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)
Scott C. Goebel, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | May 31 |
| |
Date of reporting period: | November 30, 2010 |
Item 1. Reports to Stockholders
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Revere Street Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Revere Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Revere Street Trust
By: | /s/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
| |
Date: | February 1, 2011 |
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/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
| |
Date: | February 1, 2011 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
| |
Date: | February 1, 2011 |
Fidelity® Cash Central Fund
Semiannual Report
November 30, 2010
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
TCC-SANN-0111
1.734014.110
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2010 to November 30, 2010).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized Expense Ratio | Beginning
Account Value
June 1, 2010 | Ending
Account Value
November 30, 2010 | Expenses Paid
During Period*
June 1, 2010 to November 30, 2010 |
Actual | .0006% | $ 1,000.00 | $ 1,001.20 | $ .00** |
Hypothetical (5% return per year before expenses) | | $ 1,000.00 | $ 1,025.07 | $ .00** |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
**Amount represents less than $.01
Semiannual Report
Investment Changes (Unaudited)
Maturity Diversification |
Days | % of fund's investments 11/30/10 | % of fund's investments 5/31/10 | % of fund's
investments
11/30/09 |
0 - 30 | 77.4 | 78.6 | 66.9 |
31 - 90 | 7.2 | 13.7 | 20.8 |
91 - 180 | 3.4 | 5.8 | 4.6 |
181 - 397 | 12.0 | 1.9 | 7.7 |
Weighted Average Maturity |
| 11/30/10 | 5/31/10 | 11/30/09 |
Fidelity® Cash Central Fund | 46 Days | 28 Days | 44 Days |
All Taxable Money Market Funds Average* | 48 Days | 39 Days | 51 Days |
This is a weighted average of all the maturities of the securities held in a fund. WAM can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life |
| 11/30/10 | 5/31/10 | 11/30/09 |
Fidelity Cash Central Fund | 62 Days | n/a** | n/a** |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) |
As of November 30, 2010 | As of May 31, 2010 |
 | Bank CDs, BAs,
TDs, and Notes 22.4% | | | Bank CDs, BAs,
TDs, and Notes 16.4% | |
 | Government
Securities 27.8% | | | Government
Securities 39.6% | |
 | Interfund Loans 0.1% | | | Interfund Loans 0.3% | |
 | Repurchase
Agreements 50.6% | | | Repurchase
Agreements 44.8% | |
 | Net Other Assets*** (0.9)% | | | Net Other Assets*** (1.1)% | |
*Source: iMoneyNet, Inc.
**Information not available
***Net Other Assets are not included in the pie chart.
Semiannual Report
Investments November 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Federal Agencies - 14.2% |
| | Yield (a) | Principal Amount | Value |
Federal Home Loan Bank - 14.2% |
| 12/3/10 to 2/17/12 | 0.16 to 0.60% (c) | $ 4,310,000,000 | $ 4,309,206,934 |
U.S. Treasury Obligations - 13.6% |
|
U.S. Treasury Bills - 11.1% |
| 12/16/10 to 11/17/11 | 0.19 to 0.41 | 3,354,170,000 | 3,350,415,515 |
U.S. Treasury Notes - 2.5% |
| 6/30/11 to 11/30/11 | 0.25 to 0.43 | 752,000,000 | 756,409,751 |
TOTAL U.S. TREASURY OBLIGATIONS | 4,106,825,266 |
Time Deposits - 22.4% |
|
Branch Banking & Trust Co. |
| 12/1/10 | 0.19 | 230,000,000 | 230,000,000 |
Citibank NA |
| 12/1/10 | 0.22 | 450,000,000 | 450,000,000 |
Commerzbank AG |
| 12/1/10 | 0.23 | 1,500,000,000 | 1,500,000,000 |
Credit Agricole CIB |
| 12/1/10 | 0.21 | 800,000,000 | 800,000,000 |
DnB NOR Bank ASA |
| 12/1/10 | 0.20 | 1,200,000,000 | 1,200,000,000 |
Royal Bank of Scotland NV |
| 12/1/10 | 0.23 | 1,100,000,000 | 1,100,000,000 |
Svenska Handelsbanken AB |
| 12/1/10 | 0.20 | 1,500,000,000 | 1,500,000,000 |
TOTAL TIME DEPOSITS | 6,780,000,000 |
Interfund Loans - 0.1% |
| Principal Amount | | Value |
With Fidelity Advisor Capital Development Fund at 0.47% due 12/1/10 (b) | $ 20,918,000 | | $ 20,918,000 |
Repurchase Agreements - 50.6% |
| Maturity Amount | | |
In a joint trading account at: | | | |
0.24% dated 11/30/10: | | | |
due 12/1/10: | | | |
(Collateralized by U.S. Treasury Obligations) # | 14,004,131,327 | | 14,004,039,000 |
(Collateralized by U.S. Treasury Obligations) # | 297,936,986 | | 297,935,000 |
(Collateralized by U.S. Government Obligations) # | 119,253,800 | | 119,253,000 |
0.25% dated 11/30/10 due 12/1/10 (Collateralized by U.S. Government Obligations) # | 609,071,282 | | 609,067,000 |
0.26% dated 11/30/10 due 12/1/10 (Collateralized by U.S. Government Obligations) # | 300,212,129 | | 300,210,000 |
TOTAL REPURCHASE AGREEMENTS | 15,330,504,000 |
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $30,547,454,200) | | 30,547,454,200 |
NET OTHER ASSETS (LIABILITIES) - (0.9)% | | (277,134,120) |
NET ASSETS - 100% | $ 30,270,320,080 |
Legend |
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. |
(b) Loan is with an affiliated fund. |
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
# Additional information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$14,004,039,000 due 12/01/10 at 0.24% |
BNP Paribas Securities Corp. | $ 1,596,098,309 |
Barclays Capital, Inc. | 5,349,533,674 |
Credit Agricole Securities (USA), Inc. | 1,109,325,646 |
Credit Suisse Securities (USA) LLC | 170,440,720 |
Deutsche Bank Securities, Inc. | 286,071,319 |
Dresdner Kleinwort Securities LLC | 286,071,319 |
HSBC Securities (USA), Inc. | 2,002,499,236 |
J.P. Morgan Securities, Inc. | 1,716,427,916 |
Mizuho Securities USA, Inc. | 572,142,639 |
RBC Capital Markets Corp. | 572,142,639 |
RBS Securities, Inc. | 286,071,319 |
Wells Fargo Securities LLC | 57,214,264 |
| $ 14,004,039,000 |
$297,935,000 due 12/01/10 at 0.24% |
BNP Paribas Securities Corp. | $ 140,527,338 |
Barclays Capital, Inc. | 103,666,719 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 53,740,943 |
| $ 297,935,000 |
$119,253,000 due 12/01/10 at 0.24% |
Barclays Capital, Inc. | $ 42,590,357 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 19,875,500 |
UBS Securities LLC | 56,787,143 |
| $ 119,253,000 |
Repurchase Agreement / Counterparty | Value |
$609,067,000 due 12/01/10 at 0.25% |
BNP Paribas Securities Corp. | $ 53,175,322 |
Barclays Capital, Inc. | 105,982,282 |
J.P. Morgan Securities, Inc. | 32,528,408 |
Merrill Lynch Government Securities, Inc. | 58,697,879 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 65,193,713 |
Mizuho Securities USA, Inc. | 293,489,396 |
| $ 609,067,000 |
$300,210,000 due 12/01/10 at 0.26% |
BNP Paribas Securities Corp. | $ 19,015,518 |
Bank of America NA | 106,244,768 |
Citibank NA | 1,770,746 |
Citigroup Global Markets, Inc. | 14,165,969 |
Credit Agricole Securities (USA), Inc. | 7,082,984 |
Deutsche Bank Securities, Inc. | 42,497,907 |
Goldman, Sachs & Co. | 7,082,984 |
HSBC Securities (USA), Inc. | 24,790,445 |
ING Financial Markets LLC | 13,280,596 |
J.P. Morgan Securities, Inc. | 7,082,984 |
Morgan Stanley & Co., Inc. | 5,312,238 |
RBC Capital Markets Corp. | 1,947,821 |
RBS Securities, Inc. | 3,541,492 |
Societe Generale, New York Branch | 7,082,984 |
UBS Securities LLC | 16,999,163 |
Wells Fargo Securities LLC | 22,311,401 |
| $ 300,210,000 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At May 31, 2010, the Fund had a capital loss carryforward of approximately $506,839 all of which will expire in fiscal 2018. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2010 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including repurchase agreements of $15,330,504,000) - See accompanying schedule: Unaffiliated issuers (cost $30,526,536,200) | $ 30,526,536,200 | |
Other affiliated issuers (cost $20,918,000) | 20,918,000 | |
Total Investments (cost $30,547,454,200) | | $ 30,547,454,200 |
Cash | | 346 |
Interest receivable | | 3,364,001 |
Other affiliated receivables | | 275 |
Other receivables | | 87,957 |
Total assets | | 30,550,906,779 |
| | |
Liabilities | | |
Payable for investments purchased | $ 274,707,571 | |
Distributions payable | 5,776,761 | |
Other payables and accrued expenses | 102,367 | |
Total liabilities | | 280,586,699 |
| | |
Net Assets | | $ 30,270,320,080 |
Net Assets consist of: | | |
Paid in capital | | $ 30,270,884,076 |
Distributions in excess of net investment income | | (61,281) |
Accumulated undistributed net realized gain (loss) on investments | | (502,715) |
Net Assets, for 30,263,230,030 shares outstanding | | $ 30,270,320,080 |
Net Asset Value, offering price and redemption price per share ($30,270,320,080 ÷ 30,263,230,030 shares) | | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
| Six months ended November 30, 2010 (Unaudited) |
| | |
Investment Income | | |
Interest (including $85,062 from affiliated interfund lending) | | $ 32,119,649 |
| | |
Expenses | | |
Custodian fees and expenses | $ 45,697 | |
Independent trustees' compensation | 48,687 | |
Interest | 32,079 | |
Total expenses before reductions | 126,463 | |
Expense reductions | (52,590) | 73,873 |
Net investment income | | 32,045,776 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | | 4,124 |
Net increase in net assets resulting from operations | | $ 32,049,900 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
November 30, 2010
(Unaudited) | Year ended
May 31,
2010 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income | $ 32,045,776 | $ 53,096,742 |
Net realized gain (loss) | 4,124 | (106,882) |
Net increase in net assets resulting
from operations | 32,049,900 | 52,989,860 |
Distributions to shareholders from net investment income | (32,046,762) | (53,098,079) |
Affiliated share transactions at net asset value of $1.00 per share
Proceeds from sales of shares | 107,193,170,209 | 199,693,511,033 |
Cost of shares redeemed | (101,808,647,401) | (193,702,152,859) |
Net increase (decrease) in net assets and shares resulting from share transactions | 5,384,522,808 | 5,991,358,174 |
Total increase (decrease) in net assets | 5,384,525,946 | 5,991,249,955 |
| | |
Net Assets | | |
Beginning of period | 24,885,794,134 | 18,894,544,179 |
End of period (including distributions in excess of net investment income of $61,281 and $60,295, respectively) | $ 30,270,320,080 | $ 24,885,794,134 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended
November 30, 2010 | Years ended May 31, |
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
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 | .001 | .003 | .014 | .043 | .053 | .041 |
Distributions from net investment income | (.001) | (.003) | (.014) | (.043) | (.053) | (.041) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .12% | .26% | 1.41% | 4.34% | 5.43% | 4.15% |
Ratios to Average Net Assets E | | | | | | |
Expenses before reductions D | -% A | -% | -% | -% | -% | -% |
Expenses net of fee waivers, if any D | -% A | -% | -% | -% | -% | -% |
Expenses net of all reductions D | -% A | -% | -% | -% | -% | -% |
Net investment income | .24% A | .25% | 1.54% | 4.29% | 5.30% | 4.11% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 30,270,320 | $ 24,885,794 | $ 18,894,544 | $ 32,412,258 | $ 28,623,746 | $ 34,140,434 |
A Annualized
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 or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2010 (Unaudited)
1. Organization.
Fidelity Cash Central Fund (the Fund) is a fund of Fidelity Revere Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only offered to other investment companies and accounts (the Investing Funds) managed by Fidelity Management & Research Company (FMR), or its affiliates.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.
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 amongst 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustees compensation, capital loss carryforwards and losses due to deferred due to excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $ - |
| |
Tax cost | $ 30,547,454,200 |
3. 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
Semiannual Report
3. Operating Policies - continued
Repurchase Agreements - continued
government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Reverse Repurchase Agreements. To enhance its yield, the Fund may enter into reverse repurchase 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. Securities sold under a reverse repurchase agreement are recorded as a liability in the accompanying Statement of Assets and Liabilities. The Fund receives cash proceeds, which are invested in other securities, and agrees to repay the proceeds plus any 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 subject to interest amounted to $261,379,512. The weighted average interest rate was .05% on such amounts. At period end, there were no reverse repurchase agreements outstanding.
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. 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. Pursuant to the Fund's management contract with FIMM, FMR pays FIMM a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain exceptions such as interest expense.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. Any open loans at period end are presented under the caption "Interfund Loans" in the Fund's Schedule of Investments with accrued interest included in Other affiliated receivables on the Statement of Assets and Liabilities. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Daily
Loan Balance | Weighted Average Interest Rate |
Lender | $ 12,772,839 | .45% |
5. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $48,687.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $3,903.
6. 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 all outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Cash Central Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract 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 relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established three 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. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its September 2010 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of the fund and its shareholders and that the lack of compensation to be received by Fidelity under the management contract is fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Fidelity Investments Money Management, Inc., and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel 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 to act in the best interest of the fund.
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 noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. 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 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 integral part of the fixed-income portfolio management investment process.
Semiannual Report
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts. 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 investment management and support services and of shareholder and administrative 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 expenses related to the fund's investment activities (primarily custody expenses). 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.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of 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 fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities, economies of scale cannot be realized by the fund.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology and profitability trends for certain funds; (iii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iv) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (v) the compensation paid by FMR to fund sub-advisers on behalf of the Fidelity funds; (vi) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of fees to maintain minimum yields for certain funds and classes; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; and (viii) explanations regarding the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes or to achieve further economies of scale.
Semiannual Report
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Fidelity® Municipal
Cash Central Fund
Semiannual Report
November 30, 2010
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
MCC-SANN-0111
1.734025.110
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2010 to November 30, 2010).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized Expense Ratio | Beginning
Account Value
June 1, 2010 | Ending
Account Value
November 30, 2010 | Expenses Paid
During Period*
June 1, 2010 to November 30, 2010 |
Actual | .0020% | $ 1,000.00 | $ 1,001.40 | $ .01 |
Hypothetical (5% return per year before expenses) | | $ 1,000.00 | $ 1,025.06 | $ .01 |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Maturity Diversification |
Days | % of fund's investments 11/30/10 | % of fund's investments 5/31/10 | % of fund's
investments
11/30/09 |
0 - 30 | 100.0 | 100.0 | 100.0 |
31 - 90 | 0.0 | 0.0 | 0.0 |
91 - 180 | 0.0 | 0.0 | 0.0 |
181 - 397 | 0.0 | 0.0 | 0.0 |
Weighted Average Maturity |
| 11/30/10 | 5/31/10 | 11/30/09 |
Fidelity® Municipal Cash Central Fund | 3 Days | 5 Days | 3 Days |
All Tax-Free Money Market Funds Average* | 32 Days | 23 Days | 30 Days |
This is a weighted average of all the maturities of the securities held in a fund. WAM can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life |
| 11/30/10 | 5/31/10 | 11/30/09 |
Fidelity Municipal Cash Central Fund | 3 Days | n/a** | n/a** |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) |
As of November 30, 2010 | As of May 31, 2010 |
| Variable Rate
Demand Notes
(VRDNs) 100.0% | | | Variable Rate
Demand Notes
(VRDNs) 99.5% | |
 | Commercial
Paper (including
CP Mode) 0.4% | | | Commercial
Paper (including
CP Mode) 0.5% | |
| Net Other Assets*** (0.4)% | | | Net Other Assets 0.0% | |
*Source: iMoneyNet, Inc.
