.92% - 4.5%, 5/1/25 - 10/1/43) | 693,013,423 | 692,973,000 | |
11/18/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $342,729,330, 2.5% - 4.5%, 3/1/28 - 8/1/42) | 336,019,600 | 336,000,000 | |
0.08%, dated 11/14/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $561,022,440, 2.11% - 4.5%, 4/1/28 - 9/1/43) | 550,035,444 | 550,000,000 | |
Wells Fargo Securities, LLC at 0.13%, dated: | |||
11/15/13 due 2/13/14 (Collateralized by U.S. Government Obligations valued at $149,169,201, 0.57% - 6.5%, 10/23/19 - 11/25/43) | 146,047,450 | 146,000,000 | |
11/21/13 due 2/19/14 (Collateralized by U.S. Government Obligations valued at $321,312,763, 0% - 3.06%, 2/19/14 - 11/1/43) | 315,102,375 | 315,000,000 | |
TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENT (Cost $6,796,046,000) | 6,796,046,000 | ||
Treasury Repurchase Agreement - 8.0% | |||
Maturity | Value | ||
In a joint trading account at 0.07% dated 11/29/13 due 12/2/13: | |||
(Collateralized by U.S. Treasury Obligations) # | $ 97,581,559 | $ 97,581,000 | |
(Collateralized by U.S. Treasury Obligations) # | 266,657,618 | 266,656,000 | |
With: | |||
Barclays Capital, Inc. at: | |||
0.07%, dated 11/29/13 due 12/6/13 (Collateralized by U.S. Treasury Obligations valued at $345,782,070, 0% - 4.75%, 11/30/13 - 11/15/23) | 339,004,614 | 339,000,000 | |
0.08%, dated 11/29/13 due 12/2/13 (Collateralized by U.S. Treasury Obligations valued at $692,044,388, 1.38% - 1.5%, 7/31/16 - 8/30/18) | 678,004,520 | 678,000,000 | |
BNP Paribas Securities Corp. at: | |||
0.05%, dated 10/2/13 due 12/6/13 (Collateralized by U.S. Treasury Obligations valued at $302,385,363, 0% - 6.5%, 2/15/14 - 5/15/43) | 296,037,822 | 296,000,000 | |
0.06%, dated: | |||
10/23/13 due 12/6/13 (Collateralized by U.S. Treasury Obligations valued at $140,208,258, 0% - 10.63%, 11/30/13 - 5/15/43) | 137,020,550 | 137,000,000 | |
11/4/13 due 12/6/13 (Collateralized by U.S. Treasury Obligations valued at $388,533,785, 0.13% - 8%, 3/31/14 - 11/15/43) | 380,039,900 | 380,000,000 | |
11/7/13 due 12/6/13 (Collateralized by U.S. Treasury Obligations valued at $314,826,774, 0% - 9.88%, 2/15/14 - 11/15/43) | 308,652,891 | 308,621,000 | |
0.07%, dated 11/20/13 due 12/4/13 (Collateralized by U.S. Treasury Obligations valued at $695,971,734, 0% - 4.75%, 12/26/13 - 11/15/43) | 682,018,566 | 682,000,000 | |
TOTAL TREASURY REPURCHASE AGREEMENT (Cost $3,184,858,000) | 3,184,858,000 | ||
Other Repurchase Agreement - 0.0% | |||
Maturity Amount | Value | ||
Other Repurchase Agreement - 0.0% | |||
With Credit Suisse Securities (U.S.A.) LLC at 0.76%, dated 6/10/13 due 12/6/13 (Collateralized by Corporate Obligations valued at $4,338,473, 5.87%, 9/15/40) (Cost $4,000,000) | $ 4,015,116 | $ 4,000,000 | |
TOTAL INVESTMENT PORTFOLIO - 98.3% (Cost $39,378,904,657) | 39,378,904,657 | ||
NET OTHER ASSETS (LIABILITIES) - 1.7% | 668,842,548 | ||
NET ASSETS - 100% | $ 40,047,747,205 |
Legend |
(a) Loan is with an affiliated fund. |
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) Yield represents either the annualized yield at the date of the purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. |
# Additional information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$97,581,000 due 12/02/13 at 0.07% | |
BNY Mellon Capital Markets LLC | $ 3,977,894 |
Barclays Capital, Inc. | 10,332,193 |
HSBC Securities (USA), Inc. | 69,742,301 |
J.P. Morgan Securities, Inc. | 12,915,241 |
Wells Fargo Securities LLC | 613,371 |
| $ 97,581,000 |
$266,656,000 due 12/02/13 at 0.07% | |
BNP Paribas Securities Corp. | $ 140,628,252 |
Barclays Capital, Inc. | 74,802,262 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 51,225,486 |
| $ 266,656,000 |
$609,987,000 due 12/02/13 at 0.08% | |
Credit Agricole CIB New York Branch | $ 466,585,717 |
Mizuho Securities USA, Inc. | 143,401,283 |
| $ 609,987,000 |
$97,215,000 due 12/02/13 at 0.08% | |
BNP Paribas Securities Corp. | $ 27,488,962 |
HSBC Securities (USA), Inc. | 12,677,461 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 14,790,372 |
Wells Fargo Securities LLC | 42,258,205 |
| $ 97,215,000 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including repurchase agreements of $9,984,904,000) - See accompanying schedule: Unaffiliated issuers (cost $39,297,636,657) | $ 39,297,636,657 |
|
Other affiliated issuers (cost $81,268,000) | 81,268,000 |
|
Total Investments (cost $39,378,904,657) |
| $ 39,378,904,657 |
Cash |
| 415 |
Receivable for investments sold | 657,000,000 | |
Interest receivable | 15,234,577 | |
Other affiliated receivables | 5,912 | |
Other receivables | 172,429 | |
Total assets | 40,051,317,990 | |
|
|
|
Liabilities | ||
Distributions payable | 3,313,182 | |
Other payables and accrued expenses | 257,603 | |
Total liabilities | 3,570,785 | |
|
|
|
Net Assets | $ 40,047,747,205 | |
Net Assets consist of: |
| |
Paid in capital | $ 40,048,069,159 | |
Distributions in excess of net investment income | (52,888) | |
Accumulated undistributed net realized gain (loss) on investments | (269,066) | |
Net Assets, for 40,040,415,112 shares outstanding | $ 40,047,747,205 | |
Net Asset Value, offering price and redemption price per share ($40,047,747,205 ÷ 40,040,415,112 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended November 30, 2013 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest (including $101,822 from affiliated interfund lending) |
| $ 24,247,596 |
|
|
|
Expenses | ||
Custodian fees and expenses | $ 136,777 | |
Independent trustees' compensation | 87,529 | |
Total expenses before reductions | 224,306 | |
Expense reductions | (109,853) | 114,453 |
Net investment income (loss) | 24,133,143 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 9,532 |
Net increase in net assets resulting from operations | $ 24,142,675 |
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, 2013 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 24,133,143 | $ 71,443,038 |
Net realized gain (loss) | 9,532 | 172,533 |
Net increase in net assets resulting | 24,142,675 | 71,615,571 |
Distributions to shareholders from net investment income | (24,137,062) | (71,430,727) |
Affiliated share transactions at net asset value of $1.00 per share | 158,152,215,658 | 280,203,187,745 |
Reinvestment of distributions | 22,017 | 71,586 |
Cost of shares redeemed | (164,057,015,816) | (276,095,391,235) |
Net increase (decrease) in net assets and shares resulting from share transactions | (5,904,778,141) | 4,107,868,096 |
Total increase (decrease) in net assets | (5,904,772,528) | 4,108,052,940 |
|
|
|
Net Assets | ||
Beginning of period | 45,952,519,733 | 41,844,466,793 |
End of period (including distributions in excess of net investment income of $52,888 and distributions in excess of net investment income of $48,969, respectively) | $ 40,047,747,205 | $ 45,952,519,733 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended May 31, 2013 | ||||
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) | .001 | .002 | .001 | .002 | .003 | .014 |
Distributions from net investment income | (.001) | (.002) | (.001) | (.002) | (.003) | (.014) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .05% | .17% | .13% | .21% | .26% | 1.41% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions D | -% A | -% | -% | -% | -% | -% |
Expenses net of fee waivers, if any D | -% A | -% | -% | -% | -% | -% |
Expenses net of all reductions D | -% A | -% | -% | -% | -% | -% |
Net investment income (loss) | .11% A | .17% | .13% | .20% | .25% | 1.54% |
Supplemental Data |
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|
|
|
| |
Net assets, end of period (000 omitted) | $ 40,047,747 | $ 45,952,520 | $ 41,844,467 | $ 32,985,699 | $ 24,885,794 | $ 18,894,544 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2013 (Unaudited)
1. Organization.
Fidelity® Cash Central 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 statutory 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.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations.
Semiannual Report
2. Significant Accounting Policies - continued
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustees compensation and capital loss carryforwards.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) on securities and other investments | $ - |
|
|
Tax cost | $ 39,378,904,657 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2018 | $ (278,598) |
Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Reverse Repurchase Agreements. To enhance its yield, the Fund may enter into reverse repurchase transactions under master repurchase agreements whereby the Fund sells securities to a counterparty in return for cash and agrees to repurchase those securities at a future date and agreed upon price. During the period that reverse repurchase transactions are outstanding, the Fund identifies the securities as pledged in its records with an initial value at least equal to its principal obligation under the agreement. The cash proceeds received by the Fund may be invested in other securities. To the extent cash proceeds received from the counterparty exceed the value of the securities sold, the counterparty may request additional collateral from the Fund. If the counterparty defaults on its obligation, because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities sold. Information regarding securities sold under a reverse repurchase agreement if any, is included at the end of the Fund's Schedule of Investments and the cash proceeds are recorded as a liability in the accompanying Statement of Assets and Liabilities. The Fund continues to receive interest and dividend payments on the securities sold during the term of the reverse repurchase agreement. At period end, there were no reverse repurchase agreements outstanding.
Semiannual Report
3. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Investments Money Management, Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain exceptions such as interest expense.
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 or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. Any open loans at period end are presented under the caption "Interfund Loans" in the Fund's Schedule of Investments with accrued interest included in Other affiliated receivables on the Statement of Assets and Liabilities. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate |
Lender | $ 14,929,235 | .32% |
4. Expense Reductions.
The investment adviser has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $87,529.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $22,324.
5. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Semiannual Report
Proxy Voting Results
A special meeting of Fidelity Cash Central Fund's shareholders was held on July 17, 2013. The results of votes taken among shareholders on the proposal 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 modify the fund's fundamental concentration policy. | ||
| # of | % of |
Affirmative | 45,869,998,258.00 | 100.000 |
Against | 0.00 | 0.000 |
Abstain | 0.00 | 0.000 |
TOTAL | 45,869,998,258.00 | 100.000 |
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Cash Central Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Investments Money Management, Inc. (FIMM) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees, Operations, Audit, Fair Valuation, and Governance and Nominating, each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its September 2013 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FIMM and the sub-advisers (together, the Investment Advisers), and also considered the fund's investment objective, strategies, and investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading and risk management capabilities and resources, which are an integral part of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that while the fund does not pay a management fee, Fidelity Management & Research Company (FMR) pays a management fee on behalf of the fund and receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund, except expenses related to the fund's investment activities (primarily custody expenses). Based on its review, the Board concluded that the management fee paid on behalf of the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Semiannual Report
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities, economies of scale cannot be realized by the fund.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's fee structures, including the group fee structure and definition of group assets, and the rationale for recommending different fees among different categories of funds and classes; (vi) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes, and the impact of the increased use of omnibus accounts; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Fidelity® Municipal
Cash Central Fund
Semiannual Report
November 30, 2013
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
MCC-SANN-0114 1.734025.113
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2013 to November 30, 2013).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized | Beginning | Ending | Expenses Paid |
Actual | .0013% | $ 1,000.00 | $ 1,000.40 | $ .01 |
HypotheticalA |
| $ 1,000.00 | $ 1,025.06 | $ .01 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's investments 11/30/13 | % of fund's investments 5/31/13 | % of fund's |
1 - 7 | 100.0 | 100.0 | 100.0 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 11/30/13 | 5/31/13 | 11/30/12 |
Fidelity Municipal Cash Central Fund | 4 Days | 4 Days | 4 Days |
All Tax-Free Money Market Funds Average* | 40 Days | 28 Days | 35 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life | |||
| 11/30/13 | 5/31/13 | 11/30/12 |
Fidelity Municipal Cash Central Fund | 4 Days | 4 Days | 4 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2013 | As of May 31, 2013 | ||||||
Variable Rate |
| Variable Rate |
| ||||
Other Municipal |
| Other Municipal |
| ||||
Net Other Assets (Liabilities) 0.0% |
| Net Other Assets (Liabilities) ** (0.1)% |
|
* Source: iMoneyNet, Inc. |
** Net Other Assets (Liabilities) are not included in the pie chart. |
Semiannual Report
Investments November 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 99.7% | |||
Principal Amount | Value | ||
Alabama - 3.4% | |||
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.): | |||
Series 1995 A, 0.06% 12/2/13, VRDN (a) | $ 4,600,000 | $ 4,600,000 | |
Series 1995 C, 0.07% 12/2/13, VRDN (a) | 14,500,000 | 14,500,000 | |
Series 1995 E, 0.07% 12/2/13, VRDN (a) | 2,100,000 | 2,100,000 | |
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.37% 12/6/13, VRDN (a)(b) | 2,500,000 | 2,500,000 | |
Mobile Indl. Dev. Board Exempt Facilities Rev. Series 1997, 0.07% 12/6/13 (Kimberly-Clark Corp. Guaranteed), VRDN (a) | 3,000,000 | 3,000,000 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2009, 0.07% 12/2/13, VRDN (a) | 15,000,000 | 15,000,000 | |
Mobile Indl. Dev. Board Rev. (Alabama Pwr. Theodore Plant Proj.) Series A, 0.07% 12/2/13, VRDN (a)(b) | 10,000,000 | 10,000,000 | |
Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2007, 0.07% 12/2/13, VRDN (a)(b) | 14,000,000 | 14,000,000 | |
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.07% 12/2/13, VRDN (a)(b) | 96,255,000 | 96,255,000 | |
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 0.06% 12/2/13, VRDN (a)(b) | 25,790,000 | 25,790,000 | |
| 187,745,000 | ||
Alaska - 1.6% | |||
Valdez Marine Term. Rev.: | |||
(ConocoPhillips Proj.) Series 1994 A, 0.05% 12/6/13 (ConocoPhillips Co. Guaranteed), VRDN (a) | 31,300,000 | 31,300,000 | |
(Exxon Pipeline Co. Proj.): | |||
Series 1985, 0.04% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 15,000,000 | 15,000,000 | |
Series 1993 C, 0.04% 12/2/13, VRDN (a) | 2,475,000 | 2,475,000 | |
(Phillips Trans. Alaska, Inc. Proj.): | |||
Series 1994 B, 0.05% 12/6/13 (ConocoPhillips Co. Guaranteed), VRDN (a) | 33,795,000 | 33,795,000 | |
