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)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | May 31 |
Date of reporting period: | November 30, 2004 |
Item 1. Reports to Stockholders
Fidelity® Securities Lending
Cash Central Fund
Semiannual Report
November 30, 2004
1.743119.104392998
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and 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, 2004 to November 30, 2004).
Actual Expenses
The first line of the table below 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 table below 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.
Beginning | Ending | Expenses Paid | |
Actual | $1,000.00 | $1,007.60 | $.05 |
Hypothetical (5% return per year before expenses) | $1,000.00 | $1,024.95 | $.05 |
*Expenses are equal to the Fund's annualized expense ratio of .0103%; multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes
Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 79.9 | 68.3 | 67.9 |
31 - 90 | 10.2 | 13.5 | 11.1 |
91 - 180 | 9.9 | 9.2 | 4.5 |
181 - 397 | 0.0 | 9.0 | 16.5 |
Weighted Average Maturity | |||
11/30/04 | 5/31/04 | 11/30/03 | |
Fidelity Securities Lending Cash | 22 Days | 50 Days | 61 Days |
All Taxable Money Market | 40 Days | 51 Days | 58 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2004 | As of May 31, 2004 | ||||||
Government | Government | ||||||
Repurchase | Repurchase | ||||||
Net Other Assets**(0.1)% | Net Other Assets0.0% |
**Net Other Assets are not included in the pie chart.
*Source: iMoneyNet, Inc.
Semiannual Report
Investments November 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Federal Agencies - 28.3% | ||||
Due | Annualized Yield at | Principal | Value | |
Fannie Mae - 16.9% | ||||
Agency Coupons - 13.5% | ||||
12/1/04 | 1.98% (a) | $50,000,000 | $49,997,261 | |
12/1/04 | 2.00 (a) | 60,000,000 | 59,999,374 | |
12/6/04 | 1.68 (a) | 115,000,000 | 114,947,687 | |
12/7/04 | 1.95 (a) | 75,000,000 | 74,943,001 | |
12/24/04 | 1.87 (a) | 50,000,000 | 49,998,443 | |
12/29/04 | 2.08 (a) | 75,000,000 | 74,952,421 | |
12/29/04 | 2.11 (a) | 50,000,000 | 49,997,212 | |
1/7/05 | 1.92 (a) | 25,000,000 | 24,998,746 | |
2/15/05 | 1.16 | 35,510,000 | 35,940,646 | |
2/22/05 | 2.23 (a) | 100,000,000 | 99,907,795 | |
3/29/05 | 1.40 | 50,000,000 | 50,000,000 | |
4/28/05 | 1.33 | 100,000,000 | 100,000,000 | |
5/3/05 | 1.40 | 47,000,000 | 47,000,000 | |
5/4/05 | 1.54 | 65,000,000 | 65,000,000 | |
5/13/05 | 1.59 | 50,000,000 | 50,000,000 | |
947,682,586 | ||||
Discount Notes - 3.4% | ||||
2/2/05 | 2.10 | 50,000,000 | 49,817,125 | |
3/2/05 | 1.97 | 51,000,000 | 50,748,613 | |
3/4/05 | 1.21 | 75,000,000 | 74,767,500 | |
4/20/05 | 2.44 | 66,000,000 | 65,378,867 | |
240,712,105 | ||||
1,188,394,691 | ||||
Federal Home Loan Bank - 6.5% | ||||
Agency Coupons - 6.5% | ||||
12/15/04 | 1.80 (a) | 57,000,000 | 56,996,696 | |
12/21/04 | 1.84 (a) | 40,000,000 | 39,997,576 | |
2/10/05 | 2.11 (a) | 50,000,000 | 49,953,283 | |
2/25/05 | 1.40 | 50,000,000 | 50,000,000 | |
2/28/05 | 2.26 (a) | 200,000,000 | 199,918,935 | |
4/15/05 | 1.35 | 60,000,000 | 60,000,000 | |
456,866,490 | ||||
Federal Agencies - continued | ||||
Due | Annualized Yield at | Principal | Value | |
Freddie Mac - 4.9% | ||||
Agency Coupons - 0.5% | ||||
1/15/05 | 1.13% | $20,000,000 | $20,138,253 | |
2/15/05 | 1.17 | 14,740,000 | 14,820,644 | |
34,958,897 | ||||
Discount Notes - 4.4% | ||||
2/1/05 | 1.87 | 50,000,000 | 49,840,264 | |
2/8/05 | 1.33 | 48,859,000 | 48,736,323 | |
2/8/05 | 1.85 | 54,300,000 | 54,109,543 | |
2/15/05 | 1.85 | 20,000,000 | 19,922,733 | |
3/8/05 | 2.00 | 50,000,000 | 49,733,250 | |
3/15/05 | 2.01 | 85,191,000 | 84,701,246 | |
307,043,359 | ||||
342,002,256 | ||||
TOTAL FEDERAL AGENCIES | 1,987,263,437 |
Repurchase Agreements - 71.8% | |||
Maturity | |||
In a joint trading account (Collateralized by U.S. Government Obligations) dated 11/30/04 due 12/1/04 At: | |||
2.08% (b) | $4,474,258,448 | 4,474,000,000 | |
2.09% (b) | 282,125,412 | 282,109,000 | |
With Goldman Sachs & Co. At 2.13%, dated 11/30/04 due 12/1/04 (Collateralized by Commercial Paper Obligations with principal amounts of $285,029,200, 2.04% - 2.45%, 12/1/04 - 1/24/05) | 279,016,527 | 279,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 5,035,109,000 | ||
TOTAL INVESTMENT PORTFOLIO - 100.1% | 7,022,372,437 | ||
NET OTHER ASSETS - (0.1)% | (6,964,470) | ||
NET ASSETS - 100% | $7,015,407,967 |
Total Cost for Federal Income Tax Purposes$ 7,022,372,437 |
Legend |
(a)The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date. |
(b)Additional information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement/ | Value |
$4,474,000,000 due 12/1/04 at 2.08% | |
Banc of America Securities LLC. | $1,189,158,313 |
Bank of America, National Association | 406,549,851 |
Barclays Capital Inc. | 772,444,716 |
J.P. Morgan Securities, Inc. | 61,917,746 |
Merrill Lynch Government Securities, Inc. | 112,817,584 |
UBS Securities LLC | 1,422,924,477 |
Wachovia Capital Markets, LLC | 508,187,313 |
$4,474,000,000 | |
$282,109,000 due 12/1/04 at 2.09% | |
Banc of America Securities LLC. | $70,849,292 |
Credit Suisse First Boston LLC | 128,816,895 |
Merrill Lynch Government Securities, Inc. | 82,442,813 |
$282,109,000 |
Income Tax Information |
At May 31, 2004, the fund had a capital loss carryforward of approximately $38,000 all of which will expire on May 31, 2012. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
November 30, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including repurchase agreements of $5,035,109,000) (cost $7,022,372,437) - See accompanying schedule | $7,022,372,437 | |
Interest receivable | 4,547,651 | |
Prepaid expenses | 22,793 | |
Total assets | 7,026,942,881 | |
Liabilities | ||
Payable to custodian bank | $242 | |
Distributions payable | 11,465,918 | |
Other affiliated payables | 48,775 | |
Other payables and accrued expenses | 19,979 | |
Total liabilities | 11,534,914 | |
Net Assets | $7,015,407,967 | |
Net Assets consist of: | ||
Paid in capital | $7,015,815,805 | |
Undistributed net investment income | 3,546 | |
Accumulated undistributed net realized gain (loss) on investments | (411,384) | |
Net Assets, for 7,015,761,935 shares outstanding | $7,015,407,967 | |
Net Asset Value, offering price and redemption price per share ($7,015,407,967 ÷ 7,015,761,935 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, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $44,165,530 | |
Expenses | ||
Accounting fees and expenses | $235,542 | |
Non-interested trustees' compensation | 16,445 | |
Custodian fees and expenses | 17,326 | |
Audit | 14,509 | |
Legal | 207 | |
Miscellaneous | 12,498 | |
Total expenses before reductions | 296,527 | |
Expense reductions | (10,948) | 285,579 |
Net investment income | 43,879,951 | |
Net realized gain (loss) on investment securities | (263,017) | |
Net increase in net assets resulting from operations | $43,616,934 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $43,879,951 | $55,170,737 |
Net realized gain (loss) | (263,017) | (131,362) |
Net increase in net assets resulting | 43,616,934 | 55,039,375 |
Distributions to shareholders from net investment income | (44,019,792) | (55,035,397) |
Share transactions at net asset value of $1.00 per share | 16,567,369,128 | 34,199,994,003 |
Cost of shares redeemed | (17,501,366,165) | (30,536,702,139) |
Net increase (decrease) in net assets and shares resulting from share transactions | (933,997,037) | 3,663,291,864 |
Total increase (decrease) in net assets | (934,399,895) | 3,663,295,842 |
Net Assets | ||
Beginning of period | 7,949,807,862 | 4,286,512,020 |
End of period (including undistributed net investment income of $3,546 and undistributed net investment income of $143,387, respectively) | $7,015,407,967 | $7,949,807,862 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended May 31, | |||||
(Unaudited) | 2004 | 2003 | 2002 | 2001 | 2000 D | |
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 | .008 | .011 | .016 | .025 | .060 | .051 |
Distributions from net investment income | (.008) | (.011) | (.016) | (.025) | (.060) | (.051) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return B, C | .76% | 1.11% | 1.59% | 2.57% | 6.22% | 5.17% |
Ratios to Average Net Assets E | ||||||
Expenses before expense reductions | .0103% A | .0102% | .0113% | .0115% | .0107% | .0093% A |
Expenses net of voluntary waivers, if any | .0103% A | .0102% | .0113% | .0115% | .0107% | .0093% A |
Expenses net of all reductions | .0099% A | .0102% | .0113% | .0113% | .0105% | .0093% A |
Net investment income | 1.52% A | 1.10% | 1.53% | 2.56% | 6.04% | 5.75% A |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $7,015,408 | $7,949,808 | $4,286,512 | $3,829,173 | $4,029,347 | $6,623,840 |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DFor the period July 1, 1999 (commencement of operations) to May 31, 2000.
EExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2004 (Unaudited)
1. Significant Accounting Policies.
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. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium. Investments in open-end investment companies are valued at their net asset value each business day.
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.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. There were no significant book-to-tax differences during the period.
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Operating Policies - continued
Repurchase Agreements - continued
corporate obligations and mortgage loan obligations which may be below investment-grade quality, and equity securities. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR, provides the fund with investment management services. The fund does not pay any fees for these services.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records. The fee is based on the level of average net assets for the month.
4. Expense Reductions.
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 expenses by $10,948.
5. Other Information.
At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the fund.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Trust Instrument to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 31,113,140,242.10 | 100.000 |
Against | 0.00 | 0.000 |
Abstain | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Ralph F. Cox | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Laura B. Cronin | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Robert M. Gates | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Donald J. Kirk | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Marie L. Knowles | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Marvin L. Mann | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
William O. McCoy | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
*Denotes trust-wide proposals and voting results. |
Semiannual Report
Fidelity® Tax-Free
Cash Central Fund
Semiannual Report
November 30, 2004
1.810806.100393222
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and 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, 2004 to November 30, 2004).
Actual Expenses
The first line of the table below 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 table below 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.
Beginning | Ending | Expenses Paid | |
Actual | $1,000.00 | $1,006.60 | $.07 |
Hypothetical (5% return per year before expenses) | $1,000.00 | $1,024.93 | $.07 |
*Expenses are equal to the Fund's annualized expense ratio of .0141%; multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes
Maturity Diversification | ||
Days | % of fund's | % of fund's |
0 - 30 | 100.0 | 100.0 |
Weighted Average Maturity | ||
11/30/04 | 5/31/04 | |
Fidelity Tax-Free Cash Central Fund | 3 Days | 5 Days |
All Tax-Free Money Market Funds Average* | 35 Days | 32 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2004 | As of May 31, 2004 | ||||||
Variable Rate | Variable Rate | ||||||
Net Other Assets4.8% | Net Other Assets**(5.8)% |
** Net Other Assets are not included in the pie chart.
* Source: iMoneyNet, Inc.
