UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811- 07807
Fidelity Revere Street Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | May 31 |
Date of reporting period: | November 30, 2003 |
Item 1. Reports to Stockholders
Fidelity® Cash Central Fund
Semiannual Report
November 30, 2003
1.734014.103
Investments November 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Federal Agencies - 38.2% | ||||
Due | Annualized Yield at | Principal | Value | |
Fannie Mae - 28.2% | ||||
Agency Coupons - 18.8% | ||||
12/1/03 | 0.98% (a) | $ 250,000,000 | $ 249,810,650 | |
12/1/03 | 1.00 (a) | 990,000,000 | 989,718,850 | |
12/10/03 | 1.08 (a) | 235,000,000 | 235,000,000 | |
12/24/03 | 1.07 (a) | 300,000,000 | 299,954,790 | |
12/27/03 | 1.01 (a) | 300,000,000 | 299,727,450 | |
12/28/03 | 1.03 (a) | 310,000,000 | 309,836,661 | |
1/7/04 | 1.03 (a) | 148,000,000 | 147,919,157 | |
7/20/04 | 1.06 | 250,000,000 | 250,000,000 | |
7/23/04 | 1.08 | 200,000,000 | 200,000,000 | |
8/30/04 | 1.25 | 350,000,000 | 350,000,000 | |
9/24/04 | 1.50 | 240,000,000 | 240,000,000 | |
10/25/04 | 1.35 | 225,000,000 | 225,000,000 | |
11/2/04 | 1.35 | 225,000,000 | 225,000,000 | |
11/15/04 | 1.43 | 200,000,000 | 200,000,000 | |
12/6/04 | 1.54 | 250,000,000 | 250,000,000 | |
4,471,967,558 | ||||
Discount Notes - 9.4% | ||||
12/3/03 | 1.15 | 225,000,000 | 224,985,750 | |
12/12/03 | 1.45 | 180,000,000 | 179,921,350 | |
12/24/03 | 1.04 | 25,400,000 | 25,383,123 | |
1/28/04 | 1.08 | 75,000,000 | 74,870,104 | |
3/3/04 | 1.11 | 274,478,000 | 273,690,225 | |
4/2/04 | 1.32 | 225,000,000 | 224,000,625 | |
5/12/04 | 1.15 | 179,975,000 | 179,046,029 | |
5/19/04 | 1.15 | 59,566,000 | 59,245,336 | |
6/10/04 | 1.21 | 250,000,000 | 248,400,000 | |
6/14/04 | 1.21 | 432,000,000 | 429,177,600 | |
6/25/04 | 1.12 | 100,000,000 | 99,364,625 | |
7/23/04 | 1.28 | 123,714,000 | 122,696,452 | |
8/20/04 | 1.40 | 90,000,000 | 89,092,650 | |
2,229,873,869 | ||||
6,701,841,427 | ||||
Federal Home Loan Bank - 6.3% | ||||
Agency Coupons - 4.5% | ||||
12/15/03 | 1.06 (a) | 395,000,000 | 394,885,366 | |
12/21/03 | 1.07 (a) | 225,000,000 | 224,931,960 | |
Federal Agencies - continued | ||||
Due | Annualized Yield at | Principal | Value | |
Federal Home Loan Bank - continued | ||||
Agency Coupons - continued | ||||
6/28/04 | 1.28% | $ 27,659,600 | $ 27,659,600 | |
6/28/04 | 1.30 | 100,000,000 | 100,000,000 | |
7/6/04 | 1.23 | 250,000,000 | 250,000,000 | |
8/18/04 | 1.30 | 75,000,000 | 75,000,000 | |
1,072,476,926 | ||||
Discount Notes - 1.8% | ||||
12/24/03 | 1.04 | 314,100,000 | 313,891,298 | |
12/26/03 | 1.04 | 100,000,000 | 99,927,778 | |
413,819,076 | ||||
1,486,296,002 | ||||
Freddie Mac - 3.7% | ||||
Agency Coupons - 0.9% | ||||
7/27/04 | 1.20 | 225,000,000 | 225,000,000 | |
Discount Notes - 2.8% | ||||
12/4/03 | 1.15 | 100,000,000 | 99,990,500 | |
12/31/03 | 0.99 | 120,576,000 | 120,476,525 | |
12/31/03 | 1.01 | 20,000,000 | 19,983,333 | |
2/26/04 | 1.10 | 140,493,000 | 140,121,220 | |
3/25/04 | 1.30 | 279,287,000 | 278,145,026 | |
658,716,604 | ||||
883,716,604 | ||||
TOTAL FEDERAL AGENCIES | 9,071,854,033 | |||
U.S. Treasury Obligations - 1.5% | ||||
U.S. Treasury Notes - 1.5% | ||||
8/31/04 | 1.16 | 220,000,000 | 221,522,957 | |
8/31/04 | 1.25 | 85,000,000 | 85,528,098 | |
8/31/04 | 1.28 | 40,000,000 | 40,240,900 | |
8/31/04 | 1.30 | 10,000,000 | 10,058,404 | |
TOTAL U.S. TREASURY OBLIGATIONS | 357,350,359 | |||
Time Deposits - 8.9% | ||||
Due | Annualized Yield at | Principal | Value | |
ING Belgium SA/NV | ||||
12/1/03 | 1.05% | $ 700,000,000 | $ 700,000,000 | |
Suntrust Bank | ||||
12/1/03 | 1.02 | 600,000,000 | 600,000,000 | |
UBS AG | ||||
12/1/03 | 1.05 | 800,000,000 | 800,000,000 | |
TOTAL TIME DEPOSITS | 2,100,000,000 |
Repurchase Agreements - 53.2% | |||
Maturity | |||
In a joint trading account (Collateralized by U.S. Government Obligations dated 11/28/03 due 12/1/03 At: | |||
1.01%) | $ 321,815,146 | 321,788,000 | |
1.02%) | 7,311,267,748 | 7,310,647,000 | |
1.07%) | 4,891,273,485 | 4,890,839,000 | |
With Lehman Brothers, Inc. At 1.21%, dated 11/28/03 due 12/1/03 (Collateralized by Corporate Obligations with principal amounts of $122,875,000, 0.72% - 6.75%, 1/15/04 - 8/22/42) | 122,012,302 | 122,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 12,645,274,000 | ||
TOTAL INVESTMENT PORTFOLIO - 101.8% | 24,174,478,392 | ||
NET OTHER ASSETS - (1.8)% | (416,739,122) | ||
NET ASSETS - 100% | $ 23,757,739,270 |
Total Cost for Income Tax Purposes $ 24,174,478,392 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date. |
Other Information |
The fund participated in the interfund lending program as a lender. The average daily loan balance during the period for which loans were outstanding amounted to $19,200,034. The weighted average interest rate was 1.18%. Interest earned from the interfund lending program amounted to $18,192 and is included in interest income on the Statement of Operations. At period end, there were no interfund loans outstanding. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
November 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including repurchase agreements of $12,645,274,000) - See accompanying schedule | $ 24,174,478,392 | |
Cash | 545,400 | |
Interest receivable | 17,925,294 | |
Prepaid expenses | 123,339 | |
Total assets | 24,193,072,425 | |
Liabilities | ||
Payable for investments purchased | $ 413,819,076 | |
Distributions payable | 21,473,360 | |
Other payables and accrued expenses | 40,719 | |
Total liabilities | 435,333,155 | |
Net Assets | $ 23,757,739,270 | |
Net Assets consist of: | ||
Paid in capital | $ 23,757,970,595 | |
Accumulated net realized gain (loss) on investments | (231,325) | |
Net Assets, for 23,751,998,027 shares outstanding | $ 23,757,739,270 | |
Net Asset Value, offering price and redemption price per share ($23,757,739,270 ÷ 23,751,998,027 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, 2003 (Unaudited) | ||
Investment Income | ||
Interest | $ 134,663,726 | |
Expenses | ||
Non-interested trustees' compensation | $ 49,998 | |
Custodian fees and expenses | 96,767 | |
Audit | 12,880 | |
Legal | 3,302 | |
Insurance | 9,177 | |
Miscellaneous | 20 | |
Total expenses | 172,144 | |
Net investment income | 134,491,582 | |
Net realized gain (loss) on investment securities | (231,325) | |
Net increase in net assets resulting from operations | $ 134,260,257 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 134,491,582 | $ 339,154,707 |
Net realized gain (loss) | (231,325) | 699,257 |
Net increase (decrease) in net assets resulting | 134,260,257 | 339,853,964 |
Distributions to shareholders from net investment income | (134,491,582) | (339,154,707) |
Share transactions at net asset value of $1.00 per share | 62,732,850,774 | 118,358,889,839 |
Cost of shares redeemed | (64,149,779,502) | (120,877,065,917) |
Net increase (decrease) in net assets and shares resulting from share transactions | (1,416,928,728) | (2,518,176,078) |
Total increase (decrease) in net assets | (1,417,160,053) | (2,517,476,821) |
Net Assets | ||
Beginning of period | 25,174,899,323 | 27,692,376,144 |
End of period | $ 23,757,739,270 | $ 25,174,899,323 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months | Years ended May 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
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 | .006 | .016 | .026 | .060 | .054 | .051 |
Distributions from net investment income | (.006) | (.016) | (.026) | (.060) | (.054) | (.051) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB,C | .56% | 1.58% | 2.68% | 6.21% | 5.50% | 5.19% |
Ratios to Average Net AssetsD | ||||||
Expenses before expense reductions | .0014%A | .0016% | .0017% | .0016% | .0017% | .0016% |
Expenses net of voluntary waivers, | .0014%A | .0016% | .0017% | .0016% | .0017% | .0016% |
Expenses net of all | .0014%A | .0016% | .0016% | .0016% | .0017% | .0016% |
Net | 1.13%A | 1.58% | 2.63% | 6.04% | 5.38% | 5.04% |
Supplemental Data | ||||||
Net assets, end of period | $ 23,757,739 | $ 25,174,899 | $ 27,692,376 | $ 28,927,649 | $ 23,886,943 | $ 22,085,676 |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2003 (Unaudited)
1. Significant Accounting Policies.
Fidelity Cash Central Fund (the fund) is a fund of Fidelity Revere Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the fund are only offered to other investment companies and accounts (the investing funds) managed by Fidelity Management & Research Company (FMR), or its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium. Investments in open-end investment companies are valued at their net asset value each business day.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities, which is accrued using the interest method.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. There were no significant book-to-tax differences during the period.
2. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Operating Policies - continued
Repurchase Agreements - continued
in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR, provides the fund with investment management services. The fund does not pay any fees for these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. Information regarding the fund's participation in the program is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Other Information.
At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the fund.
Semiannual Report
Fidelity® Securities Lending
Cash Central Fund
Semiannual Report
November 30, 2003
1.743119.103 362730
Investments November 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Federal Agencies - 42.6% | ||||
Due | Annualized Yield at | Principal | Value | |
Fannie Mae - 31.6% | ||||
Agency Coupons - 16.8% | ||||
12/1/03 | 0.98% (a) | $ 50,000,000 | $ 49,962,130 | |
12/1/03 | 1.00 (a) | 60,000,000 | 59,986,422 | |
12/10/03 | 1.08 (a) | 40,000,000 | 40,000,000 | |
12/24/03 | 1.07 (a) | 50,000,000 | 49,992,465 | |
12/28/03 | 1.03 (a) | 50,000,000 | 49,973,655 | |
1/7/04 | 1.03 (a) | 25,000,000 | 24,986,344 | |
7/20/04 | 1.06 | 50,000,000 | 50,000,000 | |
8/30/04 | 1.25 | 50,000,000 | 50,000,000 | |
9/24/04 | 1.50 | 35,000,000 | 35,000,000 | |
10/25/04 | 1.35 | 120,000,000 | 120,000,000 | |
11/2/04 | 1.35 | 40,000,000 | 40,000,000 | |
11/15/04 | 1.43 | 100,000,000 | 100,000,000 | |
669,901,016 | ||||
Discount Notes - 14.8% | ||||
12/3/03 | 1.15 | 75,000,000 | 74,995,250 | |
12/12/03 | 1.45 | 20,000,000 | 19,991,261 | |
12/31/03 | 1.05 | 100,000,000 | 99,912,500 | |
1/14/04 | 1.03 | 75,000,000 | 74,906,500 | |
1/14/04 | 1.09 | 35,000,000 | 34,953,372 | |
1/28/04 | 1.08 | 25,000,000 | 24,956,701 | |
2/19/04 | 1.10 | 32,075,000 | 31,997,165 | |
3/3/04 | 1.11 | 51,205,000 | 51,058,037 | |
4/2/04 | 1.32 | 25,000,000 | 24,888,958 | |
5/19/04 | 1.15 | 35,940,000 | 35,746,523 | |
6/10/04 | 1.21 | 40,000,000 | 39,744,000 | |
6/14/04 | 1.21 | 70,000,000 | 69,542,667 | |
8/20/04 | 1.40 | 10,000,000 | 9,899,183 | |
592,592,117 | ||||
1,262,493,133 | ||||
Federal Home Loan Bank - 4.8% | ||||
Agency Coupons - 4.8% | ||||
12/15/03 | 1.06 (a) | 75,000,000 | 74,978,574 | |
12/21/03 | 1.07 (a) | 40,000,000 | 39,987,904 | |
7/6/04 | 1.23 | 50,000,000 | 50,000,000 | |
8/18/04 | 1.30 | 25,000,000 | 25,000,000 | |
189,966,478 | ||||
Federal Agencies - continued | ||||
Due | Annualized Yield at | Principal | Value | |
Freddie Mac - 6.2% | ||||
Agency Coupons - 0.6% | ||||
7/27/04 | 1.20% | $ 25,000,000 | $ 25,000,000 | |
Discount Notes - 5.6% | ||||
1/23/04 | 1.09 | 100,000,000 | 99,839,528 | |
1/29/04 | 1.33 | 53,449,000 | 53,334,248 | |
3/25/04 | 1.30 | 70,000,000 | 69,713,778 | |
222,887,554 | ||||
247,887,554 | ||||
TOTAL FEDERAL AGENCIES | 1,700,347,165 | |||
U.S. Treasury Obligations - 1.1% | ||||
U.S. Treasury Notes - 1.1% | ||||
8/31/04 | 1.16 | 25,000,000 | 25,173,063 | |
8/31/04 | 1.28 | 20,000,000 | 20,120,179 | |
TOTAL U.S. TREASURY OBLIGATIONS | 45,293,242 | |||
Time Deposits - 10.0% | ||||
ING Belgium SA/NV | ||||
12/1/03 | 1.05 | 200,000,000 | 200,000,000 | |
UBS AG | ||||
12/1/03 | 1.05 | 200,000,000 | 200,000,000 | |
TOTAL TIME DEPOSITS | 400,000,000 |
Repurchase Agreements - 46.3% | |||
Maturity | Value | ||
In a joint trading account (Collateralized by | $ 1,847,966,169 | $ 1,847,802,000 | |
TOTAL INVESTMENT PORTFOLIO - 100.0% | 3,993,442,407 | ||
NET OTHER ASSETS - 0.0% | (1,129,998) | ||
NET ASSETS - 100% | $ 3,992,312,409 |
Total Cost for Income Tax Purposes $ 3,993,442,407 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
November 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value | $ 3,993,442,407 | |
Cash | 44,579 | |
Interest receivable | 2,712,600 | |
Prepaid expenses | 18,006 | |
Total assets | 3,996,217,592 | |
Liabilities | ||
Distributions payable | $ 3,854,677 | |
Other affiliated payables | 29,630 | |
Other payables and accrued expenses | 20,876 | |
Total liabilities | 3,905,183 | |
Net Assets | $ 3,992,312,409 | |
Net Assets consist of: | ||
Paid in capital | $ 3,992,350,004 | |
Accumulated net realized gain (loss) on investments | (37,595) | |
Net Assets, for 3,992,288,087 shares outstanding | $ 3,992,312,409 | |
Net Asset Value, offering price and redemption price per share ($3,992,312,409 ÷ 3,992,288,087 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, 2003 (Unaudited) | ||
Investment Income | ||
Interest | $ 23,197,657 | |
Expenses | ||
Accounting fees and expenses | $ 170,701 | |
Non-interested trustees' compensation | 8,623 | |
Custodian fees and expenses | 17,456 | |
Audit | 14,231 | |
Legal | 568 | |
Miscellaneous | 1,360 | |
Total expenses before reductions | 212,939 | |
Expense reductions | (41) | 212,898 |
Net investment income | 22,984,759 | |
Net realized gain (loss) on investment securities | (20,590) | |
Net increase in net assets resulting from operations | $ 22,964,169 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 22,984,759 | $ 51,336,214 |
Net realized gain (loss) | (20,590) | 22,073 |
Net increase (decrease) in net assets resulting | 22,964,169 | 51,358,287 |
Distributions to shareholders from net investment income | (22,984,759) | (51,336,214) |
Share transactions at net asset value of $1.00 per share | 13,785,921,733 | 23,360,049,357 |
Cost of shares redeemed | (14,080,100,754) | (22,902,732,024) |
Net increase (decrease) in net assets and shares resulting from share transactions | (294,179,021) | 457,317,333 |
Total increase (decrease) in net assets | (294,199,611) | 457,339,406 |
Net Assets | ||
Beginning of period | 4,286,512,020 | 3,829,172,614 |
End of period | $ 3,992,312,409 | $ 4,286,512,020 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended November 30, 2003 | Years ended May 31, | ||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 D | |
Selected Per-Share Data | |||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | |||||
Net investment | .006 | .016 | .025 | .060 | .051 |
Distributions from net investment income | (.006) | (.016) | (.025) | (.060) | (.051) |
Net asset value, | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | 0.57% | 1.59% | 2.57% | 6.22% | 5.17% |
Ratios to Average Net Assets E | |||||
Expenses before expense | .0105% A | .0113% | .0115% | .0107% | .0093% A |
Expenses net of voluntary waivers, if any | .0105% A | .0113% | .0115% | .0107% | .0093% A |
Expenses net of all reductions | .0105% A | .0113% | .0113% | .0105% | .0093% A |
Net investment income | 1.13% A | 1.53% | 2.56% | 6.04% | 5.75% A |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $ 3,992,312 | $ 4,286,512 | $ 3,829,173 | $ 4,029,347 | $ 6,623,840 |
F Total returns for periods of less than one year are not annualized.