Series 1994 C, 0.07% 12/6/13 (ConocoPhillips Co. Guaranteed), VRDN (a) | 5,000,000 | 5,000,000 | |
Series 2002, 0.05% 12/6/13, VRDN (a) | 1,800,000 | 1,800,000 | |
| 89,370,000 | ||
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Arizona - 0.4% | |||
Coconino County Poll. Cont. Corp. Rev. (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 B, 0.08% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a)(b) | $ 8,110,000 | $ 8,110,000 | |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Glenn Oaks Apts. Proj.) Series 2001, 0.1% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 3,000,325 | 3,000,325 | |
(San Angelin Apts. Proj.) Series 2004, 0.06% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 1,800,000 | 1,800,000 | |
(San Martin Apts. Proj.) Series A1, 0.06% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 2,300,000 | 2,300,000 | |
(San Miguel Apts. Proj.) Series 2003, 0.06% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 1,300,000 | 1,300,000 | |
(San Remo Apts. Proj.) Series 2002, 0.06% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 1,425,000 | 1,425,000 | |
Mesa Util. Sys. Rev. Participating VRDN Series ROC II R 11959X, 0.06% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 2,750,000 | 2,750,000 | |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Participating VRDN Series ROC II R 12311, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 1,900,000 | 1,900,000 | |
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.06% 12/6/13, LOC Bank of America NA, VRDN (a) | 1,000,000 | 1,000,000 | |
| 23,585,325 | ||
Arkansas - 0.0% | |||
Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 2004 A, 0.11% 12/6/13, LOC Fannie Mae, VRDN (a) | 975,000 | 975,000 | |
California - 8.7% | |||
ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev. (Vintage Chateau Proj.) Series A, 0.06% 12/6/13, LOC Union Bank NA, VRDN (a)(b) | 10,200,000 | 10,200,000 | |
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN Series II R 11901, 0.06% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 2,035,000 | 2,035,000 | |
California Gen. Oblig.: | |||
Series 2004 A2, 0.04% 12/2/13, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 6,545,000 | 6,545,000 | |
Series 2004 A3, 0.03% 12/2/13, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 3,300,000 | 3,300,000 | |
Series 2004 A7, 0.04% 12/6/13, LOC Citibank NA, VRDN (a) | 41,170,000 | 41,170,000 | |
Series 2004 B1, 0.03% 12/2/13, LOC Citibank NA, VRDN (a) | 6,070,000 | 6,070,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
California - continued | |||
California Gen. Oblig.: - continued | |||
Series 2004 B2, 0.04% 12/2/13, LOC Citibank NA, VRDN (a) | $ 3,130,000 | $ 3,130,000 | |
Series 2004 B3, 0.04% 12/2/13, LOC Citibank NA, VRDN (a) | 21,800,000 | 21,800,000 | |
Series 2005 B7, 0.04% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 5,300,000 | 5,300,000 | |
California Hsg. Fin. Agcy. Rev.: | |||
(Home Mtg. Prog.): | |||
Series 2003 M, 0.06% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 11,970,000 | 11,970,000 | |
Series 2007 K, 0.05% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 13,500,000 | 13,500,000 | |
(Multifamily Hsg. Prog.) Series 2007 H, 0.05% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 31,930,000 | 31,930,000 | |
California Infrastructure & Econ. Dev. Bank Rev.: | |||
(Pacific Gas & Elec. Co. Proj.) Series 2009 D, 0.04% 12/2/13, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 9,120,000 | 9,120,000 | |
(Pacific Gas and Elec. Co. Proj.) Series 2009 A, 0.04% 12/2/13, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 7,900,000 | 7,900,000 | |
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 1997 B, 0.07% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a)(b) | 35,400,000 | 35,400,000 | |
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Series 2010, 0.05% 12/6/13 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 7,000,000 | 7,000,000 | |
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Coventry Place Apts. Proj.) Series 2002 JJ, 0.09% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 5,165,000 | 5,165,000 | |
(Irvine Apt. Cmntys. LP Proj.): | |||
Series 2001 W1, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 14,600,000 | 14,600,000 | |
Series 2001 W2, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 32,000,000 | 32,000,000 | |
Series 2001 W3, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 18,000,000 | 18,000,000 | |
(The Crossings at Elk Grove Apts.) Series H, 0.06% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 7,450,000 | 7,450,000 | |
California Statewide Cmntys. Dev. Auth. Rev.: | |||
(North Peninsula Jewish Campus Proj.) 0.06% 12/2/13, LOC Bank of America NA, VRDN (a) | 10,100,000 | 10,100,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
California - continued | |||
California Statewide Cmntys. Dev. Auth. Rev.: - continued | |||
(The Archer School for Girls, Inc. Proj.) Series 2005, 0.06% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | $ 9,770,000 | $ 9,770,000 | |
Irvine Reassessment District 12-1 Ltd. Oblig. Series 2005 21A, 0.04% 12/2/13, LOC California Teachers Retirement Sys., LOC U.S. Bank NA, Cincinnati, VRDN (a) | 19,200,000 | 19,200,000 | |
Irvine Unified School District Cmnty. Facilities District: | |||
Series 2012 A, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 9,700,000 | 9,700,000 | |
Series 2012 B, 0.06% 12/2/13, LOC Bank of America NA, VRDN (a) | 28,770,000 | 28,770,000 | |
Los Angeles Cmnty. College District Participating VRDN Series Floaters 56 C, 0.06% 12/6/13 (Liquidity Facility Wells Fargo & Co.) (a)(c) | 4,800,000 | 4,800,000 | |
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN Series ROC II R 12322, 0.06% 12/2/13 (Liquidity Facility Citibank NA) (a)(c) | 34,200,000 | 34,200,000 | |
Los Angeles Multi-family Hsg. Rev. (Colonia Corona Apts. Proj.) Series 2004 D, 0.09% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 2,600,000 | 2,600,000 | |
Menlo Park Cmnty. Dev. Agcy. Tax (Las Pulgas Cmnty. Dev. Proj.) Series 2006, 0.05% 12/2/13, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 21,535,000 | 21,535,000 | |
Milpitas Multi-family Rev. (Crossing at Montague Proj.) Series A, 0.06% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 16,000,000 | 16,000,000 | |
Sacramento Hsg. Auth. Multi-family Rev. (Phoenix Park II Apts. Proj.) 0.08% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 7,587,000 | 7,587,000 | |
San Francisco City & County Multi-family Hsg. Rev. (8th & Howard Family Apts. Proj.) Series 2000 B, 0.08% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 3,905,000 | 3,905,000 | |
San Francisco City & County Redev. Agcy. Multi-family Hsg. Rev.: | |||
(Antonia Manor Apts. Proj.) Series 2000 E, 0.09% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 1,750,000 | 1,750,000 | |
(Mission Creek Cmnty. Proj.) Series B, 0.08% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 6,290,000 | 6,290,000 | |
Univ. of California Revs. Participating VRDN Series MS 3066, 0.07% 12/6/13 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 10,993,250 | 10,993,250 | |
| 480,785,250 | ||
Colorado - 0.2% | |||
Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series EGL 07 0036, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 12,500,000 | 12,500,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Connecticut - 0.3% | |||
Connecticut Gen. Oblig. Participating VRDN Series Putters 4381, 0.12% 12/2/13 (Liquidity Facility JPMorgan Chase & Co.) (a)(c) | $ 8,495,000 | $ 8,495,000 | |
Connecticut Health & Edl. Facilities Auth. Rev. Participating VRDN Series Putters 2862, 0.06% 12/2/13 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,735,000 | 7,735,000 | |
| 16,230,000 | ||
Delaware - 0.5% | |||
Delaware Econ. Dev. Auth. Rev.: | |||
(Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1993 C, 0.21% 12/6/13, VRDN (a) | 6,300,000 | 6,300,000 | |
Series 1999 B, 0.24% 12/6/13, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
(Peninsula United Methodist Homes, Inc. Proj.) Series A, 0.05% 12/2/13, LOC PNC Bank NA, VRDN (a) | 21,575,000 | 21,575,000 | |
| 28,975,000 | ||
District Of Columbia - 1.3% | |||
District of Columbia Rev.: | |||
(American Univ. Proj.) Series 2008, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 15,100,000 | 15,100,000 | |
(Medlantic/Helix Proj.) Series 1998 A Tranche I, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 28,025,000 | 28,025,000 | |
District of Columbia Univ. Rev. (American Univ. Proj.) Series 2006 A, 0.06% 12/6/13, LOC JPMorgan Chase Bank, VRDN (a) | 8,700,000 | 8,700,000 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2009 D2, 0.05% 12/2/13, LOC TD Banknorth, NA, VRDN (a) | 21,800,000 | 21,800,000 | |
| 73,625,000 | ||
Florida - 7.1% | |||
Broward County Edl. Facilities Auth. Rev. (Nova Southeastern Univ. Proj.) Series 2008 A, 0.05% 12/2/13, LOC Bank of America NA, VRDN (a) | 13,780,000 | 13,780,000 | |
Broward County Port Facilities Rev. (Port Everglades Proj.) Series 2008, 0.1% 12/6/13, LOC Bank of Nova Scotia, VRDN (a)(b) | 25,015,000 | 25,015,000 | |
Clay County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Nassau Club Apts. Proj.) 0.07% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 9,305,000 | 9,305,000 | |
Dade County Indl. Dev. Auth. Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) 0.06% 12/2/13, VRDN (a) | 8,000,000 | 8,000,000 | |
Dade County Indl. Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1993, 0.06% 12/2/13, VRDN (a) | 39,750,000 | 39,750,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Florida - continued | |||
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | |||
(Clarcona Groves Apts. Proj.) Series A, 0.08% 12/6/13, LOC Citibank NA, VRDN (a)(b) | $ 2,825,000 | $ 2,825,000 | |
(Heather Glenn Apts. Proj.) Series 2003 H, 0.07% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 6,360,000 | 6,360,000 | |
(Pinnacle Pointe Apts. Proj.) Series 2003 N, 0.08% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 13,060,000 | 13,060,000 | |
(Victoria Park Apts. Proj.) Series 2002 J, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a) | 8,920,000 | 8,920,000 | |
Florida Hsg. Fin. Corp. Rev. (Tuscany Lakes Apts. Proj.) Series 2002 K1, 0.1% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 10,000,000 | 10,000,000 | |
Florida Muni. Pwr. Agcy. Rev. (All-Requirements Pwr. Supply Proj.) Series 2008 C, 0.05% 12/2/13, LOC Bank of America NA, VRDN (a) | 47,100,000 | 47,100,000 | |
Jacksonville Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1995, 0.06% 12/2/13, VRDN (a) | 51,800,000 | 51,800,000 | |
Jacksonville Port Auth. Rev. (Mitsui O.S.K. Lines Ltd. Proj.) 0.05% 12/6/13, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 6,805,000 | 6,805,000 | |
Martin County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2000, 0.07% 12/2/13, VRDN (a) | 73,600,000 | 73,600,000 | |
Miami-Dade County Indl. Dev. Auth. Rev. (Tarmac America Proj.) Series 2004, 0.1% 12/6/13, LOC Bank of America NA, VRDN (a)(b) | 4,100,000 | 4,100,000 | |
Ocean Hwy. & Port Auth. Rev. Series 1990, 0.11% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 1,400,000 | 1,400,000 | |
Orange County Hsg. Fin. Auth. Multi-family Rev.: | |||
(Regal Pointe Apts. Proj.) Series 1997 A, 0.07% 12/6/13, LOC Freddie Mac, VRDN (a)(b) | 755,000 | 755,000 | |
(West Point Villas Apts. Proj.) Series 2000 F, 0.07% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 11,185,000 | 11,185,000 | |
(Wtr. View Club Proj.) Series 1997 D, 0.09% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 1,845,000 | 1,845,000 | |
Palm Beach County Rev. (Norton Gallery and School of Art, Inc. Proj.) Series 1995, 0.1% 12/6/13, LOC Northern Trust Co., VRDN (a) | 3,250,000 | 3,250,000 | |
Pinellas County Health Facilities Auth. Rev. (BayCare Health Sys. Proj.) Series 2009 A1, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 26,320,000 | 26,320,000 | |
Saint Johns County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Ponce Hbr. Apts. Proj.) Series 2001 A, 0.07% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 5,485,000 | 5,485,000 | |
Sarasota County Pub. Hosp. District Hosp. Rev. (Sarasota Memorial Hosp. Proj.) Series 2009 B, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 1,800,000 | 1,800,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Florida - continued | |||
Tallahassee Energy Sys. Rev. Participating VRDN Series MS 3273 X, 0.05% 12/6/13 (Liquidity Facility Cr. Suisse) (a)(c) | $ 6,500,000 | $ 6,500,000 | |
Univ. of North Florida Parking Sys. Rev. Series 1998, 0.05% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 7,400,000 | 7,400,000 | |
Volusia County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Saxon Trace Apts. Proj.) Series 2003, 0.07% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 8,600,000 | 8,600,000 | |
| 394,960,000 | ||
Georgia - 1.8% | |||
Athens-Clarke County Unified Govt. Dev. Auth. Rev. (Univ. of Georgia Athletic Assoc. Proj.): | |||
Series 2003, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 10,800,000 | 10,800,000 | |
Series 2005 B, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 8,925,000 | 8,925,000 | |
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Carver Redev. Phase III Proj.) Series 2001, 0.07% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 3,805,000 | 3,805,000 | |
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) Second Series 1998, 0.08% 12/2/13, VRDN (a)(b) | 5,600,000 | 5,600,000 | |
Bulloch County Dev. Auth. Indl. Dev. Rev. (Gold Kist, Inc. Proj.) Series 1995, 0.2% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 2,700,000 | 2,700,000 | |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.): | |||
Eighth Series 1994, 0.07% 12/2/13, VRDN (a) | 18,890,000 | 18,890,000 | |
Second Series 1995, 0.08% 12/2/13, VRDN (a) | 4,230,000 | 4,230,000 | |
Gainesville & Hall County Dev. Auth. Rev. (Lanier Village Estates, Inc. Proj.) Series 2003 B, 0.04% 12/2/13, LOC TD Banknorth, NA, VRDN (a) | 3,400,000 | 3,400,000 | |
Heard County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Wansley Proj.) First Series 1997, 0.11% 12/2/13, VRDN (a) | 23,200,000 | 23,200,000 | |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2010 A, 0.05% 12/6/13 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 8,140,000 | 8,140,000 | |
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Series 2000 B, 0.05% 12/6/13, LOC PNC Bank NA, VRDN (a) | 4,615,000 | 4,615,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Georgia - continued | |||
Roswell Hsg. Auth. Multi-family Hsg. Rev. (Azalea Park Apts. Proj.) Series 1996, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a) | $ 2,000,000 | $ 2,000,000 | |
Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 0.18% 12/6/13, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
| 97,405,000 | ||
Hawaii - 0.1% | |||
Hawaii Gen. Oblig. Participating VRDN: | |||
Series Putters 4007, 0.06% 12/6/13 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,000,000 | 2,000,000 | |
Series ROC II R 11911, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 2,620,000 | 2,620,000 | |
| 4,620,000 | ||
Idaho - 0.5% | |||
Idaho Hsg. & Fin. Assoc. Single Family Mtg.: | |||
Series 2001 A, 0.07% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 2,000,000 | 2,000,000 | |
Series 2002 A, 0.07% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 6,105,000 | 6,105,000 | |
Series 2002 B1, 0.07% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 5,950,000 | 5,950,000 | |
Series 2002 E, 0.07% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 6,140,000 | 6,140,000 | |
Series 2003 C, 0.07% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 5,300,000 | 5,300,000 | |
Series 2004 A, 0.07% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 1,600,000 | 1,600,000 | |
| 27,095,000 | ||
Illinois - 8.1% | |||