Semiannual Report
Investments November 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 95.2% | |||
Principal | Value | ||
Alabama - 6.6% | |||
Birmingham Med. Ctr. East Spl. Care Facilities Fing. Auth. Rev. Participating VRDN Series MT 16, 1.71% (Liquidity Facility Svenska Handelsbanken AB) (a)(b) | $400,000 | $400,000 | |
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.): | |||
Series 1995 A, 1.68%, VRDN (a) | 5,600,000 | 5,600,000 | |
Series 1995 D, 1.74%, VRDN (a) | 10,155,000 | 10,155,000 | |
16,155,000 | |||
Alaska - 1.5% | |||
Valdez Marine Term. Rev. (BP Pipelines, Inc. Proj.) Series B, 1.68%, VRDN (a) | 3,775,000 | 3,775,000 | |
Arizona - 0.4% | |||
Arizona State Univ. Revs. Participating VRDN Series ROC II R174, 1.72% (Liquidity Facility Citibank NA) (a)(b) | 1,100,000 | 1,100,000 | |
California - 3.2% | |||
California Gen. Oblig.: | |||
Participating VRDN Series LB 04 L71J, 1.72% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b) | 700,000 | 700,000 | |
Series 2004 A3, 1.74%, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (a) | 4,250,000 | 4,250,000 | |
California Pub. Works Board Lease Rev. Participating VRDN Series PA 814R, 1.69% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 620,000 | 620,000 | |
Los Angeles Unified School District Participating VRDN Series MSTC 01 135, 1.72% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(b) | 2,295,000 | 2,295,000 | |
7,865,000 | |||
Florida - 11.4% | |||
Collier County School Board Ctfs. of Prtn. Participating VRDN Series PT 2295, 1.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 7,045,000 | 7,045,000 | |
Manatee County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1994, 1.7%, VRDN (a) | 4,600,000 | 4,600,000 | |
Pinellas County Health Facilities Auth. Rev. (Bayfront Med. Ctr., Inc. Projs.) 1.69%, LOC Suntrust Bank, VRDN (a) | 2,000,000 | 2,000,000 | |
Univ. of Florida Athletic Assoc. Cap. Impt. Rev. Series 1990, 1.74%, LOC Suntrust Bank, VRDN (a) | 12,500,000 | 12,500,000 | |
Univ. of North Florida Foundation, Inc. Rev. Series 1994, 1.73%, LOC Wachovia Bank NA, VRDN (a) | 2,000,000 | 2,000,000 | |
28,145,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
Georgia - 7.0% | |||
Gainesville & Hall County Dev. Auth. Rev. (Lanier Village Estates Proj.) 1.69%, LOC Bank of America NA, VRDN (a) | $17,150,000 | $17,150,000 | |
Illinois - 7.1% | |||
Chicago Gen. Oblig. Participating VRDN: | |||
Series Merlots B24, 1.72% (Liquidity Facility Wachovia Bank NA) (a)(b) | 3,175,000 | 3,175,000 | |
Series PT 2359, 1.71% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 1,750,000 | 1,750,000 | |
Illinois Dev. Fin. Auth. Rev. (Jewish Federation Metropolitan Chicago Projs.) 1.68% (AMBAC Insured), VRDN (a) | 6,570,000 | 6,570,000 | |
Lake County Cmnty. High School District Participating VRDN Series Stars 92, 1.71% (Liquidity Facility BNP Paribas SA) (a)(b) | 2,680,000 | 2,680,000 | |
Metropolitan Pier & Exposition Auth. Hosp. Facilities Rev. Participating VRDN Series EGL 04 49 Class A, 1.72% (Liquidity Facility Citibank NA) (a)(b) | 3,400,000 | 3,400,000 | |
17,575,000 | |||
Indiana - 3.2% | |||
Indiana Trans. Fin. Auth. Hwy. Participating VRDN: | |||
Series Piper 04 E, 1.75% (Liquidity Facility Bank of New York, New York) (a)(b) | 5,000,000 | 5,000,000 | |
Series PT 2189, 1.71% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 3,000,000 | 3,000,000 | |
8,000,000 | |||
Iowa - 0.6% | |||
Iowa Fin. Auth. Wellness Facilities Rev. (Cmnty. Y of Marshalltown Proj.) 1.74%, LOC Bank of America NA, VRDN (a) | 1,500,000 | 1,500,000 | |
Kentucky - 0.8% | |||
Kentucky Econ. Dev. Fin. Auth. Hosp. (Baptist Health Care Proj.) Series B, 1.68% (MBIA Insured), VRDN (a) | 2,020,000 | 2,020,000 | |
Maryland - 2.8% | |||
Maryland Econ. Dev. Corp. Rev. (U.S. Pharmacopeial Convention, Inc. Proj.): | |||
Series A, 1.68% (AMBAC Insured), VRDN (a) | 2,360,000 | 2,360,000 | |
Series B, 1.74% (AMBAC Insured), VRDN (a) | 4,500,000 | 4,500,000 | |
6,860,000 | |||
Massachusetts - 6.1% | |||
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
(Cap. Asset Prog.) Series C, 1.68% (MBIA Insured), VRDN (a) | 2,800,000 | 2,800,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Massachusetts - continued | |||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | |||
(Partners Health Care Sys., Inc. Proj.) Series D6, 1.7%, VRDN (a) | $6,600,000 | $6,600,000 | |
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. Participating VRDN Series SGA 87, 1.72% (Liquidity Facility Societe Generale) (a)(b) | 5,700,000 | 5,700,000 | |
15,100,000 | |||
Michigan - 2.2% | |||
Michigan State Univ. Revs. Series 2002 A, 1.68%, VRDN (a) | 300,000 | 300,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev. (Henry Ford Museum & Greenfield Village Projs.) Series 2002, 1.7%, LOC Comerica Bank, Detroit, VRDN (a) | 5,000,000 | 5,000,000 | |
5,300,000 | |||
Nebraska - 0.8% | |||
Lancaster County Hosp. Auth. #1 Hosp. Rev. (BryanLGH Med. Ctr. Proj.) Series 2002, 1.67% (AMBAC Insured), VRDN (a) | 1,900,000 | 1,900,000 | |
New Jersey - 0.9% | |||
New Jersey Gen. Oblig. Participating VRDN Series LB04 L55J, 1.72% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b) | 2,100,000 | 2,100,000 | |
New York - 4.0% | |||
Metropolitan Trans. Auth. Svc. Contract Rev. Participating VRDN Series PT 1756, 1.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 3,400,000 | 3,400,000 | |
New York City Gen. Oblig. Participating VRDN Series PT 2203, 1.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 1,195,000 | 1,195,000 | |
New York City Indl. Dev. Agcy. Rev. (One Bryant Park LLC Proj.) Series A, 1.73%, LOC Bank of America NA, LOC Bank of New York, New York, VRDN (a) | 1,300,000 | 1,300,000 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN Series Merlots 00 DDD, 1.71% (Liquidity Facility Wachovia Bank NA) (a)(b) | 3,980,000 | 3,980,000 | |
9,875,000 | |||
Ohio - 1.5% | |||
Univ. of Toledo Gen. Receipts 1.67% (FGIC Insured), VRDN (a) | 3,600,000 | 3,600,000 | |
Pennsylvania - 5.1% | |||
Allegheny County Indl. Dev. Auth. Rev. (UPMC Children's Hosp. Proj.) Series 2004 A, 1.68%, VRDN (a) | 600,000 | 600,000 | |
Erie County Gen. Oblig. Participating VRDN Series PT 1961, 1.69% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 2,640,000 | 2,640,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Pennsylvania - continued | |||
Geisinger Auth. Health Sys. Rev. (Geisinger Health Sys. Proj.) Series 2000, 1.68% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | $2,400,000 | $2,400,000 | |
Pennsylvania Gen. Oblig. Participating VRDN Series Merlots 04 B15, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(b) | 1,895,000 | 1,895,000 | |
Philadelphia Gas Works Rev. Participating VRDN Series MS 906, 1.71% (Liquidity Facility Morgan Stanley) (a)(b) | 3,000,000 | 3,000,000 | |
Schuylkill County Indl. Dev. Auth. Resource Recovery Rev. (Northeastern Pwr. Co. Proj.) Series 1997 A, 1.68%, LOC Dexia Cr. Local de France, VRDN (a) | 2,050,000 | 2,050,000 | |
12,585,000 | |||
South Carolina - 0.4% | |||
South Carolina Edl. Facilities Auth. for Private Nonprofit Institutions of Higher Learning Edl. Facilities Rev. (Allen Univ. Proj.) 1.74%, LOC Bank of America NA, VRDN (a) | 1,000,000 | 1,000,000 | |
Tennessee - 0.5% | |||
Sevier County Pub. Bldg. Auth. Rev. Series IV B6, 1.7% (FSA Insured), VRDN (a) | 1,300,000 | 1,300,000 | |
Texas - 17.4% | |||
Bell County Health Facilities Dev. Corp. Rev. (Scott & White Memorial Hosp. Proj.): | |||
Series 2001 1, 1.68% (MBIA Insured), VRDN (a) | 1,090,000 | 1,090,000 | |
Series B2, 1.68% (MBIA Insured), VRDN (a) | 2,685,000 | 2,685,000 | |
Denton County Gen. Oblig. Participating VRDN Series SGA 117, 1.75% (Liquidity Facility Societe Generale) (a)(b) | 100,000 | 100,000 | |
Gaudalupe-Blanco River Auth. Poll. Cont. Rev. (Central Pwr. & Lt. Co. Proj.) 1.68%, LOC Barclays Bank PLC, VRDN (a) | 10,040,000 | 10,040,000 | |
Harlandale Independent School District Participating VRDN Series Putters 524, 1.71% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,720,000 | 2,720,000 | |
Harris County Health Facilities Dev. Corp. Rev.: | |||
(Methodist Hosp. Proj.) 1.68%, VRDN (a) | 1,930,000 | 1,930,000 | |
(Saint Luke's Episcopal Hosp. Proj.) Series B, 1.68% (Liquidity Facility JPMorgan Chase Bank) (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (a) | 1,900,000 | 1,900,000 | |
(Texas Med. Ctr. Proj.) Series 2001, 1.68% (MBIA Insured), VRDN (a) | 6,345,000 | 6,345,000 | |
Harris County Health Facilities Dev. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.) Series 1999 B, 1.68% (FSA Insured), VRDN (a) | 2,600,000 | 2,600,000 | |
Houston Gen. Oblig. Participating VRDN Series PT 969, 1.71% (Liquidity Facility DEPFA BANK PLC) (a)(b) | 1,000,000 | 1,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Texas - continued | |||
Houston Wtr. & Swr. Sys. Rev. Participating VRDN Series SG 120, 1.71% (Liquidity Facility Societe Generale) (a)(b) | $2,000,000 | $2,000,000 | |
San Antonio Elec. & Gas Systems Rev. 1.73% (Liquidity Facility Bank of America NA), VRDN (a) | 3,200,000 | 3,200,000 | |
Texas Gen. Oblig. Participating VRDN: | |||
Series EGL 03 0026, 1.72% (Liquidity Facility Citibank NA, New York) (a)(b) | 2,400,000 | 2,400,000 | |
Series LB 04 L61J, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b) | 600,000 | 600,000 | |
Series LB 04 L62J, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b) | 600,000 | 600,000 | |
Texas Wtr. Dev. Board Rev. 1.68% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 1,400,000 | 1,400,000 | |
Waxahachie Independent School District Participating VRDN Series Merlots 04 C19, 1.72% (Liquidity Facility Wachovia Bank NA) (a)(b) | 2,300,000 | 2,300,000 | |
42,910,000 | |||
Utah - 3.2% | |||
Salt Lake County Poll. Cont. Rev. (Svc. Station Hldgs., Inc. Proj.): | |||
Series 1994, 1.68%, VRDN (a) | 3,300,000 | 3,300,000 | |
Series B, 1.67%, VRDN (a) | 4,550,000 | 4,550,000 | |
7,850,000 | |||
Washington - 2.0% | |||
Chelan County Pub. Util. District #1 Rev. Participating VRDN Series PT 950, 1.71% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 4,995,000 | 4,995,000 | |
Wisconsin - 0.2% | |||
Wisconsin Health & Edl. Facilities Auth. Rev. Participating VRDN Series PT 917, 1.71% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 500,000 | 500,000 | |
Wyoming - 6.3% | |||
Platte County Poll. Cont. Rev. (Tri-State Generation & Transmission Assoc. Proj.) Series 1984 A, 1.74%, LOC Nat'l. Rural Utils. Coop. Fin. Corp., VRDN (a) | 15,610,000 | 15,610,000 | |
TOTAL INVESTMENT PORTFOLIO - 95.2% | 234,770,000 | ||
NET OTHER ASSETS - 4.8% | 11,849,225 | ||
NET ASSETS - 100% | $246,619,225 |
Total Cost for Federal Income Tax Purposes $ 234,770,000 |
Security Type Abbreviations |
VRDN-VARIABLE RATE DEMAND NOTE |
Legend |
(a)The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b)Provides evidence of ownership in one or more underlying municipal bonds. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
November 30, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $234,770,000) - See accompanying schedule | $234,770,000 | |
Receivable for investments sold on a delayed delivery basis | 12,417,664 | |
Interest receivable | 563,842 | |
Prepaid expenses | 570 | |
Total assets | 247,752,076 | |
Liabilities | ||
Payable to custodian bank | $735 | |
Payable for investments purchased | 600,000 | |
Distributions payable | 520,817 | |
Other payables and accrued expenses | 11,299 | |
Total liabilities | 1,132,851 | |
Net Assets | $246,619,225 | |
Net Assets consist of: | ||
Paid in capital | $246,620,001 | |
Distributions in excess of net investment income | (1,148) | |
Accumulated undistributed net realized gain (loss) on investments | 372 | |
Net Assets, for 246,620,001 shares outstanding | $246,619,225 | |
Net Asset Value, offering price and redemption price per share ($246,619,225 ÷ 246,620,001 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, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $1,799,403 | |
Expenses | ||
Non-interested trustees' compensation | $706 | |
Custodian fees and expenses | 4,325 | |
Audit | 12,859 | |
Legal | 6 | |
Miscellaneous | 264 | |
Total expenses before reductions | 18,160 | |
Expense reductions | (2,479) | 15,681 |
Net investment income | 1,783,722 | |
Net realized gain (loss) on investment securities | 401 | |
Net increase in net assets resulting from operations | $1,784,123 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | February 3, 2004 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $1,783,722 | $952,099 |
Net realized gain (loss) | 401 | (29) |
Net increase in net assets resulting | 1,784,123 | 952,070 |
Distributions to shareholders from net investment income | (1,784,870) | (952,099) |
Share transactions at net asset value of $1.00 per share | 1,575,645,000 | 1,735,241,501 |
Cost of shares redeemed | (1,573,863,700) | (1,490,402,800) |
Net increase (decrease) in net assets and shares resulting from share transactions | 1,781,300 | 244,838,701 |
Total increase (decrease) in net assets | 1,780,553 | 244,838,672 |
Net Assets | ||
Beginning of period | 244,838,672 | - |
End of period (including distributions in excess of net investment income of $1,148 and $0, respectively) | $246,619,225 | $244,838,672 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Year ended May 31, | |
(Unaudited) | 2004 D | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $1.00 | $1.00 |
Income from Investment Operations | ||
Net investment income | .007 | .003 |
Distributions from net investment income | (.007) | (.003) |
Net asset value, end of period | $1.00 | $1.00 |
Total Return B, C | .66% | .32% |
Ratios to Average Net Assets E | ||
Expenses before expense reductions | .0141% A | .0290% A |
Expenses net of voluntary waivers, if any | .0141% A | .0145% A |
Expenses net of all reductions | .0122% A | .0131% A |
Net investment income | 1.39% A | .99% A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $246,619 | $244,839 |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DFor the period February 3, 2004 (commencement of operations) to May 31, 2004.
EExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2004 (Unaudited)
1. Significant Accounting Policies.
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. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium. Investments in open-end investment companies are valued at their net asset value each business day.
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.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. 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 Internal Revenue Service (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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR, provides the fund with investment management services. The fund does not pay any fees for these services.
4. Expense Reductions.
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 $2,479.
5. Other Information.
At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the fund.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Trust Instrument to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 31,113,140,242.10 | 100.000 |
Against | 0.00 | 0.000 |
Abstain | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Ralph F. Cox | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Laura B. Cronin | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Robert M. Gates | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Donald J. Kirk | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Marie L. Knowles | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Marvin L. Mann | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
William O. McCoy | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
*Denotes trust-wide proposals and voting results. |
Semiannual Report
Fidelity® Municipal
Cash Central Fund
Semiannual Report
November 30, 2004
1.734025.104393225
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and 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, 2004 to November 30, 2004).
Actual Expenses
The first line of the table below 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 table below 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.
Beginning | Ending | Expenses Paid | |
Actual | $1,000.00 | $1,006.80 | $.02 |
Hypothetical (5% return per year before expenses) | $1,000.00 | $1,024.98 | $.02 |
*Expenses are equal to the Fund's annualized expense ratio of .0041%; multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes
Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 99.9 | 99.9 | 100.0 |
31 - 90 | 0.1 | 0.0 | 0.0 |
91 - 180 | 0.0 | 0.1 | 0.0 |
Weighted Average Maturity | |||
11/30/04 | 5/31/04 | 11/30/03 | |
Fidelity Municipal Cash | 4 Days | 5 Days | 5 Days |
All Tax-Free Money Market | 35 Days | 32 Days | 46 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2004 | As of May 31, 2004 | ||||||
Variable Rate Demand Notes (VRDNs)98.9% | Variable Rate Demand Notes (VRDNs)98.6% | ||||||
Commercial Paper (including CP Mode)0.1% | Commercial Paper (including CP Mode)1.0% | ||||||
Net Other Assets1.0% | Net Other Assets0.4% |
*Source: iMoneyNet, Inc.
Semiannual Report
Investments November 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 99.0% | |||
Principal | Value | ||
Alabama - 1.1% | |||
Auburn Univ. Gen. Fee Rev. Participating VRDN Series MS 970, 1.71% (Liquidity Facility Morgan Stanley) (a)(c) | $3,050,000 | $3,050,000 | |
Birmingham Med. Ctr. East Spl. Care Facilities Fing. Auth. Rev. Participating VRDN Series MT 16, 1.71% (Liquidity Facility Svenska Handelsbanken AB) (a)(c) | 4,100,000 | 4,100,000 | |
Birmingham Wtrwks. & Swr. Board Wtr. & Swr. Rev. Participating VRDN Series MS 947, 1.71% (Liquidity Facility Morgan Stanley) (a)(c) | 3,000,000 | 3,000,000 | |
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) 1.78%, VRDN (a)(b) | 3,600,000 | 3,600,000 | |
Mobile Indl. Dev. Board Rev.: | |||
(Alabama Pwr. Theodore Plant Proj.) Series A, 1.77%, VRDN (a)(b) | 4,000,000 | 4,000,000 | |
(Newark Group Ind. Proj.) 1.72%, LOC Wachovia Bank NA, VRDN (a)(b) | 5,365,000 | 5,365,000 | |
23,115,000 | |||
Arizona - 2.0% | |||
Coconino County Poll. Cont. Corp. Rev. (Arizona Pub. Svc. Co. Navajo Proj.) Series 1994 A, 1.71%, LOC KBC Bank NV, VRDN (a)(b) | 25,850,000 | 25,850,000 | |
Maricopa County Indl. Dev. Auth. Indl. Dev. Rev. Bonds (American Wtr. Corp. Proj.) Series 1988, 1.95% tender 1/7/05, CP mode (b) | 3,000,000 | 3,000,000 | |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Glenn Oaks Apts. Proj.) Series 2001, 1.77%, LOC Fannie Mae, VRDN (a)(b) | 4,200,325 | 4,200,325 | |
(San Angelin Apts. Proj.) 1.72%, LOC Fannie Mae, VRDN (a)(b) | 4,400,000 | 4,400,000 | |
(San Remo Apts. Proj.) 1.72%, LOC Fannie Mae, VRDN (a)(b) | 1,300,000 | 1,300,000 | |
Phoenix Indl. Dev. Auth. Single Family Mtg. Rev. Participating VRDN Series PT 1082, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 2,065,000 | 2,065,000 | |
Tucson Indl. Dev. Auth. Rev. (Clarion Santa Rita Hotel Proj.) Series 2002, 1.75%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 2,250,000 | 2,250,000 | |
43,065,325 | |||
Arkansas - 0.5% | |||
Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) 1.79%, LOC Fannie Mae, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Arkansas - continued | |||
Arkansas Dev. Fin. Auth. Single Family Mtg. Rev. Participating VRDN: | |||
Series Floaters 01 708, 1.8% (Liquidity Facility Morgan Stanley) (a)(b)(c) | $6,500,000 | $6,500,000 | |
Series ROC II R121, 1.76% (Liquidity Facility Citibank NA) (a)(b)(c) | 2,420,000 | 2,420,000 | |
9,920,000 | |||
California - 5.3% | |||
California Dept. of Wtr. Resources Pwr. Supply Rev. | 5,350,000 | 5,350,000 | |
California Hsg. Fin. Agcy. Home Mtg. Rev.: | |||
Participating VRDN: | |||
Series MT 22, 1.75% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 9,810,000 | 9,810,000 | |
Series PT 998, 1.75% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 3,100,000 | 3,100,000 | |
Series 2001 E, 1.7%, LOC Fannie Mae, VRDN (a)(b) | 55,435,000 | 55,435,000 | |
Series 2002 U, 1.7% (FSA Insured), VRDN (a)(b) | 3,670,000 | 3,670,000 | |
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 1997 B, 1.73%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 6,900,000 | 6,900,000 | |
Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. (Wilshire Station Apts. Proj.) 1.69%, LOC Fleet Bank NA, VRDN (a)(b) | 14,300,000 | 14,300,000 | |
Los Angeles Reg'l. Arpt. Impt. Rev. (Compagne Nationale Air France Int'l. Arpt. Proj.) 1.87%, LOC Societe Generale, VRDN (a)(b) | 1,425,000 | 1,425,000 | |
Southern California Home Fing. Auth. Single Family Rev. Series A, 1.7% (Liquidity Facility Fannie Mae), VRDN (a)(b) | 15,235,000 | 15,235,000 | |
115,225,000 | |||
Colorado - 1.8% | |||
Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 1.81%, LOC JPMorgan Chase Bank, VRDN (a) | 1,000,000 | 1,000,000 | |
Colorado Hsg. & Fin. Auth.: | |||
Series 2002 A3, 1.75% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 6,460,000 | 6,460,000 | |
Series 2003 A2 Class I, 1.75% (Liquidity Facility Dexia Cr. Local de France), VRDN (a)(b) | 3,700,000 | 3,700,000 | |
Colorado Hsg. & Fin. Auth. Solid Waste Rev. (Waste Mgmt., Inc. Proj.) 1.74%, LOC Wachovia Bank NA, VRDN (a)(b) | 1,700,000 | 1,700,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Colorado - continued | |||
Colorado Springs Utils. Rev. Participating VRDN Series SGA 88, 1.75% (Liquidity Facility Societe Generale) (a)(c) | $4,400,000 | $4,400,000 | |
Colorado Student Oblig. Auth. (Student Ln. Prog.) | 4,700,000 | 4,700,000 | |
Denver City & County Arpt. Rev.: | |||
Participating VRDN: | |||
Series PA 1186, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 2,500,000 | 2,500,000 | |
Series PT 688, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 6,235,000 | 6,235,000 | |
Series PT 920, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 1,500,000 | 1,500,000 | |
Series 2000 B, 1.78% (MBIA Insured), VRDN (a)(b) | 5,800,000 | 5,800,000 | |
Moffat County Poll. Cont. Rev. (Colorado-UTE Elec. Assoc., Inc. Proj.) Series 1984, 1.9% (AMBAC Insured), VRDN (a) | 1,000,000 | 1,000,000 | |
38,995,000 | |||
Connecticut - 1.0% | |||
Connecticut Hsg. Fin. Auth. Participating VRDN Series MT 38, 1.72% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(b)(c) | 20,900,000 | 20,900,000 | |
Delaware - 0.4% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1987, 1.98%, VRDN (a)(b) | 8,000,000 | 8,000,000 | |
Series 1993 C, 1.9%, VRDN (a) | 700,000 | 700,000 | |
Series 1999 B, 1.97%, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
9,800,000 | |||
District Of Columbia - 1.1% | |||
District of Columbia Gen. Oblig. Participating VRDN | 3,130,000 | 3,130,000 | |
District of Columbia Hsg. Fin. Agcy. Single Family Mtg. Rev. Participating VRDN Series RF 00 4, 1.82% (Liquidity Facility Bank of New York, New York) (a)(b)(c) | 550,000 | 550,000 | |
Metropolitan Washington Arpts. Auth. Participating VRDN Series MSTC 01 130, 1.77% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(b)(c) | 11,060,000 | 11,060,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
District Of Columbia - continued | |||
Metropolitan Washington Arpts. Auth. Sys. Rev.: | |||
Participating VRDN Series Putters 404, 1.74% (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | $1,700,000 | $1,700,000 | |
1.71% (FSA Insured), VRDN (a)(b) | 8,500,000 | 8,500,000 | |
24,940,000 | |||
Florida - 2.3% | |||
Escambia County Hsg. Fin. Rev. Participating VRDN | 1,385,000 | 1,385,000 | |
Florida Board of Ed. Participating VRDN Series MSTC 01 131, 1.75% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(c) | 2,300,000 | 2,300,000 | |
Jacksonville Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) 1.7%, VRDN (a) | 5,100,000 | 5,100,000 | |
Manatee County Hsg. Fin. Auth. Multi-family Hsg. Rev. | 2,500,000 | 2,500,000 | |
Miami-Dade County Aviation Rev. Participating VRDN Series LB 04 L72J, 1.8% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(c) | 13,775,000 | 13,775,000 | |
Pinellas County Hsg. Fin. Auth. Single Family Mortgage Rev. Participating VRDN Series PT 2355, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 4,405,000 | 4,405,000 | |
Saint Lucie County Solid Waste Disp. (Florida Pwr. & Lt. Co. Proj.) Series 2003, 1.73%, VRDN (a)(b) | 13,100,000 | 13,100,000 | |
Tampa Bay Wtr. Util. Sys. Rev. 1.74%, LOC Bank of America NA, VRDN (a)(b) | 6,900,000 | 6,900,000 | |
49,465,000 | |||
Georgia - 2.1% | |||
Athens-Clarke County Unified Govt. Dev. Auth. Rev. (Univ. of Georgia Athletic Assoc. Proj.) 1.68%, LOC Bank of America NA, VRDN (a) | 4,200,000 | 4,200,000 | |