**Information not available
***Net Other Assets are not included in the pie chart.
Semiannual Report
Investments November 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 100.4% |
| Principal Amount | | Value |
Alabama - 3.2% |
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.): | | | |
Series 1995 C, 0.3%, VRDN (b) | $ 23,500,000 | | $ 23,500,000 |
Series 1995 D, 0.3%, VRDN (b) | 3,000,000 | | 3,000,000 |
Mobile Indl. Dev. Board Exempt Facilities Rev. Series 1997, 0.36% (Kimberly-Clark Corp. Guaranteed), VRDN (b) | 2,150,000 | | 2,150,000 |
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2009, 0.32%, VRDN (b) | 12,700,000 | | 12,700,000 |
Mobile Indl. Dev. Board Rev. (Alabama Pwr. Theodore Plant Proj.) Series A, 0.32%, VRDN (b)(c) | 10,000,000 | | 10,000,000 |
Walker County Econ. & Indl. Dev. Auth. Solid Waste Disp. Rev. (Alabama Pwr. Co. Plant Gorgas Proj.) Series 2007, 0.32%, VRDN (b)(c) | 19,000,000 | | 19,000,000 |
West Jefferson Indl. Dev. Board Solid Waste Disp. Rev. (Alabama Pwr. Co. Miller Plant Proj.) Series 2008, 0.32%, VRDN (b)(c) | 61,100,000 | | 61,100,000 |
Wilsonville Indl. Dev. Board Poll. Cont. Rev.: | | | |
(Alabama Pwr. Co. Gaston Plant Proj.) Series 2008, 0.32%, VRDN (b)(c) | 14,000,000 | | 14,000,000 |
(Alabama Pwr. Co. Proj.) Series D, 0.28%, VRDN (b) | 1,500,000 | | 1,500,000 |
| | 146,950,000 |
Alaska - 1.4% |
Valdez Marine Term. Rev.: | | | |
(BP Pipelines, Inc. Proj.): | | | |
Series 2003 B, 0.35% (BP PLC Guaranteed), VRDN (b) | 43,900,000 | | 43,900,000 |
Series 2003 C, 0.35% (BP PLC Guaranteed), VRDN (b) | 12,200,000 | | 12,200,000 |
(Phillips Trans. Alaska, Inc. Proj.): | | | |
Series 1994 B, 0.33% (ConocoPhillips Guaranteed), VRDN (b) | 2,000,000 | | 2,000,000 |
Series 1994 C, 0.45% (ConocoPhillips Guaranteed), VRDN (b) | 5,000,000 | | 5,000,000 |
| | 63,100,000 |
Arizona - 0.6% |
Coconino County Poll. Cont. Corp. Rev. (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 B, 0.31%, LOC JPMorgan Chase Bank, VRDN (b)(c) | 17,810,000 | | 17,810,000 |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev. (Glenn Oaks Apts. Proj.) Series 2001, 0.35%, LOC Fannie Mae, VRDN (b)(c) | 4,200,325 | | 4,200,325 |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Participating VRDN Series ROC II R 12311, 0.3% (Liquidity Facility Citibank NA) (b)(d) | 1,900,000 | | 1,900,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Arizona - continued |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN Series Putters 3708Z, 0.3% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | $ 2,500,000 | | $ 2,500,000 |
Tempe Indl. Dev. Auth. Rev. (ASUF Brickyard Proj.) Series 2004 A, 0.38%, LOC Bank of America NA, VRDN (b) | 1,000,000 | | 1,000,000 |
| | 27,410,325 |
Arkansas - 0.1% |
Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 2004 A, 0.37%, LOC Fannie Mae, VRDN (b)(c) | 995,000 | | 995,000 |
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) 0.31%, LOC Royal Bank of Scotland PLC, VRDN (b)(c) | 5,000,000 | | 5,000,000 |
| | 5,995,000 |
California - 6.7% |
California Edl. Facilities Auth. Rev. Participating VRDN: | | | |
Series BBT 2014, 0.29% (Liquidity Facility Branch Banking & Trust Co.) (b)(d) | 1,940,000 | | 1,940,000 |
Series MS 3144, 0.3% (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | 4,100,000 | | 4,100,000 |
California Gen. Oblig.: | | | |
Series 2003 A2, 0.27%, LOC Bank of Montreal, VRDN (b) | 9,700,000 | | 9,700,000 |
Series 2004 A1, 0.29%, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (b) | 11,730,000 | | 11,730,000 |
Series 2004 A2, 0.24%, LOC State Street Bank & Trust Co., Boston, LOC California Teachers Retirement Sys., VRDN (b) | 6,450,000 | | 6,450,000 |
Series 2004 A3, 0.27%, LOC State Street Bank & Trust Co., Boston, LOC California Teachers Retirement Sys., VRDN (b) | 4,100,000 | | 4,100,000 |
Series 2004 A4, 0.27%, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (b) | 43,180,000 | | 43,180,000 |
Series 2004 A5, 0.3%, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (b) | 4,425,000 | | 4,425,000 |
Series 2005 B6, 0.3%, LOC KBC Bank NV, VRDN (b) | 6,100,000 | | 6,100,000 |
California Hsg. Fin. Agcy. Multifamily Hsg. Rev.: | | | |
Series 2007 B, 0.25% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 8,685,000 | | 8,685,000 |
Series 2007 C, 0.25% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 6,955,000 | | 6,955,000 |
Series 2008 B, 0.27% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 27,765,000 | | 27,765,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
California - continued |
California Hsg. Fin. Agcy. Rev.: | | | |
(Home Mtg. Prog.): | | | |
Series 2003 M, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | $ 5,440,000 | | $ 5,440,000 |
Series 2007 H, 0.3% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 4,400,000 | | 4,400,000 |
Series 2007 K, 0.3% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 25,000,000 | | 25,000,000 |
Series 2008 F, 0.3% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 9,000,000 | | 9,000,000 |
Series 2001 G, 0.27% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 2,150,000 | | 2,150,000 |
California Infrastructure & Econ. Dev. Bank Rev.: | | | |
(California Academy of Sciences Proj.) Series 2008 C, 0.26%, LOC Bank of Nova Scotia New York Branch, VRDN (b) | 14,600,000 | | 14,600,000 |
(Pacific Gas and Elec. Co. Proj.): | | | |
Series 2009 B, 0.27%, LOC Wells Fargo Bank NA, San Francisco, VRDN (b) | 11,510,000 | | 11,510,000 |
Series 2009 C, 0.26%, LOC Wells Fargo Bank NA, San Francisco, VRDN (b) | 1,900,000 | | 1,900,000 |
(The Contemporary Jewish Museum Proj.) Series 2006, 0.31%, LOC Bank of America NA, VRDN (b) | 5,900,000 | | 5,900,000 |
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 1997 B, 0.29%, LOC JPMorgan Chase Bank, VRDN (b)(c) | 10,800,000 | | 10,800,000 |
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Series 2010, 0.29% (Liquidity Facility Royal Bank of Canada), VRDN (b) | 7,200,000 | | 7,200,000 |
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.: | | | |
(Coventry Place Apts. Proj.) Series 2002 JJ, 0.3%, LOC Fannie Mae, VRDN (b)(c) | 5,165,000 | | 5,165,000 |
(Irvine Apt. Cmntys. LP Proj.): | | | |
Series 2001 W1, 0.3%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 13,500,000 | | 13,500,000 |
Series 2001 W2, 0.3%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 15,500,000 | | 15,500,000 |
(The Crossings at Elk Grove Apts.) Series H, 0.31%, LOC Citibank NA, VRDN (b)(c) | 7,850,000 | | 7,850,000 |
California Statewide Cmntys. Dev. Auth. Rev.: | | | |
(Los Angeles County Museum of Art Proj.) Series 2008 D, 0.26%, LOC Wells Fargo Bank NA, VRDN (b) | 7,300,000 | | 7,300,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
California - continued |
California Statewide Cmntys. Dev. Auth. Rev.: - continued | | | |
(North Peninsula Jewish Campus Proj.) 0.31%, LOC Bank of America NA, VRDN (b) | $ 8,175,000 | | $ 8,175,000 |
Los Angeles Multi-family Hsg. Rev. (Colonia Corona Apts. Proj.) Series 2004 D, 0.32%, LOC Citibank NA, VRDN (b)(c) | 2,700,000 | | 2,700,000 |
Los Angeles Reg'l. Arpts. Impt. Rev. (Compagne Nationale Air France Int'l. Arpt. Proj.) Series 1991, 0.3%, LOC Societe Generale, VRDN (b)(c) | 1,425,000 | | 1,425,000 |
Sacramento Hsg. Auth. Multi-family (Phoenix Park II Apts. Proj.) 0.31%, LOC Citibank NA, VRDN (b)(c) | 8,880,000 | | 8,880,000 |
San Francisco City & County Redev. Agcy. Multi-family Hsg. Rev. (Antonia Manor Apts. Proj.) Series 2000 E, 0.3%, LOC Citibank NA, VRDN (b)(c) | 2,250,000 | | 2,250,000 |
San Jose Multi-family Hsg. Rev. (Siena at Renaissance Square Proj.) Series 1996 A, 0.29%, LOC Key Bank NA, VRDN (b)(c) | 6,000,000 | | 6,000,000 |
| | 311,775,000 |
Colorado - 0.9% |
Colorado Edl. & Cultural Facilities Auth. Rev. (YMCA of the Rockies Proj.) 0.32%, LOC Bank of America NA, VRDN (b) | 9,720,000 | | 9,720,000 |
Colorado Health Facilities Auth. Rev. (NCMC, Inc. Proj.): | | | |
Series 2008 A, 0.38%, LOC Compass Bank, VRDN (b) | 5,010,000 | | 5,010,000 |
Series 2008 B, 0.38%, LOC Compass Bank, VRDN (b) | 15,925,000 | | 15,925,000 |
Colorado Hsg. & Fin. Auth. Series 2002 C3, 0.29% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 1,000,000 | | 1,000,000 |
Denver City & County Arpt. Rev. Series 2008 C3, 0.33%, LOC Landesbank Baden-Wuert, VRDN (b)(c) | 11,200,000 | | 11,200,000 |
| | 42,855,000 |
Connecticut - 1.5% |
Connecticut Dev. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) 0.8% tender 12/6/10, CP mode | 7,000,000 | | 7,000,000 |
Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
(Edgehill Proj.) Series 2000 C, 0.3%, LOC JPMorgan Chase Bank, VRDN (b) | 5,000,000 | | 5,000,000 |
(Masonicare Corp. Proj.) Series D, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 3,500,000 | | 3,500,000 |
Participating VRDN Series Putters 2862, 0.28% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,235,000 | | 5,235,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Connecticut - continued |
Connecticut Hsg. Fin. Auth.: | | | |
Series 2009 A1, 0.27% (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | $ 19,380,000 | | $ 19,380,000 |
Series 2009 A2, 0.27% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 27,600,000 | | 27,600,000 |
| | 67,715,000 |
Delaware - 2.2% |
Delaware Econ. Dev. Auth. Indl. Dev. Rev. (Delaware Clean Pwr. Proj.) Series 1997 A, 0.31%, VRDN (b)(c) | 70,000,000 | | 70,000,000 |
Delaware Econ. Dev. Auth. Rev.: | | | |
(Delmarva Pwr. & Lt. Co. Proj.): | | | |
Series 1993 C, 0.66%, VRDN (b) | 5,800,000 | | 5,800,000 |
Series 1999 B, 0.64%, VRDN (b)(c) | 1,100,000 | | 1,100,000 |
(Peninsula United Methodist Homes, Inc. Proj.) Series A, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 16,000,000 | | 16,000,000 |
Delaware Health Facilities Auth. Rev. (Bayhealth Med. Ctr. Proj.) Series 2009 C, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 7,505,000 | | 7,505,000 |
| | 100,405,000 |
District Of Columbia - 1.2% |
District of Columbia Rev.: | | | |
(American Univ. Proj.) Series 2008, 0.3%, LOC Bank of America NA, VRDN (b) | 28,000,000 | | 28,000,000 |
(Medlantic/Helix Proj.) Series 1998 A Tranche I, 0.27%, LOC Wells Fargo Bank NA, VRDN (b) | 24,400,000 | | 24,400,000 |
Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | | | |
Participating VRDN Series DB 505, 0.32% (Liquidity Facility Deutsche Bank AG) (b)(c)(d) | 3,360,000 | | 3,360,000 |
Participating VRDN Series Putters 1691, 0.4% (Liquidity Facility JPMorgan Chase Bank) (b)(c)(d) | 435,000 | | 435,000 |
| | 56,195,000 |
Florida - 8.5% |
Alachua County Health Facilities Auth. Continuing Care Retirement Cmnty. Rev. (Oak Hammock at The Univ. of Florida, Inc. Proj.) Series 2007, 0.31%, LOC Bank of Scotland PLC, VRDN (b) | 18,715,000 | | 18,715,000 |
Brevard County Indl. Dev. Rev. (Pivotal Util. Hldgs., Inc. Proj.) Series 2005, 0.28% (AGL Resources, Inc. Guaranteed), LOC Bank of Tokyo-Mitsubishi, VRDN (b)(c) | 6,000,000 | | 6,000,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Florida - continued |
Broward County Edl. Facilities Auth. Rev. (Nova Southeastern Univ. Proj.) Series 2008 A, 0.31%, LOC Bank of America NA, VRDN (b) | $ 2,700,000 | | $ 2,700,000 |
Broward County Port Facilities Rev. (Port Everglades Proj.) Series 2008, 0.28%, LOC Bank of Nova Scotia New York Branch, VRDN (b)(c) | 28,865,000 | | 28,865,000 |
Coconut Creek Indl. Dev. Rev. (Elite Aluminum Corp. Proj.) Series 2002, 0.61%, LOC Bank of America NA, VRDN (b)(c) | 2,360,000 | | 2,360,000 |
Dade County Indl. Dev. Auth. Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) 0.29%, VRDN (b) | 8,000,000 | | 8,000,000 |
Dade County Indl. Dev. Auth. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1993, 0.3%, VRDN (b) | 45,000,000 | | 45,000,000 |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev.: | | | |
(Clascona Groves Apts. Proj.) Series A, 0.32%, LOC Citibank NA, VRDN (b)(c) | 3,215,000 | | 3,215,000 |
(Heather Glenn Apts. Proj.) Series 2003 H, 0.34%, LOC Fannie Mae, VRDN (b)(c) | 6,760,000 | | 6,760,000 |
(Pinnacle Pointe Apts. Proj.) Series 2003 N, 0.32%, LOC Citibank NA, VRDN (b)(c) | 13,810,000 | | 13,810,000 |
Florida Hsg. Fin. Corp. Rev.: | | | |
(Tuscany Lakes Apts. Proj.) Series 2002 K1, 0.35%, LOC Fannie Mae, VRDN (b)(c) | 6,500,000 | | 6,500,000 |
Participating VRDN: | | | |
Series Merlots 06 B17, 0.37% (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 4,465,000 | | 4,465,000 |
Series ROC II R 11688, 0.36% (Liquidity Facility Citibank NA) (b)(c)(d) | 2,200,000 | | 2,200,000 |
Florida Muni. Pwr. Agcy. Rev. (All-Requirements Pwr. Supply Proj.) Series 2008 C, 0.28%, LOC Bank of America NA, VRDN (b) | 25,800,000 | | 25,800,000 |
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.) Series 2005 E, 0.3%, LOC Cr. Agricole CIB, VRDN (b) | 5,000,000 | | 5,000,000 |
Jacksonville Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr. Proj.) Series 2001, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 3,355,000 | | 3,355,000 |
Jacksonville Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1995, 0.29%, VRDN (b) | 49,000,000 | | 49,000,000 |
Manatee County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1994, 0.29%, VRDN (b) | 15,760,000 | | 15,760,000 |
Martin County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2000, 0.34%, VRDN (b) | 73,600,000 | | 73,600,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Florida - continued |
Miami-Dade County Indl. Dev. Auth. Rev. (Tarmac America Proj.) Series 2004, 0.39%, LOC Bank of America NA, VRDN (b)(c) | $ 4,100,000 | | $ 4,100,000 |
Ocean Hwy. & Port Auth. Rev. Series 1990, 0.4%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 1,400,000 | | 1,400,000 |
Orange County Hsg. Fin. Auth. Multi-family Rev.: | | | |
(Regal Pointe Apts. Proj.) Series 1997 A, 0.34%, LOC Freddie Mac, VRDN (b)(c) | 755,000 | | 755,000 |
(Wtr. View Club Proj.) Series 1997 D, 0.32%, LOC Fannie Mae, VRDN (b)(c) | 2,045,000 | | 2,045,000 |
Orlando Utils. Commission Util. Sys. Rev. Series 2008, 0.45% (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA), VRDN (b) | 5,800,000 | | 5,800,000 |
Palm Beach County Rev. (Norton Gallery and School of Art, Inc. Proj.) Series 1995, 0.31%, LOC Northern Trust Co., VRDN (b) | 3,000,000 | | 3,000,000 |
Pinellas County Health Facilities Auth. Rev. (BayCare Health Sys. Proj.) Series 2009 A1, 0.29%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 14,950,000 | | 14,950,000 |
Polk County School Board Ctfs. of Prtn. (Master Lease Prog.): | | | |
Series 2009 A, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 9,200,000 | | 9,200,000 |
Series 2009 B, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 4,100,000 | | 4,100,000 |
Putnam County Dev. Auth. Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1994, 0.29%, VRDN (b) | 4,480,000 | | 4,480,000 |
Saint Johns County Hsg. Fin. Auth. Multifamily Hsg. Rev. (Ponce Hbr. Apts. Proj.) Series 2001 A, 0.31%, LOC Fannie Mae, VRDN (b)(c) | 5,885,000 | | 5,885,000 |
South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN Series BA 07 1025, 0.32% (Liquidity Facility Bank of America NA) (b)(d) | 6,575,000 | | 6,575,000 |
Volusia County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Saxon Trace Apts. Proj.) Series 2003, 0.31%, LOC Fannie Mae, VRDN (b)(c) | 9,100,000 | | 9,100,000 |
Winter Haven Util. Sys. Impt. & Rfdg. Rev. Participating VRDN Series Solar 06 54, 0.29% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 5,210,000 | | 5,210,000 |
| | 397,705,000 |
Georgia - 1.8% |
Athens-Clarke County Unified Govt. Dev. Auth. Rev. (Univ. of Georgia Athletic Assoc. Proj.): | | | |
Series 2003, 0.3%, LOC Bank of America NA, VRDN (b) | 2,780,000 | | 2,780,000 |
Series 2005 B, 0.3%, LOC Bank of America NA, VRDN (b) | 8,320,000 | | 8,320,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Georgia - continued |
Atlanta Tax Allocation (Westside Proj.) Series 2008, 0.3%, LOC Wells Fargo Bank NA, VRDN (b) | $ 12,505,000 | | $ 12,505,000 |
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (Carver Redev. Phase III Proj.) Series 2001, 0.32%, LOC Fannie Mae, VRDN (b)(c) | 3,805,000 | | 3,805,000 |
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) Second Series 1998, 0.45%, VRDN (b)(c) | 17,000,000 | | 17,000,000 |
Bulloch County Dev. Auth. Indl. Dev. Rev. (Gold Kist, Inc. Proj.) Series 1995, 0.47%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 2,700,000 | | 2,700,000 |
Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Eighth Series 1994, 0.44%, VRDN (b) | 18,890,000 | | 18,890,000 |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2010 A, 0.3% (Liquidity Facility Royal Bank of Canada), VRDN (b) | 8,200,000 | | 8,200,000 |
Private Colleges & Univs. Auth. Rev. (Mercer Univ. Proj.) 0.3%, LOC Branch Banking & Trust Co., VRDN (b) | 8,365,000 | | 8,365,000 |
Roswell Hsg. Auth. Multi-family Hsg. Rev. (Azalea Park Apts. Proj.) Series 1996, 0.3%, LOC Fannie Mae, VRDN (b) | 2,000,000 | | 2,000,000 |
Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 1%, VRDN (b)(c) | 1,100,000 | | 1,100,000 |
| | 85,665,000 |
Hawaii - 0.1% |
Hawaii Gen. Oblig. Participating VRDN Series BC 10 32B, 0.31% (Liquidity Facility Barclays Bank PLC) (b)(d) | 2,300,000 | | 2,300,000 |