Carol Stream Multi-family Rev. (Saint Charles Square Proj.) Series 1997, 0.09% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 1,315,000 | 1,315,000 | |
Chicago Gen. Oblig.: | |||
Series 2005 D1, 0.06% 12/2/13, LOC Bank of Montreal Chicago CD Prog., VRDN (a) | 18,315,000 | 18,315,000 | |
Series 2005 D2, 0.06% 12/2/13, LOC Northern Trust Co., VRDN (a) | 13,700,000 | 13,700,000 | |
Series 2007 E, 0.06% 12/2/13, LOC Barclays Bank PLC, VRDN (a) | 42,300,000 | 42,300,000 | |
Series 2007 F, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 31,475,000 | 31,475,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Illinois - continued | |||
Chicago Gen. Oblig.: - continued | |||
Series 2007 G, 0.06% 12/2/13, LOC Barclays Bank PLC, VRDN (a) | $ 14,900,000 | $ 14,900,000 | |
Chicago Midway Arpt. Rev.: | |||
Series 1998 A, 0.08% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a)(b) | 63,225,000 | 63,225,000 | |
Series 1998 B, 0.08% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a)(b) | 53,900,000 | 53,900,000 | |
Chicago Wtr. Rev. Series 2004 A2, 0.12% 12/6/13, LOC California Pub. Employees Retirement Sys., VRDN (a) | 3,350,000 | 3,350,000 | |
Illinois Fin. Auth. Rev.: | |||
(Chicago Symphony Orchestra Proj.) Series 2008, 0.05% 12/6/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 5,425,000 | 5,425,000 | |
(Rush Univ. Med. Ctr. Proj.) Series 2008 A, 0.06% 12/6/13, LOC Northern Trust Co., VRDN (a) | 2,500,000 | 2,500,000 | |
(Swedish Covenant Hosp. Proj.) Series 2008 A, 0.06% 12/6/13, LOC PNC Bank NA, VRDN (a) | 1,705,000 | 1,705,000 | |
(The Univ. of Chicago Med. Ctr. Proj.): | |||
Series 2009 E1, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 14,300,000 | 14,300,000 | |
Series 2010 A, 0.05% 12/2/13, LOC Bank of America NA, VRDN (a) | 31,410,000 | 31,410,000 | |
Series 2010 B, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 13,835,000 | 13,835,000 | |
Series 2009 D1, 0.05% 12/2/13, LOC PNC Bank NA, VRDN (a) | 16,500,000 | 16,500,000 | |
Series 2011 A, 0.05% 12/2/13, LOC Bank of America NA, VRDN (a) | 46,250,000 | 46,250,000 | |
Illinois Health Facilities Auth. Rev. (Memorial Health Sys. Proj.) Series 2003, 0.07% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 11,800,000 | 11,800,000 | |
Metropolitan Pier & Exposition Participating VRDN Series MS 3215, 0.07% 12/6/13 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 8,300,000 | 8,300,000 | |
Romeoville Gen. Oblig. Rev. (Lewis Univ. Proj.) Series 2006, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 9,010,000 | 9,010,000 | |
Will County Envir. Facilities Rev. (ExxonMobil Corp. Proj.) Series 2001, 0.05% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 18,185,000 | 18,185,000 | |
Will County Exempt Facilities Rev. (ExxonMobil Corp. Proj.) Series 2001, 0.05% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 26,815,000 | 26,815,000 | |
| 448,515,000 | ||
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Indiana - 0.5% | |||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 J, 0.05% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | $ 22,665,000 | $ 22,665,000 | |
Indiana Fin. Auth. Rev. Participating VRDN Series BBT 08 12, 0.05% 12/6/13 (Liquidity Facility Branch Banking & Trust Co.) (a)(c) | 5,500,000 | 5,500,000 | |
| 28,165,000 | ||
Iowa - 0.5% | |||
Iowa Fin. Auth. Health Facilities Rev. (Iowa Health Sys. Proj.) Series 2009 B, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 3,800,000 | 3,800,000 | |
Iowa Fin. Auth. Private College Rev. (Morningside College Proj.) 0.06% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 3,445,000 | 3,445,000 | |
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.1% 12/6/13, VRDN (a)(b) | 12,000,000 | 12,000,000 | |
Iowa Higher Ed. Ln. Auth. Rev. (Saint Ambrose Univ. Proj.) 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 8,940,000 | 8,940,000 | |
| 28,185,000 | ||
Kansas - 0.3% | |||
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) Series 2002, 0.1% 12/6/13, LOC Bank of America NA, VRDN (a)(b) | 7,000,000 | 7,000,000 | |
Lenexa Multi-family Hsg. Rev. (Heather Glen Apts. Proj.) Series 2007, 0.07% 12/6/13, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 9,180,000 | 9,180,000 | |
Univ. of Kansas Hosp. Auth. Health Facilities Rev. (KU Health Sys. Proj.) Series 2004, 0.06% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 1,790,000 | 1,790,000 | |
| 17,970,000 | ||
Kentucky - 2.4% | |||
Boyd County Sewage & Solid Waste Rev. (Air Products and Chemicals, Inc. Proj.) Series 2003, 0.06% 12/6/13, VRDN (a)(b) | 3,775,000 | 3,775,000 | |
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | |||
Series 2004 A, 0.06% 12/6/13, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 10,000,000 | 10,000,000 | |
Series 2006 B, 0.06% 12/6/13, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(b) | 4,000,000 | 4,000,000 | |
Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 0.08% 12/6/13 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 3,000,000 | 3,000,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Kentucky - continued | |||
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.): | |||
Series 1993 A, 0.08% 12/6/13 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | $ 2,750,000 | $ 2,750,000 | |
Series 1993 B, 0.08% 12/6/13 (Kimberly-Clark Corp. Guaranteed), VRDN (a)(b) | 2,300,000 | 2,300,000 | |
Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.12% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 3,000,000 | 3,000,000 | |
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.): | |||
Series 2009 B1, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 4,325,000 | 4,325,000 | |
Series 2009 B2, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 2,100,000 | 2,100,000 | |
Kentucky Higher Ed. Student Ln. Corp. Rev. Series 2008 A1, 0.07% 12/6/13, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 3,300,000 | 3,300,000 | |
Louisville & Jefferson County Series 2011 B, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 31,085,000 | 31,085,000 | |
Louisville & Jefferson County Reg'l. Arpt. Auth. Spl. Facilities Rev. (UPS Worldwide Forwarding, Inc. Proj.): | |||
Series 1999 A, 0.06% 12/2/13 (United Parcel Svc. of America Guaranteed), VRDN (a)(b) | 3,600,000 | 3,600,000 | |
Series 1999 B, 0.08% 12/2/13 (United Parcel Svc. of America Guaranteed), VRDN (a)(b) | 33,200,000 | 33,200,000 | |
Series 1999 C, 0.05% 12/2/13 (United Parcel Svc. of America Guaranteed), VRDN (a)(b) | 26,300,000 | 26,300,000 | |
| 132,735,000 | ||
Louisiana - 4.3% | |||
East Baton Rouge Poll. Cont. Rev. (Exxon Proj.) Series 1993, 0.04% 12/2/13, VRDN (a) | 34,200,000 | 34,200,000 | |
Louisiana Gas & Fuel Tax Rev. Participating VRDN Series Solar 06 150, 0.05% 12/6/13 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 20,275,000 | 20,275,000 | |
Louisiana Offshore Term. Auth. Deepwater Port Rev. (LOOP LLC Proj.) Series 2003 A, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 18,710,000 | 18,710,000 | |
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2005 D, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 37,075,000 | 37,075,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Louisiana - continued | |||
Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.): | |||
Series 2002, 0.06% 12/6/13, VRDN (a)(b) | $ 7,000,000 | $ 7,000,000 | |
Series 2003, 0.06% 12/6/13, VRDN (a)(b) | 3,000,000 | 3,000,000 | |
Series 2007 A, 0.05% 12/2/13, VRDN (a) | 6,000,000 | 6,000,000 | |
Series 2008 A, 0.05% 12/2/13, VRDN (a) | 18,700,000 | 18,700,000 | |
Saint Charles Parish Poll. Cont. Rev.: | |||
(Shell Oil Co. Proj.): | |||
Series 1992 A, 0.07% 12/2/13, VRDN (a)(b) | 28,000,000 | 28,000,000 | |
Series 1992 B, 0.05% 12/2/13, VRDN (a) | 6,900,000 | 6,900,000 | |
(Shell Oil Co.-Norco Proj.): | |||
Series 1991, 0.06% 12/2/13, VRDN (a)(b) | 25,700,000 | 25,700,000 | |
Series 1993, 0.07% 12/2/13, VRDN (a)(b) | 22,000,000 | 22,000,000 | |
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1: | |||
0.35% 12/6/13, VRDN (a) | 3,200,000 | 3,200,000 | |
0.35% 12/6/13, VRDN (a) | 5,800,000 | 5,800,000 | |
| 236,560,000 | ||
Maryland - 0.3% | |||
Maryland Health & Higher Edl. Facilities Auth. Rev. (Anne Arundel Health Sys. Proj.) Series 2009 B, 0.07% 12/6/13, LOC Bank of America NA, VRDN (a) | 3,600,000 | 3,600,000 | |
Maryland Trans. Auth. Trans. Facility Projects Rev. Participating VRDN Series ROC II R 11437, 0.06% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 3,000,000 | 3,000,000 | |
Montgomery County Hsg. Opportunities Commission Multi-family Hsg. Rev. Series 2004 D, 0.08% 12/6/13, LOC TD Banknorth, NA, VRDN (a)(b) | 12,065,000 | 12,065,000 | |
| 18,665,000 | ||
Massachusetts - 0.4% | |||
Massachusetts Gen. Oblig. Participating VRDN: | |||
Series Clipper 07 41, 0.08% 12/6/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 2,000,000 | 2,000,000 | |
Series Putters 4320, 0.06% 12/2/13 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 18,540,000 | 18,540,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN Series MS 30911, 0.07% 12/6/13 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 1,335,000 | 1,335,000 | |
| 21,875,000 | ||
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Michigan - 0.6% | |||
Michigan Fin. Auth. Rev. Series 22 A, 0.06% 12/6/13, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | $ 5,300,000 | $ 5,300,000 | |
Michigan Higher Ed. Rev. (Univ. of Detroit Mercy Proj.) Series 2007, 0.11% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 3,205,000 | 3,205,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Air Products and Chemicals, Inc. Proj.) Series 2007 V1, 0.05% 12/2/13, VRDN (a) | 8,280,000 | 8,280,000 | |
(Majestic Ind., Inc. Proj.) 0.15% 12/6/13, LOC Comerica Bank, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
Wayne County Arpt. Auth. Rev. 0.2% 12/2/13, VRDN (a)(b) | 12,000,000 | 12,000,000 | |
| 29,885,000 | ||
Minnesota - 0.7% | |||
Eagan Multi-family Rev. (Thomas Lake Place Apts. Proj.) Series 2003 A1, 0.08% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 4,925,000 | 4,925,000 | |
Hennepin County Hsg. & Redev. Auth. Multi-family Rev. (Stone Arch Apts. Proj.) 0.08% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 1,400,000 | 1,400,000 | |
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Allina Health Sys. Proj.): | |||
Series 2009 B1, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 14,090,000 | 14,090,000 | |
Series 2009 B2, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 18,200,000 | 18,200,000 | |
Plymouth Multi-family Hsg. Rev. (Hbr. Lane Apts. Proj.) Series 2003, 0.08% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 1,850,000 | 1,850,000 | |
| 40,465,000 | ||
Mississippi - 1.8% | |||
Jackson County Indl. Sewage Facilities Rev. (Chevron U.S.A., Inc. Proj.) Series 1994, 0.06% 12/2/13, VRDN (a)(b) | 18,100,000 | 18,100,000 | |
Jackson County Poll. Cont. Rev. (Chevron U.S.A., Inc. Proj.) Series 1993 0.04% 12/2/13, VRDN (a) | 4,400,000 | 4,400,000 | |
Mississippi Bus. Fin. Corp. (Chevron U.S.A., Inc. Proj.): | |||
Series 2007 A, 0.04% 12/2/13 (Chevron Corp. Guaranteed), VRDN (a) | 39,100,000 | 39,100,000 | |
Series 2007 C, 0.04% 12/2/13 (Chevron Corp. Guaranteed), VRDN (a) | 37,400,000 | 37,400,000 | |
| 99,000,000 | ||
Missouri - 1.0% | |||
Kansas City Indl. Dev. Auth. (Ewing Marion Kauffman Foundation Prog.) 0.07% 12/2/13, VRDN (a) | 5,860,000 | 5,860,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Missouri - continued | |||
Missouri Dev. Fin. Board Lease Rev. (Missouri Assoc. of Muni. Utils. Proj.) 0.06% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | $ 7,100,000 | $ 7,100,000 | |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev.: | |||
(Saint Louis Univ. Proj.) Series 2008 A1, 0.05% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 16,435,000 | 16,435,000 | |
(Washington Univ. Proj.) Series 2003 B, 0.04% 12/2/13 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 10,775,000 | 10,775,000 | |
Series 2012, 0.06% 12/2/13, LOC PNC Bank NA, VRDN (a) | 8,600,000 | 8,600,000 | |
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (SSM Health Care Proj.) Series 2010 E, 0.04% 12/2/13, LOC PNC Bank NA, VRDN (a) | 7,585,000 | 7,585,000 | |
| 56,355,000 | ||
Nebraska - 0.7% | |||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2009, 0.05% 12/6/13 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 7,175,000 | 7,175,000 | |
Nebraska Edl. Fin. Auth. Rev. (Creighton Univ. Proj.) Series 2008, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 25,975,000 | 25,975,000 | |
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev. Series 2013 F, 0.08% 12/6/13 (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 2,600,000 | 2,600,000 | |
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.37% 12/6/13, VRDN (a)(b) | 2,200,000 | 2,200,000 | |
| 37,950,000 | ||
Nevada - 0.8% | |||
Clark County Arpt. Rev.: | |||
Series 2008 A2, 0.03% 12/6/13, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 2,000,000 | 2,000,000 | |
Series 2008 C2, 0.23% 12/6/13, LOC Landesbank Baden-Wurttemberg, VRDN (a)(b) | 3,500,000 | 3,500,000 | |
Series 2008 C3, 0.25% 12/6/13, LOC Landesbank Baden-Wurttemberg, VRDN (a)(b) | 2,200,000 | 2,200,000 | |
Series 2008 D 2A, 0.05% 12/6/13, LOC Citibank NA, VRDN (a) | 6,600,000 | 6,600,000 | |
Series 2008 D1, 0.05% 12/6/13, LOC Citibank NA, VRDN (a) | 10,020,000 | 10,020,000 | |
Series 2011 B1, 0.06% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 11,300,000 | 11,300,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Nevada - continued | |||
Clark County Arpt. Rev.: - continued | |||
Series 2011 B2, 0.06% 12/6/13, LOC Royal Bank of Canada, VRDN (a)(b) | $ 7,200,000 | $ 7,200,000 | |
Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.) Series 2003 A, 0.1% 12/6/13, LOC JPMorgan Chase Bank, VRDN (a)(b) | 2,800,000 | 2,800,000 | |
| 45,620,000 | ||
New Hampshire - 0.1% | |||
New Hampshire Bus. Fin. Auth. Resource Recovery Rev. (Wheelabrator Concord Co. LP Proj.) Series 1997 B, 0.26% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 4,925,000 | 4,925,000 | |
New Jersey - 0.1% | |||
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | |||
Series 2003 B1, 0.23% 12/6/13, VRDN (a) | 1,300,000 | 1,300,000 | |
Series 2012 A, 0.25% 12/6/13, VRDN (a)(b) | 2,500,000 | 2,500,000 | |
| 3,800,000 | ||
New Mexico - 0.4% | |||
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Series 2009, 0.05% 12/6/13 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 24,045,000 | 24,045,000 | |
New York - 19.3% | |||
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Lutheran Ctr. at Poughkeepsie, Inc. Proj.) 0.14% 12/6/13, LOC KeyBank NA, VRDN (a) | 500,000 | 500,000 | |
New York City Gen. Oblig.: | |||
Series 2004 H4, 0.05% 12/2/13, LOC Bank of New York, New York, VRDN (a) | 14,415,000 | 14,415,000 | |
Series 2006 E2, 0.05% 12/2/13, LOC Bank of America NA, VRDN (a) | 24,325,000 | 24,325,000 | |
Series 2006 I3, 0.1% 12/2/13, LOC Bank of America NA, VRDN (a) | 1,600,000 | 1,600,000 | |
Series 2006 I8, 0.06% 12/2/13 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 40,200,000 | 40,200,000 | |
Series 2008 J11, 0.11% 12/6/13 (Liquidity Facility KBC Bank NV), VRDN (a) | 4,600,000 | 4,600,000 | |
Series 2008 L4, 0.05% 12/2/13 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 20,100,000 | 20,100,000 | |
Series 2012 D3, 0.05% 12/2/13, LOC Bank of New York, New York, VRDN (a) | 5,700,000 | 5,700,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
New York - continued | |||
New York City Gen. Oblig.: - continued | |||
Series 2012 G: | |||
0.05% 12/2/13 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) | $ 12,000,000 | $ 12,000,000 | |
0.05% 12/2/13 (Liquidity Facility PNC Bank NA), VRDN (a) | 14,960,000 | 14,960,000 | |
Series 2012 G6, 0.05% 12/2/13 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | 22,250,000 | 22,250,000 | |
Series 2013 A2, 0.05% 12/2/13 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | 59,000,000 | 59,000,000 | |