Atlanta Arpt. Rev. Participating VRDN Series PT 901, 1.76% (Liquidity Facility BNP Paribas SA) (a)(b)(c) | 6,175,000 | 6,175,000 | |
Canton Hsg. Auth. Multi-family Hsg. Rev. (Alta Ridgewalk Apts. Proj.) Series 2003, 1.76%, LOC AmSouth Bank NA, Birmingham, VRDN (a)(b) | 12,950,000 | 12,950,000 | |
Clayton County Dev. Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series 2000 B, 1.73%, LOC Gen. Elec. Cap. Corp., VRDN (a)(b) | 2,900,000 | 2,900,000 | |
DeKalb County Dev. Auth. Indl. Dev. Rev. (Qualex Proj.) 1.81%, LOC Comerica Bank, Texas, VRDN (a)(b) | 1,310,000 | 1,310,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Georgia - continued | |||
Gainesville & Hall County Dev. Auth. Indl. Exempt Facility Rev. (Spout Springs Wtr. LLC Proj.) 1.74%, LOC Bank of America NA, VRDN (a)(b) | $1,500,000 | $1,500,000 | |
Gwinnett County Hsg. Auth. Multi-family Hsg. Rev. (Herrington Mill Apts. Proj.) 1.74%, LOC Suntrust Bank, VRDN (a)(b) | 2,000,000 | 2,000,000 | |
Liberty County Indl. Auth. (Hy-Sil Manufacturing Co., Inc. Proj.) Series 2001 B, 1.74%, LOC Suntrust Bank, VRDN (a)(b) | 2,575,000 | 2,575,000 | |
Putnam Dev. Auth. Swr. Facility Rev. (Oconee Crossings Wharf Proj.) 1.8%, LOC Wachovia Bank NA, VRDN (a)(b) | 4,885,000 | 4,885,000 | |
Winder-Barrow County Joint Dev. Auth. Solid Waste Disp. Rev. (Republic Services, Inc. Proj.) 1.72%, LOC Suntrust Bank, VRDN (a)(b) | 8,000,000 | 8,000,000 | |
46,495,000 | |||
Hawaii - 0.1% | |||
Hawaii Arpts. Sys. Rev. Participating VRDN Series PT 2310, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 1,350,000 | 1,350,000 | |
Idaho - 0.0% | |||
Idaho Hsg. & Fin. Assoc. Participating VRDN Series PA 145A, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 624,000 | 624,000 | |
Illinois - 13.4% | |||
Carol Stream Multi-family Rev. (Saint Charles Square Proj.) 1.8%, LOC Fannie Mae, VRDN (a)(b) | 1,415,000 | 1,415,000 | |
Chicago Gen. Oblig. Participating VRDN Series EGL 01 1303, 1.82% (Liquidity Facility Citibank NA, New York) (a)(c) | 2,450,000 | 2,450,000 | |
Chicago Midway Arpt. Rev.: | |||
Series 1998 A, 1.71% (MBIA Insured), VRDN (a)(b) | 42,500,000 | 42,500,000 | |
Series 1998 B, 1.71% (MBIA Insured), VRDN (a)(b) | 72,500,000 | 72,500,000 | |
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series ROC II R239. 1.76% (Liquidity Facility Citibank NA) (a)(b)(c) | 5,200,000 | 5,200,000 | |
Chicago Wastewtr. Transmission Rev. Participating VRDN Series PZ 40, 1.79% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 2,120,000 | 2,120,000 | |
Cook County Forest Preservation District Participating VRDN Series Putters 566, 1.71% (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,330,000 | 6,330,000 | |
Illinois Gen. Oblig.: | |||
Participating VRDN: | |||
Series EGL 02 1301, 1.72% (Liquidity Facility Citibank NA, New York) (a)(c) | 5,900,000 | 5,900,000 | |
Series EGL 02 1304, 1.72% (Liquidity Facility Citibank NA, New York) (a)(c) | 5,040,000 | 5,040,000 | |
Series 2003 B, 1.7% (Liquidity Facility DEPFA BANK PLC), VRDN (a) | 117,900,000 | 117,900,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Illinois - continued | |||
Illinois Health Facilities Auth. Rev. (Resurrection Health Care Proj.) Series 1999 A, 1.69% (FSA Insured), VRDN (a) | $6,400,000 | $6,400,000 | |
Illinois Reg'l. Trans. Auth. Participating VRDN Series PT 2317, 1.71% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 5,365,000 | 5,365,000 | |
Illinois Student Assistance Commission Student Ln. Rev. Series 1996 A, 1.73%, LOC Bank of America NA, VRDN (a)(b) | 4,400,000 | 4,400,000 | |
Lake County Forest Preservation District Participating VRDN Series ROC II R2059, 1.72% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 2,049,000 | 2,049,000 | |
Lemont Envir. Facilities Rev. (Citgo Petroleum Corp. Proj.) 1.75%, LOC Bank of New York, New York, VRDN (a)(b) | 7,650,000 | 7,650,000 | |
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev. Participating VRDN EGL 2004 30, Class A, 1.72% (Liquidity Facility Citibank NA) (a)(c) | 4,000,000 | 4,000,000 | |
Will & Kendall Counties Cmnty. Consolidated School District #202 Participating VRDN Series ROC II R4031, 1.72% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 2,590,000 | 2,590,000 | |
293,809,000 | |||
Indiana - 1.8% | |||
Indiana Bond Bank Rev. Participating VRDN Series ROC II R2079, 1.72% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 2,430,000 | 2,430,000 | |
Indiana Dev. Fin. Auth. Envir. Rev. (Republic Svcs., Inc. Proj.) Series 2001, 1.72%, LOC Suntrust Bank, VRDN (a)(b) | 3,800,000 | 3,800,000 | |
Indiana Dev. Fin. Auth. Indl. Dev. Rev. (Republic Services, Inc. Proj.) 1.72%, LOC Suntrust Bank, VRDN (a)(b) | 4,250,000 | 4,250,000 | |
Indiana Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN Series LB 03 L45J, 1.8% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(c) | 7,565,000 | 7,565,000 | |
Indiana Trans. Fin. Auth. Hwy. Participating VRDN Series MS 942 D, 1.71% (Liquidity Facility Morgan Stanley) (a)(c) | 4,350,000 | 4,350,000 | |
Indianapolis Local Pub. Impt. Bond Bank Participating VRDN: | |||
Series MT 39, 1.76% (Liquidity Facility Svenska Handelsbanken AB) (a)(b)(c) | 4,585,000 | 4,585,000 | |
Series PT 731, 1.76% (Liquidity Facility Danske Bank AS) (a)(b)(c) | 2,600,000 | 2,600,000 | |
Lawrence County Indl. Dev. Rev. (D&M Tool Proj.) 1.87%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)(b) | 540,000 | 540,000 | |
Mount Vernon Poll. Cont. and Solid Waste Disp. Rev. (Gen. Elec. Co. Proj.) 1.52%, VRDN (a) | 5,000,000 | 5,000,000 | |
Whiting Envir. Facilities Rev. (BP Products North America, Inc. Proj.) 1.75%, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
40,120,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
Iowa - 0.1% | |||
Iowa Fin. Auth. Indl. Dev. Rev. (Grafco Industries Proj.) Series 1999, 1.79%, LOC Bank of America NA, VRDN (a)(b) | $1,300,000 | $1,300,000 | |
Kansas - 0.3% | |||
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) 1.79%, LOC Bank of America NA, VRDN (a)(b) | 5,600,000 | 5,600,000 | |
Kentucky - 2.6% | |||
Carroll County Solid Waste Disp. Rev. (North American Stainless LP Proj.) Series 2000, 1.73%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 9,570,000 | 9,570,000 | |
Kenton County Arpt. Board Arpt. Rev. Participating VRDN Series PT 490, 1.76% (Liquidity Facility BNP Paribas SA) (a)(b)(c) | 3,125,000 | 3,125,000 | |
Kentucky Econ. Dev. Fin. Auth. Indl. Bldg. Rev. (Republic Svcs., Inc. Proj.) Series 2000, 1.73%, LOC Bank of America NA, VRDN (a)(b) | 2,920,000 | 2,920,000 | |
Kentucky Higher Ed. Student Ln. Corp. Student Ln. Rev. Series 1991 E, 1.7% (AMBAC Insured), VRDN (a)(b) | 6,400,000 | 6,400,000 | |
Kentucky Hsg. Corp. Single Family Mtg. Rev. Participating VRDN: | |||
Series PT 741, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 9,000,000 | 9,000,000 | |
Series PT 863, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 460,000 | 460,000 | |
Series PT 868, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 4,590,000 | 4,590,000 | |
Louisville & Jefferson County Reg'l. Arpt. Auth. Spl. Facilities Rev. (UPS Worldwide Forwarding, Inc. Proj.): | |||
Series 1999 A, 1.74% (United Parcel Svc. of America Guaranteed), VRDN (a)(b) | 6,800,000 | 6,800,000 | |
Series B, 1.71% (United Parcel Svc. of America Guaranteed), VRDN (a)(b) | 13,500,000 | 13,500,000 | |
Mason County Poll. Cont. Rev. (East Kentucky Pwr. Coop. Proj.) Series 1984 B1, 1.9% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (a) | 1,695,000 | 1,695,000 | |
58,060,000 | |||
Louisiana - 8.1% | |||
Calcasieu Parish Indl. Dev. Board Envir. Rev. (Citgo Petroleum Corp. Proj.): | |||
Series 1994, 1.75%, LOC BNP Paribas SA, VRDN (a)(b) | 15,300,000 | 15,300,000 | |
1.75%, LOC BNP Paribas SA, VRDN (a)(b) | 40,700,000 | 40,700,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Louisiana - continued | |||
East Baton Rouge Mtg. Fing. Auth. Single Family Rev. Participating VRDN Series MS 973, 1.75% (Liquidity Facility Morgan Stanley) (a)(b)(c) | $10,545,000 | $10,545,000 | |
Jefferson Parish Home Mtg. Auth. Single Family Mtg. Rev. Participating VRDN Series LB 03 L51J, 1.8% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(c) | 3,750,000 | 3,750,000 | |
Lafayette Utils. Rev. Participating VRDN Series PT 2323, 1.71% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 5,245,000 | 5,245,000 | |
Plaquemines Parish Envir. Rev. (BP Exploration & Oil, Inc. Proj.) Series 1995, 1.75%, VRDN (a)(b) | 12,800,000 | 12,800,000 | |
Saint Charles Parish Poll. Cont. Rev.: | |||
(Shell Oil Co. Proj.) Series A, 1.74%, VRDN (a)(b) | 24,700,000 | 24,700,000 | |
(Shell Oil Co.-Norco Proj.) Series 1991, 1.72%, VRDN (a)(b) | 40,000,000 | 40,000,000 | |
South Louisiana Port Commission Port Facilities Rev. (Holnam, Inc. Proj.) 1.73%, LOC Wachovia Bank NA, VRDN (a)(b) | 12,600,000 | 12,600,000 | |
West Baton Rouge Parish Indl. District #3 Rev. (Dow Chemical Co. Proj.): | |||
Series 1993, 1.87%, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Series 1994 A, 1.87%, VRDN (a)(b) | 10,200,000 | 10,200,000 | |
Series 1995, 1.87%, VRDN (a)(b) | 1,050,000 | 1,050,000 | |
177,890,000 | |||
Maine - 0.9% | |||
Maine Hsg. Auth. Gen. Hsg. Rev. Participating VRDN Series MT 12, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 3,335,000 | 3,335,000 | |
Maine Hsg. Auth. Mtg. Purchase Rev. Series 2003 E2, 1.69% (AMBAC Insured), VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Maine Hsg. Auth. Multi-family Dev. Rev. (Park Village Apts. Proj.) 1.7%, LOC Fannie Mae, VRDN (a)(b) | 15,900,000 | 15,900,000 | |
20,235,000 | |||
Maryland - 0.1% | |||
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. (Parlane Apts. Proj.) Series 2001 C, 1.72%, LOC Fannie Mae, VRDN (a)(b) | 1,400,000 | 1,400,000 | |
Massachusetts - 0.2% | |||
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Wheelabrator Millbury Proj.) 1.71%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
Michigan - 2.3% | |||
Detroit City School District Participating VRDN Series AAB 04 39, 1.71% (Liquidity Facility ABN-AMRO Bank NV) (a)(c) | 4,900,000 | 4,900,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Detroit Swr. Disp. Rev. Participating VRDN Series Merlots 01 A112, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(c) | $2,460,000 | $2,460,000 | |
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series 1999 B2, 1.75% (MBIA Insured), VRDN (a)(b) | 6,850,000 | 6,850,000 | |
