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 811-2720
Fidelity Municipal 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: | December 31 |
Date of reporting period: | June 30, 2003 |
Item 1. Reports to Stockholders
Spartan®
Short-Intermediate
Municipal Income
Fund
Semiannual Report
June 30, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the funds nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.
After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.
There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.
That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.
We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.
This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.
At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.
Semiannual Report
President's Message - continued
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five States as of June 30, 2003 | ||
% of fund's | % of fund's net assets | |
Texas | 14.6 | 16.4 |
Washington | 9.0 | 10.3 |
Illinois | 7.9 | 6.6 |
Massachusetts | 7.6 | 5.1 |
Florida | 6.0 | 5.7 |
Top Five Sectors as of June 30, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 43.9 | 37.7 |
Electric Utilities | 17.0 | 21.2 |
Transportation | 8.7 | 8.5 |
Water & Sewer | 8.4 | 8.0 |
Education | 6.3 | 5.1 |
Average Years to Maturity as of June 30, 2003 | ||
6 months ago | ||
Years | 3.3 | 3.2 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of June 30, 2003 | ||
6 months ago | ||
Years | 2.8 | 2.8 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2003 | As of December 31, 2002 | ||||||
![]() | AAA 59.1% | ![]() | AAA 60.5% | ||||
![]() | AA,A 34.5% | ![]() | AA,A 30.3% | ||||
![]() | BBB 8.2% | ![]() | BBB 8.6% | ||||
![]() | Not Rated 0.7% | ![]() | Not Rated 0.6% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. |
* Short-Term Investments and Net Other Assets are not included in the pie chart. |
Semiannual Report
Investments June 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 100.5% | |||
Principal | Value (Note 1) | ||
Alabama - 1.2% | |||
Alabama Agric. & Mechanical Univ. Revs. 6.5% 11/1/25 (MBIA Insured) (Pre-Refunded to 11/1/05 @ 102) (f) | $ 2,000 | $ 2,277 | |
Huntsville Solid Waste Disp. Auth. & Resource Recovery Rev.: | |||
5.25% 10/1/07 (MBIA Insured) (e) | 1,000 | 1,108 | |
5.25% 10/1/08 (MBIA Insured) (e) | 2,900 | 3,226 | |
Jefferson County Gen. Oblig. Series 2003 A: | |||
3% 4/1/05 (MBIA Insured) | 4,000 | 4,113 | |
5% 4/1/06 (MBIA Insured) | 3,000 | 3,269 | |
5% 4/1/07 (MBIA Insured) | 3,000 | 3,324 | |
Mobile County Gen. Oblig.: | |||
5% 2/1/07 (MBIA Insured) | 1,000 | 1,103 | |
5% 2/1/08 (MBIA Insured) | 1,475 | 1,647 | |
Opelika Gen. Oblig. Series A, 5% 4/1/05 (MBIA Insured) | 1,225 | 1,302 | |
21,369 | |||
Alaska - 2.1% | |||
Alaska Student Ln. Corp. Student Ln. Rev. Series A: | |||
5.1% 7/1/04 (AMBAC Insured) (e) | 3,630 | 3,778 | |
5.15% 7/1/05 (AMBAC Insured) (e) | 1,950 | 2,072 | |
5.55% 7/1/03 (AMBAC Insured) (e) | 1,000 | 1,000 | |
5.85% 7/1/13 (AMBAC Insured) (e) | 3,285 | 3,655 | |
Anchorage Gen. Oblig. Series B, 5.75% 12/1/11 | 2,500 | 3,002 | |
North Slope Borough Gen. Oblig.: | |||
Series 1996 B, 0% 6/30/07 (MBIA Insured) | 2,400 | 2,178 | |
Series B: | |||
0% 6/30/05 (FSA Insured) | 9,000 | 8,691 | |
0% 6/30/07 (MBIA Insured) | 7,050 | 6,397 | |
0% 6/30/08 (MBIA Insured) | 4,240 | 3,692 | |
0% 6/30/06 (MBIA Insured) | 3,500 | 3,296 | |
Valdez Marine Term. Rev. (Atlantic Richfield Co. Proj.) | 1,100 | 1,102 | |
38,863 | |||
Arizona - 2.9% | |||
Arizona Pwr. Auth. Pwr. Resource Rev. (Hoover Uprating Proj.): | |||
5% 10/1/05 | 2,160 | 2,330 | |
5% 10/1/06 | 2,525 | 2,789 | |
Arizona School Facilities Board Rev. 5% 7/1/04 | 1,475 | 1,535 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Arizona - continued | |||
Arizona Trans. Board Excise Tax Rev. (Maricopa County Reg'l. Area Road Fund Prog.) 5.25% 7/1/05 (AMBAC Insured) | $ 10,000 | $ 10,765 | |
Maricopa County School District #28 Kyrene Elementary | |||
0% 7/1/04 (FGIC Insured) | 3,000 | 2,967 | |
5.9% 7/1/10 (FGIC Insured) (Pre-Refunded to 7/1/04 @ 100) (f) | 1,000 | 1,050 | |
Pima County Cmnty. College District Rev. Series 2001, 5% 7/1/04 (AMBAC Insured) | 1,300 | 1,352 | |
Pima County Gen. Oblig. 4% 7/1/04 (FSA Insured) | 815 | 840 | |
Salt River Proj. Agric. Impt. & Pwr. District Elec. Sys. Rev.: | |||
Series A, 5.25% 1/1/06 | 5,700 | 6,218 | |
Series B: | |||
7% 1/1/05 | 760 | 824 | |
7% 1/1/05 (Escrowed to Maturity) (f) | 1,240 | 1,345 | |
Series D: | |||
5.7% 1/1/04 (f) | 65 | 67 | |
5.7% 1/1/04 | 935 | 957 | |
Scottsdale Muni. Property Corp. Excise Tax Rev. 5.5% 7/1/05 | 2,285 | 2,472 | |
Tucson Gen. Oblig. Series 2002: | |||
5% 7/1/04 | 1,000 | 1,040 | |
5% 7/1/05 | 1,000 | 1,073 | |
Tucson Street & Hwy. User Rev.: | |||
4.5% 7/1/04 (AMBAC Insured) | 1,645 | 1,702 | |
4.5% 7/1/05 (AMBAC Insured) | 3,090 | 3,281 | |
Tucson Wtr. Rev. Series 2002: | |||
5.5% 7/1/05 (FGIC Insured) | 1,040 | 1,122 | |
5.5% 7/1/06 (FGIC Insured) | 980 | 1,087 | |
Univ. of Arizona Univ. Revs. 6.35% 6/1/14 (Pre-Refunded to 6/1/04 @ 102) (f) | 2,135 | 2,283 | |
Washington Elementary School District #6 of Maricopa County School Impt. (1996 Projs.): | |||
Series A, 4% 7/1/04 (FSA Insured) | 2,000 | 2,061 | |
Series C: | |||
5% 7/1/04 (FGIC Insured) | 1,360 | 1,415 | |
5% 7/1/04 (FGIC Insured) (Escrowed to Maturity) (f) | 1,790 | 1,863 | |
52,438 | |||
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
California - 4.4% | |||
California Dept. of Wtr. Resources Central Valley Proj. Wtr. Sys. Rev. Series Y: | |||
5% 12/1/06 (FGIC Insured) | $ 5,000 | $ 5,564 | |
5% 12/1/07 (FGIC Insured) | 5,000 | 5,642 | |
California Dept. of Wtr. Resources Pwr. Supply Rev. Series A, 5.25% 5/1/07 (MBIA Insured) | 28,900 | 32,298 | |
California Statewide Cmnty. Dev. Auth. Rev. (Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.7%, | 10,000 | 10,359 | |
Long Beach Hbr. Rev. Series 2000 A: | |||
5.5% 5/15/05 (e) | 3,490 | 3,731 | |
5.5% 5/15/06 (e) | 3,000 | 3,292 | |
Los Angeles Hbr. Dept. Rev. Series A: | |||
5.5% 8/1/04 (AMBAC Insured) (e) | 2,000 | 2,094 | |
5.5% 8/1/06 (AMBAC Insured) (e) | 1,495 | 1,651 | |
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Second Series 27A, 5% 5/1/05 (MBIA Insured) (e) | 3,680 | 3,900 | |
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. | 3,600 | 2,640 | |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (g) | 9,600 | 10,316 | |
81,487 | |||
Colorado - 1.0% | |||
Arapahoe County Cap. Impt. Trust Fund Hwy. Rev.: | |||
Series C, 0% 8/31/08 (Pre-Refunded to 8/31/05 @ 82.9449) (f) | 4,500 | 3,618 | |
Series E 470: | |||
0% 8/31/07 (Pre-Refunded to 8/31/05 @ 89.2392) (f) | 2,000 | 1,730 | |
0% 8/31/15 (Pre-Refunded to 8/31/05 @ 48.6181) (f) | 9,025 | 4,254 | |