Series 2013 A3, 0.05% 12/2/13 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | 50,000,000 | 50,000,000 | |
Series 2013 F3, 0.05% 12/2/13 (Liquidity Facility Bank of America NA), VRDN (a) | 67,850,000 | 67,850,000 | |
New York City Health & Hosp. Corp. Rev. Series 2008 E, 0.05% 12/6/13, LOC JPMorgan Chase Bank, VRDN (a) | 5,000,000 | 5,000,000 | |
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | |||
(Beekman Tower Proj.) Series 2008 A, 0.3% 12/6/13, LOC RBS Citizens NA, VRDN (a) | 12,905,000 | 12,905,000 | |
(Brookhaven Apts. Proj.) Series A, 0.06% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 3,200,000 | 3,200,000 | |
(Granite Terrace Apts. Proj.) Series A, 0.08% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 4,060,000 | 4,060,000 | |
(Spring Creek Hsg. Proj.) Series 2006 A, 0.05% 12/6/13, LOC Freddie Mac, VRDN (a)(b) | 3,000,000 | 3,000,000 | |
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.: | |||
(Brittany Dev. Proj.) Series A, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 8,000,000 | 8,000,000 | |
(James Tower Dev. Proj.) Series 2002 A, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a) | 1,100,000 | 1,100,000 | |
(Related-Tribeca Tower Proj.) Series 1997 A, 0.07% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 40,000,000 | 40,000,000 | |
(Rivereast Apts. Proj.) Series A, 0.06% 12/6/13, LOC Freddie Mac, VRDN (a)(b) | 25,850,000 | 25,850,000 | |
(West 43rd Street Proj.) Series 1999 A, 0.06% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
Series 2002 A, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 3,600,000 | 3,600,000 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Participating VRDN Series putters 3231Z, 0.06% 12/2/13 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 8,675,000 | 8,675,000 | |
Series 2006 AA, 0.05% 12/2/13 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 22,390,000 | 22,390,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
New York - continued | |||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | |||
Series 2006 AA-1B, 0.05% 12/2/13 (Liquidity Facility California Teachers Retirement Sys.), VRDN (a) | $ 3,710,000 | $ 3,710,000 | |
Series 2008 B3, 0.05% 12/2/13 (Liquidity Facility Bank of America NA), VRDN (a) | 36,630,000 | 36,630,000 | |
Series 2008 BB2, 0.05% 12/2/13 (Liquidity Facility Bank of America NA), VRDN (a) | 13,800,000 | 13,800,000 | |
Series 2009 BB1, 0.06% 12/2/13 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 3,290,000 | 3,290,000 | |
Series 2009 BB2, 0.07% 12/2/13 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 6,565,000 | 6,565,000 | |
Series 2011 DD-1, 0.05% 12/2/13 (Liquidity Facility TD Banknorth, NA), VRDN (a) | 8,790,000 | 8,790,000 | |
Series 2011 DD-3B, 0.05% 12/2/13 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 18,100,000 | 18,100,000 | |
Series 2012 B, 0.05% 12/2/13 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 10,760,000 | 10,760,000 | |
Series 2012 B2, 0.05% 12/2/13 (Liquidity Facility California Pub. Employees Retirement Sys.), VRDN (a) | 17,525,000 | 17,525,000 | |
Series 2012 B4, 0.05% 12/2/13 (Liquidity Facility Northern Trust Co.), VRDN (a) | 11,075,000 | 11,075,000 | |
Series 2013 AA-1, 0.05% 12/2/13 (Liquidity Facility PNC Bank NA), VRDN (a) | 14,000,000 | 14,000,000 | |
Series 2014 AA: | |||
0.05% 12/2/13 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 9,000,000 | 9,000,000 | |
0.05% 12/2/13 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | 23,850,000 | 23,850,000 | |
0.05% 12/2/13 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | 3,010,000 | 3,010,000 | |
Series FF, 0.05% 12/2/13 (Liquidity Facility Bank of America NA), VRDN (a) | 60,250,000 | 60,250,000 | |
New York City Transitional Fin. Auth. Rev.: | |||
Series 2003 A2, 0.05% 12/2/13 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) | 44,500,000 | 44,500,000 | |
Series 2003 C4, 0.06% 12/2/13 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 6,900,000 | 6,900,000 | |
Series 2013 A5, 0.05% 12/2/13 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 41,000,000 | 41,000,000 | |
Series 2013 C4, 0.05% 12/2/13 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 10,210,000 | 10,210,000 | |
Series 2014 A4, 0.05% 12/2/13 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | 43,500,000 | 43,500,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
New York - continued | |||
New York City Transitional Fin. Auth. Rev.: - continued | |||
Series C, 0.06% 12/2/13 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah), VRDN (a) | $ 14,950,000 | $ 14,950,000 | |
New York City Trust Cultural Resources Rev. (Lincoln Ctr. for the Performing Arts, Inc. Proj.) Series 2008 A1, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 12,890,000 | 12,890,000 | |
New York Dorm. Auth. Revs. Participating VRDN: | |||
Series EGL 07 0002, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 12,000,000 | 12,000,000 | |
Series EGL 07 0066, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 15,000,000 | 15,000,000 | |
Series ROC II R 11535, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 1,140,000 | 1,140,000 | |
New York Hsg. Fin. Agcy. Rev.: | |||
(455 West 37th Street Hsg. Proj.) Series A, 0.07% 12/2/13, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | 10,000,000 | 10,000,000 | |
(55 West 25th Street Hsg. Proj.) Series 2005 A, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 3,000,000 | 3,000,000 | |
(80 DeKalb Ave. Hsg. Proj.) Series 2009 B, 0.07% 12/6/13, LOC Landesbank Hessen-Thuringen, VRDN (a) | 14,850,000 | 14,850,000 | |
(Clinton Green South Hsg. Proj.) Series 2005 A, 0.05% 12/6/13, LOC Freddie Mac, VRDN (a)(b) | 6,200,000 | 6,200,000 | |
(Parkledge Apts. Hsg. Proj.) Series A, 0.07% 12/6/13, LOC Freddie Mac, VRDN (a)(b) | 8,700,000 | 8,700,000 | |
(West 33rd Street Hsg. Proj.) Series 2003 A, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 8,700,000 | 8,700,000 | |
Series 2004 A, 0.07% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 28,800,000 | 28,800,000 | |
New York Metropolitan Trans. Auth. Rev. Series 2005 D2, 0.07% 12/2/13, LOC Landesbank Hessen-Thuringen, VRDN (a) | 35,040,000 | 35,040,000 | |
New York State Energy Research & Dev. Auth. Facilities Rev. (Consolidated Edison Co. of New York, Inc. Proj.) Series 2004 C2, 0.04% 12/6/13, LOC Mizuho Corporate Bank Ltd., VRDN (a)(b) | 19,000,000 | 19,000,000 | |
Syracuse Indl. Dev. Agcy. Civic Facility Rev. (Syracuse Univ. Proj.) Series 2008 A2, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 4,925,000 | 4,925,000 | |
Triborough Bridge & Tunnel Auth. Revs. Series 2005 B 2A, 0.05% 12/2/13, LOC California Pub. Employees Retirement Sys., VRDN (a) | 3,170,000 | 3,170,000 | |
|
| 1,065,110,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
North Carolina - 0.6% | |||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series B, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | $ 5,800,000 | $ 5,800,000 | |
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN Series Putters 3248, 0.06% 12/2/13 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,110,000 | 4,110,000 | |
North Carolina Med. Care Commission Health Care Facilities Rev.: | |||
(WakeMed Proj.) Series 2009 B, 0.05% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | 15,890,000 | 15,890,000 | |
Participating VRDN Series RBC O 39, 0.05% 12/6/13 (Liquidity Facility Royal Bank of Canada) (a)(c) | 3,365,000 | 3,365,000 | |
Rockingham County Indl. Facilities & Poll. Cont. Fing. Auth. Rev. (Pine Brick Co., Inc. Proj.) Series 2000, 0.13% 12/6/13, LOC Branch Banking & Trust Co., VRDN (a)(b) | 2,050,000 | 2,050,000 | |
| 31,215,000 | ||
Ohio - 2.5% | |||
Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.): | |||
Series 2008 A, 0.06% 12/2/13, LOC Bank of America NA, VRDN (a) | 7,025,000 | 7,025,000 | |
Series 2010 C, 0.04% 12/2/13, LOC Union Bank NA, VRDN (a) | 11,000,000 | 11,000,000 | |
Alliance Hosp. Rev. (Alliance Obligated Group Proj.) Series 2003, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 20,775,000 | 20,775,000 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
(Cincinnati Gas & Elec. Co. Proj.): | |||
Series A, 0.25% 12/6/13, VRDN (a) | 6,000,000 | 6,000,000 | |
Series B, 0.15% 12/6/13, VRDN (a) | 5,400,000 | 5,400,000 | |
(Dayton Pwr. & Lt. Co. Proj.) Series 2008 A, 0.06% 12/6/13, LOC JPMorgan Chase Bank, VRDN (a)(b) | 1,700,000 | 1,700,000 | |
(FirstEnergy Nuclear Generation Corp. Proj.): | |||
Series 2006 B, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 4,600,000 | 4,600,000 | |
Series 2008 C, 0.05% 12/2/13, LOC Bank of Nova Scotia, VRDN (a)(b) | 14,445,000 | 14,445,000 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
(Univ. Hosp. Health Sys. Proj.) Series 2008 E, 0.34% 12/6/13, LOC RBS Citizens NA, VRDN (a) | 1,800,000 | 1,800,000 | |
Series 2008 B1, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 7,030,000 | 7,030,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Ohio Higher Edl. Facility Commission Rev.: - continued | |||
Series 2008 B2, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | $ 7,570,000 | $ 7,570,000 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev. (Mtg.-Backed Securities Prog.) Series 2005 B1, 0.05% 12/6/13 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 1,800,000 | 1,800,000 | |
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2008 B, 0.07% 12/6/13 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(b) | 27,200,000 | 27,200,000 | |
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. (FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 C, 0.05% 12/2/13, LOC Bank of Nova Scotia, VRDN (a)(b) | 21,800,000 | 21,800,000 | |
| 138,145,000 | ||
Oregon - 2.1% | |||
Multnomah County Hosp. Facilities Auth. Rev. (Mirabella at South Waterfront Proj.) Series 2008 A, 0.18% 12/2/13, LOC Bank of Scotland PLC, VRDN (a) | 87,035,000 | 87,035,000 | |
Oregon Econ. Dev. Rev. (Cascade Steel Co. Proj.) Series 176, 0.11% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 1,400,000 | 1,400,000 | |
Oregon Health and Science Univ. Spl. Rev. Series 2012 B3, 0.05% 12/2/13, LOC Union Bank NA, VRDN (a) | 28,520,000 | 28,520,000 | |
| 116,955,000 | ||
Pennsylvania - 4.1% | |||
Allegheny County Hosp. Dev. Auth. Rev. (Jefferson Reg'l. Med. Ctr.) Series 2010 A, 0.06% 12/6/13, LOC PNC Bank NA, VRDN (a) | 8,430,000 | 8,430,000 | |
Allegheny County Indl. Dev. Auth. Rev. (Union Elec. Steel Co. Proj.) Series 1996 A, 0.12% 12/6/13, LOC PNC Bank NA, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. (FirstEnergy Nuclear Generation Corp. Proj.): | |||
Series 2006 B, 0.04% 12/2/13, LOC Citibank NA, VRDN (a) | 151,315,000 | 151,315,000 | |
Seris 2008 C, 0.05% 12/2/13, LOC Bank of Nova Scotia, VRDN (a)(b) | 13,350,000 | 13,350,000 | |
Chester County Indl. Dev. Auth. Student Hsg. Rev. (West Chester Univ. Proj.) Series 2008 A2, 0.05% 12/6/13, LOC TD Banknorth, NA, VRDN (a) | 1,000,000 | 1,000,000 | |
Chester County Intermediate Unit Rev. Series 2003, 0.05% 12/6/13, LOC PNC Bank NA, VRDN (a) | 1,400,000 | 1,400,000 | |
Delaware County Auth. Rev. (White Horse Village Proj.): | |||
Series 2006 A, 0.14% 12/2/13, LOC Citizens Bank of Pennsylvania, VRDN (a) | 2,950,000 | 2,950,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Delaware County Auth. Rev. (White Horse Village Proj.): - continued | |||
Series 2008, 0.14% 12/2/13, LOC Citizens Bank of Pennsylvania, VRDN (a) | $ 4,890,000 | $ 4,890,000 | |
Harveys Lake Gen. Muni. Auth. (Misericordia Univ. Proj.) 0.06% 12/6/13, LOC PNC Bank NA, VRDN (a) | 8,470,000 | 8,470,000 | |
Lancaster County Hosp. Auth. Health Ctr. Rev. (Masonic Homes Proj.) Series 2008 D, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 5,625,000 | 5,625,000 | |
Montgomery County Indl. Dev. Auth. Rev. (ACTS Retirement-Life Cmntys., Inc. Obligated Group Proj.) Series 2002, 0.04% 12/2/13, LOC TD Banknorth, NA, VRDN (a) | 10,720,000 | 10,720,000 | |
Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Brookside Manor Apts. Proj.) Series 2001 A, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a) | 4,930,000 | 4,930,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Shippingport Proj.) Series 2002 A, 0.05% 12/2/13, LOC Bank of Nova Scotia, VRDN (a)(b) | 4,000,000 | 4,000,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 1997 B2, 0.19% 12/6/13, LOC PNC Bank NA, VRDN (a)(b) | 200,000 | 200,000 | |
Somerset County Gen. Oblig. Series 2009 A, 0.06% 12/6/13, LOC PNC Bank NA, VRDN (a) | 2,440,000 | 2,440,000 | |
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 B, 0.06% 12/6/13, LOC PNC Bank NA, VRDN (a) | 5,555,000 | 5,555,000 | |
| 226,275,000 | ||
Rhode Island - 0.0% | |||
Narragansett Bay Commission Wastewtr. Sys. Rev. Series 2008 A, 0.05% 12/6/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 900,000 | 900,000 | |
South Carolina - 0.6% | |||
Charleston County Hosp. Facilities (Care Alliance Health Svcs. Proj.) Series 2004 B2, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 11,100,000 | 11,100,000 | |
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.): | |||
Series 1999 A, 0.11% 12/2/13, VRDN (a) | 2,400,000 | 2,400,000 | |
Series 1999 B, 0.13% 12/2/13, VRDN (a)(b) | 7,500,000 | 7,500,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
South Carolina - continued | |||
South Carolina Jobs-Econ. Dev. Auth. Indl. Rev.: | |||
(South Carolina Elec. & Gas Co. Proj.) Series 2008, 0.1% 12/6/13, LOC Branch Banking & Trust Co., VRDN (a)(b) | $ 6,855,000 | $ 6,855,000 | |
(South Carolina Generating Co., Inc. Proj.) Series 2008, 0.1% 12/6/13, LOC Branch Banking & Trust Co., VRDN (a)(b) | 5,465,000 | 5,465,000 | |
| 33,320,000 | ||
Tennessee - 3.7% | |||
Blount County Pub. Bldg. Auth.: | |||
(Local Govt. Pub. Impt. Proj.) Series 2009 E8A, 0.06% 12/6/13, LOC Branch Banking & Trust Co., VRDN (a) | 1,445,000 | 1,445,000 | |
Series E3 B, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 4,200,000 | 4,200,000 | |
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | |||
Series 2001, 0.08% 12/2/13, LOC Bank of America NA, VRDN (a) | 9,200,000 | 9,200,000 | |
Series 2003, 0.08% 12/2/13, LOC Bank of America NA, VRDN (a) | 22,610,000 | 22,610,000 | |
Series 2004, 0.08% 12/2/13, LOC Bank of America NA, VRDN (a) | 12,700,000 | 12,700,000 | |
Series 2005, 0.08% 12/2/13, LOC Bank of America NA, VRDN (a) | 15,700,000 | 15,700,000 | |
Series 2008, 0.08% 12/2/13, LOC Bank of America NA, VRDN (a) | 36,005,000 | 36,005,000 | |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.): | |||
Series 1999, 0.08% 12/6/13, LOC Bank of America NA, VRDN (a) | 9,930,000 | 9,930,000 | |
Series 2002, 0.08% 12/2/13, LOC Bank of America NA, VRDN (a) | 28,430,000 | 28,430,000 | |
Series 2004, 0.08% 12/2/13, LOC Bank of America NA, VRDN (a) | 24,400,000 | 24,400,000 | |
Series 2006, 0.08% 12/2/13, LOC Bank of America NA, VRDN (a) | 38,115,000 | 38,115,000 | |
| 202,735,000 | ||
Texas - 11.4% | |||
Austin Arpt. Sys. Rev.: | |||
Series 2005 1, 0.07% 12/6/13, LOC JPMorgan Chase Bank, VRDN (a)(b) | 4,600,000 | 4,600,000 | |
Series 2005 4, 0.06% 12/6/13, LOC Royal Bank of Canada New York Branch, VRDN (a)(b) | 6,575,000 | 6,575,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Texas - continued | |||
Brazos River Auth. Poll. Cont. Rev.: | |||
(Texas Utils. Elec. Co. Proj.) Series 2001 D2, 0.08% 12/2/13, LOC Citibank NA, VRDN (a)(b) | $ 25,000,000 | $ 25,000,000 | |
(Texas Utils. Energy Co. Proj.) Series 2002 A, 0.08% 12/2/13, LOC Citibank NA, VRDN (a)(b) | 44,630,000 | 44,630,000 | |
Brazos River Hbr. Navigation District of Brazoria County Envir. Facilities Rev. (Merey Sweeny LP Proj.): | |||
Series 2000 A, 0.07% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a)(b) | 8,700,000 | 8,700,000 | |
Series 2002 A, 0.07% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
