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 |
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Date of reporting period: | November 30, 2006 |
Item 1. Reports to Stockholders
Fidelity® Securities Lending
Cash Central Fund
Semiannual Report
November 30, 2006
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
1.743119.106 451517.1.0
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, 2006 to November 30, 2006).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning | Ending | Expenses Paid | |
Actual | $ 1,000.00 | $ 1,026.80 | $ .05 |
Hypothetical (5% return per year before expenses) | $ 1,000.00 | $ 1,025.02 | $ .05 |
* Expenses are equal to the Fund's annualized expense ratio of .0095%; 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 investments 11/30/06 | % of fund's investments 5/31/06 | % of fund's |
0 - 30 | 95.6 | 96.2 | 98.1 |
31 - 90 | 2.1 | 0.5 | 1.1 |
91 - 180 | 1.2 | 0.6 | 0.0 |
181 - 397 | 1.1 | 2.7 | 0.8 |
Weighted Average Maturity | |||
11/30/06 | 5/31/06 | 11/30/05 | |
Fidelity Securities Lending Cash Central Fund | 7 Days | 9 Days | 4 Days |
All Taxable Money Market Funds Average * | 41 Days | 36 Days | 37 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2006 | As of May 31, 2006 | ||||||
![]() | Government | ![]() | Government | ||||
![]() | Repurchase | ![]() | Repurchase | ||||
![]() | Net Other | ![]() | Net Other |
**Net Other Assets are not included in the pie chart.
*Source: iMoneyNet, Inc.
Semiannual Report
Investments November 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Federal Agencies - 5.0% | ||||
Due Date | Yield (a) | Principal | Value | |
Fannie Mae - 0.7% | ||||
3/30/07 | 5.26 to 5.27% | $ 100,000,000 | $ 98,339,785 | |
Federal Home Loan Bank - 2.8% | ||||
12/6/06 to 9/14/07 | 5.21 to 5.56 (b) | 387,675,000 | 387,521,048 | |
Freddie Mac - 1.5% | ||||
12/1/06 to 1/18/07 | 4.71 to 5.11 | 208,949,000 | 208,012,708 | |
TOTAL FEDERAL AGENCIES | 693,873,541 |
Repurchase Agreements - 95.4% | |||
Maturity | |||
In a joint trading account at 5.32% dated 11/30/06 due 12/1/06: | |||
(Collateralized by U.S. Government | $ 11,367,567,302 | 11,365,887,000 | |
(Collateralized by U.S. Government | 404,645,814 | 404,586,000 | |
With: | |||
Barclays Capital, Inc. At 5.35%, dated 11/30/06 due 12/1/06 (Collateralized by Corporate Obligations and Mortgage Loan Obligations valued at $687,480,001, 4.48% - 8.5%, 5/30/07 - 10/1/50) | 674,100,164 | 674,000,000 | |
Merrill Lynch, Pierce, Fenner & Smith At 5.35%, dated 11/30/06 due 12/1/06 (Collateralized by Mortgage Loan Obligations valued at $704,637,944, 1.7% - 8%, 7/15/09 - 4/25/44) | 674,100,211 | 674,000,000 | |
UBS Warburg LLC At 5.29%, dated 10/5/06 due 10/3/07 (Collateralized by Mortgage Loan Obligations valued at $199,949,096, 5.5% - 7%, 12/1/23 - 2/15/34) (b)(c) | 205,401,463 | 195,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 13,313,473,000 | ||
TOTAL INVESTMENT PORTFOLIO - 100.4% | 14,007,346,541 | ||
NET OTHER ASSETS - (0.4)% | (54,285,835) | ||
NET ASSETS - 100% | $ 13,953,060,706 |
Legend |
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end. |
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date. |
(c) The maturity amount is based on the rate at period end. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$11,365,887,000 due 12/01/06 at 5.32% | |
ABN AMRO Bank N.V., New York Branch | $ 412,613,092 |
BNP Paribas Securities Corp. | 116,907,043 |
Banc of America Securities LLC | 3,592,231,587 |
Bank of America, NA | 687,688,487 |
Barclays Capital, Inc. | 3,202,774,341 |
Citigroup Global Markets, Inc. | 825,226,184 |
Countrywide Securities Corp. | 946,762,746 |
Societe Generale, New York Branch | 275,075,395 |
UBS Securities LLC | 1,100,301,579 |
WestLB AG | 206,306,546 |
$ 11,365,887,000 | |
$404,586,000 due 12/01/06 at 5.32% | |
BNP Paribas Securities Corp. | $ 90,683,069 |
Banc of America Securities LLC | 76,731,828 |
Credit Suisse Securities (USA) LLC | 125,561,172 |
UBS Securities LLC | 111,609,931 |
$ 404,586,000 |
Income Tax Information |
At May 31, 2006, the fund had a capital loss carryforward of approximately $488,972 of which $37,595, $349,485 and $101,892 will expire on May 31, 2012, 2013 and 2014, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
November 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including repurchase agreements of $13,313,473,000) - Unaffiliated issuers (cost $14,007,346,541) | $ 14,007,346,541 | |
Cash | 279 | |
Interest receivable | 7,363,776 | |
Total assets | 14,014,710,596 | |
Liabilities | ||
Distributions payable | $ 61,551,532 | |
Other affiliated payables | 79,054 | |
Other payables and accrued expenses | 19,304 | |
Total liabilities | 61,649,890 | |
Net Assets | $ 13,953,060,706 | |
Net Assets consist of: | ||
Paid in capital | $ 13,953,536,677 | |
Undistributed net investment income | 12,974 | |
Accumulated undistributed net realized gain (loss) on investments | (488,945) | |
Net Assets, for 13,953,482,807 shares outstanding | $ 13,953,060,706 | |
Net Asset Value, offering price and redemption | $ 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, 2006 (Unaudited) | ||
Investment Income | ||
Interest | $ 322,642,344 | |
Expenses | ||
Accounting fees and expenses | $ 436,031 | |
Custodian fees and expenses | 7,555 | |
Independent trustees' compensation | 23,149 | |
Audit | 17,057 | |
Legal | 1,762 | |
Interest | 79,777 | |
Miscellaneous | 15,377 | |
Total expenses before reductions | 580,708 | |
Expense reductions | (366) | 580,342 |
Net investment income | 322,062,002 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 27 | |
Net increase in net assets resulting from operations | $ 322,062,029 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended November 30, 2006 | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 322,062,002 | $ 377,966,382 |
Net realized gain (loss) | 27 | 112,936 |
Net increase in net assets resulting from operations | 322,062,029 | 378,079,318 |
Distributions to shareholders from net investment income | (322,036,850) | (377,984,055) |
Affiliated share transactions at net asset value of $1.00 per share | 44,450,054,584 | 79,349,380,493 |
Cost of shares redeemed | (44,128,090,541) | (75,466,145,842) |
Net increase (decrease) in net assets and shares | 321,964,043 | 3,883,234,651 |
Total increase (decrease) in net assets | 321,989,222 | 3,883,329,914 |
Net Assets | ||
Beginning of period | 13,631,071,484 | 9,747,741,570 |
End of period (including undistributed net investment income of $12,974 and distributions in excess of net investment income of $12,178, respectively) | $ 13,953,060,706 | $ 13,631,071,484 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended May 31, | |||||
(Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 | |
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 | .027 | .041 | .020 | .011 | .016 | .025 |
Distributions from net investment income | (.027) | (.041) | (.020) | (.011) | (.016) | (.025) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB,C | 2.68% | 4.17% | 2.04% | 1.11% | 1.59% | 2.57% |
Ratios to Average Net AssetsD | ||||||
Expenses before reductions | .01% A | .01% | .01% | .01% | .01% | .01% |
Expenses net of fee waivers, | .01% A | .01% | .01% | .01% | .01% | .01% |
Expenses net of all reductions | .01% A | .01% | .01% | .01% | .01% | .01% |
Net investment income | 5.29% A | 4.28% | 2.13% | 1.10% | 1.53% | 2.56% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 13,953,061 | $ 13,631,071 | $ 9,747,742 | $ 7,949,808 | $ 4,286,512 | $ 3,829,173 |
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 expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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, 2006 (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 by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value.
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 each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to capital loss carryforwards and losses deferred due to excise tax regulations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ - | |
Unrealized depreciation | - | |
Net unrealized appreciation (depreciation) | $ - | |
Cost for federal income tax purposes | $ 14,007,346,541 |
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
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 which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Semiannual Report
2. Operating Policies - continued
Reverse Repurchase Agreements. To enhance its yield, the Fund may enter into reverse repurchase agreements whereby the Fund transfers securities to a counterparty who then agrees to transfer them back to the Fund at a future date and agreed upon price, reflecting a rate of interest below market rate. The Fund receives cash proceeds, which are invested in other securities, and agrees to repay the proceeds plus accrued interest in return for the same securities transferred. The Fund continues to receive interest payments on the transferred securities during the term of the reverse repurchase agreement. During the period that a reverse repurchase agreement is outstanding, the Fund identifies cash and liquid securities as segregated in its custodian records with a value at least equal to its obligation under the agreement. If the counterparty defaults on its obligation, because of insolvency or other reasons, the Fund could experience delays and costs in recovering the security or in gaining access to the collateral. The average daily balance during the period for which reverse repurchase agreements were outstanding amounted to $51,296,308. The weighted average interest rate was 4.31%. At period end, there were no reverse repurchase agreements outstanding.
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. FIMM and FMR have entered into a service agreement under which FMR pays FIMM a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays FSC the fees for maintaining the accounting records of the Fund.
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 custody expenses by $366.
5. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Other - continued
exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Securities Lending Cash Central Fund
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.
At its June 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant and ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, Fidelity Investments Money Management, Inc., and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers. In addition, the Board considered the trading resources that are an integrated part of the fixed-income portfolio management investment process.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts. The Board noted that the fund is designed to offer a liquid investment option for other investment companies and accounts managed by Fidelity Management & Research Company (FMR) or its affiliates and ultimately to enhance the performance of those investment companies and accounts.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered that FMR pays the fund's management fee on behalf of the fund. The Board also noted that FMR bears all expenses of the fund, except operating expenses for services provided by entities not affiliated with FMR, such as fees for custodial, auditing, legal and insurance services. Based on its review, the Board concluded that the fund's net management fee and total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
Semiannual Report
PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except certain operating expenses for services provided by entities not affiliated with FMR.
Economies of Scale. The Board concluded that the realization of economies of scale was not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except certain operating expenses for services provided by entities not affiliated with FMR.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information on several topics, including (i) Fidelity's fund profitability methodology and profitability trends within certain funds; (ii) funds and accounts managed by Fidelity other than the Fidelity funds, including fee arrangements; (iii) the total expenses of certain funds and classes relative to competitors; (iv) fund performance trends; and (v) Fidelity's fee structures.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Fidelity® Municipal
Cash Central Fund
Semiannual Report
November 30, 2006
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
1.734025.106 451552.1.0
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs. 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, 2006 to November 30, 2006).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning | Ending | Expenses Paid | |
Actual | $ 1,000.00 | $ 1,018.40 | $ .04 |
Hypothetical (5% return per year before expenses) | $ 1,000.00 | $ 1,025.03 | $ .04 |
* Expenses are equal to the Fund's annualized expense ratio of .0073%; 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 investments 11/30/06 | % of fund's investments 5/31/06 | % of fund's investments 11/30/05 |
0 - 30 | 99.7 | 99.7 | 100.0 |
31 - 90 | 0.0 | 0.3 | 0.0 |
91 - 180 | 0.3 | 0.0 | 0.0 |
Weighted Average Maturity | |||
11/30/06 | 5/31/06 | 11/30/05 | |
Fidelity Municipal Cash Central Fund | 6 Days | 5 Days | 4 Days |
All Tax-Free Money Market Funds Average* | 25 Days | 20 Days | 29 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2006 | As of May 31, 2006 | ||||||
![]() | Variable Rate | ![]() | Variable Rate | ||||
![]() | Commercial | ![]() | Commercial | ||||
![]() | Tender Bonds 0.3% | ![]() | Tender Bonds 0.0% | ||||
![]() | Net Other Assets** (0.7)% | ![]() | Net Other Assets 0.2% |
**Net Other Assets are not included in the pie chart.
*Source: iMoneyNet, Inc.