Idaho - 0.4% |
Idaho Hsg. & Fin. Assoc. Single Family Mtg.: | | | |
Series 2001 A, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 2,900,000 | | 2,900,000 |
Series 2002 A, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 8,035,000 | | 8,035,000 |
Series 2003 C, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 6,690,000 | | 6,690,000 |
| | 17,625,000 |
Illinois - 3.6% |
Aurora Single Family Mtg. Rev. Participating VRDN ROC II R 11642, 0.36% (Liquidity Facility Citibank NA) (b)(c)(d) | 5,910,000 | | 5,910,000 |
Carol Stream Multi-family Rev. (Saint Charles Square Proj.) Series 1997, 0.32%, LOC Fannie Mae, VRDN (b)(c) | 1,415,000 | | 1,415,000 |
Chicago Board of Ed. Series 2009 B, 0.27%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 22,275,000 | | 22,275,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Illinois - continued |
Chicago Gen. Oblig. (Neighborhoods Alive 21 Prog.) Series 2002 B5, 0.28%, LOC Northern Trust Co., VRDN (b) | $ 2,100,000 | | $ 2,100,000 |
Chicago Midway Arpt. Rev. Series 1998 B, 0.31%, LOC JPMorgan Chase Bank, VRDN (b)(c) | 29,500,000 | | 29,500,000 |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. (Lufthansa German Airlines Proj.) Series 2001, 0.3%, LOC Bayerische Landesbank Girozentrale, VRDN (b)(c) | 3,900,000 | | 3,900,000 |
Chicago Wastewtr. Transmission Rev.: | | | |
Series 2008 C1, 0.27%, LOC Harris NA, VRDN (b) | 7,100,000 | | 7,100,000 |
Series 2008 C3, 0.27%, LOC Northern Trust Co., VRDN (b) | 52,900,000 | | 52,900,000 |
Illinois Fin. Auth. Rev.: | | | |
(Mercy Alliance, Inc. Proj.) 0.28%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 4,000,000 | | 4,000,000 |
(Northwest Cmnty. Hosp. Proj.) Series 2008 C, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 4,920,000 | | 4,920,000 |
(Provena Health Proj.) Series 2010 C, 0.27%, LOC JPMorgan Chase Bank, VRDN (b) | 2,000,000 | | 2,000,000 |
Participating VRDN Series Putters 3302, 0.3% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 8,400,000 | | 8,400,000 |
Illinois Fin. Auth. Solid Waste Rev. (Air Products & Chemicals, Inc. Proj.) Series 2005, 1.3%, VRDN (b)(c) | 8,900,000 | | 8,900,000 |
Metropolitan Pier & Exposition Participating VRDN: | | | |
Series MS 3215, 0.3% (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | 10,000,000 | | 10,000,000 |
Series Putters 3843, 0.35% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,000,000 | | 5,000,000 |
| | 168,320,000 |
Indiana - 2.9% |
Indiana Dev. Fin. Auth. Envir. Rev.: | | | |
(Duke Energy Indiana, Inc. Proj.): | | | |
Series 2009 A1, 0.35%, LOC Bank of America NA, VRDN (b)(c) | 12,000,000 | | 12,000,000 |
Series 2009 A2, 0.39%, LOC Bank of America NA, VRDN (b)(c) | 3,300,000 | | 3,300,000 |
Series 2005, 0.32%, LOC Royal Bank of Scotland PLC, VRDN (b) | 7,200,000 | | 7,200,000 |
Indiana Edl. Facilities Auth. Rev. (Hanover College Proj.) Series 2004 B, 0.29%, LOC JPMorgan Chase Bank, VRDN (b) | 2,725,000 | | 2,725,000 |
Indiana Fin. Auth. Hosp. Rev. (Floyd Memorial Hosp. and Health Svcs. Proj.) Series 2008, 0.3%, LOC Branch Banking & Trust Co., VRDN (b) | 18,580,000 | | 18,580,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Indiana - continued |
Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. (Howard Reg'l. Health Sys. Proj.) Series 2005, 0.31%, LOC JPMorgan Chase Bank, VRDN (b) | $ 7,500,000 | | $ 7,500,000 |
Indiana Health Facility Fing. Auth. Rev. (Fayette Memorial Hosp. Assoc. Proj.): | | | |
Series A, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 1,300,000 | | 1,300,000 |
Series B, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 2,755,000 | | 2,755,000 |
Indiana Hsg. & Cmnty. Dev. Auth.: | | | |
Series 2005 B3, 0.31% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)(c) | 32,000,000 | | 32,000,000 |
Series 2005 C3, 0.34% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)(c) | 32,000,000 | | 32,000,000 |
Indiana Hsg. & Cmnty. Dev. Auth. Single Family Mtg. Rev. Series 2008 A2, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 6,785,000 | | 6,785,000 |
Marion Econ. Dev. Rev. (Indiana Wesleyan Univ. Proj.) Series 2006, 0.38%, LOC Bank of America NA, VRDN (b) | 4,900,000 | | 4,900,000 |
Whiting Envir. Facilities Rev. (BP PLC Proj.) Series 2005, 0.38% (BP PLC Guaranteed), VRDN (b)(c) | 6,000,000 | | 6,000,000 |
| | 137,045,000 |
Iowa - 1.0% |
Iowa Fin. Auth. Series 2003 F, 0.31% (Liquidity Facility Wells Fargo Bank NA), VRDN (b)(c) | 1,100,000 | | 1,100,000 |
Iowa Fin. Auth. Health Facilities Rev.: | | | |
(Iowa Health Sys. Proj.): | | | |
Series 2009 A, 0.27%, LOC JPMorgan Chase Bank, VRDN (b) | 1,550,000 | | 1,550,000 |
Series 2009 B, 0.27%, LOC JPMorgan Chase Bank, VRDN (b) | 7,195,000 | | 7,195,000 |
Series 2009 E, 0.3%, LOC Bank of America NA, VRDN (b) | 1,000,000 | | 1,000,000 |
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.41%, VRDN (b)(c) | 12,000,000 | | 12,000,000 |
Iowa Higher Ed. Ln. Auth. Rev.: | | | |
(Loras College Proj.) Series 2000, 0.29%, LOC Bank of America NA, VRDN (b) | 13,850,000 | | 13,850,000 |
(Saint Ambrose Univ. Proj.) 0.3%, LOC Northern Trust Co., VRDN (b) | 8,700,000 | | 8,700,000 |
| | 45,395,000 |
Kansas - 0.7% |
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) Series 2002, 0.56%, LOC Bank of America NA, VRDN (b)(c) | 6,900,000 | | 6,900,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Kansas - continued |
Univ. of Kansas Hosp. Auth. Health Facilities Rev. (KU Health Sys. Proj.) Series 2004, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | $ 24,425,000 | | $ 24,425,000 |
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 III B1, 0.31%, LOC JPMorgan Chase Bank, VRDN (b) | 3,300,000 | | 3,300,000 |
| | 34,625,000 |
Kentucky - 1.8% |
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | | | |
Series 2004 A, 0.35%, VRDN (b)(c) | 11,500,000 | | 11,500,000 |
Series 2006 B, 0.35%, VRDN (b)(c) | 2,600,000 | | 2,600,000 |
Series 2008 A, 0.35%, VRDN (b)(c) | 3,200,000 | | 3,200,000 |
Carroll County Solid Waste Disp. Rev. (North American Stainless LP Proj.) Series 2000, 0.6%, LOC Banco Bilbao Vizcaya Argentaria SA, VRDN (b)(c) | 9,570,000 | | 9,570,000 |
Daviess County Exempt Facilities Rev. (Kimberly-Clark Tissue Co. Proj.) Series 1999, 0.42% (Kimberly-Clark Corp. Guaranteed), VRDN (b)(c) | 3,000,000 | | 3,000,000 |
Daviess County Solid Waste Disp. Facilities Rev. (Scott Paper Co. Proj.): | | | |
Series 1993 A, 0.42% (Kimberly-Clark Corp. Guaranteed), VRDN (b)(c) | 2,750,000 | | 2,750,000 |
Series 1993 B, 0.42% (Kimberly-Clark Corp. Guaranteed), VRDN (b)(c) | 2,300,000 | | 2,300,000 |
Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.37%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 3,000,000 | | 3,000,000 |
Jefferson County Poll. Cont. Bonds (Louisville Gas & Elec. Co. Proj.) 0.75% tender 12/7/10, CP mode (c) | 4,000,000 | | 4,000,000 |
Kentucky Hsg. Corp. Hsg. Rev. Participating VRDN Series Clipper 05 35, 0.42% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)(d) | 1,780,000 | | 1,780,000 |
Lexington-Fayette Urban County Arpt. Rev. Series 2008 B, 0.27%, LOC JPMorgan Chase Bank, VRDN (b) | 3,135,000 | | 3,135,000 |
Louisville & Jefferson County Reg'l. Arpt. Auth. Spl. Facilities Rev. (UPS Worldwide Forwarding, Inc. Proj.) Series 1999 B, 0.31% (United Parcel Svc. of America Guaranteed), VRDN (b)(c) | 23,300,000 | | 23,300,000 |
Mercer County Solid Waste Disp. Facility Rev. (Kentucky Utils. Co. Proj.) Series 2000 A, 0.4%, VRDN (b)(c) | 12,900,000 | | 12,900,000 |
| | 83,035,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Louisiana - 2.7% |
Lake Charles Hbr. & Rev. District (Conoco, Inc. Proj.) Series 1999 B, 0.33%, VRDN (b)(c) | $ 3,400,000 | | $ 3,400,000 |
Lake Charles Hbr. & Term. District Dock & Wharf Rev. (Conoco, Inc. Proj.) Series 2000, 0.38%, VRDN (b)(c) | 900,000 | | 900,000 |
Louisiana Gas & Fuel Tax Rev. Participating VRDN: | | | |
Series ROC II R 11888X, 0.31% (Liquidity Facility Citibank NA) (b)(d) | 5,975,000 | | 5,975,000 |
Series Solar 06 150, 0.29% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 20,580,000 | | 20,580,000 |
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2005 D, 0.28%, LOC JPMorgan Chase Bank, VRDN (b) | 18,870,000 | | 18,870,000 |
Saint Charles Parish Poll. Cont. Rev.: | | | |
(Shell Oil Co. Proj.) Series 1992 A, 0.31%, VRDN (b)(c) | 28,000,000 | | 28,000,000 |
(Shell Oil Co.-Norco Proj.): | | | |
Series 1991, 0.34%, VRDN (b)(c) | 26,400,000 | | 26,400,000 |
Series 1993, 0.31%, VRDN (b)(c) | 22,000,000 | | 22,000,000 |
| | 126,125,000 |
Maryland - 0.7% |
Baltimore County Econ. Dev. Rev. (Blue Circle, Inc. Proj.) Series 1992, 0.3%, LOC BNP Paribas SA, VRDN (b) | 7,900,000 | | 7,900,000 |
Maryland Econ. Dev. Auth. Rev. (United States Pharmacopeial Convention, Inc. Proj.) Series 2008 A, 0.3%, LOC Bank of America NA, VRDN (b) | 5,265,000 | | 5,265,000 |
Maryland Health & Higher Edl. Facilities Auth. Rev. (Upper Chesapeake Hosp. Proj.) Series 2008 A, 0.3%, LOC Bank of America NA, VRDN (b) | 18,210,000 | | 18,210,000 |
Maryland Trans. Auth. Trans. Facility Projects Rev. Participating VRDN Series ROC II R 11437, 0.31% (Liquidity Facility Citibank NA) (b)(d) | 3,000,000 | | 3,000,000 |
| | 34,375,000 |
Massachusetts - 1.5% |
Massachusetts Gen. Oblig. (Central Artery Proj.): | | | |
Series 2000 A, 0.33% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b) | 39,600,000 | | 39,600,000 |
Series 2000 B, 0.27% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 6,545,000 | | 6,545,000 |
Massachusetts Health & Edl. Facilities Auth. Rev. (Baystate Health Sys. Proj.) Series 2009 J2, 0.28%, LOC JPMorgan Chase Bank, VRDN (b) | 17,900,000 | | 17,900,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Massachusetts - continued |
Massachusetts State Dev. Fing. Agcy. Poll. Cont. Rev. Bonds (Massachusetts Elec. Co. Proj.) 0.9% tender 12/1/10, CP mode | $ 5,900,000 | | $ 5,900,000 |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 2008 C, 0.3% (Liquidity Facility Bayerische Landesbank), VRDN (b) | 2,065,000 | | 2,065,000 |
| | 72,010,000 |
Michigan - 0.6% |
Eastern Michigan Univ. Revs. Series 2009 A, 0.31%, LOC JPMorgan Chase Bank, VRDN (b) | 12,100,000 | | 12,100,000 |
Farmington Hills Hosp. Fin. Auth. Hosp. Rev. (Botsford Gen. Hosp. Proj.) Series 2008 A, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 1,000,000 | | 1,000,000 |
Michigan Strategic Fund Ltd. Oblig. Rev.: | | | |
(Detroit Symphony Orchestra Proj.) Series 2001 B, 0.28%, LOC Bank of America NA, VRDN (b) | 3,000,000 | | 3,000,000 |
(Majestic Ind., Inc. Proj.) 0.45%, LOC Comerica Bank, VRDN (b)(c) | 1,500,000 | | 1,500,000 |
Wayne County Arpt. Auth. Rev.: | | | |
(Detroit Metropolitan Wayne County Arpt. Proj.) Series 2008 B, 0.33%, LOC Landesbank Baden-Wuert, VRDN (b)(c) | 10,020,000 | | 10,020,000 |
Series 2008 E, 0.29%, LOC JPMorgan Chase Bank, VRDN (b)(c) | 1,900,000 | | 1,900,000 |
| | 29,520,000 |
Minnesota - 1.3% |
Dakota County Cmnty. Dev. Agcy. Multi-family Hsg. Rev.: | | | |
(Brentwood Hills Apts. Proj.) Series A, 0.35%, LOC Bank of America NA, VRDN (b)(c) | 22,195,000 | | 22,195,000 |
(Regatta Commons Proj.) Series A, 0.37%, LOC Bank of America NA, VRDN (b)(c) | 25,155,000 | | 25,155,000 |
Hennepin County Hsg. & Redev. Auth. Multi-family Rev. (Stone Arch Apts. Proj.) 0.35%, LOC Fannie Mae, VRDN (b)(c) | 1,400,000 | | 1,400,000 |
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2009 B2, 0.27%, LOC JPMorgan Chase Bank, VRDN (b) | 1,800,000 | | 1,800,000 |
Plymouth Multifamily Hsg. Rev. (Hbr. Lane Apts. Proj.) Series 2003, 0.35%, LOC Fannie Mae, VRDN (b)(c) | 1,750,000 | | 1,750,000 |
Robbinsdale Gen. Oblig. (North Memorial Health Care Proj.) Series 2008 A2, 0.3%, LOC Wells Fargo Bank NA, VRDN (b) | 4,200,000 | | 4,200,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Minnesota - continued |
Roseville Health Care Facilities (Presbyterian Homes Proj.) Series 2002, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | $ 1,375,000 | | $ 1,375,000 |
St. Paul Port Auth. District Cooling Rev. Series 2009 12EE, 0.33%, LOC Deutsche Bank AG, VRDN (b)(c) | 1,110,000 | | 1,110,000 |
| | 58,985,000 |
Mississippi - 0.5% |
Jackson County Indl. Sewage Facilities Rev. (Chevron U.S.A, Inc. Proj.) Series 1994, 0.37%, VRDN (b)(c) | 18,100,000 | | 18,100,000 |
Mississippi Bus. Fin. Corp. (Chevron USA, Inc. Proj.) Series 2007 A, 0.27% (Chevron Corp. Guaranteed), VRDN (b) | 3,900,000 | | 3,900,000 |
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.33%, LOC Bank of America NA, VRDN (b)(c) | 1,000,000 | | 1,000,000 |
| | 23,000,000 |
Missouri - 0.5% |
Kansas City Indl. Dev. Auth. (Ewing Marion Kauffman Foundation Prog.) 0.3%, VRDN (b) | 2,260,000 | | 2,260,000 |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. (Saint Louis Univ. Proj.) Series 2008 A1, 0.27%, LOC Wells Fargo Bank NA, VRDN (b) | 9,000,000 | | 9,000,000 |
Missouri Health & Edl. Facilities Auth. Health Facilities Rev.: | | | |
(Bethesda Health Group, Inc. Proj.) Series 2009, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 3,000,000 | | 3,000,000 |
(SSM Health Care Proj.) Series 2010 E, 0.25%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 4,090,000 | | 4,090,000 |
(SSM Health Care Sys. Proj.) Series 2005 A1, 0.29%, LOC Bank of America NA, VRDN (b) | 1,700,000 | | 1,700,000 |
Missouri Higher Ed. Ln. Auth. Student Ln. Rev. Series 2008 A2, 0.35%, LOC Bank of America NA, VRDN (b)(c) | 2,200,000 | | 2,200,000 |
| | 22,250,000 |
Montana - 0.2% |
Helena Higher Ed. Rev. (Carroll College Campus Hsg. Proj.) 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 2,800,000 | | 2,800,000 |
Montana Board Invt. Resource Recovery Rev. (Colstrip Proj.) Series 1989, 0.32%, LOC Union Bank of California, VRDN (b)(c) | 6,200,000 | | 6,200,000 |
| | 9,000,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Nebraska - 1.2% |
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2009, 0.3% (Liquidity Facility Royal Bank of Canada), VRDN (b) | $ 7,300,000 | | $ 7,300,000 |
Douglas County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.42%, LOC Bank of America NA, VRDN (b)(c) | 1,000,000 | | 1,000,000 |
Nebraska Edl. Fin. Auth. Rev. (Creighton Univ. Proj.) Series 2008, 0.27%, LOC JPMorgan Chase Bank, VRDN (b) | 6,010,000 | | 6,010,000 |
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | | | |
Series 2001 C, 0.27% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(c) | 740,000 | | 740,000 |
Series 2002 C, 0.27% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(c) | 825,000 | | 825,000 |
Series 2006 B, 0.27% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(c) | 14,025,000 | | 14,025,000 |
Series 2007 B, 0.27% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(c) | 7,075,000 | | 7,075,000 |
Series 2008 D, 0.27% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(c) | 12,500,000 | | 12,500,000 |
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.37%, VRDN (b)(c) | 2,200,000 | | 2,200,000 |
Washington County Indl. Dev. Rev. (Cargill Dow Polymers LLC Proj.) Series 2000, 0.29% (Cargill, Inc. Guaranteed) (Dow Chemical Co. Guaranteed), LOC Wells Fargo Bank NA, VRDN (b)(c) | 4,600,000 | | 4,600,000 |
| | 56,275,000 |
Nevada - 3.0% |
Clark County Arpt. Rev.: | | | |
Series 2008 C1, 0.32%, LOC Bayerische Landesbank, VRDN (b)(c) | 19,900,000 | | 19,900,000 |
Series 2008 C3, 0.32%, LOC Landesbank Baden-Wuert, VRDN (b)(c) | 6,800,000 | | 6,800,000 |
Series 2008 D1, 0.32%, LOC Landesbank Baden-Wuert, VRDN (b) | 12,000,000 | | 12,000,000 |
Series 2008 D2, 0.32%, LOC Landesbank Baden-Wuert, VRDN (b) | 3,800,000 | | 3,800,000 |
Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.) Series 2003 A, 0.4%, LOC Bank of America NA, VRDN (b)(c) | 4,900,000 | | 4,900,000 |
Las Vegas Gen. Oblig. Series 2006 C, 0.26%, LOC Lloyds TSB Bank PLC, VRDN (b) | 4,150,000 | | 4,150,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Nevada - continued |
Reno Sales Tax Rev. (ReTRAC-Reno Transp. Rail Access Corridor Proj.) Series 2008, 0.27%, LOC Bank of New York, New York, VRDN (b) | $ 65,015,000 | | $ 65,015,000 |
Truckee Meadows Wtr. Auth. Wtr. Rev. Participating VRDN Series SGA 01 137, 0.31% (Liquidity Facility Societe Generale) (b)(d) | 24,755,000 | | 24,755,000 |
| | 141,320,000 |
New Hampshire - 1.0% |
Manchester Arpt. Rev. Series 2008, 0.38%, LOC RBS Citizens NA, VRDN (b)(c) | 8,000,000 | | 8,000,000 |
New Hampshire Bus. Fin. Auth. Resource Recovery Rev. (Wheelabrator Concord Co. LP Proj.) Series 1997 B, 0.7%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 4,925,000 | | 4,925,000 |
New Hampshire Health & Ed. Facilities Auth. Rev. (Univ. Sys. of New Hampshire Proj.): | | | |
Series 2005 A1, 0.27%, VRDN (b) | 23,650,000 | | 23,650,000 |
Series 2005 A2, 0.27%, VRDN (b) | 8,035,000 | | 8,035,000 |
| | 44,610,000 |
New Jersey - 0.7% |
New Jersey Econ. Dev. Auth. Gas Facilities Rev. (Pivotal Util. Hldgs., Inc. Proj.) Series 2005, 0.24% (AGL Resources, Inc. Guaranteed), LOC Bank of Tokyo-Mitsubishi, VRDN (b) | 7,000,000 | | 7,000,000 |
New Jersey Econ. Dev. Auth. School Rev. Series 2006 R1, 0.26%, LOC Bank of Nova Scotia New York Branch, LOC Lloyds TSB Bank PLC, VRDN (b) | 5,465,000 | | 5,465,000 |