G Total returns would have been lower had certain expenses not been reduced during the periods shown.
H For the period July 1, 1999 (commencement of operations) to May 31, 2000.
I Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2003 (Unaudited)
5. Significant Accounting Policies.
Fidelity Securities Lending Cash Central Fund (the fund) is a fund of Fidelity Revere Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the fund are only offered to other investment companies and accounts (the investing funds) managed by Fidelity Management & Research Company (FMR), or its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium. Investments in open-end investment companies are valued at their net asset value each business day.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities, which is accrued using the interest method.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. There were no significant book-to-tax differences during the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
6. Operating Policies.
Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations, corporate obligations and mortgage loan obligations which may be below investment-grade quality, and equity securities. Collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Collateral is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).
7. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR, provides the fund with investment management services. The fund does not pay any fees for these services.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records. The fee is based on the level of average net assets for the month plus out-of-pocket expenses.
8. Expense Reductions.
Through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $41.
9. Other Information.
At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the fund.
Semiannual Report
Fidelity® Municipal
Cash Central Fund
Semiannual Report
November 30, 2003
1.734025.103
Investments November 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 98.2% | |||
Principal | Value | ||
Alabama - 3.0% | |||
Columbia Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.): | |||
Series 1995 E, 1.15%, VRDN (a) | $ 16,400,000 | $ 16,400,000 | |
1.25%, VRDN (a)(b) | 3,600,000 | 3,600,000 | |
Eutaw Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) 1.1%, VRDN (a) | 2,500,000 | 2,500,000 | |
Homewood Edl. Bldg. Auth. Rev. 1.1% (AMBAC Insured), VRDN (a) | 4,700,000 | 4,700,000 | |
Houston County Health Care Auth. Rev. Participating VRDN Series PT 880, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 1,700,000 | 1,700,000 | |
Mobile Indl. Dev. Board Rev.: | |||
(Alabama Pwr. Theodore Plant Proj.) Series A, 1.15%, VRDN (a)(b) | 4,000,000 | 4,000,000 | |
(Newark Group Ind. Proj.) 1.15%, LOC Wachovia Bank NA, VRDN (a)(b) | 5,725,000 | 5,725,000 | |
Montgomery Alaha Spl. Care Facilities Fing. Auth. Prog. Rev. (Mizell Memorial Hosp. Proj.) 1.15%, LOC AmSouth Bank NA, Birmingham, VRDN (a) | 6,000,000 | 6,000,000 | |
Phenix City Indl. Dev. Board Envir. Impt. Rev. (Mead Coated Board Proj.) Series 1993 A, 1.11%, LOC Bank One NA, Chicago, VRDN (a)(b) | 14,000,000 | 14,000,000 | |
58,625,000 | |||
Arizona - 1.5% | |||
Apache County Indl. Dev. Auth. (Tucson Elec. Pwr. Co. Springerville Proj.) Series 1985 A, 1.15%, LOC Toronto-Dominion Bank, VRDN (a) | 1,150,000 | 1,150,000 | |
Arizona School Facilities Board Ctfs. of Prtn. Participating VRDN Series PT 1773, 1.15% (Liquidity Facility WestLB AG) (a)(c) | 3,800,000 | 3,800,000 | |
Coconino County Poll. Cont. Corp. Rev. (Arizona Pub. Svc. Co. Navajo Proj.) Series 1994 A, 1.15%, LOC KBC Bank NV, VRDN (a)(b) | 3,000,000 | 3,000,000 | |
Maricopa County Indl. Dev. Auth. Indl. Dev. Rev. Bonds (American Wtr. Corp. Proj.) Series 1988, 1.25% tender 12/18/03, CP mode (b) | 3,000,000 | 3,000,000 | |
Maricopa County Indl. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Glenn Oaks Apts. Proj.) Series 2001, 1.21%, LOC Fannie Mae, VRDN (a)(b) | 4,200,325 | 4,200,325 | |
(San Remo Apts. Proj.) 1.17%, LOC Fannie Mae, VRDN (a)(b) | 1,300,000 | 1,300,000 | |
Phoenix Civic Impt. Corp. Excise Tax Rev. Series 1995, 1.14%, LOC Landesbank Hessen-Thuringen, VRDN (a)(b) | 4,000,000 | 4,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Arizona - continued | |||
Salt River Proj. Agric. Impt. & Pwr. District Elec. Sys. Rev. Participating VRDN Series SG 03 160, 1.15% (Liquidity Facility Societe Generale) (a)(c) | $ 7,500,000 | $ 7,500,000 | |
Tucson Indl. Dev. Auth. Rev. (Clarion Santa Rita Hotel Proj.) Series 2002, 1.16%, LOC Bank One NA, Chicago, VRDN (a)(b) | 2,250,000 | 2,250,000 | |
30,200,325 | |||
Arkansas - 0.8% | |||
Arkansas Dev. Fin. Auth. Multi-family Hsg. Rev. (Kiehl Partners LP Proj.) Series 1998, 1.25%, LOC AmSouth Bank NA, Birmingham, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Arkansas Dev. Fin. Auth. Single Family Mtg. Rev. Participating VRDN: | |||
Series Floaters 01 708, 1.23% (Liquidity Facility Morgan Stanley) (a)(b)(c) | 8,300,000 | 8,300,000 | |
Series ROC II R121, 1.22% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(b)(c) | 2,840,000 | 2,840,000 | |
Clark County Solid Waste Disp. Rev. (Alcoa, Inc. Proj.) 1.6%, VRDN (a)(b) | 3,750,000 | 3,750,000 | |
15,890,000 | |||
California - 4.6% | |||
California Dept. of Wtr. Resources Pwr. Supply Rev. Participating VRDN: | |||
Series Putters 310, 1.13% (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,995,000 | 4,995,000 | |
Series Putters 322, 1.13% (Liquidity Facility J.P. Morgan Chase & Co.) (a)(c) | 17,890,000 | 17,890,000 | |
California Gen. Oblig. Participating VRDN Series PT 1722, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 5,370,000 | 5,370,000 | |
California Hsg. Fin. Agcy. Home Mtg. Rev.: | |||
Series F, 1.08% (AMBAC Insured), VRDN (a)(b) | 14,405,000 | 14,405,000 | |
Series U, 1.15% (MBIA Insured), VRDN (a)(b) | 10,810,000 | 10,810,000 | |
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series B, 1.2%, VRDN (a)(b) | 23,900,000 | 23,900,000 | |
Los Angeles Dept. of Wtr. & Pwr. Rev. Sub Series B3, 1.11%, VRDN (a) | 11,900,000 | 11,900,000 | |
Univ. of California Revs. Participating VRDN Series FRRI N12, 1.17% (Liquidity Facility Bank of New York NA) (a)(c) | 1,890,000 | 1,890,000 | |
91,160,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
Colorado - 2.5% | |||
Colorado Hsg. & Fin. Auth. Series 2002 A3, 1.17% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | $ 7,135,000 | $ 7,135,000 | |
Colorado Springs Utils. Rev. Participating VRDN Series SGA 88, 1.15% (Liquidity Facility Societe Generale) (a)(c) | 14,500,000 | 14,500,000 | |
Denver City & County Arpt. Rev.: | |||
Participating VRDN: | |||
Series PA 1186, 1.21% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 2,500,000 | 2,500,000 | |
Series PT 688, 1.21% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 6,235,000 | 6,235,000 | |
Series 2000 B, 1.2% (MBIA Insured), VRDN (a)(b) | 5,800,000 | 5,800,000 | |
El Paso County School District #38 Participating VRDN Series PT 1754, 1.15% (Liquidity Facility WestLB AG) (a)(c) | 3,080,000 | 3,080,000 | |
Lakewood Hsg. Auth. Multi-family Rev. (Ridgemoor Apts. Proj.) Series 2003 A, 1.15%, LOC Fannie Mae, VRDN (a)(b) | 7,250,000 | 7,250,000 | |
Larimer County School District #R1 Poudre Participating VRDN Series ROC II R4535, 1.17% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 2,855,000 | 2,855,000 | |
49,355,000 | |||
District Of Columbia - 2.1% | |||
District of Columbia Gen. Oblig. Participating VRDN: | |||
Series Merlots 01 A127, 1.2% (Liquidity Facility Wachovia Bank NA) (a)(c) | 3,130,000 | 3,130,000 | |
Series PA 568, 1.16% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 4,165,000 | 4,165,000 | |
District of Columbia Hsg. Fin. Agcy. Single Family Mtg. Rev. Participating VRDN Series RF 00 4, 1.3% (Liquidity Facility Bank of New York NA) (a)(b)(c) | 1,045,000 | 1,045,000 | |