Michigan Muni. Bond Auth. Rev. Participating VRDN Series LB 04 L57J, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 10,000,000 | 10,000,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Mans Proj.) Series 1998, 1.83%, LOC Comerica Bank, Detroit, VRDN (a)(b) | 600,000 | 600,000 | |
(Orchestra Place Renewal Proj.) Series 2000, 1.75%, LOC ABN-AMRO Bank NV, VRDN (a) | 9,200,000 | 9,200,000 | |
Series 1999, 1.68%, LOC Standard Fed. Bank, VRDN (a) | 14,800,000 | 14,800,000 | |
Michigan Strategic Fund Poll. Cont. Rev. (Gen. Motors Corp. Proj.) Series 1988 A, 2.2%, VRDN (a) | 1,100,000 | 1,100,000 | |
49,910,000 | |||
Minnesota - 0.7% | |||
Minneapolis Multi-family Rev. (Gateway Real Estate Proj.) 1.73%, LOC Lasalle Bank NA, VRDN (a)(b) | 1,350,000 | 1,350,000 | |
Minnesota Gen. Oblig. Participating VRDN: | |||
Series MS 01 719, 1.71% (Liquidity Facility Morgan Stanley) (a)(c) | 5,400,000 | 5,400,000 | |
Series ROC II R4039, 1.72% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 3,665,000 | 3,665,000 | |
Minnesota Hsg. Fin. Agcy. Participating VRDN Series LB 03 L28J, 1.85% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(c) | 5,360,000 | 5,360,000 | |
15,775,000 | |||
Mississippi - 1.6% | |||
Jackson County Indl. Sewage Facilities Rev. (Chevron U.S.A, Inc. Proj.) Series 1994, 1.75%, VRDN (a)(b) | 17,350,000 | 17,350,000 | |
Mississippi Home Corp. Single Family Rev. Participating VRDN Series MS 714, 1.8% (Liquidity Facility Morgan Stanley) (a)(b)(c) | 18,417,000 | 18,417,000 | |
35,767,000 | |||
Missouri - 2.5% | |||
Curators of the Univ. of Missouri Participating VRDN Series LB 04 L44, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 15,000,000 | 15,000,000 | |
Missouri Board Pub. Bldgs. Spl. Oblig. Participating VRDN Series Merlots B38, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(c) | 9,350,000 | 9,350,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Missouri - continued | |||
Missouri Higher Ed. Ln. Auth. Student Ln. Rev.: | |||
Series 1990 A, 1.7%, LOC Bank of America NA, VRDN (a)(b) | $28,200,000 | $28,200,000 | |
Series 1990 B, 1.7%, LOC Bank of America NA, VRDN (a)(b) | 2,900,000 | 2,900,000 | |
55,450,000 | |||
Montana - 0.8% | |||
Montana Board of Hsg. Participating VRDN Series Putters 348, 1.74% (Liquidity Facility J.P. Morgan Chase & Co.) (a)(b)(c) | 4,655,000 | 4,655,000 | |
Montana Facility Fin. Auth. Rev. (Sisters of Charity Leavenworth Health Sys. Proj.) 1.23%, VRDN (a) | 13,000,000 | 13,000,000 | |
17,655,000 | |||
Nebraska - 2.4% | |||
Douglas County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 1.74%, LOC Bank of America NA, VRDN (a)(b) | 1,500,000 | 1,500,000 | |
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | |||
Participating VRDN Series Merlots 00 UU, 1.79% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 955,000 | 955,000 | |
Series 2000 F, 1.75% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 6,980,000 | 6,980,000 | |
Series 2001 B, 1.75% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 9,065,000 | 9,065,000 | |
Series 2001 C, 1.75% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 2,235,000 | 2,235,000 | |
Series 2002 B, 1.75% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 3,065,000 | 3,065,000 | |
Series 2002 C, 1.75% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 2,805,000 | 2,805,000 | |
Series 2002 F: | |||
1.75% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 15,275,000 | 15,275,000 | |
1.75% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 610,000 | 610,000 | |
Nebraska Pub. Pwr. District Rev. Participating VRDN: | |||
Series EGL 04 0014, 1.72% (Liquidity Facility Citibank NA) (a)(c) | 3,200,000 | 3,200,000 | |
Series EGL 04 16 Class A, 1.72% (Liquidity Facility Citibank NA) (a)(c) | 5,330,000 | 5,330,000 | |
Omaha Gen. Oblig. Participating VRDN Series EGL 04 0009, 1.72% (Liquidity Facility Citibank NA) (a)(c) | 2,560,000 | 2,560,000 | |
53,580,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
Nevada - 3.5% | |||
Clark County Arpt. Rev.: | |||
Participating VRDN Series Putters 498, 1.74% (Liquidity Facility PNC Bank NA, Pittsburgh) (a)(b)(c) | $3,600,000 | $3,600,000 | |
Series 2004 B, 1.7% (XL Cap. Assurance, Inc. Insured), VRDN (a)(b) | 12,200,000 | 12,200,000 | |
Series C, 1.71% (XL Cap. Assurance, Inc. Insured), VRDN (a)(b) | 37,900,000 | 37,900,000 | |
Clark County Gen. Oblig. Participating VRDN Series ROC II R1035, 1.72% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 2,985,000 | 2,985,000 | |
Clark County Indl. Dev. Rev. Participating VRDN Series PA 1023, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 6,190,000 | 6,190,000 | |
Clark County School District Participating VRDN Series PT 2406, 1.71% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 5,915,000 | 5,915,000 | |
Nevada Hsg. Division Series 2002 A, 1.72%, LOC U.S. Bank NA, Minnesota, VRDN (a)(b) | 6,300,000 | 6,300,000 | |
Truckee Meadows Wtr. Auth. Wtr. Rev. Participating VRDN Series SGA 01 137, 1.75% (Liquidity Facility Societe Generale) (a)(c) | 1,500,000 | 1,500,000 | |
76,590,000 | |||
New Hampshire - 0.5% | |||
Clipper Tax-Exempt Trust Participating VRDN Series 2003 4, 1.78% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c) | 5,920,000 | 5,920,000 | |
New Hampshire Bus. Fin. Auth. Resource Recovery Rev. (Wheelabrator Concord Co. LP Proj.) Series 1997 B, 1.72%, LOC Wachovia Bank NA, VRDN (a)(b) | 4,165,000 | 4,165,000 | |
New Hampshire Hsg. Fin. Auth. Single Family Rev. Participating VRDN Series Merlots 02 A4, 1.79% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 1,450,000 | 1,450,000 | |
11,535,000 | |||
New Jersey - 1.4% | |||
New Jersey Gen. Oblig. Participating VRDN Series LB04 L55J, 1.72% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 27,600,000 | 27,600,000 | |
New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Participating VRDN Series PT 1289, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 1,180,000 | 1,180,000 | |
New Jersey Tpk. Auth. Tpk. Rev. Participating VRDN | 2,000,000 | 2,000,000 | |
30,780,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
New Mexico - 0.4% | |||
New Mexico Mtg. Fin. Auth. Participating VRDN Series PT 739, 1.76% (Liquidity Facility BNP Paribas SA) (a)(b)(c) | $2,785,000 | $2,785,000 | |
New Mexico Single Family Hsg. Rev. Participating VRDN Series RF 00 B2, 1.82% (Liquidity Facility Bank of New York, New York) (a)(b)(c) | 6,435,000 | 6,435,000 | |
9,220,000 | |||
New York - 1.5% | |||
New York City Gen. Oblig. Participating VRDN Series ROC II 251, 1.74% (Citigroup Global Markets Hldgs., Inc. Guaranteed) (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 4,900,000 | 4,900,000 | |
New York City Hsg. Dev. Corp. Multi-family Rev. (92nd & First Residential Tower Proj.) Series A, 1.68%, LOC Fleet Nat'l. Bank, VRDN (a)(b) | 20,000,000 | 20,000,000 | |
New York City Indl. Dev. Agcy. Rev. (One Bryant Park LLC Proj.) Series A, 1.73%, LOC Bank of America NA, LOC Bank of New York, New York, VRDN (a) | 7,000,000 | 7,000,000 | |
31,900,000 | |||
New York & New Jersey - 0.2% | |||
Port Auth. of New York & New Jersey Participating VRDN Series PT 1269, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 5,000,000 | 5,000,000 | |
Non State Specific - 0.8% | |||
Clipper Tax-Exempt Trust Participating VRDN: | |||
Series 2003 1, 1.87% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 3,001,000 | 3,001,000 | |
Series 2003 10, 1.87% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c) | 8,900,000 | 8,900,000 | |
Series 2003 13, 1.79% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 1,800,000 | 1,800,000 | |
Series 2003 3, 1.82% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 3,700,000 | 3,700,000 | |
17,401,000 | |||
North Carolina - 2.5% | |||
Catawba County Indl. Facilities & Poll. Cont. Fin. Auth. Rev. (Kroehler Furniture Proj.) Series 1998, 1.79%, LOC Nat'l. City Bank, VRDN (a)(b) | 1,275,000 | 1,275,000 | |
Durham Hsg. Auth. Multi-family Hsg. Rev. (Lakeside Garden Apts. Proj.) 1.74%, LOC Suntrust Bank, VRDN (a)(b) | 6,880,000 | 6,880,000 | |
Gaston County Indl. Facilities & Poll. Cont. Fing. Auth. Rev. (Duke Energy Corp. Proj.) Series 1999, 1.9%, VRDN (a)(b) | 18,800,000 | 18,800,000 | |
North Carolina Cap. Facilities Fin. Agcy. (Republic Services, Inc. Proj.) 1.72%, LOC Suntrust Bank, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
North Carolina - continued | |||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Participating VRDN Series MS 955 D, 1.71% (Liquidity Facility Morgan Stanley) (a)(c) | $4,400,000 | $4,400,000 | |
North Carolina Gen. Oblig. Participating VRDN Series MSTC 01 125, 1.72% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(c) | 8,800,000 | 8,800,000 | |
North Carolina Hsg. Fin. Agcy. Home Ownership Rev. Participating VRDN: | |||
Series LB 04 L14, 1.8% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(c) | 3,975,000 | 3,975,000 | |
Series Merlots 00 A37, 1.79% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 2,805,000 | 2,805,000 | |
Series Merlots A70, 1.79% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 2,275,000 | 2,275,000 | |
54,210,000 | |||
North Dakota - 0.7% | |||
Fargo Indl. Dev. Rev. (Owen Ind., Inc. Proj.) Series 1997, 1.73%, LOC Wells Fargo Bank NA, Minnesota, VRDN (a)(b) | 800,000 | 800,000 | |
North Dakota Hsg. Fin. Agcy. Rev. Series 2003 A, 1.69% (Liquidity Facility KBC Bank NV), VRDN (a)(b) | 14,120,000 | 14,120,000 | |
14,920,000 | |||
Ohio - 1.1% | |||
Ohio Air Quality Dev. Auth. Rev. (AK Steel Corp. Proj.) Series A, 1.75%, LOC ABN-AMRO Bank NV, VRDN (a)(b) | 1,900,000 | 1,900,000 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev. Participating VRDN: | |||
Series BA 01 I, 1.79% (Liquidity Facility Bank of America NA) (a)(b)(c) | 1,875,000 | 1,875,000 | |
Series PT 582, 1.75% (Liquidity Facility Svenska Handelsbanken AB) (a)(b)(c) | 3,985,000 | 3,985,000 | |
Ohio Wtr. Dev. Auth. Solid Waste Disp. Rev. (Timken Co. Proj.) Series 1997, 1.71%, LOC Wachovia Bank NA, VRDN (a)(b) | 16,900,000 | 16,900,000 | |
24,660,000 | |||
Oklahoma - 0.6% | |||
Oklahoma Hsg. Fin. Agcy. Single Family Mtg. Rev. Participating VRDN Series PT 167, 1.76% (Liquidity Facility BNP Paribas SA) (a)(b)(c) | 1,025,000 | 1,025,000 | |
Oklahoma Student Ln. Auth. Rev. Series 2003 A2, 1.73% (MBIA Insured), VRDN (a)(b) | 10,300,000 | 10,300,000 | |
Tulsa County Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN Series MS 01 582, 1.79% (Liquidity Facility Morgan Stanley) (a)(b)(c) | 2,400,000 | 2,400,000 | |
13,725,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
Oregon - 0.5% | |||
Multnomah Co. Hosp. Facilities Auth. Rev. Participating VRDN Series PA 1257, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | $5,000,000 | $5,000,000 | |