New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Hsg. Rev. Series 2008-3, 0.4%, LOC Dexia Cr. Local de France, VRDN (b)(c) | 17,340,000 | | 17,340,000 |
Rutgers State Univ. Rev. Series 2009 G, 0.3% (Liquidity Facility U.S. Bank NA, Minnesota), VRDN (b) | 1,000,000 | | 1,000,000 |
| | 30,805,000 |
New Jersey/Pennsylvania - 0.0% |
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2008 B, 0.25%, LOC TD Banknorth, NA, VRDN (b) | 200,000 | | 200,000 |
New Mexico - 0.6% |
New Mexico Edl. Assistance Foundation: | | | |
Series 2008 A2, 0.31%, LOC Royal Bank of Canada, VRDN (b)(c) | 3,785,000 | | 3,785,000 |
Series 2008 A3, 0.31%, LOC Lloyds TSB Bank PLC, VRDN (b)(c) | 2,300,000 | | 2,300,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New Mexico - continued |
New Mexico Edl. Assistance Foundation: - continued | | | |
Series 2009 A, 0.31%, LOC Royal Bank of Canada, VRDN (b)(c) | $ 5,200,000 | | $ 5,200,000 |
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Series 2009, 0.3% (Liquidity Facility Royal Bank of Canada), VRDN (b) | 18,900,000 | | 18,900,000 |
| | 30,185,000 |
New York - 7.3% |
Long Island Pwr. Auth. Elec. Sys. Rev.: | | | |
Series 2001 1B, 0.24%, LOC State Street Bank & Trust Co., Boston, VRDN (b) | 1,200,000 | | 1,200,000 |
Subseries 2001 2B, 0.3%, LOC Bayerische Landesbank Girozentrale, VRDN (b) | 5,400,000 | | 5,400,000 |
New York City Gen. Oblig.: | | | |
Series 2004 H7, 0.28%, LOC KBC Bank NV, VRDN (b) | 6,250,000 | | 6,250,000 |
Series 2006 I5, 0.28%, LOC California Pub. Employees' Retirement Sys., VRDN (b) | 12,500,000 | | 12,500,000 |
Series 2006 I6, 0.28%, LOC California Teachers Retirement Sys., VRDN (b) | 15,410,000 | | 15,410,000 |
Series 2008 J8, 0.33%, LOC Landesbank Baden-Wuert, VRDN (b) | 46,830,000 | | 46,830,000 |
Series A10, 0.28%, LOC JPMorgan Chase Bank, VRDN (b) | 2,500,000 | | 2,500,000 |
New York City Hsg. Dev. Corp. Multi-family Mtg. Rev.: | | | |
(Brookhaven Apts. Proj.) Series A, 0.31%, LOC Citibank NA, VRDN (b)(c) | 3,400,000 | | 3,400,000 |
(Spring Creek Hsg. Proj.) Series 2006 A, 0.27%, LOC Freddie Mac, VRDN (b)(c) | 3,000,000 | | 3,000,000 |
New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev.: | | | |
(Brittany Dev. Proj.) Series A, 0.27%, LOC Fannie Mae, VRDN (b)(c) | 8,000,000 | | 8,000,000 |
(West 43rd Street Proj.) Series 1999 A, 0.27%, LOC Fannie Mae, VRDN (b)(c) | 5,000,000 | | 5,000,000 |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | | | |
Participating VRDN Series Putters 3231Z, 0.28% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 6,175,000 | | 6,175,000 |
Series 2003 F2, 0.3% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (b) | 5,665,000 | | 5,665,000 |
Series 2006 AA1, 0.27% (Liquidity Facility California Teachers Retirement Sys.) (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 17,390,000 | | 17,390,000 |
Series 2008 B3, 0.29% (Liquidity Facility Bank of America NA), VRDN (b) | 6,700,000 | | 6,700,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New York - continued |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | | | |
Series 2008 BB1, 0.22% (Liquidity Facility BNP Paribas SA), VRDN (b) | $ 10,750,000 | | $ 10,750,000 |
Series 2011 DD-3B, 0.27% (Liquidity Facility California Teachers Retirement Sys.), VRDN (b) | 2,000,000 | | 2,000,000 |
New York City Transitional Fin. Auth. Rev.: | | | |
Participating VRDN Series Putters 3545, 0.28% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 10,660,000 | | 10,660,000 |
Series 2001 B, 0.3% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b) | 32,400,000 | | 32,400,000 |
Series 2006 A3, 0.42% (Liquidity Facility Dexia Cr. Local de France), VRDN (b) | 20,565,000 | | 20,565,000 |
Series C, 0.32% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (b) | 2,000,000 | | 2,000,000 |
New York Dorm. Auth. Revs. Participating VRDN: | | | |
Series EGL 07 0002, 0.3% (Liquidity Facility Citibank NA) (b)(d) | 12,000,000 | | 12,000,000 |
Series EGL 07 0066, 0.3% (Liquidity Facility Citibank NA) (b)(d) | 15,000,000 | | 15,000,000 |
Series ROC II R 11535, 0.3% (Liquidity Facility Citibank NA) (b)(d) | 1,140,000 | | 1,140,000 |
New York Hsg. Fin. Agcy. Personal Income Tax Rev. Participating VRDN Series ROC II R 11140, 0.3% (Liquidity Facility Citibank NA) (b)(d) | 9,590,000 | | 9,590,000 |
New York Hsg. Fin. Agcy. Rev.: | | | |
(1500 Lexington Avenue Proj.) Series 2004 A, 0.29%, LOC Fannie Mae, VRDN (b)(c) | 2,000,000 | | 2,000,000 |
(350 West 43rd Street Hsg. Proj.) Series 2002 A, 0.3%, LOC Landesbank Hessen-Thuringen, VRDN (b)(c) | 5,000,000 | | 5,000,000 |
(Parkledge Apts. Hsg. Proj.) Series A, 0.36%, LOC Freddie Mac, VRDN (b)(c) | 8,700,000 | | 8,700,000 |
(West 33rd Street Hsg. Proj.) Series A, 0.27%, LOC Fannie Mae, VRDN (b)(c) | 8,700,000 | | 8,700,000 |
(West 38th Street Hsg. Proj.) Series A, 0.28%, LOC Fannie Mae, VRDN (b)(c) | 16,000,000 | | 16,000,000 |
New York Metropolitan Trans. Auth. Rev.: | | | |
Series 2005 G1, 0.25%, LOC BNP Paribas SA, VRDN (b) | 16,200,000 | | 16,200,000 |
Series 2005 G2, 0.31%, LOC BNP Paribas SA, VRDN (b) | 24,315,000 | | 24,315,000 |
| | 342,440,000 |
North Carolina - 2.0% |
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2008 D, 0.41%, LOC Bank of America NA, VRDN (b) | 2,930,000 | | 2,930,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
North Carolina - continued |
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev.: | | | |
Series C, 0.33%, LOC Bank of America NA, VRDN (b) | $ 4,300,000 | | $ 4,300,000 |
0.33%, LOC Bank of America NA, VRDN (b) | 5,000,000 | | 5,000,000 |
Gaston County Indl. Facilities & Poll. Cont. Fing. Auth. Rev. (Duke Energy Corp. Proj.) Series 1999, 0.39%, VRDN (b)(c) | 4,000,000 | | 4,000,000 |
Greensboro Combined Enterprise Sys. Rev. Series 2005 B, 0.35% (Liquidity Facility Bank of America NA), VRDN (b) | 800,000 | | 800,000 |
New Hanover County Hosp. Rev. (New Hanover Reg'l. Med. Ctr. Proj.) Series 2008 A, 0.35%, LOC RBC Centura Bank, Rocky Mount, VRDN (b) | 4,840,000 | | 4,840,000 |
North Carolina Cap. Facilities Fin. Agcy. Rev.: | | | |
(Goodwill Cmnty. Proj.) Series 2002, 0.41%, LOC Bank of America NA, VRDN (b) | 1,010,000 | | 1,010,000 |
Participating VRDN: | | | |
Series EGL 7050060, 0.3% (Liquidity Facility Citibank NA) (b)(d) | 23,150,000 | | 23,150,000 |
Series Putters 3248, 0.28% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 12,030,000 | | 12,030,000 |
Series Putters 3333, 0.3% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 1,500,000 | | 1,500,000 |
North Carolina Gen. Oblig. Series 2002 D, 0.33% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b) | 6,350,000 | | 6,350,000 |
North Carolina Med. Care Commission Health Care Facilities Rev.: | | | |
(Deerfield Episcopal Retirement Cmnty. Proj.) Series 2008 B, 0.3%, LOC Branch Banking & Trust Co., VRDN (b) | 1,600,000 | | 1,600,000 |
(Wake Forest Univ. Proj.) Series 2008 D, 0.33%, LOC Bank of America NA, VRDN (b) | 10,100,000 | | 10,100,000 |
North Carolina Med. Care Commission Hosp. Rev. (Iredell Memorial Hosp. Proj.) Series 2007, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 3,145,000 | | 3,145,000 |
North Carolina State Ed. Assistance Auth. Student Ln. Rev. Series 2008 3A2, 0.41%, LOC Bank of America NA, VRDN (b)(c) | 6,200,000 | | 6,200,000 |
Rockingham County Indl. Facilities & Poll. Cont. Fing. Auth. Rev. (Pine Brick Co., Inc. Proj.) Series 2000, 0.38%, LOC Branch Banking & Trust Co., VRDN (b)(c) | 2,650,000 | | 2,650,000 |
Sampson County Indl. Facilities & Poll. Cont. Fing. Auth. Envir. Facilities Rev. (Sampson County Disp., Inc. Proj.) 0.47%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 2,500,000 | | 2,500,000 |
| | 92,105,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Ohio - 3.1% |
Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2008 B, 0.27%, LOC JPMorgan Chase Bank, VRDN (b) | $ 6,000,000 | | $ 6,000,000 |
Alliance Hosp. Rev. (Alliance Obligated Group Proj.) Series 2003, 0.34%, LOC JPMorgan Chase Bank, VRDN (b) | 7,355,000 | | 7,355,000 |
Cleveland-Cuyahoga County Port Auth. Edl. Facility Rev. (Laurel School Proj.) Series 2008, 0.31%, LOC JPMorgan Chase Bank, VRDN (b) | 8,600,000 | | 8,600,000 |
Ohio Air Quality Dev. Auth. Rev.: | | | |
(Cincinnati Gas & Elec. Co. Proj.) Series A, 0.59%, VRDN (b) | 5,000,000 | | 5,000,000 |
(Dayton Pwr. & Lt. Co. Proj.) Series 2008 B, 0.28%, LOC JPMorgan Chase Bank, VRDN (b)(c) | 6,300,000 | | 6,300,000 |
Ohio Higher Edl. Facility Commission Rev. (Cleveland Clinic Foundation Proj.) Series 2008 B4, 0.26%, VRDN (b) | 33,944,000 | | 33,944,000 |
Ohio Hosp. Facilities Rev. Participating VRDN: | | | |
Series Putters 3551, 0.3% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 15,820,000 | | 15,820,000 |
Series Putters 3591, 0.28% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 1,495,000 | | 1,495,000 |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | | | |
(Mtg.-Backed Securities Prog.) Series B, 0.28% (Liquidity Facility Citibank NA), VRDN (b)(c) | 34,350,000 | | 34,350,000 |
Series 2007 E, 0.3% (Liquidity Facility KBC Bank NV), VRDN (b)(c) | 9,400,000 | | 9,400,000 |
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. (First Energy Nuclear Generation Corp. Proj.) Series 2006 B, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 6,950,000 | | 6,950,000 |
Ohio Wtr. Dev. Auth. Rev. Participating VRDN Series DCL 08 046, 0.38% (Liquidity Facility Dexia Cr. Local de France) (b)(d) | 8,435,000 | | 8,435,000 |
Twinsburg Indl. Dev. Rev. (United Stationers Supply Co. Proj.) 0.31%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(c) | 1,000,000 | | 1,000,000 |
| | 144,649,000 |
Oklahoma - 0.0% |
Oklahoma Student Ln. Auth. Rev. Series 2008 A1, 0.35%, LOC Bank of America NA, VRDN (b)(c) | 2,095,000 | | 2,095,000 |
Oregon - 2.7% |
Multnomah County Hosp. Facilities Auth. Rev. (Mirabella at South Waterfront Proj.) Series 2008 A, 0.29%, LOC Bank of Scotland PLC, VRDN (b) | 119,700,000 | | 119,700,000 |
Oregon Econ. Dev. Rev. (Cascade Steel Co. Proj.) Series 176, 0.4%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 1,400,000 | | 1,400,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Oregon - continued |
Port of Portland Arpt. Rev. Series Eighteen A, 0.28%, LOC Lloyds TSB Bank PLC, VRDN (b)(c) | $ 4,000,000 | | $ 4,000,000 |
Portland Hsg. Auth. Rev. (New Columbia - Cecelia Proj.) Series 2004, 0.61%, LOC Bank of America NA, VRDN (b)(c) | 1,495,000 | | 1,495,000 |
| | 126,595,000 |
Pennsylvania - 2.8% |
Allegheny County Hosp. Dev. Auth. Rev. (Jefferson Reg'l. Med. Ctr.) Series 2010 A, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 8,750,000 | | 8,750,000 |
Allegheny County Indl. Dev. Auth. Rev. (Union Elec. Steel Co. Proj.) Series 1996 A, 0.34%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(c) | 1,000,000 | | 1,000,000 |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. (FirstEnergy Nuclear Generation Corp. Proj.) Series 2006 A: | | | |
0.29%, LOC Barclays Bank PLC, VRDN (b) | 15,900,000 | | 15,900,000 |
0.3%, LOC Barclays Bank PLC, VRDN (b) | 14,600,000 | | 14,600,000 |
Cambria County Ind. Dev. Auth. (Cambria Cogen Co. Proj.) Series 1998 A1, 0.46%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (b)(c) | 9,150,000 | | 9,150,000 |
Chester County Indl. Dev. Auth. Student Hsg. Rev. (Univ. Student Hsg., LLC Proj. at West Chester Univ.) Series 2003, 0.27%, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b) | 11,835,000 | | 11,835,000 |
Chester County Intermediate Unit Rev. Series 2003, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 1,500,000 | | 1,500,000 |
Clarion County Indl. Dev. Auth. Energy Dev. Rev. (Piney Creek Proj.) Series 1990, 0.31%, LOC Landesbank Hessen-Thuringen, VRDN (b)(c) | 965,000 | | 965,000 |
Delaware County Auth. Rev. (White Horse Village Proj.) Series 2006 B, 0.33%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 1,400,000 | | 1,400,000 |
Lehigh County Gen. Purp. Hosp. Rev. (Lehigh Valley Health Network Proj.) Series 2008 C, 0.3%, LOC Bank of America NA, VRDN (b) | 10,060,000 | | 10,060,000 |
Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Brookside Manor Apts. Proj.) Series 2001 A, 0.3%, LOC Fannie Mae, VRDN (b) | 4,930,000 | | 4,930,000 |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | | | |
Series 1997 B2, 0.45%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(c) | 400,000 | | 400,000 |
Series 2004 D3, 0.45%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(c) | 600,000 | | 600,000 |
Pennsylvania Higher Edl. Facilities Auth. Rev. (Holy Family Univ. Proj.) Series 2008, 0.3%, LOC TD Banknorth, NA, VRDN (b) | 2,055,000 | | 2,055,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Pennsylvania - continued |
Pennsylvania Hsg. Fin. Agcy. Single Family Mtg. Rev.: | | | |
Participating VRDN: | | | |
Series Merlots 07 C50, 0.37% (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | $ 2,880,000 | | $ 2,880,000 |
Series Putters 3297, 0.41% (Liquidity Facility JPMorgan Chase Bank) (b)(c)(d) | 2,145,000 | | 2,145,000 |
Series 2002 74A, 0.41% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(c) | 5,500,000 | | 5,500,000 |
Series 2003 77B, 0.39% (Liquidity Facility BNP Paribas SA), VRDN (b)(c) | 3,400,000 | | 3,400,000 |
Series 2004 81C, 0.39% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(c) | 3,140,000 | | 3,140,000 |
Series 2006 92B, 0.39% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b)(c) | 2,000,000 | | 2,000,000 |
Series 2006 93B, 0.4% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)(c) | 4,995,000 | | 4,995,000 |
Series 2006 94B, 0.32% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)(c) | 10,000,000 | | 10,000,000 |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2007, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 14,000,000 | | 14,000,000 |
| | 131,205,000 |
Rhode Island - 0.4% |
Rhode Island Student Ln. Auth. Student Ln. Rev.: | | | |
Series 2008 B1, 0.28%, LOC State Street Bank & Trust Co., Boston, VRDN (b)(c) | 10,000,000 | | 10,000,000 |
Series 2008 B4, 0.28%, LOC State Street Bank & Trust Co., Boston, VRDN (b)(c) | 7,000,000 | | 7,000,000 |
| | 17,000,000 |
South Carolina - 1.7% |
Berkeley County Exempt Facility Indl. Rev. (BP Amoco Chemical Co. Proj.) Series 1997, 0.38% (BP PLC Guaranteed), VRDN (b)(c) | 5,000,000 | | 5,000,000 |
Charleston County Hosp. Facilities (Care Alliance Health Svcs. Proj.) Series 2004 B2, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 14,500,000 | | 14,500,000 |
Darlington County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2003 A, 0.37%, VRDN (b)(c) | 4,000,000 | | 4,000,000 |
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series 1999 B, 0.39%, VRDN (b)(c) | 9,000,000 | | 9,000,000 |
South Carolina Jobs-Econ. Dev. Auth. (CareAlliance Health Svcs. Proj.) Series 2007, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 11,400,000 | | 11,400,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
South Carolina - continued |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (Bon Secours Health Sys. Proj.) Series 2008 D, 0.29%, LOC Citibank NA, VRDN (b) | $ 900,000 | | $ 900,000 |
South Carolina Jobs-Econ. Dev. Auth. Indl. Rev.: | | | |
(South Carolina Elec. & Gas Co. Proj.) Series 2008, 0.36%, LOC Branch Banking & Trust Co., VRDN (b)(c) | 7,000,000 | | 7,000,000 |
(South Carolina Generating Co., Inc. Proj.) Series 2008, 0.36%, LOC Branch Banking & Trust Co., VRDN (b)(c) | 6,000,000 | | 6,000,000 |
South Carolina Pub. Svc. Auth. Rev. Participating VRDN Series Solar 07 70, 0.29% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 20,470,000 | | 20,470,000 |
| | 78,270,000 |
South Dakota - 0.1% |
South Dakota Hsg. Dev. Auth. (Homeownership Mtg. Proj.) Series 2008 F, 0.28% (Liquidity Facility Fed. Home Ln. Bank Chicago), VRDN (b)(c) | 5,500,000 | | 5,500,000 |
Tennessee - 7.4% |
Blount County Pub. Bldg. Auth. (Local Govt. Pub. Impt. Proj.) Series 2009 E8A, 0.3%, LOC Branch Banking & Trust Co., VRDN (b) | 3,050,000 | | 3,050,000 |
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | | | |
Series 2001, 0.3%, LOC Bank of America NA, VRDN (b) | 21,669,000 | | 21,669,000 |
Series 2003, 0.3%, LOC Bank of America NA, VRDN (b) | 29,940,000 | | 29,940,000 |
Series 2004, 0.3%, LOC Bank of America NA, VRDN (b) | 16,740,000 | | 16,740,000 |
Series 2005, 0.3%, LOC Bank of America NA, VRDN (b) | 37,725,000 | | 37,725,000 |
Series 2008, 0.3%, LOC Bank of America NA, VRDN (b) | 157,460,000 | | 157,460,000 |
Loudon Indl. Dev. Board Solid Waste Disp. Rev. (Tate & Lyle Ingredients Americas, Inc. Proj.) Series 2006, 0.34%, LOC Rabobank Nederland, VRDN (b)(c) | 2,000,000 | | 2,000,000 |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.): | | | |
Series 1999, 0.37%, LOC Bank of America NA, VRDN (b) | 1,410,000 | | 1,410,000 |
Series 2002, 0.3%, LOC Bank of America NA, VRDN (b) | 32,305,000 | | 32,305,000 |
Series 2004, 0.3%, LOC Bank of America NA, VRDN (b) | 30,990,000 | | 30,990,000 |
Series 2006, 0.3%, LOC Bank of America NA, VRDN (b) | 13,000,000 | | 13,000,000 |
| | 346,289,000 |
Texas - 11.7% |
Austin Hotel Occupancy Tax Rev. Series 2008 B, 0.36%, LOC Dexia Cr. Local de France, VRDN (b) | 11,125,000 | | 11,125,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Texas - continued |
