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 |
Spartan Short-Intermediate Municipal Income Fund, a fund of Fidelity Municipal Trust, has been included in a separate N-CSR filing dated August 25, 2003.
Item 1. Reports to Stockholders
Spartan®
Michigan Municipal Income
Fund
and
Fidelity ®
Michigan Municipal Money
Market Fund
Semiannual Report
June 30, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Spartan Michigan Municipal Income Fund | ||
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, | |
Fidelity Michigan Municipal Money Market Fund | ||
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. | |
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.
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund.
The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Interest rate increases can cause the price of a debt security to decrease. A portion of the dividends you receive may be subject to federal, state, or local income tax or may be subject to the federal alternative minimum tax.
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.
Semiannual Report
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.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Spartan Michigan Municipal Income Fund
Investment Changes
Top Five Sectors as of June 30, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 42.1 | 36.3 |
Escrowed/Pre-Refunded | 15.6 | 12.2 |
Water & Sewer | 11.5 | 12.8 |
Health Care | 9.7 | 13.4 |
Special Tax | 5.8 | 5.6 |
Average Years to Maturity as of June 30, 2003 | ||
6 months ago | ||
Years | 12.9 | 13.3 |
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 | 6.9 | 7.0 |
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 83.6% | ![]() | AAA 79.1% | ||||
![]() | AA,A 14.2% | ![]() | AA,A 17.1% | ||||
![]() | BBB 1.0% | ![]() | BBB 1.0% | ||||
![]() | BB and Below 0.0% | ![]() | BB and Below 0.0% | ||||
![]() | Not Rated 0.6% | ![]() | Not Rated 0.7% | ||||
![]() | 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. |
Semiannual Report
Spartan Michigan Municipal Income Fund
Investments June 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.4% | ||||
Principal | Value | |||
Michigan - 98.8% | ||||
Anchor Bay School District 2000 School Bldg. & Site: | ||||
Series II, 5.7% 5/1/25 (FGIC Insured) (Pre-Refunded to 5/1/10 @ 100) (c) | $ 1,250,000 | $ 1,478,925 | ||
Series III, 5.25% 5/1/31 | 9,300,000 | 9,860,883 | ||
Ann Arbor Econ. Dev. Corp. Ltd. Oblig. Rev. (Glacier Hills, Inc. Proj.) 8.375% 1/15/19 (Escrowed to Maturity) (c) | 3,187,000 | 4,407,207 | ||
Bay City Gen. Oblig. 0% 6/1/15 (AMBAC Insured) | 1,725,000 | 1,065,343 | ||
Birmingham County School District Series II, 5.25% 11/1/19 | 1,200,000 | 1,304,016 | ||
Brighton Area School District Livingston County Series II, 0% 5/1/15 (AMBAC Insured) | 10,000,000 | 6,196,700 | ||
Byron Ctr. Pub. Schools 5.5% 5/1/16 | 1,055,000 | 1,201,645 | ||
Caladonia Cmnty. Schools Counties of Kent, Allegan | ||||
5.25% 5/1/17 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,120,000 | 1,236,178 | ||
5.25% 5/1/18 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,100,000 | 1,211,276 | ||
5.5% 5/1/26 (FGIC Insured) | 3,000,000 | 3,231,030 | ||
Carman-Ainsworth Cmnty. School District: | ||||
5.5% 5/1/14 (FGIC Insured) | 1,755,000 | 2,031,746 | ||
5.5% 5/1/15 (FGIC Insured) | 1,850,000 | 2,138,674 | ||
5.5% 5/1/16 (FGIC Insured) | 1,000,000 | 1,141,300 | ||
5.5% 5/1/17 (FGIC Insured) | 2,060,000 | 2,342,714 | ||
5.5% 5/1/20 (FGIC Insured) | 2,000,000 | 2,222,160 | ||
Clintondale Cmnty. Schools 5.5% 5/1/15 | 2,205,000 | 2,380,496 | ||
Comstock Pub. Schools 0% 5/1/05 (FSA Insured) | 1,300,000 | 1,258,335 | ||
Constantine Pub. Schools: | ||||
5% 5/1/25 | 2,250,000 | 2,344,185 | ||
5.5% 5/1/18 | 1,220,000 | 1,368,803 | ||
5.5% 5/1/19 | 1,245,000 | 1,385,523 | ||
5.5% 5/1/20 | 1,245,000 | 1,375,314 | ||
5.5% 5/1/21 | 1,250,000 | 1,379,925 | ||
Crawford Ausable School District (School Bldg. & Site Proj.) Series 2001, 5.625% 5/1/18 | 1,100,000 | 1,230,229 | ||
Davison Cmnty. School District 5.375% 5/1/16 (FGIC Insured) | 1,000,000 | 1,097,000 | ||
Detroit City School District Series 2003 B, 5.25% 5/1/15 (FGIC Insured) | 3,085,000 | 3,510,144 | ||
Detroit Convention Facilities Rev. (Cobo Hall Expansion Proj.) 5.25% 9/30/12 | 12,700,000 | 12,999,847 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Detroit Gen. Oblig.: | ||||
(Distributable State Aid Proj.): | ||||
5.2% 5/1/07 (AMBAC Insured) | $ 4,000,000 | $ 4,478,720 | ||
5.25% 5/1/09 (AMBAC Insured) | 4,500,000 | 5,153,580 | ||
5.5% 4/1/17 (MBIA Insured) | 2,615,000 | 2,970,954 | ||
5.5% 4/1/19 (MBIA Insured) | 1,500,000 | 1,686,240 | ||
5.5% 4/1/20 (MBIA Insured) | 1,250,000 | 1,393,375 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 D1, 5.5%, tender 7/1/08 | 10,000,000 | 11,428,300 | ||
Series A: | ||||
0% 7/1/14 (FGIC Insured) | 6,730,000 | 4,374,028 | ||
5% 7/1/24 (FSA Insured) | 1,000,000 | 1,046,850 | ||
5.125% 7/1/31 (FGIC Insured) | 8,020,000 | 8,414,825 | ||
5.75% 7/1/26 (FGIC Insured) (Pre-Refunded to 1/1/10 @ 101) (c) | 10,000,000 | 11,863,400 | ||
Series B, 6.25% 7/1/07 (MBIA Insured) | 2,130,000 | 2,476,764 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series A: | ||||
5% 7/1/30 (FGIC Insured) | 5,500,000 | 5,705,975 | ||
5.25% 7/1/33 (FGIC Insured) | 6,325,000 | 6,737,580 | ||
5.5% 7/1/15 (FGIC Insured) | 3,675,000 | 4,176,197 | ||
5.875% 7/1/22 (FGIC Insured) (Pre-Refunded to 1/1/10 @ 101) (c) | 5,000,000 | 5,968,650 | ||
5.875% 7/1/29 (FGIC Insured) (Pre-Refunded to 1/1/10 @ 101) (c) | 3,000,000 | 3,581,190 | ||
Series B, 5.5% 7/1/33 (FGIC Insured) | 10,000,000 | 11,041,900 | ||
6.5% 7/1/15 (FGIC Insured) | 6,000,000 | 7,709,159 | ||
Dexter Cmnty. Schools 5% 5/1/18 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,955,000 | 2,101,801 | ||
Dundee Cmnty. School District: | ||||
Series 2000, 5.375% 5/1/27 | 1,145,000 | 1,219,150 | ||
5.375% 5/1/19 | 1,000,000 | 1,088,240 | ||
East China School District 5.5% 5/1/17 | 1,775,000 | 2,014,856 | ||
East Grand Rapids Pub. School District 5.5% 5/1/17 | 1,690,000 | 1,906,371 | ||
Eastern Michigan Univ. Revs. Series 2000 B: | ||||
5.5% 6/1/20 (FGIC Insured) | 2,230,000 | 2,459,935 | ||
5.625% 6/1/30 (FGIC Insured) | 1,250,000 | 1,358,188 | ||
Ecorse Pub. School District 5.5% 5/1/27 (FGIC Insured) | 430,000 | 458,707 | ||
Ferndale Gen. Oblig.: | ||||
4.5% 4/1/11 (FGIC Insured) | 1,335,000 | 1,456,271 | ||
5% 4/1/12 (FGIC Insured) | 1,550,000 | 1,747,982 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Flat Rock Cmnty. School District 5% 5/1/25 | $ 1,000,000 | $ 1,045,330 | ||
Gibraltar School District: | ||||
5.5% 5/1/18 | 1,200,000 | 1,341,384 | ||
5.5% 5/1/21 | 1,200,000 | 1,314,888 | ||
Grand Blanc Cmnty. Schools 5.5% 5/1/13 | 1,000,000 | 1,158,540 | ||
Grand Rapids Downtown Dev. Auth. Tax Increment Rev. 0% 6/1/11 (MBIA Insured) | 3,160,000 | 2,393,795 | ||
Grand Rapids Wtr. Supply Sys. 5.75% 1/1/11 | 2,000,000 | 2,352,440 | ||
Greater Detroit Resource Recovery Auth. Rev.: | ||||
Series A, 6.25% 12/13/05 (AMBAC Insured) | 4,000,000 | 4,477,920 | ||
Series B, 6.25% 12/13/05 (AMBAC Insured) | 2,000,000 | 2,238,960 | ||
Hamilton Cmnty. Schools District 5% 5/1/24 (FGIC Insured) | 1,500,000 | 1,563,975 | ||
Hastings School District 5.625% 5/1/18 (FGIC Insured) (Pre-Refunded to 5/1/05 @ 101) (c) | 485,000 | 528,049 | ||
Howell Pub. Schools 0% 5/1/10 (AMBAC Insured) | 1,130,000 | 899,254 | ||
Huron School District 5.625% 5/1/16 (FSA Insured) | 1,050,000 | 1,187,960 | ||
Huron Valley School District: | ||||
0% 5/1/10 (FGIC Insured) | 2,500,000 | 1,989,500 | ||
0% 5/1/11 (FGIC Insured) | 5,830,000 | 4,429,284 | ||
0% 5/1/12 (FGIC Insured) | 1,420,000 | 1,026,504 | ||
0% 5/1/20 (FGIC Insured) (Pre-Refunded to 5/1/06 @ 36.7422) (c) | 9,000,000 | 3,154,050 | ||
5.25% 5/1/14 | 1,645,000 | 1,886,420 | ||
5.25% 5/1/16 | 2,450,000 | 2,742,310 | ||
Imlay City Cmnty. School District (School Bldg. and Site Proj.) 0% 5/1/06 (FGIC Insured) | 1,375,000 | 1,298,303 | ||
Jonesville Cmnty. Schools 5.75% 5/1/17 (FGIC Insured) | 1,150,000 | 1,313,806 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | ||||
(Butterworth Hosp. Proj.) Series A, 7.25% 1/15/13 | 3,685,000 | 4,569,584 | ||
(Spectrum Health Proj.) Series A: | ||||
5.375% 1/15/11 | 2,420,000 | 2,641,987 | ||
5.375% 1/15/12 | 2,505,000 | 2,719,052 | ||
L'Anse Creuse Pub. Schools: | ||||
5.375% 5/1/18 | 1,000,000 | 1,127,290 | ||
5.375% 5/1/20 | 1,000,000 | 1,112,280 | ||
Lake Orion Cmnty. School District: | ||||
Series A, 5.85% 5/1/16 (FGIC Insured) | 3,840,000 | 4,578,893 | ||
5.25% 5/1/27 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,150,000 | 1,222,818 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Lakeshore Pub. Schools (Berrien County Proj.) 6.8% 5/1/06 (MBIA Insured) | $ 1,000,000 | $ 1,146,470 | ||
Lansing Bldg. Auth. Rev. 0% 6/1/12 (AMBAC Insured) | 3,000,000 | 2,162,040 | ||
Lansing Cmnty. College 5.5% 5/1/14 (FGIC Insured) | 3,400,000 | 3,936,146 | ||
Lawton Cmnty. Schools 5.5% 5/1/19 | 1,050,000 | 1,166,319 | ||
Livonia Muni. Bldg. Auth. 5% 5/1/17 (FGIC Insured) | 1,100,000 | 1,182,093 | ||
Livonia Pub. School District 5.875% 5/1/25 (FGIC Insured) | 7,000,000 | 8,052,450 | ||
Marquette City Hosp. Fin. Auth. Rev. (Marquette Gen. Hosp. Proj.) Series D, 5.875% 4/1/11 (FSA Insured) | 2,750,000 | 3,074,143 | ||
Michigan Comprehensive Trans. Rev. Series B: | ||||
5.25% 5/15/11 (FSA Insured) | 1,475,000 | 1,694,097 | ||
5.25% 5/15/15 (FSA Insured) | 2,610,000 | 2,947,969 | ||
5.25% 5/15/16 (FSA Insured) | 3,850,000 | 4,323,589 | ||
Michigan Ctfs. of Prtn. 5.75% 6/1/17 (AMBAC Insured) | 3,000,000 | 3,459,060 | ||
Michigan Higher Ed. Student Ln. Auth. Rev. Series XII W, 4.875% 9/1/10 (AMBAC Insured) (b) | 3,000,000 | 3,239,790 | ||
Michigan Hosp. Fin. Auth. Hosp. Rev.: | ||||
5.75% 11/15/18 (MBIA Insured) (Pre-Refunded to 11/15/09 @ 101) (c) | 5,000,000 | 6,009,850 | ||
6% 11/15/19 (MBIA Insured) (Pre-Refunded to 11/15/09 @ 101) (c) | 17,000,000 | 20,682,531 | ||
6.125% 11/15/26 (Pre-Refunded to 11/15/09 @ 101) (c) | 3,030,000 | 3,708,569 | ||
(Crittenton Hosp. Proj.) Series A: | ||||
5.25% 3/1/14 | 6,520,000 | 6,693,236 | ||
5.5% 3/1/13 | 455,000 | 499,240 | ||
5.5% 3/1/14 | 1,300,000 | 1,419,457 | ||
5.5% 3/1/15 | 1,985,000 | 2,140,426 | ||
(Daughters of Charity Health Sys. Proj.) 5.5% 11/1/05 (Escrowed to Maturity) (c) | 1,485,000 | 1,558,314 | ||
(Genesys Reg'l. Med. Hosp. Proj.) Series A, 5.3% 10/1/11 (Escrowed to Maturity) (c) | 1,000,000 | 1,136,900 | ||
(Henry Ford Health Sys. Proj.): | ||||
Series 2003 A, 5.5% 3/1/14 | 2,000,000 | 2,176,380 | ||
Series A, 6% 11/15/19 | 1,945,000 | 2,085,565 | ||
(McLaren Oblig. Group Proj.) Series A, 5.375% 10/15/13 | 9,250,000 | 9,463,305 | ||
(Mercy Health Svcs. Proj.): | ||||
Series 1996 R, 5.375% 8/15/26 (AMBAC Insured) (Escrowed to Maturity) (c) | 2,500,000 | 2,690,350 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Hosp. Rev.: - continued | ||||
(Mercy Health Svcs. Proj.): - continued | ||||
Series Q: | ||||
5.25% 8/15/10 (AMBAC Insured) (Escrowed to Maturity) (c) | $ 2,195,000 | $ 2,420,953 | ||
5.375% 8/15/26 (AMBAC Insured) (Escrowed to Maturity) (c) | 2,450,000 | 2,636,543 | ||
6% 8/15/08 (AMBAC Insured) (Escrowed to Maturity) (c) | 1,130,000 | 1,277,974 | ||
6% 8/15/10 (AMBAC Insured) (Escrowed to Maturity) (c) | 1,265,000 | 1,416,332 | ||
Series R, 5.375% 8/15/16 (AMBAC Insured) (Escrowed to Maturity) (c) | 2,500,000 | 2,749,975 | ||
(MidMichigan Health Obligated Group Prog.) Series 2002 A, 5.5% 4/15/18 (AMBAC Insured) | 2,000,000 | 2,228,700 | ||
(Presbyterian Villages Proj.): | ||||
6.4% 1/1/15 | 1,000,000 | 946,870 | ||
6.5% 1/1/25 | 2,975,000 | 2,756,843 | ||
(Saint John Hosp. & Med. Ctr. Proj.) Series A: | ||||
6% 5/15/08 (AMBAC Insured) (Escrowed to Maturity) (c) | 1,615,000 | 1,903,245 | ||