Arapahoe County Cherry Creek School District #5 Series B, 6% 12/15/04 | 1,395 | 1,493 | |
Denver City & County Arpt. Rev. Series 2001 B, 5.25% 11/15/04 (FGIC Insured) (e) | 1,200 | 1,261 | |
E-470 Pub. Hwy. Auth. Rev. Series 2000 B, 0% 9/1/07 | 3,200 | 2,881 | |
Jefferson County School District #R1 6.5% 12/15/10 | 2,575 | 3,208 | |
18,445 | |||
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Delaware - 0.3% | |||
Delaware Gen. Oblig. Series 2002 A, 5% 7/1/05 | $ 5,000 | $ 5,369 | |
District Of Columbia - 1.6% | |||
District of Columbia Ctfs. of Prtn.: | |||
5% 1/1/06 (AMBAC Insured) | 1,000 | 1,077 | |
5% 1/1/07 (AMBAC Insured) | 1,000 | 1,096 | |
5.25% 1/1/08 (AMBAC Insured) | 935 | 1,045 | |
District of Columbia Gen. Oblig.: | |||
Series 1993 B2, 5.5% 6/1/07 (FSA Insured) | 3,800 | 4,281 | |
Series 2001 B, 5.5% 6/1/07 (FSA Insured) | 1,345 | 1,515 | |
District of Columbia Rev. (Medstar Univ. Hosp. Proj.) Series D, 6.875%, tender 2/15/07 (b) | 9,000 | 9,777 | |
Metro. Washington Arpt. Auth. Sys. Rev. Series D: | |||
4% 10/1/05 (FSA Insured) (e) | 1,000 | 1,050 | |
4% 10/1/06 (FSA Insured) (e) | 1,750 | 1,857 | |
4% 10/1/07 (FSA Insured) (e) | 1,000 | 1,067 | |
Metro. Washington Arpts. Auth. Gen. Arpt. Rev. Series B, 5.5% 10/1/08 (FGIC Insured) (e) | 6,460 | 7,186 | |
29,951 | |||
Florida - 6.0% | |||
Brevard County Util. Rev.: | |||
5% 3/1/05 (FGIC Insured) | 1,445 | 1,533 | |
5% 3/1/06 (FGIC Insured) | 530 | 577 | |
Broward County School District Series A: | |||
5% 2/15/05 | 3,000 | 3,177 | |
5% 2/15/08 | 5,810 | 6,508 | |
Dade County School District: | |||
5% 8/1/07 (MBIA Insured) (a) | 1,500 | 1,677 | |
5.2% 7/15/07 (AMBAC Insured) (a) | 8,500 | 9,571 | |
Florida Board of Ed. Lottery Rev. Series B, 6% 7/1/15 | 1,200 | 1,426 | |
Florida Ports Fing. Commission Rev. (State Trans. Trust Fund Proj.) 6% 6/1/05 (MBIA Insured) (e) | 4,575 | 4,952 | |
Highlands County Health Facilities Auth. Rev. | 20,300 | 20,968 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Florida - continued | |||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.): | |||
4%, tender 8/1/07 (b) | $ 11,000 | $ 11,088 | |
4.25%, tender 8/1/07 (b)(e) | 6,000 | 6,045 | |
Indian River County School District: | |||
4% 4/1/05 (FSA Insured) | 2,185 | 2,287 | |
4% 4/1/06 (FSA Insured) | 1,470 | 1,566 | |
Miami-Dade County Cap. Asset Acquisition Fixed Rate Spl. Oblig. Series 2002 A: | |||
5% 4/1/05 (AMBAC Insured) | 2,900 | 3,085 | |
5% 4/1/06 (AMBAC Insured) | 3,365 | 3,675 | |
5% 4/1/08 (AMBAC Insured) | 2,825 | 3,173 | |
Palm Beach County School District 5% 8/1/05 (MBIA Insured) | 5,000 | 5,374 | |
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev. 5.75% 4/1/06 (AMBAC Insured) (e) | 1,500 | 1,649 | |
Reedy Creek Impt. District Utils. Rev. Series 2: | |||
5% 10/1/05 (MBIA Insured) (a) | 1,685 | 1,781 | |
5.25% 10/1/10 (MBIA Insured) (a) | 8,275 | 9,255 | |
Tampa Bay Wtr. Util. Sys. Rev. 0% 10/1/04 (FGIC Insured) | 2,405 | 2,372 | |
Univ. Athletic Assoc., Inc. Athletic Prog. Rev. Series 2001, 2.6%, tender 10/1/03, LOC Suntrust Banks of Florida, Inc. (b) | 7,500 | 7,529 | |
109,268 | |||
Georgia - 2.5% | |||
Atlanta Arpt. Facilities Rev. 6.5% 1/1/06 (AMBAC Insured) (Escrowed to Maturity) (f) | 6,000 | 6,688 | |
Cobb County Solid Waste Mgt. Auth. Rev. Series 1995, 6.05% 1/1/05 (e) | 1,000 | 1,067 | |
Columbus Wtr. & Swr. Rev. 5.25% 5/1/05 (FSA Insured) (a) | 1,990 | 2,108 | |
Dalton Bldg. Auth. Rev. Series 2001, 5% 7/1/05 | 6,030 | 6,460 | |
Dougherty County Gen. Oblig. 5.25% 10/1/04 (FSA Insured) | 2,000 | 2,101 | |
Fayette County School District 5% 3/1/04 | 1,350 | 1,386 | |
Georgia Gen. Oblig.: | |||
Series A: | |||
4% 5/1/05 | 7,000 | 7,349 | |
5.8% 3/1/05 | 2,000 | 2,150 | |
Series B, 6.25% 4/1/06 | 1,750 | 1,974 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Georgia - continued | |||
Georgia Gen. Oblig.: - continued | |||
Series C: | |||
6.5% 7/1/07 | $ 2,185 | $ 2,571 | |
7.25% 7/1/06 | 2,000 | 2,329 | |
Georgia Muni. Elec. Auth. Pwr. Rev. Series 1993 CC, 4.8% 1/1/06 (MBIA Insured) | 7,050 | 7,587 | |
Gwinnett County Gen. Oblig. 4% 1/1/06 | 1,000 | 1,060 | |
Henry County Wtr. & Swr. Auth. Rev. 5% 2/1/08 (MBIA Insured) (a) | 1,095 | 1,205 | |
46,035 | |||
Hawaii - 1.8% | |||
Hawaii Arpts. Sys. Rev.: | |||
Series 2001, 5.5% 7/1/05 (FGIC Insured) (e) | 3,000 | 3,203 | |
Third Series, 5.5% 7/1/05 (AMBAC Insured) (Pre-Refunded to 7/1/04 @ 102) (e)(f) | 2,550 | 2,714 | |
Hawaii Gen. Oblig.: | |||
Series 2001 CV, 5% 8/1/05 (FGIC Insured) | 3,610 | 3,874 | |
Series 2001 CW, 5% 8/1/05 (FGIC Insured) | 2,000 | 2,146 | |
Series CU, 5.75% 10/1/11 (MBIA Insured) | 3,210 | 3,765 | |
Honolulu City & County Gen. Oblig. Series B: | |||
5.5% 11/1/04 (FGIC Insured) | 465 | 492 | |
5.5% 11/1/04 (FGIC Insured) (Escrowed to Maturity) (f) | 2,160 | 2,292 | |
Maui County Gen. Oblig.: | |||
3% 9/1/04 (MBIA Insured) | 6,895 | 7,046 | |
4% 9/1/05 (MBIA Insured) | 7,650 | 8,070 | |
33,602 | |||
Illinois - 7.9% | |||
Chicago Gen. Oblig.: | |||
(Neighborhoods Alive 21 Prog.): | |||
5% 1/1/07 (MBIA Insured) | 1,360 | 1,496 | |
5% 1/1/08 (MBIA Insured) | 890 | 990 | |
5% 1/1/07 (FGIC Insured) | 1,000 | 1,100 | |
Chicago Midway Arpt. Rev.: | |||
Series 2001 B, 5% 1/1/07 (FSA Insured) | 1,000 | 1,097 | |
Series A, 6.25% 1/1/14 (MBIA Insured) (Pre-Refunded to 1/1/04 @ 102) (e)(f) | 2,230 | 2,332 | |
Chicago O'Hare Int'l. Arpt. Rev.: | |||
Series 2001 C: | |||
5% 1/1/04 (AMBAC Insured) (e) | 1,200 | 1,222 | |
5% 1/1/05 (AMBAC Insured) (e) | 1,415 | 1,482 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Illinois - continued | |||
Chicago O'Hare Int'l. Arpt. Rev.: - continued | |||
Series 2001 C: | |||
5% 1/1/07 (AMBAC Insured) (e) | $ 2,670 | $ 2,899 | |
5.25% 1/1/06 (AMBAC Insured) (e) | 2,335 | 2,515 | |
Series A, 6% 1/1/05 (AMBAC Insured) | 1,030 | 1,098 | |
Chicago Park District Series C, 5% 1/1/11 (AMBAC Insured) | 2,515 | 2,833 | |
Chicago Pub. Bldg. Commision Bldg. Rev. Series C, 5.5% 2/1/06 (FGIC Insured) | 6,000 | 6,571 | |
Chicago Tax Increment Rev.: | |||
Series 2000 A, 0% 12/1/08 (AMBAC Insured) | 10,000 | 8,595 | |
Series A, 0% 12/1/05 (AMBAC Insured) | 3,000 | 2,875 | |
Chicago Transit Auth. Cap. Grant Receipts Rev. Series A: | |||
4% 6/1/06 (AMBAC Insured) | 6,000 | 6,146 | |
4.25% 6/1/08 (AMBAC Insured) | 3,600 | 3,842 | |
Cook County Gen. Oblig. Series 2003 B: | |||
5% 11/15/06 (MBIA Insured) (a) | 14,685 | 16,173 | |
5% 11/15/07 (MBIA Insured) (a) | 5,000 | 5,576 | |
Illinois Dev. Fin. Auth. Gas Supply Rev. (The Peoples Gas Lt. & Coke Co. Proj.) Series 2003 B, 3.05%, tender 2/1/08 (AMBAC Insured) (b) | 6,000 | 6,188 | |
Illinois Edl. Facilities Auth. Revs. (Art Institute of Chicago Proj.) Series 2003, 3.85%, tender 3/1/11 (a)(b) | 12,800 | 12,649 | |