Brazos River Auth. Poll. Cont. Rev.: | | | |
(Texas Utils. Elec. Co. Proj.) Series 2001 D2, 0.31%, LOC Citibank NA, VRDN (b)(c) | $ 55,000,000 | | $ 55,000,000 |
(Texas Utils. Energy Co. Proj.) Series 2002 A, 0.31%, LOC Citibank NA, VRDN (b)(c) | 25,300,000 | | 25,300,000 |
Brazos River Hbr. Navigation District of Brazoria County Envir. Facilities Rev. (Merey Sweeny LP Proj.): | | | |
Series 2000 A, 0.32%, LOC JPMorgan Chase Bank, VRDN (b)(c) | 12,300,000 | | 12,300,000 |
Series 2002 A: | | | |
0.32%, LOC JPMorgan Chase Bank, VRDN (b)(c) | 12,500,000 | | 12,500,000 |
0.33%, LOC Bank of America NA, VRDN (b)(c) | 9,500,000 | | 9,500,000 |
Brownsville Util. Sys. Rev. Participating VRDN Series Solar 06 68, 0.29% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 6,490,000 | | 6,490,000 |
Calhoun County Navigation Indl. Dev. Auth. Port Rev. (Formosa Plastics Corp. Proj.) Series 1994, 0.3%, LOC Bank of America NA, VRDN (b)(c) | 5,000,000 | | 5,000,000 |
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Texas Proj.) Series 2007 A, 0.39%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(c) | 2,700,000 | | 2,700,000 |
Converse Hsg. Fin. Corp. Multi-family Hsg. Rev. (Town Square Apts. Proj.) 0.32%, LOC Citibank NA, VRDN (b)(c) | 14,000,000 | | 14,000,000 |
Cypress-Fairbanks Independent School District Participating VRDN Series 86TP, 0.3% (Liquidity Facility Wells Fargo & Co.) (b)(d) | 6,620,000 | | 6,620,000 |
Dallas Area Rapid Transit Sales Tax Rev. Participating VRDN Series ROC II R 12317, 0.3% (Liquidity Facility Citibank NA) (b)(d) | 6,400,000 | | 6,400,000 |
Dallas Performing Arts Cultural Facilities Corp. Cultural Facility Rev. (Dallas Ctr. for the Performing Arts Foundation, Inc. Proj.) Series 2008 A, 0.3%, LOC Bank of America NA, VRDN (b) | 32,370,000 | | 32,370,000 |
Dallas Wtrwks. & Swr. Sys. Rev. Participating VRDN Series Putters 3820, 0.3% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 3,105,000 | | 3,105,000 |
Dallas/Fort Worth Int'l. Arpt. Facility Impt. Corp. Rev. (United Parcel Svc., Inc. Proj.) Series 2002, 0.25%, VRDN (b)(c) | 2,800,000 | | 2,800,000 |
Greater East Texas Higher Ed. Auth. Student Ln. Rev.: | | | |
Series 1993 B, 0.3%, LOC State Street Bank & Trust Co., Boston, VRDN (b)(c) | 18,000,000 | | 18,000,000 |
Series 1995 B, 0.3%, LOC State Street Bank & Trust Co., Boston, VRDN (b)(c) | 8,000,000 | | 8,000,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Texas - continued |
Greater Texas Student Ln. Corp. Student Ln. Rev. Series 1998 A, 0.3%, LOC State Street Bank & Trust Co., Boston, VRDN (a)(b)(c) | $ 10,250,000 | | $ 10,250,000 |
Harris County Health Facilities Dev. Corp. Hosp. Rev. (Baylor College of Medicine Proj.) Series 2008 C, 0.35%, LOC Commerzbank AG, VRDN (b) | 19,200,000 | | 19,200,000 |
Harris County Health Facilities Dev. Corp. Rev. (Methodist Hosp. Proj.): | | | |
Series 2008 A2, 0.27%, VRDN (b) | 3,000,000 | | 3,000,000 |
Series A1, 0.27%, VRDN (b) | 12,190,000 | | 12,190,000 |
Harris County Indl. Dev. Corp. Solid Waste Disp. Rev. (Deer Park Refining Ltd. Partnership Proj.) Series 2002, 0.31%, VRDN (b)(c) | 124,700,000 | | 124,700,000 |
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series BC 10 61B, 0.31% (Liquidity Facility Barclays Bank PLC) (b)(d) | 2,910,000 | | 2,910,000 |
Lovejoy Independent School District Participating VRDN Series DB 514, 0.3% (Liquidity Facility Deutsche Bank AG) (b)(d) | 3,270,000 | | 3,270,000 |
Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev.: | | | |
(ExxonMobil Proj.) Series 2001 B, 0.25% (Exxon Mobil Corp. Guaranteed), VRDN (b)(c) | 10,000,000 | | 10,000,000 |
(Onyx Envir. Svcs. Proj.) Series 2003, 0.42%, LOC Bank of America NA, VRDN (b)(c) | 8,610,000 | | 8,610,000 |
Mansfield Independent School District Participating VRDN Series Putters 3825, 0.3% (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 2,500,000 | | 2,500,000 |
North East Texas Independent School District Participating VRDN Series Solar 07 101, 0.29% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d) | 8,420,000 | | 8,420,000 |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | | | |
Series 2004, 0.39%, VRDN (b)(c) | 13,840,000 | | 13,840,000 |
Series 2010 B, 0.28%, VRDN (b) | 13,000,000 | | 13,000,000 |
Series 2010 C, 0.29%, VRDN (b) | 12,700,000 | | 12,700,000 |
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.): | | | |
Series 2002, 1.6%, VRDN (b)(c) | 5,000,000 | | 5,000,000 |
1.25%, VRDN (b) | 13,000,000 | | 13,000,000 |
Port Arthur Navigation District Poll. Cont. Rev. (Texaco, Inc. Proj.) Series 1994, 0.26%, VRDN (b) | 23,600,000 | | 23,600,000 |
Riesel Indl. Dev. Corp. (Sandy Creek Energy Assoc. Proj.) 0.33%, LOC Cr. Suisse Group, VRDN (b)(c) | 3,500,000 | | 3,500,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Texas - continued |
San Antonio Indl. Dev. Auth. Indl. Dev. Rev. (Tindall Corp. Proj.) Series 2008 A, 0.37%, LOC Wells Fargo Bank NA, VRDN (b)(c) | $ 1,800,000 | | $ 1,800,000 |
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series ROC II R 11857, 0.31% (Liquidity Facility Citibank NA) (b)(d) | 5,525,000 | | 5,525,000 |
Terrell Dev. Corp. Indl. Dev. Rev. (Consolidated Sys. Proj.) 0.47%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 1,100,000 | | 1,100,000 |
Texas Dept. of Hsg. & Cmnty. Affairs Single Family Mtg. Rev. Participating VRDN Series BC 2010 8W, 0.34% (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3,330,000 | | 3,330,000 |
Texas Gen. Oblig. Participating VRDN Series SG 152, 0.3% (Liquidity Facility Societe Generale) (b)(d) | 9,970,000 | | 9,970,000 |
Weslaco Health Facilities Dev. Corp. Rev. (Knapp Med. Ctr. Proj.) Series 2008 A, 0.7%, LOC Compass Bank, VRDN (b) | 4,570,000 | | 4,570,000 |
| | 547,195,000 |
Utah - 1.2% |
Utah Board of Regents Student Ln. Rev. Series 1993 A, 0.31%, LOC Royal Bank of Canada, VRDN (b)(c) | 6,000,000 | | 6,000,000 |
Utah Hsg. Corp. Single Family Mtg. Rev.: | | | |
Series 2002 C2, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 6,515,000 | | 6,515,000 |
Series 2002 E, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 4,835,000 | | 4,835,000 |
Series 2004 C, 0.32% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 5,885,000 | | 5,885,000 |
Series 2004 D, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 9,735,000 | | 9,735,000 |
Series 2004 F, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 2,600,000 | | 2,600,000 |
Series 2005 F, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 6,240,000 | | 6,240,000 |
Series 2005 H, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 4,875,000 | | 4,875,000 |
Series 2006 F, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 8,130,000 | | 8,130,000 |
| | 54,815,000 |
Virginia - 2.0% |
Albemarle County Econ. Dev. Auth. Hosp. Rev. (Martha Jefferson Hosp. Proj.): | | | |
Series 2008 A, 0.29%, LOC Branch Banking & Trust Co., VRDN (b) | 2,000,000 | | 2,000,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Virginia - continued |
Albemarle County Econ. Dev. Auth. Hosp. Rev. (Martha Jefferson Hosp. Proj.): - continued | | | |
Series 2008 B, 0.29%, LOC Branch Banking & Trust Co., VRDN (b) | $ 6,000,000 | | $ 6,000,000 |
Series 2008 D, 0.28%, LOC Wells Fargo Bank NA, VRDN (b) | 2,170,000 | | 2,170,000 |
Albemarle Econ. Dev. Auth. Health Svcs. Rev. (The Univ. of Virginia Health Svcs. Foundation Proj.) Series 2009, 0.33%, LOC Bank of America NA, VRDN (b) | 6,260,000 | | 6,260,000 |
Arlington County Indl. Dev. Auth. Multi-family Hsg. Rev. (Gates of Ballston Apts.) 0.44%, LOC RBC Centura Bank, Rocky Mount, VRDN (b)(c) | 880,000 | | 880,000 |
Cap. Beltway Fdg. Corp. Toll Rev. (I-495 Hot Lanes Proj.) Series 2008 D, 0.29%, LOC Bank of Nova Scotia New York Branch, VRDN (b)(c) | 5,000,000 | | 5,000,000 |
Hanover County Econ. Dev. Auth. Rev. (Bon Secours Health Sys. Proj.) Series 2008 D1, 0.29%, LOC Citibank NA, VRDN (b) | 4,295,000 | | 4,295,000 |
King George County Indl. Dev. Auth. Exempt Facilities Rev. (Birchwood Pwr. Partners Proj.): | | | |
Series 1994 A, 0.33%, LOC Bank of Nova Scotia New York Branch, VRDN (b)(c) | 8,545,000 | | 8,545,000 |
Series 1994 B, 0.33%, LOC Bank of Nova Scotia New York Branch, VRDN (b)(c) | 8,000,000 | | 8,000,000 |
Series 1995, 0.29%, LOC Bank of Nova Scotia New York Branch, VRDN (b)(c) | 7,500,000 | | 7,500,000 |
Series 1996 A, 0.29%, LOC Bank of Nova Scotia New York Branch, VRDN (b)(c) | 9,200,000 | | 9,200,000 |
Series 1997, 0.29%, LOC Bank of Nova Scotia New York Branch, VRDN (b)(c) | 9,300,000 | | 9,300,000 |
Norfolk Econ. Dev. Auth. Rev. (Bon Secours Health Sys. Proj.) Series 2008 D1, 0.29%, LOC Citibank NA, VRDN (b) | 7,910,000 | | 7,910,000 |
Petersburg Indl. Dev. Auth. Rev. (Rebar Hldgs. LLC Proj.) 0.52%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 2,390,000 | | 2,390,000 |
Richmond Pub. Util. Rev. Participating VRDN: | | | |
Series BC 10 79B, 0.31% (Liquidity Facility Barclays Bank PLC) (b)(d) | 5,000,000 | | 5,000,000 |
Series ROC II R 10410, 0.3% (Liquidity Facility Citibank NA) (b)(d) | 1,870,000 | | 1,870,000 |
Virginia Commonwealth Univ. Health Sys. Auth. Series 2008 B, 0.32%, LOC Branch Banking & Trust Co., VRDN (b) | 6,800,000 | | 6,800,000 |
| | 93,120,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Washington - 0.9% |
Port of Tacoma Rev. Series 2008, 0.3%, LOC Banco Bilbao Vizcaya Argentaria SA, VRDN (b)(c) | $ 15,810,000 | | $ 15,810,000 |
Vancouver Hsg. Auth. Rev. (Anthem Park at Uptown Village Proj.) 0.61%, LOC Bank of America NA, VRDN (b)(c) | 1,255,000 | | 1,255,000 |
Washington Health Care Facilities Auth. Rev. (Fred Hutchinson Cancer Ctr. Proj.) Series 2009 B 0.27%, LOC JPMorgan Chase Bank, VRDN (b) | 16,415,000 | | 16,415,000 |
Washington Hsg. Fin. Commission Multi-family Hsg. Rev.: | | | |
(Cedar Ridge Retirement Proj.) Series 2005 A, 0.31%, LOC Wells Fargo Bank NA, VRDN (b)(c) | 2,500,000 | | 2,500,000 |
(Merrill Gardens at Tacoma Proj.) Series 2006 A, 0.31%, LOC Fannie Mae, VRDN (b)(c) | 3,000,000 | | 3,000,000 |
Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Horizon House Proj.) Series 2005, 0.3%, LOC Wells Fargo Bank NA, VRDN (b) | 4,900,000 | | 4,900,000 |
| | 43,880,000 |
West Virginia - 1.7% |
Marion County Solid Waste Disp. Rev. (Grant Town Cogeneration Proj.): | | | |
Series 1990 A, 0.28%, LOC Deutsche Bank AG, VRDN (b)(c) | 13,470,000 | | 13,470,000 |
Series 1990 B, 0.28%, LOC Deutsche Bank AG, VRDN (b)(c) | 4,815,000 | | 4,815,000 |
Series 1990 C, 0.28%, LOC Deutsche Bank AG, VRDN (b)(c) | 10,000,000 | | 10,000,000 |
Series 1990 D, 0.28%, LOC Deutsche Bank AG, VRDN (b)(c) | 2,200,000 | | 2,200,000 |
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | | | |
(Appalachian Pwr. Co. - Amos Proj.) Series 2009 A, 0.28%, LOC Royal Bank of Scotland PLC, VRDN (b) | 6,050,000 | | 6,050,000 |
(Ohio Pwr. Co. - Sporn Proj.) Series 2008 C, 0.3%, LOC JPMorgan Chase Bank, VRDN (b) | 7,000,000 | | 7,000,000 |
West Virginia Hosp. Fin. Auth. Hosp. Rev.: | | | |
(Cabell Huntington Hosp. Proj.) Series 2008 B, 0.3%, LOC Branch Banking & Trust Co., VRDN (b) | 13,000,000 | | 13,000,000 |
(West Virginia United Health Sys. Proj.): | | | |
Series 2008 B, 0.28%, LOC JPMorgan Chase Bank, VRDN (b) | 15,595,000 | | 15,595,000 |
Series 2009 B, 0.3%, LOC Branch Banking & Trust Co., VRDN (b) | 4,800,000 | | 4,800,000 |
| | 76,930,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Wisconsin - 1.9% |
Univ. of Wisconsin Hosp. & Clinics Auth. Series 2008 B, 0.27%, LOC U.S. Bank NA, Minnesota, VRDN (b) | $ 5,400,000 | | $ 5,400,000 |
Wisconsin Ctr. District Tax Rev. Series 2001 A, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 10,100,000 | | 10,100,000 |
Wisconsin Health & Edl. Facilities Auth. Rev.: | | | |
(Nat'l. Regency of New Berlin, Inc. Proj.) 0.31%, LOC JPMorgan Chase Bank, VRDN (b) | 8,500,000 | | 8,500,000 |
(ProHealth Care, Inc. Proj.): | | | |
Series 2008 A, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 6,000,000 | | 6,000,000 |
Series 2008 B, 0.31%, LOC JPMorgan Chase Bank, VRDN (b) | 10,880,000 | | 10,880,000 |
(Riverview Hosp. Assoc. Proj.) Series 2001, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 9,800,000 | | 9,800,000 |
(Wisconsin Lutheran College Proj.) Series 2001, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 27,700,000 | | 27,700,000 |
Wisconsin Hsg. & Econ. Dev. Auth. Home Ownership Rev. Series 2002 I, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 5,150,000 | | 5,150,000 |
Wisconsin Hsg. and Econ. Dev. Auth. Multifamily Hsg. Rev. Series 2007 C, 0.33% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 3,285,000 | | 3,285,000 |
| | 86,815,000 |
Wyoming - 0.4% |
Laramie County Indl. Dev. Rev. (Cheyenne Lt., Fuel & Pwr. Co. Proj.) Series 2009 B, 0.37%, LOC Wells Fargo Bank NA, San Francisco, VRDN (b)(c) | 3,500,000 | | 3,500,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Wyoming - continued |
Wyoming Cmnty. Dev. Auth. Hsg. Rev.: | | | |
Series 2002-8, 0.35% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | $ 5,000,000 | | $ 5,000,000 |
0.35% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(c) | 7,900,000 | | 7,900,000 |
| | 16,400,000 |
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $4,678,078,325) | | 4,678,078,325 |
NET OTHER ASSETS (LIABILITIES) - (0.4)% | | (17,555,973) |
NET ASSETS - 100% | $ 4,660,522,352 |
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 $10,250,000 or 0.2% of net assets. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Provides evidence of ownership in one or more underlying municipal bonds. |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2010 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $4,678,078,325) | | $ 4,678,078,325 |
Cash | | 4,311 |
Interest receivable | | 1,595,487 |
Total assets | | 4,679,678,123 |
| | |
Liabilities | | |
Payable for investments purchased | $ 18,051,339 | |
Distributions payable | 1,090,738 | |
Other payables and accrued expenses | 13,694 | |
Total liabilities | | 19,155,771 |
| | |
Net Assets | | $ 4,660,522,352 |
Net Assets consist of: | | |
Paid in capital | | $ 4,660,506,605 |
Undistributed net investment income | | 2 |
Accumulated undistributed net realized gain (loss) on investments | | 15,745 |
Net Assets, for 4,660,075,035 shares outstanding | | $ 4,660,522,352 |
Net Asset Value, offering price and redemption price per share ($4,660,522,352 ÷ 4,660,075,035 shares) | | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended November 30, 2010 (Unaudited) |
| | |
Investment Income | | |
Interest | | $ 5,979,110 |
| | |
Expenses | | |
Custodian fees and expenses | $ 41,043 | |
Independent trustees' compensation | 7,457 | |
Total expenses before reductions | 48,500 | |
Expense reductions | (7,690) | 40,810 |
Net investment income | | 5,938,300 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | | 5,426 |
Net increase in net assets resulting from operations | | $ 5,943,726 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended November 30, 2010
(Unaudited) | Year ended
May 31,
2010 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income | $ 5,938,300 | $ 10,364,361 |
Net realized gain (loss) | 5,426 | 21,678 |
Net increase in net assets resulting
from operations | 5,943,726 | 10,386,039 |
Distributions to shareholders from net investment income | (5,938,298) | (10,364,004) |
Affiliated share transactions at net asset value of $1.00 per share
Proceeds from sales of shares | 5,642,965,000 | 7,683,186,000 |
Cost of shares redeemed | (5,172,107,000) | (6,271,384,900) |
Net increase (decrease) in net assets and shares resulting from share transactions | 470,858,000 | 1,411,801,100 |
Total increase (decrease) in net assets | 470,863,428 | 1,411,823,135 |
| | |
Net Assets | | |
Beginning of period | 4,189,658,924 | 2,777,835,789 |
End of period (including undistributed net investment income of $2 and $0, respectively) | $ 4,660,522,352 | $ 4,189,658,924 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended November 30,
2010 | Years ended May 31, |
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
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 | .001 | .003 | .013 | .032 | .037 | .029 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | .001 | .003 | .013 | .032 | .037 | .029 |
Distributions from net investment income | (.001) | (.003) | (.013) | (.032) | (.037) | (.029) |
Distributions from net realized gain | - | - | - | - F | - | - |
Total distributions | (.001) | (.003) | (.013) | (.032) | (.037) | (.029) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB, C | .14% | .27% | 1.34% | 3.23% | 3.76% | 2.94% |
Ratios to Average Net Assets E | | | | | |
Expenses before reductions | -%A, D | -% D | -% D | -% D | .01% | .01% |
Expenses net of fee waivers, if any | -%A, D | -% D | -% D | -% D | .01% | .01% |
Expenses net of all reductions | -%A, D | -% D | -% D | -% D | .01% | .01% |
Net investment income | .29% A | .27% | 1.30% | 3.03% | 3.69% | 2.84% |
Supplemental Data | | | | | |
Net assets, end of period (000 omitted) | $ 4,660,522 | $ 4,189,659 | $ 2,777,836 | $ 1,267,883 | $ 672,471 | $ 899,449 |
A Annualized
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 or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2010 (Unaudited)