Portland Hsg. Auth. Rev. (New Columbia - Cecelia Proj.) 1.74%, LOC Bank of America NA, VRDN (a)(b) | 5,050,000 | 5,050,000 | |
10,050,000 | |||
Pennsylvania - 1.9% | |||
Allegheny County Indl. Dev. Auth. Rev.: | |||
(Union Elec. Steel Co. Proj.) Series 1996 A, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
(UPMC Children's Hosp. Proj.) Series 2004 A, 1.68%, VRDN (a) | 5,600,000 | 5,600,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Merck & Co. Proj.) Series 2000, 1.79%, VRDN (a)(b) | 2,900,000 | 2,900,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 1997 B2, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b) | 800,000 | 800,000 | |
Pennsylvania Higher Ed. Assistance Agcy. Student Ln. Rev. Series 2001 B, 1.72% (FSA Insured), VRDN (a)(b) | 6,100,000 | 6,100,000 | |
Pennsylvania Hsg. Fin. Agcy. Participating VRDN | 4,240,000 | 4,240,000 | |
Philadelphia Auth. for Indl. Dev. Arpt. Rev. Participating VRDN Series Putters 217, 1.72% (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | 5,715,000 | 5,715,000 | |
Pittsburgh Urban Redev. Auth. Single Family Mortgage Rev. Participating VRDN Series PT 996, 1.74% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 3,300,000 | 3,300,000 | |
Schuylkill County Indl. Dev. Auth. Resource Recovery Rev. (Northeastern Pwr. Co. Proj.) Series 1997 B, 1.78%, LOC Dexia Cr. Local de France, VRDN (a)(b) | 13,100,000 | 13,100,000 | |
42,755,000 | |||
South Carolina - 2.5% | |||
Berkeley County Exempt Facility Indl. Rev. (BP Amoco Chemical Co. Proj.) 1.75%, VRDN (a)(b) | 8,700,000 | 8,700,000 | |
Darlington County Indl. Dev. Rev. (Nucor Corp. Proj.) Series A, 1.76%, VRDN (a)(b) | 4,000,000 | 4,000,000 | |
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series B, 1.9%, VRDN (a)(b) | 10,000,000 | 10,000,000 | |
South Carolina Hsg. Fin. & Dev. Auth. Multi-family Rev.: | |||
(Belton Woods Apt. Proj.) 1.74%, LOC Suntrust Bank, VRDN (a)(b) | 5,690,000 | 5,690,000 | |
(Cedarwoods Apts. Proj.) 1.74%, LOC Suntrust Bank, VRDN (a)(b) | 5,750,000 | 5,750,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
South Carolina - continued | |||
South Carolina Jobs Econ. Dev. Auth. Econ. Dev. Rev.: | |||
(Mohawk Ind., Inc. Proj.) Series 1997 A, 1.76%, LOC Wachovia Bank NA, VRDN (a)(b) | $1,000,000 | $1,000,000 | |
(Turnils North America Proj.) Series 1999, 1.75%, LOC Wachovia Bank NA, VRDN (a)(b) | 1,565,000 | 1,565,000 | |
South Carolina Ports Auth. Ports Rev. Series 1998 B, 1.75% (FSA Insured), VRDN (a)(b) | 17,500,000 | 17,500,000 | |
54,205,000 | |||
South Dakota - 0.6% | |||
South Dakota Hsg. Dev. Auth. Participating VRDN: | |||
Series BA 01 S, 1.82% (Liquidity Facility Bank of America NA) (a)(b)(c) | 3,380,000 | 3,380,000 | |
Series LB 04 L67 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(c) | 3,645,000 | 3,645,000 | |
South Dakota Hsg. Dev. Auth. Single Family Rev. Participating VRDN: | |||
Series PT 837, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 90,000 | 90,000 | |
Series PT 889, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 6,820,000 | 6,820,000 | |
13,935,000 | |||
Tennessee - 1.9% | |||
Bristol Health & Edl. Facilities Board Rev. Participating VRDN Series LB 03 L42J, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 4,300,000 | 4,300,000 | |
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.) 1.68%, LOC Bank of America NA, VRDN (a) | 5,810,000 | 5,810,000 | |
Maury County Indl. Dev. Board Wtr. Facility Rev. (Saturn Corp. Proj.) Series 1987, 2.25%, VRDN (a)(b) | 4,700,000 | 4,700,000 | |
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Participating VRDN Series Merlots 00 C, 1.79% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 3,000,000 | 3,000,000 | |
Sevier County Pub. Bldg. Auth. Rev. Series 2001 III A, 1.75% (AMBAC Insured), VRDN (a)(b) | 10,470,000 | 10,470,000 | |
Volunteer Student Fund Corp. Student Ln. Rev. Series 1988 A2, 1.72%, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b) | 13,675,000 | 13,675,000 | |
41,955,000 | |||
Texas - 16.3% | |||
Austin Arpt. Sys. Rev. Participating VRDN Series Merlots 00 J, 1.79% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 2,000,000 | 2,000,000 | |
Austin Wtr. & Wastewtr. Sys. Rev. 1.68% (FSA Insured), VRDN (a) | 11,500,000 | 11,500,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Texas - continued | |||
Bexar Co. Hsg. Fin. Corp. Multi-family Hsg. Rev. (Rosemont at Acme Apts. Proj.) 1.72%, LOC Wachovia Bank NA, VRDN (a) | $6,750,000 | $6,750,000 | |
Brazos River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.): | |||
1.75%, LOC Cr. Suisse First Boston Bank, VRDN (a)(b) | 2,900,000 | 2,900,000 | |
1.75%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 5,800,000 | 5,800,000 | |
Brazos River Hbr. Navigation Brazoria County Envir. Facilities Rev. (Merey Sweeny LP Proj.): | |||
Series 2000 A, 1.75%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 8,600,000 | 8,600,000 | |
Series 2002 A: | |||
1.75%, LOC Bank of America NA, VRDN (a)(b) | 8,300,000 | 8,300,000 | |
1.75%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 12,500,000 | 12,500,000 | |
Series 2002 B: | |||
1.75%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 11,700,000 | 11,700,000 | |
1.75%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 7,500,000 | 7,500,000 | |
Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.): | |||
Series 2000, 1.75%, LOC Wachovia Bank NA, VRDN (a)(b) | 2,900,000 | 2,900,000 | |
1.75%, LOC Wachovia Bank NA, VRDN (a)(b) | 2,900,000 | 2,900,000 | |
Dallas Area Rapid Transit Sales Tax Rev. Participating VRDN Series ROC II R3014, 1.72% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 5,205,000 | 5,205,000 | |
Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN Series PT 738, 1.76% (Liquidity Facility Danske Bank AS) (a)(b)(c) | 3,910,000 | 3,910,000 | |
Denton County Gen. Oblig. Participating VRDN Series SGA 117, 1.75% (Liquidity Facility Societe Generale) (a)(c) | 8,930,000 | 8,930,000 | |
Gulf Coast Indl. Dev. Auth. Marine Term. (Amoco Oil Co. Proj.) Series 1993, 1.75%, VRDN (a)(b) | 9,300,000 | 9,300,000 | |
Gulf Coast Indl. Dev. Auth. Envir. Facilities Rev. (Citgo Petroleum Corp. Proj.): | |||
Series 1999, 1.75%, LOC BNP Paribas SA, VRDN (a)(b) | 7,700,000 | 7,700,000 | |
1.72%, LOC WestLB AG, VRDN (a)(b) | 11,400,000 | 11,400,000 | |
Gulf Coast Indl. Dev. Auth. Exempt Facilities Indl. Rev. (BP Global Pwr. Corp. Proj.) 1.75%, VRDN (a)(b) | 9,200,000 | 9,200,000 | |
Gulf Coast Indl. Dev. Auth. Solid Waste Disp. Rev. (Citgo Petroleum Corp. Proj.) 1.75%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 36,300,000 | 36,300,000 | |
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev.: | |||
(Amoco Oil Co. Proj.): | |||
Series 1998, 1.75%, VRDN (a)(b) | 8,500,000 | 8,500,000 | |
Series 2001, 1.75%, VRDN (a)(b) | 3,725,000 | 3,725,000 | |
(BP Amoco Chemical Co. Proj.) 1.75%, VRDN (a)(b) | 18,800,000 | 18,800,000 | |
(BP Prods. North America, Inc. Proj.) 1.75%, VRDN (a)(b) | 17,600,000 | 17,600,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Texas - continued | |||
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. | |||
Series 1993, 1.75%, VRDN (a)(b) | $7,600,000 | $7,600,000 | |
Series 1994, 1.75%, VRDN (a)(b) | 9,600,000 | 9,600,000 | |
Harris County Gen. Oblig. Participating VRDN: | |||
Series EGL 02 6012, 1.72% (Liquidity Facility Citibank NA, New York) (a)(c) | 4,000,000 | 4,000,000 | |
Series Putters 550, 1.71% (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,100,000 | 2,100,000 | |
Harris County Health Facilities Dev. Corp. Rev. (Saint Luke's Episcopal Hosp. Proj.) Series B, 1.68% (Liquidity Facility JPMorgan Chase Bank) (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (a) | 16,320,000 | 16,320,000 | |
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Primrose Aldine Bender Apt. Proj.) 1.72%, LOC Fannie Mae, VRDN (a)(b) | 6,170,000 | 6,170,000 | |
Houston Arpt. Sys. Rev. Participating VRDN: | |||
Series MS 845, 1.73% (Liquidity Facility Morgan Stanley) (a)(c) | 3,010,000 | 3,010,000 | |
Series SG 03 161, 1.72% (Liquidity Facility Societe Generale) (a)(c) | 3,000,000 | 3,000,000 | |
Houston Hsg. Fin. Corp. Multi-family Hsg. Rev. (Mayfair Park Apts. Proj.) 1.72%, LOC Fannie Mae, VRDN (a)(b) | 3,000,000 | 3,000,000 | |
Houston Util. Sys. Rev. Participating VRDN Series Putters 527, 1.71% (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,170,000 | 3,170,000 | |
Houston Wtr. & Swr. Sys. Rev. Participating VRDN Series Merlots 02 A16, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(c) | 2,285,000 | 2,285,000 | |
Northside Independent School District Participating VRDN Series Merlots C38, 1.72% (Liquidity Facility Wachovia Bank NA) (a)(c) | 4,310,000 | 4,310,000 | |
Port Corpus Christi Indl. Dev. Corp. Envir. Facilities Rev. (Citgo Petroleum Corp. Proj.) Series 1998, 1.75%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 3,000,000 | 3,000,000 | |
Port of Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) 1.82%, VRDN (a)(b) | 2,895,000 | 2,895,000 | |
Texas A&M Univ. Rev. Participating VRDN Series ROC II R4005, 1.72% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 4,975,000 | 4,975,000 | |
Texas Dept. of Hsg. & Cmnty. Affairs Multi-family Rev. (Pinnacle Apts. Proj.) 1.72%, LOC Fannie Mae, | 7,500,000 | 7,500,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Texas - continued | |||
Texas Gen. Oblig.: | |||
Participating VRDN: | |||
Series LB 04 L61J, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | $4,900,000 | $4,900,000 | |
Series LB 04 L62J, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 4,500,000 | 4,500,000 | |
Series LB 04 L66, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 2,700,000 | 2,700,000 | |
(Veterans Hsg. Assistance Prog.) Series A, 1.75% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(b) | 2,200,000 | 2,200,000 | |
Travis County Hsg. Fin. Corp. (Rosemont at Old Manor Apts.) 1.72%, LOC Fannie Mae, VRDN (a)(b) | 6,700,000 | 6,700,000 | |
Univ. of North Texas Univ. Rev. Participating VRDN Series SGA 146, 1.72% (Liquidity Facility Societe Generale) (a)(c) | 3,000,000 | 3,000,000 | |
Univ. of Texas Univ. Revs. Participating VRDN Series MS 98 97, 1.71% (Liquidity Facility Morgan Stanley) (a)(c) | 5,120,000 | 5,120,000 | |
Waxahachie Independent School District Participating VRDN Series Merlots 04 C19, 1.72% (Liquidity Facility Wachovia Bank NA) (a)(c) | 2,860,000 | 2,860,000 | |