Illinois Gen. Oblig.: | |||
First Series: | |||
5% 8/1/04 | 4,675 | 4,876 | |
5% 4/1/05 (FSA Insured) | 3,000 | 3,189 | |
5% 8/1/05 | 1,000 | 1,074 | |
5% 8/1/06 | 8,160 | 8,961 | |
5% 6/1/07 | 6,250 | 6,949 | |
5.875% 8/1/11 (MBIA Insured) (Pre-Refunded to 8/1/04 @ 102) (f) | 12,900 | 13,850 | |
Kane & Du Page Counties Cmnty. Unit School District #303 Saint Charles Series A, 5.5% 1/1/12 (FSA Insured) | 2,270 | 2,647 | |
Kane County School District #129 Aurora West Side Series A, 5.75% 2/1/14 (FGIC Insured) | 1,600 | 1,858 | |
Kane, McHenry, Cook & DeKalb Counties Cmnty. | 5,000 | 5,760 | |
Kendall, Kane & Will Counties Cmnty. Unit School District #308: | |||
5% 10/1/04 (FGIC Insured) | 510 | 534 | |
5.25% 10/1/05 (FGIC Insured) | 560 | 608 | |
5.25% 10/1/06 (FGIC Insured) | 695 | 771 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Illinois - continued | |||
Rosemont Gen. Oblig. (Tax Increment #3 Proj.) 0% 12/1/07 (FGIC Insured) | $ 3,000 | $ 2,684 | |
Univ. of Illinois Auxiliary Facilities Sys. Rev. Series 2001 A, | 2,035 | 2,276 | |
Will County School District #122 Series B, 0% 11/1/08 | 1,500 | 1,292 | |
145,008 | |||
Indiana - 0.8% | |||
Indiana Bond Bank Series 2001, 4.75% 2/1/04 (AMBAC Insured) | 1,000 | 1,022 | |
Indiana Health Facility Fing. Auth. Rev. (Ascension Health Cr. Group Prog.) Series 2002 F: | |||
4% 11/15/03 | 400 | 404 | |
5% 11/15/04 | 1,300 | 1,367 | |
5.5% 11/15/05 | 1,000 | 1,093 | |
5.5% 11/15/06 | 1,000 | 1,114 | |
Indiana Univ. Revs. (Student Fee Proj.) Series H, 0% 8/1/05 (AMBAC Insured) | 5,500 | 5,287 | |
Rockport Poll. Cont. Rev. 4.9%, tender 6/1/07 (b) | 4,000 | 4,138 | |
14,425 | |||
Kansas - 0.3% | |||
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) 4.75%, tender 10/1/07 (b) | 2,400 | 2,529 | |
La Cygne Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) Series 1994, 3.9%, tender 9/1/04 (b) | 3,700 | 3,795 | |
6,324 | |||
Kentucky - 0.4% | |||
Kenton County Arpt. Board Arpt. Rev. Series B, 5% 3/1/09 (MBIA Insured) (e) | 1,185 | 1,301 | |
Kentucky Asset/Liability Commission Gen. Fund Rev. First Series 2001, 5% 2/1/04 | 4,000 | 4,094 | |
Kentucky Property & Bldgs. Commission Revs. (#69 Proj.) Series 2001 B, 5% 8/1/04 (FSA Insured) | 1,860 | 1,941 | |
7,336 | |||
Louisiana - 1.3% | |||
New Orleans Audubon Commission Series A: | |||
3% 10/1/04 (FSA Insured) (a) | 1,875 | 1,916 | |
3% 10/1/05 (FSA Insured) (a) | 1,930 | 1,979 | |
4% 10/1/06 (FSA Insured) (a) | 1,990 | 2,109 | |
4% 10/1/07 (FSA Insured) (a) | 1,065 | 1,135 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Louisiana - continued | |||
New Orleans Audubon Commission Series A: - continued | |||
4% 10/1/08 (FSA Insured) (a) | $ 1,605 | $ 1,712 | |
4% 10/1/09 (FSA Insured) (a) | 1,090 | 1,161 | |
5% 10/1/10 (FSA Insured) (a) | 1,325 | 1,486 | |
New Orleans Gen. Oblig.: | |||
4% 3/1/05 (MBIA Insured) | 1,590 | 1,659 | |
4% 3/1/06 (MBIA Insured) | 3,695 | 3,917 | |
5% 3/1/07 (MBIA Insured) | 2,000 | 2,211 | |
Shreveport Wtr. & Swr. Rev. Series A, 4% 12/1/05 | 4,580 | 4,856 | |
24,141 | |||
Maryland - 0.7% | |||
Anne Arundel County Gen. Oblig. 5% 3/1/06 | 6,200 | 6,771 | |
Carroll County Gen. Oblig. 4% 11/1/04 (a) | 1,000 | 1,033 | |
Maryland Gen. Oblig. (State & Local Facilities Ln. Prog.) | 4,100 | 4,511 | |
12,315 | |||
Massachusetts - 5.8% | |||
Massachusetts Dev. Fin. Agcy. Rev. (Massachusetts Biomedical Research Corp. Proj.) Series C: | |||
5.75% 8/1/06 | 1,200 | 1,322 | |
5.875% 8/1/08 | 1,630 | 1,859 | |
Massachusetts Gen. Oblig.: | |||
Series 2003 C: | |||
5% 12/1/06 (XL Cap. Assurance, Inc. Insured) | 16,375 | 18,135 | |
5.5% 10/1/10 (MBIA Insured) | 1,130 | 1,315 | |
Series A, 5.5% 2/1/07 (MBIA Insured) | 7,500 | 8,407 | |
Series B, 5% 2/1/06 | 40,000 | 43,319 | |
Massachusetts Health & Edl. Facilities Auth. Rev. (Caritas Christi Oblig. Group Proj.): | |||
5% 7/1/04 | 1,805 | 1,849 | |
5.5% 7/1/05 | 1,000 | 1,034 | |
Massachusetts Indl. Fin. Agcy. Rev. (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/03 | 21,300 | 21,277 | |
New England Ed. Ln. Marketing Corp.: | |||
Series A, 5.7% 7/1/05 (e) | 2,800 | 3,022 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Massachusetts - continued | |||
New England Ed. Ln. Marketing Corp.: - continued | |||
Series F, 5.625% 7/1/04 (e) | $ 3,500 | $ 3,650 | |
Springfield Gen. Oblig. 5% 1/15/06 (MBIA Insured) | 1,000 | 1,085 | |
106,274 | |||
Michigan - 1.3% | |||
Battle Creek Downtown Dev. Auth. 6% 5/1/06 (MBIA Insured) | 1,500 | 1,687 | |
Detroit Econ. Dev. Corp. Resource Recovery Rev. Series 2001 A, 3.45% 5/1/04 (AMBAC Insured) (e) | 4,135 | 4,219 | |
Ferndale Gen. Oblig.: | |||
3.5% 4/1/05 (FGIC Insured) | 1,280 | 1,329 | |
3.5% 4/1/06 (FGIC Insured) | 1,960 | 2,064 | |
Holly Area School District Series 1999, 5.375% 5/1/11 (FGIC Insured) (Pre-Refunded to 5/1/05 @ 101) (f) | 1,275 | 1,382 | |
Michigan Hosp. Fin. Auth. Hosp. Rev. (Sparrow Oblig. Group Proj.) 5% 11/15/04 | 1,500 | 1,569 | |
Michigan Strategic Fund Exempt Facilities Rev. (Waste Mgmt., Inc. Proj.) 4.2%, tender 8/1/04 (b)(e) | 7,000 | 7,113 | |
West Ottawa Pub. School District 0% 5/1/15 (MBIA Insured) (Pre-Refunded to 5/1/05 @ 49.088) (f) | 8,490 | 4,063 | |
23,426 | |||
Minnesota - 2.3% | |||
Hopkins Independent School District #270 Series B, 4% 2/1/06 | 2,575 | 2,733 | |
Mankato Independent School District #77 Series A, 4% 2/1/06 (FSA Insured) (a) | 1,420 | 1,501 | |
Minnesota Gen. Oblig. 5.2% 8/1/07 | 9,000 | 9,030 | |
Minnesota Pub. Facilities Auth. Wtr. Poll. Cont. Rev. Series A, 4.5% 3/1/07 | 2,240 | 2,443 | |
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | |||
5% 1/1/05 | 17,245 | 18,163 | |
5% 1/1/06 (AMBAC Insured) | 4,545 | 4,928 | |
5% 1/1/08 (AMBAC Insured) | 2,310 | 2,580 | |
Waconia Independent School District #110 Series A, 5% 2/1/11 (FSA Insured) (a) | 940 | 1,042 | |
42,420 | |||
Mississippi - 1.6% | |||
Jackson Wtr. & Swr. Sys. Rev. Series 2003: | |||
4% 9/1/04 (FSA Insured) | 2,000 | 2,066 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Mississippi - continued | |||
Jackson Wtr. & Swr. Sys. Rev. Series 2003: - continued | |||
5% 9/1/05 (FSA Insured) | $ 5,285 | $ 5,681 | |
5% 9/1/07 (FSA Insured) | 5,825 | 6,522 | |
5% 9/1/08 (FSA Insured) | 3,120 | 3,527 | |
5.25% 9/1/09 (FSA Insured) | 3,105 | 3,570 | |
5.25% 9/1/11 (FSA Insured) | 1,595 | 1,834 | |
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 4.65%, tender 3/1/04 (b)(e) | 5,000 | 5,064 | |
Mississippi Higher Ed. Student Ln. Series 2000 B3, 5.3% 9/1/08 (e) | 1,190 | 1,308 | |
29,572 | |||
Missouri - 0.3% | |||
Missouri Envir. Impt. & Energy Resources Auth. Wtr. Poll. Cont. Rev. (State Revolving Fund Prog.) Series D, 6% 1/1/05 | 1,100 | 1,177 | |