6% 5/15/09 (AMBAC Insured) (Escrowed to Maturity) (c) | 1,710,000 | 2,044,955 | ||
(Sisters of Mercy Health Corp. Proj.) Series P, 5.375% 8/15/14 (MBIA Insured) (Escrowed to Maturity) (c) | 570,000 | 648,848 | ||
(Sparrow Hosp. Obligated Group Proj.): | ||||
5.5% 11/15/21 | 1,435,000 | 1,484,464 | ||
5.625% 11/15/31 | 4,500,000 | 4,635,585 | ||
(Trinity Health Sys. Proj.) Series 2000 A, 6% 12/1/27 | 1,535,000 | 1,670,663 | ||
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series B, 5.8% 4/1/19 | 4,150,000 | 4,267,155 | ||
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.: | ||||
Series A, 5.15% 12/1/26 (AMBAC Insured) (b) | 370,000 | 372,975 | ||
Series C: | ||||
5.95% 12/1/14 | 2,500,000 | 2,623,525 | ||
6% 12/1/16 | 1,570,000 | 1,648,422 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Local Govt. Ln. Prog.): | ||||
Series A: | ||||
0% 12/1/05 (FGIC Insured) | 1,855,000 | 1,774,864 | ||
0% 12/1/06 (FGIC Insured) | 5,000,000 | 4,657,650 | ||
0% 12/1/07 (FGIC Insured) | 5,340,000 | 4,804,131 | ||
4.75% 12/1/09 (FGIC Insured) | 6,000,000 | 6,013,800 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Michigan Muni. Bond Auth. Rev.: - continued | ||||
(Local Govt. Ln. Prog.): - continued | ||||
Series CA: | ||||
0% 6/15/07 (FSA Insured) | $ 5,165,000 | $ 4,694,830 | ||
0% 6/15/13 (FSA Insured) | 3,850,000 | 2,642,448 | ||
Series G, 0% 5/1/19 (AMBAC Insured) | 1,865,000 | 902,809 | ||
7.5% 11/1/09 (AMBAC Insured) | 55,000 | 55,273 | ||
5% 10/1/23 | 5,000,000 | 5,262,600 | ||
Michigan Pub. Pwr. Agcy. Rev. (Belle River Proj.) Series A, 5.25% 1/1/09 (MBIA Insured) | 2,000,000 | 2,274,920 | ||
Michigan Strategic Fund Exempt Facilities Rev. (Waste Mgmt., Inc. Proj.) 4.2%, tender 8/1/04 (a)(b) | 3,000,000 | 3,048,450 | ||
Michigan Strategic Fund Ltd. Oblig. Rev. (Detroit Edison Co. Proj.): | ||||
Series A, 5.55% 9/1/29 (MBIA Insured) (b) | 1,000,000 | 1,073,770 | ||
Series AA, 6.4% 9/1/25 (MBIA Insured) | 5,000,000 | 5,570,050 | ||
Series BB: | ||||
7% 7/15/08 (MBIA Insured) | 2,000,000 | 2,434,400 | ||
7% 5/1/21 (AMBAC Insured) | 8,500,000 | 11,313,245 | ||
Michigan Strategic Fund Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 4.2%, tender 12/1/05 (a)(b) | 2,000,000 | 2,043,680 | ||
Michigan Trunk Line Fund: | ||||
Series A: | ||||
0% 10/1/11 (AMBAC Insured) | 3,630,000 | 2,717,963 | ||
5.5% 11/1/16 | 7,000,000 | 8,339,800 | ||
5.25% 10/1/16 (FSA Insured) | 3,000,000 | 3,382,410 | ||
Mona Shores School District School Bldg. & Site 6.75% 5/1/10 (FGIC Insured) | 2,220,000 | 2,733,797 | ||
Montague Pub. School District: | ||||
5.5% 5/1/16 | 1,005,000 | 1,148,584 | ||
5.5% 5/1/19 | 1,090,000 | 1,210,750 | ||
Morenci Area Schools 5.25% 5/1/21 (MBIA Insured) | 1,410,000 | 1,531,598 | ||
Mount Clemens Cmnty. School District: | ||||
0% 5/1/17 (MBIA Insured) (Pre-Refunded to 5/1/07 @ 50.5287) (c) | 5,000,000 | 2,333,200 | ||
5.5% 5/1/16 | 1,000,000 | 1,130,230 | ||
Muskegon County Wastewtr. Mgmt. Sys. #1 5% 7/1/06 (FSA Insured) (b) | 1,000,000 | 1,087,080 | ||
Muskegon Heights Wtr. Sys. Rev. Series 2000 A: | ||||
5.625% 11/1/20 (MBIA Insured) | 2,000,000 | 2,249,360 | ||
5.625% 11/1/30 (MBIA Insured) | 1,500,000 | 1,636,590 | ||
Okemos Pub. School District: | ||||
0% 5/1/12 (MBIA Insured) | 2,500,000 | 1,807,225 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Okemos Pub. School District: - continued | ||||
0% 5/1/13 (MBIA Insured) | $ 1,700,000 | $ 1,172,184 | ||
Ovid-Elsie Area Schools Counties of Clinton, Shawassee, Saginaw and Gratiot 5% 5/1/18 | 1,515,000 | 1,630,004 | ||
Paw Paw Pub. School District 5.25% 5/1/25 | 4,100,000 | 4,337,882 | ||
Pinckney Cmnty. Schools Livingston & Washtenaw Counties: | ||||
5.5% 5/1/10 (FGIC Insured) | 2,175,000 | 2,430,236 | ||
5.5% 5/1/11 (FGIC Insured) | 2,350,000 | 2,625,773 | ||
5.5% 5/1/14 (FGIC Insured) | 3,075,000 | 3,400,151 | ||
Plainwell Cmnty. School District: | ||||
5.5% 5/1/14 | 1,000,000 | 1,160,150 | ||
5.5% 5/1/16 | 1,000,000 | 1,136,210 | ||
Port Huron Area School District County of Saint Clair: | ||||
0% 5/1/08 (Liquidity Facility Michigan School Bond Ln. Fund) | 1,975,000 | 1,731,858 | ||
5.25% 5/1/16 | 1,175,000 | 1,315,048 | ||
5.25% 5/1/17 | 2,125,000 | 2,355,286 | ||
5.25% 5/1/18 | 2,175,000 | 2,394,545 | ||
Reese Pub. Schools School District (School Bldg. & Site Proj.) 5.5% 5/1/30 (MBIA Insured) | 2,140,000 | 2,308,760 | ||
River Rouge School District: | ||||
5% 5/1/19 (FGIC Insured) | 7,690,000 | 8,317,350 | ||
5.25% 5/1/15 (FGIC Insured) | 2,345,000 | 2,662,138 | ||
Rochester Cmnty. School District Series II, 5.5% 5/1/16 | 1,125,000 | 1,285,729 | ||
Romulus Cmnty. Schools Series I, 0% 5/1/06 (FSA Insured) | 3,610,000 | 3,408,634 | ||
Royal Oak City School District (School Bldg. & Site Proj.) 0% 5/1/05 (AMBAC Insured) | 3,000,000 | 2,903,850 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.): | ||||
Series M, 5.25% 11/15/31 (MBIA Insured) | 2,000,000 | 2,095,320 | ||
5.5% 1/1/14 | 4,000,000 | 4,213,560 | ||
South Haven Pub. Schools: | ||||
5% 5/1/20 (FSA Insured) | 1,450,000 | 1,551,587 | ||
5% 5/1/21 (FSA Insured) | 1,450,000 | 1,539,523 | ||
5% 5/1/22 (FSA Insured) | 1,350,000 | 1,425,546 | ||
South Lyon Cmnty. Schools (School Bldg. and Site Prog.): | ||||
5.25% 5/1/15 (FGIC Insured) | 1,000,000 | 1,130,990 | ||
5.25% 5/1/16 (FGIC Insured) | 2,275,000 | 2,548,068 | ||
South Redford School District 6.65% 5/1/06 (FGIC Insured) | 1,150,000 | 1,313,691 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Southfield Library Bldg. Auth. 5.5% 5/1/21 (MBIA Insured) | $ 1,425,000 | $ 1,561,344 | ||
Southfield Pub. Schools Series A: | ||||
5.25% 5/1/17 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,025,000 | 1,128,341 | ||
5.25% 5/1/18 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,025,000 | 1,124,927 | ||
5.25% 5/1/19 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,025,000 | 1,117,957 | ||
5.25% 5/1/20 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,025,000 | 1,112,166 | ||
Standish Sterling Cmnty. Schools 5.15% 5/1/28 | 4,900,000 | 5,071,255 | ||
Stockbridge Cmnty. Schools 5.625% 5/1/26 | 1,400,000 | 1,513,792 | ||
Sturgis Pub. School District 5.625% 5/1/30 | 3,000,000 | 3,318,810 | ||
Taylor City Bldg. Auth. County of Wayne Bldg. Auth. | ||||
5% 10/1/21 (MBIA Insured) | 1,735,000 | 1,838,406 | ||
5% 10/1/23 (MBIA Insured) | 1,920,000 | 2,014,886 | ||
Tecumseh Pub. Schools 5.5% 5/1/30 (FGIC Insured) | 1,250,000 | 1,348,575 | ||
Utica Cmnty. Schools: | ||||
5.25% 5/1/15 | 725,000 | 819,134 | ||
5.375% 5/1/16 | 2,250,000 | 2,547,293 | ||
5.5% 5/1/17 | 1,000,000 | 1,130,020 | ||
Warren Consolidated School District 5.375% 5/1/16 (FSA Insured) | 2,350,000 | 2,641,189 | ||
Waverly Cmnty. School District: | ||||
5.75% 5/1/14 (FGIC Insured) | 1,000,000 | 1,162,650 | ||
5.75% 5/1/16 (FGIC Insured) | 1,000,000 | 1,154,650 | ||
Wayne Charter County Arpt. Rev. (Detroit Metro. Wayne County Arpt. Proj.): | ||||
Series A, 5.25% 12/1/12 (MBIA Insured) (b) | 2,500,000 | 2,716,000 | ||
Series C, 5.25% 12/1/13 (MBIA Insured) | 2,000,000 | 2,063,980 | ||
Wayne County Bldg. Auth. Series 1996 A, 6.5% 6/1/06 (MBIA Insured) | 2,130,000 | 2,432,865 | ||
West Ottawa Pub. School District: | ||||
(School Bldg. & Site Proj.) 0% 5/1/06 (MBIA Insured) (Pre-Refunded to 5/1/05 @ 95.9187) (c) | 4,110,000 | 3,843,713 | ||
Series A, 5.375% 5/1/13 | 1,000,000 | 1,158,910 | ||
0% 5/1/15 (MBIA Insured) (Pre-Refunded to 5/1/05 @ 49.088) (c) | 10,000,000 | 4,786,200 | ||
5.25% 5/1/10 (FGIC Insured) | 850,000 | 948,626 | ||
5.25% 5/1/10 (FGIC Insured) (Pre-Refunded to 5/1/07 @ 100) (c) | 2,025,000 | 2,279,036 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Western Townships Utils. Auth. County of Wayne Swr. Disp. Sys. Series 2001, 5.25% 1/1/09 (MBIA Insured) | $ 1,200,000 | $ 1,364,952 | ||
Whitehall District Schools 5.5% 5/1/15 | 1,000,000 | 1,146,770 | ||
Willow Run Cmnty. Schools County of Washtenaw | 1,630,000 | 1,850,604 | ||
Woodhaven Brownstown School District County of Wayne 5.375% 5/1/18 (FSA Insured) | 1,875,000 | 2,105,738 | ||
Wyandotte City School District 5.375% 5/1/20 | 1,050,000 | 1,151,840 | ||
Wyandotte Elec. Rev.: | ||||
5.375% 10/1/14 (MBIA Insured) | 3,485,000 | 3,932,718 | ||
5.375% 10/1/15 (MBIA Insured) | 1,670,000 | 1,850,076 | ||
594,622,681 | ||||
Puerto Rico - 0.6% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series 1996 Y, 5% 7/1/36 (MBIA Insured) | 2,500,000 | 2,649,225 | ||
Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04 | 990,000 | 999,059 | ||
3,648,284 |
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $548,538,562) | 598,270,965 | ||
NET OTHER ASSETS - 0.6% | 3,482,367 | ||
NET ASSETS - 100% | $ 601,753,332 |
Swap Agreements | |||||
Expiration | Notional | Unrealized | |||
Interest Rate Swap | |||||
Receive quarterly a fixed rate equal to 3.775% and pay quarterly a floating rate based on BMA Municipal Swap Index with JPMorgan Chase, Inc. | Sept. 2023 | $ 3,000,000 | $ (36,249) |
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) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 42.1% |
Escrowed/Pre-Refunded | 15.6 |
Water & Sewer | 11.5 |
Health Care | 9.7 |
Special Tax | 5.8 |
Others* (individually less than 5%) | 15.3 |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $75,575,266 and $54,216,042, respectively. |
Income Tax Information |
At December 31, 2002, the fund had a capital loss carryforward of approximately $9,213,000 of which $7,257,000 and $1,956,000 will expire on December 31, 2006 and 2007, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Michigan Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
June 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $548,538,562) - See accompanying schedule | $ 598,270,965 | |
Cash | 1,122,600 | |
Receivable for fund shares sold | 329,333 | |
Interest receivable | 6,777,437 | |
Other receivables | 5,068 | |
Total assets | 606,505,403 | |
Liabilities | ||
Payable for investments purchased | $ 3,380,807 | |
Payable for fund shares redeemed | 447,992 | |
Distributions payable | 617,320 | |
Unrealized loss on swap agreements | 36,249 | |
Accrued management fee | 192,564 | |
Other payables and accrued expenses | 77,139 | |
Total liabilities | 4,752,071 | |
Net Assets | $ 601,753,332 | |
Net Assets consist of: | ||
Paid in capital | $ 556,809,751 | |
Undistributed net investment income | 161,579 | |
Accumulated undistributed net realized gain (loss) on investments | (4,914,152) | |
Net unrealized appreciation (depreciation) on investments | 49,696,154 | |
Net Assets, for 48,685,482 shares outstanding | $ 601,753,332 | |
Net Asset Value, offering price and redemption price per share ($601,753,332 ÷ 48,685,482 shares) | $ 12.36 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Michigan Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2003 (Unaudited) | ||
Investment Income | ||
Interest | $ 13,770,595 | |
Expenses | ||
Management fee | $ 1,117,791 | |
Transfer agent fees | 220,513 | |
Accounting fees and expenses | 84,803 | |
Non-interested trustees' compensation | 1,434 | |
Custodian fees and expenses | 4,666 | |
Registration fees | 16,765 | |
Audit | 25,419 | |
Legal | 4,336 | |
Miscellaneous | 78 | |
Total expenses before reductions | 1,475,805 | |
Expense reductions | (56,614) | 1,419,191 |
Net investment income (loss) | 12,351,404 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | 4,732,010 | |
Swap agreements | (64,995) | |
Total net realized gain (loss) | 4,667,015 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 10,569,115 | |
Swap agreements | (36,249) | |
Total change in net unrealized appreciation (depreciation) | 10,532,866 | |
Net gain (loss) | 15,199,881 | |
Net increase (decrease) in net assets resulting from operations | $ 27,551,285 |