Metro. Washington Arpt. Auth. Sys. Rev. 1.15% (FSA Insured), VRDN (a)(b) | 22,800,000 | 22,800,000 | |
Metro. Washington Arpts. Auth. Participating VRDN Series MSTC 01 130, 1.17% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(b)(c) | 11,060,000 | 11,060,000 | |
42,200,000 | |||
Florida - 5.1% | |||
Alachua County Health Facilities Auth. Health Facilities Rev. Participating VRDN Series PT 834, 1.15% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c) | 10,700,000 | 10,700,000 | |
Deltona Util. Sys. Rev. Participating VRDN Series PT 2026, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 5,265,000 | 5,265,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Florida - continued | |||
Escambia County Hsg. Fin. Rev. Participating VRDN | $ 1,610,000 | $ 1,610,000 | |
Florida Board of Ed. Lottery Rev. Participating VRDN | 19,855,000 | 19,855,000 | |
Florida Tpk. Auth. Tpk. Rev. Participating VRDN Series Putters 218, 1.16% (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 16,820,000 | 16,820,000 | |
Manatee County Hsg. Fin. Auth. Multi-family Hsg. Rev. (La Miranda Gardens Proj.) Series A, 1.19%, LOC Suntrust Bank, VRDN (a)(b) | 2,500,000 | 2,500,000 | |
Martin County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2000, 1.1%, VRDN (a) | 13,900,000 | 13,900,000 | |
Miami-Dade County Indl. Dev. Auth. Rev. (Airis Miami LLC Proj.) Series 1999 A, 1.15% (AMBAC Insured), VRDN (a)(b) | 5,000,000 | 5,000,000 | |
Orange County Hsg. Fin. Auth. Homeowner Rev. Participating VRDN Series PT 712, 1.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 835,000 | 835,000 | |
Palm Beach County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Renaissance Apts. Proj.) 1.18%, LOC Fannie Mae, VRDN (a)(b) | 11,250,000 | 11,250,000 | |
Tampa Bay Wtr. Util. Sys. Rev. 1.2%, LOC Bank of America NA, VRDN (a)(b) | 7,000,000 | 7,000,000 | |
Volusia County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Saxon Trace Apts. Proj.) 1.14%, LOC Fannie Mae, VRDN (a)(b) | 4,750,000 | 4,750,000 | |
99,485,000 | |||
Georgia - 2.9% | |||
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) Second Series 1998, 1.15%, VRDN (a)(b) | 17,000,000 | 17,000,000 | |
Canton Hsg. Auth. Multi-family Hsg. Rev. (Alta Ridgewalk Apts. Proj.) Series 2003, 1.18%, LOC AmSouth Bank NA, Birmingham, VRDN (a)(b) | 9,950,000 | 9,950,000 | |
Clayton County Dev. Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series 2000 B, 1.14%, LOC Gen. Elec. Cap. Corp., VRDN (a)(b) | 2,900,000 | 2,900,000 | |
DeKalb County Dev. Auth. Indl. Dev. Rev. (Qualex Proj.) 1.25%, LOC Comerica Bank, Texas, VRDN (a)(b) | 1,410,000 | 1,410,000 | |
Fulton County Hsg. Auth. Rev. 1.25% (American Int'l. Group, Inc. Guaranteed), VRDN (a) | 5,300,000 | 5,300,000 | |
Georgia Road & Thruway Auth. Rev. Participating VRDN Series PT 2019, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 5,045,000 | 5,045,000 | |
Gwinnett County Hsg. Auth. Multi-family Hsg. Rev. (Herrington Mill Apts. Proj.) 1.2%, LOC Suntrust Bank, VRDN (a)(b) | 2,000,000 | 2,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Georgia - continued | |||
Liberty County Indl. Auth. (Hy-Sil Manufacturing Co., Inc. Proj.) Series 2001 B, 1.2%, LOC Suntrust Bank, VRDN (a)(b) | $ 2,725,000 | $ 2,725,000 | |
Putnam Dev. Auth. Swr. Facility Rev. (Oconee Crossings Wharf Proj.) 1.26%, LOC Wachovia Bank NA, VRDN (a)(b) | 5,015,000 | 5,015,000 | |
Savannah Port Auth. Rev. (Pier 1 Imports, Inc. Proj.) 1.15%, LOC Bank One NA, Chicago, VRDN (a)(b) | 6,000,000 | 6,000,000 | |
57,345,000 | |||
Hawaii - 0.4% | |||
Hawaii Gen. Oblig. Participating VRDN Series MS 00 796, 1.16% (Liquidity Facility Morgan Stanley) (a)(c) | 7,430,000 | 7,430,000 | |
Idaho - 0.1% | |||
Idaho Hsg. & Fin. Assn Participating VRDN Series PA 145A, 1.2% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 969,000 | 969,000 | |
Illinois - 9.7% | |||
Carol Stream Multi-family Rev. (Saint Charles Square Proj.) 1.25%, LOC Fannie Mae, VRDN (a)(b) | 1,415,000 | 1,415,000 | |
Chicago Gen. Oblig. Participating VRDN: | |||
Series EGL 01 1303, 1.25% (Liquidity Facility Citibank NA, New York) (a)(c) | 2,450,000 | 2,450,000 | |
Series PA 1123R, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 3,625,000 | 3,625,000 | |
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series ROC II R239. 1.22% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(b)(c) | 5,200,000 | 5,200,000 | |
Chicago O'Hare Int'l. Arpt. Spl. Facilities Rev. (American Airlines, Inc. Proj.) Series A, 1.13%, LOC Citibank NA, | 106,910,000 | 106,910,000 | |
Chicago Pub. Bldg. Commision Bldg. Rev. Participating VRDN Series PT 1798, 1.15% (Liquidity Facility WestLB AG) (a)(c) | 7,520,000 | 7,520,000 | |
Illinois Gen. Oblig.: | |||
Participating VRDN: | |||
Series EGL 02 1301, 1.17% (Liquidity Facility Citibank NA, New York) (a)(c) | 5,900,000 | 5,900,000 | |
Series EGL 02 1304, 1.17% (Liquidity Facility Citibank NA, New York) (a)(c) | 5,040,000 | 5,040,000 | |
Series 2003 B, 1.16% (Liquidity Facility Depfa Bank Plc), VRDN (a) | 27,400,000 | 27,400,000 | |
Illinois Health Facilities Auth. Rev. (Resurrection Health Care Proj.) Series 1999 A, 1.12% (FSA Insured), VRDN (a) | 10,900,000 | 10,900,000 | |
Illinois Sales Tax Rev. Participating VRDN Series PT 1655, 1.15% (Liquidity Facility WestLB AG) (a)(c) | 2,500,000 | 2,500,000 | |
Illinois Student Assistance Commission Student Ln. Rev. | 1,650,000 | 1,650,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Illinois - continued | |||
Lake County Forest Preservation District Participating VRDN Series ROC II R2059, 1.17% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | $ 2,059,000 | $ 2,059,000 | |
Will & Kendall Counties Cmnty. Consolidated School District #202 Participating VRDN Series ROC II R4031, 1.17% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 2,600,000 | 2,600,000 | |
Will County Exempt Facilities Rev. (BP Amoco Chemical Co. Proj.) 1.13% (BP PLC Guaranteed), VRDN (a)(b) | 6,600,000 | 6,600,000 | |
191,769,000 | |||
Indiana - 1.3% | |||
Burns Hbr. Indl. Dev. Rev. (J&F Steel Corp. Proj.) 1.35%, LOC Societe Generale, VRDN (a)(b) | 1,400,000 | 1,400,000 | |
Indiana Bond Bank Rev. Participating VRDN Series PA 1128R, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 5,990,000 | 5,990,000 | |
Indiana Dev. Fin. Auth. Envir. Rev. (Republic Svcs., Inc. Proj.) Series 2001, 1.15%, LOC Suntrust Bank, VRDN (a)(b) | 3,800,000 | 3,800,000 | |
Indiana Dev. Fin. Auth. Indl. Dev. Rev. (Republic Services, Inc. Proj.) 1.15%, LOC Suntrust Bank, VRDN (a)(b) | 4,250,000 | 4,250,000 | |
Indiana Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN Series LB 03 L45J, 1.22% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(c) | 5,565,000 | 5,565,000 | |
Indianapolis Local Pub. Impt. Bond Bank Participating VRDN Series PT 731, 1.21% (Liquidity Facility Danske Bank AS) (a)(b)(c) | 2,600,000 | 2,600,000 | |
Whiting Envir. Facilities Rev. (Amoco Oil Co. Proj.) 1.13% (BP PLC Guaranteed), VRDN (a)(b) | 1,900,000 | 1,900,000 | |
25,505,000 | |||
Iowa - 0.5% | |||
Iowa Fin. Auth. Participating VRDN Series PT 99, 1.1% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 3,160,000 | 3,160,000 | |
Iowa Fin. Auth. Indl. Dev. Rev. (Grafco Industries Proj.) Series 1999, 1.25%, LOC Bank of America NA, VRDN (a)(b) | 1,400,000 | 1,400,000 | |
Iowa Higher Ed. Ln. Auth. Rev. (Des Moines Univ. Proj.) 1.15%, LOC Allied Irish Banks PLC, VRDN (a) | 5,000,000 | 5,000,000 | |
9,560,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
Kansas - 1.0% | |||
Butler County Solid Waste Disp. Facilities Rev. (Texaco Refining & Marketing, Inc. Proj.) Series 1994 A, 1.13% (ChevronTexaco Corp. Guaranteed), VRDN (a)(b) | $ 15,400,000 | $ 15,400,000 | |
Chanute Indl. Dev. Rev. (Ash Grove Cement Co. Proj.) 1.25%, LOC Bank of America NA, VRDN (a)(b) | 3,600,000 | 3,600,000 | |
19,000,000 | |||
Kentucky - 1.3% | |||