1. Organization.
Fidelity Municipal Cash Central Fund (the Fund) is a fund of Fidelity Revere Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only offered to other investment companies and accounts (the Investing Funds) managed by Fidelity Management & Research Company (FMR), or its affiliates.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.
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 amongst 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to losses deferred due to excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $ - |
| |
Tax cost | $ 4,678,078,325 |
3. Operating Policies.
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.
Semiannual Report
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. 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. Pursuant to the Fund's management contract with FIMM, FMR pays FIMM a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain exceptions such as interest expense.
5. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $7,457.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $233.
6. 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
Fidelity Municipal Cash Central Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract 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 relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established three 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. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its September 2010 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of the fund and its shareholders and that the lack of compensation to be received by Fidelity under the management contract is fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Fidelity Investments Money Management, Inc., and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel 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 to act in the best interest of the fund.
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 noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. 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 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 integral 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 advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts. 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 investment management and support services and of shareholder and administrative 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 expenses related to the fund's investment activities (primarily custody expenses). 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.
Semiannual Report
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of 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 fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities, economies of scale cannot be realized by the fund.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology and profitability trends for certain funds; (iii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iv) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (v) the compensation paid by FMR to fund sub-advisers on behalf of the Fidelity funds; (vi) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of fees to maintain minimum yields for certain funds and classes; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; and (viii) explanations regarding the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes or to achieve further economies of scale.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Fidelity® Securities Lending
Cash Central Fund
Semiannual Report
November 30, 2010
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
CCC-SANN-0111
1.743119.110
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2010 to November 30, 2010).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized
Expense Ratio | Beginning
Account Value
June 1, 2010 | Ending
Account Value
November 30, 2010 | Expenses Paid
During Period*
June 1, 2010
to November 30, 2010 |
Actual | .0007% | $ 1,000.00 | $ 1,001.30 | $ .00** |
Hypothetical (5% return per year before expenses) | | $ 1,000.00 | $ 1,025.06 | $ .00** |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
** Amount represents less than $.01.
Semiannual Report
Investment Changes (Unaudited)
Maturity Diversification |
Days | % of fund's investments 11/30/10 | % of fund's investments 5/31/10 | % of fund's investments 11/30/09 |
0 - 30 | 74.9 | 74.2 | 69.8 |
31 - 90 | 8.1 | 15.8 | 15.4 |
91 - 180 | 4.7 | 8.2 | 5.5 |
181 - 397 | 12.3 | 1.8 | 9.3 |
Weighted Average Maturity |
| 11/30/10 | 5/31/10 | 11/30/09 |
Fidelity® Securities Lending Cash Central Fund | 50 Days | 32 Days | 46 Days |
All Taxable Money Market Funds Average* | 48 Days | 39 Days | 51 Days |
This is a weighted average of all the maturities of the securities held in a fund. WAM can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life |
| 11/30/10 | 5/31/10 | 11/30/09 |
Fidelity Securities Lending Cash Central Fund | 73 Days | n/a*** | n/a*** |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) |
As of November 30, 2010 | As of May 31, 2010 |
| Bank CDs, BAs,
TDs, and Notes 6.3% | | | Bank CDs, BAs,
TDs, and Notes 11.2% | |
| Government
Securities 33.3% | | | Government
Securities 45.9% | |
 | Repurchase
Agreements 60.9% | | | Repurchase
Agreements 43.5% | |
| Net Other Assets** (0.5)% | | | Net Other Assets** (0.6)% | |
* Source: iMoneyNet, Inc.
** Net Other Assets are not included in the pie chart.
*** Information not available
Semiannual Report
Investments November 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Federal Agencies - 19.3% |
| | Yield (a) | Principal
Amount | Value |
Federal Home Loan Bank - 19.3% |
| 12/3/10 to 2/17/12 | 0.16 to 0.60% (b) | $ 3,067,200,000 | $ 3,066,603,049 |
U.S. Treasury Obligations - 14.0% |
|
U.S. Treasury Bills - 10.9% |
| 12/16/10 to 11/17/11 | 0.19 to 0.41 | 1,734,150,000 | 1,732,081,455 |
U.S. Treasury Notes - 3.1% |
| 3/31/11 to 11/30/11 | 0.21 to 0.43 | 485,000,000 | 487,784,192 |
TOTAL U.S. TREASURY OBLIGATIONS | 2,219,865,647 |
Time Deposits - 6.3% |
|
Citibank NA |
| 12/1/10 | 0.22 | 300,000,000 | 300,000,000 |
Commerzbank AG |
| 12/1/10 | 0.23 | 700,000,000 | 700,000,000 |
TOTAL TIME DEPOSITS | 1,000,000,000 |
Repurchase Agreements - 60.9% |
| Maturity
Amount | | |
In a joint trading account at: | | | |
0.24% dated 11/30/10: | | | |
due 12/1/10 (Collateralized by U.S. Treasury Obligations) # | $ 7,500,049,447 | | 7,500,000,000 |
due 12/1/10 (Collateralized by U.S. Government Obligations) # | 83,122,557 | | 83,122,000 |
Repurchase Agreements - continued |
| Maturity
Amount | | Value |
In a joint trading account at: - continued | | | |
0.25% dated 11/30/10 due 12/1/10 (Collateralized by U.S. Government Obligations) # | $ 1,883,579,241 | | $ 1,883,566,000 |
With BNP Paribas Securities Corp. at 0.36%, dated 11/30/10 due 12/1/10 (Collateralized by Corporate Obligations valued at $214,202,143, 5.35% - 10.5%, 11/15/11 - 1/20/34) | 204,002,040 | | 204,000,000 |
TOTAL REPURCHASE AGREEMENTS | 9,670,688,000 |
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $15,957,156,696) | | 15,957,156,696 |
NET OTHER ASSETS (LIABILITIES) - (0.5)% | | (76,014,436) |
NET ASSETS - 100% | $ 15,881,142,260 |
Security Type Abbreviations |
Legend |
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end. |
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
# Additional information on each counterparty to the repurchase agreement is as follows: |
Repurchase Agreement / Counterparty | Value |
$7,500,000,000 due 12/01/10 at 0.24% |
BNP Paribas Securities Corp. | $ 854,806,054 |
Barclays Capital, Inc. | 2,864,995,059 |
Credit Agricole Securities (USA), Inc. | 594,110,195 |
Credit Suisse Securities (USA) LLC | 91,281,194 |
Repurchase Agreement / Counterparty | Value |
Deutsche Bank Securities, Inc. | $ 153,208,292 |
Dresdner Kleinwort Securities LLC | 153,208,292 |
HSBC Securities (USA), Inc. | 1,072,458,044 |
J.P. Morgan Securities, Inc. | 919,249,752 |
Mizuho Securities USA, Inc. | 306,416,584 |
RBC Capital Markets Corp. | 306,416,584 |
RBS Securities, Inc. | 153,208,292 |
Wells Fargo Securities LLC | 30,641,658 |
| $ 7,500,000,000 |
$83,122,000 due 12/01/10 at 0.24% |
Barclays Capital, Inc. | $ 29,686,429 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 13,853,667 |
UBS Securities LLC | 39,581,904 |
| $ 83,122,000 |
Repurchase Agreement / Counterparty | Value |
$1,883,566,000 due 12/01/10 at 0.25% |
BNP Paribas Securities Corp. | $ 164,446,979 |
Barclays Capital, Inc. | 327,754,784 |
J.P. Morgan Securities, Inc. | 100,595,507 |
Merrill Lynch Government Securities, Inc. | 181,525,726 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. | 201,614,372 |
Mizuho Securities USA, Inc. | 907,628,632 |
| $ 1,883,566,000 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At May 31, 2010, the Fund had a capital loss carryforward of approximately $1,175,508 all of which will expire in fiscal 2018. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2010 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value (including repurchase agreements of $9,670,688,000) -
See accompanying schedule: Unaffiliated issuers (cost $15,957,156,696) | | $ 15,957,156,696 |
Cash | | 356 |
Interest receivable | | 2,163,395 |
Other receivables | | 54,114 |
Total assets | | 15,959,374,561 |
| | |
Liabilities | | |
Payable for investments purchased | $ 74,920,281 | |
Distributions payable | 3,247,354 | |
Other payables and accrued expenses | 64,666 | |
Total liabilities | | 78,232,301 |
| | |
Net Assets | | $ 15,881,142,260 |
Net Assets consist of: | | |
Paid in capital | | $ 15,882,208,644 |
Accumulated undistributed net realized gain (loss) on investments | | (1,066,384) |
Net Assets, for 15,878,811,906 shares outstanding | | $ 15,881,142,260 |
Net Asset Value, offering price and redemption price per share ($15,881,142,260 ÷ 15,878,811,906 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, 2010 (Unaudited) |
| | |
Investment Income | | |
Interest | | $ 20,094,789 |
| | |
Expenses | | |
Custodian fees and expenses | $ 38,945 | |
Independent trustees' compensation | 30,705 | |
Interest | 19,686 | |
Total expenses before reductions | 89,336 | |
Expense reductions | (50,152) | 39,184 |
Net investment income | | 20,055,605 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | | 2,022 |
Net increase in net assets resulting from operations | | $ 20,057,627 |
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, 2010
(Unaudited) | Year ended
May 31,
2010 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income | $ 20,055,605 | $ 37,055,970 |
Net realized gain (loss) | 2,022 | 16,573 |
Net increase in net assets resulting from operations | 20,057,627 | 37,072,543 |
Distributions to shareholders from net investment income | (20,055,605) | (37,047,321) |
Distributions to shareholders from net realized gain | - | (921,558) |
Total distributions | (20,055,605) | (37,968,879) |
Affiliated share transactions at net asset value of $1.00 per share
Proceeds from sales of shares | 35,214,529,794 | 87,709,236,927 |
Cost of shares redeemed | (39,869,827,408) | (81,094,260,875) |
Net increase (decrease) in net assets and shares resulting from share transactions | (4,655,297,614) | 6,614,976,052 |
Total increase (decrease) in net assets | (4,655,295,592) | 6,614,079,716 |
| | |
Net Assets | | |
Beginning of period | 20,536,437,852 | 13,922,358,136 |
End of period | $ 15,881,142,260 | $ 20,536,437,852 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended November 30, 2010 | Years ended May 31, |
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
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 | .001 | .002 | .014 | .043 | .053 | .041 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | .001 | .002 | .014 | .043 | .053 | .041 |
Distributions from net investment income | (.001) | (.002) | (.014) | (.043) | (.053) | (.041) |
Distributions from net realized gain | - | - F | - | - | - | - |
Total distributions | (.001) | (.002) | (.014) | (.043) | (.053) | (.041) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .13% | .21% | 1.43% | 4.37% | 5.45% | 4.17% |
Ratios to Average Net Assets E | | | | | | |
Expenses before reductions | -% A, D | -% D | -% D | -% D | .01% | .01% |
Expenses net of fee waivers, if any | -% A, D | -% D | -% D | -% D | .01% | .01% |
Expenses net of all reductions | -% A, D | -% D | -% D | -% D | .01% | .01% |
Net investment income | .26% A | .21% | 1.61% | 4.18% | 5.32% | 4.28% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 15,881,142 | $ 20,536,438 | $ 13,922,358 | $ 23,217,668 | $ 20,824,640 | $ 13,631,071 |
A Annualized
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 or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2010 (Unaudited)
1. Organization.
Fidelity Securities Lending Cash Central Fund (the Fund) is a fund of Fidelity Revere Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only offered to other investment companies and accounts (the Investing Funds) managed by Fidelity Management & Research Company (FMR), or its affiliates.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.
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 amongst 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.
Semiannual Report
2. Significant Accounting Policies - continued
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.
Income Tax Information and Distributions to Shareholders. Each year the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustees compensation, capital loss carryforwards and excise tax regulations.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $ - |
| |
Tax cost | $ 15,957,156,696 |
3. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Operating Policies - continued
Repurchase Agreements - continued
government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Reverse Repurchase Agreements. To enhance its yield, the Fund may enter into reverse repurchase 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. Securities sold under a reverse repurchase agreement are recorded as a liability in the accompanying Statement of Assets and Liabilities. The Fund receives cash proceeds, which are invested in other securities, and agrees to repay the proceeds plus any 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 subject to interest amounted to $197,074,418. The weighted average interest rate was .05% on such amounts. At period end, there were no reverse repurchase agreements outstanding.
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. 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. Pursuant to the Fund's management contract with FIMM, FMR pays FIMM a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain exceptions such as interest expense.
Semiannual Report
5. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $30,705.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $19,447.
6. 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 outstanding shares of the Fund.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Securities Lending Cash Central Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract 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 relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established three 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. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its September 2010 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of the fund and its shareholders and that the lack of compensation to be received by Fidelity under the management contract is fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Fidelity Investments Money Management, Inc., and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel 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 to act in the best interest of the fund.
Semiannual Report
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 noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. 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 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 integral part of the fixed-income portfolio management investment process.
Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts. 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 investment management and support services and of shareholder and administrative 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 expenses related to the fund's investment activities (primarily custody expenses). 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.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of 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 fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities, economies of scale cannot be realized by the fund.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology and profitability trends for certain funds; (iii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iv) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (v) the compensation paid by FMR to fund sub-advisers on behalf of the Fidelity funds; (vi) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of fees to maintain minimum yields for certain funds and classes; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; and (viii) explanations regarding the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes or to achieve further economies of scale.
Semiannual Report
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Fidelity® Tax-Free
Cash Central Fund
Semiannual Report
November 30, 2010
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
TFC-SANN-0111
1.810806.106
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2010 to November 30, 2010).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized
Expense Ratio | Beginning
Account Value
June 1, 2010 | Ending
Account Value
November 30, 2010 | Expenses Paid
During Period*
June 1, 2010 to
November 30, 2010 |
Actual | .0025% | $ 1,000.00 | $ 1,001.30 | $ .01 |
Hypothetical (5% return per year before expenses) | | $ 1,000.00 | $ 1,025.06 | $ .01 |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Maturity Diversification |
Days | % of fund's investments 11/30/10 | % of fund's investments 5/31/10 | % of fund's
investments
11/30/09 |
0 - 30 | 100.0 | 100.0 | 100.0 |
Weighted Average Maturity |
| 11/30/10 | 5/31/10 | 11/30/09 |
Fidelity® Tax-Free Cash Central Fund | 3 Days | 5 Days | 3 Days |
All Tax-Free Money Market Funds Average* | 32 Days | 23 Days | 30 Days |
This is a weighted average of all the maturities of the securities held in a fund. WAM can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life |
| 11/30/10 | 5/31/10 | 11/30/09 |
Fidelity Tax-Free Cash Central Fund | 3 Days | n/a*** | n/a*** |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) |
As of November 30, 2010 | As of May 31, 2010 |
| Variable Rate
Demand Notes
(VRDNs) 100.2% | | | Variable Rate
Demand Notes
(VRDNs) 99.8% | |
 | Net Other
Assets ** (0.2)% | | | Net Other
Assets 0.2% | |
* Source: iMoneyNet, Inc.