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 (loss) | $ 12,351,404 | $ 24,393,366 |
Net realized gain (loss) | 4,667,015 | 4,397,145 |
Change in net unrealized appreciation (depreciation) | 10,532,866 | 21,665,043 |
Net increase (decrease) in net assets resulting | 27,551,285 | 50,455,554 |
Distributions to shareholders from net investment income | (12,330,168) | (24,298,896) |
Share transactions | 48,879,564 | 118,270,456 |
Reinvestment of distributions | 8,560,966 | 16,612,108 |
Cost of shares redeemed | (43,152,537) | (94,336,208) |
Net increase (decrease) in net assets resulting from share transactions | 14,287,993 | 40,546,356 |
Redemption fees | 2,448 | 5,187 |
Total increase (decrease) in net assets | 29,511,558 | 66,708,201 |
Net Assets | ||
Beginning of period | 572,241,774 | 505,533,573 |
End of period (including undistributed net investment income of $161,579 and undistributed net investment income of $175,019, respectively) | $ 601,753,332 | $ 572,241,774 |
Other Information Shares | ||
Sold | 4,008,562 | 10,028,699 |
Issued in reinvestment of distributions | 701,389 | 1,405,928 |
Redeemed | (3,534,923) | (8,004,894) |
Net increase (decrease) | 1,175,028 | 3,429,733 |
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 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 12.04 | $ 11.47 | $ 11.48 | $ 10.87 | $ 11.72 | $ 11.63 |
Income from Investment Operations | ||||||
Net investment income (loss) | .256 D | .532 D | .552 D,F | .570D | .551 | .557 |
Net realized and unrealized gain (loss) | .320 | .568 | (.010) F | .610 | (.850) | .093 |
Total from investment operations | .576 | 1.100 | .542 | 1.180 | (.299) | .650 |
Distributions from net investment income | (.256) | (.530) | (.552) | (.570) | (.551) | (.557) |
Distributions in excess of net investment income | - | - | - | - | - | (.003) |
Total distributions | (.256) | (.530) | (.552) | (.570) | (.551) | (.560) |
Redemption fees added to paid in capital | - D, G | - D, G | - D, G | - | - | - |
Net asset value, end of period | $ 12.36 | $ 12.04 | $ 11.47 | $ 11.48 | $ 10.87 | $ 11.72 |
Total ReturnB, C | 4.83% | 9.78% | 4.77% | 11.19% | (2.63)% | 5.71% |
Ratios to Average Net Assets E | ||||||
Expenses before expense reductions | .51% A | .50% | .50% | .51% | .52% | .56% |
Expenses net of voluntary waivers, if any | .51% A | .50% | .50% | .51% | .52% | .55% |
Expenses net of all reductions | .49% A | .48% | .44% | .45% | .52% | .55% |
Net investment | 4.25% A | 4.51% | 4.76%F | 5.17% | 4.86% | 4.77% |
Supplemental Data | ||||||
Net assets, | $ 601,753 | $ 572,242 | $ 505,534 | $ 458,910 | $ 425,130 | $ 479,935 |
Portfolio turnover rate | 19% A | 17% | 19% | 18% | 19% | 24% |
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 Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Investment Changes
Maturity Diversification | |||
Days | % of fund's investments 6/30/03 | % of fund's investments 12/31/02 | % of fund's |
0 - 30 | 89.3 | 84.5 | 89.2 |
31 - 90 | 4.2 | 3.7 | 2.5 |
91 - 180 | 4.9 | 2.3 | 5.0 |
181 - 397 | 1.6 | 9.5 | 3.3 |
Weighted Average Maturity | |||
6/30/03 | 12/31/02 | 6/30/02 | |
Fidelity Michigan Municipal Money Market Fund | 19 Days | 34 Days | 23 Days |
All Tax-Free Money Market | 44 Days | 40 Days | 42 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2003 | As of December 31, 2002 | ||||||
![]() | Variable Rate | ![]() | Variable Rate | ||||
![]() | Commercial | ![]() | Commercial | ||||
![]() | Tender Bonds 3.3% | ![]() | Tender Bonds 3.4% | ||||
![]() | Municipal Notes 2.5% | ![]() | Municipal Notes 3.1% | ||||
![]() | Fidelity Municipal | ![]() | Fidelity Municipal | ||||
![]() | Other Investments 5.4% | ![]() | Other Investments 6.1% | ||||
![]() | Net Other Assets 1.2% | ![]() | Net Other Assets 1.0% |
* Source: iMoneyNet, Inc.
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Investments June 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 98.8% | |||
Principal | Value | ||
Michigan - 95.5% | |||
Allen Park Pub. School District Participating VRDN Series ROC II R4007, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(e) | $ 5,170,000 | $ 5,170,000 | |
Clinton Econ. Dev. Corp. Rev. (Clinton Area Care Ctr. Proj.) 1.08%, LOC Northern Trust Co., Chicago, VRDN (a) | 5,305,000 | 5,305,000 | |
Detroit City School District Participating VRDN: | |||
ROC II R1033, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(e) | 3,710,000 | 3,710,000 | |
Series PT 1805, 1.06% (Liquidity Facility WestLB AG) (a)(e) | 1,105,000 | 1,105,000 | |
Series PT 1844, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(e) | 3,000,000 | 3,000,000 | |
Series Putters 326, 1.05% (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 5,095,000 | 5,095,000 | |
Series ROC II R4004, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(e) | 5,800,000 | 5,800,000 | |
Detroit Econ. Dev. Corp. Resource Recovery Rev. Participating VRDN Series Merlots 01 A90, 1.13% (Liquidity Facility Wachovia Bank NA) (a)(d)(e) | 2,500,000 | 2,500,000 | |
Detroit Swr. Disp. Rev. Participating VRDN: | |||
Series 2002 G, 1.06% (Liquidity Facility Bank of America NA) (a)(e) | 8,520,000 | 8,520,000 | |
Series Merlots 00 I, 1.08% (Liquidity Facility Wachovia Bank NA) (a)(e) | 9,300,000 | 9,300,000 | |
Series Merlots 01 A103, 1.08% (Liquidity Facility Wachovia Bank NA) (a)(e) | 10,030,000 | 10,030,000 | |
Series Merlots 01 A112, 1.08% (Liquidity Facility Wachovia Bank NA) (a)(e) | 5,155,000 | 5,155,000 | |
Series ROC II R116, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(e) | 5,965,000 | 5,965,000 | |
Series SGB 47, 1.05% (Liquidity Facility Societe Generale) (a)(e) | 5,800,000 | 5,800,000 | |
Detroit Wtr. Supply Sys. Rev.: | |||
Bonds Series 2003 C, 2% 7/1/03 (MBIA Insured) | 1,000,000 | 1,000,000 | |
Participating VRDN: | |||
Series Merlots 00 D, 1.08% (Liquidity Facility Wachovia Bank NA) (a)(e) | 4,500,000 | 4,500,000 | |
Series MS 782, 1.04% (Liquidity Facility Morgan Stanley) (a)(e) | 4,000,000 | 4,000,000 | |
Series PA 1151, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(e) | 5,800,000 | 5,800,000 | |
Series Putters 200, 1.05% (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 5,370,000 | 5,370,000 | |
Series Putters 345, 1.05% (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 3,750,000 | 3,750,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Detroit Wtr. Supply Sys. Rev.: - continued | |||
Participating VRDN: | |||
Series SG 64, 1.03% (Liquidity Facility Societe Generale) (a)(e) | $ 5,500,000 | $ 5,500,000 | |
Series SGB 6, 1.05% (Liquidity Facility Societe Generale) (a)(e) | 7,570,000 | 7,570,000 | |
Detroit Wtr. Sys. Rev. Participating VRDN Series EGL 99 2202, 1.05% (Liquidity Facility Citibank NA, New York) (a)(e) | 8,200,000 | 8,200,000 | |
East Lansing School District Participating VRDN Series SGA 114, 1.05% (Liquidity Facility Societe Generale) (a)(e) | 6,000,000 | 6,000,000 | |
Forest Hills Pub. Schools Participating VRDN Series PT 1762, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(e) | 2,640,000 | 2,640,000 | |
Genesee County Economic Dev. Corp. (Creative Foam Corp. Proj.) Series 1994, 1.2%, LOC Bank One NA, Chicago, VRDN (a)(d) | 1,400,000 | 1,400,000 | |
Georgetown Charter Township Indl. Dev. Rev. (J&F Steel Corp. Proj.) Series 1989, 1.03%, LOC Societe Generale, VRDN (a)(d) | 1,000,000 | 1,000,000 | |
Hartland Consolidated School District Participating VRDN Series MSTC 01 127 Class A, 1.05% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(e) | 6,655,000 | 6,655,000 | |
Holland Elec. Rev. Bonds Series A, 2% 7/1/03 | 2,430,000 | 2,430,000 | |
Kentwood Pub. Schools Participating VRDN Series EGL 03 24, 1.05% (Liquidity Facility Citibank NA, New York) (a)(e) | 3,195,000 | 3,195,000 | |
Lake Orion Cmnty. School District Participating VRDN Series II R127, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(e) | 2,540,000 | 2,540,000 | |
Michigan Bldg. Auth. Rev.: | |||
Bonds: | |||
(Facilities Prog.): | |||
Series I, 4.5% 10/15/03 | 4,355,000 | 4,388,919 | |
Series III, 2% 10/15/03 | 3,960,000 | 3,967,967 | |
(State Police Communications Sys. Phase II Proj.) 2.25% 10/1/03 | 2,190,000 | 2,195,572 | |
Series I, 6.25% 10/1/03 (AMBAC Insured) | 4,000,000 | 4,049,180 | |
Participating VRDN: | |||
Series AAB 02 35, 1.05% (Liquidity Facility ABN-AMRO Bank NV) (a)(e) | 5,600,000 | 5,600,000 | |
Series EGL 01 2202, 1.05% (Liquidity Facility Citibank NA, New York) (a)(e) | 3,000,000 | 3,000,000 | |
Series MS 00 481X, 1.04% (Liquidity Facility Morgan Stanley) (a)(e) | 9,670,000 | 9,670,000 | |
Series ROC II R220, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(e) | 2,000,000 | 2,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Michigan Comprehensive Trans. Rev. Bonds Series A, 5% 5/15/04 | $ 2,350,000 | $ 2,435,386 | |
Michigan Gen. Oblig. Participating VRDN: | |||
Series Putters 125, 1.05% (Liquidity Facility J.P. Morgan Chase & Co.) (a)(e) | 9,225,000 | 9,225,000 | |
Series ROC II R78, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(e) | 7,325,000 | 7,325,000 | |
Michigan Higher Ed. Student Ln. Auth. Rev.: | |||
Participating VRDN Series PA 1064, 1.08% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(e) | 7,420,000 | 7,420,000 | |
1% (AMBAC Insured), VRDN (a)(d) | 15,000,000 | 15,000,000 | |
Michigan Hosp. Fin. Auth. Hosp. Rev.: | |||
Participating VRDN Series 1997 X, 1.08% (Liquidity Facility Wachovia Bank NA) (a)(e) | 3,700,000 | 3,700,000 | |
(Health Care Equip. Ln. Prog.) Series 2003 C, 1.1%, | 12,500,000 | 12,500,000 | |
(Healthcare Equip. Ln. Prog.) Series B, 1.1%, LOC Standard Fed. Bank, VRDN (a) | 6,000,000 | 6,000,000 | |
(United Memorial Hosp. Assoc. Proj.) Series 1999, 1.1%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)(d) | 3,580,000 | 3,580,000 | |
Michigan Hosp. Fin. Auth. Rev. Series 2002 B, 1.1%, LOC Standard Fed. Bank, VRDN (a) | 2,300,000 | 2,300,000 | |
Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev.: | |||
Bonds Series 1988 A, 1.05% tender 8/14/03, LOC Landesbank Hessen-Thuringen, CP mode (d) | 5,700,000 | 5,700,000 | |
(Hunt Club Apts. Proj.) 1.1%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 6,000,000 | 6,000,000 | |
(Lexington Place Apts. Proj.) Series 1999 A, 1.03%, LOC Bank of America NA, VRDN (a)(d) | 7,520,000 | 7,520,000 | |
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.: | |||
Bonds: | |||
Series 2002 D, 1.4%, tender 12/1/03 (a)(d) | 4,500,000 | 4,500,000 | |
Series 2003 A, 1.08%, tender 6/1/04 (a)(d) | 5,700,000 | 5,700,000 | |
Participating VRDN: | |||
Series PA 635R, 1.08% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(e) | 660,000 | 660,000 | |
Series PT 01 556, 1.08% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)(e) | 3,630,000 | 3,630,000 | |
Michigan Muni. Bond Auth. Rev.: | |||
Participating VRDN: | |||
Series EGL 00 2201, 1.05% (Liquidity Facility Citibank NA, New York) (a)(e) | 9,500,000 | 9,500,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Michigan Muni. Bond Auth. Rev.: - continued | |||
Participating VRDN: | |||
Series MS 718, 1.04% (Liquidity Facility Morgan Stanley) (a)(e) | $ 13,017,500 | $ 13,017,500 | |
Series MSTC 02 204, 1.05% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(e) | 10,395,000 | 10,395,000 | |
Series Putters 287, 1.03% (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 2,995,000 | 2,995,000 | |
RAN: | |||
Series C2, 2.25% 8/22/03, LOC JPMorgan Chase Bank | 9,500,000 | 9,509,940 | |
3% 7/2/03, LOC JPMorgan Chase Bank | 5,000,000 | 5,000,189 | |
Michigan Pub. Pwr. Agcy. Rev. Participating VRDN Series PT 1769, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(e) | 5,210,000 | 5,210,000 | |
Michigan Strategic Fund Indl. Dev. Rev.: | |||
(Althaus Family Investors II Proj.) Series 1997, 1.2%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a) | 2,100,000 | 2,100,000 | |