West Side Calhoun County Navigation District Envir. Facilities Rev. (BP Chemicals, Inc. Proj.) Series 2000, 1.75%, VRDN (a)(b) | 19,000,000 | 19,000,000 | |
357,835,000 | |||
Virginia - 0.3% | |||
Chesterfield County Indl. Dev. Auth. Rev. Participating VRDN Series PT 886, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 1,700,000 | 1,700,000 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. Participating VRDN Series MS 01 721, 1.71% (Liquidity Facility Morgan Stanley) (a)(c) | 4,300,000 | 4,300,000 | |
6,000,000 | |||
Washington - 5.1% | |||
Chelan County Pub. Util. District #1 Rev. Participating VRDN Series Merlots 00 R, 1.79% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 2,400,000 | 2,400,000 | |
King County School District #401 Highline Pub. Schools Participating VRDN Series Putters 526, 1.71% (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,000,000 | 3,000,000 | |
Pierce County Econ. Dev. Corp. Rev. (K&M Hldgs. II Proj.) Series 1997, 1.98%, LOC Wells Fargo Bank NA, San Francisco, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Washington - continued | |||
Port Bellingham Indl. Dev. Corp. Envir. Facilities Indl. Rev.: | |||
(Atlantic Richfield Proj.) 1.75%, VRDN (a)(b) | $19,600,000 | $19,600,000 | |
(BP West Coast Products LLC Proj.) 1.75% (BP PLC Guaranteed), VRDN (a)(b) | 13,000,000 | 13,000,000 | |
Port of Seattle Rev. Participating VRDN: | |||
Series PT 1780, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 8,635,000 | 8,635,000 | |
Series PT 2171, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 3,115,000 | 3,115,000 | |
Seattle Gen. Oblig. Participating VRDN Series SGA 03 142, 1.72% (Liquidity Facility Societe Generale) (a)(c) | 5,000,000 | 5,000,000 | |
Seattle Muni. Lt. & Pwr. Rev. Participating VRDN Series SGA 96, 1.75% (Liquidity Facility Societe Generale) (a)(c) | 14,955,000 | 14,955,000 | |
Tulalip Tribes of The Tulalip Reservation Spl. Rev. 1.74%, LOC Bank of America NA, VRDN (a) | 10,000,000 | 10,000,000 | |
Washington Econ. Dev. Fin. Auth. Econ. Dev. Rev. (Mount Ainstar Resort Proj.) 1.77%, LOC U.S. Bank NA, Minnesota, VRDN (a)(b) | 9,145,000 | 9,145,000 | |
Washington Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series E, 1.74%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
Washington Health Care Facilities Auth. Rev. Participating VRDN Series FRRI 02 L45J, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 5,100,000 | 5,100,000 | |
Washington Hsg. Fin. Commission Participating VRDN Series PT 636, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 8,100,000 | 8,100,000 | |
Washington Hsg. Fin. Commission Multi-family Hsg. Rev. (Silver Creek Apts. Proj.) Series A, 1.72%, LOC Fannie Mae, VRDN (a)(b) | 4,100,000 | 4,100,000 | |
112,250,000 | |||
West Virginia - 0.4% | |||
Marion County Solid Waste Disp. Rev. (Grant Town Cogeneration Proj.) Series 1990 D, 1.72%, LOC Deutsche Bank AG, VRDN (a)(b) | 2,100,000 | 2,100,000 | |
West Virginia Gen. Oblig. Participating VRDN Series MSTC 00 12, 1.71% (Liquidity Facility ABN-AMRO Bank NV) (a)(c) | 6,000,000 | 6,000,000 | |
8,100,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
Wisconsin - 0.8% | |||
Milwaukee County Gen. Oblig. Participating VRDN Series LB 04 L65, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | $3,600,000 | $3,600,000 | |
Oak Creek Poll. Cont. Rev. (Wisconsin Elec. Pwr. Co. Proj.) Series 1986, 1.78%, VRDN (a) | 3,000,000 | 3,000,000 | |
Sturtevant Indl. Dev. Rev. (Quadra, Inc. Proj.) 1.83%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
Wilmot Union High School District Participating VRDN Series PT 2258, 1.71% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 9,670,000 | 9,670,000 | |
17,370,000 | |||
TOTAL INVESTMENT PORTFOLIO - 99.0% | 2,169,841,325 | ||
NET OTHER ASSETS - 1.0% | 21,131,850 | ||
NET ASSETS - 100% | $2,190,973,175 |
Total Cost for Federal Income Tax Purposes$ 2,169,841,325 |
Security Type Abbreviations |
CP-COMMERCIAL PAPER |
VRDN-VARIABLE RATE DEMAND NOTE |
Legend |
(a)The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b)Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c)Provides evidence of ownership in one or more underlying municipal bonds. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
November 30, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $2,169,841,325) - - See accompanying schedule | $2,169,841,325 | |
Receivable for investments sold | 33,924,768 | |
Delayed delivery | 13,603,087 | |
Interest receivable | 5,058,846 | |
Prepaid expenses | 11,330 | |
Total assets | 2,222,439,356 | |
Liabilities | ||
Payable to custodian bank | $4,628 | |
Payable for investments purchased | 27,890,000 | |
Distributions payable | 3,553,186 | |
Other payables and accrued expenses | 18,367 | |
Total liabilities | 31,466,181 | |
Net Assets | $2,190,973,175 | |
Net Assets consist of: | ||
Paid in capital | $2,190,955,082 | |
Undistributed net investment income | 2,645 | |
Accumulated undistributed net realized gain (loss) on investments | 15,448 | |
Net Assets, for 2,190,632,172 shares outstanding | $2,190,973,175 | |
Net Asset Value, offering price and redemption price per share ($2,190,973,175 ÷ 2,190,632,172 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, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $18,517,435 | |
Expenses | ||
Non-interested trustees' compensation | $7,673 | |
Custodian fees and expenses | 25,545 | |
Audit | 14,509 | |
Legal | 249 | |
Insurance | 6,659 | |
Miscellaneous | 352 | |
Total expenses | 54,987 | |
Net investment income | 18,462,448 | |
Net realized gain (loss) on investment securities | 15,445 | |
Net increase in net assets resulting from operations | $18,477,893 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $18,462,448 | $22,299,106 |
Net realized gain (loss) | 15,445 | 206,304 |
Net increase in net assets resulting | 18,477,893 | 22,505,410 |
Distributions to shareholders from net investment income | (18,459,803) | (22,299,106) |
Share transactions at net asset value of $1.00 per share | 4,297,718,300 | 12,697,363,299 |
Cost of shares redeemed | (4,648,692,000) | (12,031,103,678) |
Net increase (decrease) in net assets and shares resulting from share transactions | (350,973,700) | 666,259,621 |
Total increase (decrease) in net assets | (350,955,610) | 666,465,925 |
Net Assets | ||
Beginning of period | 2,541,928,785 | 1,875,462,860 |
End of period (including undistributed net investment income of $2,645 and $0, respectively) | $2,190,973,175 | $2,541,928,785 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended May 31, | |||||
(Unaudited) | 2004 | 2003 | 2002 | 2001 | 2000 | |
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 | .007 | .010 | .014 | .019 | .039 | .037 |
Distributions from net investment income | (.007) | (.010) | (.014) | (.019) | (.039) | (.037) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return B, C | .68% | 1.02% | 1.38% | 1.93% | 4.01% | 3.74% |
Ratios to Average Net Assets D | ||||||
Expenses before expense reductions | .0041% A | .0040% | .0045% | .0092% | .0101% | .0087% |
Expenses net of voluntary waivers, if any | .0041% A | .0040% | .0045% | .0092% | .0101% | .0087% |
Expenses net of all reductions | .0041% A | .0030% | .0025% | .0068% | .0073% | .0040% |
Net investment income | 1.36% A | 1.01% | 1.36% | 1.75% | 3.92% | 3.69% |
Supplemental Data | ||||||
Net assets, end of | $2,190,973 | $2,541,929 | $1,875,463 | $1,442,613 | $513,360 | $1,210,969 |
BTotal returns for periods of less than one year are not annualized.
CTotal returns would have been lower had certain expenses not been reduced during the periods shown.
DExpense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2004 (Unaudited)
1. Significant Accounting Policies.
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. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium. Investments in open-end investment companies are valued at their net asset value each business day.
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.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. 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 Internal Revenue Service (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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR, provides the fund with investment management services. The fund does not pay any fees for these services.
4. Other Information.
At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the fund.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Trust Instrument to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 31,113,140,242.10 | 100.000 |
Against | 0.00 | 0.000 |
Abstain | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Ralph F. Cox | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Laura B. Cronin | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Robert M. Gates | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Donald J. Kirk | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Marie L. Knowles | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Marvin L. Mann | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
William O. McCoy | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
*Denotes trust-wide proposals and voting results. |
Semiannual Report
Fidelity® Cash Central Fund
Semiannual Report
November 30, 2004
1.734014.104 393294
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and 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, 2004 to November 30, 2004).
Actual Expenses
The first line of the table below 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 table below 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.
Beginning | Ending | Expenses Paid | |
Actual | $ 1,000.00 | $ 1,007.70 | $ .01 |
Hypothetical (5% return per year before expenses) | $ 1,000.00 | $ 1,024.99 | $ .01 |
* Expenses are equal to the Fund's annualized expense ratio of .0016%; multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes
Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 82.8 | 69.8 | 77.3 |
31 - 90 | 7.9 | 12.2 | 2.1 |
91 - 180 | 9.3 | 9.6 | 4.2 |
181 - 397 | 0.0 | 8.4 | 16.4 |
Weighted Average Maturity | |||
11/30/04 | 5/31/04 | 11/30/03 | |
Fidelity Cash Central Fund | 21 Days | 49 Days | 54 Days |
All Taxable Money Market | 40 Days | 51 Days | 58 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2004 | As of May 31, 2004 | ||||||
Bank CDs, BAs, | Bank CDs, BAs, | ||||||
Government | Government | ||||||
Repurchase | Repurchase | ||||||
Net Other Assets** (0.1)% | Net Other Assets 0.0% |
**Net Other Assets are not included in the pie chart.
*Source: iMoneyNet, Inc.