Semiannual Report
Investments November 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 100.7% | |||
Principal | Value | ||
Alabama - 1.7% | |||
Decatur Indl. Dev. Board Solid Waste Disp. Rev. (Amoco Chemical Co. Proj.) Series 1995, 3.7% (BP PLC Guaranteed), VRDN (c)(d) | $ 2,825,000 | $ 2,825,000 | |
Mobile Indl. Dev. Board Rev. (Alabama Pwr. Theodore Plant Proj.) Series A, 3.73%, VRDN (c)(d) | 9,500,000 | 9,500,000 | |
12,325,000 | |||
Alaska - 1.6% | |||
Alaska Intl. Arpts. Revs. Series 2006 C, 3.5% (MBIA Insured), VRDN (c)(d) | 12,000,000 | 12,000,000 | |
Arizona - 3.9% | |||
Arizona Hsg. Fin. Auth. Multi-family Hsg. Rev. (Santa Carolina Apts. Proj.) 3.56%, LOC Fannie Mae, VRDN (c)(d) | 6,100,000 | 6,100,000 | |
Coconino County Poll. Cont. Corp. Rev. (Arizona Pub. Svc. Co. Navajo Proj.) Series 1994 A, 3.71%, LOC KBC Bank NV, VRDN (c)(d) | 6,790,000 | 6,790,000 | |
Maricopa County Indl. Dev. Auth. Indl. Dev. Rev. Bonds (American Wtr. Cap. Corp. Proj.) Series 1988, 3.65%, tender 12/1/06, CP mode (d) | 3,000,000 | 3,000,000 | |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev. (Glenn Oaks Apts. Proj.) Series 2001, 3.55%, LOC Fannie Mae, VRDN (c)(d) | 4,200,325 | 4,200,325 | |
Maricopa County Indl. Dev. Auth. Single Family Mtg. Rev. Participating VRDN Series MS 1165, 3.55% (Liquidity Facility Morgan Stanley) (c)(d)(e) | 700,000 | 700,000 | |
Phoenix & Pima County Participating VRDN Series LB 06 P29U, 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | 1,875,000 | 1,875,000 | |
Phoenix Indl. Dev. Auth. Single Family Mtg. Rev. Participating VRDN Series MT 247, 3.55% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(d)(e) | 3,180,000 | 3,180,000 | |
Tuscon Ind. Dev. Auth. Participating VRDN Series LB 06 P39U, 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | 2,990,000 | 2,990,000 | |
28,835,325 | |||
Arkansas - 1.4% | |||
Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) 3.55%, LOC Fannie Mae, VRDN (c)(d) | 1,000,000 | 1,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Arkansas - continued | |||
Arkansas Dev. Fin. Auth. Single Family Mtg. Rev. Participating VRDN: | |||
Series MS 1139, 3.55% (Liquidity Facility Morgan Stanley) (c)(d)(e) | $ 6,200,000 | $ 6,200,000 | |
Series ROC II R121, 3.55% (Liquidity Facility Citibank NA) (c)(d)(e) | 2,990,000 | 2,990,000 | |
10,190,000 | |||
California - 0.3% | |||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Republic Services, Inc. Proj.) 3.87%, VRDN (c)(d) | 500,000 | 500,000 | |
Los Angeles Reg'l. Arpt. Impt. Rev. (Compagne Nationale Air France Int'l. Arpt. Proj.) 3.85%, LOC Societe Generale, VRDN (c)(d) | 1,425,000 | 1,425,000 | |
1,925,000 | |||
Colorado - 2.3% | |||
Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN Series TOC 06 Z2, 3.54% (Liquidity Facility Goldman Sachs Group, Inc.) (c)(e) | 1,100,000 | 1,100,000 | |
Colorado Health Facilities Auth. Rev. (Boulder Cmnty. Hosp. Proj.) Series 2000, 3.65%, LOC JPMorgan Chase Bank, VRDN (c) | 1,000,000 | 1,000,000 | |
Colorado Hsg. & Fin. Auth. Solid Waste Rev. (Waste Mgmt., Inc. Proj.) 3.55%, LOC Wachovia Bank NA, VRDN (c)(d) | 1,700,000 | 1,700,000 | |
Denver City & County Arpt. Rev.: | |||
Participating VRDN: | |||
Series PT 688, 3.55% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (c)(d)(e) | 6,235,000 | 6,235,000 | |
Series PT 920, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 2,840,000 | 2,840,000 | |
Series 2000 C, 3.53% (MBIA Insured), VRDN (c)(d) | 1,600,000 | 1,600,000 | |
E-470 Pub. Hwy. Auth. Rev. Participating VRDN Series MS 997, 3.55% (Liquidity Facility Morgan Stanley) (c)(e) | 1,720,000 | 1,720,000 | |
El Paso County Co. Single Family Mtg. Rev. Participating VRDN Series MS 1136, 3.55% (Liquidity Facility Morgan Stanley) (c)(d)(e) | 1,068,500 | 1,068,500 | |
17,263,500 | |||
Delaware - 1.0% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1993 C, 3.66%, VRDN (c) | 5,700,000 | 5,700,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Delaware - continued | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): - continued | |||
Series 1999 A, 3.68%, VRDN (c) | $ 500,000 | $ 500,000 | |
Series 1999 B, 3.7%, VRDN (c)(d) | 1,100,000 | 1,100,000 | |
7,300,000 | |||
District Of Columbia - 1.1% | |||
Bank of New York Muni. Ctfs. trust various states Participating VRDN Series BNY 05 5, 3.6% (Liquidity Facility Bank of New York, New York) (c)(d)(e) | 3,400,000 | 3,400,000 | |
Metropolitan Washington Arpt. Auth. Sys. Rev. Participating VRDN: | |||
Series PT 1991, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 3,160,000 | 3,160,000 | |
Series ROC II R195, 3.55% (Liquidity Facility Citibank NA) (c)(d)(e) | 1,500,000 | 1,500,000 | |
8,060,000 | |||
Florida - 1.9% | |||
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 05 17, 3.6% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 1,000,000 | 1,000,000 | |
Escambia County Hsg. Fin. Rev. Participating VRDN Series RF 00 15, 3.63% (Liquidity Facility Bank of New York, New York) (c)(d)(e) | 960,000 | 960,000 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2002 E, 3.5% (FSA Insured), VRDN (c)(d) | 2,800,000 | 2,800,000 | |
Manatee County Hsg. Fin. Auth. Multi-family Hsg. Rev. (La Miranda Gardens Proj.) Series A, 3.58%, LOC SunTrust Banks, Inc., VRDN (c)(d) | 2,500,000 | 2,500,000 | |
Orange County Hsg. Fin. Auth. Homeowner Rev. Participating VRDN Series PT 2411, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 2,405,000 | 2,405,000 | |
Pinellas County Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN Series PT 2355, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 3,375,000 | 3,375,000 | |
Sunshine State Govt. Fing. Commission Rev. Series 1986, 3.67% (AMBAC Insured), VRDN (c) | 1,050,000 | 1,050,000 | |
14,090,000 | |||
Georgia - 7.3% | |||
Atlanta Arpt. Rev. Participating VRDN: | |||
MOTC PA 1329R, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 4,260,000 | 4,260,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Georgia - continued | |||
Atlanta Arpt. Rev. Participating VRDN: - continued | |||
Series PT 901, 3.55% (Liquidity Facility BNP Paribas SA) (c)(d)(e) | $ 6,525,000 | $ 6,525,000 | |
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Carver Redev. Phase III Proj.) 3.54%, LOC SunTrust Banks, Inc., VRDN (c)(d) | 2,500,000 | 2,500,000 | |
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) Second Series 1998, 3.8%, VRDN (c)(d) | 5,200,000 | 5,200,000 | |
Canton Hsg. Auth. Multi-family Hsg. Rev. (Alta Ridgewalk Apts. Proj.) Series 2003, 3.56%, LOC AmSouth Bank NA, Birmingham, VRDN (c)(d) | 12,950,000 | 12,950,000 | |
Clayton County Dev. Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.): | |||
Series 2000 B, 3.62%, LOC Gen. Elec. Cap. Corp., VRDN (c)(d) | 5,800,000 | 5,800,000 | |
Series 2000 C, 3.62%, LOC Gen. Elec. Cap. Corp., VRDN (c)(d) | 5,300,000 | 5,300,000 | |
DeKalb County Dev. Auth. Indl. Dev. Rev. (Qualex Proj.) 3.59%, LOC Comerica Bank, Detroit, VRDN (c)(d) | 1,085,000 | 1,085,000 | |
Gwinnett County Hsg. Auth. Multi-family Hsg. Rev. (Herrington Mill Apts. Proj.) 3.54%, LOC SunTrust Banks, Inc., VRDN (c)(d) | 1,900,000 | 1,900,000 | |
Liberty County Indl. Auth. (Hy-Sil Manufacturing Co., Inc. Proj.) Series 2001 B, 3.54%, LOC SunTrust Banks, Inc., VRDN (c)(d) | 2,160,000 | 2,160,000 | |
Newnan Dev. Auth. Multi-family Hsg. Rev. (The Club at Newnan Crossing Proj.) 3.53%, LOC Bank of America NA, VRDN (c)(d) | 1,410,000 | 1,410,000 | |
Putnam Dev. Auth. Swr. Facility Rev. (Oconee Crossings Wharf Proj.) 3.58%, LOC Wachovia Bank NA, VRDN (c)(d) | 4,515,000 | 4,515,000 | |
53,605,000 | |||
Hawaii - 1.7% | |||
Hawaii Arpt. Sys. Rev. Participating VRDN: | |||
Series PA 1238, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 1,690,000 | 1,690,000 | |
Series PT 2310, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 1,305,000 | 1,305,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Hawaii - continued | |||
Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN Series PA 1244, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | $ 2,500,000 | $ 2,500,000 | |
Hawaii Hsg. Fin. & Dev. Corp. Single Family Mtg. Purp. Rev. Participating VRDN Series LB 05 L6, 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | 7,350,000 | 7,350,000 | |
12,845,000 | |||
Illinois - 7.2% | |||
Aurora Single Family Mtg. Rev. Participating VRDN: | |||
Series MS 06 1543, 0% (Liquidity Facility Morgan Stanley) (c)(d)(e) | 1,440,000 | 1,440,000 | |
Series MS 1152, 3.55% (Liquidity Facility Morgan Stanley) (c)(d)(e) | 600,000 | 600,000 | |
Carol Stream Multi-family Rev. (Saint Charles Square Proj.) 3.61%, LOC Fannie Mae, VRDN (c)(d) | 1,415,000 | 1,415,000 | |
Chicago Gen. Oblig. Participating VRDN Series EGL 01 1303, 3.55% (Liquidity Facility Citibank NA) (c)(e) | 2,450,000 | 2,450,000 | |
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN: | |||
Series MT 49, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 2,000,000 | 2,000,000 | |
Series MT 53, 3.55% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(d)(e) | 2,300,000 | 2,300,000 | |
Series MT 59, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 6,150,000 | 6,150,000 | |
Series PT 1993, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 1,060,000 | 1,060,000 | |
Series Putters 653Z, 3.55% (Liquidity Facility JPMorgan Chase Bank) (c)(d)(e) | 4,195,000 | 4,195,000 | |
Series ROC II R239, 3.55% (Liquidity Facility Citibank NA) (c)(d)(e) | 15,620,000 | 15,620,000 | |
Illinois Fin. Auth. Rev. (Chicago Historical Society Proj.) 3.5%, LOC JPMorgan Chase Bank, VRDN (c) | 1,000,000 | 1,000,000 | |
Illinois Health Facilities Auth. Rev. (Univ. of Chicago Hosps. Proj.) Series 1998, 3.65% (MBIA Insured), VRDN (c) | 2,400,000 | 2,400,000 | |
Lemont Envir. Facilities Rev. (Citgo Petroleum Corp. Proj.) 3.71%, LOC Bank of New York, New York, VRDN (c)(d) | 7,650,000 | 7,650,000 | |
Will County Exempt Facilities Rev. (BP Amoco Chemical Co. Proj.): | |||
Series 2000, 3.7% (BP PLC Guaranteed), VRDN (c)(d) | 1,800,000 | 1,800,000 | |
Series 2001, 3.7% (BP PLC Guaranteed), VRDN (c)(d) | 3,325,000 | 3,325,000 | |
53,405,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
Indiana - 2.7% | |||
Indiana Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN Series LB 03 L45J, 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | $ 6,210,000 | $ 6,210,000 | |
Indianapolis Local Pub. Impt. Bond Bank Participating VRDN: | |||
Series MT 39, 3.55% (Liquidity Facility Svenska Handelsbanken AB) (c)(d)(e) | 4,415,000 | 4,415,000 | |
Series PT 731, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 2,600,000 | 2,600,000 | |
Lawrence County Indl. Dev. Rev. (D&M Tool Proj.) 3.78%, LOC Huntington Nat'l. Bank, Columbus, VRDN (c)(d) | 160,000 | 160,000 | |
Whiting Indl. Swr. & Solid Waste Disp. Rev. (Amoco Oil Co. Proj.) 3.7% (BP PLC Guaranteed), VRDN (c)(d) | 6,325,000 | 6,325,000 | |
19,710,000 | |||
Kansas - 0.9% | |||
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) 3.57%, LOC Bank of America NA, VRDN (c)(d) | 6,700,000 | 6,700,000 | |
Kentucky - 3.1% | |||
Carroll County Solid Waste Disp. Rev. (North American Stainless LP Proj.) Series 2000, 3.58%, LOC JPMorgan Chase Bank, VRDN (c)(d) | 9,570,000 | 9,570,000 | |
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.) Series 1993 B, 3.55% (Kimberly-Clark Corp. Guaranteed), VRDN (c)(d) | 2,300,000 | 2,300,000 | |
Kentucky Econ. Dev. Fin. Auth. Indl. Bldg. Rev. (Republic Svcs., Inc. Proj.) Series 2000, 3.58%, LOC Bank of America NA, VRDN (c)(d) | 2,920,000 | 2,920,000 | |