(C-Tec, Inc. Proj.) 1.05%, LOC Suntrust Bank, VRDN (a)(d) | 1,500,000 | 1,500,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
Participating VRDN Series MS 00 382, 1.04% (Liquidity Facility Morgan Stanley) (a)(e) | 2,000,000 | 2,000,000 | |
(BC&C Proj.) 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 1,680,000 | 1,680,000 | |
(Bico Michigan, Inc. Proj.) Series 1999, 1.25%, LOC Bank One NA, VRDN (a)(d) | 3,500,000 | 3,500,000 | |
(Biewer of Lansing LLC Proj.) Series 1999, 1.2%, LOC Standard Fed. Bank, VRDN (a)(d) | 1,620,000 | 1,620,000 | |
(Bosal Ind. Proj.) Series 1998, 1.1%, LOC Bank of New York NA, VRDN (a)(d) | 7,500,000 | 7,500,000 | |
(CJS Properties LLC Proj.) 1.2%, LOC Bank One NA, Chicago, VRDN (a)(d) | 2,000,000 | 2,000,000 | |
(Conti Properties LLC Proj.) Series 1997, 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 2,920,000 | 2,920,000 | |
(Creative Foam Corp. Proj.) 1.25%, LOC Bank One NA, Chicago, VRDN (a)(d) | 1,200,000 | 1,200,000 | |
(Doss Ind. Dev. Co. Proj.) 1.2%, LOC Bank One NA, Chicago, VRDN (a)(d) | 2,500,000 | 2,500,000 | |
(Fintex LLC Proj.) Series 2000, 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 3,750,000 | 3,750,000 | |
(Future Fence Co. Proj.) 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 2,600,000 | 2,600,000 | |
(Grandview Plaza Riverview Assoc. One LP Proj.) 1.14%, LOC Nat'l. City Bank, VRDN (a)(d) | 2,230,000 | 2,230,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Michigan Strategic Fund Ltd. Oblig. Rev.: - continued | |||
(HP Pelzer Automotive Sys. Sterling Heights Proj.) 1.1%, LOC Bank One NA, Chicago, VRDN (a)(d) | $ 2,350,000 | $ 2,350,000 | |
(Ideal Steel & Bldg.Supply Proj.) 1.05%, LOC Bank One NA, Chicago, VRDN (a)(d) | 3,300,000 | 3,300,000 | |
(John H. Dekker & Sons Proj.) Series 1998, 1.14%, LOC Standard Fed. Bank, VRDN (a)(d) | 1,200,000 | 1,200,000 | |
(K&M Engineering, Inc. Proj.) 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 1,860,000 | 1,860,000 | |
(LPB LLC Proj.) 1.25%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 3,500,000 | 3,500,000 | |
(Majestic Ind., Inc. Proj.) 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 2,535,000 | 2,535,000 | |
(Mans Proj.) Series 1998, 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 2,570,000 | 2,570,000 | |
(Mid-American Products, Inc. Proj.) Series 1998 1.21%, LOC Standard Fed. Bank, VRDN (a)(d) | 2,145,000 | 2,145,000 | |
(PBL Enterprises, Inc. Proj.) Series 1997, 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 2,470,000 | 2,470,000 | |
(Pioneer Laboratories, Inc. Proj.) 1.05%, LOC Bank One NA, Chicago, VRDN (a)(d) | 1,500,000 | 1,500,000 | |
(Prime Acquisition LLC Proj.) 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 4,055,000 | 4,055,000 | |
(Republic Svcs., Inc. Proj.) 1.05%, LOC Bank of America NA, VRDN (a)(d) | 11,485,000 | 11,485,000 | |
(Rochester Gear, Inc. Proj.) Series 1995, 1.4%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 3,950,000 | 3,950,000 | |
(S&S LLC Proj.) Series 2000, 1.29%, LOC Standard Fed. Bank, VRDN (a)(d) | 3,725,000 | 3,725,000 | |
(TEI Invts. LLC Proj.) Series 1997, 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 600,000 | 600,000 | |
(Temperance Enterprise Proj.) Series 1996, 1.14%, LOC Nat'l. City Bank, VRDN (a)(d) | 2,640,000 | 2,640,000 | |
(Templeton Properties LLC Proj.) Series 2000, 1.2%, LOC Bank One NA, Chicago, VRDN (a)(d) | 1,800,000 | 1,800,000 | |
(The Monarch Press, Inc. Proj.) Series 2000, 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 1,940,000 | 1,940,000 | |
(The Spiratex Co. Proj.) Series 1994, 1.2%, LOC Bank One NA, Chicago, VRDN (a)(d) | 1,400,000 | 1,400,000 | |
(Trilan LLC Proj.) 1.25%, LOC Bank One NA, Chicago, VRDN (a)(d) | 4,000,000 | 4,000,000 | |
(Unified-Boring Co., Inc. Proj.) Series 1992, 1.2%, LOC Bank One NA, Chicago, VRDN (a)(d) | 800,000 | 800,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Michigan Strategic Fund Ltd. Oblig. Rev.: - continued | |||
(Vent-Rite Valve Corp. Proj.) 1.15%, LOC Fleet Nat'l. Bank, VRDN (a)(d) | $ 1,125,000 | $ 1,125,000 | |
(W.H. Porter, Inc. Proj.) Series 2001, 1.2%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 3,550,000 | 3,550,000 | |
(Wayland Enterprises Proj.) Series 1999, 1.25%, LOC Bank One NA, Chicago, VRDN (a)(d) | 3,000,000 | 3,000,000 | |
(Whitehall Products LLC Proj.) Series 2000, 1.06%, LOC Lasalle Bank NA, VRDN (a)(d) | 2,810,000 | 2,810,000 | |
(Windcrest Properties LLC Proj.) 1.1%, LOC Bank One NA, Chicago, VRDN (a)(d) | 4,600,000 | 4,600,000 | |
(YMCA Metro. Detroit Proj.) Series 2001, 1.08%, LOC Bank One NA, Chicago, VRDN (a) | 13,000,000 | 13,000,000 | |
Michigan Strategic Fund Poll. Cont. Rev. (Gen. Motors Corp. Proj.): | |||
Series 1988 A, 1.55%, VRDN (a) | 2,600,000 | 2,600,000 | |
1.5%, VRDN (a) | 2,700,000 | 2,700,000 | |
Michigan Strategic Fund Solid Waste Disp. Rev.: | |||
(Grayling Gen. Station Proj.) Series 1990, 1.02%, LOC Barclays Bank PLC, VRDN (a)(d) | 3,900,000 | 3,900,000 | |
(Great Lakes Recovery Proj.) 1.1%, LOC Bank One NA, Chicago, VRDN (a)(d) | 1,400,000 | 1,400,000 | |
Michigan Trunk Line Fund Bonds 3% 10/1/03 | 9,140,000 | 9,175,764 | |
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev. (Osmic, Inc. Proj.) Series 2001 A, 1.15%, LOC Bank One NA, Chicago, VRDN (a)(d) | 6,300,000 | 6,300,000 | |
Rockford Pub. Schools Participating VRDN Series MS 01 589, 1.04% (Liquidity Facility Morgan Stanley) (a)(e) | 2,135,000 | 2,135,000 | |
Saint Clair County Econ. Dev. Corp. Poll. Cont. Rev. Bonds Series MS 00 282, 1.65%, tender 8/7/03 (Liquidity Facility Morgan Stanley) (a)(e)(f) | 8,895,000 | 8,895,000 | |
Sanilac County Econ. Dev. Corp. (Marlette Cmnty. Hosp. Proj.) Series 2001, 1.08%, LOC Bank One NA, Chicago, VRDN (a) | 12,865,000 | 12,865,000 | |
Sterling Heights Econ. Dev. Corp. Ltd. Oblig. Rev. (Cherrywood Ctr. Assoc. Proj.) 1.1%, LOC Comerica Bank, Detroit, VRDN (a)(d) | 2,900,000 | 2,900,000 | |
Walled Lake Consolidated School District Participating VRDN Series ROC II R226, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(e) | 3,060,000 | 3,060,000 | |
Waverly Cmnty. School District Participating VRDN Series PA 761R, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(e) | 5,395,000 | 5,395,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Wayne-Westland Cmnty. Schools Participating VRDN: | |||
Series MS 98 56, 1.04% (Liquidity Facility Morgan Stanley) (a)(e) | $ 7,465,000 | $ 7,465,000 | |
Series MS 98 67, 1.04% (Liquidity Facility Morgan Stanley) (a)(e) | 11,895,000 | 11,895,000 | |
Western Townships Utils. Auth. County of Wayne Swr. Disp. Sys. Participating VRDN Series Merlots A96, 1.08% (Liquidity Facility Wachovia Bank NA) (a)(e) | 5,700,000 | 5,700,000 | |
Woodhaven Brownstown School District County of Wayne Bonds 4.5% 5/1/04 (Michigan Gen. Oblig. Guaranteed) | 1,180,000 | 1,214,304 | |
Zeeland Hosp. Fin. Auth. Rev. (Zeeland Cmnty. Hosp. Proj.) Series 1999, 1.1%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a) | 3,795,000 | 3,795,000 | |
558,104,721 | |||
New York - 1.0% | |||
Bank of New York Muni. Ctfs. trust various states Participating VRDN Series BNY 02 3, 1.2% (Liquidity Facility Bank of New York NA) (a)(d)(e) | 5,500,000 | 5,500,000 | |
Shares | |||
Other - 2.3% | |||
Fidelity Municipal Cash Central Fund, 1.07% (b)(c) | 13,580,400 | 13,580,400 | |
TOTAL INVESTMENT PORTFOLIO - 98.8% | 577,185,121 | ||
NET OTHER ASSETS - 1.2% | 7,144,550 | ||
NET ASSETS - 100% | $ 584,329,671 |
Total Cost for Income Tax Purposes $ 577,185,121 |
Security Type Abbreviations |
CP - COMMERCIAL PAPER |
RAN - REVENUE ANTICIPATION NOTE |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(c) 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. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Provides evidence of ownership in one or more underlying municipal bonds. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition | Cost |
Saint Clair County Econ. Dev. Corp. Poll. Cont. Rev. Bonds Series MS 00 282, 1.65%, tender 8/7/03 (Liquidity Facility Morgan Stanley) | 12/28/00 - 3/4/02 | $ 8,895,000 |
Other Information |
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 $8,895,000 or 1.5% of net assets. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
June 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value - See accompanying schedule | $ 577,185,121 | |
Cash | 2,872,850 | |
Receivable for fund shares sold | 5,428,322 | |
Interest receivable | 1,908,154 | |
Other receivables | 1,472 | |
Total assets | 587,395,919 | |
Liabilities | ||
Payable for fund shares redeemed | $ 2,780,868 | |
Distributions payable | 5,037 | |
Accrued management fee | 183,702 | |
Other payables and accrued expenses | 96,641 | |
Total liabilities | 3,066,248 | |
Net Assets | $ 584,329,671 | |
Net Assets consist of: | ||
Paid in capital | $ 584,310,993 | |
Accumulated net realized gain (loss) on investments | 18,678 | |
Net Assets, for 584,094,081 shares outstanding | $ 584,329,671 | |
Net Asset Value, offering price and redemption price per share ($584,329,671 ÷ 584,094,081 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2003 (Unaudited) | ||
Investment Income | ||
Interest | $ 3,625,703 | |
Expenses | ||
Management fee | $ 1,105,183 | |
Transfer agent fees | 409,122 | |
Accounting fees and expenses | 49,723 | |
Non-interested trustees' compensation | 1,193 | |
Custodian fees and expenses | 4,760 | |
Registration fees | 20,965 | |
Audit | 20,470 | |
Legal | 5,931 | |
Miscellaneous | 14 | |
Total expenses before reductions | 1,617,361 | |
Expense reductions | (26,651) | 1,590,710 |
Net investment income | 2,034,993 | |
Net realized gain (loss) on investment securities | 1,771 | |
Net increase in net assets resulting from operations | $ 2,036,764 |
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 | $ 2,034,993 | $ 5,555,106 |
Net realized gain (loss) | 1,771 | 144,397 |
Net increase (decrease) in net assets resulting | 2,036,764 | 5,699,503 |
Distributions to shareholders from net investment income | (2,034,993) | (5,555,106) |
Distributions to shareholders from net realized gain | (115,393) | - |
Total distributions | (2,150,386) | (5,555,106) |
Share transactions at net asset value of $1.00 per share | 615,888,709 | 1,087,578,173 |
Reinvestment of distributions | 2,103,034 | 5,440,926 |
Cost of shares redeemed | (602,310,167) | (1,066,418,797) |
Net increase (decrease) in net assets and shares resulting from share transactions | 15,681,576 | 26,600,302 |
Total increase (decrease) in net assets | 15,567,954 | 26,744,699 |
Net Assets | ||
Beginning of period | 568,761,717 | 542,017,018 |
End of period | $ 584,329,671 | $ 568,761,717 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
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 | .004 | .010 | .023 | .036 | .028 | .030 |
Net realized and unrealized gain (loss) | - E | - | - | - | - | - |
Total from investment operations | .004 | .010 | .023 | .036 | .028 | .030 |
Distributions from net investment income | (.004) | (.010) | (.023) | (.036) | (.028) | (.030) |
Distributions from net realized gain | - E | - | - | - | - | - |
Total distributions | (.004) | (.010) | (.023) | (.036) | (.028) | (.030) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB, C | .37% | 1.03% | 2.35% | 3.69% | 2.82% | 3.00% |
Ratios to Average Net Assets D | ||||||
Expenses before expense | .56% A | .56% | .56% | .57% | .58% | .60% |
Expenses net of voluntary waivers, if any | .56% A | .56% | .56% | .57% | .58% | .60% |
Expenses net of all reductions | .55% A | .52% | .52% | .57% | .58% | .59% |
Net investment | .71% A | 1.02% | 2.32% | 3.63% | 2.80% | 2.97% |
Supplemental Data | ||||||
Net assets, | $ 584,330 | $ 568,762 | $ 542,017 | $ 507,223 | $ 444,679 | $ 357,354 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D 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.