Missouri Gen. Oblig. Series 1996 A, 6% 8/1/04 | 1,655 | 1,745 | |
Saint Louis Muni. Fin. Corp. Leasehold Rev. (Civil Courts Bldg. Proj.) Series 2003 A, 5% 8/1/06 (FSA Insured) | 1,635 | 1,801 | |
4,723 | |||
Montana - 0.2% | |||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Projs.) Series A, 5.2%, tender 5/1/09 (b) | 2,900 | 3,000 | |
Nebraska - 2.3% | |||
Lancaster County School District #1 (Lincoln Pub. Schools Proj.): | |||
3% 1/15/05 | 1,870 | 1,920 | |
4% 1/15/06 | 1,000 | 1,060 | |
Lincoln Wtrwks. Rev. Series 2003: | |||
5% 8/15/04 | 3,115 | 3,242 | |
5% 8/15/05 | 3,265 | 3,512 | |
Nebraska Pub. Pwr. District Rev.: | |||
Series 1998 A, 5.25% 1/1/06 (MBIA Insured) | 5,000 | 5,452 | |
Series A: | |||
0% 1/1/06 (MBIA Insured) | 24,465 | 23,280 | |
0% 1/1/07 (MBIA Insured) | 4,000 | 3,694 | |
42,160 | |||
Nevada - 1.1% | |||
Clark County Arpt. Rev. Series C: | |||
5% 7/1/05 (AMBAC Insured) (e) | 800 | 849 | |
5% 7/1/06 (AMBAC Insured) (e) | 800 | 866 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Nevada - continued | |||
Clark County Arpt. Rev. Series C: - continued | |||
5% 7/1/08 (AMBAC Insured) (e) | $ 2,215 | $ 2,434 | |
5% 7/1/09 (AMBAC Insured) (e) | 2,700 | 2,982 | |
5% 7/1/10 (AMBAC Insured) (e) | 1,225 | 1,345 | |
5% 7/1/11 (AMBAC Insured) (e) | 1,790 | 1,949 | |
Clark County Las Vegas-McCarran Int'l. Arpt. Passenger Facility Charge Rev. Series 2002 A, 5% 7/1/06 (MBIA Insured) (e) | 5,415 | 5,859 | |
Clark County School District Series 2000 A, 5.75% 6/15/17 (MBIA Insured) | 1,600 | 1,841 | |
Washoe County Gen. Oblig. 4% 9/1/05 (FSA Insured) | 2,170 | 2,268 | |
20,393 | |||
New Hampshire - 0.2% | |||
New Hampshire Health & Edl. Facilities Auth. Rev. (Univ. Sys. of New Hampshire Proj.): | |||
5.25% 7/1/04 (AMBAC Insured) | 1,710 | 1,784 | |
5.25% 7/1/05 (AMBAC Insured) | 1,695 | 1,826 | |
3,610 | |||
New Jersey - 1.3% | |||
New Jersey Gen. Oblig. Series E, 6% 7/15/05 | 3,700 | 4,050 | |
New Jersey Trans. Trust Fund Auth. Series 2001 A, 5% 6/15/06 | 6,300 | 6,890 | |
New Jersey Transit Corp.: | |||
Series 2000 B, 5.5% 2/1/08 (AMBAC Insured) | 1,000 | 1,139 | |
Series 2000 C, 5.25% 2/1/04 (AMBAC Insured) | 10,000 | 10,254 | |
North Jersey District Wtr. Supply Commission (Wanaque South Proj.) Series A, 5% 7/1/05 (MBIA Insured) | 1,680 | 1,801 | |
24,134 | |||
New Jersey/Pennsylvania - 0.4% | |||
Delaware River Joint Toll Bridge Commission Bridge Rev.: | |||
3% 7/1/04 | 1,630 | 1,662 | |
5% 7/1/09 | 5,170 | 5,778 | |
7,440 | |||
New Mexico - 0.7% | |||
New Mexico Edl. Assistance Foundation Student Ln. Rev. Sr. Series IV A1, 6.5% 3/1/04 (e) | 1,540 | 1,582 | |
New Mexico Gen. Oblig. 4% 3/1/05 | 9,875 | 10,317 | |
11,899 | |||
New York - 5.8% | |||
Metro. Trans. Auth. Commuter Facilities Rev. Series A: | |||
5% 7/1/06 (Escrowed to Maturity) (f) | 1,520 | 1,679 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
New York - continued | |||
Metro. Trans. Auth. Commuter Facilities Rev. Series A: - continued | |||
5.25% 7/1/08 (Escrowed to Maturity) (f) | $ 3,640 | $ 4,187 | |
5.375% 7/1/09 (Escrowed to Maturity) (f) | 3,635 | 4,246 | |
Metro. Trans. Auth. Svc. Contract Rev. Series B: | |||
3% 7/1/04 | 8,725 | 8,902 | |
4% 1/1/05 | 4,265 | 4,419 | |
5% 1/1/06 | 10,110 | 10,888 | |
Nassau County Gen. Oblig. Series Z: | |||
5% 9/1/11 (FGIC Insured) | 800 | 890 | |
5% 9/1/12 (FGIC Insured) | 1,500 | 1,662 | |
New York City Gen. Oblig.: | |||
Series A, 5.25% 11/1/14 (MBIA Insured) | 600 | 675 | |
Series E, 6% 8/1/11 | 1,250 | 1,374 | |
Series G, 5.25% 8/1/14 (AMBAC Insured) | 1,000 | 1,116 | |
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series B, 5% 6/15/04 | 8,000 | 8,312 | |
4% 6/15/04 | 9,000 | 9,266 | |
New York City Transitional Fin. Auth. Rev. Series 2003 E: | |||
4.5% 2/1/07 | 1,750 | 1,895 | |
4.5% 2/1/08 | 1,500 | 1,635 | |
5% 2/1/09 | 2,000 | 2,241 | |
New York State Dorm. Auth. Rev. Series 2003 A: | |||
5% 1/1/06 (AMBAC Insured) | 1,250 | 1,341 | |
5% 1/1/07 (AMBAC Insured) | 10,855 | 11,880 | |
5% 3/15/08 | 2,000 | 2,222 | |
New York State Envir. Facilities Corp. State Wtr. Poll. Cont. Revolving Fund Rev. (New York City Muni. Wtr. Fin. Auth. Proj.) Series 1997 E, 6% 6/15/11 (MBIA Insured) | 3,500 | 4,206 | |
Tobacco Settlement Fing. Corp. Series A1: | |||
5.25% 6/1/12 | 5,000 | 5,249 | |
5.25% 6/1/13 | 17,500 | 18,677 | |
106,962 | |||
New York & New Jersey - 0.9% | |||
Port Auth. of New York & New Jersey: | |||
124th Series, 5% 8/1/13 (FGIC Insured) (e) | 1,200 | 1,283 | |
127th Series: | |||
5% 12/15/04 (AMBAC Insured) (e) | 5,310 | 5,611 | |
5% 12/15/06 (AMBAC Insured) (e) | 4,965 | 5,498 | |
5% 12/15/08 (AMBAC Insured) (e) | 3,510 | 3,946 | |
16,338 | |||
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
North Carolina - 1.3% | |||
Mecklenburg County Gen. Oblig. Series B, 3.25% 2/1/06 | $ 3,305 | $ 3,451 | |
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: | |||
Series 1993 B, 7% 1/1/08 (MBIA Insured) | 1,500 | 1,796 | |
Series A, 5.5% 1/1/10 | 3,000 | 3,271 | |
Series B, 6% 1/1/05 | 2,000 | 2,045 | |
Series C, 5% 1/1/08 | 1,190 | 1,275 | |
Series D, 5.375% 1/1/10 | 3,700 | 4,008 | |
Series G, 5.75% 12/1/16 | 7,750 | 8,003 | |
23,849 | |||
North Dakota - 0.2% | |||
North Dakota Bldg. Auth. Lease Rev. Series A: | |||
5.25% 6/1/04 (FGIC Insured) | 1,780 | 1,833 | |
5.25% 6/1/05 (FGIC Insured) | 2,060 | 2,210 | |
4,043 | |||
Ohio - 4.3% | |||
Cleveland Arpt. Sys. Rev. Series A, 5.5% 1/1/05 (FSA Insured) (e) | 2,250 | 2,372 | |
Cleveland Pub. Pwr. Sys. Rev. (First Mtg. Prog.) Series 1994 A, 0% 11/15/09 (MBIA Insured) | 2,250 | 1,861 | |
Columbus Gen. Oblig.: | |||
Series 1, 5% 6/15/05 | 1,645 | 1,765 | |
5% 1/1/05 | 12,720 | 13,436 | |
Franklin County Rev. (OCLC Online Computer Library Ctr., Inc. Proj.) 5% 4/15/07 | 1,960 | 2,136 | |
Montgomery County Rev. (Catholic Health Initiatives Proj.) 4% 9/1/04 | 1,695 | 1,748 | |
Ohio Air Quality Dev. Auth. Rev. (Pennsylvania Pwr. Co. Proj.) 3.85%, tender 7/1/04 (a)(b) | 4,800 | 4,800 | |
Ohio Bldg. Auth. (Adult Correctional Bldg. Fund Prog.) | |||
5.75% 4/1/08 | 3,555 | 4,106 | |
6% 10/1/05 | 5,600 | 6,167 | |
Ohio Gen. Oblig.: | |||
(Higher Ed. Cap. Facilities Proj.) Series A, 5% 2/1/05 | 8,550 | 9,051 | |
Series 2003 A, 4% 3/15/05 | 9,245 | 9,673 | |
Ohio Univ. Gen. Receipts Athens: | |||
5% 12/1/05 (FSA Insured) (a) | 1,650 | 1,761 | |
5% 12/1/06 (FSA Insured) (a) | 3,600 | 3,927 | |
5% 12/1/07 (FSA Insured) (a) | 1,285 | 1,419 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Ohio - continued | |||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev.: | |||
(Cleveland Elec. Illuminating Co. Proj.) Series A, 3.4%, tender 10/1/04 (b) | $ 2,350 | $ 2,388 | |
(Ohio Edison Co. Proj.) Series 1999 B, 4.4%, tender 12/1/03 (b)(e) | 4,000 | 4,042 | |