Louisville & Jefferson County Reg'l. Arpt. Auth. Spl. Facilities Rev. (UPS Worldwide Forwarding, Inc. Proj.) Series 1999 A, 3.69% (United Parcel Svc. of America Guaranteed), VRDN (c)(d) | 2,000,000 | 2,000,000 | |
Louisville Regulated Apt. Auth. Participating VRDN Series LB 06 K45, 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | 4,600,000 | 4,600,000 | |
Mason County Poll. Cont. Rev. (East Kentucky Pwr. Coop. Proj.) Series 1984 B1, 3.61% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (c) | 1,445,000 | 1,445,000 | |
22,835,000 | |||
Louisiana - 7.9% | |||
Calcasieu Parish Indl. Dev. Board Envir. Rev. (Citgo Petroleum Corp. Proj.): | |||
Series 1994, 3.71%, LOC BNP Paribas SA, VRDN (c)(d) | 8,750,000 | 8,750,000 | |
3.71%, LOC BNP Paribas SA, VRDN (c)(d) | 4,475,000 | 4,475,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Louisiana - continued | |||
East Baton Rouge Mtg. Fing. Auth. Single Family Rev. Participating VRDN Series MS 973, 3.58% (Liquidity Facility Morgan Stanley) (c)(d)(e) | $ 8,800,000 | $ 8,800,000 | |
Jefferson Parish Home Mtg. Auth. Single Family Mtg. Rev. Participating VRDN Series LB 03 L51J, 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | 5,895,000 | 5,895,000 | |
Louisiana Hsg. Fin. Agcy. Mtg. Rev.: | |||
Participating VRDN Series MS 1224, 3.56% (Liquidity Facility Morgan Stanley) (c)(d)(e) | 7,834,484 | 7,834,484 | |
Participating VRDN Series Clipper 05 11, 3.63% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(d)(e) | 2,406,000 | 2,406,000 | |
Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.) 3.6%, VRDN (c)(d) | 6,250,000 | 6,250,000 | |
Plaquemines Parish Envir. Rev. (BP Exploration & Oil, Inc. Proj.) Series 1995, 3.7%, VRDN (c)(d) | 2,500,000 | 2,500,000 | |
Saint Charles Parish Poll. Cont. Rev. (Shell Oil Co.-Norco Proj.) Series 1993, 3.7%, VRDN (c)(d) | 1,300,000 | 1,300,000 | |
West Baton Rouge Parish Indl. District #3 Rev. (Dow Chemical Co. Proj.): | |||
Series 1993, 3.82%, VRDN (c)(d) | 1,000,000 | 1,000,000 | |
Series 1994 A, 3.82%, VRDN (c)(d) | 3,700,000 | 3,700,000 | |
Series 1994 B, 3.75%, VRDN (c) | 2,600,000 | 2,600,000 | |
Series 1995, 3.82%, VRDN (c)(d) | 3,050,000 | 3,050,000 | |
58,560,484 | |||
Maine - 0.1% | |||
Maine Hsg. Auth. Gen. Hsg. Rev. Participating VRDN Series MT 185, 3.55% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(d)(e) | 600,000 | 600,000 | |
Maryland - 0.0% | |||
Montgomery County Hsg. Opportunity Commission Single Family Mtg. Rev. Participating VRDN Series MT 89, 3.55% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(d)(e) | 305,000 | 305,000 | |
Michigan - 0.1% | |||
Michigan Strategic Fund Ltd. Oblig. Rev. (Mans Proj.) Series 1998, 3.65%, LOC Comerica Bank, Detroit, VRDN (c)(d) | 400,000 | 400,000 | |
Minnesota - 1.6% | |||
Minneapolis & Saint Paul Hsg. Fin. Board Rev. Participating VRDN Series MT 118, 3.55% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(d)(e) | 1,460,000 | 1,460,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Minnesota - continued | |||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Participating VRDN Series PT 727, 3.55% (Liquidity Facility BNP Paribas SA) (c)(d)(e) | $ 1,700,000 | $ 1,700,000 | |
Minnesota Hsg. Fin. Agcy. Participating VRDN: | |||
Series Clipper 2006 1, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 4,940,000 | 4,940,000 | |
Series LB 03 L28J, 3.64% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | 3,750,000 | 3,750,000 | |
11,850,000 | |||
Mississippi - 0.6% | |||
Mississippi Bus. Fin. Corp. Envir. Impt. Rev. (Trex Co., Inc. Proj.) 3.55%, LOC JPMorgan Chase Bank, VRDN (c)(d) | 4,700,000 | 4,700,000 | |
Missouri - 0.2% | |||
St Louis Indl. Dev. Auth. Series 1994, 3.55%, LOC Bank of America NA, VRDN (c)(d) | 1,600,000 | 1,600,000 | |
Nebraska - 1.4% | |||
Douglas County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 3.55%, LOC Bank of America NA, VRDN (c)(d) | 1,500,000 | 1,500,000 | |
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev. Participating VRDN Series Merlots 00 UU, 3.57% (Liquidity Facility Wachovia Bank NA) (c)(d)(e) | 1,390,000 | 1,390,000 | |
Washington County Indl. Dev. Rev. (Cargill Dow Polymers LLC Proj.) 3.76%, LOC Wachovia Bank NA, VRDN (c)(d) | 7,300,000 | 7,300,000 | |
10,190,000 | |||
Nevada - 2.9% | |||
Clark County Arpt. Rev. Participating VRDN: | |||
Series PT 2806, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 3,420,000 | 3,420,000 | |
Series Putters 498, 3.55% (Liquidity Facility PNC Bank NA, Pittsburgh) (c)(d)(e) | 5,255,000 | 5,255,000 | |
Clark County Indl. Dev. Rev.: | |||
Participating VRDN Series PA 1023, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 6,190,000 | 6,190,000 | |
(Southwest Gas Corp. Proj.) Series A, 3.55%, LOC Bank of America NA, VRDN (c)(d) | 3,750,000 | 3,750,000 | |
Director of State Dept. Bus. & Ind. Solid Waste Disp. Rev. (Republic Svcs., Inc. Proj.) 3.87%, VRDN (c)(d) | 2,500,000 | 2,500,000 | |
21,115,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
New Hampshire - 1.2% | |||
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 05 3, 3.57% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(d)(e) | $ 8,000,000 | $ 8,000,000 | |
New Hampshire Hsg. Fin. Auth. Single Family Rev. Participating VRDN Series Merlots 02 A4, 3.57% (Liquidity Facility Wachovia Bank NA) (c)(d)(e) | 765,000 | 765,000 | |
8,765,000 | |||
New Mexico - 0.5% | |||
New Mexico Mtg. Fin. Auth. Participating VRDN Series Clipper 05 15, 3.68% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(d)(e) | 3,400,000 | 3,400,000 | |
New York & New Jersey - 1.2% | |||
Port Auth. of New York & New Jersey Participating VRDN Series EGL 06 107 Class A, 3.55% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(d)(e) | 8,700,000 | 8,700,000 | |
Non State Specific - 0.2% | |||
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 04 11, 3.61% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(d)(e) | 1,823,000 | 1,823,000 | |
North Carolina - 2.9% | |||
Catawba County Indl. Facilities & Poll. Cont. Fin. Auth. Rev. (Kroehler Furniture Proj.) Series 1998, 3.6%, LOC Nat'l. City Bank, VRDN (c)(d) | 645,000 | 645,000 | |
Durham Hsg. Auth. Multi-family Hsg. Rev. (Lakeside Garden Apts. Proj.) 3.54%, LOC SunTrust Banks, Inc., VRDN (c)(d) | 6,665,000 | 6,665,000 | |
North Carolina Hsg. Fin. Agcy. Home Ownership Rev. Participating VRDN: | |||
Series LB 04 L14, 3.64% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | 3,590,000 | 3,590,000 | |
Series Merlots 00 A37, 3.57% (Liquidity Facility Wachovia Bank NA) (c)(d)(e) | 1,030,000 | 1,030,000 | |
Series Merlots A70, 3.57% (Liquidity Facility Wachovia Bank NA) (c)(d)(e) | 2,100,000 | 2,100,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
North Carolina - continued | |||
North Carolina Hsg. Fin. Agcy. Home Ownership Rev. Participating VRDN: - continued | |||
Series Putters 1212, 3.55% (Liquidity Facility JPMorgan Chase & Co.) (c)(d)(e) | $ 3,835,000 | $ 3,835,000 | |
Raleigh Durham Arpt. Auth. Rev. Participating VRDN Series MT 100, 3.55% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(d)(e) | 3,430,000 | 3,430,000 | |
21,295,000 | |||
Ohio - 1.8% | |||
Ohio Air Quality Dev. Auth. Rev.: | |||
(AK Steel Corp. Proj.) Series A, 3.61%, LOC ABN-AMRO Bank NV, VRDN (c)(d) | 3,500,000 | 3,500,000 | |
(Cincinnati Gas & Elec. Co. Proj.) Series A, 3.72%, VRDN (c) | 2,000,000 | 2,000,000 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev. Participating VRDN Series BA 01 I, 3.6% (Liquidity Facility Bank of America NA) (c)(d)(e) | 1,225,000 | 1,225,000 | |
Twinsburg Indl. Dev. Rev. (United Stationers Supply Co. Proj.) 3.71%, LOC PNC Bank NA, Pittsburgh, VRDN (c)(d) | 6,800,000 | 6,800,000 | |
13,525,000 | |||
Oklahoma - 0.5% | |||
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 04 3, 3.6% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(d)(e) | 3,840,581 | 3,840,581 | |
Oregon - 1.1% | |||
Oregon Homeowner Rev. Participating VRDN Series MT 228, 3.55% (Liquidity Facility Bayerische Landesbank (UNGTD)) (c)(d)(e) | 2,400,000 | 2,400,000 | |
Portland Hsg. Auth. Rev. (New Columbia - Cecelia Proj.) 3.55%, LOC Bank of America NA, VRDN (c)(d) | 5,750,000 | 5,750,000 | |
8,150,000 | |||
Pennsylvania - 3.2% | |||
Allegheny County Indl. Dev. Auth. Rev.: | |||
(Union Elec. Steel Co. Proj.) Series 1996 A, 3.56%, LOC PNC Bank NA, Pittsburgh, VRDN (c)(d) | 1,000,000 | 1,000,000 | |
(UPMC Children's Hosp. Proj.) Series 2004 A, 3.48%, VRDN (c) | 5,600,000 | 5,600,000 | |
Cambria County Ind. Dev. Auth. (Cambria Cogen Co. Proj.) Series 1998 A1, 3.58%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (c)(d) | 9,100,000 | 9,100,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Pennsylvania - continued | |||
Indiana County Indl. Dev. Auth. Poll. Cont. Rev. (Exelon Generation Co. LLC Proj.) Series A, 3.69%, LOC BNP Paribas SA, VRDN (c)(d) | $ 2,300,000 | $ 2,300,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Merck & Co. Proj.) Series 2000, 3.55%, VRDN (c)(d) | 2,900,000 | 2,900,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | |||
Series 1997 B2, 3.56%, LOC PNC Bank NA, Pittsburgh, VRDN (c)(d) | 800,000 | 800,000 | |
Series 2004 D3, 3.56%, LOC PNC Bank NA, Pittsburgh, VRDN (c)(d) | 1,200,000 | 1,200,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 3.87%, VRDN (c)(d) | 800,000 | 800,000 | |
23,700,000 | |||
South Carolina - 3.5% | |||
Darlington County Indl. Dev. Rev. (Nucor Corp. Proj.) Series A, 3.6%, VRDN (c)(d) | 4,000,000 | 4,000,000 | |
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series B, 3.82%, VRDN (c)(d) | 10,000,000 | 10,000,000 | |
South Carolina Hsg. Fin. & Dev. Auth. Multi-family Rev.: | |||
(Belton Woods Apt. Proj.) 3.54%, LOC SunTrust Banks, Inc., VRDN (c)(d) | 5,415,000 | 5,415,000 | |
(Cedarwoods Apts. Proj.) 3.54%, LOC SunTrust Banks, Inc., VRDN (c)(d) | 5,580,000 | 5,580,000 | |
South Carolina Jobs Econ. Dev. Auth. Econ. Dev. Rev. (Mohawk Ind., Inc. Proj.) Series 1997 A, 3.58%, LOC Wachovia Bank NA, VRDN (c)(d) | 1,000,000 | 1,000,000 | |
25,995,000 | |||
South Dakota - 0.7% | |||
South Dakota Hsg. Dev. Auth. Participating VRDN: | |||
Series BA 01 S, 3.63% (Liquidity Facility Bank of America NA) (c)(d)(e) | 2,100,000 | 2,100,000 | |
Series LB 06 P41, 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | 3,250,000 | 3,250,000 | |
5,350,000 | |||
Tennessee - 1.5% | |||
Knoxville Tennis Health & Edl. Facilities Board (Johnson Bible College Proj.) 3.6%, LOC AmSouth Bank NA, Birmingham, VRDN (c) | 3,750,000 | 3,750,000 | |
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Participating VRDN Series Merlots 00 C, 3.57% (Liquidity Facility Wachovia Bank NA) (c)(d)(e) | 3,000,000 | 3,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Tennessee - continued | |||
Sevier County Pub. Bldg. Auth. Rev. Series 2000 IV E1, 3.65% (AMBAC Insured), VRDN (c) | $ 3,580,000 | $ 3,580,000 | |
Sullivan County Health, Edl. & Hosp. Board Hosp. Rev. Participating VRDN Series LB 06 F6, 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(e) | 900,000 | 900,000 | |
11,230,000 | |||
Texas - 17.2% | |||
Alliance Arpt. Auth. Spl. Facilities Rev. Participating VRDN Series PA 1429, 3.58% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 2,220,000 | 2,220,000 | |
Bell County Health Facilities Dev. Corp. Rev. (Scott & White Memorial Hosp. Proj.) Series B1, 3.65% (MBIA Insured), VRDN (c) | 2,015,000 | 2,015,000 | |
Brazos County Hsg. Fin. Corp. Single Family Mortgage Rev. Participating VRDN Series MT 76, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 5,400,000 | 5,400,000 | |