Carroll County Solid Waste Disp. Rev. (North American Stainless LP Proj.) Series 2000, 1.2%, LOC Bank One NA, Chicago, VRDN (a)(b) | 9,570,000 | 9,570,000 | |
Kenton County Arpt. Board Arpt. Rev. Participating VRDN Series PT 490, 1.21% (Liquidity Facility BNP Paribas SA) (a)(b)(c) | 3,125,000 | 3,125,000 | |
Kentucky Econ. Dev. Fin. Auth. Indl. Bldg. Rev. (Republic Svcs., Inc. Proj.) Series 2000, 1.2%, LOC Bank of America NA, VRDN (a)(b) | 2,920,000 | 2,920,000 | |
Kentucky Hsg. Corp. Single Family Mtg. Rev. Participating VRDN Series PT 863, 1.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 4,800,000 | 4,800,000 | |
Mason County Poll. Cont. Rev. (East Kentucky Pwr. Coop. Proj.) Series 1984 B1, 1.32% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (a) | 1,795,000 | 1,795,000 | |
Perry County Solid Waste Disp. Rev. (TJ Int'l. Proj.) Series 1998, 1.16%, LOC Wachovia Bank NA, VRDN (a)(b) | 3,355,000 | 3,355,000 | |
25,565,000 | |||
Louisiana - 3.1% | |||
Calcasieu Parish Indl. Dev. Board Envir. Rev. (Citgo Petroleum Corp. Proj.): | |||
Series 1994, 1.14%, LOC BNP Paribas SA, VRDN (a)(b) | 10,100,000 | 10,100,000 | |
1.14%, LOC BNP Paribas SA, VRDN (a)(b) | 9,200,000 | 9,200,000 | |
Louisiana Gen. Oblig. Participating VRDN Series ROC 11 R4017, 1.17% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 7,985,000 | 7,985,000 | |
Plaquemines Parish Envir. Rev. (BP Exploration & Oil, Inc. Proj.) Series 1995, 1.13%, VRDN (a)(b) | 12,800,000 | 12,800,000 | |
Saint Charles Parish Poll. Cont. Rev.: | |||
(Shell Oil Co. Proj.) Series A, 1.13%, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
(Shell Oil Co.-Norco Proj.) Series 1993, 1.13%, | 4,400,000 | 4,400,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Louisiana - continued | |||
West Baton Rouge Parish Indl. District #3 Rev. (Dow Chemical Co. Proj.): | |||
Series 1993, 1.36%, VRDN (a)(b) | $ 1,000,000 | $ 1,000,000 | |
Series 1994 A, 1.36%, VRDN (a)(b) | 10,200,000 | 10,200,000 | |
Series 1995, 1.36%, VRDN (a)(b) | 1,050,000 | 1,050,000 | |
61,735,000 | |||
Maine - 0.5% | |||
Maine Fin. Auth. Solid Waste Disposable Rev. 1.15%, LOC Wachovia Bank NA, VRDN (a)(b) | 10,000,000 | 10,000,000 | |
Maryland - 0.1% | |||
Montgomery County Hsg. Opportunity Commission Single Family Mtg. Rev. Participating VRDN Series PA 40, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 1,425,000 | 1,425,000 | |
Massachusetts - 3.0% | |||
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev.: | |||
(Waste Mgmt., Inc. Proj.) 1.14%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 7,500,000 | 7,500,000 | |
(Wheelabrator Millbury Proj.) 1.14%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 10,000,000 | 10,000,000 | |
Massachusetts Gen. Oblig. Series 2001 B, 1.15% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 20,000,000 | 20,000,000 | |
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. Participating VRDN Series SGA 87, 1.13% (Liquidity Facility Societe Generale) (a)(c) | 20,875,000 | 20,875,000 | |
58,375,000 | |||
Michigan - 1.3% | |||
Detroit Swr. Disp. Rev. Participating VRDN Series Merlots 01 A112, 1.2% (Liquidity Facility Wachovia Bank NA) (a)(c) | 2,480,000 | 2,480,000 | |
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 2002 A, 1.13% (MBIA Insured), VRDN (a)(b) | 14,900,000 | 14,900,000 | |
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series 1999 B2, 1.17% (MBIA Insured), VRDN (a)(b) | 6,850,000 | 6,850,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev. (Mans Proj.) Series 1998, 1.3%, LOC Comerica Bank, Detroit, VRDN (a)(b) | 700,000 | 700,000 | |
Michigan Strategic Fund Poll. Cont. Rev. (Gen. Motors Corp. Proj.) Series 1988 A, 1.65%, VRDN (a) | 1,100,000 | 1,100,000 | |
26,030,000 | |||
Minnesota - 0.9% | |||
Minneapolis Multi-family Rev. (Gateway Real Estate Proj.) 1.15%, LOC Lasalle Bank NA, VRDN (a)(b) | 1,350,000 | 1,350,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Minnesota - continued | |||
Minnesota Gen. Oblig. Participating VRDN: | |||
Series MS 01 719, 1.16% (Liquidity Facility Morgan Stanley) (a)(c) | $ 5,500,000 | $ 5,500,000 | |
Series ROC II R4039, 1.17% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 3,680,000 | 3,680,000 | |
Minnesota Hsg. Fin. Agcy. Participating VRDN Series LB 03 L28J, 1.27% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(c) | 5,475,000 | 5,475,000 | |
Plymouth Multi-family Hsg. Rev. (At the Lakes Apts. Proj.) Series 1997 A, 1.25%, LOC Fannie Mae, VRDN (a)(b) | 2,265,000 | 2,265,000 | |
18,270,000 | |||
Mississippi - 0.9% | |||
Jackson County Indl. Sewage Facilities Rev. (Chevron U.S.A, Inc. Proj.) Series 1994, 1.13%, VRDN (a)(b) | 10,350,000 | 10,350,000 | |
Mississippi Gen. Oblig. Participating VRDN Series MS 01 800, 1.16% (Liquidity Facility Morgan Stanley) (a)(c) | 2,387,500 | 2,387,500 | |
Mississippi Home Corp. Single Family Rev. Participating VRDN Series MS 714, 1.23% (Liquidity Facility Morgan Stanley) (a)(b)(c) | 4,395,000 | 4,395,000 | |
17,132,500 | |||
Missouri - 0.9% | |||
Missouri Board Pub. Bldgs. Spl. Oblig. Participating VRDN Series Merlots B38, 1.2% (Liquidity Facility Wachovia Bank NA) (a)(c) | 9,370,000 | 9,370,000 | |
Missouri Higher Ed. Ln. Auth. Student Ln. Rev. Series 1990 A, 1.15%, LOC Nat'l. Westminster Bank PLC, VRDN (a)(b) | 8,500,000 | 8,500,000 | |
17,870,000 | |||
Montana - 0.5% | |||
Anaconda-Deer Lodge County Envir. Facilities Rev. (ARCO-Anaconda Smelter Site Proj.) 1.13% (BP PLC Guaranteed), VRDN (a)(b) | 5,000,000 | 5,000,000 | |
Montana Board of Hsg. Participating VRDN Series Putters 348, 1.2% (Liquidity Facility J.P. Morgan Chase & Co.) (a)(b)(c) | 4,780,000 | 4,780,000 | |
9,780,000 | |||
Nebraska - 2.4% | |||
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | |||
Participating VRDN Series Merlots 00 UU, 1.25% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 1,675,000 | 1,675,000 | |
Series 2000 F, 1.17% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 7,480,000 | 7,480,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Nebraska - continued | |||
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: - continued | |||
Series 2001 B, 1.17% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | $ 9,755,000 | $ 9,755,000 | |
Series 2001 C, 1.17% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 3,505,000 | 3,505,000 | |
Series 2002 B, 1.17% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 3,235,000 | 3,235,000 | |
Series 2002 C, 1.17% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 3,705,000 | 3,705,000 | |
Series 2002 F, 1.17% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(b) | 17,515,000 | 17,515,000 | |
46,870,000 | |||
Nevada - 1.4% | |||
Clark County Gen. Oblig. Participating VRDN Series ROC II R1035, 1.17% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 2,995,000 | 2,995,000 | |
Clark County Indl. Dev. Rev. Participating VRDN Series PA 1023, 1.2% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 6,190,000 | 6,190,000 | |
Nevada Gen. Oblig. Participating VRDN Series 1714, 1.18% (Liquidity Facility WestLB AG) (a)(c) | 2,325,000 | 2,325,000 | |
Nevada Hsg. Division Series 2002 A: | |||
1.17%, LOC Fannie Mae, VRDN (a)(b) | 7,510,000 | 7,510,000 | |
1.17%, LOC U.S. Bank NA, Minnesota, VRDN (a)(b) | 6,300,000 | 6,300,000 | |
Truckee Meadows Wtr. Auth. Wtr. Rev. Participating VRDN Series SGA 01 137, 1.15% (Liquidity Facility Societe Generale) (a)(c) | 1,500,000 | 1,500,000 | |
26,820,000 | |||
New Hampshire - 1.4% | |||
Clipper Tax-Exempt Trust Participating VRDN Series 2003 4, 1.35% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c) | 5,600,000 | 5,600,000 | |
New Hampshire Bus. Fin. Auth. Resource Recovery Rev. (Wheelabrator Concord Co. LP Proj.) Series 1997 B, 1.2%, LOC Wachovia Bank NA, VRDN (a)(b) | 2,815,000 | 2,815,000 | |
New Hampshire Bus. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 1.14%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 20,000,000 | 20,000,000 | |