E 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)
1. Significant Accounting Policies.
Spartan® Michigan Municipal Income Fund (the income fund) is a fund of Fidelity Municipal Trust. Fidelity® Michigan Municipal Money Market Fund (the money market fund) is a fund of Fidelity Municipal Trust II. Each trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each fund is authorized to issue an unlimited number of shares. Each fund may be affected by economic and political developments in the state of Michigan. 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 income fund and the money market 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.
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities owned by the money market fund are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Expenses. Most expenses of each 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 each fund intends to qualify as a regulated investment company by distributing all of their 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 for the money market fund. Capital accounts within the income fund's 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 futures transactions, prior period premium and discount on debt securities, market discount, capital loss carryforwards, and losses deferred due to futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) for the income fund as of period end was as follows:
Unrealized appreciation | $ 50,545,553 | | |
Unrealized depreciation | (387,506) | |
Net unrealized appreciation (depreciation) | $ 50,158,047 | |
Cost for federal income tax purposes | $ 548,112,918 |
Short-Term Trading (Redemption) Fees. Shares held in the income 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.
Restricted Securities. Certain funds 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 each applicable fund's Schedule of Investments.
Semiannual Report
2. Operating Policies - continued
Swap Agreements. The income 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 could adversely impact the income 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 each applicable 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 each applicable fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the funds with investment management related services for which the funds pay a monthly management fee.
The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each fund's average net assets. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, each fund's annualized management fee rate expressed as a percentage of each fund's average net assets was as follows:
Individual | Group | Total | |
Spartan Michigan Municipal Income Fund | .25% | .13% | .38% |
Fidelity Michigan Municipal Money Market Fund | .25% | .13% | .38% |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the funds. 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 funds' transfer and shareholder servicing agent and accounting functions. The funds pay 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 the following annualized rates expressed as a percentage of average net assets:
Spartan Michigan Municipal Income Fund | .08% | | |
Fidelity Michigan Municipal Money Market Fund | .14% |
Central Funds. The funds 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 funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:
Income Distributions | |
Fidelity Michigan Municipal Money Market Fund | $ 160,032 |
5. Expense Reductions.
Through arrangements with each applicable fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable fund's expenses. All of the applicable expense reductions are noted in the table below.
Custody | Transfer | |
Spartan Michigan Municipal Income Fund | $ 4,666 | $ 51,948 |
Fidelity Michigan Municipal Money Market Fund | $ 4,760 | $ 21,891 |
Semiannual Report
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Spartan®
Minnesota Municipal Income
Fund
Semiannual Report
June 30, 2003
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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 fund. This report is not authorized for distribution to prospective investors in the fund 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 fund 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.
Semiannual Report
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.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five Sectors as of June 30, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 47.7 | 42.3 |
Electric Utilities | 12.2 | 11.9 |
Health Care | 10.7 | 10.7 |
Education | 6.3 | 6.5 |
Water & Sewer | 6.2 | 6.3 |
Average Years to Maturity as of June 30, 2003 | ||
6 months ago | ||
Years | 13.0 | 13.7 |
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 | 6.3 | 6.5 |
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 57.4% | ![]() | AAA 55.4% | ||||
![]() | AA,A 37.7% | ![]() | AA,A 37.3% | ||||
![]() | BBB 3.1% | ![]() | BBB 3.1% | ||||
![]() | Not Rated 1.4% | ![]() | Not Rated 0.0% | ||||
![]() | 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. |
Semiannual Report
Investments June 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.6% | ||||
Principal | Value | |||
Minnesota - 95.8% | ||||
Albany Independent School District #745 Series A, 6% 2/1/16 | $ 1,000,000 | $ 1,027,660 | ||
Anoka-Hennepin Independent School District #11 Series A, 5.75% 2/1/20 | 3,950,000 | 4,487,951 | ||
Brainerd Independent School District #181 Series A: | ||||
5.375% 2/1/17 (FGIC Insured) | 4,705,000 | 5,336,882 | ||
5.375% 2/1/19 (FGIC Insured) | 2,700,000 | 3,018,249 | ||
Brooklyn Ctr. Independent School District #286 5.1% 2/1/31 (FGIC Insured) | 6,000,000 | 6,298,440 | ||
Centennial Independent School District #12: | ||||
Series 1996 A, 5.625% 2/1/16 | 1,000,000 | 1,118,860 | ||
Series A, 5% 2/1/19 (FSA Insured) | 580,000 | 620,588 | ||
Cloquet Poll. Cont. Rev. (Potlach Corp. Proj.) 5.9% 10/1/26 | 3,995,000 | 3,681,193 | ||
Dakota County Hsg. & Redev. Auth. and The Hsg. & Redev. in and for the City of South Saint Paul Rev. (Single Family-GNMA Prog.) Series A, 8.1% 9/1/12 | 10,000 | 10,000 | ||
Hastings Independent School District #200 Series A, 5% 2/1/22 | 4,750,000 | 4,954,963 | ||
Hopkins Independent School District #270: | ||||
5% 2/1/16 (FGIC Insured) | 1,350,000 | 1,478,345 | ||
5.125% 2/1/17 (FGIC Insured) | 1,015,000 | 1,114,480 | ||
Jackson County Central Independent School District #2895 5% 2/1/21 (FSA Insured) | 1,220,000 | 1,289,930 | ||
Lake Superior Independent School District #381 | ||||
5% 4/1/15 (FSA Insured) | 1,970,000 | 2,197,574 | ||
5% 4/1/16 (FSA Insured) | 2,065,000 | 2,283,828 | ||
5% 4/1/17 (FSA Insured) | 2,165,000 | 2,370,242 | ||
5% 4/1/18 (FSA Insured) | 1,260,000 | 1,368,751 | ||
Lakeville Independent School District #194 0% 2/1/05 | 2,810,000 | 2,735,928 | ||
Mankato Independent School District #77 Series A: | ||||
4% 2/1/05 (FSA Insured) (a) | 1,240,000 | 1,296,966 | ||
5% 2/1/12 (FSA Insured) (a) | 1,855,000 | 2,003,252 | ||
Maple Grove Gen. Oblig. Impt. Series A, 5.2% 2/1/17 | 1,120,000 | 1,190,840 | ||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Healthspan Corp. Proj.) Series A, 4.75% 11/15/18 (AMBAC Insured) | 4,500,000 | 4,608,855 | ||
Minneapolis & Saint Paul Metro. Arpts. Commission Series 13, 5.25% 1/1/11 (b) | 2,840,000 | 3,140,926 | ||
Minneapolis & Saint Paul Metro. Arpts. Commission Arpt. Rev.: | ||||
Series 1999 A, 5.125% 1/1/31 (FGIC Insured) | 3,375,000 | 3,503,891 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Minnesota - continued | ||||
Minneapolis & Saint Paul Metro. Arpts. Commission Arpt. Rev.: - continued | ||||
Series 2000 A, 5.75% 1/1/32 (FGIC Insured) | $ 1,000,000 | $ 1,122,790 | ||
Series 2001 C, 5.25% 1/1/32 (FGIC Insured) | 1,000,000 | 1,057,750 | ||
Series A, 5% 1/1/19 (AMBAC Insured) | 4,000,000 | 4,193,200 | ||
Series B: | ||||
5.25% 1/1/11 (AMBAC Insured) (b) | 3,475,000 | 3,746,745 | ||
5.4% 1/1/09 (FGIC Insured) (b) | 1,375,000 | 1,535,600 | ||
5.625% 1/1/13 (FGIC Insured) (b) | 1,000,000 | 1,093,490 | ||
Minneapolis Art Ctr. Facilities Rev. (Walker Art Ctr. Proj.) 5.125% 7/1/21 | 1,250,000 | 1,317,575 | ||
Minneapolis Cmnty. Dev. Agcy. Tax Increment Rev.: | ||||
0% 9/1/07 (MBIA Insured) | 2,860,000 | 2,596,823 | ||
0% 9/1/08 (MBIA Insured) | 4,600,000 | 4,022,148 | ||
Minneapolis Gen. Oblig.: | ||||
(Sports Arena Proj.) 5.125% 10/1/20 | 2,565,000 | 2,805,315 | ||
Series B, 5.1% 9/1/08 | 2,000,000 | 2,140,560 | ||
Minneapolis Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2002 A, 6% 11/15/18 | 2,655,000 | 2,905,181 | ||
Minneapolis Rev. (Univ. of Minnesota Gateway Proj.) Series 1997 A, 5.25% 12/1/24 | 1,900,000 | 1,978,679 | ||
Minneapolis Spl. School District #1: | ||||
Ctfs. of Prtn.: | ||||
Series B, 5% 2/1/13 | 2,575,000 | 2,770,159 | ||
5.75% 2/1/20 (Pre-Refunded to 2/1/08 @ 100) (c) | 3,210,000 | 3,715,736 | ||
5% 2/1/05 (FSA Insured) | 2,300,000 | 2,433,561 | ||
5.3% 2/1/14 | 3,275,000 | 3,630,731 | ||
Minnesota Agric. & Economic Dev. Board Rev. (Health Care Sys. Proj.) Series A, 6.375% 11/15/29 | 3,000,000 | 3,249,270 | ||
Minnesota Gen. Oblig.: | ||||
(Duluth Arpt. Proj.) Series B, 6.25% 8/1/14 (b) | 1,000,000 | 1,082,010 | ||
5% 8/1/16 | 3,000,000 | 3,309,150 | ||
5.2% 5/1/07 | 3,750,000 | 4,107,525 | ||
5.25% 11/1/04 | 2,560,000 | 2,699,264 | ||
5.25% 8/1/13 | 745,000 | 841,410 | ||
5.5% 6/1/17 | 1,750,000 | 1,996,715 | ||
Minnesota Higher Ed. Facilities Auth. Rev.: | ||||
(Carleton College Proj.): | ||||
Series 3L 1, 5.75% 11/1/12 | 2,000,000 | 2,196,440 | ||
Series 4N, 5% 11/1/18 | 2,000,000 | 2,089,900 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Minnesota - continued | ||||
Minnesota Higher Ed. Facilities Auth. Rev.: - continued | ||||
(Hamline Univ. Proj.): | ||||
Series 4I, 6% 10/1/12 | $ 2,000,000 | $ 2,150,060 | ||
Series 5B, 5.95% 10/1/19 | 600,000 | 648,480 | ||
(MacAlester College Proj.) Series 4C: | ||||
5.2% 3/1/08 | 1,070,000 | 1,129,064 | ||
5.5% 3/1/12 | 815,000 | 862,596 | ||
(Saint Johns Univ. Proj.) Series 4L, 5.4% 10/1/22 | 3,500,000 | 3,619,945 | ||
(Saint Thomas Univ. Proj.): | ||||
Series 3R 1, 5.6% 10/1/15 | 1,000,000 | 1,016,860 | ||
Series 3R 2: | ||||
5.45% 9/1/07 | 650,000 | 660,400 | ||
5.6% 9/1/14 | 4,275,000 | 4,338,869 | ||
Series 4M, 5.35% 4/1/17 | 1,500,000 | 1,583,025 | ||
Minnesota Hsg. Fin. Agcy. (Single Family Mtg. Prog.): | ||||
Series B, 5.8% 7/1/25 (b) | 5,820,000 | 5,917,776 | ||
Series H, 6.5% 1/1/26 (b) | 1,410,000 | 1,433,674 | ||
Minnesota Pub. Facilities Auth. Drinking Wtr. Rev. | ||||
5% 3/1/07 | 2,500,000 | 2,770,900 | ||
5% 3/1/08 | 2,500,000 | 2,802,950 | ||
Minnesota Pub. Facilities Auth. Wtr. Poll. Cont. Rev.: | ||||
Series A: | ||||
4% 3/1/06 | 2,000,000 | 2,127,760 | ||
5% 3/1/06 | 1,150,000 | 1,253,328 | ||
5% 3/1/16 | 1,000,000 | 1,066,310 | ||
6% 3/1/07 | 2,500,000 | 2,858,875 | ||
6.25% 3/1/15 (Pre-Refunded to 3/1/05 @ 100) (c) | 2,000,000 | 2,164,200 | ||
Series B: | ||||
5.125% 3/1/13 | 1,000,000 | 1,106,400 | ||
5.125% 3/1/15 | 5,000,000 | 5,477,450 | ||
5% 3/1/06 | 2,500,000 | 2,724,625 | ||
Minnesota Retirement Sys. Bldg. Rev.: | ||||
5.55% 6/1/14 | 590,000 | 669,508 | ||
5.6% 6/1/15 | 590,000 | 680,370 | ||
5.65% 6/1/16 | 625,000 | 704,013 | ||
5.7% 6/1/17 | 900,000 | 1,033,155 | ||
5.75% 6/1/18 | 975,000 | 1,125,501 | ||
5.75% 6/1/19 | 1,050,000 | 1,208,571 | ||
5.8% 6/1/20 | 1,000,000 | 1,152,080 | ||