Brazos River Auth. Poll. Cont. Rev. Participating VRDN Series PA 1354, 3.58% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 3,520,000 | 3,520,000 | |
Brazos River Hbr. Navigation Brazoria County Envir. Facilities Rev. (Merey Sweeny LP Proj.) Series 2002 A, 3.71%, LOC Bank of America NA, VRDN (c)(d) | 8,000,000 | 8,000,000 | |
Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN: | |||
Series Merlots 03 A34, 3.57% (Liquidity Facility Wachovia Bank NA) (c)(d)(e) | 1,600,000 | 1,600,000 | |
Series PT 2830, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 1,755,000 | 1,755,000 | |
Series PT 738, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 3,910,000 | 3,910,000 | |
Series Putters 351, 3.55% (Liquidity Facility JPMorgan Chase Bank) (c)(d)(e) | 2,500,000 | 2,500,000 | |
Series Putters 353, 3.55% (Liquidity Facility JPMorgan Chase Bank) (c)(d)(e) | 1,650,000 | 1,650,000 | |
Greater East Texas Higher Ed. Auth. Student Ln. Rev. Series 1995 A, 3.53%, LOC Sallie Mae, VRDN (a)(c)(d) | 35,700,000 | 35,700,000 | |
Gulf Coast Indl. Dev. Auth. Envir. Facilities Rev. (Citgo Petroleum Corp. Proj.): | |||
Series 1999, 3.71%, LOC BNP Paribas SA, VRDN (c)(d) | 7,300,000 | 7,300,000 | |
3.7%, LOC Calyon, VRDN (c)(d) | 4,200,000 | 4,200,000 | |
Gulf Coast Indl. Dev. Auth. Solid Waste Disp. Rev. (Citgo Petroleum Corp. Proj.) 3.71%, LOC Royal Bank of Scotland Plc, VRDN (c)(d) | 1,600,000 | 1,600,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Texas - continued | |||
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev.: | |||
(Air Products Proj.) 3.6% (Air Products & Chemicals, Inc. Guaranteed), VRDN (c)(d) | $ 5,000,000 | $ 5,000,000 | |
(BP Amoco Chemical Co. Proj.) 3.7%, VRDN (c)(d) | 5,400,000 | 5,400,000 | |
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. (Amoco Oil Co. Proj.) Series 1994, 3.7%, VRDN (c)(d) | 600,000 | 600,000 | |
Houston Arpt. Sys. Rev. Series A, 3.53% (FSA Insured), VRDN (c)(d) | 1,500,000 | 1,500,000 | |
Houston Occupancy Tax and Spl. Rev. Participating VRDN Series MSTC 06 254, 3.55% (Liquidity Facility Bear Stearns Companies, Inc.) (c)(e) | 500,000 | 500,000 | |
North Texas Higher Ed. Auth. Student Ln. Rev. Series 2006 A, 3.5% (AMBAC Insured), VRDN (c)(d) | 2,100,000 | 2,100,000 | |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products & Chemicals, Inc. Proj.): | |||
3.72% (Air Products & Chemicals, Inc. Guaranteed), VRDN (c)(d) | 8,300,000 | 8,300,000 | |
3.72%, VRDN (c) | 5,000,000 | 5,000,000 | |
Port of Houston MBIA Participating VRDN 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | 2,700,000 | 2,700,000 | |
Port of Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) 3.65%, VRDN (c)(d) | 2,895,000 | 2,895,000 | |
Sabine River Auth. Poll. Cont. Rev. Bonds (TXU Energy Co. LLC Proj.): | |||
Series A, 3.68%, tender 5/7/07, LOC Norddeutsche Landesbank (b)(c)(d) | 600,000 | 600,000 | |
Series B, 3.83%, tender 5/7/07, LOC Norddeutsche Landesbank (c)(d) | 1,400,000 | 1,400,000 | |
Springfield Pub. Util. Rev. Participating VRDN Series Munitops 06 69 3.57% (Liquidity Facility ABN-AMRO Bank NV) (c)(d)(e) | 2,320,000 | 2,320,000 | |
Texas Dept. Hsg. & Cmnty. Affairs Residential Mtg. Rev. Participating VRDN Series LB 05 L2, 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(d)(e) | 4,225,000 | 4,225,000 | |
Texas Gen. Oblig. (Veterans Hsg. Assistance Prog.) Series A, 3.61% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (c)(d) | 3,465,000 | 3,465,000 | |
127,375,000 | |||
Virginia - 1.3% | |||
Alexandria Redev. & Hsg. Auth. Multi-family Hsg. Rev. (Fairfield Village Square Proj.) Series A, 3.56%, LOC Fannie Mae, VRDN (c)(d) | 3,000,000 | 3,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Virginia - continued | |||
Chesterfield County Indl. Dev. Auth. Rev. Participating VRDN Series PT 886, 3.56% (Liquidity Facility Lloyds TSB Bank PLC) (c)(e) | $ 1,700,000 | $ 1,700,000 | |
King George County Indl. Dev. Auth. Exempt Facilities Rev. (Birchwood Pwr. Partners Proj.) Series 1994 B, 3.65%, LOC Bank of Nova Scotia, New York Agcy., VRDN (c)(d) | 4,740,000 | 4,740,000 | |
9,440,000 | |||
Washington - 10.6% | |||
Chelan County Pub. Util. District #1 Rev. Participating VRDN Series Merlots 00 R, 3.57% (Liquidity Facility Wachovia Bank NA) (c)(d)(e) | 2,400,000 | 2,400,000 | |
Port Bellingham Indl. Dev. Corp. Envir. Facilities Indl. Rev. (Atlantic Richfield Proj.) 3.7%, VRDN (c)(d) | 1,200,000 | 1,200,000 | |
Port of Seattle Rev. Participating VRDN: | |||
Series MT 139, 3.55% (Liquidity Facility BNP Paribas SA) (c)(d)(e) | 2,875,000 | 2,875,000 | |
Series PT 2171, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 3,095,000 | 3,095,000 | |
Port of Tacoma Rev.: | |||
Participating VRDN: | |||
Series Putters 1043, 3.55% (Liquidity Facility JPMorgan Chase & Co.) (c)(d)(e) | 3,060,000 | 3,060,000 | |
Series Putters 1053, 3.55% (Liquidity Facility JPMorgan Chase & Co.) (c)(d)(e) | 3,070,000 | 3,070,000 | |
3.8% (XL Cap. Assurance, Inc. Insured), VRDN (c)(d) | 4,400,000 | 4,400,000 | |
Washington Econ. Dev. Fin. Auth. Econ. Dev. Rev. (Mount Ainstar Resort Proj.) 3.75%, LOC U.S. Bank NA, Minnesota, VRDN (c)(d) | 9,145,000 | 9,145,000 | |
Washington Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series E, 3.55%, LOC JPMorgan Chase Bank, VRDN (c)(d) | 5,000,000 | 5,000,000 | |
Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | |||
(Crestview Apts. Proj.) 3.74%, LOC Bank of America NA, VRDN (c)(d) | 14,000,000 | 14,000,000 | |
(Highland Park Apts. Proj.) Series A, 3.74%, LOC Bank of America NA, VRDN (c)(d) | 6,040,000 | 6,040,000 | |
(Seaport Landing Retirement Proj.) Series A, 3.78%, LOC Bank of America NA, VRDN (c)(d) | 11,880,000 | 11,880,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Washington - continued | |||
Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: - continued | |||
(Silver Creek Retirement Proj.) Series A, 3.78%, LOC Wells Fargo Bank NA, VRDN (c)(d) | $ 5,100,000 | $ 5,100,000 | |
(Woodland Retirement Proj.) Series A, 3.78%, LOC Wells Fargo Bank NA, VRDN (c)(d) | 6,875,000 | 6,875,000 | |
78,140,000 | |||
West Virginia - 0.1% | |||
Marion County Solid Waste Disp. Rev. (Grant Town Cogeneration Proj.) Series 1990 B, 3.52%, LOC Deutsche Bank AG, VRDN (c)(d) | 815,000 | 815,000 | |
Wisconsin - 0.3% | |||
Sturtevant Indl. Dev. Rev. (Quadra, Inc. Proj.) 3.8%, LOC JPMorgan Chase Bank, VRDN (c)(d) | 1,100,000 | 1,100,000 | |
Wisconsin Hsg. & Econ. Dev. Auth. Home Ownership Rev. Participating VRDN Series PA 1331, 3.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(d)(e) | 1,445,000 | 1,445,000 | |
2,545,000 | |||
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $744,497,890) | 744,497,890 | ||
NET OTHER ASSETS - (0.7)% | (5,389,656) | ||
NET ASSETS - 100% | $ 739,108,234 |
Security Type Abbreviations |
CP - COMMERCIAL PAPER |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $35,700,000 or 4.8% of net assets. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) 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, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $744,497,890) | $ 744,497,890 | |
Cash | 30,303 | |
Interest receivable | 3,973,987 | |
Other receivables | 265 | |
Total assets | 748,502,445 | |
Liabilities | ||
Payable for investments purchased | $ 6,585,227 | |
Delayed delivery | 600,675 | |
Distributions payable | 2,188,383 | |
Other payables and accrued expenses | 19,926 | |
Total liabilities | 9,394,211 | |
Net Assets | $ 739,108,234 | |
Net Assets consist of: | ||
Paid in capital | $ 739,091,359 | |
Undistributed net investment income | 6,042 | |
Accumulated undistributed net realized gain (loss) on investments | 10,833 | |
Net Assets, for 738,726,139 shares outstanding | $ 739,108,234 | |
Net Asset Value, offering price and redemption price per share ($739,108,234 ÷ 738,726,139 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, 2006 (Unaudited) | ||
Investment Income | ||
Interest | $ 15,891,825 | |
Expenses | ||
Custodian fees and expenses | $ 8,216 | |
Independent trustees' compensation | 1,623 | |
Audit | 18,225 | |
Legal | 259 | |
Insurance | 3,339 | |
Miscellaneous | 94 | |
Total expenses before reductions | 31,756 | |
Expense reductions | (8,959) | 22,797 |
Net investment income | 15,869,028 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 6,942 | |
Net increase in net assets resulting from operations | $ 15,875,970 |
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 | $ 15,869,028 | $ 38,654,867 |
Net realized gain (loss) | 6,942 | 23,137 |
Net increase in net assets resulting | 15,875,970 | 38,678,004 |
Distributions to shareholders from net investment income | (15,868,916) | (38,663,852) |
Affiliated share transactions at net asset value of $1.00 per share | 451,689,500 | 3,065,117,700 |
Cost of shares redeemed | (612,037,533) | (3,802,501,800) |
Net increase (decrease) in net assets and shares resulting from share transactions | (160,348,033) | (737,384,100) |
Total increase (decrease) in net assets | (160,340,979) | (737,369,948) |
Net Assets | ||
Beginning of period | 899,449,213 | 1,636,819,161 |
End of period (including undistributed net investment income of $6,042 and undistributed net investment income of $5,930, respectively) | $ 739,108,234 | $ 899,449,213 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended 2006 | Years ended May 31, | |||||
(Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 | |
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 | .018 | .029 | .017 | .010 | .014 | .019 |
Distributions from net investment income | (.018) | (.029) | (.017) | (.010) | (.014) | (.019) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | 1.84% | 2.94% | 1.76% | 1.02% | 1.38% | 1.93% |
Ratios to Average Net Assets E | ||||||
Expenses before reductions | .01% A | .01% | .00% D | .00% D | .00% D | .01% |
Expenses net of fee waivers, if any | .01% A | .01% | .00% D | .00% D | .00% D | .01% |
Expenses | .01% A | .01% | .00% D | .00% D | .00% D | .01% |
Net investment income | 3.64% A | 2.84% | 1.69% | 1.01% | 1.36% | 1.75% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 739,108 | $ 899,449 | $ 1,636,819 | $ 2,541,929 | $ 1,875,463 | $ 1,442,613 |
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 Amount represents less than .01%.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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, 2006 (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 by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing 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 each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ - |
Unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $ - |
Cost for federal income tax purposes | $ 744,497,890 |
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
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 value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery 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
Semiannual Report
2. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
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.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
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. FIMM and FMR have entered into a service agreement under which FMR pays FIMM a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays Fidelity Service Company, Inc. (FSC), an affiliate of FMR, the fees for maintaining the accounting records of the Fund.