28,415,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
New Jersey - 1.3% | |||
New Jersey Gen. Oblig. Participating VRDN: | |||
Series LB 03 L35J, 1.17% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | $ 25,300,000 | $ 25,300,000 | |
Series MSTC 01 174, 1.13% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(c) | 1,000,000 | 1,000,000 | |
26,300,000 | |||
New Mexico - 0.1% | |||
New Mexico Mtg. Fin. Auth. Participating VRDN Series PT 836, 1.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 2,140,000 | 2,140,000 | |
New York - 5.6% | |||
New York City Gen. Oblig. Participating VRDN Series LB 03 L40J, 1.17% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 37,575,000 | 37,575,000 | |
New York City Hsg. Dev. Corp. Multi-family Rev. (West 55th Street Dev. Proj.) 1.2%, LOC Bayerische Hypo Und Verein Ag, VRDN (a)(b) | 15,000,000 | 15,000,000 | |
New York City Transitional Fin. Auth. Rev.: | |||
Series 2003 2A, 1.08% (Liquidity Facility Dexia Cr. Local de France), VRDN (a) | 30,600,000 | 30,600,000 | |
Series 2003 3B, 1.1% (Liquidity Facility Bank of New York NA), VRDN (a) | 26,200,000 | 26,200,000 | |
109,375,000 | |||
New York & New Jersey - 0.7% | |||
Port Auth. New York & New Jersey Spl. Oblig. Rev.: | |||
Series 4, 1.1%, VRDN (a)(b) | 8,500,000 | 8,500,000 | |
Series 5, 1.11%, VRDN (a) | 4,240,000 | 4,240,000 | |
12,740,000 | |||
Non State Specific - 0.4% | |||
Clipper Tax-Exempt Trust Participating VRDN: | |||
Series 2003 1, 1.4% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 3,501,000 | 3,501,000 | |
Series 2003 13, 1.3% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 1,800,000 | 1,800,000 | |
Series 2003 3, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 3,000,000 | 3,000,000 | |
8,301,000 | |||
North Carolina - 2.4% | |||
Durham Hsg. Auth. Multi-family Hsg. Rev. (Lakeside Garden Apts. Proj.) 1.2%, LOC Suntrust Bank, VRDN (a)(b) | 6,880,000 | 6,880,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
North Carolina - continued | |||
Gaston County Indl. Facilities & Poll. Cont. Fing. Auth. Rev. (Duke Energy Corp. Proj.) Series 1999, 1.38%, | $ 18,800,000 | $ 18,800,000 | |
North Carolina Cap. Facilities Fin. Agcy. (Republic Svcs., Inc., Proj.) 1.15%, LOC Suntrust Bank, VRDN (a)(b) | 15,000,000 | 15,000,000 | |
North Carolina Hsg. Fin. Agcy. Home Ownership Rev. Participating VRDN: | |||
Series Merlots 00 A37, 1.25% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 3,955,000 | 3,955,000 | |
Series Merlots A70, 1.25% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 2,950,000 | 2,950,000 | |
47,585,000 | |||
North Dakota - 1.4% | |||
Fargo Indl. Dev. Rev. (Owen Ind., Inc. Proj.) Series 1997, 1.15%, LOC Wells Fargo Bank NA, Minnesota, | 1,000,000 | 1,000,000 | |
North Dakota Hsg. Fin. Agcy. Rev. Series 2003 A, 1.11% (Liquidity Facility KBC Bank NV), VRDN (a)(b) | 26,635,000 | 26,635,000 | |
27,635,000 | |||
Ohio - 0.7% | |||
Ohio Hsg. Fin. Agcy. Mtg. Rev. Participating VRDN: | |||
Series BA 01 I, 1.22% (Liquidity Facility Bank of America NA) (a)(b)(c) | 2,075,000 | 2,075,000 | |
Series PT 582, 1.2% (Liquidity Facility Svenska Handelsbanken AB) (a)(b)(c) | 3,985,000 | 3,985,000 | |
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev. (Shannon Glenn Apts. Proj.) 1.15%, LOC Fannie Mae, VRDN (a)(b) | 5,100,000 | 5,100,000 | |
Ohio Solid Waste Rev. (BP Exploration & Oil, Inc. Proj.) | 3,000,000 | 3,000,000 | |
14,160,000 | |||
Oklahoma - 1.6% | |||
Oklahoma Hsg. Fin. Agcy. Single Family Mtg. Rev. Participating VRDN: | |||
Series LB 99 A5, 1.22% (Liquidity Facility Bayerische Hypo Und Verein Ag) (a)(b)(c) | 295,000 | 295,000 | |
Series PT 167, 1.2% (Liquidity Facility BNP Paribas SA) (a)(b)(c) | 1,495,000 | 1,495,000 | |
Oklahoma Student Ln. Auth. Rev.: | |||
Series 2002 A1, 1.15% (MBIA Insured), VRDN (a)(b) | 5,125,000 | 5,125,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Oklahoma - continued | |||
Oklahoma Student Ln. Auth. Rev.: - continued | |||
Series 2003 A2, 1.15% (MBIA Insured), VRDN (a)(b) | $ 21,000,000 | $ 21,000,000 | |
Tulsa County Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN Series MS 01 581, 1.25% (Liquidity Facility Morgan Stanley) (a)(b)(c) | 3,500,000 | 3,500,000 | |
31,415,000 | |||
Pennsylvania - 3.7% | |||
Allegheny County Indl. Dev. Auth. Rev. (Union Elec. Steel Co. Proj.) Series 1996 A, 1.25%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Indiana County Indl. Dev. Auth. Poll. Cont. Rev. (Conemaught Proj.) Series 1997 A, 1.2%, LOC Bank One NA, Chicago, VRDN (a)(b) | 2,610,000 | 2,610,000 | |
Northeastern Pennsylvania Hosp. & Edl. Auth. Health Care Rev. (Wyoming Valley Health Care Proj.) Series 1994 A, 1.17% (AMBAC Insured), VRDN (a) | 2,100,000 | 2,100,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Reliant Energy Seward LLC Proj.): | |||
Series 2002 A, 1.13%, LOC WestLB AG, VRDN (a)(b) | 4,500,000 | 4,500,000 | |
Series A, 1.13%, LOC WestLB AG, VRDN (a)(b) | 4,000,000 | 4,000,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 1997 B2, 1.25%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b) | 800,000 | 800,000 | |
Pennsylvania Higher Ed. Assistance Agcy. Student Ln. Rev.: | |||
Series 2001 B, 1.13% (FSA Insured), VRDN (a)(b) | 4,100,000 | 4,100,000 | |
Series A, 1.14% (FSA Insured), VRDN (a)(b) | 9,900,000 | 9,900,000 | |
Series A1, 1.14% (AMBAC Insured), VRDN (a)(b) | 4,000,000 | 4,000,000 | |
Philadelphia Auth. for Indl. Dev. Arpt. Rev. Participating VRDN Series Putters 217, 1.18% (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | 5,715,000 | 5,715,000 | |
Philadelphia Hosp. & Higher Ed. Facilities Auth. Health Sys. Rev. (Children's Hosp. Proj.) Series 2002 D, 1.1% (MBIA Insured), VRDN (a) | 5,800,000 | 5,800,000 | |
Schuylkill County Indl. Dev. Auth. Resource Recovery Rev. (Northeastern Pwr. Co. Proj.) Series 1997 B, 1.15%, LOC Dexia Cr. Local de France, VRDN (a)(b) | 28,800,000 | 28,800,000 | |
73,325,000 | |||
South Carolina - 2.7% | |||
Berkeley County Exempt Facility Indl. Rev. (BP Amoco Chemical Co. Proj.) 1.13%, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
Darlington County Indl. Dev. Rev. (Nucor Corp. Proj.) Series A, 1.18%, VRDN (a)(b) | 4,000,000 | 4,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
South Carolina - continued | |||
Horry County School District Participating VRDN | $ 3,775,000 | $ 3,775,000 | |
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series B, 1.38%, VRDN (a)(b) | 10,000,000 | 10,000,000 | |
South Carolina Hsg. Fin. & Dev. Auth. Multi-family Rev.: | |||
(Belton Woods Apt. Proj.) 1.2%, LOC Suntrust Bank, VRDN (a)(b) | 5,745,000 | 5,745,000 | |
(Cedarwoods Apts. Proj.) 1.2%, LOC Suntrust Bank, VRDN (a)(b) | 5,750,000 | 5,750,000 | |
South Carolina Jobs Econ. Dev. Auth. Econ. Dev. Rev. (Turnils North America Proj.) Series 1999, 1.2%, LOC Suntrust Bank, VRDN (a)(b) | 1,565,000 | 1,565,000 | |
South Carolina Ports Auth. Ports Rev. Series 1998 B, 1.17% (FSA Insured), VRDN (a)(b) | 17,500,000 | 17,500,000 | |
53,335,000 | |||
South Dakota - 0.4% | |||
South Dakota Hsg. Dev. Auth. Participating VRDN: | |||
Series BA 01 S, 1.25% (Liquidity Facility Bank of America NA) (a)(b)(c) | 4,535,000 | 4,535,000 | |
Series PA 980 R, 1.2% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 2,080,000 | 2,080,000 | |
Series PT 837, 1.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 2,105,000 | 2,105,000 | |
8,720,000 | |||
Tennessee - 2.0% | |||
Bristol Health & Edl. Facilities Board Rev. Participating VRDN Series LB 03 L42J, 1.17% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 4,500,000 | 4,500,000 | |
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.) 1.11%, LOC Bank of America NA, VRDN (a) | 11,895,000 | 11,895,000 | |
Johnson City Health & Edl. Hosp. Rev. Participating VRDN Series LB 03 L8J, 1.17% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 4,500,000 | 4,500,000 | |