(Toledo Edison Co. Proj.) Series B, 4.5%, tender 9/1/05 (b) | 7,000 | 7,044 | |
Ohio Wtr. Dev. Auth. Rev. (Fresh Wtr. Proj.) Series A, 5.4% 6/1/05 (AMBAC Insured) | 1,000 | 1,078 | |
78,774 | |||
Oklahoma - 0.9% | |||
Oklahoma City Gen. Oblig. 4% 3/1/05 (FGIC Insured) | 1,955 | 2,046 | |
Oklahoma Dev. Fin. Auth. Rev. (Samuel Roberts Noble, Inc. Proj.): | |||
Series 2001: | |||
5% 5/1/04 | 2,015 | 2,084 | |
5% 5/1/05 | 7,615 | 8,141 | |
5% 5/1/06 | 3,200 | 3,506 | |
15,777 | |||
Oregon - 0.9% | |||
Deschutes & Jefferson Counties School District #2J Redmond: | |||
5.5% 6/1/05 (FGIC Insured) | 1,000 | 1,082 | |
5.5% 6/1/06 (FGIC Insured) | 2,610 | 2,910 | |
Eugene Elec. Util. Rev. Series A: | |||
5.25% 8/1/04 (FSA Insured) | 1,160 | 1,209 | |
5.25% 8/1/05 (FSA Insured) | 1,210 | 1,301 | |
5.25% 8/1/06 (FSA Insured) | 1,280 | 1,406 | |
5.25% 8/1/07 (FSA Insured) | 1,350 | 1,505 | |
5.25% 8/1/08 (FSA Insured) | 1,425 | 1,611 | |
Oregon Dept. of Trans. Hwy. User Tax Rev. 5.5% 11/15/13 | 3,365 | 3,977 | |
Oregon Gen. Oblig. 8.25% 1/1/07 | 1,000 | 1,210 | |
16,211 | |||
Pennsylvania - 3.0% | |||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series B: | |||
5.5% 6/15/05 | 2,545 | 2,719 | |
5.5% 6/15/06 | 3,065 | 3,351 | |
5.5% 6/15/07 | 2,000 | 2,210 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Pennsylvania - continued | |||
Allegheny County San. Auth. Swr. Rev.: | |||
Series 2003, 4% 6/1/04 (MBIA Insured) | $ 2,535 | $ 2,605 | |
6% 12/1/11 (MBIA Insured) | 1,495 | 1,790 | |
Harrisburg Auth. Dauphin County School Rev. (Harrisburg School District Rfdg. Proj.) Series 2002 A, 5.5% 4/1/13 (FGIC Insured) | 2,100 | 2,435 | |
Hazleton Area School District 6.5% 3/1/06 (FSA Insured) | 1,155 | 1,304 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Shippingport Proj.) Series A, 5%, tender 6/1/05 (b)(e) | 6,200 | 6,338 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. (UPMC Health Sys. Proj.) Series 2001 A, 5.75% 1/15/09 | 1,750 | 1,950 | |
Pennsylvania State Univ.: | |||
5% 3/1/04 | 4,605 | 4,730 | |
5% 3/1/05 | 6,935 | 7,352 | |
5% 3/1/06 | 7,280 | 7,932 | |
Philadelphia Gas Works Rev. First Series A, 5.25% 7/1/05 (FSA Insured) | 5,000 | 5,373 | |
Philadelphia Wtr. & Wastewtr. Rev. 6.75% 8/1/05 (MBIA Insured) | 3,360 | 3,730 | |
Wyoming Valley San. Auth. Swr. Rev. 5% 11/15/06 (MBIA Insured) (a) | 1,865 | 2,016 | |
55,835 | |||
Puerto Rico - 1.1% | |||
Puerto Rico Commonwealth Gen. Oblig. 5% 7/1/05 (FGIC Insured) | 17,890 | 19,211 | |
Rhode Island - 0.3% | |||
Rhode Island Health & Edl. Bldg. Corp. Rev. (Johnson & Wales Univ. Proj.): | |||
4% 4/1/05 (XL Cap. Assurance, Inc. Insured) | 1,270 | 1,328 | |
5% 4/1/06 (XL Cap. Assurance, Inc. Insured) | 2,225 | 2,427 | |
5% 4/1/08 (XL Cap. Assurance, Inc. Insured) | 1,700 | 1,904 | |
5,659 | |||
South Carolina - 1.5% | |||
Berkeley County School District 7% 4/1/07 | 2,615 | 3,086 | |
Richland County School District #2 Series B, 5% 2/1/05 (FGIC Insured) | 1,000 | 1,058 | |
Rock Hill Util. Sys. Rev. Series 2003 A: | |||
5% 1/1/08 (FSA Insured) | 1,850 | 2,071 | |
5% 1/1/09 (FSA Insured) | 1,945 | 2,193 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
South Carolina - continued | |||
South Carolina Jobs Econ. Dev. Auth. Hosp. Facilities Rev. (Palmetto Health Alliance Proj.) Series A, 6.3% 12/15/03 | $ 2,940 | $ 2,980 | |
South Carolina Pub. Svc. Auth. Rev.: | |||
Series 2002 A: | |||
5% 1/1/05 (FSA Insured) | 2,000 | 2,113 | |
5% 1/1/06 (FSA Insured) | 1,705 | 1,853 | |
5% 1/1/07 (FSA Insured) | 4,105 | 4,538 | |
Series D: | |||
5% 1/1/06 | 2,500 | 2,712 | |
5% 1/1/07 | 5,000 | 5,511 | |
28,115 | |||
Tennessee - 1.8% | |||
Elizabethton Health & Edl. Facilities Board Rev. (First Mtg. Prog.) 6% 7/1/11 (MBIA Insured) | 2,005 | 2,380 | |
Memphis-Shelby County Arpt. Auth. Arpt. Rev.: | |||
Series A: | |||
4% 9/1/04 (MBIA Insured) | 1,390 | 1,430 | |
4% 9/1/06 (MBIA Insured) | 1,500 | 1,603 | |
4.5% 9/1/08 (MBIA Insured) | 1,620 | 1,780 | |
4.5% 9/1/09 (MBIA Insured) | 1,685 | 1,857 | |
4% 9/1/05 (MBIA Insured) | 1,445 | 1,524 | |
Metro. Nashville Arpt. Auth. Rev. Series C, 5% 7/1/06 (FGIC Insured) (e) | 1,675 | 1,816 | |
Shelby County Gen. Oblig. Series A: | |||
0% 5/1/10 (Pre-Refunded to 5/1/05 @ 74.444) (f) | 15,750 | 11,421 | |
0% 5/1/12 (Pre-Refunded to 5/1/05 @ 65.1568) (f) | 15,130 | 9,603 | |
33,414 | |||
Texas - 14.6% | |||
Arlington Independent School District 0% 2/15/16 (Pre-Refunded to 2/15/05 @ 51.4017) (f) | 6,820 | 3,428 | |
Austin Arpt. Sys. Rev. Series A: | |||
6.5% 11/15/04 (MBIA Insured) (e) | 3,215 | 3,432 | |
6.5% 11/15/05 (MBIA Insured) (e) | 6,870 | 7,588 | |
6.5% 11/15/05 (MBIA Insured) (Escrowed to Maturity) (e)(f) | 940 | 1,050 | |
Austin Gen. Oblig.: | |||
5.25% 9/1/04 | 6,000 | 6,286 | |
5.5% 9/1/15 (Pre-Refunded to 9/1/05 @ 100) (f) | 3,380 | 3,682 | |
Austin Util. Sys. Rev.: | |||
Series 1992 A, 0% 11/15/09 (MBIA Insured) | 4,130 | 3,390 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Texas - continued | |||
Austin Util. Sys. Rev.: - continued | |||
Series A: | |||
0% 11/15/10 (MBIA Insured) | $ 3,100 | $ 2,399 | |
5.5% 11/15/06 | 5,000 | 5,114 | |
Brazos River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.): | |||
Series 1995 B, 5.05%, tender 6/19/06 (b)(e) | 6,500 | 6,660 | |
Series D, 4.25%, tender 11/1/03 (b)(e) | 15,000 | 15,060 | |
Corpus Christi Gen. Oblig.: | |||
4% 3/1/05 (FSA Insured) | 1,200 | 1,252 | |
4% 3/1/06 (FSA Insured) | 1,285 | 1,364 | |
5% 3/1/07 (FSA Insured) | 2,735 | 3,021 | |
Corpus Christi Util. Sys. Rev. 3% 7/15/05 (FSA Insured) | 1,285 | 1,327 | |
Cypress-Fairbanks Independent School District: | |||
Series B, 0% 8/1/07 (AMBAC Insured) | 10,000 | 9,028 | |
4.5% 2/15/06 | 2,245 | 2,409 | |
5% 2/15/08 | 2,000 | 2,231 | |
Dallas Wtrwks. & Swr. Sys. Rev. Series 2002 A, 4% 10/1/04 | 4,000 | 4,136 | |
Deer Park Independent School District 6% 2/15/05 | 2,000 | 2,149 | |
Fort Worth Gen. Oblig. Series A: | |||
5% 3/1/05 | 1,000 | 1,059 | |
5% 3/1/06 | 1,000 | 1,086 | |
Frisco Gen. Oblig. Series 2003 A: | |||
4% 2/15/07 (FSA Insured) (a) | 1,320 | 1,408 | |
4% 2/15/08 (FSA Insured) (a) | 1,145 | 1,225 | |
5% 2/15/10 (FSA Insured) (a) | 1,710 | 1,917 | |
Garland Independent School District: | |||
Series A: | |||
4% 2/15/05 (a) | 1,000 | 1,033 | |
4% 2/15/06 (a) | 500 | 522 | |
0% 2/15/07 | 1,610 | 1,474 | |
Harris County Gen. Oblig. Series A, 0% 8/15/07 (FGIC Insured) | 4,400 | 3,968 | |
Harris County Health Facilities Dev. Corp. Rev. (Saint Lukes Episcopal Hosp. Proj.) Series 2001 A, 5.5% 2/15/09 | 3,710 | 4,148 | |
Houston Gen. Oblig. Series A, 5% 3/1/05 | 8,800 | 9,326 | |
Houston Wtr. & Swr. Sys. Rev. Series B: | |||
5.5% 12/1/07 (AMBAC Insured) | 5,455 | 6,258 | |
5.5% 12/1/08 (AMBAC Insured) | 7,500 | 8,709 | |