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 $8,959.
5. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Municipal Cash Central Fund
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.
At its June 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant and ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, Fidelity Investments Money Management, Inc., and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers. In addition, the Board considered the trading resources that are an integrated part of the fixed-income portfolio management investment process.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts. The Board noted that the fund is designed to offer a liquid investment option for other investment companies and accounts managed by Fidelity Management & Research Company (FMR) or its affiliates and ultimately to enhance the performance of those investment companies and accounts.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered that FMR pays the fund's management fee on behalf of the fund. The Board also noted that FMR bears all expenses of the fund, except operating expenses for services provided by entities not affiliated with FMR, such as fees for custodial, auditing, legal and insurance services. Based on its review, the Board concluded that the fund's net management fee and total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
Semiannual Report
PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except certain operating expenses for services provided by entities not affiliated with FMR.
Economies of Scale. The Board concluded that the realization of economies of scale was not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except certain operating expenses for services provided by entities not affiliated with FMR.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information on several topics, including (i) Fidelity's fund profitability methodology and profitability trends within certain funds; (ii) funds and accounts managed by Fidelity other than the Fidelity funds, including fee arrangements; (iii) the total expenses of certain funds and classes relative to competitors; (iv) fund performance trends; and (v) Fidelity's fee structures.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Fidelity® Tax-Free
Cash Central Fund
Semiannual Report
November 30, 2006
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
1.810806.102 451781.1.0
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs. 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, 2006 to November 30, 2006).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning | Ending | Expenses Paid | |
Actual | $ 1,000.00 | $ 1,018.10 | $ .05 |
Hypothetical (5% return per year before expenses) | $ 1,000.00 | $ 1,025.02 | $ .05 |
* Expenses are equal to the Fund's annualized expense ratio of .0093%; 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 investments 11/30/06 | % of fund's investments 5/31/06 | % of fund's investments 11/30/05 |
0 - 30 | 100.0 | 99.5 | 100.0 |
31 - 90 | 0.0 | 0.5 | 0.0 |
Weighted Average Maturity | |||
11/30/06 | 5/31/06 | 11/30/05 | |
Fidelity Tax-Free Cash Central Fund | 5 Days | 6 Days | 4 Days |
All Tax-Free Money Market Funds | 25 Days | 20 Days | 29 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2006 | As of May 31, 2006 | ||||||
![]() | Variable Rate | ![]() | Variable Rate | ||||
![]() | Tender Bonds 0.0% | ![]() | Tender Bonds 0.5% | ||||
![]() | Net Other Assets** (0.1)% | ![]() | Net Other Assets 0.4% |
**Net Other Assets are not included in the pie chart.
*Source: iMoneyNet, Inc.
Semiannual Report
Investments November 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 100.1% | |||
Principal Amount | Value | ||
Alabama - 1.0% | |||
Birmingham Spl. Care Facilities Auth. Rev. Participating VRDN Series AAB 20, 3.52% (Liquidity Facility ABN-AMRO Bank NV) (a)(b) | $ 1,000,000 | $ 1,000,000 | |
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) Series 1995 A, 3.65%, VRDN (a) | 3,140,000 | 3,140,000 | |
4,140,000 | |||
Arizona - 4.6% | |||
Phoenix Civic Impt. Corp. District Rev. Participating VRDN Series PZ 85, 3.54% (Liquidity Facility BNP Paribas SA) (a)(b) | 300,000 | 300,000 | |
Salt River Proj. Agric. Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN: | |||
Series ROC II R 9019, 3.52% (Liquidity Facility Citigroup, Inc.) (a)(b) | 6,110,000 | 6,110,000 | |
Series ROC RR 9025, 3.52% (Liquidity Facility Citigroup, Inc.) (a)(b) | 12,965,000 | 12,965,000 | |
19,375,000 | |||
Colorado - 2.7% | |||
Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN Series TOC 06 Z2, 3.54% (Liquidity Facility Goldman Sachs Group, Inc.) (a)(b) | 2,700,000 | 2,700,000 | |
Colorado Health Facilities Auth. Rev. (Catholic Health Initiatives Proj.) Series B2, 3.5% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (a) | 4,255,000 | 4,255,000 | |
E-470 Pub. Hwy. Auth. Rev. Participating VRDN: | |||
Series MS 997, 3.55% (Liquidity Facility Morgan Stanley) (a)(b) | 4,205,000 | 4,205,000 | |
Series PZ 112, 3.54% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 225,000 | 225,000 | |
Series PZ 46, 3.54% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 200,000 | 200,000 | |
11,585,000 | |||
District Of Columbia - 0.7% | |||
District of Columbia Gen. Oblig. Participating VRDN Series Merlots 01 A127, 3.52% (Liquidity Facility Wachovia Bank NA) (a)(b) | 3,095,000 | 3,095,000 | |
Florida - 7.1% | |||
Dade County Indl. Dev. Auth. Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) 3.74%, VRDN (a) | 7,635,000 | 7,635,000 | |
Dade County Indl. Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1993, 3.67%, VRDN (a) | 1,540,000 | 1,540,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Florida - continued | |||
Florida Board of Ed. Cap. Outlay Participating VRDN Series PA 969, 3.52% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | $ 3,095,000 | $ 3,095,000 | |
Florida Gen. Oblig. Participating VRDN Series PZ 130, 3.54% (Liquidity Facility Wells Fargo & Co.) (a)(b) | 3,600,000 | 3,600,000 | |
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series PT 1981, 3.52% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 4,995,000 | 4,995,000 | |
Lee County Hosp. Board of Directors Hosp. Rev. (Lee Memorial Health Sys. Proj.): | |||
Series 1985 C, 3.54%, VRDN (a) | 3,500,000 | 3,500,000 | |
Series 1985 D, 3.54%, VRDN (a) | 4,500,000 | 4,500,000 | |
Orange County School Board Ctfs. of Prtn. Participating VRDN Series Putters 738, 3.52% (Liquidity Facility JPMorgan Chase & Co.) (a)(b) | 1,545,000 | 1,545,000 | |
30,410,000 | |||
Georgia - 1.2% | |||
Georgia Gen. Oblig. Participating VRDN: | |||
Series 85TP, 3.54% (Liquidity Facility Wells Fargo & Co.) (a)(b) | 2,695,000 | 2,695,000 | |
Series MS 1034, 3.52% (Liquidity Facility Morgan Stanley) (a)(b) | 2,357,500 | 2,357,500 | |
5,052,500 | |||
Hawaii - 2.1% | |||
Hawaii Gen. Oblig. Participating VRDN Series PT 3196, 3.52% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 9,135,000 | 9,135,000 | |
Illinois - 8.6% | |||
Chicago Gen. Oblig. Participating VRDN Series PT 2359, 3.52% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 1,710,000 | 1,710,000 | |
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Participating VRDN Series ROC II R1075, 3.52% (Liquidity Facility Citigroup, Inc.) (a)(b) | 2,085,000 | 2,085,000 | |
Chicago Wastewtr. Transmission Rev. Participating VRDN Series PZ 40, 3.54% (Liquidity Facility BNP Paribas SA) (a)(b) | 2,310,000 | 2,310,000 | |
Illinois Dev. Fin. Auth. Rev.: | |||
(Evanston Northwestern Health Care Corp. Proj.): | |||
Series 2001 A, 3.48%, VRDN (a) | 1,500,000 | 1,500,000 | |
3.48%, VRDN (a) | 1,350,000 | 1,350,000 | |
(Glenwood School for Boys Proj.) Series 1998, 3.55%, LOC Harris NA, VRDN (a) | 700,000 | 700,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Illinois - continued | |||
Illinois Edl. Facilities Auth. Revs.: | |||
(Chicago Children's Museum Proj.) Series 1994, 3.55%, LOC JPMorgan Chase Bank, VRDN (a) | $ 1,170,000 | $ 1,170,000 | |
(Field Museum of Natural History Proj.) Series 2000, 3.5%, LOC JPMorgan Chase Bank, VRDN (a) | 2,250,000 | 2,250,000 | |
Illinois Fin. Auth. Rev. Participating VRDN Series PT 3252, 3.52% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 1,500,000 | 1,500,000 | |
Illinois Gen. Oblig. Participating VRDN: | |||
Series PT 2010, 3.52% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 2,805,000 | 2,805,000 | |
Series PT 871, 3.52% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(b) | 2,000,000 | 2,000,000 | |
Series Putters 605, 3.52% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,895,000 | 1,895,000 | |
Series Putters 687, 3.52% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,895,000 | 1,895,000 | |
Illinois Health Facilities Auth. Rev. (OSF Health Care Sys. Proj.) 3.67%, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 9,400,000 | 9,400,000 | |
Illinois Sales Tax Rev. Participating VRDN Series MACN 06 C, 3.52% (Liquidity Facility Bank of America NA) (a)(b) | 1,750,000 | 1,750,000 | |
Will County Cmnty. Hsd # 210 Participating VRDN Series PZ 104, 3.54% (Liquidity Facility BNP Paribas SA) (a)(b) | 160,000 | 160,000 | |
Will County Cmnty. Unit School District #365, Valley View Participating VRDN Series TOC 06 Z10, 3.54% (Liquidity Facility Goldman Sachs Group, Inc.) (a)(b) | 2,125,000 | 2,125,000 | |
36,605,000 | |||
Indiana - 2.1% | |||
Boone County Hosp. Assoc. Lease Rev. Participating VRDN Series Putters 908, 3.52% (Liquidity Facility JPMorgan Chase & Co.) (a)(b) | 2,100,000 | 2,100,000 | |
Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. (Howard Reg'l. Health Sys. Proj.) Series B, 3.7%, LOC Nat'l. City Bank, Indiana, VRDN (a) | 1,000,000 | 1,000,000 | |
Indiana Trans. Fin. Auth. Hwy. Participating VRDN Series Piper 04 E, 3.53% (Liquidity Facility Bank of New York, New York) (a)(b) | 6,000,000 | 6,000,000 | |
9,100,000 | |||
Iowa - 0.9% | |||
Iowa Fin. Auth. Health Care Facilities Rev. (Care Initiatives Proj.) 3.7%, LOC KBC Bank NV, VRDN (a) | 3,800,000 | 3,800,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Louisiana - 0.3% | |||
New Orleans Aviation Board Rev. Series 1993 B, 3.5% (MBIA Insured), VRDN (a) | $ 1,225,000 | $ 1,225,000 | |
Maryland - 1.1% | |||
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. Participating VRDN Series MT 160, 3.53% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 40,000 | 40,000 | |
Maryland Health & Higher Edl. Facilities Auth. Rev. (Edenwald Proj.) Series B, 3.51%, LOC Manufacturers & Traders Trust Co., VRDN (a) | 4,750,000 | 4,750,000 | |
4,790,000 | |||
Michigan - 9.3% | |||
Detroit City School District Participating VRDN: | |||
Series AAB 04 39, 3.52% (Liquidity Facility ABN-AMRO Bank NV) (a)(b) | 1,000,000 | 1,000,000 | |
Series DB 182, 3.51% (Liquidity Facility Deutsche Bank AG) (a)(b) | 5,200,000 | 5,200,000 | |
Series PT 3364, 3.51% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(b) | 5,185,000 | 5,185,000 | |