5.875% 6/1/22 | 2,425,000 | 2,801,724 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Minnesota - continued | ||||
Mounds View Independent School District #621 | $ 3,000,000 | $ 3,194,850 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev.: | ||||
Series B, 4.75% 1/1/20 (AMBAC Insured) | 3,500,000 | 3,622,150 | ||
5.25% 1/1/13 (FSA Insured) | 1,500,000 | 1,690,125 | ||
5.375% 1/1/14 (FSA Insured) | 8,500,000 | 9,612,219 | ||
Osseo Independent School District #279: | ||||
(School Bldg. Proj.): | ||||
Series 2000 A, 5.25% 2/1/21 | 2,625,000 | 2,818,804 | ||
Series A: | ||||
5.75% 2/1/11 | 2,420,000 | 2,838,442 | ||
5.75% 2/1/12 | 3,100,000 | 3,610,229 | ||
Series A, 5.25% 2/1/14 (FSA Insured) | 2,705,000 | 3,079,805 | ||
Series B, 5% 2/1/13 | 2,000,000 | 2,210,720 | ||
Owatonna Pub. Utils. Commission Pub. Utils. Rev.: | ||||
4% 1/1/06 (AMBAC Insured) (a) | 610,000 | 638,176 | ||
5% 1/1/11 (AMBAC Insured) (a) | 720,000 | 798,775 | ||
5% 1/1/13 (AMBAC Insured) (a) | 800,000 | 889,072 | ||
5% 1/1/15 (AMBAC Insured) (a) | 715,000 | 782,553 | ||
Prior Lake Ind. School District #719 Series 2000, 5.5% 2/1/15 (FSA Insured) | 1,500,000 | 1,704,120 | ||
Robbinsdale Independent School District #281: | ||||
5% 2/1/09 | 2,035,000 | 2,294,625 | ||
5% 2/1/16 (FSA Insured) | 3,425,000 | 3,750,615 | ||
5% 2/1/17 (FSA Insured) | 2,535,000 | 2,750,729 | ||
5% 2/1/18 (FSA Insured) | 2,520,000 | 2,715,325 | ||
Rochester Health Care Facilities Rev.: | ||||
(Mayo Foundation Proj.) Series A, 5.5% 11/15/27 | 4,750,000 | 4,998,663 | ||
(Mayo Foundation/Mayo Med. Ctr. Proj.) Series I: | ||||
5.875% 11/15/08 | 1,000,000 | 1,163,250 | ||
5.9% 11/15/09 | 1,000,000 | 1,171,360 | ||
Roseville Independent School District #623 (School District Cr. Enhancement Prog.) Series A: | ||||
5% 2/1/14 (FSA Insured) | 1,460,000 | 1,622,308 | ||
5% 2/1/15 (FSA Insured) | 1,015,000 | 1,116,409 | ||
Saint Cloud Health Care Rev. (Saint Cloud Hosp. | ||||
5.75% 5/1/26 (FSA Insured) | 4,500,000 | 5,075,460 | ||
5.875% 5/1/30 (FSA Insured) | 4,000,000 | 4,541,400 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Minnesota - continued | ||||
Saint Cloud Hosp. Facilities Rev. (Saint Cloud Hosp. Proj.): | ||||
Series A, 5.5% 7/1/05 (AMBAC Insured) | $ 995,000 | $ 1,073,117 | ||
Series B, 5% 7/1/20 (AMBAC Insured) | 1,000,000 | 1,044,620 | ||
Saint Louis Park Health Care Facilities Rev.: | ||||
(Healthsystem Obligated Proj.) Series A, 5.2% 7/1/23 (AMBAC Insured) | 2,750,000 | 2,812,783 | ||
Series B, 5.1% 7/1/13 (AMBAC Insured) | 3,600,000 | 3,667,536 | ||
Saint Louis Park Independent School District #283: | ||||
5.65% 2/1/16 | 2,630,000 | 2,987,943 | ||
5.75% 2/1/20 | 3,765,000 | 4,269,698 | ||
Saint Michael Independent School District #885 5% 2/1/27 (FSA Insured) | 7,000,000 | 7,288,400 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (Regions Hosp. Proj.) 5.3% 5/15/28 | 2,000,000 | 1,956,940 | ||
Saint Paul Independent School District #625: | ||||
Series 2000 A, 5.5% 2/1/21 | 1,060,000 | 1,163,297 | ||
Series A, 5% 2/1/17 (FSA Insured) | 220,000 | 240,563 | ||
Series B: | ||||
5% 2/1/18 (FSA Insured) | 395,000 | 428,615 | ||
5.8% 2/1/12 | 1,200,000 | 1,273,152 | ||
Series C: | ||||
6.125% 2/1/04 | 1,300,000 | 1,339,429 | ||
6.125% 2/1/05 | 1,350,000 | 1,450,494 | ||
Saint Paul Port Auth. Energy Park Tax Increment Rev. 5% 2/1/08 (FSA Insured) | 2,500,000 | 2,780,475 | ||
Seaway Port Auth. Duluth Indl. Dev. Dock & Wharf Rev. (Cargill, Inc. Proj.) Series B, 6.8% 5/1/12 (d) | 2,750,000 | 2,819,960 | ||
South Washington County Independent School District #833 Series A: | ||||
5.4% 2/1/15 | 3,925,000 | 4,413,663 | ||
5.5% 2/1/19 (MBIA Insured) | 1,000,000 | 1,106,650 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | ||||
Series 2002 A, 5% 1/1/12 (AMBAC Insured) | 2,660,000 | 3,018,807 | ||
0% 1/1/18 (AMBAC Insured) | 1,750,000 | 934,360 | ||
5% 1/1/07 (AMBAC Insured) | 2,815,000 | 3,106,690 | ||
Stillwater Independent School District #834 5% 2/1/05 | 2,935,000 | 3,107,813 | ||
Suburban Hennepin Reg'l. Park District 5% 2/1/12 | 1,000,000 | 1,095,360 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Minnesota - continued | ||||
Waconia Independent School District #110 Series A: | ||||
5% 2/1/06 (FSA Insured) (a) | $ 750,000 | $ 802,920 | ||
5% 2/1/08 (FSA Insured) (a) | 800,000 | 879,528 | ||
5% 2/1/09 (FSA Insured) (a) | 850,000 | 943,475 | ||
5% 2/1/10 (FSA Insured) (a) | 900,000 | 997,641 | ||
Washington County Gen. Oblig. 5.5% 2/1/21 | 1,450,000 | 1,591,303 | ||
Wayzata Ind. School District #284 Series 2002 A: | ||||
4% 2/1/06 | 3,755,000 | 3,983,604 | ||
4.5% 2/1/07 | 3,830,000 | 4,168,649 | ||
4.5% 2/1/08 | 1,920,000 | 2,110,637 | ||
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev.: | ||||
Series A: | ||||
5.375% 1/1/08 (AMBAC Insured) | 3,900,000 | 4,299,009 | ||
5.4% 1/1/09 (AMBAC Insured) | 4,325,000 | 4,766,756 | ||
5.5% 1/1/11 (AMBAC Insured) | 1,000,000 | 1,102,740 | ||
5.5% 1/1/12 (AMBAC Insured) | 1,000,000 | 1,102,740 | ||
6.25% 1/1/05 (AMBAC Insured) | 3,000,000 | 3,219,540 | ||
6.375% 1/1/16 (Escrowed to Maturity) (c) | 1,585,000 | 1,911,367 | ||
5% 1/1/26 (MBIA Insured) (a) | 1,000,000 | 1,044,110 | ||
Western Minnesota Muni. Pwr. Agcy. Transmission Rev.: | ||||
Series 2001 A, 5.5% 1/1/08 (AMBAC Insured) | 1,125,000 | 1,275,446 | ||
Series A, 5.5% 1/1/09 (AMBAC Insured) | 1,000,000 | 1,149,100 | ||
340,283,904 | ||||
Puerto Rico - 3.8% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series Y, 5.5% 7/1/36 (FSA Insured) | 2,680,000 | 3,028,561 | ||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series D, 5.25% 7/1/38 | 2,500,000 | 2,583,800 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth.: | ||||
Series 2000 A, 5.5% 10/1/40 (Escrowed to Maturity) (c) | 1,000,000 | 1,123,220 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Puerto Rico - continued | ||||
Puerto Rico Commonwealth Infrastructure Fing. Auth.: - continued | ||||
Series A, 5.5% 10/1/32 (Escrowed to Maturity) (c) | $ 3,000,000 | $ 3,383,970 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series HH, 5.25% 7/1/29 (FSA Insured) | 3,000,000 | 3,255,390 | ||
13,374,941 |
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $329,469,511) | 353,658,845 | ||
NET OTHER ASSETS - 0.4% | 1,421,109 | ||
NET ASSETS - 100% | $ 355,079,954 |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
(d) 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 |
Seaway Port Auth. Duluth Indl. Dev. Dock & Wharf Rev. (Cargill, Inc. Proj.) Series B, 6.8% 5/1/12 | 5/20/92 | $ 2,750,000 |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 47.7% |
Electric Utilities | 12.2 |
Health Care | 10.7 |
Education | 6.3 |
Water & Sewer | 6.2 |
Others* (individually less than 5%) | 16.9 |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $32,982,723 and $15,860,890, 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 $2,819,960 or 0.8% of net assets. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
June 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $329,469,511) - See accompanying schedule | $ 353,658,845 | |
Cash | 6,782,620 | |
Receivable for fund shares sold | 147,515 | |
Interest receivable | 5,878,724 | |
Other receivables | 5,024 | |
Total assets | 366,472,728 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 10,692,101 | |
Payable for fund shares redeemed | 257,366 | |
Distributions payable | 275,041 | |
Accrued management fee | 113,212 | |
Other payables and accrued expenses | 55,054 | |
Total liabilities | 11,392,774 | |
Net Assets | $ 355,079,954 | |
Net Assets consist of: | ||
Paid in capital | $ 329,327,730 | |
Undistributed net investment income | 217,799 | |
Accumulated undistributed net realized gain (loss) on investments | 1,345,091 | |
Net unrealized appreciation (depreciation) on investments | 24,189,334 | |
Net Assets, for 29,969,631 shares outstanding | $ 355,079,954 | |
Net Asset Value, offering price and redemption price per share ($355,079,954 ÷ 29,969,631 shares) | $ 11.85 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2003 (Unaudited) | ||
Investment Income | ||
Interest | $ 7,677,147 | |
Expenses | ||
Management fee | $ 662,747 | |
Transfer agent fees | 133,550 | |
Accounting fees and expenses | 54,356 | |
Non-interested trustees' compensation | 856 | |
Custodian fees and expenses | 2,760 | |
Registration fees | 14,210 | |
Audit | 24,689 | |
Legal | 6,620 | |
Miscellaneous | 140 | |
Total expenses before reductions | 899,928 | |
Expense reductions | (66,901) | 833,027 |
Net investment income (loss) | 6,844,120 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 1,237,059 | |
Change in net unrealized appreciation (depreciation) on investment securities | 5,510,129 | |
Net gain (loss) | 6,747,188 | |
Net increase (decrease) in net assets resulting from operations | $ 13,591,308 |
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 (loss) | $ 6,844,120 | $ 14,960,242 |
Net realized gain (loss) | 1,237,059 | 2,905,165 |
Change in net unrealized appreciation (depreciation) | 5,510,129 | 9,513,499 |
Net increase (decrease) in net assets resulting | 13,591,308 | 27,378,906 |
Distributions to shareholders from net investment income | (6,782,906) | (14,977,464) |
Share transactions | 25,657,112 | 62,455,371 |
Reinvestment of distributions | 5,145,580 | 11,411,568 |
Cost of shares redeemed | (26,967,801) | (58,208,874) |
Net increase (decrease) in net assets resulting from share transactions | 3,834,891 | 15,658,065 |
Redemption fees | 1,209 | 4,741 |
Total increase (decrease) in net assets | 10,644,502 | 28,064,248 |
Net Assets | ||
Beginning of period | 344,435,452 | 316,371,204 |
End of period (including undistributed net investment income of $217,799 and undistributed net investment income of $166,360, respectively) | $ 355,079,954 | $ 344,435,452 |
Other Information Shares | ||
Sold | 2,192,752 | 5,472,689 |
Issued in reinvestment of distributions | 438,617 | 997,558 |
Redeemed | (2,306,145) | (5,094,816) |
Net increase (decrease) | 325,224 | 1,375,431 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 11.62 | $ 11.19 | $ 11.20 | $ 10.63 | $ 11.41 | $ 11.33 |
Income from Investment Operations | ||||||
Net investment income (loss) | .230 D | .509 D | .529 D, F | .529 D | .511 | .531 |
Net realized and unrealized gain (loss) | .229 | .431 | (.016) F | .568 | (.780) | .080 |
Total from investment operations | .459 | .940 | .513 | 1.097 | (.269) | .611 |
Distributions from net investment income | (.229) | (.510) | (.523) | (.527) | (.511) | (.531) |
Redemption fees added to paid in capital | - D, G | - D, G | - D, G | - | - | - |
Net asset value, end of period | $ 11.85 | $ 11.62 | $ 11.19 | $ 11.20 | $ 10.63 | $ 11.41 |
Total ReturnB, C | 3.98% | 8.57% | 4.64% | 10.62% | (2.43)% | 5.51% |
Ratios to Average Net Assets E | ||||||
Expenses before expense reductions | .52% A | .51% | .51% | .52% | .53% | .59% |
Expenses net of voluntary waivers, if any | .52% A | .51% | .51% | .52% | .53% | .55% |
Expenses net of all reductions | .48% A | .49% | .46% | .46% | .51% | .55% |
Net investment income (loss) | 3.97% A | 4.45% | 4.69% F | 4.90% | 4.62% | 4.68% |
Supplemental Data | ||||||
Net assets, | $ 355,080 | $ 344,435 | $ 316,371 | $ 293,666 | $ 285,029 | $ 312,036 |
Portfolio turnover rate | 9% A | 25% | 7% | 18% | 21% | 17% |
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 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)