Killeen Independent School District 4% 2/15/08 | 1,200 | 1,286 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Texas - continued | |||
Klein Independent School District 5.25% 8/1/06 | $ 2,000 | $ 2,213 | |
La Porte Independent School District 4% 2/15/08 | 2,000 | 2,144 | |
Lewisville Gen. Oblig. 4% 2/15/06 (FSA Insured) | 1,300 | 1,379 | |
McKinney Independent School District 5% 2/15/05 | 2,280 | 2,413 | |
Mesquite Independent School District Series A, 0% 8/15/06 | 1,115 | 1,045 | |
New Braunfels Independent School District 0% 2/1/07 | 2,000 | 1,832 | |
North East Texas Independent School District 7% 2/1/11 | 3,600 | 4,471 | |
Pasadena Independent School District 5% 2/15/05 | 11,445 | 12,113 | |
Plano Gen. Oblig. 4% 9/1/04 | 5,975 | 6,175 | |
Port Houston Auth. Harris County 6% 10/1/06 (FGIC Insured) (e) | 2,000 | 2,261 | |
Red River Ed. Fin. Corp. Ed. Rev. (Texas Christian Univ. Proj.) Series 2001, 3.25%, tender 3/1/04 (b) | 6,000 | 6,087 | |
Rockwall Independent School District: | |||
4% 2/15/04 | 1,030 | 1,050 | |
4% 2/15/05 | 1,155 | 1,204 | |
4% 2/15/06 | 2,370 | 2,513 | |
5% 2/15/07 | 3,510 | 3,873 | |
5% 2/15/08 | 3,825 | 4,266 | |
5% 2/15/09 | 4,690 | 5,271 | |
Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series C, 4%, tender 11/1/03 (b) | 2,000 | 2,008 | |
San Antonio Elec. & Gas Systems Rev.: | |||
Series 1991 A, 0% 2/1/05 (FGIC Insured) (Escrowed to Maturity) (f) | 1,000 | 978 | |
5.25% 2/1/07 (a) | 2,500 | 2,727 | |
5.25% 2/1/08 (FSA Insured) | 1,000 | 1,125 | |
Texas A&M Univ. Rev. 5.75% 5/15/05 | 3,000 | 3,241 | |
Texas Gen. Oblig.: | |||
(College Student Ln. Prog.): | |||
5% 8/1/06 (e) | 6,770 | 7,363 | |
5% 8/1/11 (e) | 3,000 | 3,286 | |
Series 1994 A, 6.25% 10/1/06 (Pre-Refunded to 10/1/04 @ 100) (f) | 10,000 | 10,667 | |
Series C, 0% 4/1/08 (FGIC Insured) (Escrowed to Maturity) (f) | 3,100 | 2,766 | |
Texas Pub. Fin. Auth. Bldg. Rev.: | |||
(Dept. of Criminal Justice Prog.) Series A, 5% 2/1/07 (FSA Insured) | 2,000 | 2,211 | |
0% 2/1/05 (MBIA Insured) | 3,725 | 3,621 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Texas - continued | |||
Texas State Univ. Sys. Fing. Rev. 3% 3/15/05 (FSA Insured) | $ 1,830 | $ 1,880 | |
Trinity River Auth. Red Oak Creek Sys. Rev. 3.5% 2/1/06 | 1,270 | 1,332 | |
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev.: | |||
5% 8/1/06 (MBIA Insured) | 4,000 | 4,407 | |
5% 8/1/07 (MBIA Insured) | 1,595 | 1,782 | |
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.): | |||
4% 7/1/05 | 1,800 | 1,864 | |
4.5% 7/1/06 | 1,220 | 1,286 | |
5% 7/1/07 | 1,000 | 1,073 | |
Univ. of Houston Univ. Revs. Series A: | |||
3.5% 2/15/06 (FSA Insured) | 4,955 | 5,200 | |
3.75% 2/15/07 (FSA Insured) | 5,100 | 5,421 | |
4% 2/15/08 (FSA Insured) | 5,265 | 5,651 | |
Univ. of Texas Univ. Revs. (Fing. Sys. Proj.): | |||
Series 1996 B, 5.25% 8/15/04 | 2,695 | 2,824 | |
Series A, 6% 8/15/04 | 1,500 | 1,584 | |
Webb County Gen. Oblig.: | |||
5% 2/15/04 (FGIC Insured) | 705 | 723 | |
5% 2/15/05 (FGIC Insured) | 1,005 | 1,064 | |
5% 2/15/06 (FGIC Insured) | 1,055 | 1,146 | |
5% 2/15/07 (FGIC Insured) | 1,110 | 1,225 | |
5% 2/15/08 (FGIC Insured) | 1,170 | 1,305 | |
268,495 | |||
Utah - 1.0% | |||
Box Elder County School District 5% 6/15/05 | 3,620 | 3,877 | |
Salt Lake City School District Series A, 6.25% 3/1/13 | 3,695 | 3,998 | |
Salt Lake County Wtr. Conservancy District Rev. Series A: | |||
0% 10/1/11 (AMBAC Insured) | 3,800 | 2,841 | |
0% 10/1/12 (AMBAC Insured) | 3,800 | 2,708 | |
0% 10/1/13 (AMBAC Insured) | 3,760 | 2,550 | |
Utah Muni. Pwr. Agcy. Elec. Sys. Rev. Series A, 4% 7/1/05 (AMBAC Insured) | 1,000 | 1,043 | |
Utah Trans. Auth. Sales Tax Rev. Series A, 5% 6/15/05 | 1,550 | 1,659 | |
18,676 | |||
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Virginia - 0.4% | |||
Newport News Gen. Oblig. Series 2003 C, 5% 11/1/05 (a) | $ 5,000 | $ 5,393 | |
Virginia Commonwealth Trans. Board Trans. Rev. (U.S. Route 58 Corridor Dev. Prog.) Series B, 5.375% 5/15/12 | 1,800 | 2,049 | |
7,442 | |||
Washington - 9.0% | |||
Clark County Pub. Util. District #1 Elec. Rev. Series B: | |||
5% 1/1/06 (FSA Insured) | 1,375 | 1,482 | |
5% 1/1/07 (FSA Insured) | 1,395 | 1,528 | |
5.25% 1/1/08 (FSA Insured) | 1,515 | 1,688 | |
5.25% 1/1/09 (FSA Insured) | 1,595 | 1,790 | |
Cowlitz County Pub. Util. District #1 5% 9/1/04 (AMBAC Insured) | 4,615 | 4,823 | |
Energy Northwest Elec. Rev. (#3 Proj.) Series B, 6% 7/1/16 (AMBAC Insured) | 5,000 | 5,913 | |
King & Snohomish Counties School District #417 Northshore: | |||
5.5% 12/1/13 (FSA Insured) | 4,300 | 4,973 | |
5.5% 12/1/14 (FSA Insured) | 6,300 | 7,265 | |
5.75% 12/1/15 (FSA Insured) | 2,500 | 2,916 | |
King County Swr. Rev. Series B: | |||
5% 1/1/05 (FSA Insured) | 2,000 | 2,107 | |
5% 1/1/06 (FSA Insured) | 3,000 | 3,252 | |
5% 1/1/07 (FSA Insured) | 5,000 | 5,515 | |
5.25% 1/1/08 (FSA Insured) | 3,500 | 3,952 | |
Port of Seattle Rev.: | |||
Series B: | |||
5.25% 9/1/06 (FGIC Insured) (e) | 2,330 | 2,556 | |
5.5% 2/1/06 (MBIA Insured) (e) | 4,250 | 4,649 | |
5.5% 2/1/07 (MBIA Insured) (e) | 5,775 | 6,440 | |
Series D: | |||
5.75% 11/1/04 (FGIC Insured) (e) | 3,505 | 3,702 | |
5.75% 11/1/15 (FGIC Insured) (e) | 3,640 | 4,148 | |
Seattle Muni. Lt. & Pwr. Rev. 5.25% 3/1/07 (FSA Insured) | 1,690 | 1,887 | |
Snohomish County Pub. Hosp. District #2 (Stevens Health Care Proj.): | |||
4% 12/1/05 (FGIC Insured) (a) | 1,570 | 1,639 | |
4.5% 12/1/09 (FGIC Insured) (a) | 1,000 | 1,087 | |
Washington Gen. Oblig.: | |||
Series 2001 RA, 5.25% 9/1/06 | 11,750 | 13,067 | |
Municipal Bonds - continued | |||
Principal | Value (Note 1) | ||
Washington - continued | |||
Washington Gen. Oblig.: - continued | |||
Series A: | |||
3.5% 1/1/06 (MBIA Insured) | $ 12,500 | $ 13,094 | |
4% 1/1/08 (MBIA Insured) | 33,175 | 35,646 | |
5.5% 7/1/11 | 3,500 | 4,044 | |
Series C, 5% 1/1/08 (FSA Insured) | 8,320 | 9,294 | |
Series R 93C, 5.125% 9/1/04 | 1,200 | 1,255 | |
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. | 3,000 | 3,444 | |
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev.: | |||
Series B, 0% 7/1/03 | 7,065 | 7,065 | |
Series C, 5% 7/1/06 (FSA Insured) | 5,000 | 5,478 | |
165,699 | |||
Wisconsin - 0.8% | |||
Wisconsin Clean Wtr. Rev. Series 2: | |||
5% 6/1/05 (MBIA Insured) | 4,840 | 5,174 | |
5% 6/1/06 (MBIA Insured) | 3,075 | 3,375 | |
Wisconsin Trans. Rev. Series 2, 5.5% 7/1/14 (MBIA Insured) (Pre-Refunded to 7/1/05 @ 100) (f) | 5,575 | 6,041 | |
14,590 | |||
TOTAL MUNICIPAL BONDS (Cost $1,787,562) | 1,844,517 | ||
Municipal Notes - 2.0% | |||
Massachusetts - 1.8% | |||
Acton & Boxborough Reg'l. School District BAN 3.5% 4/1/05 | 8,000 | 8,308 | |
Lynnfield Gen. Oblig. BAN 2.5% 3/1/05 | 24,000 | 24,469 | |
32,777 | |||