** Net Other Assets are not included in the pie chart.
*** Information not available
Semiannual Report
Investments November 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 100.2% |
| Principal Amount | | Value |
Alabama - 3.9% |
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.): | | | |
Series 1995 D, 0.3%, VRDN (a) | $ 24,000,000 | | $ 24,000,000 |
Series 1995 E, 0.34%, VRDN (a) | 10,000,000 | | 10,000,000 |
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2009, 0.32%, VRDN (a) | 7,800,000 | | 7,800,000 |
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) Series D, 0.28%, VRDN (a) | 1,700,000 | | 1,700,000 |
| | 43,500,000 |
Alaska - 3.6% |
Alaska Indl. Dev. & Export Auth. Rev. (Greater Fairbanks Cmnty. Hosp. Foundation Proj.) Series 2009 A, 0.31%, LOC Union Bank of California, VRDN (a) | 1,400,000 | | 1,400,000 |
Valdez Marine Term. Rev.: | | | |
(BP Pipelines, Inc. Proj.): | | | |
Series 2003 A, 0.35% (BP PLC Guaranteed), VRDN (a) | 3,000,000 | | 3,000,000 |
Series 2003 B, 0.35% (BP PLC Guaranteed), VRDN (a) | 9,700,000 | | 9,700,000 |
Series 2003 C, 0.35% (BP PLC Guaranteed), VRDN (a) | 1,500,000 | | 1,500,000 |
(Phillips Trans. Alaska, Inc. Proj.) Series 1994 B, 0.33% (ConocoPhillips Guaranteed), VRDN (a) | 24,900,000 | | 24,900,000 |
| | 40,500,000 |
Arizona - 1.1% |
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Participating VRDN Series Putters 3525, 0.3% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 9,400,000 | | 9,400,000 |
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN Series MS 3230, 0.31% (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 1,500,000 | | 1,500,000 |
Scottsdale Indl. Dev. Auth. Rev. Series 2001 A, 0.3%, LOC JPMorgan Chase Bank, VRDN (a) | 1,300,000 | | 1,300,000 |
| | 12,200,000 |
California - 5.2% |
California Gen. Oblig.: | | | |
Series 2004 A1, 0.29%, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (a) | 5,320,000 | | 5,320,000 |
Series 2004 A4, 0.27%, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (a) | 19,170,000 | | 19,170,000 |
Series 2004 A5, 0.3%, LOC Citibank NA, LOC California Teachers Retirement Sys., VRDN (a) | 9,995,000 | | 9,995,000 |
Series 2005 B6, 0.3%, LOC KBC Bank NV, VRDN (a) | 12,660,000 | | 12,660,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
California - continued |
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Series 2010, 0.29% (Liquidity Facility Royal Bank of Canada), VRDN (a) | $ 2,000,000 | | $ 2,000,000 |
Los Angeles Cmnty. College District Participating VRDN Series ROC II R 11727, 0.3% (Liquidity Facility Citibank NA) (a)(b) | 3,000,000 | | 3,000,000 |
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series 2008 M, 0.3%, LOC Dexia Cr. Local de France, VRDN (a) | 2,500,000 | | 2,500,000 |
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Participating VRDN Series EGL 07 0044, 0.29% (Liquidity Facility Citibank NA) (a)(b) | 4,250,000 | | 4,250,000 |
| | 58,895,000 |
Colorado - 1.8% |
Aurora Hosp. Rev. (Children's Hosp. Assoc. Proj.) Series 2008 C, 0.29%, LOC Wells Fargo Bank NA, VRDN (a) | 4,800,000 | | 4,800,000 |
Colorado Edl. & Cultural Facilities Auth. Rev. (Clyfford Still Museum Proj.) Series 2008, 0.3%, LOC Wells Fargo Bank NA, VRDN (a) | 3,600,000 | | 3,600,000 |
Colorado Health Facilities Auth. Rev.: | | | |
(Catholic Health Initiatives Proj.) Series 2004 B, 0.3% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 3,000,000 | | 3,000,000 |
(NCMC, Inc. Proj.) Series 2009 A, 0.28%, LOC Wells Fargo Bank NA, VRDN (a) | 2,900,000 | | 2,900,000 |
Denver Urban Renewal Auth. Tax Increment Rev. Series 2008 A1, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 3,045,000 | | 3,045,000 |
Univ. of Colorado Hosp. Auth. Rev. Series 2008 B, 0.3%, LOC Wells Fargo Bank NA, VRDN (a) | 2,600,000 | | 2,600,000 |
| | 19,945,000 |
Connecticut - 0.7% |
Connecticut Health & Edl. Facilities Auth. Rev. Participating VRDN Series ROC II R 10342, 0.3% (Liquidity Facility Citibank NA) (a)(b) | 3,000,000 | | 3,000,000 |
Connecticut Hsg. Fin. Auth. Series 2009 A2, 0.27% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 4,550,000 | | 4,550,000 |
| | 7,550,000 |
District Of Columbia - 2.6% |
District of Columbia Rev.: | | | |
(American Psychological Assoc. Proj.) Series 2003, 0.46%, LOC Bank of America NA, VRDN (a) | 5,415,000 | | 5,415,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
District Of Columbia - continued |
District of Columbia Rev.: - continued | | | |
(Medlantic/Helix Proj.) Series 1998 A Tranche I, 0.27%, LOC Wells Fargo Bank NA, VRDN (a) | $ 18,575,000 | | $ 18,575,000 |
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2009 D2, 0.3%, LOC Bank of America NA, VRDN (a) | 5,000,000 | | 5,000,000 |
| | 28,990,000 |
Florida - 5.1% |
Alachua County Health Facilities Auth. Continuing Care Retirement Cmnty. Rev. (Oak Hammock at The Univ. of Florida, Inc. Proj.) Series A, 0.31%, LOC Bank of Scotland PLC, VRDN (a) | 3,100,000 | | 3,100,000 |
Broward County Fin. Auth. Multi-family Hsg. Rev. (Jacaranda Village Apts. Proj.) Series 1997, 0.27%, LOC HSBC Bank USA, NA, VRDN (a) | 1,565,000 | | 1,565,000 |
Broward County Gen. Oblig. Participating VRDN Series BBT 2015, 0.29% (Liquidity Facility Branch Banking & Trust Co.) (a)(b) | 2,735,000 | | 2,735,000 |
Florida Gen. Oblig. Participating VRDN Series PZ 130, 0.33% (Liquidity Facility Wells Fargo & Co.) (a)(b) | 3,600,000 | | 3,600,000 |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. (Mariner's Cay Apts. Proj.) Series 2008 M, 0.28%, LOC Fannie Mae, VRDN (a) | 2,700,000 | | 2,700,000 |
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.) Series 2005 E, 0.3%, LOC Cr. Agricole CIB, VRDN (a) | 2,000,000 | | 2,000,000 |
Jacksonville Health Facilities Auth. Hosp. Rev. (Baptist Med. Ctr. Proj.): | | | |
Series 2001, 0.28%, LOC Wells Fargo Bank NA, VRDN (a) | 8,195,000 | | 8,195,000 |
Series 2007 B, 0.29%, LOC Branch Banking & Trust Co., VRDN (a) | 10,420,000 | | 10,420,000 |
Orange County Health Facilities Auth. Rev. (Orlando Reg'l. Health Care Sys. Proj.) Series 2008 E, 0.3%, LOC Branch Banking & Trust Co., VRDN (a) | 4,500,000 | | 4,500,000 |
Orange County Hsg. Fin. Auth. Multi-family Rev. (Heather Glen Apts. Proj.) Series 2001, 0.28%, LOC Fannie Mae, VRDN (a) | 1,900,000 | | 1,900,000 |
Orlando Utils. Commission Util. Sys. Rev. Series 2008, 0.45% (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA), VRDN (a) | 1,500,000 | | 1,500,000 |
Palm Beach County Rev.: | | | |
(Hanley Ctr. Proj.) Series 2006, 0.41%, LOC Bank of America NA, VRDN (a) | 1,935,000 | | 1,935,000 |
(The Norton Gallery and School of Arts, Inc. Proj.) Series 2000, 0.31%, LOC Bank of America NA, VRDN (a) | 3,075,000 | | 3,075,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Florida - continued |
Pinellas County Health Facilities Auth. Rev. (BayCare Health Sys. Proj.) Series 2009 A1, 0.29%, LOC U.S. Bank NA, Minnesota, VRDN (a) | $ 1,800,000 | | $ 1,800,000 |
Sarasota County Continuing Care Retirement Cmnty. Rev. (Glenridge Palmer Proj.) Series 2006, 0.31%, LOC Bank of Scotland PLC, VRDN (a) | 2,000,000 | | 2,000,000 |
Univ. of North Florida Parking Sys. Rev. Series 1998, 0.33%, LOC Wells Fargo Bank NA, VRDN (a) | 6,400,000 | | 6,400,000 |
| | 57,425,000 |
Georgia - 2.8% |
Athens-Clarke County Unified Govt. Dev. Auth. Rev. (Univ. of Georgia Athletic Assoc. Proj.) Series 2003, 0.3%, LOC Bank of America NA, VRDN (a) | 5,720,000 | | 5,720,000 |
Atlanta Tax Allocation (Westside Proj.) Series 2005 B, 0.3%, LOC Wells Fargo Bank NA, VRDN (a) | 1,205,000 | | 1,205,000 |
DeKalb County Hsg. Auth. Multi-family Hsg. Rev. (Timber Trace Apts. Proj.) Series 2003, 0.41%, LOC Freddie Mac, VRDN (a) | 2,265,000 | | 2,265,000 |
Georgia Gen. Oblig.: | | | |
Participating VRDN Series PZ 271, 0.33% (Liquidity Facility Wells Fargo & Co.) (a)(b) | 6,879,000 | | 6,879,000 |
Participating VRDN Series 85TP, 0.3% (Liquidity Facility Wells Fargo & Co.) (a)(b) | 3,040,000 | | 3,040,000 |
Glynn-Brunswick Memorial Hosp. Auth. Rev. (Southeast Georgia Health Sys. Proj.) Series 2008 B, 0.3%, LOC Branch Banking & Trust Co., VRDN (a) | 4,690,000 | | 4,690,000 |
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2010 A, 0.3% (Liquidity Facility Royal Bank of Canada), VRDN (a) | 2,800,000 | | 2,800,000 |
Roswell Hsg. Auth. Multi-family Hsg. Rev. (Azalea Park Apts. Proj.) Series 1996, 0.3%, LOC Fannie Mae, VRDN (a) | 5,500,000 | | 5,500,000 |
| | 32,099,000 |
Idaho - 0.4% |
Idaho Hsg. & Fin. Assoc. Single Family Mtg. Series 2001 B, 0.31% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a) | 4,025,000 | | 4,025,000 |
Illinois - 3.6% |
Chicago Wastewtr. Transmission Rev.: | | | |
Series 2008 C1, 0.27%, LOC Harris NA, VRDN (a) | 5,800,000 | | 5,800,000 |
Series 2008 C3, 0.27%, LOC Northern Trust Co., VRDN (a) | 6,000,000 | | 6,000,000 |
Chicago Wtr. Rev. Series 2004 A3, 0.35%, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 6,360,000 | | 6,360,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Illinois - continued |
Illinois Dev. Fin. Auth. Rev. (Glenwood School for Boys Proj.) Series 1998, 0.29%, LOC Harris NA, VRDN (a) | $ 2,400,000 | | $ 2,400,000 |
Illinois Fin. Auth. Rev.: | | | |
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2008, 0.32%, LOC Bank of Nova Scotia New York Branch, VRDN (a) | 15,765,000 | | 15,765,000 |
Participating VRDN Series Putters 3302, 0.3% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,600,000 | | 1,600,000 |
Lake County Multi-family Hsg. Rev. (Whispering Oaks Apts. Proj.) Series 2008, 0.38%, LOC Freddie Mac, VRDN (a) | 3,250,000 | | 3,250,000 |
| | 41,175,000 |
Indiana - 1.7% |
Hammond Poll. Cont. Rev. (Amoco Oil Co. Proj.) Series 1994, 0.33% (BP PLC Guaranteed), VRDN (a) | 10,750,000 | | 10,750,000 |
Indiana Dev. Fin. Auth. Envir. Rev. Series 2005, 0.32%, LOC Royal Bank of Scotland PLC, VRDN (a) | 3,400,000 | | 3,400,000 |
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 J, 0.32%, LOC Wells Fargo Bank NA, VRDN (a) | 1,000,000 | | 1,000,000 |
Indiana Fin. Auth. Hosp. Rev. (Floyd Memorial Hosp. and Health Svcs. Proj.) Series 2008, 0.3%, LOC Branch Banking & Trust Co., VRDN (a) | 1,800,000 | | 1,800,000 |
Indiana Health Facility Fing. Auth. Rev. (Fayette Memorial Hosp. Assoc. Proj.) Series A, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 2,715,000 | | 2,715,000 |
| | 19,665,000 |
Iowa - 1.4% |
Iowa Fin. Auth. Health Facilities Rev.: | | | |
(Iowa Health Sys. Proj.) Series 2009 C, 0.28%, LOC Wells Fargo Bank NA, VRDN (a) | 9,985,000 | | 9,985,000 |
Series 2009 E, 0.3%, LOC Bank of America NA, VRDN (a) | 3,900,000 | | 3,900,000 |
Iowa Fin. Auth. Private College Rev. (Morningside College Proj.) 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 2,430,000 | | 2,430,000 |
| | 16,315,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Kansas - 1.2% |
Univ. of Kansas Hosp. Auth. Health Facilities Rev. (KU Health Sys. Proj.) Series 2004, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | $ 9,805,000 | | $ 9,805,000 |
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 III B1, 0.31%, LOC JPMorgan Chase Bank, VRDN (a) | 4,200,000 | | 4,200,000 |
| | 14,005,000 |
Kentucky - 0.9% |
Boyle County Hosp. Rev. (Ephraim McDowell Health Proj.) Series 2006, 0.29%, LOC Branch Banking & Trust Co., VRDN (a) | 8,000,000 | | 8,000,000 |
Louisville & Jefferson County Metropolitan Govt. Multi-family Hsg. Rev. (Waterford Place Apts. Proj.) Series 2003, 0.41%, LOC Freddie Mac, VRDN (a) | 2,350,000 | | 2,350,000 |
| | 10,350,000 |
Louisiana - 5.8% |
Louisiana Hsg. Fin. Agcy. Rev. (Canterbury House Apts. Proj.) Series 2007, 0.3%, LOC Fannie Mae, VRDN (a) | 5,000,000 | | 5,000,000 |
Louisiana Pub. Facilities Auth. Gulf Opportunity Zone Rev. Series 2010, 0.27%, LOC Fed. Home Ln. Bank Atlanta, VRDN (a) | 51,000,000 | | 51,000,000 |
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2005 D, 0.28%, LOC JPMorgan Chase Bank, VRDN (a) | 9,915,000 | | 9,915,000 |
| | 65,915,000 |
Maine - 0.2% |
Maine Health & Higher Ed. Facilities Auth. Rev. Series 2008 A, 0.35%, LOC KBC Bank NV, VRDN (a) | 1,900,000 | | 1,900,000 |
Maryland - 2.7% |
Maryland Health & Higher Edl. Facilities Auth. Rev.: | | | |
(Mercy Med. Ctr. Proj.) Series 2007 C, 0.37%, LOC Bank of America NA, VRDN (a) | 3,650,000 | | 3,650,000 |
(Upper Chesapeake Hosp. Proj.) Series 2008 A, 0.3%, LOC Bank of America NA, VRDN (a) | 14,600,000 | | 14,600,000 |
Montgomery County Gen. Oblig. Series 2006 B, 0.27% (Liquidity Facility Dexia Cr. Local de France), VRDN (a) | 11,750,000 | | 11,750,000 |
| | 30,000,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Massachusetts - 3.6% |
Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN: | | | |
Series DCL 08 25, 0.38% (Liquidity Facility Dexia Cr. Local de France) (a)(b) | $ 5,800,000 | | $ 5,800,000 |
Series DCL 08 28, 0.36% (Liquidity Facility Dexia Cr. Local de France) (a)(b) | 3,400,000 | | 3,400,000 |
Massachusetts Gen. Oblig.: | | | |
(Central Artery Proj.) Series 2000 A, 0.33% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a) | 9,000,000 | | 9,000,000 |
Series 2006 A, 0.35% (Liquidity Facility Dexia Cr. Local de France), VRDN (a) | 9,300,000 | | 9,300,000 |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN Series EGL 07 0031, 0.3% (Liquidity Facility Citibank NA) (a)(b) | 1,000,000 | | 1,000,000 |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | | | |
Participating VRDN Series BBT 2031, 0.32% (Liquidity Facility Branch Banking & Trust Co.) (a)(b) | 1,100,000 | | 1,100,000 |
Series 2002 D, 0.3%, LOC Landesbank Baden-Wuert, VRDN (a) | 9,600,000 | | 9,600,000 |
Series 2008 C, 0.3% (Liquidity Facility Bayerische Landesbank), VRDN (a) | 1,200,000 | | 1,200,000 |
| | 40,400,000 |
Michigan - 1.9% |
Eastern Michigan Univ. Revs. Series 2009 B, 0.31%, LOC JPMorgan Chase Bank, VRDN (a) | 8,800,000 | | 8,800,000 |
Farmington Hills Hosp. Fin. Auth. Hosp. Rev. (Botsford Gen. Hosp. Proj.) Series 2008 A, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 11,560,000 | | 11,560,000 |
Michigan Strategic Fund Ltd. Oblig. Rev. (Detroit Symphony Orchestra Proj.) Series 2001 A, 0.31%, LOC Bank of America NA, VRDN (a) | 1,000,000 | | 1,000,000 |
| | 21,360,000 |
Minnesota - 0.3% |
Roseville Health Care Facilities (Presbyterian Homes Proj.) Series 2002, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 3,870,000 | | 3,870,000 |
Missouri - 4.1% |
Kansas City Indl. Dev. Auth. (Ewing Marion Kauffman Foundation Prog.): | | | |
Series A, 0.3%, VRDN (a) | 9,400,000 | | 9,400,000 |
0.3%, VRDN (a) | 3,000,000 | | 3,000,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Missouri - continued |
Missouri Dev. Fin. Board Lease Rev. (Missouri Assoc. of Muni. Utils. Proj.) 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | $ 2,600,000 | | $ 2,600,000 |
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev.: | | | |
Participating VRDN Series BBT 08 39, 0.29% (Liquidity Facility Branch Banking & Trust Co.) (a)(b) | 2,030,000 | | 2,030,000 |
(DeSmet Jesuit High School Proj.) Series 2002, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 5,600,000 | | 5,600,000 |
Participating VRDN Series Putters 3546, 0.3% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 11,300,000 | | 11,300,000 |
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (Bethesda Health Group, Inc. Proj.) Series 2009, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 12,800,000 | | 12,800,000 |
| | 46,730,000 |
Montana - 0.6% |
Helena Higher Ed. Rev. (Carroll College Campus Hsg. Proj.) 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 7,205,000 | | 7,205,000 |
Nebraska - 0.3% |
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2009, 0.3% (Liquidity Facility Royal Bank of Canada), VRDN (a) | 3,400,000 | | 3,400,000 |
Nevada - 1.6% |
Clark County Fuel Tax Participating VRDN ROC II R 11836, 0.3% (Liquidity Facility Citibank NA) (a)(b) | 4,500,000 | | 4,500,000 |
Clark County School District Participating VRDN Series PZ 174, 0.33% (Liquidity Facility Wells Fargo & Co.) (a)(b) | 2,550,000 | | 2,550,000 |
Reno Sales Tax Rev. (ReTRAC-Reno Transp. Rail Access Corridor Proj.) Series 2008, 0.27%, LOC Bank of New York, New York, VRDN (a) | 10,900,000 | | 10,900,000 |
| | 17,950,000 |
New Hampshire - 2.7% |
New Hampshire Bus. Fin. Auth. Rev. (Alice Peck Day Health Systems Obligated Group Proj.) Series 2008, 0.28%, LOC TD Banknorth, NA, VRDN (a) | 3,400,000 | | 3,400,000 |
New Hampshire Health & Ed. Facilities Auth. Rev. (Univ. Sys. of New Hampshire Proj.): | | | |
Series 2005 A1, 0.27%, VRDN (a) | 5,800,000 | | 5,800,000 |
Series 2005 A2, 0.27%, VRDN (a) | 21,615,000 | | 21,615,000 |
| | 30,815,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
New Jersey - 1.1% |
Mercer County Impt. Auth. Rev. (The Atlantic Foundation Proj.) Series 2008, 0.43%, LOC Bank of America NA, VRDN (a) | $ 8,295,000 | | $ 8,295,000 |
New Jersey Hsg. & Mtg. Fin. Agcy. Rev. (Single Family Hsg. Proj.) Series 2005 P, 0.35% (Liquidity Facility Dexia Cr. Local de France), VRDN (a) | 3,800,000 | | 3,800,000 |
| | 12,095,000 |
New Mexico - 0.5% |
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Series 2009, 0.3% (Liquidity Facility Royal Bank of Canada), VRDN (a) | 5,800,000 | | 5,800,000 |
New York - 2.3% |
New York City Gen. Oblig.: | | | |
Series 2006 I6, 0.28%, LOC California Teachers Retirement Sys., VRDN (a) | 6,015,000 | | 6,015,000 |
Series 2008 J8, 0.33%, LOC Landesbank Baden-Wuert, VRDN (a) | 16,770,000 | | 16,770,000 |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2001 F1, 0.32% (Liquidity Facility Dexia Cr. Local de France), VRDN (a) | 1,405,000 | | 1,405,000 |
New York Metropolitan Trans. Auth. Rev. Series 2005 G2, 0.31%, LOC BNP Paribas SA, VRDN (a) | 2,150,000 | | 2,150,000 |
| | 26,340,000 |
North Carolina - 0.8% |
North Carolina Med. Care Commission Health Care Facilities Rev.: | | | |
(Cape Fear Valley Health Sys. Proj.) Series 2008 A1, 0.28%, LOC Branch Banking & Trust Co., VRDN (a) | 1,975,000 | | 1,975,000 |
Participating VRDN Series BC 10 31W, 0.31% (Liquidity Facility Barclays Bank PLC) (a)(b) | 1,875,000 | | 1,875,000 |