1. Significant Accounting Policies.
Spartan Minnesota 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. The fund may be affected by economic and political developments in the state of Minnesota. 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
statements. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent 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 market discount and losses deferred due to futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 25,011,265 |
Unrealized depreciation | (350,281) |
Net unrealized appreciation (depreciation) | $ 24,660,984 |
Cost for federal income tax purposes | $ 328,997,861 |
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
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.
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.
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.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
For the period, the transfer agent fees were equivalent to an annualized rate of .08% of average net assets.
5. Expense Reductions.
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 $2,760 and $64,141, respectively.
Semiannual Report
Managing Your Investments
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Semiannual Report
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Semiannual Report
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Arizona
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Semiannual Report
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Semiannual Report
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Semiannual Report
Investment Adviser
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Investment Sub-Adviser
Fidelity Investments Money
Management Inc.
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Fidelity's Municipal Bond Funds
Spartan® 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
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Spartan®
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 | |
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 fund. This report is not authorized for distribution to prospective investors in the fund 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 fund 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.
Semiannual Report
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.
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 | |
Illinois | 15.8 | 14.9 |
Texas | 14.0 | 14.6 |
New York | 10.5 | 10.9 |
Massachusetts | 7.6 | 7.6 |
California | 5.7 | 3.4 |
Top Five Sectors as of June 30, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 30.9 | 28.2 |
Electric Utilities | 17.7 | 18.3 |
Health Care | 12.2 | 12.1 |
Water & Sewer | 10.1 | 12.0 |
Transportation | 9.8 | 8.2 |
Average Years to Maturity as of June 30, 2003 | ||
6 months ago | ||
Years | 15.2 | 15.0 |
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 | 7.3 | 7.3 |
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 66.3% | ![]() | AAA 67.6% | ||||
![]() | AA, A 26.2% | ![]() | AA, A 26.2% | ||||
![]() | BBB 7.2% | ![]() | BBB 6.4% | ||||
![]() | BB and Below 0.1% | ![]() | BB and Below 0.0% | ||||
![]() | Not Rated 1.5% | ![]() | Not Rated 0.7% | ||||
![]() | 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 - 101.1% | ||||
Principal | Value (Note 1) | |||
Alabama - 0.3% | ||||
Alabama Pub. School & College Auth. Rev. Series 1999 C, 5.75% 7/1/18 | $ 2,000 | $ 2,303 | ||
Cullman Med. Park South Med. Clinic Board Rev. (Cullman Reg'l. Med. Ctr. Proj.) Series A, 6.5% 2/15/23 | 4,000 | 4,051 | ||
Jefferson County Swr. Rev.: | ||||
Series 1997 D, 5.7% 2/1/18 (FGIC Insured) | 100 | 111 | ||
Series A, 5% 2/1/41 (FGIC Insured) | 1,495 | 1,533 | ||
5.125% 2/1/42 (FGIC Insured) | 8,900 | 9,219 | ||
17,217 | ||||
Alaska - 1.0% | ||||
North Slope Borough Gen. Oblig.: | ||||
Series 1996 B, 0% 6/30/07 (MBIA Insured) | 11,600 | 10,525 | ||
Series 2000 B, 0% 6/30/09 (MBIA Insured) | 10,000 | 8,314 | ||
Valdez Marine Term. Rev. (BP Pipelines, Inc. Proj.) | 28,205 | 28,799 | ||
47,638 | ||||
Arizona - 1.0% | ||||
Arizona Student Ln. Aquisition Auth. Student Ln. Rev. Sr. Series A1, 5.9% 5/1/24 (g) | 2,000 | 2,142 | ||
Chandler Gen. Oblig. 0% 7/1/08 (FGIC Insured) | 1,700 | 1,499 | ||
Maricopa County Cmnty. College District Series B, 5.25% 7/1/10 | 17,000 | 18,922 | ||
Maricopa County Hosp. Rev. (Sun Health Corp. Proj.): | ||||
5.4% 4/1/05 | 2,935 | 3,085 | ||
5.65% 4/1/06 | 3,625 | 3,897 | ||
Maricopa County Indl. Dev. Auth. Hosp. Facilities Rev. (Samaritan Health Svcs. Proj.) Series A, 7% 12/1/16 (MBIA Insured) (Escrowed to Maturity) (h) | 2,000 | 2,654 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Health Care Proj.) 5.8% 12/1/31 | 3,250 | 3,395 | ||
Tucson Gen. Oblig. Series 2002, 5% 7/1/10 | 2,645 | 3,002 | ||
Tucson Street & Hwy. User Rev.: | ||||
4.5% 7/1/10 (AMBAC Insured) | 1,930 | 2,133 | ||
4.5% 7/1/11 (AMBAC Insured) | 2,015 | 2,221 | ||
Yavapai County Indl. Dev. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 4.625%, tender 6/1/05 (d)(g) | 5,500 | 5,669 | ||
48,619 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Arkansas - 0.2% | ||||
Little Rock School District Series 2001 C, 5.25% 2/1/33 (FSA Insured) | $ 6,500 | $ 6,823 | ||
North Little Rock Elec. Rev. Series A, 6.5% 7/1/10 (MBIA Insured) | 3,840 | 4,664 | ||
11,487 | ||||
California - 5.7% | ||||
ABC Unified School District 0% 8/1/28 (FGIC Insured) | 3,925 | 1,091 | ||
Brea Redev. Agcy.: | ||||
0% 8/1/28 (AMBAC Insured) (c) | 3,000 | 824 | ||
0% 8/1/29 (AMBAC Insured) (c) | 7,715 | 2,007 | ||
Cabrillo Unified School District Series A, 0% 8/1/20 (AMBAC Insured) | 4,275 | 1,883 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A, 5.75% 5/1/17 | 2,900 | 3,216 | ||
Series A: | ||||
5.25% 5/1/09 (MBIA Insured) | 7,900 | 8,983 | ||
5.25% 5/1/10 (MBIA Insured) | 20,000 | 22,734 | ||
5.5% 5/1/15 (AMBAC Insured) | 8,800 | 10,036 | ||
5.875% 5/1/16 | 7,500 | 8,443 | ||
6% 5/1/15 | 9,300 | 10,718 | ||
California Edl. Facilities Auth. Rev. (Loyola Marymount Univ. Proj.): | ||||
0% 10/1/16 (MBIA Insured) | 2,140 | 1,195 | ||
0% 10/1/17 (MBIA Insured) | 2,050 | 1,080 | ||
0% 10/1/18 (MBIA Insured) | 1,675 | 831 | ||
0% 10/1/22 (MBIA Insured) | 5,000 | 1,926 | ||
0% 10/1/23 (MBIA Insured) | 3,240 | 1,176 | ||
California Gen. Oblig.: | ||||
Series 1999, 5.75% 12/1/12 (FGIC Insured) | 5,000 | 5,863 | ||
5.25% 2/1/14 | 7,600 | 8,378 | ||
5.25% 2/1/15 | 10,000 | 10,886 | ||
5.25% 2/1/16 (c) | 4,300 | 4,618 | ||
5.25% 2/1/19 | 5,620 | 5,909 | ||
5.25% 2/1/20 | 4,000 | 4,176 | ||
5.25% 2/1/22 (c) | 16,700 | 17,219 | ||
5.5% 3/1/12 | 2,000 | 2,238 | ||
5.75% 12/1/24 | 4,000 | 4,324 | ||
California Hsg. Fin. Agcy. Home Mtg. Rev.: | ||||
Series 1983 A, 0% 2/1/15 | 187 | 62 | ||
Series B, 5.2% 8/1/26 (MBIA Insured) (g) | 990 | 999 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Hsg. Fin. Agcy. Home Mtg. Rev.: - continued | ||||
Series G: | ||||
5.9% 2/1/09 (MBIA Insured) (g) | $ 1,000 | $ 1,063 | ||
5.9% 8/1/09 (MBIA Insured) (g) | 2,000 | 2,126 | ||
California Pub. Works Board Lease Rev. (Various California State Univ. Projs.) Series A, 5.25% 12/1/13 | 5,000 | 5,161 | ||
California State Univ. Rev. & Colleges Series 1999 AY, 5.875% 11/1/30 (FGIC Insured) | 9,775 | 11,142 | ||
Compton Cmnty. Redev. Agcy. (Tax Allocation-Compton Redev. Proj.) Series A, 6.5% 8/1/13 (FSA Insured) | 4,000 | 4,468 | ||
Encinitas Union School District 0% 8/1/20 | 3,500 | 1,541 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev. 5.75% 1/15/40 | 6,300 | 6,580 | ||
Golden State Tobacco Securitization Corp. Series 2003 A1, 6.75% 6/1/39 | 8,800 | 7,971 | ||
Long Beach Hbr. Rev. 5.125% 5/15/18 (g) | 5,000 | 5,091 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. | 5,000 | 5,195 | ||
Los Angeles Hbr. Dept. Rev. Series A: | ||||
5.5% 8/1/08 (AMBAC Insured) (g) | 5,000 | 5,667 | ||
5.5% 8/1/09 (AMBAC Insured) (g) | 5,275 | 6,005 | ||
Los Angeles Unified School District: | ||||
Series A: | ||||
5.375% 7/1/18 (MBIA Insured) | 14,400 | 16,151 | ||
5.5% 7/1/15 (MBIA Insured) | 4,210 | 4,887 | ||
Series F: | ||||
5% 7/1/18 (FSA Insured) | 10,000 | 10,822 | ||
5% 7/1/19 (FSA Insured) | 3,700 | 3,972 | ||
Manhattan Beach Unified School District 0% 9/1/26 (FGIC Insured) | 6,385 | 1,967 | ||
Modesto Irrigation District Elec. Rev. Series A, 9.625% 1/1/11 (Escrowed to Maturity) (h) | 3,800 | 5,005 | ||
Monrovia Unified School District Series B, 0% 8/1/29 (FGIC Insured) | 4,525 | 1,192 | ||
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) | ||||
3.75% 7/1/12 | 7,820 | 7,814 | ||
3.75% 1/1/13 | 1,500 | 1,421 | ||
Sacramento Cogeneration Auth. Cogeneration Proj. Rev. (Procter & Gamble Proj.) 6.375% 7/1/10 | 700 | 763 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Sacramento Pwr. Auth. Cogeneration Proj. Rev.: | ||||
6.5% 7/1/07 | $ 1,000 | $ 1,120 | ||
6.5% 7/1/09 | 2,200 | 2,460 | ||
San Bruno Park School District Election of 1998 Series C, 0% 8/1/26 (FSA Insured) | 3,745 | 1,158 | ||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | ||||
Second Series Issue 10A, 5.55% 5/1/14 (MBIA Insured) (g) | 5,875 | 6,500 | ||