Ohio - 0.2% | |||
Ohio Air Quality Dev. Auth. Rev. 3% 7/18/03, CP | 4,000 | 4,004 | |
TOTAL MUNICIPAL NOTES (Cost $36,736) | 36,781 | ||
Money Market Funds - 1.5% | |||
Shares | Value (Note 1) | ||
Fidelity Municipal Cash Central Fund, 1.07% (c)(d) | 27,412,500 | $ 27,413 | |
TOTAL INVESTMENT PORTFOLIO - 104.0% (Cost $1,851,711) | 1,908,711 | ||
NET OTHER ASSETS - (4.0)% | (72,727) | ||
NET ASSETS - 100% | $ 1,835,984 |
Swap Agreements | |||||
Expiration | Notional | Unrealized | |||
Interest Rate Swap | |||||
Receive quarterly a floating rate based on 3-month LIBOR and pay quarterly a fixed rate equal to 4.79625% with Deutsche Bank | Sept. 2013 | $ 15,000 | $ (1,031) |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
CP - COMMERCIAL PAPER |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(d) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Security collateralized by an amount sufficient to pay interest and principal. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 | 3/6/02 | $ 9,600 |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 43.9% |
Electric Utilities | 17.0 |
Transportation | 8.7 |
Water & Sewer | 8.4 |
Education | 6.3 |
Health Care | 6.3 |
Escrowed/Pre-Refunded | 6.1 |
Others* (individually less than 5%) | 3.3% |
100.0% |
*Includes cash equivalents and |
Purchases and sales of securities, other than short-term securities, aggregated $463,340,000 and $245,317,000, respectively. |
The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,316,000 or 0.6% of net assets. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | June 30, 2003 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $1,851,711) - See accompanying schedule | $ 1,908,711 | |
Cash | 7,942 | |
Receivable for fund shares sold | 7,337 | |
Interest receivable | 22,028 | |
Other receivables | 4 | |
Total assets | 1,946,022 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 103,438 | |
Payable for fund shares redeemed | 4,006 | |
Distributions payable | 802 | |
Unrealized loss on swap agreements | 1,031 | |
Accrued management fee | 583 | |
Other payables and accrued expenses | 178 | |
Total liabilities | 110,038 | |
Net Assets | $ 1,835,984 | |
Net Assets consist of: | ||
Paid in capital | $ 1,773,040 | |
Undistributed net investment income | 278 | |
Accumulated undistributed net realized gain (loss) on investments | 6,697 | |
Net unrealized appreciation (depreciation) on investments | 55,969 | |
Net Assets, for 173,463 shares outstanding | $ 1,835,984 | |
Net Asset Value, offering price and redemption price per share ($1,835,984 ÷ 173,463 shares) | $ 10.58 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands | Six months ended June 30, 2003 (Unaudited) | |
Investment Income | ||
Interest | $ 28,830 | |
Expenses | ||
Management fee | $ 3,402 | |
Transfer agent fees | 628 | |
Accounting fees and expenses | 201 | |
Non-interested trustees' compensation | 3 | |
Custodian fees and expenses | 15 | |
Registration fees | 62 | |
Audit | 25 | |
Legal | 4 | |
Total expenses before reductions | 4,340 | |
Expense reductions | (174) | 4,166 |
Net investment income (loss) | 24,664 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | 7,275 | |
Swap agreements | (459) | |
Total net realized gain (loss) | 6,816 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 4,693 | |
Swap agreements | (900) | |
Total change in net unrealized appreciation (depreciation) | 3,793 | |
Net gain (loss) | 10,609 | |
Net increase (decrease) in net assets resulting from operations | $ 35,273 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 24,664 | $ 44,777 |
Net realized gain (loss) | 6,816 | 10,257 |
Change in net unrealized appreciation (depreciation) | 3,793 | 30,522 |
Net increase (decrease) in net assets resulting | 35,273 | 85,556 |
Distributions to shareholders from net investment income | (24,604) | (44,681) |
Distributions to shareholders from net realized gain | (824) | (9,372) |
Total distributions | (25,428) | (54,053) |
Share transactions | 515,238 | 1,162,263 |
Reinvestment of distributions | 20,513 | 44,278 |
Cost of shares redeemed | (392,437) | (738,584) |
Net increase (decrease) in net assets resulting from share transactions | 143,314 | 467,957 |
Redemption fees | 26 | 66 |
Total increase (decrease) in net assets | 153,185 | 499,526 |
Net Assets | ||
Beginning of period | 1,682,799 | 1,183,273 |
End of period (including undistributed net investment income of $278 and undistributed net investment income of $238, respectively) | $ 1,835,984 | $ 1,682,799 |
Other Information Shares | ||
Sold | 48,791 | 111,440 |
Issued in reinvestment of distributions | 1,943 | 4,244 |
Redeemed | (37,160) | (71,047) |
Net increase (decrease) | 13,574 | 44,637 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months | Years ended December 31, | ||||||
(Unaudited) | 2002 | 2001 | 2000H | 2000G | 1999G | 1998G | |
Selected Per-Share Data | |||||||
Net asset value, beginning of period | $ 10.52 | $ 10.27 | $ 10.12 | $ 10.03 | $ 10.00 | $ 10.15 | $ 10.04 |
Income from Investment Operations | |||||||
Net investment income (loss) | .146 D | .336D | .396D,F | .139D | .399D | .395 | .419 |
Net realized and unrealized gain (loss) | .065 | .317 | .173F | .092 | .034 | (.150) | .110 |
Total from investment | .211 | .653 | .569 | .231 | .433 | .245 | .529 |
Distributions from net investment income | (.146) | (.339) | (.396) | (.140) | (.400) | (.395) | (.419) |
Distributions from net realized gain | (.005) | (.064) | (.023) | (.001) | - | - | - |
Distributions in excess of net realized gain | - | - | - | - | (.003) | - | - |
Total distributions | (.151) | (.403) | (.419) | (.141) | (.403) | (.395) | (.419) |
Redemption fees added to paid in capital | -D,I | -D,I | -D,I | - | - | - | - |
Net asset value, | $ 10.58 | $ 10.52 | $ 10.27 | $ 10.12 | $ 10.03 | $ 10.00 | $ 10.15 |
Total ReturnB,C | 2.01% | 6.47% | 5.70% | 2.32% | 4.45% | 2.44% | 5.37% |
Ratios to Average Net AssetsE | |||||||
Expenses before expense reductions | .49%A | .49% | .49% | .49%A | .55% | .55% | .55% |
Expenses net of voluntary waivers, if any | .49%A | .49% | .49% | .49%A | .54% | .55% | .55% |
Expenses net of all | .47%A | .45% | .41% | .45%A | .54% | .55% | .55% |
Net investment | 2.79%A | 3.23% | 3.85%F | 4.17%A | 4.02% | 3.89% | 4.15% |
Supplemental Data | |||||||
Net assets, end of period (in millions) | $ 1,836 | $ 1,683 | $ 1,183 | $ 965 | $ 904 | $ 698 | $ 649 |
Portfolio turnover rate | 27%A | 38% | 43% | 106%A | 53% | 66% | 33% |
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 Calculated based on average shares outstanding during the period.
E 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.
F Effective January 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.