Maury County Indl. Dev. Board Wtr. Facility Rev. (Saturn Corp. Proj.) Series 1987, 1.7%, VRDN (a)(b) | 4,700,000 | 4,700,000 | |
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Participating VRDN Series Merlots 00 C, 1.25% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 3,000,000 | 3,000,000 | |
Sevier County Pub. Bldg. Auth. Rev. Series 2001 III A, 1.14% (AMBAC Insured), VRDN (a)(b) | 10,470,000 | 10,470,000 | |
39,065,000 | |||
Municipal Securities - continued | |||
Principal | Value | ||
Texas - 15.3% | |||
Bexar County Health Facilities Dev. Corp. Rev. (Warm Springs Rehabilitation Proj.) Series 1997, 1.15%, LOC JPMorgan Chase Bank, VRDN (a) | $ 5,725,000 | $ 5,725,000 | |
Brazos River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.): | |||
1.21%, LOC Cr. Suisse First Boston Bank, VRDN (a)(b) | 2,900,000 | 2,900,000 | |
1.21%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 2,300,000 | 2,300,000 | |
Brazos River Hbr. Navigation Brazoria County Envir. Facilities Rev. (Merey Sweeny LP Proj.): | |||
Series 2000 A, 1.14%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 8,600,000 | 8,600,000 | |
Series 2002 A: | |||
1.14%, LOC Bank of America NA, VRDN (a)(b) | 7,900,000 | 7,900,000 | |
1.14%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 12,500,000 | 12,500,000 | |
Series 2002 B, 1.14%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 19,200,000 | 19,200,000 | |
Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN: | |||
Series PT 738, 1.21% (Liquidity Facility Danske Bank AS) (a)(b)(c) | 3,910,000 | 3,910,000 | |
Series Putters 336, 1.2% (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | 2,500,000 | 2,500,000 | |
Denton County Gen. Oblig. Participating VRDN Series SGA 117, 1.15% (Liquidity Facility Societe Generale) (a)(c) | 8,930,000 | 8,930,000 | |
Eanes Independent School District Participating VRDN Series PT 1681, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 3,465,000 | 3,465,000 | |
Gaudalupe-Blanco River Auth. Poll. Cont. Rev. (Central Pwr. & Lt. Co. Proj.) 1.1%, LOC Barclays Bank PLC, VRDN (a) | 8,406,000 | 8,406,000 | |
Gulf Coast Indl. Dev. Auth. Marine Term. (Amoco Oil Co. Proj.) Series 1993, 1.13%, VRDN (a)(b) | 9,300,000 | 9,300,000 | |
Gulf Coast Indl. Dev. Auth. Solid Waste Disp. Rev. (Citgo Petroleum Corp. Proj.) 1.14%, LOC Bank One NA, Chicago, VRDN (a)(b) | 20,900,000 | 20,900,000 | |
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev. (Amoco Oil Co. Proj.) Series 1997, 1.13%, VRDN (a)(b) | 4,400,000 | 4,400,000 | |
Gulf Coast Waste Disp. Auth. Poll. Cont. & Solid Waste Disp. Rev. (Amoco Oil Co. Proj.) Series 1996, 1.13%, VRDN (a)(b) | 4,900,000 | 4,900,000 | |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev.: | |||
(Amoco Oil Co. Proj.) Series 1995, 1.13% (BP PLC Guaranteed), VRDN (a)(b) | 5,100,000 | 5,100,000 | |
(Waste Mgmt., Inc. Proj.) 1.15%, LOC Wachovia Bank NA, VRDN (a)(b) | 5,500,000 | 5,500,000 | |
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Houston Music Hall-Hobby Ctr. Proj.) Series 1999, 1.15%, LOC JPMorgan Chase Bank, VRDN (a) | 2,500,000 | 2,500,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Texas - continued | |||
Harris County Gen. Oblig. Participating VRDN Series EGL 02 6012, 1.17% (Liquidity Facility Citibank NA, New York) (a)(c) | $ 4,000,000 | $ 4,000,000 | |
Harris County Health Facilities Dev. Corp. Rev.: | |||
(Methodist Hosp. Proj.) 1.1%, VRDN (a) | 11,000,000 | 11,000,000 | |
(Saint Luke's Episcopal Hosp. Proj.) Series B, 1.1% (Liquidity Facility Bank of America NA) (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (a) | 67,300,000 | 67,300,000 | |
Harris County Health Facilities Dev. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.) 1.1% (MBIA Insured), VRDN (a) | 1,200,000 | 1,200,000 | |
Harris County Hsg. Fin. Corp. Multi-family Hsg. Rev. (Quail Chase Apts. Proj.) Series 1999, 1.17%, LOC Gen. Elec. Cap. Corp., VRDN (a)(b) | 11,110,000 | 11,110,000 | |
Houston Arpt. Sys. Rev. Participating VRDN: | |||
Series MS 845, 1.16% (Liquidity Facility Morgan Stanley) (a)(c) | 3,010,000 | 3,010,000 | |
Series SG 03 161, 1.17% (Liquidity Facility Societe Generale) (a)(c) | 3,000,000 | 3,000,000 | |
Houston Wtr. & Swr. Sys. Rev. Participating VRDN Series Merlots 02 A16, 1.2% (Liquidity Facility Wachovia Bank NA) (a)(c) | 2,295,000 | 2,295,000 | |
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Participating VRDN Series ROC II R4008, 1.17% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 6,825,000 | 6,825,000 | |
Port of Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) 1.2%, VRDN (a)(b) | 2,895,000 | 2,895,000 | |
San Antonio Arpt. Sys. Rev. Participating VRDN Series PT 1607, 1.21% (Liquidity Facility WestLB AG) (a)(b)(c) | 8,585,000 | 8,585,000 | |
San Antonio Elec. & Gas Systems Rev. Participating VRDN: | |||
Series PT 1977, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 7,370,000 | 7,370,000 | |
Series ROC II R3011, 1.17% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 7,400,000 | 7,400,000 | |
Tarrant Reg'l. Wtr. District Wtr. Rev. Participating VRDN: | |||
Series PT 1691, 1.18% (Liquidity Facility WestLB AG) (a)(c) | 1,445,000 | 1,445,000 | |
Series PT 1703, 1.15% (Liquidity Facility WestLB AG) (a)(c) | 4,400,000 | 4,400,000 | |
Texas A&M Univ. Rev. Participating VRDN Series ROC II R4005, 1.17% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c) | 4,990,000 | 4,990,000 | |
Texas State Univ. Sys. Rev. Participating VRDN Series PA 992 R, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 4,790,000 | 4,790,000 | |
Univ. of North Texas Univ. Rev. Participating VRDN Series SGA 146, 1.17% (Liquidity Facility Societe Generale) (a)(c) | 3,000,000 | 3,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Texas - continued | |||
Univ. of Texas Univ. Revs. Participating VRDN Series MS 98 97, 1.16% (Liquidity Facility Morgan Stanley) (a)(c) | $ 5,120,000 | $ 5,120,000 | |
West Side Calhoun County Navigation District Sewage Solid Waste Disp. Rev. (BP Chemicals, Inc. Proj.) Series 1996, 1.13% (BP PLC Guaranteed), VRDN (a)(b) | 3,600,000 | 3,600,000 | |
302,271,000 | |||
Utah - 0.3% | |||
Provo City Hsg. Rev. (Branbury Park Proj.) Series 1987 B, 1.19%, LOC Bank One NA, Chicago, VRDN (a)(b) | 1,200,000 | 1,200,000 | |
Salt Lake City Arpt. Rev. Series 2001, 1.13%, LOC WestLB AG, VRDN (a)(b) | 4,600,000 | 4,600,000 | |
5,800,000 | |||
Virginia - 0.4% | |||
King George County Indl. Dev. Auth. Solid Waste Disp. Fac. Rev. (King George Landfill Proj.) 1.15%, LOC Wachovia Bank NA, VRDN (a)(b) | 3,300,000 | 3,300,000 | |
Virginia College Bldg. Auth. Edl. Facilities Rev. Participating VRDN Series MS 01 721, 1.16% (Liquidity Facility Morgan Stanley) (a)(c) | 4,300,000 | 4,300,000 | |
7,600,000 | |||
Washington - 4.3% | |||
Chelan County Pub. Util. District #1 Rev. Participating VRDN Series Merlots 00 R, 1.25% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 2,400,000 | 2,400,000 | |
Clark County School District #114 Evergreen Participating VRDN Series PT 1575, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 5,165,000 | 5,165,000 | |
King & Snohomish Counties School District #417 Northshore Participating VRDN Series PT 1789, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c) | 5,555,000 | 5,555,000 | |
Pierce County Econ. Dev. Corp. Rev. (K&M Hldgs. II Proj.) Series 1997, 1.4%, LOC Wells Fargo Bank NA, San Francisco, VRDN (a)(b) | 1,200,000 | 1,200,000 | |
Port Bellingham Indl. Dev. Corp. Envir. Facilities Indl. Rev.: | |||
(Atlantic Richfield Proj.) 1.13%, VRDN (a)(b) | 3,400,000 | 3,400,000 | |
(BP West Coast Products LLC Proj.) 1.13%, VRDN (a)(b) | 4,800,000 | 4,800,000 | |
Port of Seattle Rev. Participating VRDN Series PT 1780, 1.2% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 8,635,000 | 8,635,000 | |
Seattle Gen. Oblig. Participating VRDN Series SGA 03 142, 1.17% (Liquidity Facility Societe Generale) (a)(c) | 5,000,000 | 5,000,000 | |