Semiannual Report
Investments November 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Federal Agencies - 35.4% | ||||
Due | Annualized Yield at | Principal | Value | |
Fannie Mae - 26.3% | ||||
Agency Coupons - 14.5% | ||||
12/1/04 | 1.98% (a) | $ 250,000,000 | $ 249,986,304 | |
12/1/04 | 2.00 (a) | 690,000,000 | 689,992,805 | |
12/6/04 | 1.68 (a) | 300,000,000 | 299,863,533 | |
12/7/04 | 1.95 (a) | 325,000,000 | 324,753,004 | |
12/24/04 | 1.87 (a) | 300,000,000 | 299,990,660 | |
12/27/04 | 2.08 (a) | 300,000,000 | 299,987,139 | |
12/29/04 | 2.08 (a) | 270,500,000 | 270,328,399 | |
12/29/04 | 2.11 (a) | 310,000,000 | 309,982,712 | |
1/7/05 | 1.92 (a) | 148,000,000 | 147,992,578 | |
2/22/05 | 2.23 (a) | 360,000,000 | 359,668,063 | |
3/29/05 | 1.40 | 230,000,000 | 230,000,000 | |
4/28/05 | 1.33 | 314,000,000 | 314,000,000 | |
5/3/05 | 1.40 | 140,000,000 | 140,000,000 | |
5/4/05 | 1.54 | 210,000,000 | 210,000,000 | |
5/13/05 | 1.59 | 144,000,000 | 144,000,000 | |
4,290,545,197 | ||||
Discount Notes - 11.8% | ||||
12/15/04 | 2.02 | 1,500,000,000 | 1,498,821,667 | |
2/2/05 | 2.10 | 300,000,000 | 298,902,750 | |
2/9/05 | 1.85 | 308,284,000 | 307,187,023 | |
3/2/05 | 1.97 | 252,945,000 | 251,698,192 | |
3/4/05 | 1.21 | 37,000,000 | 36,885,300 | |
3/9/05 | 2.00 | 150,000,000 | 149,191,500 | |
3/16/05 | 2.01 | 439,429,000 | 436,878,481 | |
4/6/05 | 2.15 | 275,000,000 | 272,949,875 | |
4/20/05 | 2.44 | 250,285,000 | 247,929,540 | |
3,500,444,328 | ||||
7,790,989,525 | ||||
Federal Home Loan Bank - 5.8% | ||||
Agency Coupons - 5.8% | ||||
12/15/04 | 1.80 (a) | 299,000,000 | 298,982,308 | |
12/21/04 | 1.84 (a) | 225,000,000 | 224,986,367 | |
2/10/05 | 2.11 (a) | 250,000,000 | 249,766,413 | |
2/25/05 | 1.40 | 225,000,000 | 225,000,000 | |
2/28/05 | 2.26 (a) | 515,000,000 | 514,791,254 | |
4/15/05 | 1.35 | 220,000,000 | 220,000,000 | |
1,733,526,342 | ||||
Federal Agencies - continued | ||||
Due | Annualized Yield at | Principal | Value | |
Freddie Mac - 3.3% | ||||
Discount Notes - 3.3% | ||||
12/2/04 | 1.53% | $ 131,119,000 | $ 131,113,500 | |
12/14/04 | 1.80 | 500,000,000 | 499,675,903 | |
2/1/05 | 1.87 | 250,000,000 | 249,201,319 | |
3/8/05 | 2.00 | 79,461,000 | 79,037,076 | |
3/15/05 | 2.01 | 7,000,000 | 6,959,758 | |
965,987,556 | ||||
TOTAL FEDERAL AGENCIES | 10,490,503,423 | |||
Time Deposits - 19.5% | ||||
Calyon | ||||
12/1/04 | 2.08 | 1,400,000,000 | 1,400,000,000 | |
Deutsche Bank AG | ||||
12/1/04 | 2.00 | 400,000,000 | 400,000,000 | |
Dexia Bank SA | ||||
12/1/04 | 2.08 | 1,000,000,000 | 1,000,000,000 | |
ING Belgium SA/NV | ||||
12/1/04 | 2.08 | 1,000,000,000 | 1,000,000,000 | |
RaboBank Nederland Coop. Central | ||||
12/1/04 | 2.08 | 1,400,000,000 | 1,400,000,000 | |
Suntrust Bank | ||||
12/1/04 | 2.00 | 580,000,000 | 580,000,000 | |
TOTAL TIME DEPOSITS | 5,780,000,000 |
Repurchase Agreements - 45.2% | |||
Maturity | |||
In a joint trading account (Collateralized by | |||
2.06% (b) | $ 2,232,128 | 2,232,000 | |
2.08% (b) | 12,125,231,393 | 12,124,531,000 | |
2.09% (b) | 384,880,389 | 384,858,000 | |
Repurchase Agreements - continued | |||
Maturity | Value | ||
In a joint trading account (Collateralized by | |||
1.9% (b) | $ 638,947,647 | $ 638,914,000 | |
1.95% (b) | 212,921,557 | 212,910,000 | |
TOTAL REPURCHASE AGREEMENTS | 13,363,445,000 | ||
TOTAL INVESTMENT PORTFOLIO - 100.1% | 29,633,948,423 | ||
NET OTHER ASSETS - (0.1)% | (33,325,253) | ||
NET ASSETS - 100% | $ 29,600,623,170 |
Total Cost for Federal Income Tax Purposes $ 29,633,948,423 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date. |
(b) Additional information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement/ | Value |
$2,232,000 due 12/1/04 at 2.06% | |
Barclays Capital Inc. | $ 1,373,538 |
Merrill Lynch Government Securities, Inc. | 858,462 |
$ 2,232,000 | |
Repurchase Agreement/ | Value |
$12,124,531,000 due 12/1/04 at 2.08% | |
Banc of America Securities LLC. | $ 3,222,616,637 |
Bank of America, National Association | 1,101,749,278 |
Barclays Capital Inc. | 2,093,323,627 |
J.P. Morgan Securities, Inc. | 167,796,966 |
Merrill Lynch Government Securities, Inc. | 305,735,425 |
UBS Securities LLC | 3,856,122,470 |
Wachovia Capital Markets, LLC | 1,377,186,597 |
$ 12,124,531,000 | |
$384,858,000 due 12/1/04 at 2.09% | |
Banc of America Securities LLC. | $ 96,653,836 |
Credit Suisse First Boston LLC | 175,734,246 |
Merrill Lynch Government Securities, Inc. | 112,469,918 |
$ 384,858,000 | |
Repurchase Agreement/ | Value |
$638,914,000 due 12/1/04 at 1.9% | |
Dresdner Kleinwort Wasserstein Securities LLC | $ 231,158,833 |
Merrill Lynch Government Securities, Inc. | 404,527,959 |
UBS Securities LLC | 3,227,208 |
$ 638,914,000 | |
$212,910,000 due 12/1/04 at 1.95% | |
Banc of America Securities LLC. | $ 27,232,862 |
Barclays Capital Inc. | 63,180,240 |
Deutsche Bank Securities Inc. | 71,894,755 |
Harris Nesbitt Corp. | 15,250,403 |
State Street Bank and Trust Company | 35,351,740 |
$ 212,910,000 |
Income Tax Information |
At May 31, 2004, the fund had a capital loss carryforward of approximately $208,000 all of which will expire on May 31, 2012. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
November 30, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including repurchase agreements of $13,363,445,000) (cost $29,633,948,423) - See accompanying schedule | $ 29,633,948,423 | |
Cash | 742 | |
Interest receivable | 14,227,045 | |
Prepaid expenses | 114,092 | |
Total assets | 29,648,290,302 | |
Liabilities | ||
Distributions payable | $ 47,636,057 | |
Other payables and accrued expenses | 31,075 | |
Total liabilities | 47,667,132 | |
Net Assets | $ 29,600,623,170 | |
Net Assets consist of: | ||
Paid in capital | $ 29,597,769,753 | |
Undistributed net investment income | 170,428 | |
Accumulated undistributed net realized gain (loss) on investments | 2,682,989 | |
Net Assets, for 29,596,989,754 shares outstanding | $ 29,600,623,170 | |
Net Asset Value, offering price and redemption price per share ($29,600,623,170 ÷ 29,596,989,754 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, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $ 210,652,290 | |
Expenses | ||
Non-interested trustees' compensation | $ 73,440 | |
Custodian fees and expenses | 53,625 | |
Audit | 14,509 | |
Legal | 908 | |
Insurance | 79,092 | |
Miscellaneous | 2,167 | |
Total expenses before reductions | 223,741 | |
Expense reductions | (6,193) | 217,548 |
Net investment income | 210,434,742 | |
Net realized gain (loss) on investment securities | (1,206,535) | |
Net increase in net assets resulting from operations | $ 209,228,207 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 210,434,742 | $ 257,648,002 |
Net realized gain (loss) | (1,206,535) | (1,077,029) |
Net increase in net assets resulting | 209,228,207 | 256,570,973 |
Distributions to shareholders from net investment income | (210,904,718) | (257,233,614) |
Share transactions at net asset value of $1.00 per share | 67,229,686,073 | 132,141,209,139 |
Cost of shares redeemed | (61,004,983,966) | (133,937,848,247) |
Net increase (decrease) in net assets and shares resulting from share transactions | 6,224,702,107 | (1,796,639,108) |
Total increase (decrease) in net assets | 6,223,025,596 | (1,797,301,749) |
Net Assets | ||
Beginning of period | 23,377,597,574 | 25,174,899,323 |
End of period (including undistributed net investment income of $170,428 and undistributed net investment income of $5,606,957, respectively) | $ 29,600,623,170 | $ 23,377,597,574 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months | Years ended May 31, | |||||
(Unaudited) | 2004 | 2003 | 2002 | 2001 | 2000 | |
Selected Per-Share Data | ||||||
Net asset value, beginning | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | ||||||
Net investment income | .008 | .011 | .016 | .026 | .060 | .054 |
Distributions from net investment income | (.008) | (.011) | (.016) | (.026) | (.060) | (.054) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .77% | 1.11% | 1.58% | 2.68% | 6.21% | 5.50% |
Ratios to Average Net Assets D | ||||||
Expenses before expense reductions | .0016% A | .0016% | .0016% | .0017% | .0016% | .0017% |
Expenses net of voluntary waivers, if any | .0016% A | .0016% | .0016% | .0017% | .0016% | .0017% |
Expenses net of all reductions | .0016% A | .0016% | .0016% | .0016% | .0016% | .0017% |
Net investment income | 1.55% A | 1.10% | 1.58% | 2.63% | 6.04% | 5.38% |
Supplemental Data | ||||||
Net assets, end of | $ 29,600,623 | $ 23,377,598 | $ 25,174,899 | $ 27,692,376 | $ 28,927,649 | $ 23,886,943 |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2004 (Unaudited)
1. Significant Accounting Policies.
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. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium. Investments in open-end investment companies are valued at their net asset value each business day.
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.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. There were no significant book-to-tax differences during the period.
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations,
Semiannual Report
Notes to Financial Statements - continued
2. Operating Policies - continued
Repurchase Agreements - continued
corporate obligations and mortgage loan obligations which may be below investment-grade quality, and equity securities. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR, provides the fund with investment management services. The fund does not pay any fees for these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. At period end, there were no interfund loans outstanding. The fund's activity in this program during the period was as follows:
Borrower or Lender | Average Daily | Weighted Average | Interest Earned | Interest |
Lender | $ 11,983,208 | 1.67% | $ 13,377 | - |
4. Expense Reductions.
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 $6,193.
5. Other Information.
At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the fund.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Trust Instrument to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 31,113,140,242.10 | 100.000 |
Against | 0.00 | 0.000 |
Abstain | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Ralph F. Cox | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Laura B. Cronin | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Robert M. Gates | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Donald J. Kirk | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Marie L. Knowles | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
Marvin L. Mann | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
William O. McCoy | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 31,113,140,242.10 | 100.000 |
Withheld | 0.00 | 0.000 |
TOTAL | 31,113,140,242.10 | 100.000 |
* Denotes trust-wide proposals and voting results. |
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. Schedule of Investments
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/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | January 24, 2005 |
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/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | January 24, 2005 |
By: | /s/Timothy F. Hayes |
Timothy F. Hayes | |
Chief Financial Officer | |
Date: | January 24, 2005 |