Brownsville Util. Sys. Rev. Participating VRDN Series Solar 06 68, 0.06% 12/6/13 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 6,290,000 | 6,290,000 | |
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Texas Proj.) Series 2007 A, 0.07% 12/6/13, LOC PNC Bank NA, VRDN (a)(b) | 2,700,000 | 2,700,000 | |
Converse Hsg. Fin. Corp. Multi-family Hsg. Rev. (Town Square Apts. Proj.) 0.07% 12/6/13, LOC Citibank NA, VRDN (a)(b) | 13,535,000 | 13,535,000 | |
Dallas Area Rapid Transit Sales Tax Rev. Participating VRDN Series ROC II R 12317, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 6,400,000 | 6,400,000 | |
Dallas/Fort Worth Int'l. Arpt. Facility Impt. Corp. Rev. (United Parcel Svc., Inc. Proj.) Series 2002, 0.05% 12/2/13, VRDN (a)(b) | 21,150,000 | 21,150,000 | |
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev.: | |||
(Exxon Mobil Corp. Proj.) Series 2003, 0.04% 12/2/13, VRDN (a)(b) | 14,200,000 | 14,200,000 | |
(Exxon Mobil Proj.) Series 2000, 0.05% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 19,200,000 | 19,200,000 | |
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. (Exxon Asset Fdg. Corp./Baytown Chemical Co. Proj.) Series 1995, 0.04% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 10,300,000 | 10,300,000 | |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.07% 12/6/13, LOC JPMorgan Chase Bank, VRDN (a)(b) | 4,600,000 | 4,600,000 | |
Harris County Cultural Ed. Facilities Fin. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.) Series 2008 B1, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 8,650,000 | 8,650,000 | |
Harris County Health Facilities Dev. Corp. Rev. Participating VRDN Series putters 3746 Z, 0.06% 12/2/13 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,485,000 | 2,485,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Texas - continued | |||
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Lafayette Village Apts. Proj.) Series 2006, 0.07% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | $ 6,600,000 | $ 6,600,000 | |
Harris County Indl. Dev. Corp. Solid Waste Disp. Rev.: | |||
(Deer Park Refining Ltd. Partnership Proj.) Series 2002, 0.23% 12/2/13, VRDN (a)(b) | 124,700,000 | 124,700,000 | |
(Exxon Proj.) 0.04% 12/2/13, VRDN (a)(b) | 21,900,000 | 21,900,000 | |
Harris County Tex Metropolitan Tran Auth. Participating VRDN Series RBC O 5, 0.05% 12/6/13 (Liquidity Facility Royal Bank of Canada) (a)(c) | 4,000,000 | 4,000,000 | |
Houston Util. Sys. Rev. Participating VRDN: | |||
Series ROC II R 11885X, 0.07% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 3,400,000 | 3,400,000 | |
Series ROC II R 12324, 0.06% 12/2/13 (Liquidity Facility Citibank NA) (a)(c) | 24,700,000 | 24,700,000 | |
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 0.37% 12/6/13, VRDN (a)(b) | 4,950,000 | 4,950,000 | |
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev.: | |||
(ExxonMobil Proj.): | |||
Series 2001 B, 0.05% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 50,000,000 | 50,000,000 | |
Series 2001 B2, 0.05% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 9,330,000 | 9,330,000 | |
(Onyx Envir. Svcs. Proj.) Series 2003, 0.1% 12/6/13, LOC Bank of America NA, VRDN (a)(b) | 8,610,000 | 8,610,000 | |
North Texas Tollway Auth. Rev. Series 2011 A, 0.05% 12/6/13, LOC Morgan Stanley Bank, West Valley City Utah, VRDN (a) | 5,000,000 | 5,000,000 | |
Port Arthur Navigation District Envir. Facilities Rev.: | |||
(Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.2% 12/2/13, VRDN (a) | 32,000,000 | 32,000,000 | |
Series 2004, 0.08% 12/6/13, VRDN (a)(b) | 16,540,000 | 16,540,000 | |
Series 2010 B, 0.2% 12/2/13, VRDN (a) | 5,000,000 | 5,000,000 | |
Series 2010 C, 0.17% 12/2/13, VRDN (a) | 12,600,000 | 12,600,000 | |
Series 2010 D, 0.2% 12/2/13, VRDN (a) | 9,855,000 | 9,855,000 | |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.): | |||
Series 2000, 0.06% 12/6/13, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Series 2002, 0.06% 12/6/13, VRDN (a)(b) | 8,000,000 | 8,000,000 | |
Series 2012, 0.07% 12/6/13 (Total SA Guaranteed), VRDN (a) | 5,000,000 | 5,000,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Texas - continued | |||
Port Arthur Navigation District Poll. Cont. Rev. (Texaco, Inc. Proj.) Series 1994, 0.04% 12/2/13, VRDN (a) | $ 20,200,000 | $ 20,200,000 | |
San Antonio Indl. Dev. Auth. Indl. Dev. Rev. (Tindall Corp. Proj.) Series 2008 A, 0.1% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 1,400,000 | 1,400,000 | |
Texas A&M Univ. Rev. Participating VRDN Series ROC II R 11920, 0.06% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 2,870,000 | 2,870,000 | |
Texas City Indl. Dev. Corp.: | |||
(Del Papa Realty Hldgs. LP Proj.) Series 2011, 0.08% 12/6/13, LOC Bank of America NA, VRDN (a) | 4,600,000 | 4,600,000 | |
(NRG Energy, Inc. Proj.) Series 2012, 0.06% 12/6/13, LOC Bank of America NA, VRDN (a) | 1,100,000 | 1,100,000 | |
Texas Gen. Oblig.: | |||
(Veterans' Hsg. Assistance Prog.) Fund II Series 2005 B, 0.05% 12/6/13 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | 11,375,000 | 11,375,000 | |
Series 2012 A, 0.05% 12/6/13 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 29,550,000 | 29,550,000 | |
| 628,295,000 | ||
Utah - 1.2% | |||
Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.06% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | 7,300,000 | 7,300,000 | |
Utah Hsg. Corp. Single Family Mtg. Rev.: | |||
Series 2002 C2, 0.07% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 5,370,000 | 5,370,000 | |
Series 2002 E, 0.07% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 4,155,000 | 4,155,000 | |
Utah Hsg. Fin. Agcy. Series 2000 C, 0.07% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 4,360,000 | 4,360,000 | |
Utah Transit Auth. Sales Tax Rev.: | |||
Series A, 0.05% 12/2/13, LOC BNP Paribas New York Branch, VRDN (a) | 31,974,000 | 31,974,000 | |
Series B, 0.04% 12/2/13, LOC BNP Paribas New York Branch, VRDN (a) | 13,915,000 | 13,915,000 | |
| 67,074,000 | ||
Virginia - 1.4% | |||
Albemarle Econ. Dev. Auth. Health Svcs. Rev. (The Univ. of Virginia Health Svcs. Foundation Proj.) Series 2009, 0.06% 12/2/13, LOC Bank of America NA, VRDN (a) | 18,560,000 | 18,560,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Virginia - continued | |||
Fairfax County Indl. Dev. Auth. (Inova Health Sys. Proj.) Series 2005 A2, 0.05% 12/6/13, VRDN (a) | $ 6,400,000 | $ 6,400,000 | |
King George County Indl. Dev. Auth. Exempt Facilities Rev. (Birchwood Pwr. Partners Proj.): | |||
Series 1994 A, 0.11% 12/2/13, LOC Bank of Nova Scotia, VRDN (a)(b) | 8,700,000 | 8,700,000 | |
Series 1994 B, 0.11% 12/2/13, LOC Bank of Nova Scotia, VRDN (a)(b) | 9,000,000 | 9,000,000 | |
Series 1995, 0.06% 12/2/13, LOC Bank of Nova Scotia, VRDN (a)(b) | 7,500,000 | 7,500,000 | |
Series 1996 A, 0.06% 12/2/13, LOC Bank of Nova Scotia, VRDN (a)(b) | 9,200,000 | 9,200,000 | |
Series 1997, 0.06% 12/2/13, LOC Bank of Nova Scotia, VRDN (a)(b) | 9,300,000 | 9,300,000 | |
Montgomery County Indl. Dev. Auth. Rev. (Virginia Tech Foundation Proj.) Series 2005, 0.06% 12/2/13, LOC Bank of New York, New York, VRDN (a) | 9,910,000 | 9,910,000 | |
Petersburg Indl. Dev. Auth. Rev. (Rebar Hldgs. LLC Proj.) 0.25% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 650,000 | 650,000 | |
| 79,220,000 | ||
Washington - 0.9% | |||
King County Swr. Rev. Participating VRDN Series ROC II R 11962, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(c) | 2,200,000 | 2,200,000 | |
Washington Econ. Dev. Fin. Auth. Econ. Dev. Rev. (Mount Ainstar Resort Proj.) Series 2003 C, 0.11% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 17,895,000 | 17,895,000 | |
Washington Gen. Oblig. Participating VRDN Series Clipper 05 39, 0.05% 12/6/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 1,500,000 | 1,500,000 | |
Washington Hsg. Fin. Commission Multi-family Hsg. Rev. (Merrill Gardens at Tacoma Proj.) Series 2006 A, 0.06% 12/6/13, LOC Fannie Mae, VRDN (a)(b) | 17,640,000 | 17,640,000 | |
Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Horizon House Proj.) Series 2005, 0.05% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | 4,430,000 | 4,430,000 | |
Washington Hsg. Fin. Commission Nonprofit Rev. (YMCA of Pierce and Kitsap Countries Proj.) Series 2010 A, 0.05% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | 4,225,000 | 4,225,000 | |
| 47,890,000 | ||
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
West Virginia - 0.9% | |||
West Virginia Econ. Dev. Auth. Energy (Morgantown Energy Associates Proj.) Series 2011, 0.08% 12/6/13, LOC Union Bank NA, VRDN (a)(b) | $ 5,210,000 | $ 5,210,000 | |
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 0.06% 12/6/13, LOC Mizuho Corporate Bank Ltd., VRDN (a)(b) | 4,500,000 | 4,500,000 | |
(Appalachian Pwr. Co. - Mountaineer Proj.) Series 2008 A, 0.05% 12/6/13, LOC Mizuho Corporate Bank Ltd., VRDN (a)(b) | 15,300,000 | 15,300,000 | |
West Virginia Hosp. Fin. Auth. Hosp. Rev.: | |||
(Cabell Huntington Hosp. Proj.) Series 2008 B, 0.06% 12/6/13, LOC Branch Banking & Trust Co., VRDN (a) | 12,300,000 | 12,300,000 | |
(West Virginia United Health Sys. Proj.) Series 2008 B, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 13,740,000 | 13,740,000 | |
| 51,050,000 | ||
Wisconsin - 1.5% | |||
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Froedtert & Cmnty. Health, Inc. Proj.) Series 2009 B, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 20,035,000 | 20,035,000 | |
(Nat'l. Regency of New Berlin, Inc. Proj.) 0.07% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 13,460,000 | 13,460,000 | |
(ProHealth Care, Inc. Proj.): | |||
Series 2008 A, 0.06% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 7,885,000 | 7,885,000 | |
Series 2008 B, 0.07% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 33,180,000 | 33,180,000 | |
Wisconsin Hsg. and Econ. Dev. Auth. Multi-family Hsg. Rev. Series 2007 C, 0.07% 12/6/13 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b) | 6,110,000 | 6,110,000 | |
| 80,670,000 | ||
Wyoming - 0.6% | |||
Converse County Envir. Impt. Rev. Series 1995, 0.23% 12/6/13, VRDN (a)(b) | 3,100,000 | 3,100,000 | |
Kemmerer Poll Cont. Rev. 0.04% 12/2/13, VRDN (a) | 4,950,000 | 4,950,000 | |
Laramie County Indl. Dev. Rev. (Cheyenne Lt., Fuel & Pwr. Co. Proj.) Series 2009 B, 0.1% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a)(b) | 3,500,000 | 3,500,000 | |
Sublette County Poll. Cont. Rev. (Exxon Corp. Proj.): | |||
Series 1987 A, 0.05% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | 11,500,000 | 11,500,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Wyoming - continued | |||
Sublette County Poll. Cont. Rev. (Exxon Corp. Proj.): - continued | |||
Series 1987 B, 0.05% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a)(b) | $ 11,000,000 | $ 11,000,000 | |
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1984, 0.23% 12/6/13, VRDN (a) | 1,100,000 | 1,100,000 | |
| 35,150,000 | ||
TOTAL VARIABLE RATE DEMAND NOTE (Cost $5,516,589,575) |
| ||
Other Municipal Debt - 0.3% | |||
|
|
|
|
Massachusetts - 0.1% | |||
Massachusetts State Dev. Fing. Agcy. Poll. Cont. Rev. Bonds (Massachusetts Elec. Co. Proj.) Series 2004, 0.35% tender 12/4/13, CP mode | 5,800,000 | 5,800,000 | |
New Hampshire - 0.2% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1990 A2, 0.35% tender 12/2/13, CP mode (b) | 10,600,000 | 10,600,000 | |
TOTAL OTHER MUNICIPAL DEBT (Cost $16,400,000) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $5,532,989,575) | 5,532,989,575 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 100,078 | ||
NET ASSETS - 100% | $ 5,533,089,653 |
Security Type Abbreviations | ||
CP | - | COMMERCIAL PAPER |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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. |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $5,532,989,575) |
| $ 5,532,989,575 |
Cash |
| 1,066 |
Interest receivable | 404,454 | |
Total assets | 5,533,395,095 | |
|
|
|
Liabilities | ||
Distributions payable | $ 288,280 | |
Other payables and accrued expenses | 17,162 | |
Total liabilities | 305,442 | |
|
|
|
Net Assets | $ 5,533,089,653 | |
Net Assets consist of: |
| |
Paid in capital | $ 5,532,962,577 | |
Distributions in excess of net investment income | (102) | |
Accumulated undistributed net realized gain (loss) on investments | 127,178 | |
Net Assets, for 5,532,345,135 shares outstanding | $ 5,533,089,653 | |
Net Asset Value, offering price and redemption price per share ($5,533,089,653 ÷ 5,532,345,135 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, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 1,987,367 |
|
|
|
Expenses | ||
Custodian fees and expenses | $ 34,741 | |
Independent trustees' compensation | 9,968 | |
Total expenses before reductions | 44,709 | |
Expense reductions | (10,450) | 34,259 |
Net investment income (loss) | 1,953,108 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 68,879 |
Net increase in net assets resulting from operations | $ 2,021,987 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended November 30, 2013 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 1,953,108 | $ 7,420,220 |
Net realized gain (loss) | 68,879 | 157,676 |
Net increase in net assets resulting from operations | 2,021,987 | 7,577,896 |
Distributions to shareholders from net investment income | (1,953,210) | (7,420,152) |
Distributions to shareholders from net realized gain | - | (40,977) |
Total distributions | (1,953,210) | (7,461,129) |
Affiliated share transactions at net asset value of $1.00 per share | 5,904,247,000 | 16,404,531,000 |
Cost of shares redeemed | (4,900,793,900) | (15,738,708,000) |
Net increase (decrease) in net assets and shares resulting from share transactions | 1,003,453,100 | 665,823,000 |
Total increase (decrease) in net assets | 1,003,521,877 | 665,939,767 |
|
|
|
Net Assets | ||
Beginning of period | 4,529,567,776 | 3,863,628,009 |
End of period (including distributions in excess of net investment income of $102 and $0, respectively) | $ 5,533,089,653 | $ 4,529,567,776 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended May 31, | ||||
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) | .001 | .002 | .001 | .003 | .003 | .013 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | .001 | .002 | .001 | .003 | .003 | .013 |
Distributions from net investment income | (.001) | (.002) | (.001) | (.003) | (.003) | (.013) |
Distributions from net realized gain | - | - F | - | - | - | - |
Total distributions | (.001) | (.002) | (.001) | (.003) | (.003) | (.013) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | .04% | .17% | .14% | .26% | .27% | 1.34% |
Ratios to Average Net Assets E |
|
|
|
| ||
Expenses before reductions D | -% A | -% | -% | -% | -% | -% |
Expenses net of fee waivers, if any D | -% A | -% | -% | -% | -% | -% |
Expenses net of all reductions D | -% A | -% | -% | -% | -% | -% |
Net investment income (loss) | .07% A | .17% | .14% | .26% | .27% | 1.30% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 5,533,090 | $ 4,529,568 | $ 3,863,628 | $ 5,026,632 | $ 4,189,659 | $ 2,777,836 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2013 (Unaudited)
1. Organization.
Fidelity® Municipal Cash Central 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 statutory 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.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. There were no significant book-to-tax differences during the period. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) on securities and other investments | $ - |
|
|
Tax cost | $ 5,532,989,575 |
Semiannual Report
3. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Investments Money Management, Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain exceptions such as interest expense.
4. Expense Reductions.
The investment adviser has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $9,968.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $482.
5. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Municipal Cash Central Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Investments Money Management, Inc. (FIMM) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees, Operations, Audit, Fair Valuation, and Governance and Nominating, each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its September 2013 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FIMM and the sub-advisers (together, the Investment Advisers), and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading and risk management capabilities and resources, which are an integral part of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that while the fund does not pay a management fee, Fidelity Management & Research Company (FMR) pays a management fee on behalf of the fund and receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund, except expenses related to the fund's investment activities (primarily custody expenses). Based on its review, the Board concluded that the management fee paid on behalf of the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Semiannual Report
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities, economies of scale cannot be realized by the fund.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's fee structures, including the group fee structure and definition of group assets, and the rationale for recommending different fees among different categories of funds and classes; (vi) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes, and the impact of the increased use of omnibus accounts; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Fidelity® Securities Lending
Cash Central Fund
Semiannual Report
November 30, 2013
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
CCC-SANN-0114 1.743119.113
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2013 to November 30, 2013).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized | Beginning | Ending | Expenses Paid |
Actual | .0006% | $ 1,000.00 | $ 1,000.50 | $ .00** |
Hypothetical A |
| $ 1,000.00 | $ 1,025.07 | $ .00** |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
** Amount represents less than $.01.
Semiannual Report
Investment Changes (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's investments 11/30/13 | % of fund's investments 5/31/13 | % of fund's |
1 - 7 | 49.3 | 57.7 | 52.8 |
8 - 30 | 9.3 | 7.8 | 8.4 |
31 - 60 | 9.8 | 4.5 | 14.3 |
61 - 90 | 12.0 | 9.5 | 9.6 |
91 - 180 | 17.0 | 15.2 | 10.5 |
> 180 | 2.6 | 5.3 | 4.4 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 11/30/13 | 5/31/13 | 11/30/12 |
Fidelity Securities Lending Cash Central Fund | 44 Days | 45 Days | 44 Days |
All Taxable Money Market Funds Average* | 49 Days | 48 Days | 50 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life | |||
| 11/30/13 | 5/31/13 | 11/30/12 |
Fidelity Securities Lending Cash Central Fund | 65 Days | 55 Days | 56 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
* Source: iMoneyNet, Inc. |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2013 | As of May 31, 2013 | ||||||
Certificates |
| Certificates |
| ||||
Commercial Paper 0.0% |
| Commercial Paper 0.8% |
| ||||
Treasury Debt 13.7% |
| Treasury Debt 6.9% |
| ||||
Government |
| Government |
| ||||
Other Instruments 15.3% |
| Other Instruments 27.9% |
| ||||
Repurchase |
| Repurchase |
| ||||
Net Other Assets |
| Net Other Assets |
|
Semiannual Report
Investments November 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Certificate of Deposit - 5.1% | ||||
|
| Yield (a) | Principal | Value |
New York Branch, Yankee Dollar, Foreign Banks - 5.1% | ||||
Bank of Tokyo-Mitsubishi UFJ Ltd. | ||||
| 12/3/13 | 0.13% |
|
|
(Cost $954,000,000) | $ 954,000,000 | $ 954,000,000 | ||
Treasury Debt - 13.7% | ||||
| ||||
U.S. Treasury Obligations - 13.7% | ||||
U.S. Treasury Bills | ||||
| 12/5/13 to 5/22/14 | 0.05 to 0.10 | 2,047,500,000 | 2,047,242,042 |
U.S. Treasury Notes | ||||
| 12/31/13 to 7/31/14 | 0.09 to 0.18 | 505,000,000 | 506,479,035 |
TOTAL TREASURY DEBT (Cost $2,553,721,077) | 2,553,721,077 | |||
Government Agency Debt - 35.4% | ||||
| ||||
Federal Agencies - 35.4% | ||||
Fannie Mae | ||||
| 12/18/13 to 10/21/15 | 0.08 to 0.17 (b) | 1,194,954,000 | 1,195,990,602 |
Federal Home Loan Bank | ||||
| 12/6/13 to 11/14/14 | 0.07 to 0.17 (b) | 3,661,320,000 | 3,660,936,083 |
Freddie Mac | ||||
| 12/20/13 to 7/17/15 | 0.07 to 0.17 (b) | 1,740,000,000 | 1,739,547,180 |
TOTAL GOVERNMENT AGENCY DEBT (Cost $6,596,473,865) | 6,596,473,865 | |||
Other Instrument - 15.3% | ||||
| ||||
Corporate Bonds - 1.9% | ||||
International Bank for Reconstruction & Development | ||||
| 1/2/14 | 0.10 | 350,000,000 | 349,968,889 |
Time Deposits - 13.4% | ||||
Citibank NA | ||||
| 12/2/13 | 0.09 | 400,000,000 | 400,000,000 |
Other Instrument - continued | ||||
|
| Yield (a) | Principal | Value |
Time Deposits - continued | ||||
DNB Bank ASA | ||||
| 12/2/13 | 0.04% | $ 800,000,000 | $ 800,000,000 |
Natixis SA (TD) | ||||
| 12/2/13 | 0.08 | 900,000,000 | 900,000,000 |
Skandinaviska Enskilda Banken AB | ||||
| 12/2/13 | 0.06 | 400,000,000 | 400,000,000 |
|
| 2,500,000,000 | ||
TOTAL OTHER INSTRUMENT (Cost $2,849,968,889) | 2,849,968,889 |
Government Agency Repurchase Agreement - 19.2% | |||
Maturity |
| ||
In a joint trading account at 0.08% dated 11/29/13 due 12/2/13: | |||
(collateralized by U.S. Government Obligations) # | $ 783,250,990 | 783,246,000 | |
(collateralized by U.S. Government Obligations) # | 1,567,010 | 1,567,000 | |
With: | |||
BNP Paribas Securities Corp. at: | |||
0.07%, dated 11/7/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $143,826,991, 2% - 6%, 5/1/19 - 8/1/47) | 141,016,998 | 141,000,000 | |
0.08%, dated: | |||
11/12/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $306,013,601, 0% - 6%, 2/13/14 - 11/20/43) | 300,060,000 | 300,000,000 | |
11/21/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $304,987,456, 1.63% - 6.06%, 2/20/23 - 11/1/43) | 299,053,820 | 299,000,000 | |
0.1%, dated 11/25/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $311,106,050, 2.5% - 6%, 10/1/21 - 7/1/43) | 305,107,597 | 305,000,000 | |
Citibank NA at 0.08%, dated 11/27/13 due 12/4/13 (Collateralized by U.S. Government Obligations valued at $160,143,714, 0% - 5.5%, 12/23/13 - 6/20/22) | 157,002,442 | 157,000,000 | |
Government Agency Repurchase Agreement - continued | |||
Maturity | Value | ||
With: - continued | |||
Deutsche Bank Securities, Inc. at 0.08%, dated 11/26/13 due 12/3/13 (Collateralized by U.S. Government Obligations valued at $23,460,313, 2.5% - 5%, 1/1/40 - 11/1/43) | $ 23,000,358 | $ 23,000,000 | |
Goldman Sachs & Co. at 0.07%, dated 11/27/13 due 12/4/13 (Collateralized by U.S. Government Obligations valued at $79,560,774, 3.5% - 5%, 8/1/33 - 9/1/43) | 78,001,062 | 78,000,000 | |
Merrill Lynch, Pierce, Fenner & Smith at: | |||
0.07%, dated: | |||
11/12/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at: | |||
$326,412,694, 2.5% - 4%, 3/1/28 - 5/1/43 | 320,018,667 | 320,000,000 | |
$326,412,694, 3.5% - 4.5%, 1/1/31 - 3/1/43) | 320,038,578 | 320,000,000 | |
11/18/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $167,284,555, 3.5% - 4%, 10/20/43 - 11/20/43) | 164,009,567 | 164,000,000 | |
0.08%, dated 11/14/13 due 12/6/13 (Collateralized by U.S. Government Obligations valued at $255,010,200, 1.63% - 5.5%, 2/20/24 - 10/15/54) | 250,016,111 | 250,000,000 | |
Wells Fargo Securities, LLC at 0.13%, dated: | |||
11/15/13 due 2/13/14 (Collateralized by U.S. Government Obligations valued at $310,285,093, 0% - 6.5%, 10/14/16 - 11/15/43) | 304,058,787 | 303,960,000 | |
11/21/13 due 2/19/14 (Collateralized by U.S. Government Obligations valued at $137,705,470, 1.5% - 2.89%, 11/8/19 - 8/1/41) | 135,043,875 | 135,000,000 | |
TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENT (Cost $3,580,773,000) | 3,580,773,000 | ||
Treasury Repurchase Agreement - 9.5% | |||
|
|
|
|
With: | |||
Barclays Capital, Inc. at: | |||
0.07%, dated 11/29/13 due 12/6/13 (Collateralized by U.S. Treasury Obligations valued at $164,220,997, 0.25% - 5.13%, 10/31/14 - 12/31/19) | 161,002,191 | 161,000,000 | |
0.08%, dated 11/29/13 due 12/2/13 (Collateralized by U.S. Treasury Obligations valued at $328,574,343, 0.88%, 12/31/16) | 322,002,147 | 322,000,000 | |
Treasury Repurchase Agreement - continued | |||
Maturity | Value | ||
With: - continued | |||
BNP Paribas Securities Corp. at: | |||
0.05%, dated 10/2/13 due 12/6/13 (Collateralized by U.S. Treasury Obligations valued at $615,733,165, 0.13% - 7.13%, 4/30/14 - 11/15/40) | $ 603,498,104 | $ 603,421,000 | |
0.06%, dated: | |||
10/23/13 due 12/6/13 (Collateralized by U.S. Treasury Obligations valued at $64,447,950, 0% - 10.63%, 11/30/13 - 5/15/43) | 63,009,450 | 63,000,000 | |
11/4/13 due 12/6/13 (Collateralized by U.S. Treasury Obligations valued at $174,084,284, 0% - 6.63%, 12/31/13 - 8/15/40) | 170,017,850 | 170,000,000 | |
11/7/13 due 12/6/13 (Collateralized by U.S. Treasury Obligations valued at $144,698,596, 0% - 6.88%, 1/16/14 - 5/15/43) | 141,174,587 | 141,160,000 | |
0.07%, dated 11/20/13 due 12/4/13 (Collateralized by U.S. Treasury Obligations valued at $324,679,005, 0% - 6.25%, 1/15/14 - 11/15/43) | 318,008,657 | 318,000,000 | |
TOTAL TREASURY REPURCHASE AGREEMENT (Cost $1,778,581,000) | 1,778,581,000 | ||
Other Repurchase Agreement - 0.5% | |||
|
|
|
|
Other Repurchase Agreement - 0.5% | |||
With: | |||
Citigroup Global Markets, Inc. at 0.36%, dated 11/29/13 due 12/2/13 (Collateralized by Equity Securities valued at $108,003,272) | 100,003,000 | 100,000,000 | |
Credit Suisse Securities (U.S.A.) LLC at 0.76%, dated 6/10/13 due 12/6/13 (Collateralized by Corporate Obligations valued at $2,171,086, 1.87%, 1/25/34) | 2,007,558 | 2,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENT (Cost $102,000,000) | 102,000,000 | ||
TOTAL INVESTMENT PORTFOLIO - 98.7% (Cost $18,415,517,831) | 18,415,517,831 | ||
NET OTHER ASSETS (LIABILITIES) - 1.3% | 240,306,466 | ||
NET ASSETS - 100% | $ 18,655,824,297 |
Legend |
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. |
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
# Additional information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$783,246,000 due 12/02/13 at 0.08% | |
Credit Agricole CIB New York Branch | $ 599,113,419 |
Mizuho Securities USA, Inc. | 184,132,581 |
| $ 783,246,000 |
$1,567,000 due 12/02/13 at 0.08% | |
BNP Paribas Securities Corp. | $ 443,092 |
HSBC Securities (USA), Inc. | 204,347 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 238,405 |
Wells Fargo Securities LLC | 681,156 |
| $ 1,567,000 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (including repurchase agreements of $5,461,354,000) - See accompanying schedule: Unaffiliated issuers (cost $18,415,517,831) |
| $ 18,415,517,831 |
Cash |
| 104 |
Receivable for investments sold | 236,000,000 | |
Interest receivable | 5,902,379 | |
Other receivables | 94,194 | |
Total assets | 18,657,514,508 | |
|
|
|
Liabilities | ||
Distributions payable | $ 1,559,878 | |
Other payables and accrued expenses | 130,333 | |
Total liabilities | 1,690,211 | |
|
|
|
Net Assets | $ 18,655,824,297 | |
Net Assets consist of: |
| |
Paid in capital | $ 18,656,911,356 | |
Distributions in excess of net investment income | (3,175) | |
Accumulated undistributed net realized gain (loss) on investments | (1,083,884) | |
Net Assets, for 18,653,407,511 shares outstanding | $ 18,655,824,297 | |
Net Asset Value, offering price and redemption price per share ($18,655,824,297 ÷ 18,653,407,511 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended November 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 10,296,550 |
|
|
|
Expenses | ||
Custodian fees and expenses | $ 59,557 | |
Independent trustees' compensation | 37,119 | |
Total expenses before reductions | 96,676 | |
Expense reductions | (37,675) | 59,001 |
Net investment income (loss) | 10,237,549 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 2,143 |
Net increase in net assets resulting from operations | $ 10,239,692 |
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 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 10,237,549 | $ 25,495,006 |
Net realized gain (loss) | 2,143 | 67,980 |
Net increase in net assets resulting | 10,239,692 | 25,562,986 |
Distributions to shareholders from net investment income | (10,240,724) | (25,492,572) |
Affiliated share transactions at net asset value of $1.00 per share | 47,849,650,490 | 89,459,370,323 |
Cost of shares redeemed | (48,164,402,978) | (85,733,538,050) |
Net increase (decrease) in net assets and shares resulting from share transactions | (314,752,488) | 3,725,832,273 |
Total increase (decrease) in net assets | (314,753,520) | 3,725,902,687 |
|
|
|
Net Assets | ||
Beginning of period | 18,970,577,817 | 15,244,675,130 |
End of period (including distributions in excess of net investment income of $3,175 and $0, respectively) | $ 18,655,824,297 | $ 18,970,577,817 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended November 30, 2013 | Years ended May 31, |
| |||
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) | .001 | .002 | .001 | .002 | .002 | .014 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | .001 | .002 | .001 | .002 | .002 | .014 |
Distributions from net investment income | (.001) | (.002) | (.001) | (.002) | (.002) | (.014) |
Distributions from net realized gain | - | - | - | - | - F | - |
Total distributions | (.001) | (.002) | (.001) | (.002) | (.002) | (.014) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .05% | .17% | .13% | .22% | .21% | 1.43% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before reductions D | -% A | -% | -% | -% | -% | -% |
Expenses net of fee waivers, if any D | -% A | -% | -% | -% | -% | -% |
Expenses net of all reductions D | -% A | -% | -% | -% | -% | -% |
Net investment income (loss) | .11% A | .16% | .13% | .22% | .21% | 1.61% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 18,655,824 | $ 18,970,578 | $ 15,244,675 | $ 17,969,067 | $ 20,536,438 | $ 13,922,358 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2013 (Unaudited)
1. Organization.
Fidelity® Securities Lending Cash Central 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 statutory 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.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
2. Significant Accounting Policies - continued
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustee compensation, capital loss carryforwards and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) on securities and other investments | $ - |
|
|
Tax cost | $ 18,415,517,831 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Fiscal year of expiration |
|
2018 | $ (1,088,461) |
Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund along with other registered investment companies having management contracts with FMR, or other affiliated entities of FMR, are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Reverse Repurchase Agreements. To enhance its yield, the Fund may enter into reverse repurchase transactions under master repurchase agreements whereby the Fund sells securities to a counterparty in return for cash and agrees to repurchase those securities at a future date and agreed upon price. During the period that reverse repurchase transactions are outstanding, the Fund identifies the securities as pledged in its records with an initial value at least equal to its principal obligation under the agreement. The cash proceeds received by the Fund may be invested in other securities. To the extent cash proceeds received from the counterparty exceed the value of the securities sold, the counterparty may request additional collateral from the Fund. If the counterparty defaults on its obligation, because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities sold. Information regarding securities sold under a reverse repurchase agreement is included at the end of the Fund's Schedule of Investments and the cash proceeds are recorded as a liability in the accompanying Statement of Assets and Liabilities. The Fund continues to receive
Semiannual Report
2. Significant Accounting Policies - continued
Reverse Repurchase Agreements - continued
interest and dividend payments on the securities sold during the term of the reverse repurchase agreement. At period end, there were no reverse repurchase agreements outstanding.
3. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Investments Money Management, Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain exceptions such as interest expense.
4. Expense Reductions.
The investment adviser has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $37,119.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $556.
5. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Semiannual Report
Proxy Voting Results
A special meeting of Fidelity Securities Lending Cash Central Fund's shareholders was held on July 17, 2013. The results of votes taken among shareholders on the proposal 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 modify the fund's fundamental concentration policy. | ||
| # of | % of |
Affirmative | 21,056,669,088.00 | 100.000 |
Against | 0.00 | 0.000 |
Abstain | 0.00 | 0.000 |
TOTAL | 21,056,669,088.00 | 100.000 |
Annual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Securities Lending Cash Central Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Investments Money Management, Inc. (FIMM) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees, Operations, Audit, Fair Valuation, and Governance and Nominating, each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its September 2013 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FIMM and the sub-advisers (together, the Investment Advisers), and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Semiannual Report
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading and risk management capabilities and resources, which are an integral part of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that while the fund does not pay a management fee, Fidelity Management & Research Company (FMR) pays a management fee on behalf of the fund and receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund, except expenses related to the fund's investment activities (primarily custody expenses). Based on its review, the Board concluded that the management fee paid on behalf of the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities, economies of scale cannot be realized by the fund.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's fee structures, including the group fee structure and definition of group assets, and the rationale for recommending different fees among different categories of funds and classes; (vi) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes, and the impact of the increased use of omnibus accounts; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.