Detroit Swr. Disp. Rev. Participating VRDN Series PA 1183, 3.52% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 1,000,000 | 1,000,000 | |
Fraser Pub. School District Participating VRDN Series AAB 05 39, 3.52% (Liquidity Facility ABN-AMRO Bank NV) (a)(b) | 1,515,000 | 1,515,000 | |
Grand Rapids San. Swr. Sys. Rev. Impt. Participating VRDN Series EGL 98 2201, 3.53% (Liquidity Facility Citibank NA) (a)(b) | 1,000,000 | 1,000,000 | |
Michigan Bldg. Auth. Rev. Participating VRDN: | |||
Series AAB 02 35, 3.52% (Liquidity Facility ABN-AMRO Bank NV) (a)(b) | 1,000,000 | 1,000,000 | |
Series ROC II R4551, 3.52% (Liquidity Facility Citigroup, Inc.) (a)(b) | 2,195,000 | 2,195,000 | |
Series ROC II R550, 3.52% (Liquidity Facility Citibank NA) (a)(b) | 2,000,000 | 2,000,000 | |
Series Stars 101, 3.51% (Liquidity Facility BNP Paribas SA) (a)(b) | 5,840,000 | 5,840,000 | |
Michigan Hosp. Fin. Auth. Hosp. Rev. (Trinity Health Sys. Proj.) Series H, 3.66% (CIFG North America Insured), VRDN (a) | 9,770,000 | 9,770,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev. (Detroit Symphony Orchestra, Inc. Proj.) Series 2001 B, 3.65%, LOC LaSalle Bank Midwest NA, VRDN (a) | 1,000,000 | 1,000,000 | |
Wayne State Univ. Revs Participating VRDN Series MS 06 1488, 3.52% (Liquidity Facility Morgan Stanley) (a)(b) | 2,760,000 | 2,760,000 | |
39,465,000 | |||
Municipal Securities - continued | |||
Principal Amount | Value | ||
Minnesota - 1.7% | |||
Minneapolis Gen. Oblig. Participating VRDN Series Putters 641, 3.52% (Liquidity Facility JPMorgan Chase & Co.) (a)(b) | $ 1,320,000 | $ 1,320,000 | |
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Participating VRDN Series PZ 77, 3.54% (Liquidity Facility BNP Paribas SA) (a)(b) | 3,385,000 | 3,385,000 | |
Univ. of Minnesota Participating VRDN Series MS 01 648, 3.52% (Liquidity Facility Morgan Stanley) (a)(b) | 2,400,000 | 2,400,000 | |
7,105,000 | |||
Missouri - 1.2% | |||
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (BJC Health Sys. Proj.) Series B, 3.65% (Liquidity Facility Bank of Nova Scotia, New York Agcy.) (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 3,800,000 | 3,800,000 | |
Missouri Health & Edl. Facilities Auth. Rev. (Washington Univ. Proj.) Series A, 3.65% (Liquidity Facility Dexia Cr. Local de France), VRDN (a) | 1,500,000 | 1,500,000 | |
5,300,000 | |||
Nebraska - 0.2% | |||
Omaha Pub. Pwr. District Participating VRDN Series Solar 06 25, 3.52% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(b) | 1,000,000 | 1,000,000 | |
Nevada - 0.8% | |||
Clark County Arpt. Rev. Participating VRDN Series DB 180, 3.52% (Liquidity Facility Deutsche Bank AG) (a)(b) | 3,430,000 | 3,430,000 | |
New Jersey - 1.0% | |||
New Jersey Trans. Trust Fund Auth. Participating VRDN Series PZ 116, 3.53% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 4,110,000 | 4,110,000 | |
New Mexico - 1.3% | |||
Bernalillo County Gross Receipt Tax Rev. Participating VRDN Series Putters 1118, 3.52% (Liquidity Facility JPMorgan Chase & Co.) (a)(b) | 3,395,000 | 3,395,000 | |
Hurly Poll. Cont. Rev. (Kennecott Sante Fe Corp. Proj.) Series 1985, 3.65%, VRDN (a) | 2,115,000 | 2,115,000 | |
5,510,000 | |||
New York - 4.5% | |||
New York State Dorm. Auth. Revs. Participating VRDN: | |||
Series Merlots 03 B9, 3.51% (Liquidity Facility Wachovia Bank NA) (a)(b) | 7,415,000 | 7,415,000 | |
Series Putters 1187, 3.52% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,990,000 | 2,990,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
New York - continued | |||
New York State Urban Dev. Corp. Rev. Participating VRDN Series PT 2460, 3.52% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | $ 3,000,000 | $ 3,000,000 | |
Tobacco Settlement Asset Securitization Corp. Participating VRDN Series ROC II R519CE, 3.52% (Liquidity Facility Citibank NA) (a)(b) | 5,600,000 | 5,600,000 | |
19,005,000 | |||
North Carolina - 1.1% | |||
North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN Series Eagle 06 0139, 3.53% (Liquidity Facility Citibank NA) (a)(b) | 2,900,000 | 2,900,000 | |
North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. Participating VRDN Series Putters 918, 3.52% (Liquidity Facility JPMorgan Chase & Co.) (a)(b) | 1,790,000 | 1,790,000 | |
4,690,000 | |||
North Dakota - 1.0% | |||
Grand Forks Health Care Facilities (The United Hosp. Proj.) Series 1996 A, 3.69%, LOC LaSalle Bank NA, VRDN (a) | 4,285,000 | 4,285,000 | |
Ohio - 2.1% | |||
Cincinnati City School District Participating VRDN Series 1511, 3.52% (Liquidity Facility Rabobank Nederland Coop. Central) (a)(b) | 1,885,000 | 1,885,000 | |
Cleveland-Cuyahoga County Port Auth. Rev. (Carnegie/96th Research Bldg., LLC Proj.) Series 2003, 3.5%, LOC Fifth Third Bank, Cincinnati, VRDN (a) | 2,000,000 | 2,000,000 | |
Cuyahoga County Rev. (Cleveland Clinic Health Sys. Obligated Group Prog.): | |||
Subseries B1, 3.7%, VRDN (a) | 2,000,000 | 2,000,000 | |
Subseries B3, 3.7%, VRDN (a) | 3,000,000 | 3,000,000 | |
8,885,000 | |||
Oklahoma - 0.4% | |||
Tulsa County Indl. Auth. Rev. (Montereau Warren Woods Proj.) 3.65%, LOC BNP Paribas SA, VRDN (a) | 1,700,000 | 1,700,000 | |
Pennsylvania - 4.0% | |||
Allegheny County Indl. Dev. Auth. Rev.: | |||
(Sacred Heart High School Proj.) 3.53%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 1,000,000 | 1,000,000 | |
(UPMC Children's Hosp. Proj.) Series 2004 A, 3.48%, VRDN (a) | 600,000 | 600,000 | |
Pennsylvania Gen. Oblig. Participating VRDN Series Merlots 04 B15, 3.52% (Liquidity Facility Wachovia Bank NA) (a)(b) | 1,890,000 | 1,890,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Pennsylvania Pub. School Bldg. Auth. School Rev. Participating VRDN Series AAB 03 24, 3.52% (Liquidity Facility ABN-AMRO Bank NV) (a)(b) | $ 1,000,000 | $ 1,000,000 | |
Pennsylvania Tpk. Commission Registration Fee Rev. Participating VRDN Series Putters 1167, 3.52% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,350,000 | 2,350,000 | |
Pennsylvania Tpk. Commission Tpk. Rev. Series 2002 A1, 3.5% (Liquidity Facility WestLB AG), VRDN (a) | 2,000,000 | 2,000,000 | |
Philadelphia Hosp. & Higher Ed. Facilities Auth. Hosp. Rev. (Temple Univ. Proj.) Series A, 3.53%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 1,000,000 | 1,000,000 | |
Philadelphia Wtr. & Wastewtr. Rev. Participating VRDN Series MS 773, 3.52% (Liquidity Facility Morgan Stanley) (a)(b) | 3,495,000 | 3,495,000 | |
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN Series MS 01 752, 3.52% (Liquidity Facility Morgan Stanley) (a)(b) | 3,715,000 | 3,715,000 | |
17,050,000 | |||
South Carolina - 1.7% | |||
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series PT 1877, 3.52% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 3,640,000 | 3,640,000 | |
York County School District #4 Participating VRDN Series TOC 04 F, 3.52% (Liquidity Facility Goldman Sachs Group, Inc.) (a)(b) | 3,600,000 | 3,600,000 | |
7,240,000 | |||
Tennessee - 1.4% | |||
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | |||
3.65%, LOC Bank of America NA, VRDN (a) | 3,440,000 | 3,440,000 | |
3.65%, LOC Bank of America NA, VRDN (a) | 950,000 | 950,000 | |
Lehman Brothers Pooled Muni. Trust Receipts Participating VRDN Series LB 06 P10, 3.56% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b) | 1,185,000 | 1,185,000 | |
Sullivan County Health, Edl. & Hosp. Board Hosp. Rev. Participating VRDN Series LB 06 F6, 3.61% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b) | 400,000 | 400,000 | |
5,975,000 | |||
Texas - 21.9% | |||
Arlington Spl. Oblig.: | |||
Participating VRDN Series LB 05 L19, 3.59% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b) | 3,000,000 | 3,000,000 | |
Series B, 3.5% (MBIA Insured), VRDN (a) | 2,300,000 | 2,300,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Texas - continued | |||
Bell County Health Facilities Dev. Corp. Rev. (Scott & White Memorial Hosp. Proj.): | |||
Series 2001 1, 3.65% (MBIA Insured), VRDN (a) | $ 1,105,000 | $ 1,105,000 | |
Series 2001 2, 3.65% (MBIA Insured), VRDN (a) | 7,860,000 | 7,860,000 | |
Series B2, 3.65% (MBIA Insured), VRDN (a) | 1,250,000 | 1,250,000 | |
Bexar County Health Facilities Dev. Corp. Rev. (Warm Springs Rehabilitation Proj.) Series 1997, 3.53%, LOC JPMorgan Chase Bank, VRDN (a) | 1,200,000 | 1,200,000 | |
Copperas Cove Independent School District Participating VRDN Series PT 3046, 3.52% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 5,600,000 | 5,600,000 | |
Cypress-Fairbanks Independent School District Participating VRDN Series 86TP, 3.54% (Liquidity Facility Wells Fargo & Co.) (a)(b) | 2,775,000 | 2,775,000 | |
Denton County Gen. Oblig. Participating VRDN Series SGA 117, 3.68% (Liquidity Facility Societe Generale) (a)(b) | 100,000 | 100,000 | |
El Paso Independent School District Participating VRDN Series Putters 1035, 3.52% (Liquidity Facility JPMorgan Chase & Co.) (a)(b) | 4,275,000 | 4,275,000 | |
Frisco Independent School District Participating VRDN Series Putters 476, 3.52% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,390,000 | 1,390,000 | |
Harris County Ind. Dev. Corp. 3.5%, LOC Royal Bank of Canada, VRDN (a) | 9,100,000 | 9,100,000 | |
Harris County Health Facilities Dev. Corp. Rev.: | |||
(Saint Luke's Episcopal Hosp. Proj.) Series B, 3.65% (Liquidity Facility JPMorgan Chase Bank) (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (a) | 3,000,000 | 3,000,000 | |
(Texas Med. Ctr. Proj.) Series 2001, 3.65% (MBIA Insured), VRDN (a) | 9,700,000 | 9,700,000 | |
Harris County-Houston Sports Auth. Spl. Rev. Participating VRDN Series PZ 65, 3.54% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b) | 1,450,000 | 1,450,000 | |
Houston Gen. Oblig. Participating VRDN Series Putters 489, 3.52% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,275,000 | 2,275,000 | |
Houston Occupancy Tax and Spl. Rev. Participating VRDN Series MSTC 06 254, 3.55% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(b) | 600,000 | 600,000 | |
Houston Util. Sys. Rev. Participating VRDN Series Putters 1070 B, 3.52% (Liquidity Facility JPMorgan Chase & Co.) (a)(b) | 3,295,000 | 3,295,000 | |
Leander Independent School District Participating VRDN Series Piper 2005 C, 3.56% (Liquidity Facility Bank of New York, New York) (a)(b) | 460,000 | 460,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Texas - continued | |||
Mesquite Independent School District Participating VRDN Series Putters 1032, 3.52% (Liquidity Facility JPMorgan Chase & Co.) (a)(b) | $ 2,990,000 | $ 2,990,000 | |
Northside Independent School District Participating VRDN Series LB 05 K17, 3.56% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b) | 5,585,000 | 5,585,000 | |
San Antonio Elec. & Gas Sys. Rev.: | |||
Participating VRDN Series Merlots 01 A10, 3.52% (Liquidity Facility Wachovia Bank NA) (a)(b) | 5,765,000 | 5,765,000 | |
3.56% (Liquidity Facility Bank of America NA), VRDN (a) | 2,000,000 | 2,000,000 | |
Texas A&M Univ. Rev. Participating VRDN Series Putters 945, 3.52% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,990,000 | 1,990,000 | |