G For the period ended August 31.
H Four months ended December 31.
I 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 June 30, 2003 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Spartan Short-Intermediate Municipal Income Fund (the fund) is a fund of Fidelity Municipal 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 Massachusetts business trust. On April 17, 2003, the Board of Trustees approved the creation of additional classes of shares; Class A, Class T, Class B, Class C and Institutional Class shares. Each class will differ with respect to its distribution and service plan, front-end sales loads and contingent deferred sales charge. Offering of these new classes commenced on July 23, 2003. 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. 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, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to short-term capital gains and market discount.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 58,060 | | |
Unrealized depreciation | (792) | |
Net unrealized appreciation (depreciation) | $ 57,268 | |
Cost for federal income tax purposes | $ 1,851,443 |
Short-Term Trading (Redemption) Fees. Shares held in the fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the 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.
Semiannual Report
2. Operating Policies - continued
Semiannual Report
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 under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.
Swap Agreements. The fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.
Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates will adversely impact the fund.
Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the fund's Schedule of Investments under the caption "Swap Agreements."
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Semiannual Report
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the fund. Citibank has entered into a sub-contract with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the activities associated with the fund's transfer and shareholder servicing agent and accounting functions. The fund pays account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.
For the period, the transfer agent fees were equivalent to an annualized rate of .07% of average net assets.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $85 for the period.
5. Expense Reductions.
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
Through arrangements with the fund's custodian and transfer agent, 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 and transfer agent expenses by $15 and $159, respectively.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
7373 N. Scottsdale Road
Scottsdale, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19200 Von Karman Avenue
Irvine, CA
601 Larkspur Landing Circle
Larkspur, CA
10100 Santa Monica Blvd.
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73-575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
8 Montgomery Street
San Francisco, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6300 Canoga Avenue
Woodland Hills, CA
Colorado
1625 Broadway
Denver, CO
9185 East Westview Road
Littleton, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
Delaware
222 Delaware Avenue
Wilmington, DE
Florida
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
1907 West State Road 434
Longwood, FL
8880 Tamiami Trail, North
Naples, FL
3501 PGA Boulevard
West Palm Beach, FL
8065 Beneva Road
Sarasota, FL
Semiannual Report
1502 N. Westshore Blvd.
Tampa, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
3232 Lake Avenue
Wilmette, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7401 Wisconsin Avenue
Bethesda, MD
One W. Pennsylvania Ave.
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
405 Cochituate Road
Framingham, MA
416 Belmont Street
Worcester, MA
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Michigan
280 Old N. Woodward Ave.
Birmingham, MI
43420 Grand River Avenue
Novi, MI
29155 Northwestern Hwy.
Southfield, MI
Minnesota
7600 France Avenue South
Edina, MN
Missouri
8885 Ladue Road
Ladue, MO
New Jersey
150 Essex Street
Millburn, NJ
56 South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
3518 Route 1 North
Princeton, NJ
New York
1055 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
North Carolina
4611 Sharon Road
Charlotte, NC
Ohio
3805 Edwards Road
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
16850 SW 72nd Avenue
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
47 Providence Place
Providence, RI
Tennessee
6150 Poplar Avenue
Memphis, TN
Texas
10000 Research Boulevard
Austin, TX
4017 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
19740 IH 45 North
Spring, TX
Semiannual Report
6005 West Park Boulevard
Plano, TX 75093
Utah
215 South State Street
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
411 108th Avenue, N.E.
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
595 North Barker Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments Money
Management, Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Citibank, N.A.
New York, NY
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
Fidelity's Municipal Bond Funds
Spartan(automated graphic) Arizona Municipal Income
Spartan California Municipal Income
Spartan Connecticut Municipal Income
Spartan Florida Municipal Income
Spartan Intermediate Municipal Income
Spartan Maryland Municipal Income
Spartan Massachusetts Municipal Income
Spartan Michigan Municipal Income
Spartan Minnesota Municipal Income
Spartan Municipal Income
Spartan New Jersey Municipal Income
Spartan New York Municipal Income
Spartan Ohio Municipal Income
Spartan Pennsylvania Municipal Income
Spartan Short-Intermediate Municipal Income
Spartan Tax-Free Bond Fund
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
STM-USAN-0803
1.787790.100
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. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Municipal Trust: Spartan Short-Intermediate Municipal Income Fund's (the "Fund") 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 Fund 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 Fund'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 Fund's internal control over financial reporting.
Item 10. 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)) 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)) 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 Municipal Trust
By: | /s/Maria Dwyer |
Maria Dwyer | |
President and Treasurer | |
Date: | August 25, 2003 |
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: | August 25, 2003 |
By: | /s/Timothy F. Hayes |
Timothy F. Hayes | |
Chief Financial Officer | |
Date: | August 25, 2003 |