Semiannual Report
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Fidelity® Tax-Free
Cash Central Fund
Semiannual Report
November 30, 2013
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
TFC-SANN-0114 1.810806.109
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2013 to November 30, 2013).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized | Beginning | Ending | Expenses Paid |
Actual | .0014% | $ 1,000.00 | $ 1,000.30 | $ .01 |
HypotheticalA |
| $ 1,000.00 | $ 1,025.06 | $ .01 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's investments 11/30/13 | % of fund's investments 5/31/13 | % of fund's |
1 - 7 | 100.0 | 100.0 | 100.0 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 11/30/13 | 5/31/13 | 11/30/12 |
Fidelity Tax-Free Cash Central Fund | 4 Days | 4 Days | 4 Days |
All Tax-Free Money Market Funds Average* | 40 Days | 28 Days | 35 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life | |||
| 11/30/13 | 5/31/13 | 11/30/12 |
Fidelity Tax-Free Cash Central Fund | 4 Days | 4 Days | 4 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2013 | As of May 31, 2013 | ||||||
Variable Rate |
| Variable Rate |
| ||||
Other Municipal |
| Other Municipal |
| ||||
Net Other Assets (Liabilities) 0.0% |
| Net Other Assets (Liabilities) 0.0% |
|
* Source: iMoneyNet, Inc. |
Semiannual Report
Investments November 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 100.0% | |||
Principal Amount | Value | ||
Alabama - 3.5% | |||
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.): | |||
Series 1995 A, 0.06% 12/2/13, VRDN (a) | $ 6,900,000 | $ 6,900,000 | |
Series 1995 C, 0.07% 12/2/13, VRDN (a) | 6,500,000 | 6,500,000 | |
Series 1995 D, 0.07% 12/2/13, VRDN (a) | 11,820,000 | 11,820,000 | |
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2009, 0.07% 12/2/13, VRDN (a) | 3,000,000 | 3,000,000 | |
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) Series D, 0.06% 12/2/13, VRDN (a) | 16,150,000 | 16,150,000 | |
| 44,370,000 | ||
Alaska - 2.2% | |||
Valdez Marine Term. Rev.: | |||
(Exxon Pipeline Co. Proj.): | |||
Series 1985, 0.04% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 3,600,000 | 3,600,000 | |
Series 1993 A, 0.04% 12/2/13, VRDN (a) | 3,875,000 | 3,875,000 | |
Series 1993 B, 0.04% 12/2/13, VRDN (a) | 12,470,000 | 12,470,000 | |
(ExxonMobil Proj.) Series 2001, 0.04% 12/2/13 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 7,300,000 | 7,300,000 | |
| 27,245,000 | ||
Arizona - 0.1% | |||
Pima County Indl. Dev. Auth. Indl. Rev. (Tucson Elec. Pwr. Co. Proj.) Series 1982 A, 0.07% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | 1,600,000 | 1,600,000 | |
California - 4.1% | |||
California Gen. Oblig. Series 2004 B3, 0.04% 12/2/13, LOC Citibank NA, VRDN (a) | 5,030,000 | 5,030,000 | |
California Infrastructure & Econ. Dev. Bank Rev.: | |||
(Pacific Gas & Elec. Co. Proj.) Series 2009 D, 0.04% 12/2/13, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 2,100,000 | 2,100,000 | |
(Pacific Gas and Elec. Co. Proj.): | |||
Series 2009 A, 0.04% 12/2/13, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 3,065,000 | 3,065,000 | |
Series 2009 B, 0.04% 12/2/13, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 1,300,000 | 1,300,000 | |
Foothill-De Anza Cmnty. College District Participating VRDN Series MS 3288, 0.07% 12/6/13 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,000,000 | 2,000,000 | |
Irvine Reassessment District 12-1 Ltd. Oblig. Series 2005 21A, 0.04% 12/2/13, LOC California Teachers Retirement Sys., LOC U.S. Bank NA, Cincinnati, VRDN (a) | 3,100,000 | 3,100,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
California - continued | |||
Los Angeles Cmnty. College District Participating VRDN: | |||
Series MS 3096, 0.06% 12/6/13 (Liquidity Facility Deutsche Bank AG) (a)(b) | $ 2,000,000 | $ 2,000,000 | |
Series ROC II R 11727, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 3,000,000 | 3,000,000 | |
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN Series ROC II R 12322, 0.06% 12/2/13 (Liquidity Facility Citibank NA) (a)(b) | 11,400,000 | 11,400,000 | |
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Participating VRDN Series EGL 07 0044, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 4,250,000 | 4,250,000 | |
San Pablo Redev. Agcy. 0.05% 12/2/13, LOC Union Bank NA, VRDN (a) | 13,770,000 | 13,770,000 | |
| 51,015,000 | ||
Delaware - 0.6% | |||
Delaware Econ. Dev. Auth. Rev. (Peninsula United Methodist Homes, Inc. Proj.) Series A, 0.05% 12/2/13, LOC PNC Bank NA, VRDN (a) | 8,000,000 | 8,000,000 | |
District Of Columbia - 3.6% | |||
District of Columbia Rev.: | |||
(American Psychological Assoc. Proj.) Series 2003, 0.08% 12/6/13, LOC Bank of America NA, VRDN (a) | 6,900,000 | 6,900,000 | |
(American Univ. Proj.) Series 2008, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 7,400,000 | 7,400,000 | |
(Medlantic/Helix Proj.) Series 1998 A Tranche I, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 13,700,000 | 13,700,000 | |
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2009 D2, 0.05% 12/2/13, LOC TD Banknorth, NA, VRDN (a) | 17,535,000 | 17,535,000 | |
| 45,535,000 | ||
Florida - 7.7% | |||
Broward County Edl. Facilities Auth. Rev. (Nova Southeastern Univ. Proj.) Series 2008 A, 0.05% 12/2/13, LOC Bank of America NA, VRDN (a) | 43,915,000 | 43,915,000 | |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. (Mariner's Cay Apts. Proj.) Series 2008 M, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a) | 2,700,000 | 2,700,000 | |
Florida Muni. Pwr. Agcy. Rev. (All-Requirements Pwr. Supply Proj.) Series 2008 C, 0.05% 12/2/13, LOC Bank of America NA, VRDN (a) | 6,900,000 | 6,900,000 | |
Orange County Health Facilities Auth. Rev. (Orlando Reg'l. Health Care Sys. Proj.) Series 2008 E, 0.06% 12/6/13, LOC Branch Banking & Trust Co., VRDN (a) | 4,500,000 | 4,500,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Florida - continued | |||
Orange County Hsg. Fin. Auth. Multi-family Rev. (Heather Glen Apts. Proj.) Series 2001, 0.07% 12/6/13, LOC Fannie Mae, VRDN (a) | $ 1,900,000 | $ 1,900,000 | |
Pinellas County Health Facilities Auth. Rev. (BayCare Health Sys. Proj.): | |||
Series 2009 A1, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 5,700,000 | 5,700,000 | |
Series 2009 A3, 0.05% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | 10,275,000 | 10,275,000 | |
Sarasota County Pub. Hosp. District Hosp. Rev. (Sarasota Memorial Hosp. Proj.) Series 2009 B, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 20,730,000 | 20,730,000 | |
| 96,620,000 | ||
Georgia - 2.1% | |||
Athens-Clarke County Unified Govt. Dev. Auth. Rev. (Univ. of Georgia Athletic Assoc. Proj.) Series 2005 B, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 3,600,000 | 3,600,000 | |
DeKalb County Hsg. Auth. Multi-family Hsg. Rev. (Timber Trace Apts. Proj.) Series 2003, 0.07% 12/6/13, LOC Freddie Mac, VRDN (a) | 2,265,000 | 2,265,000 | |
Gainesville & Hall County Dev. Auth. Rev. (Lanier Village Estates, Inc. Proj.) Series 2003 B, 0.04% 12/2/13, LOC TD Banknorth, NA, VRDN (a) | 11,600,000 | 11,600,000 | |
Glynn-Brunswick Memorial Hosp. Auth. Rev. (Southeast Georgia Health Sys. Proj.) Series 2008 B, 0.06% 12/6/13, LOC Branch Banking & Trust Co., VRDN (a) | 5,685,000 | 5,685,000 | |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2010 A, 0.05% 12/6/13 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 2,800,000 | 2,800,000 | |
| 25,950,000 | ||
Illinois - 8.6% | |||
Chicago Gen. Oblig.: | |||
Series 2005 D1, 0.06% 12/2/13, LOC Bank of Montreal Chicago CD Prog., VRDN (a) | 5,100,000 | 5,100,000 | |
Series 2005 D2, 0.06% 12/2/13, LOC Northern Trust Co., VRDN (a) | 3,200,000 | 3,200,000 | |
Series 2007 E, 0.06% 12/2/13, LOC Barclays Bank PLC, VRDN (a) | 33,100,000 | 33,100,000 | |
Series 2007 F, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 11,135,000 | 11,135,000 | |
Series 2007 G, 0.06% 12/2/13, LOC Barclays Bank PLC, VRDN (a) | 2,300,000 | 2,300,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Illinois - continued | |||
Illinois Fin. Auth. Rev.: | |||
(The Univ. of Chicago Med. Ctr. Proj.) Series 2009 E1, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | $ 9,175,000 | $ 9,175,000 | |
Series 2009 D1, 0.05% 12/2/13, LOC PNC Bank NA, VRDN (a) | 18,500,000 | 18,500,000 | |
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2007 A 2C, 0.05% 12/6/13, LOC Northern Trust Co., VRDN (a) | 17,300,000 | 17,300,000 | |
Romeoville Gen. Oblig. Rev. (Lewis Univ. Proj.) Series 2006, 0.06% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 8,010,000 | 8,010,000 | |
| 107,820,000 | ||
Indiana - 0.5% | |||
Indiana Fin. Auth. Hosp. Rev.: | |||
(Cmnty. Health Network Proj.) Series 2009 A, 0.05% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | 3,700,000 | 3,700,000 | |
(Parkview Health Sys. Oblig. Group Proj.) Series 2009 D, 0.05% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | 2,750,000 | 2,750,000 | |
| 6,450,000 | ||
Iowa - 2.2% | |||
Iowa Fin. Auth. Health Facilities Rev. (Iowa Health Sys. Proj.): | |||
Series 2009 A, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 7,095,000 | 7,095,000 | |
Series 2009 B, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 14,815,000 | 14,815,000 | |
Iowa Fin. Auth. Private College Rev. (Morningside College Proj.) 0.06% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 2,000,000 | 2,000,000 | |
Iowa Higher Ed. Ln. Auth. Rev. (Saint Ambrose Univ. Proj.) 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 3,000,000 | 3,000,000 | |
| 26,910,000 | ||
Kansas - 0.7% | |||
Kansas Dev. Fin. Auth. Health Facilities Rev. (KU Health Sys. Proj.) Series 2011 J, 0.06% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 2,000,000 | 2,000,000 | |
Univ. of Kansas Hosp. Auth. Health Facilities Rev. (KU Health Sys. Proj.) Series 2004, 0.06% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 6,370,000 | 6,370,000 | |
| 8,370,000 | ||
Kentucky - 0.4% | |||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series 2009 B2, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 4,500,000 | 4,500,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Louisiana - 5.1% | |||
Louisiana Hsg. Fin. Agcy. Rev. (Canterbury House Apts. Proj.) Series 2007, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a) | $ 4,800,000 | $ 4,800,000 | |
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2005 D, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 31,730,000 | 31,730,000 | |
Louisiana Pub. Facilities Auth. Rev.: | |||
(Air Products & Chemicals, Inc. Proj.): | |||
Series 2004, 0.05% 12/6/13, VRDN (a) | 7,100,000 | 7,100,000 | |
Series 2009 A, 0.05% 12/6/13, VRDN (a) | 12,800,000 | 12,800,000 | |
(C-Port LLC Proj.) Series 2008, 0.09% 12/6/13, LOC Bank of America NA, VRDN (a) | 3,600,000 | 3,600,000 | |
Saint Charles Parish Poll. Cont. Rev. (Shell Oil Co. Proj.) Series 1992 B, 0.05% 12/2/13, VRDN (a) | 4,200,000 | 4,200,000 | |
| 64,230,000 | ||
Maryland - 0.1% | |||
Maryland Health & Higher Edl. Facilities Auth. Rev. (Anne Arundel Health Sys. Proj.) Series 2009 B, 0.07% 12/6/13, LOC Bank of America NA, VRDN (a) | 800,000 | 800,000 | |
Massachusetts - 0.7% | |||
Massachusetts Dev. Fin. Agcy. Rev. (New England Deaconess Assoc. Proj.) Series 2011 B, 0.07% 12/6/13, LOC Manufacturers & Traders Trust Co., VRDN (a) | 600,000 | 600,000 | |
Massachusetts Gen. Oblig. Participating VRDN Series Clipper 07 41, 0.08% 12/6/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b) | 5,000,000 | 5,000,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN: | |||
Series EGL 07 0031, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 1,000,000 | 1,000,000 | |
Series MS 3228X, 0.07% 12/6/13 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,500,000 | 2,500,000 | |
| 9,100,000 | ||
Michigan - 1.0% | |||
Michigan Hosp. Fin. Auth. Rev. Participating VRDN Series ROC II R 11676, 0.06% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 1,000,000 | 1,000,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Air Products and Chemicals, Inc. Proj.) Series 2007 V1, 0.05% 12/2/13, VRDN (a) | $ 4,600,000 | $ 4,600,000 | |
(Henry Ford Museum & Greenfield Village Projs.) Series 2002, 0.07% 12/2/13, LOC Comerica Bank, VRDN (a) | 7,500,000 | 7,500,000 | |
| 13,100,000 | ||
Mississippi - 4.3% | |||
Jackson County Poll. Cont. Rev. (Chevron U.S.A., Inc. Proj.) Series 1993 0.04% 12/2/13, VRDN (a) | 13,750,000 | 13,750,000 | |
Mississippi Bus. Fin. Corp. (Chevron U.S.A., Inc. Proj.): | |||
Series 2007 A, 0.04% 12/2/13 (Chevron Corp. Guaranteed), VRDN (a) | 20,400,000 | 20,400,000 | |
Series 2007 C: | |||
0.04% 12/2/13 (Chevron Corp. Guaranteed), VRDN (a) | 15,400,000 | 15,400,000 | |
0.05% 12/2/13 (Chevron Corp. Guaranteed), VRDN (a) | 1,200,000 | 1,200,000 | |
Mississippi Gen. Oblig. Participating VRDN Series ROC II-R 11987, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 3,600,000 | 3,600,000 | |
| 54,350,000 | ||
Missouri - 6.3% | |||
Kansas City Indl. Dev. Auth. (Ewing Marion Kauffman Foundation Prog.): | |||
Series A, 0.07% 12/2/13, VRDN (a) | 14,050,000 | 14,050,000 | |
0.07% 12/2/13, VRDN (a) | 3,000,000 | 3,000,000 | |
Missouri Dev. Fin. Board Lease Rev. (Missouri Assoc. of Muni. Utils. Proj.) 0.06% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 1,800,000 | 1,800,000 | |
Missouri Health & Edl. Facilities Series 2013 B, 0.07% 12/2/13, LOC Bank of America NA, VRDN (a) | 2,500,000 | 2,500,000 | |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev.: | |||
(DeSmet Jesuit High School Proj.) Series 2002, 0.06% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 4,900,000 | 4,900,000 | |
(Saint Louis Univ. Proj.): | |||
Series 2008 A2, 0.05% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 19,180,000 | 19,180,000 | |
Series 2008 B1, 0.06% 12/2/13, LOC Barclays Bank PLC, VRDN (a) | 8,935,000 | 8,935,000 | |
Series 2011 B, 0.06% 12/2/13, LOC Northern Trust Co., VRDN (a) | 1,900,000 | 1,900,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Missouri - continued | |||
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev.: - continued | |||
Series 2012, 0.06% 12/2/13, LOC PNC Bank NA, VRDN (a) | $ 1,600,000 | $ 1,600,000 | |
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (SSM Health Care Proj.) Series 2010 E, 0.04% 12/2/13, LOC PNC Bank NA, VRDN (a) | 20,500,000 | 20,500,000 | |
| 78,365,000 | ||
Nebraska - 1.2% | |||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2009, 0.05% 12/6/13 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 3,390,000 | 3,390,000 | |
Nebraska Edl. Fin. Auth. Rev. (Creighton Univ. Proj.) Series 2008, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 12,000,000 | 12,000,000 | |
| 15,390,000 | ||
Nevada - 0.6% | |||
Clark County Fuel Tax Participating VRDN ROC II R 11836, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 7,500,000 | 7,500,000 | |
New Mexico - 0.6% | |||
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Series 2009, 0.05% 12/6/13 (Liquidity Facility Royal Bank of Canada), VRDN (a) | 7,365,000 | 7,365,000 | |
New York - 19.8% | |||
New York City Gen. Oblig.: | |||
Series 2006 E2, 0.05% 12/2/13, LOC Bank of America NA, VRDN (a) | 11,000,000 | 11,000,000 | |
Series 2006 I3, 0.1% 12/2/13, LOC Bank of America NA, VRDN (a) | 2,000,000 | 2,000,000 | |
Series 2006 I4, 0.05% 12/2/13 (Liquidity Facility California Pub. Employees Retirement Sys.), VRDN (a) | 20,350,000 | 20,350,000 | |
Series 2008 J6, 0.1% 12/2/13, LOC Landesbank Hessen-Thuringen, VRDN (a) | 4,500,000 | 4,500,000 | |
Series 2013 A2, 0.05% 12/2/13 (Liquidity Facility Mizuho Corporate Bank Ltd.), VRDN (a) | 20,400,000 | 20,400,000 | |
Series 2013 F3, 0.05% 12/2/13 (Liquidity Facility Bank of America NA), VRDN (a) | 2,900,000 | 2,900,000 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series 2006 AA, 0.05% 12/2/13 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 8,000,000 | 8,000,000 | |
Series 2006 AA-1B, 0.05% 12/2/13 (Liquidity Facility California Teachers Retirement Sys.), VRDN (a) | 1,100,000 | 1,100,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
New York - continued | |||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | |||
Series 2009 BB1, 0.06% 12/2/13 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | $ 14,455,000 | $ 14,455,000 | |
Series 2009 BB2, 0.07% 12/2/13 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 19,770,000 | 19,770,000 | |
Series 2011 DD-3A, 0.05% 12/2/13 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (a) | 3,300,000 | 3,300,000 | |
Series 2011 DD-3B, 0.05% 12/2/13 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 1,200,000 | 1,200,000 | |
Series 2012 B4, 0.05% 12/2/13 (Liquidity Facility Northern Trust Co.), VRDN (a) | 8,000,000 | 8,000,000 | |
New York City Transitional Fin. Auth. Rev.: | |||