Texas Gen. Oblig. Participating VRDN Series ROC II R4020, 3.52% (Liquidity Facility Citigroup, Inc.) (a)(b) | 2,335,000 | 2,335,000 | |
Waste Side Calhoun County Corp. Poll. Cont. Rev. (Sohio Chemical Co. Proj.) 3.65% (BP PLC Guaranteed), VRDN (a) | 12,000,000 | 12,000,000 | |
93,400,000 | |||
Utah - 9.5% | |||
Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1991, 3.5%, LOC BNP Paribas SA, VRDN (a) | 7,800,000 | 7,800,000 | |
Murray City Hosp. Rev. (IHC Health Services, Inc. Proj.) Series B, 3.65% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 3,700,000 | 3,700,000 | |
Utah Higher Ed. Assistance Auth. Participating VRDN Series LB 06 P64, 3.56% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b) | 2,120,000 | 2,120,000 | |
Utah Trans. Auth. Sales Tax Rev. Participating VRDN Series MS 1197, 3.52% (Liquidity Facility Morgan Stanley) (a)(b) | 14,020,000 | 14,020,000 | |
Weber County Hosp. Rev. (IHC Health Services, Inc. Proj.) Series C, 3.65% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 12,580,000 | 12,580,000 | |
40,220,000 | |||
Washington - 3.0% | |||
Energy Northwest Elec. Rev. (#3 Proj.) Series 2003 D32, 3.5% (MBIA Insured), VRDN (a) | 1,000,000 | 1,000,000 | |
Port of Seattle Rev. Participating VRDN Series MS 1028, 3.52% (Liquidity Facility Morgan Stanley) (a)(b) | 2,895,000 | 2,895,000 | |
Washington Gen. Oblig. Participating VRDN: | |||
Series LB 06 P23U, 3.56% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b) | 3,335,000 | 3,335,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Washington - continued | |||
Washington Gen. Oblig. Participating VRDN: - continued | |||
Series Putters 1073, 3.52% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | $ 2,500,000 | $ 2,500,000 | |
Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Mirabella Proj.) Series A, 3.68%, LOC HSH Nordbank, VRDN (a) | 3,200,000 | 3,200,000 | |
12,930,000 | |||
West Virginia - 0.5% | |||
West Virginia Gen. Oblig. Participating VRDN Series Putters 1083, 3.52% (Liquidity Facility JPMorgan Chase & Co.) (a)(b) | 1,995,000 | 1,995,000 | |
Wisconsin - 1.1% | |||
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
Series B, 3.51%, LOC M&I Marshall & Ilsley Bank, VRDN (a) | 3,500,000 | 3,500,000 | |
3.51%, LOC M&I Marshall & Ilsley Bank, VRDN (a) | 1,000,000 | 1,000,000 | |
4,500,000 | |||
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $426,107,500) | 426,107,500 | ||
NET OTHER ASSETS - (0.1)% | (521,230) | ||
NET ASSETS - 100% | $ 425,586,270 |
Security Type Abbreviation |
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, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $426,107,500) | $ 426,107,500 | |
Cash | 2,929 | |
Receivable for investments sold | 1,482,880 | |
Interest receivable | 3,141,855 | |
Total assets | 430,735,164 | |
Liabilities | ||
Payable for investments purchased | $ 3,854,203 | |
Distributions payable | 1,277,503 | |
Other payables and accrued expenses | 17,188 | |
Total liabilities | 5,148,894 | |
Net Assets | $ 425,586,270 | |
Net Assets consist of: | ||
Paid in capital | $ 425,498,385 | |
Undistributed net investment income | 1,377 | |
Accumulated undistributed net realized gain (loss) on investments | 86,508 | |
Net Assets, for 425,485,901 shares outstanding | $ 425,586,270 | |
Net Asset Value, offering price and redemption price per share ($425,586,270 ÷ 425,485,901 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, 2006 (Unaudited) | ||
Investment Income | ||
Interest | $ 8,695,842 | |
Expenses | ||
Custodian fees and expenses | $ 5,269 | |
Independent trustees' compensation | 872 | |
Audit | 16,273 | |
Legal | 68 | |
Miscellaneous | 168 | |
Total expenses before reductions | 22,650 | |
Expense reductions | (2,422) | 20,228 |
Net investment income | 8,675,614 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 65,107 | |
Net increase in net assets resulting from operations | $ 8,740,721 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended November 30, 2006 (Unaudited) | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 8,675,614 | $ 7,797,177 |
Net realized gain (loss) | 65,107 | 33,514 |
Net increase in net assets resulting from operations | 8,740,721 | 7,830,691 |
Distributions to shareholders from net investment income | (8,674,237) | (7,796,715) |
Affiliated share transactions at net asset value of $1.00 per share | 224,483,500 | 709,425,000 |
Cost of shares redeemed | (230,471,100) | (342,155,800) |
Net increase (decrease) in net assets and shares resulting from share transactions | (5,987,600) | 367,269,200 |
Total increase (decrease) in net assets | (5,921,116) | 367,303,176 |
Net Assets | ||
Beginning of period | 431,507,386 | 64,204,210 |
End of period (including undistributed net investment income of $1,377 and undistributed net investment income of $0, respectively) | $ 425,586,270 | $ 431,507,386 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended May 31, | |||
(Unaudited) | 2006 | 2005 | 2004 D | |
Selected Per-Share Data | ||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | ||||
Net investment income | .018 | .028 | .017 | .003 |
Distributions from net investment income | (.018) | (.028) | (.017) | (.003) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | 1.81% | 2.87% | 1.69% | .32% |
Ratios to Average Net Assets E | ||||
Expenses before reductions | .01% A | .02% | .02% | .03%A |
Expenses net of fee waivers, if any | .01%A | .02% | .02% | .01%A |
Expenses net of all reductions | .01%A | .01% | .02% | .01%A |
Net investment income | 3.58%A | 3.05% | 1.51% | .99%A |
Supplemental Data | ||||
Net assets, end of period | $ 425,586 | $ 431,507 | $ 64,204 | $ 244,839 |
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 For the period February 3, 2004 (commencement of operations) to May 31, 2004.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or 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 fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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, 2006 (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 by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing 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 each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to short-term capital gains and losses deferred due to excise tax regulations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ - | |
Unrealized depreciation | - | |
Net unrealized appreciation (depreciation) | $ - | |
Cost for federal income tax purposes | $ 426,107,500 |
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
2. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Investments Money Management, Inc. (FIMM), an affiliate of Fidelity Management & Research Company (FMR), provides the Fund with investment management services. The Fund does not pay any fees for these services. FIMM and FMR have entered into a service agreement under which FMR pays FIMM a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays Fidelity Service Company, Inc. (FSC), an affiliate of FMR, the fees for maintaining the accounting records of the Fund.
Semiannual Report
3. 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 $2,422.
4. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period mutual funds managed by FMR or an affiliate were the owners of record of all of the outstanding shares of the fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Tax-Free Cash Central Fund
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.
At its June 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant and ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, Fidelity Investments Money Management, Inc., and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers. In addition, the Board considered the trading resources that are an integrated part of the fixed-income portfolio management investment process.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts. The Board noted that the fund is designed to offer a liquid investment option for other investment companies and accounts managed by Fidelity Management & Research Company (FMR) or its affiliates and ultimately to enhance the performance of those investment companies and accounts.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered that FMR pays the fund's management fee on behalf of the fund. The Board also noted that FMR bears all expenses of the fund, except operating expenses for services provided by entities not affiliated with FMR, such as fees for custodial, auditing, legal and insurance services. Based on its review, the Board concluded that the fund's net management fee and total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
Semiannual Report
PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except certain operating expenses for services provided by entities not affiliated with FMR.
Economies of Scale. The Board concluded that the realization of economies of scale was not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except certain operating expenses for services provided by entities not affiliated with FMR.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information on several topics, including (i) Fidelity's fund profitability methodology and profitability trends within certain funds; (ii) funds and accounts managed by Fidelity other than the Fidelity funds, including fee arrangements; (iii) the total expenses of certain funds and classes relative to competitors; (iv) fund performance trends; and (v) Fidelity's fee structures.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Fidelity® Cash Central Fund
Semiannual Report
November 30, 2006
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
1.734014.106 451475.1.0
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs. 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, 2006 to November 30, 2006).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Beginning | Ending | Expenses Paid | |
Actual | $ 1,000.00 | $ 1,026.70 | $ .01 |
Hypothetical (5% return per year before expenses) | $ 1,000.00 | $ 1,025.05 | $ .01 |
* Expenses are equal to the Fund's annualized expense ratio of .0029%; 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 investments 11/30/06 | % of fund's investments 5/31/06 | % of fund's investments 11/30/05 |
0 - 30 | 95.5 | 96.2 | 96.4 |
31 - 90 | 3.8 | 0.8 | 2.1 |
91 - 180 | 0.0 | 1.2 | 0.0 |
181 - 397 | 0.7 | 1.8 | 1.5 |
Weighted Average Maturity | |||
11/30/06 | 5/31/06 | 11/30/05 | |
Fidelity Cash Central Fund | 5 Days | 7 Days | 8 Days |
All Taxable Money Market Funds Average* | 41 Days | 36 Days | 37 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of November 30, 2006 | As of May 31, 2006 | ||||||
![]() | Commercial Paper 0.8% | ![]() | Commercial Paper 7.8% | ||||
![]() | Bank CDs, BAs, | ![]() | Bank CDs, BAs, | ||||
![]() | Government | ![]() | Government | ||||
![]() | Repurchase | ![]() | Repurchase | ||||
![]() | Net Other Assets** (0.4)% | ![]() | Net Other Assets** (0.3)% |
**Net Other Assets are not included in the pie chart.
*Source: iMoneyNet, Inc.