North Carolina Med. Care Commission Hosp. Rev. (Iredell Memorial Hosp. Proj.) Series 2007, 0.28%, LOC Wells Fargo Bank NA, VRDN (a) | 4,740,000 | | 4,740,000 |
| | 8,590,000 |
Ohio - 3.2% |
Alliance Hosp. Rev. (Alliance Obligated Group Proj.) Series 2003, 0.34%, LOC JPMorgan Chase Bank, VRDN (a) | 24,000,000 | | 24,000,000 |
Ohio Higher Edl. Facility Commission Rev. (Cleveland Clinic Foundation Proj.) Series 2008 B4, 0.26%, VRDN (a) | 8,186,000 | | 8,186,000 |
Ohio Hosp. Facilities Rev. Participating VRDN Series Putters 3551, 0.3% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 3,520,000 | | 3,520,000 |
| | 35,706,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Oregon - 4.0% |
Multnomah County Hosp. Facilities Auth. Rev. (Mirabella at South Waterfront Proj.) Series 2008 A, 0.29%, LOC Bank of Scotland PLC, VRDN (a) | $ 38,800,000 | | $ 38,800,000 |
Salem Hosp. Facility Auth. Rev. (Salem Hosp. Proj.) Series 2008 B, 0.32%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 5,000,000 | | 5,000,000 |
Yamhill County Rev. (George Fox Univ. Proj.) Series A, 0.41%, LOC Bank of America NA, VRDN (a) | 1,650,000 | | 1,650,000 |
| | 45,450,000 |
Pennsylvania - 6.2% |
Allegheny County Hosp. Dev. Auth. Rev. (Jefferson Reg'l. Med. Ctr. Proj.) Series 2008 A, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 6,000,000 | | 6,000,000 |
Allegheny County Indl. Dev. Auth. Health Care Rev. (Vincentian Collaborative Sys. Proj.) Series 2008 A, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 4,300,000 | | 4,300,000 |
Allegheny County Indl. Dev. Auth. Rev.: | | | |
(Jewish Home & Hosp. for Aged Proj.) Series 1996 B, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 2,505,000 | | 2,505,000 |
(Our Lady of the Sacred Heart High School Proj.) Series 2002, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 3,910,000 | | 3,910,000 |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev.: | | | |
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2006 A, 0.3%, LOC Barclays Bank PLC, VRDN (a) | 6,900,000 | | 6,900,000 |
Series 2005 A, 0.3%, LOC Bank of Nova Scotia New York Branch, VRDN (a) | 3,300,000 | | 3,300,000 |
Chester County Indl. Dev. Auth. Student Hsg. Rev. (Univ. Student Hsg., LLC Proj. at West Chester Univ.) Series 2003, 0.27%, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (a) | 8,000,000 | | 8,000,000 |
Haverford Township School District Series 2009, 0.3%, LOC TD Banknorth, NA, VRDN (a) | 7,000,000 | | 7,000,000 |
Lancaster County Hosp. Auth. Health Ctr. Rev. (Lancaster Gen. Hosp. Proj.) Series 2008, 0.34%, LOC Bank of America NA, VRDN (a) | 7,000,000 | | 7,000,000 |
Pennsylvania Higher Edl. Facilities Auth. Rev. (King's College Proj.) Series 2002 J3, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 965,000 | | 965,000 |
Philadelphia Auth. for Indl. Dev. Rev. (New Courtland Elder Svcs. Proj.) Series 2003, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 6,900,000 | | 6,900,000 |
Philadelphia State Pub. School Participating VRDN Series Solar 06 161, 0.29% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(b) | 4,000,000 | | 4,000,000 |
Somerset County Gen. Oblig. Series 2009 C, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 2,435,000 | | 2,435,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Pennsylvania - continued |
Somerset County Hosp. Auth. (Somerset Cmnty. Hosp. Proj.) Series 2007 B, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | $ 3,500,000 | | $ 3,500,000 |
Southeastern Pennsylvania Trans. Auth. Rev. Series 2007, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 1,325,000 | | 1,325,000 |
Wilkes Barre Gen. Oblig. Series 2004 B, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 2,000,000 | | 2,000,000 |
| | 70,040,000 |
Rhode Island - 0.3% |
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. (Rhode Island School of Design Proj.) Series 2008 A, 0.35%, LOC Bank of America NA, VRDN (a) | 3,600,000 | | 3,600,000 |
South Carolina - 0.2% |
South Carolina Edl. Facilities Auth. for Private Nonprofit Institutions of Higher Learning Edl. Facilities Rev.: | | | |
(Claflin Univ. Proj.) 0.41%, LOC Bank of America NA, VRDN (a) | 1,000,000 | | 1,000,000 |
(Converse College Proj.) Series 2009, 0.3%, LOC Wells Fargo Bank NA, VRDN (a) | 1,000,000 | | 1,000,000 |
| | 2,000,000 |
Tennessee - 9.1% |
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.): | | | |
Series 2003, 0.3%, LOC Bank of America NA, VRDN (a) | 6,835,000 | | 6,835,000 |
Series 2004, 0.3%, LOC Bank of America NA, VRDN (a) | 16,920,000 | | 16,920,000 |
Series 2005, 0.3%, LOC Bank of America NA, VRDN (a) | 4,310,000 | | 4,310,000 |
Series 2008, 0.3%, LOC Bank of America NA, VRDN (a) | 13,510,000 | | 13,510,000 |
Indl. Dev. Board of Blount County and Cities of Alcoa and Maryville (Maryville Civic Arts Ctr. Proj.) Series 2009 A, 0.3%, LOC Branch Banking & Trust Co., VRDN (a) | 2,000,000 | | 2,000,000 |
Memphis Health, Edl. & Hsg. Facilities Board (Watergrove Apts. Proj.) Series 2004, 0.3%, LOC Freddie Mac, VRDN (a) | 3,200,000 | | 3,200,000 |
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.): | | | |
Series 2002, 0.3%, LOC Bank of America NA, VRDN (a) | 15,100,000 | | 15,100,000 |
Series 2004, 0.3%, LOC Bank of America NA, VRDN (a) | 15,300,000 | | 15,300,000 |
Series 2006, 0.3%, LOC Bank of America NA, VRDN (a) | 22,270,000 | | 22,270,000 |
Rutherford County Health & Edl. Participating VRDN BC 10 25W, 0.31% (Liquidity Facility Barclays Bank PLC) (a)(b) | 3,000,000 | | 3,000,000 |
| | 102,445,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
Texas - 5.7% |
Cypress-Fairbanks Independent School District Participating VRDN Series 86TP, 0.3% (Liquidity Facility Wells Fargo & Co.) (a)(b) | $ 4,880,000 | | $ 4,880,000 |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (YMCA of the Greater Houston Area Proj.) Series 2008 A, 0.28%, LOC JPMorgan Chase Bank, VRDN (a) | 24,175,000 | | 24,175,000 |
Harris County Health Facilities Dev. Corp. Rev.: | | | |
(Methodist Hosp. Proj.) Series 2008 A2, 0.27%, VRDN (a) | 17,900,000 | | 17,900,000 |
(Saint Dominic Village Proj.) Series 2000, 0.3%, LOC JPMorgan Chase Bank, VRDN (a) | 1,700,000 | | 1,700,000 |
San Antonio Hotel Occupancy Tax Rev. Series 2008, 0.3%, LOC Wells Fargo Bank NA, VRDN (a) | 10,000,000 | | 10,000,000 |
Texas Trans. Commission State Hwy. Fund Rev. Series 2006 B, 0.31% (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA), VRDN (a) | 1,000,000 | | 1,000,000 |
Univ. of Texas Board of Regents Sys. Rev. Participating VRDN Series BBT 08 25, 0.29% (Liquidity Facility Branch Banking & Trust Co.) (a)(b) | 5,100,000 | | 5,100,000 |
| | 64,755,000 |
Utah - 1.5% |
Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1991, 0.3%, LOC BNP Paribas SA, VRDN (a) | 7,900,000 | | 7,900,000 |
Utah Transit Auth. Sales Tax Rev. Participating VRDN Series DCL 021, 0.36% (Liquidity Facility Dexia Cr. Local de France) (a)(b) | 9,350,000 | | 9,350,000 |
| | 17,250,000 |
Virginia - 0.3% |
Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Participating VRDN Series Putters 3791Z, 0.3% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 3,350,000 | | 3,350,000 |
Washington - 1.6% |
Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN Series BBT 08 34, 0.29% (Liquidity Facility Branch Banking & Trust Co.) (a)(b) | 6,180,000 | | 6,180,000 |
King County Gen. Oblig. Participating VRDN Series ROC II R 11731, 0.3% (Liquidity Facility Citibank NA) (a)(b) | 9,815,000 | | 9,815,000 |
Washington Gen. Oblig. Participating VRDN Series Putters 3804, 0.3% (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,000,000 | | 2,000,000 |
| | 17,995,000 |
Municipal Securities - continued |
| Principal Amount | | Value |
West Virginia - 1.8% |
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co. - Amos Proj.) Series 2009 A, 0.28%, LOC Royal Bank of Scotland PLC, VRDN (a) | $ 3,050,000 | | $ 3,050,000 |
West Virginia Hosp. Fin. Auth. Hosp. Rev. (West Virginia United Health Sys. Proj.): | | | |
Series 2008 D, 0.37%, LOC Bank of America NA, VRDN (a) | 10,400,000 | | 10,400,000 |
Series 2009 A, 0.3%, LOC Branch Banking & Trust Co., VRDN (a) | 7,200,000 | | 7,200,000 |
| | 20,650,000 |
Wisconsin - 1.8% |
Univ. of Wisconsin Hosp. & Clinics Auth. Series 2008 B, 0.27%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 10,250,000 | | 10,250,000 |
Wisconsin Health & Edl. Facilities Auth. Rev.: | | | |
(Lutheran College Proj.) 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 4,570,000 | | 4,570,000 |
(ProHealth Care, Inc. Proj.) Series 2008 B, 0.31%, LOC JPMorgan Chase Bank, VRDN (a) | 3,000,000 | | 3,000,000 |
(Riverview Hosp. Assoc. Proj.) Series 2001, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 1,340,000 | | 1,340,000 |
Wisconsin Hsg. and Econ. Dev. Auth. Multifamily Hsg. Rev. Series 2006 B, 0.29% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a) | 1,670,000 | | 1,670,000 |
| | 20,830,000 |
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $1,133,080,000) | | 1,133,080,000 |
NET OTHER ASSETS (LIABILITIES) - (0.2)% | | (2,450,881) |
NET ASSETS - 100% | $ 1,130,629,119 |
Security Type Abbreviations |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Provides evidence of ownership in one or more underlying municipal bonds. |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| November 30, 2010 (Unaudited) |
| | |
Assets | | |
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,133,080,000) | | $ 1,133,080,000 |
Receivable for investments sold
Regular delivery | | 1,000,015 |
Delayed delivery | | 500,000 |
Interest receivable | | 353,736 |
Total assets | | 1,134,933,751 |
| | |
Liabilities | | |
Payable to custodian bank | $ 492 | |
Payable for investments purchased | 4,025,000 | |
Distributions payable | 274,215 | |
Other payables and accrued expenses | 4,925 | |
Total liabilities | | 4,304,632 |
| | |
Net Assets | | $ 1,130,629,119 |
Net Assets consist of: | | |
Paid in capital | | $ 1,130,564,191 |
Accumulated undistributed net realized gain (loss) on investments | | 64,928 |
Net Assets, for 1,130,406,372 shares outstanding | | $ 1,130,629,119 |
Net Asset Value, offering price and redemption price per share ($1,130,629,119 ÷ 1,130,406,372 shares) | | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended November 30, 2010 (Unaudited) |
| | |
Investment Income | | |
Interest | | $ 1,563,957 |
| | |
Expenses | | |
Custodian fees and expenses | $ 15,446 | |
Independent trustees' compensation | 2,311 | |
Total expenses before reductions | 17,757 | |
Expense reductions | (2,564) | 15,193 |
Net investment income | | 1,548,764 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | | |
Investment securities: | | |
Unaffiliated issuers | | 940 |
Net increase in net assets resulting from operations | | $ 1,549,704 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended
November 30, 2010
(Unaudited) | Year ended
May 31,
2010 |
Increase (Decrease) in Net Assets | | |
Operations | | |
Net investment income | $ 1,548,764 | $ 2,264,813 |
Net realized gain (loss) | 940 | 19,761 |
Net increase in net assets resulting
from operations | 1,549,704 | 2,284,574 |
Distributions to shareholders from net investment income | (1,548,764) | (2,264,813) |
Total distributions | | |
Affiliated share transactions at net asset value of $1.00 per share
Proceeds from sales of shares | 3,284,926,999 | 2,818,466,000 |
Cost of shares redeemed | (3,429,678,000) | (2,332,413,000) |
Net increase (decrease) in net assets and shares resulting from share transactions | (144,751,001) | 486,053,000 |
Total increase (decrease) in net assets | (144,750,061) | 486,072,761 |
| | |
Net Assets | | |
Beginning of period | 1,275,379,180 | 789,306,419 |
End of period | $ 1,130,629,119 | $ 1,275,379,180 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended
November 30, 2010 | Years ended May 31, |
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
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 | .001 | .002 | .012 | .031 | .036 | .028 |
Net realized and unrealized gain (loss)F | - | - | - | - | - | - |
Total from investment operations | .001 | .002 | .012 | .031 | .036 | .028 |
Distributions from net investment income | (.001) | (.002) | (.012) | (.031) | (.036) | (.028) |
Distributions from net realized gain | - | - | - | -F | - | - |
Total distributions | (.001) | (.002) | (.012) | (.031) | (.036) | (.028) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB,C | .13% | .22% | 1.24% | 3.16% | 3.70% | 2.87% |
Ratios to Average Net AssetsE | | | | | |
Expenses before
reductions | -%A,D | -%D | -%D | -%D | .01% | .02% |
Expenses net of fee waivers, if any | -%A,D | -%D | -%D | -%D | .01% | .02% |
Expenses net of all reductions | -%A,D | -%D | -%D | -%D | .01% | .01% |
Net investment
income | .25%A | .22% | 1.32% | 3.04% | 3.63% | 3.05% |
Supplemental Data | | | | | | |
Net assets, end of period (000 omitted) | $ 1,130,629 | $ 1,275,379 | $ 789,306 | $ 674,963 | $ 491,324 | $ 431,507 |
A Annualized
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 or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2010 (Unaudited)
1. Organization.
Fidelity Tax-Free Cash Central Fund (the Fund) is a fund of Fidelity Revere Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the Fund are only offered to other investment companies and accounts (the Investing Funds) managed by Fidelity Management & Research Company (FMR), or its affiliates.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.
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 amongst 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. 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 IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ - |
Gross unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $ - |
| |
Tax cost | $ 1,133,080,000 |
3. 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, equivalent deliverable securities are held for the transaction. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Semiannual Report
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. 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. Pursuant to the Fund's management contract with FIMM, FMR pays FIMM a portion of the management fees it receives from the Investing Funds. In addition, under an expense contract, FMR also pays all other expenses of the Fund, excluding custody fees, the compensation of the independent Trustees, and certain exceptions such as interest expense.
5. Expense Reductions.
FMR has voluntarily agreed to reimburse a portion of the Fund's operating expenses. For the period, the reimbursement reduced the expenses by $2,311.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $253.
6. 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
Fidelity Tax-Free Cash Central Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract 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 relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established three 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. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.
At its September 2010 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of the fund and its shareholders and that the lack of compensation to be received by Fidelity under the management contract is fair and reasonable.
Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, Fidelity Investments Money Management, Inc., and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel 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 to act in the best interest of the fund.
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 noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. 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 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 integral 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 advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.
Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts. 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 investment management and support services and of shareholder and administrative 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 expenses related to the fund's investment activities (primarily custody expenses). 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.
Semiannual Report
Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds, as well as the profitability of each fund that invests in this fund.
PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of 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 fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.
The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities.
Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund, except expenses related to the fund's investment activities, economies of scale cannot be realized by the fund.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) Fidelity's fund profitability methodology and profitability trends for certain funds; (iii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iv) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (v) the compensation paid by FMR to fund sub-advisers on behalf of the Fidelity funds; (vi) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of fees to maintain minimum yields for certain funds and classes; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; and (viii) explanations regarding the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes or to achieve further economies of scale.
Semiannual Report
Board Approval of Investment Advisory Contracts and
Management Fees - continued
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.
Semiannual Report
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Revere Street Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Revere Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Revere Street Trust
By: | /s/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
| |
Date: | February 1, 2011 |
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/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
| |
Date: | February 1, 2011 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
| |
Date: | February 1, 2011 |