Seattle Muni. Lt. & Pwr. Rev. Participating VRDN Series SGA 96, 1.15% (Liquidity Facility Societe Generale) (a)(c) | 14,955,000 | 14,955,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Washington - continued | |||
Tacoma Elec. Sys. Rev. Participating VRDN Series MS 00 512X, 1.16% (Liquidity Facility Morgan Stanley) (a)(c) | $ 2,000,000 | $ 2,000,000 | |
Tulalip Tribes of The Tulalip Reservation Spl. Rev. 1.15%, LOC Bank of America NA, VRDN (a) | 10,000,000 | 10,000,000 | |
Washington Econ. Dev. Fin. Auth. Econ. Dev. Rev. (Mount Ainstar Resort Proj.) 1.2%, LOC U.S. Bank NA, Minnesota, VRDN (a)(b) | 9,145,000 | 9,145,000 | |
Washington Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series E, 1.15%, LOC JPMorgan Chase Bank, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
Washington Health Care Facilities Auth. Rev. Participating VRDN Series FRRI 02 L45J, 1.17% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(c) | 5,200,000 | 5,200,000 | |
Washington Hsg. Fin. Commission Participating VRDN: | |||
Series Merlots 97 D, 1.25% (Liquidity Facility Wachovia Bank NA) (a)(b)(c) | 430,000 | 430,000 | |
Series PT 636, 1.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c) | 2,575,000 | 2,575,000 | |
85,460,000 | |||
West Virginia - 0.3% | |||
West Virginia Gen. Oblig. Participating VRDN Series MSTC 00 12, 1.17% (Liquidity Facility ABN-AMRO Bank NV) (a)(c) | 6,000,000 | 6,000,000 | |
Wisconsin - 1.4% | |||
Oak Creek Poll. Cont. Rev. (Wisconsin Elec. Pwr. Co. Proj.) Series 1986, 1.37%, VRDN (a) | 3,000,000 | 3,000,000 | |
Wisconsin Health & Edl. Facilities Auth. Rev.: | |||
(Lutheran College Proj.) 1.15%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 10,000,000 | 10,000,000 | |
(Wisconsin Lutheran College Proj.) Series 2001, 1.25%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 7,000,000 | 7,000,000 | |
Wisconsin Hsg. & Econ. Dev. Auth. Home Ownership Rev. Series A, 1.12% (Liquidity Facility Fed. Home Ln. Bank - Chicago), VRDN (a)(b) | 4,000,000 | 4,000,000 | |
Wisconsin Pub. Pwr., Inc. Sys. Pwr. Supply Sys. Rev., Participating VRDN Series Putters 285, 1.16% (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,920,000 | 3,920,000 | |
27,920,000 | |||
TOTAL INVESTMENT PORTFOLIO - 98.2% | 1,935,927,825 | ||
NET OTHER ASSETS - 1.8% | 35,530,266 | ||
NET ASSETS - 100% | $ 1,971,458,091 |
Total Cost for Income Tax Purposes $ 1,935,927,825 |
Security Type Abbreviations |
CP - COMMERCIAL PAPER |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Provides evidence of ownership in one or more underlying municipal bonds. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
November 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value - See accompanying schedule | $ 1,935,927,825 | |
Cash | 598 | |
Receivable for investments sold on a delayed delivery basis | 34,098,633 | |
Interest receivable | 3,256,384 | |
Prepaid expenses | 10,443 | |
Total assets | 1,973,293,883 | |
Liabilities | ||
Distributions payable | $ 1,818,756 | |
Other payables and accrued expenses | 17,036 | |
Total liabilities | 1,835,792 | |
Net Assets | $ 1,971,458,091 | |
Net Assets consist of: | ||
Paid in capital | $ 1,971,421,057 | |
Accumulated net realized gain (loss) on investments | 37,034 | |
Net Assets, for 1,971,304,451 shares outstanding | $ 1,971,458,091 | |
Net Asset Value, offering price and redemption price per share ($1,971,458,091 ÷ 1,971,304,451 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, 2003 (Unaudited) | ||
Investment Income | ||
Interest | $ 11,968,922 | |
Expenses | ||
Non-interested trustees' compensation | $ 5,106 | |
Custodian fees and expenses | 22,058 | |
Audit | 12,880 | |
Legal | 1,217 | |
Miscellaneous | 814 | |
Total expenses before reductions | 42,075 | |
Expense reductions | (22,061) | 20,014 |
Net investment income | 11,948,908 | |
Net realized gain (loss) on investment securities | 37,031 | |
Net increase in net assets resulting from operations | $ 11,985,939 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 11,948,908 | $ 29,387,113 |
Net realized gain (loss) | 37,031 | 111,877 |
Net increase (decrease) in net assets resulting | 11,985,939 | 29,498,990 |
Distributions to shareholders from net investment income | (11,948,908) | (29,387,113) |
Share transactions at net asset value of $1.00 per share | 5,056,936,000 | 10,929,669,700 |
Cost of shares redeemed | (4,960,977,800) | (10,496,931,700) |
Net increase (decrease) in net assets and shares resulting from share transactions | 95,958,200 | 432,738,000 |
Total increase (decrease) in net assets | 95,995,231 | 432,849,877 |
Net Assets | ||
Beginning of period | 1,875,462,860 | 1,442,612,983 |
End of period | $ 1,971,458,091 | $ 1,875,462,860 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended November 30, | Years ended May 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
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 | .005 | .014 | .019 | .039 | .037 | .033 |
Distributions from net investment income | (.005) | (.014) | (.019) | (.039) | (.037) | (.033) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | 0.50% | 1.38% | 1.93% | 4.01% | 3.74% | 3.35% |
Ratios to Average Net Assets D | ||||||
Expenses before expense reductions | .0035% A | .0045% | .0092% | .0101% | .0087% | .0095% |
Expenses net of voluntary waivers, | .0035% A | .0045% | .0092% | .0101% | .0087% | .0095% |
Expenses net of all reductions | .0016% A | .0025% | .0068% | .0073% | .0040% | .0071% |
Net investment income | .98% A | 1.36% | 1.75% | 3.92% | 3.69% | 3.12% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $ 1,971,458 | $ 1,875,463 | $ 1,442,613 | $ 513,360 | $ 1,210,969 | $ 845,909 |
K Total returns for periods of less than one year are not annualized.
L Total returns would have been lower had certain expenses not been reduced during the periods shown.
M Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended November 30, 2003 (Unaudited)
10. Significant Accounting Policies.
Fidelity Municipal Cash Central Fund (the fund) is a fund of Fidelity Revere Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Shares of the fund are only offered to other investment companies and accounts (the investing funds) managed by Fidelity Management & Research Company (FMR), or its affiliates. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium. Investments in open-end investment companies are valued at their net asset value each business day.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities, which is accrued using the interest method.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. There were no significant book-to-tax differences during the period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
11. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.
12. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR, provides the fund with investment management services. The fund does not pay any fees for these services.
13. Expense Reductions.
Through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $22,061.
14. Other Information.
At the end of the period mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the fund.
Semiannual Report
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. Reserved
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Reserved
Item 9. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 10. 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 Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 11. 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. |
(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/Maria Dwyer |
Maria Dwyer | |
President and Treasurer | |
Date: | January 21, 2004 |
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/Maria Dwyer |
Maria Dwyer | |
President and Treasurer | |
Date: | January 21, 2004 |
By: | /s/Timothy F. Hayes |
Timothy F. Hayes | |
Chief Financial Officer | |
Date: | January 21, 2004 |