Semiannual Report
Investments November 30, 2006 (Unaudited)
Showing Percentage of Net Assets
Commercial Paper - 0.8% | ||||
Due Date | Yield (a) | Principal Amount | Value (Note 1) | |
Paradigm Funding LLC | ||||
12/1/06 | 5.34% | $ 234,000,000 | $ 234,000,000 | |
Federal Agencies - 6.0% | ||||
Fannie Mae - 1.9% | ||||
12/22/06 | 5.26 (c) | 589,000,000 | 588,979,576 | |
Federal Home Loan Bank - 2.0% | ||||
12/6/06 to 9/14/07 | 5.21 to 5.56 (c) | 626,000,000 | 625,765,821 | |
Freddie Mac - 2.1% | ||||
12/1/06 to 1/19/07 | 4.71 to 5.11 | 630,053,000 | 628,150,772 | |
TOTAL FEDERAL AGENCIES | 1,842,896,169 |
Interfund Loans - 0.0% | |||
With Fidelity Fund, at 5.44% due 12/1/06 (b) | 16,425,000 | 16,425,000 | |
Repurchase Agreements - 93.6% | |||
Maturity Amount | |||
In a joint trading account at: | |||
5.3% dated 11/30/06 due 12/1/06: | |||
(Collateralized by U.S. Government Obligations) # | $ 800,268,846 | 800,151,000 | |
(Collateralized by U.S. Treasury Obligations) # | 511,653,367 | 511,578,000 | |
In a joint trading account at: | |||
5.32% dated 11/30/06 due 12/1/06: | |||
(Collateralized by U.S. Government Obligations) # | 25,159,898,021 | 25,156,179,000 | |
(Collateralized by U.S. Government Obligations) # | 418,229,822 | 418,168,000 | |
With: | |||
Banc of America Securities LLC at 5.35%, dated 11/30/06 due 12/1/06 (Collateralized by Corporate Obligations valued at $71,400,001, 5.25% - 8%, 7/15/09 - 5/17/32) | 70,010,403 | 70,000,000 | |
Barclays Capital, Inc. at 5.35%, dated 11/30/06 due 12/1/06 (Collateralized by Corporate Obligations valued at $42,840,001, 5.57% - 5.67%, 3/25/36 - 10/1/50) | 42,006,242 | 42,000,000 | |
Repurchase Agreements - continued | |||
Maturity Amount | Value (Note 1) | ||
With: - continued | |||
Merrill Lynch, Pierce, Fenner & Smith at 5.35%, dated 11/30/06 due 12/1/06 (Collateralized by Mortgage Loan Obligations valued at $1,460,550,339, 2.80% - 7.64%, 8/15/07 - 9/20/51) | $ 1,391,206,815 | $ 1,391,000,000 | |
UBS Warburg LLC at 5.29%, dated 10/5/06 due 10/3/07 (Collateralized by Corporate Obligations valued at $509,852,833, 4.5% - 5.5%, 5/15/22 - 4/15/33) (c)(d) | 521,403,713 | 495,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 28,884,076,000 | ||
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $30,977,397,169) | 30,977,397,169 | ||
NET OTHER ASSETS - (0.4)% | (113,374,339) | ||
NET ASSETS - 100% | $ 30,864,022,830 |
Legend |
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end. |
(b) Loan is with an affiliated fund. |
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date. |
(d) The maturity amount is based on the rate at period end. |
# Additional Information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$800,151,000 due 12/01/06 at 5.30% | |
Credit Suisse Securities (USA) LLC | $ 31,205,215 |
Merrill Lynch Government Securities, Inc. | 538,666,426 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 95,612,752 |
Mizuho Securities USA, Inc. | 134,666,607 |
$ 800,151,000 | |
$511,578,000 due 12/01/06 at 5.30% | |
BNP Paribas Securities Corp. | $ 30,129,049 |
Banc of America Securities LLC | 53,616,451 |
Deutsche Bank Securities, Inc. | 310,329,208 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 117,503,292 |
$ 511,578,000 | |
Repurchase Agreement / Counterparty | Value |
$25,156,179,000 due 12/01/06 at 5.32% | |
ABN AMRO Bank N.V., New York Branch | $ 913,238,782 |
BNP Paribas Securities Corp. | 258,750,988 |
Banc of America Securities LLC | 7,950,705,546 |
Bank of America, NA | 1,522,064,637 |
Barclays Capital, Inc. | 7,088,717,724 |
Citigroup Global Markets, Inc. | 1,826,477,565 |
Countrywide Securities Corp. | 2,095,475,092 |
Societe Generale, New York Branch | 608,825,855 |
UBS Securities LLC | 2,435,303,420 |
WestLB AG | 456,619,391 |
$ 25,156,179,000 | |
$418,168,000 due 12/01/06 at 5.32% | |
BNP Paribas Securities Corp. | $ 93,727,310 |
Banc of America Securities LLC | 79,307,724 |
Credit Suisse Securities (USA) LLC | 129,776,276 |
UBS Securities LLC | 115,356,690 |
$ 418,168,000 |
Income Tax Information |
At May 31, 2006, the fund had a capital loss carryforward of approximately $2,296,448 of which $208,156, $2,075,413 and $12,879 will expire on May 31, 2012, 2013 and 2014, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
November 30, 2006 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including repurchase agreements of $28,884,076,000) - Unaffiliated issuers (cost $30,960,972,169) | $ 30,960,972,169 | |
Other affiliated issuers (cost $16,425,000) | 16,425,000 | |
Total Investments (cost $30,977,397,169) | $ 30,977,397,169 | |
Cash | 320 | |
Interest receivable | 21,152,271 | |
Other affiliated receivables | 2,482 | |
Total assets | 30,998,552,242 | |
Liabilities | ||
Distributions payable | 134,506,370 | |
Other payables and accrued expenses | 23,042 | |
Total liabilities | 134,529,412 | |
Net Assets | $ 30,864,022,830 | |
Net Assets consist of: | ||
Paid in capital | $ 30,865,597,213 | |
Undistributed net investment income | 160,023 | |
Accumulated undistributed net realized gain (loss) on investments | (1,734,406) | |
Net Assets, for 30,860,346,628 shares outstanding | $ 30,864,022,830 | |
Net Asset Value, offering price and redemption price per share ($30,864,022,830 ÷ 30,860,346,628 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, 2006 (Unaudited) | ||
Investment Income | ||
Interest (including $220,132 from affiliated interfund lending) | $ 829,305,751 | |
Expenses | ||
Custodian fees and expenses | $ 22,934 | |
Independent trustees' compensation | 56,871 | |
Audit | 18,979 | |
Legal | 5,716 | |
Interest | 297,198 | |
Insurance | 59,617 | |
Miscellaneous | 54 | |
Total expenses before reductions | 461,369 | |
Expense reductions | (16,605) | 444,764 |
Net investment income | 828,860,987 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 65 | |
Net increase in net assets resulting from operations | $ 828,861,052 |
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 | $ 828,860,987 | $ 1,095,827,572 |
Net realized gain (loss) | 65 | 76 |
Net increase in net assets resulting | 828,861,052 | 1,095,827,648 |
Distributions to shareholders from net investment income | (828,860,986) | (1,095,738,440) |
Affiliated share transactions at net asset value of $1.00 per share | 104,510,365,597 | 188,272,656,921 |
Cost of shares redeemed | (107,786,776,582) | (180,238,479,948) |
Net increase (decrease) in net assets and shares resulting from share transactions | (3,276,410,985) | 8,034,176,973 |
Total increase (decrease) in net assets | (3,276,410,919) | 8,034,266,181 |
Net Assets | ||
Beginning of period | 34,140,433,749 | 26,106,167,568 |
End of period (including undistributed net investment income of $160,023 and undistributed net investment income of $160,022, respectively) | $ 30,864,022,830 | $ 34,140,433,749 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months | Years ended May 31, | |||||
(Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 | |
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 | .026 | .041 | .020 | .011 | .016 | .026 |
Distributions from net investment income | (.026) | (.041) | (.020) | (.011) | (.016) | (.026) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | 2.67% | 4.15% | 2.05% | 1.11% | 1.58% | 2.68% |
Ratios to Average Net Assets D | ||||||
Expenses before reductions | .00% A | .00% | .00% | .00% | .00% | .00% |
Expenses | .00% A | .00% | .00% | .00% | .00% | .00% |
Expenses | .00% A | .00% | .00% | .00% | .00% | .00% |
Net investment income | 5.27% A | 4.11% | 2.05% | 1.10% | 1.58% | 2.63% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 30,864,023 | $ 34,140,434 | $ 26,106,168 | $ 23,377,598 | $ 25,174,899 | $ 27,692,376 |
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 expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from 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, 2006 (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 by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value.
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 each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to capital loss carryforwards and losses deferred due to excise tax regulations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ - | |
Unrealized depreciation | - | |
Net unrealized appreciation (depreciation) | $ - | |
Cost for federal income tax purposes | $ 30,977,397,169 |
New Accounting Pronouncements. In July 2006, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement 109 (FIN 48), was issued and is effective for fiscal years beginning after December 15, 2006. FIN 48 sets forth a threshold for financial statement recognition, measurement and disclosure of a tax position taken or expected to be taken on a tax return. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Fund's net assets, results of operations and financial statement disclosures.
In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
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 which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Semiannual Report
2. Operating Policies - continued
Reverse Repurchase Agreements. To enhance its yield, the Fund may enter into reverse repurchase agreements whereby the Fund transfers securities to a counterparty who then agrees to transfer them back to the Fund at a future date and agreed upon price, reflecting a rate of interest below market rate. The Fund receives cash proceeds, which are invested in other securities, and agrees to repay the proceeds plus accrued interest in return for the same securities transferred. The Fund continues to receive interest payments on the transferred securities during the term of the reverse repurchase agreement. During the period that a reverse repurchase agreement is outstanding, the Fund identifies cash and liquid securities as segregated in its custodian records with a value at least equal to its obligation under the agreement. If the counterparty defaults on its obligation, because of insolvency or other reasons, the Fund could experience delays and costs in recovering the security or in gaining access to the collateral. The average daily balance during the period for which reverse repurchase agreements were outstanding amounted to $191,022,000. The weighted average interest rate was 4.31%. At period end, there were no reverse repurchase agreements outstanding.
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. FIMM and FMR have entered into a service agreement under which FMR pays FIMM a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays Fidelity Service Company, Inc. (FSC), an affiliate of FMR, the fees for maintaining the accounting records of the Fund.
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 affiliated funds. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Daily Loan Balance | Weighted Average Interest Rate | |
Lender | $ 10,662,579 | 5.31% |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
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 $16,605.
5. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Cash Central Fund
Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.
The Board meets regularly each month except August and takes into account throughout the year matters bearing on Advisory Contracts. The Board, acting directly and through its separate committees, considers at each of its meetings factors that are relevant to the annual renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has adopted a written charter outlining the structure and purposes of the committee. One such committee, the Fixed-Income Contract Committee, meets periodically as needed throughout the year to consider matters specifically related to the annual renewal of Advisory Contracts. The committee requests and receives information on, and makes recommendations to the Independent Trustees concerning, the approval and annual review of the Advisory Contracts.
At its June 2006 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the Advisory Contracts for the fund. In reaching its determination, the Board considered all factors it believed relevant and ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law.
Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, Fidelity Investments Money Management, Inc., and the sub-advisers (together, the Investment Advisers), including the background of the fund's portfolio manager and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.
Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers. In addition, the Board considered the trading resources that are an integrated part of the fixed-income portfolio management investment process.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts. The Board noted that the fund is designed to offer a liquid investment option for other investment companies and accounts managed by Fidelity Management & Research Company (FMR) or its affiliates and ultimately to enhance the performance of those investment companies and accounts.
Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders.
Competitiveness of Management Fee and Total Fund Expenses. The Board considered that FMR pays the fund's management fee on behalf of the fund. The Board also noted that FMR bears all expenses of the fund, except operating expenses for services provided by entities not affiliated with FMR, such as fees for custodial, auditing, legal and insurance services. Based on its review, the Board concluded that the fund's net management fee and total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
Semiannual Report
PricewaterhouseCoopers LLP (PwC), independent registered accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except certain operating expenses for services provided by entities not affiliated with FMR.
Economies of Scale. The Board concluded that the realization of economies of scale was not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except certain operating expenses for services provided by entities not affiliated with FMR.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Advisory Contracts, the Board requested additional information on several topics, including (i) Fidelity's fund profitability methodology and profitability trends within certain funds; (ii) funds and accounts managed by Fidelity other than the Fidelity funds, including fee arrangements; (iii) the total expenses of certain funds and classes relative to competitors; (iv) fund performance trends; and (v) Fidelity's fee structures.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. 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/Kimberley Monasterio |
| Kimberley Monasterio |
| President and Treasurer |
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Date: | January 24, 2007 |
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/Kimberley Monasterio |
| Kimberley Monasterio |
| President and Treasurer |
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Date: | January 24, 2007 |
By: | /s/Joseph B. Hollis |
| Joseph B. Hollis |
| Chief Financial Officer |
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Date: | January 24, 2007 |