Series 2001 B, 0.08% 12/2/13 (Liquidity Facility Landesbank Baden-Wuert), VRDN (a) | 1,000,000 | 1,000,000 | |
Series 2003 A2, 0.05% 12/2/13 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) | 8,600,000 | 8,600,000 | |
Series 2003 C4, 0.06% 12/2/13 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 26,950,000 | 26,950,000 | |
Series 2014 A4, 0.05% 12/2/13 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | 17,900,000 | 17,900,000 | |
New York City Trust Cultural Resources Rev. (Lincoln Ctr. for the Performing Arts, Inc. Proj.) Series 2008 A1, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 6,000,000 | 6,000,000 | |
New York Hsg. Fin. Agcy. Rev.: | |||
(316 11th Ave Hsg. Proj.) Series 2009 A, 0.05% 12/6/13, LOC Fannie Mae, VRDN (a) | 3,935,000 | 3,935,000 | |
(505 West 37th Street Proj.) Series 2009 A, 0.07% 12/2/13, LOC Landesbank Hessen-Thuringen, VRDN (a) | 1,500,000 | 1,500,000 | |
New York Metropolitan Trans. Auth. Rev. Series 2005 D2, 0.07% 12/2/13, LOC Landesbank Hessen-Thuringen, VRDN (a) | 37,150,000 | 37,150,000 | |
Triborough Bridge & Tunnel Auth. Revs.: | |||
Series 2005 A1, 0.05% 12/2/13, LOC California Pub. Employees Retirement Sys., VRDN (a) | 7,320,000 | 7,320,000 | |
Series 2005 B 2A, 0.05% 12/2/13, LOC California Pub. Employees Retirement Sys., VRDN (a) | 14,910,000 | 14,910,000 | |
Series 2005 B2 B, 0.05% 12/2/13, LOC California Teachers Retirement Sys., VRDN (a) | 6,220,000 | 6,220,000 | |
| 248,460,000 | ||
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
North Carolina - 2.8% | |||
Charlotte Wtr. & Swr. Sys. Rev. Series 2002 B, 0.04% 12/6/13 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | $ 2,890,000 | $ 2,890,000 | |
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 H, 0.05% 12/2/13, LOC Wells Fargo Bank NA, VRDN (a) | 1,735,000 | 1,735,000 | |
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN Series Putters 3248, 0.06% 12/2/13 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,390,000 | 2,390,000 | |
North Carolina Med. Care Commission Health Care Facilities Rev.: | |||
(WakeMed Proj.) Series 2009 C, 0.05% 12/6/13, LOC Wells Fargo Bank NA, VRDN (a) | 19,510,000 | 19,510,000 | |
Participating VRDN Series BC 10 31W, 0.07% 12/6/13 (Liquidity Facility Barclays Bank PLC) (a)(b) | 1,875,000 | 1,875,000 | |
Parson County Indl. Facilities and Poll. Cont. Fing. Auth. (CertainTeed Gypsum NC, Inc. Proj.) Series 2010, 0.11% 12/6/13, LOC Cr. Industriel et Commercial, VRDN (a) | 1,200,000 | 1,200,000 | |
Wake County Gen. Oblig. Series 2003 C, 0.05% 12/6/13 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | 5,000,000 | 5,000,000 | |
| 34,600,000 | ||
Ohio - 2.7% | |||
Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2010 C, 0.04% 12/2/13, LOC Union Bank NA, VRDN (a) | 11,900,000 | 11,900,000 | |
Alliance Hosp. Rev. (Alliance Obligated Group Proj.) Series 2003, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 7,325,000 | 7,325,000 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
Series 2008 B1, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 3,550,000 | 3,550,000 | |
Series 2008 B2, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 1,700,000 | 1,700,000 | |
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Series 2010 C, 0.08% 12/2/13, LOC UBS AG, VRDN (a) | 8,900,000 | 8,900,000 | |
| 33,375,000 | ||
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Oregon - 0.4% | |||
Multnomah County Hosp. Facilities Auth. Rev. (Mirabella at South Waterfront Proj.) Series 2008 A, 0.18% 12/2/13, LOC Bank of Scotland PLC, VRDN (a) | $ 2,800,000 | $ 2,800,000 | |
Oregon Health and Science Univ. Spl. Rev. Series 2012 C, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 2,735,000 | 2,735,000 | |
| 5,535,000 | ||
Pennsylvania - 3.0% | |||
Allegheny County Hosp. Dev. Auth. Rev. (Jefferson Reg'l. Med. Ctr. Proj.) Series 2008 A, 0.06% 12/6/13, LOC PNC Bank NA, VRDN (a) | 5,900,000 | 5,900,000 | |
Allegheny County Indl. Dev. Auth. Rev.: | |||
(Jewish Home & Hosp. for Aged Proj.) Series 1996 B, 0.07% 12/6/13, LOC PNC Bank NA, VRDN (a) | 2,115,000 | 2,115,000 | |
(Our Lady of the Sacred Heart High School Proj.) Series 2002, 0.07% 12/6/13, LOC PNC Bank NA, VRDN (a) | 3,210,000 | 3,210,000 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. (FirstEnergy Nuclear Generation Corp. Proj.) Series 2006 B, 0.04% 12/2/13, LOC Citibank NA, VRDN (a) | 6,400,000 | 6,400,000 | |
Haverford Township School District Series 2009, 0.05% 12/6/13, LOC TD Banknorth, NA, VRDN (a) | 6,935,000 | 6,935,000 | |
Philadelphia Auth. for Indl. Dev. Rev. (NewCourtland Elder Svcs. Proj.) Series 2003, 0.05% 12/2/13, LOC PNC Bank NA, VRDN (a) | 8,905,000 | 8,905,000 | |
RBC Muni. Products, Inc. Trust Participating VRDN Series RBC E 29, 0.05% 12/6/13 (Liquidity Facility Royal Bank of Canada) (a)(b) | 1,495,000 | 1,495,000 | |
Somerset County Gen. Oblig. Series 2009 C, 0.07% 12/6/13, LOC PNC Bank NA, VRDN (a) | 1,900,000 | 1,900,000 | |
Wilkes Barre Gen. Oblig. Series 2004 B, 0.07% 12/6/13, LOC PNC Bank NA, VRDN (a) | 600,000 | 600,000 | |
| 37,460,000 | ||
Tennessee - 0.6% | |||
Indl. Dev. Board of Blount County and Cities of Alcoa and Maryville (Maryville Civic Arts Ctr. Proj.) Series 2009 A, 0.06% 12/6/13, LOC Branch Banking & Trust Co., VRDN (a) | 700,000 | 700,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Tennessee - continued | |||
Memphis Health, Edl. & Hsg. Facilities Board (Watergrove Apts. Proj.) Series 2004, 0.05% 12/6/13, LOC Freddie Mac, VRDN (a) | $ 3,200,000 | $ 3,200,000 | |
Rutherford County Health & Edl. Facilities Board Rev. Participating VRDN BC 10 25W, 0.07% 12/6/13 (Liquidity Facility Barclays Bank PLC) (a)(b) | 3,000,000 | 3,000,000 | |
| 6,900,000 | ||
Texas - 7.5% | |||
Frisco Independent School District Participating VRDN Series ROC II R 11960, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 2,600,000 | 2,600,000 | |
Harris County Cultural Ed. Facilities Fin. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.): | |||
Series 2008 A, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 3,735,000 | 3,735,000 | |
Series 2008 B2, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 3,175,000 | 3,175,000 | |
Houston Util. Sys. Rev. Participating VRDN Series ROC II R 12324, 0.06% 12/2/13 (Liquidity Facility Citibank NA) (a)(b) | 9,600,000 | 9,600,000 | |
Medina Valley Texas Independent School District Participating VRDN Series ROC II R 11969, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 2,960,000 | 2,960,000 | |
Port Arthur Navigation District Envir. Facilities Rev.: | |||
(Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.2% 12/2/13, VRDN (a) | 10,725,000 | 10,725,000 | |
Series 2010 C, 0.17% 12/2/13, VRDN (a) | 2,400,000 | 2,400,000 | |
Series 2010 D, 0.2% 12/2/13, VRDN (a) | 17,255,000 | 17,255,000 | |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.) Series 2010 A, 0.07% 12/6/13 (Total SA Guaranteed), VRDN (a) | 3,000,000 | 3,000,000 | |
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Hendrick Med. Ctr. Proj.) Series 2009 C, 0.05% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 6,750,000 | 6,750,000 | |
Texas City Indl. Dev. Corp. (NRG Energy, Inc. Proj.) Series 2012, 0.06% 12/6/13, LOC Bank of America NA, VRDN (a) | 200,000 | 200,000 | |
Texas Gen. Oblig.: | |||
Participating VRDN: | |||
Series EGL 07 90, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 12,000,000 | 12,000,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Texas - continued | |||
Texas Gen. Oblig.: - continued | |||
Participating VRDN: - continued | |||
Series Solar 06 57, 0.05% 12/6/13 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b) | $ 9,105,000 | $ 9,105,000 | |
Series 2012 A, 0.05% 12/6/13 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 9,900,000 | 9,900,000 | |
| 93,405,000 | ||
Utah - 1.5% | |||
Murray City Hosp. Rev. (IHC Health Svcs., Inc. Proj.): | |||
Series 2005 A, 0.05% 12/2/13 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 13,265,000 | 13,265,000 | |
Series 2005 B, 0.05% 12/2/13 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 5,600,000 | 5,600,000 | |
| 18,865,000 | ||
Virginia - 0.1% | |||
Montgomery County Indl. Dev. Auth. Rev. (Virginia Tech Foundation Proj.) Series 2005, 0.06% 12/2/13, LOC Bank of New York, New York, VRDN (a) | 1,300,000 | 1,300,000 | |
Washington - 0.9% | |||
Washington Gen. Oblig. Participating VRDN: | |||
Series Clipper 05 39, 0.05% 12/6/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b) | 2,000,000 | 2,000,000 | |
Series ROC II R 11891, 0.05% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 5,000,000 | 5,000,000 | |
Series ROC II R 11924, 0.06% 12/6/13 (Liquidity Facility Citibank NA) (a)(b) | 3,950,000 | 3,950,000 | |
| 10,950,000 | ||
West Virginia - 2.1% | |||
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.) Series 2008 B, 0.06% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 26,650,000 | 26,650,000 | |
Wisconsin - 2.0% | |||
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Froedtert & Cmnty. Health, Inc. Proj.) Series 2009 B, 0.05% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 7,345,000 | 7,345,000 | |
(ProHealth Care, Inc. Proj.): | |||
Series 2008 A, 0.06% 12/2/13, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 8,615,000 | 8,615,000 | |
Series 2008 B, 0.07% 12/2/13, LOC JPMorgan Chase Bank, VRDN (a) | 9,655,000 | 9,655,000 | |
| 25,615,000 | ||
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Wyoming - 0.4% | |||
Lincoln County Poll. Cont. Rev.: | |||
(Exxon Co. Proj.) Series 1984 B, 0.04% 12/2/13, VRDN (a) | $ 3,700,000 | $ 3,700,000 | |
(Exxon Corp. Proj.) Series 1984 C, 0.04% 12/2/13, VRDN (a) | 1,650,000 | 1,650,000 | |
| 5,350,000 | ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $1,253,050,000) | 1,253,050,000 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 21,765 | ||
NET ASSETS - 100% | $ 1,253,071,765 |
Security Type Abbreviations | ||
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(b) Provides evidence of ownership in one or more underlying municipal bonds. |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,253,050,000) |
| $ 1,253,050,000 |
Cash |
| 847 |
Interest receivable | 79,488 | |
Total assets | 1,253,130,335 | |
|
|
|
Liabilities | ||
Distributions payable | $ 54,398 | |
Other payables and accrued expenses | 4,172 | |
Total liabilities | 58,570 | |
|
|
|
Net Assets | $ 1,253,071,765 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,253,014,964 | |
Undistributed net investment income | 2 | |
Accumulated undistributed net realized gain (loss) on investments | 56,799 | |
Net Assets, for 1,252,696,373 shares outstanding | $ 1,253,071,765 | |
Net Asset Value, offering price and redemption price per share ($1,253,071,765 ÷ 1,252,696,373 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended November 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 388,846 |
|
|
|
Expenses | ||
Custodian fees and expenses | $ 8,900 | |
Independent trustees' compensation | 2,347 | |
Total expenses before reductions | 11,247 | |
Expense reductions | (2,419) | 8,828 |
Net investment income (loss) | 380,018 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 37,240 |
Net increase in net assets resulting from operations | $ 417,258 |
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 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 380,018 | $ 1,392,555 |
Net realized gain (loss) | 37,240 | 50,681 |
Net increase in net assets resulting from operations | 417,258 | 1,443,236 |
Distributions to shareholders from net investment income | (380,016) | (1,392,592) |
Affiliated share transactions at net asset value of $1.00 per share | 1,409,750,000 | 5,194,229,000 |
Cost of shares redeemed | (1,174,395,000) | (5,197,771,500) |
Net increase (decrease) in net assets and shares resulting from share transactions | 235,355,000 | (3,542,500) |
Total increase (decrease) in net assets | 235,392,242 | (3,491,856) |
|
|
|
Net Assets | ||
Beginning of period | 1,017,679,523 | 1,021,171,379 |
End of period (including undistributed net investment income of $2 and $0, respectively) | $ 1,253,071,765 | $ 1,017,679,523 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended May 31, | ||||
| (Unaudited) | 2013 | 2012 | 2011 | 2010 | 2009 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) | .001 | .002 | .001 | .002 | .002 | .012 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | .001 | .002 | .001 | .002 | .002 | .012 |
Distributions from net investment income | (.001) | (.002) | (.001) | (.002) | (.002) | (.012) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .03% | .15% | .12% | .23% | .22% | 1.24% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions D | -% A | -% | -% | -% | -% | -% |
Expenses net of fee waivers, if any D | -% A | -% | -% | -% | -% | -% |
Expenses net of all reductions D | -% A | -% | -% | -% | -% | -% |
Net investment income (loss) | .06% A | .15% | .12% | .23% | .22% | 1.32% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 1,253,072 | $ 1,017,680 | $ 1,021,171 | $ 1,576,158 | $ 1,275,379 | $ 789,306 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2013 (Unaudited)
1. Organization.
Fidelity® Tax-Free Cash Central 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 statutory 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.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. There were no significant book-to-tax differences during the period.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) on securities and other investments | $ - |
|
|
Tax cost | $ 1,253,050,000 |
3. Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Investments Money Management, Inc. (the investment adviser), an affiliate of FMR, provides the Fund with investment management services. The Fund does not pay any fees for these services. Pursuant to the
Semiannual Report
3. Other Transactions with Affiliates - continued
Management Fee and Expense Contract - continued
Fund's management contract with the investment adviser, FMR pays the investment adviser a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain exceptions such as interest expense.
4. Expense Reductions.
The investment adviser has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $2,347.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $72.
5. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Tax-Free Cash Central Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Investments Money Management, Inc. (FIMM) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees, Operations, Audit, Fair Valuation, and Governance and Nominating, each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its September 2013 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FIMM and the sub-advisers (together, the Investment Advisers), and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.
Semiannual Report
Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading and risk management capabilities and resources, which are an integral part of the investment management process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer a liquid investment option for other Fidelity funds and accounts and ultimately to enhance the performance of those funds and accounts.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.
Competitiveness of Management Fee and Total Expense Ratio. The Board considered that while the fund does not pay a management fee, Fidelity Management & Research Company (FMR) pays a management fee on behalf of the fund and receives fees for providing services to funds that invest in the fund. The Board also noted that FMR bears all expenses of the fund, except expenses related to the fund's investment activities (primarily custody expenses). Based on its review, the Board concluded that the management fee paid on behalf of the fund and the fund's total expense ratio were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities, economies of scale cannot be realized by the fund.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's fee structures, including the group fee structure and definition of group assets, and the rationale for recommending different fees among different categories of funds and classes; (vi) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes, and the impact of the increased use of omnibus accounts; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.
Semiannual Report
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Revere Street Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Revere Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Revere Street Trust
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
|
|
Date: | January 24, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
|
|
Date: | January 24, 2014 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | January 24, 2014 |