Second Series 27A, 5.5% 5/1/09 (MBIA Insured) (g) | 4,330 | 4,907 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (MBIA Insured) | 9,900 | 7,259 | ||
San Mateo County Cmnty. College District Series A, 0% 9/1/26 (FGIC Insured) | 5,430 | 1,672 | ||
Santa Maria Redev. Agcy. Lease Rev. 5% 6/1/13 (AMBAC Insured) | 1,000 | 1,136 | ||
283,031 | ||||
Colorado - 1.8% | ||||
Adams County School District #12 Thornton 6.2% 12/15/10 (FGIC Insured) | 1,500 | 1,536 | ||
Arapahoe County Cherry Creek School District #5 5.5% 12/15/19 | 3,500 | 3,886 | ||
Colorado Health Facilities Auth. Rev.: | ||||
Series 2001: | ||||
6.5% 11/15/31 | 4,000 | 4,371 | ||
6.625% 11/15/26 | 2,700 | 2,973 | ||
6.25% 2/1/04 | 500 | 513 | ||
6.625% 2/1/13 | 26,700 | 27,281 | ||
6.625% 2/1/22 | 10,900 | 11,138 | ||
Colorado Springs Arpt. Rev. Series C: | ||||
0% 1/1/06 (MBIA Insured) | 250 | 237 | ||
0% 1/1/09 (MBIA Insured) | 1,655 | 1,385 | ||
0% 1/1/10 (MBIA Insured) | 1,500 | 1,192 | ||
Denver City & County Arpt. Rev.: | ||||
Series A, 0% 11/15/05 (MBIA Insured) (g) | 4,480 | 4,268 | ||
Series D, 0% 11/15/05 (MBIA Insured) (g) | 3,000 | 2,858 | ||
Denver City & County Ctfs. of Prtn. Series 2000 B, 5.5% 12/1/25 (AMBAC Insured) | 2,000 | 2,190 | ||
E-470 Pub. Hwy. Auth. Rev. Series 2000 A, 5.75% 9/1/29 (MBIA Insured) | 10,000 | 11,441 | ||
El Paso County School District #20 Series A, 0% 6/15/08 (AMBAC Insured) | 2,600 | 2,258 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Colorado - continued | ||||
Highlands Ranch Metro. District #2: | ||||
6.5% 6/15/10 (FSA Insured) | $ 1,000 | $ 1,231 | ||
6.5% 6/15/12 (FSA Insured) | 1,000 | 1,260 | ||
Longmont Sales & Use Tax Rev. 5.7% 11/15/18 | 2,280 | 2,621 | ||
Thornton County Gen. Oblig. 0% 12/1/08 | 5,000 | 4,286 | ||
86,925 | ||||
Connecticut - 0.6% | ||||
Connecticut Gen. Oblig. Series D: | ||||
5% 8/1/05 (AMBAC Insured) (c) | 7,000 | 7,481 | ||
5% 8/1/06 (AMBAC Insured) (c) | 13,000 | 14,211 | ||
5.375% 11/15/18 | 4,000 | 4,511 | ||
Connecticut Health & Edl. Facilities Auth. Rev. (Quinnipiac College Proj.) Series D, 6% 7/1/13 | 550 | 560 | ||
Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5% 1/1/04 (g) | 900 | 913 | ||
27,676 | ||||
District Of Columbia - 1.5% | ||||
District of Columbia Gen. Oblig.: | ||||
Series 1998 A, 5.25% 6/1/27 (MBIA Insured) | 17,330 | 18,504 | ||
Series 2001 E: | ||||
5% 6/1/04 (FGIC Insured) | 65 | 66 | ||
5% 6/1/04 (FGIC Insured) (Escrowed to Maturity) (h) | 900 | 921 | ||
Series A, 5.25% 6/1/27 (MBIA Insured) (Pre-Refunded to 6/1/08 @ 101) (h) | 2,670 | 3,082 | ||
District of Columbia Rev.: | ||||
(American Assoc. of Advancement in Science Proj.) 5.125% 1/1/27 (AMBAC Insured) | 9,250 | 9,587 | ||
(George Washington Univ. Proj.) Series A, 5.75% 9/15/20 (MBIA Insured) | 12,600 | 14,412 | ||
(Georgetown Univ. Proj.) Series A: | ||||
5.95% 4/1/14 (MBIA Insured) | 2,000 | 2,322 | ||
6% 4/1/18 (MBIA Insured) | 13,835 | 16,095 | ||
(Nat'l. Academy of Sciences Proj.) Series A, 5% 1/1/28 (AMBAC Insured) | 10,000 | 10,296 | ||
75,285 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Florida - 2.8% | ||||
Boynton Beach Util. Sys. Rev. 5.5% 11/1/19 (FGIC Insured) | $ 3,300 | $ 3,846 | ||
Dade County Aviation Rev. (Miami Int'l. Arpt. Proj.) Series B, 6% 10/1/24 (MBIA Insured) (g) | 3,750 | 4,008 | ||
Dade County School District 5.2% 7/15/07 (AMBAC Insured) (c) | 8,320 | 9,368 | ||
Florida Board of Ed. Lottery Rev. Series B, 6% 7/1/15 (FGIC Insured) | 3,300 | 3,922 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Proj.): | ||||
3.35%, tender 9/1/05 (d) | 17,300 | 17,869 | ||
5.25% 11/15/12 | 3,935 | 4,224 | ||
5.25% 11/15/13 | 3,140 | 3,350 | ||
Jacksonville Elec. Auth. Rev.: | ||||
(Saint Johns River Proj.) Series 13 Issue 2, 5.375% 10/1/16 | 4,535 | 4,941 | ||
(Third Installment Proj.) Series 73, 6.8% 7/1/12 (Escrowed to Maturity) (h) | 2,910 | 3,476 | ||
Jacksonville Health Facilities Auth. Indl. Dev. Rev. (Cypress Village/Nat'l. Benevolent Assoc. Proj.) 7% 12/1/22 | 2,000 | 1,446 | ||
Jacksonville Port Auth. Rev.: | ||||
5.5% 11/1/06 (MBIA Insured) (g) | 5,365 | 5,758 | ||
5.75% 11/1/09 (MBIA Insured) (g) | 1,000 | 1,127 | ||
Miami-Dade County Edl. Facilities Auth. Rev. 5.75% 4/1/29 (AMBAC Insured) | 5,000 | 5,633 | ||
Palm Beach County School Board Ctfs. of Prtn. Series A: | ||||
5.5% 8/1/21 (AMBAC Insured) | 6,135 | 6,878 | ||
5.5% 8/1/22 (AMBAC Insured) | 8,210 | 9,126 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | ||||
6% 4/1/08 (AMBAC Insured) (g) | 5,000 | 5,731 | ||
6% 4/1/09 (AMBAC Insured) (g) | 8,090 | 9,370 | ||
Pinellas County Resource Recovery Rev. 5.25% 10/1/05 (MBIA Insured) (g) | 4,010 | 4,336 | ||
Reedy Creek Impt. District Utils. Rev. Series 2: | ||||
5% 10/1/08 (MBIA Insured) (c) | 1,945 | 2,140 | ||
5% 10/1/09 (MBIA Insured) (b)(c) | 2,035 | 2,253 | ||
5.25% 10/1/11 (MBIA Insured) (c) | 4,605 | 5,155 | ||
5.25% 10/1/12 (MBIA Insured) (c) | 15,375 | 17,259 | ||
South Broward Hosp. District Rev. 5.625% 5/1/32 (MBIA Insured) | 2,630 | 2,882 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Florida - continued | ||||
South Miami Health Facilities Auth. Hosp. Rev. (Baptist Health Sys. Oblig. Group Proj.) 5.25% 11/15/33 | $ 1,200 | $ 1,220 | ||
Tampa Wtr. & Swr. Rev.: | ||||
6% 10/1/15 (FSA Insured) | 1,090 | 1,348 | ||
6% 10/1/17 (FSA Insured) | 1,000 | 1,240 | ||
137,906 | ||||
Georgia - 1.2% | ||||
Atlanta & Fulton County Resource Auth. Rev. (Downtown Area Pub. Impt. Proj.) Series A, 5.375% 12/1/21 (MBIA Insured) | 6,000 | 6,460 | ||
College Park Bus. & Indl. Dev. Auth. Civic Ctr. Proj. Rev. Series 2000, 5.75% 9/1/20 (AMBAC Insured) | 5,200 | 6,046 | ||
Columbus Wtr. & Swr. Rev.: | ||||
5.25% 5/1/08 (FSA Insured) (c) | 1,480 | 1,675 | ||
5.25% 5/1/09 (FSA Insured) (c) | 1,560 | 1,788 | ||
5.25% 5/1/12 (FSA Insured) (c) | 2,690 | 3,142 | ||
5.25% 5/1/13 (FSA Insured) (c) | 2,720 | 3,191 | ||
Fulton County Wtr. & Swr. Rev. 6.375% 1/1/14 | 140 | 172 | ||
Gainesville & Hall County Hosp. Auth. Rev. Anticipation Ctfs. (Northeast Georgia Health Sys., Inc. Proj.) 5.5% 5/15/31 | 4,500 | 4,578 | ||
Georgia Gen. Oblig. Series D, 5.8% 11/1/13 | 15,350 | 18,251 | ||
Georgia Muni. Elec. Auth. Pwr. Rev. Series B, 6.2% 1/1/10 (AMBAC Insured) | 5,000 | 5,987 | ||
Henry County Wtr. & Swr. Auth. Rev. 5% 2/1/12 (MBIA Insured) (c) | 1,330 | 1,497 | ||
Private Colleges & Univs. Auth. Rev. (Emory Univ. Proj.) Series A, 5.5% 11/1/24 | 5,000 | 5,581 | ||
58,368 | ||||
Hawaii - 0.8% | ||||
Hawaii Arpts. Sys. Rev.: | ||||
Series 2000 A, 5.75% 7/1/21 (FGIC Insured) | 2,640 | 2,953 | ||
Series 2001, 5.5% 7/1/07 (FGIC Insured) (g) | 4,560 | 5,097 | ||
Hawaii Gen. Oblig.: | ||||
Series CN, 5.25% 3/1/12 (FGIC Insured) | 17,300 | 19,180 | ||
Series CU, 5.75% 10/1/12 (MBIA Insured) | 2,130 | 2,473 | ||
Maui County Gen. Oblig.: | ||||
5% 9/1/07 (MBIA Insured) | 6,825 | 7,613 | ||
5% 9/1/10 (MBIA Insured) | 3,425 | 3,895 | ||
41,211 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Idaho - 0.2% | ||||
Boise City Urban Renewal Agcy. Lease Rev. 5.9% 8/15/29 (AMBAC Insured) | $ 6,950 | $ 7,946 | ||
Illinois - 15.8% | ||||
Chicago Board of Ed.: | ||||
Series A: | ||||
0% 12/1/14 (FGIC Insured) | 4,800 | 3,011 | ||
0% 12/1/16 (FGIC Insured) | 10,100 | 5,622 | ||
0% 12/1/17 (FGIC Insured) | 10,800 | 5,658 | ||
5.5% 12/1/28 (MBIA Insured) | 4,760 | 5,206 | ||
5.5% 12/1/31 (FGIC Insured) | 8,360 | 9,035 | ||
5.75% 12/1/20 (AMBAC Insured) | 4,880 | 5,543 | ||
5.75% 12/1/27 (AMBAC Insured) | 50,050 | 56,466 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
0% 1/1/14 (FGIC Insured) | 17,000 | 11,071 | ||
0% 1/1/15 (FGIC Insured) | 20,000 | 12,350 | ||
0% 1/1/26 (FGIC Insured) | 16,000 | 5,123 | ||
0% 1/1/28 (FGIC Insured) | 23,555 | 6,798 | ||
0% 1/1/30 (FGIC Insured) | 15,335 | 3,978 | ||
(Neighborhoods Alive 21 Prog.): | ||||
Series 2000 A, 6% 1/1/28 (FGIC Insured) | 8,400 | 9,748 | ||
Series A, 5.75% 1/1/40 (FGIC Insured) | 18,500 | 20,551 | ||
Series 1993, 5.25% 1/1/18 (FGIC Insured) | 7,200 | 7,464 | ||
Series 2000 C, 5.5% 1/1/40 (FGIC Insured) | 14,750 | 16,116 | ||
Series 2000 D, 5.5% 1/1/35 (FGIC Insured) | 15,000 | 16,355 | ||
Series A: | ||||
5% 1/1/42 (AMBAC Insured) | 18,955 | 19,527 | ||
5.375% 1/1/13 (AMBAC Insured) | 3,765 | 4,374 | ||
5.375% 1/1/14 (AMBAC Insured) | 2,230 | 2,572 | ||
5.5% 1/1/38 (MBIA Insured) | 15,000 | 16,304 | ||
Series A2, 6.25% 1/1/15 (AMBAC Insured) | 4,885 | 6,094 | ||
Series C, 5.7% 1/1/30 (FGIC Insured) | 15,415 | 17,078 | ||
Chicago Midway Arpt. Rev.: | ||||
Series A, 5.5% 1/1/29 (MBIA Insured) | 24,775 | 26,459 | ||
Series B: | ||||
5.25% 1/1/13 (MBIA Insured) (g) | 2,910 | 3,090 | ||
5.25% 1/1/14 (MBIA Insured) (g) | 3,060 | 3,244 | ||
6% 1/1/05 (MBIA Insured) (g) | 1,360 | 1,444 | ||
6% 1/1/08 (MBIA Insured) (g) | 2,170 | 2,413 | ||
6% 1/1/10 (MBIA Insured) (g) | 2,435 | 2,724 | ||
6.125% 1/1/11 (MBIA Insured) (g) | 2,580 | 2,908 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Chicago Motor Fuel Tax Rev. Series A: | ||||
5.25% 1/1/19 (AMBAC Insured) | $ 1,780 | $ 1,957 | ||
5.375% 1/1/14 (AMBAC Insured) | 4,600 | 5,360 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 1999, 5.5% 1/1/11 (AMBAC Insured) (g) | 10,000 | 11,097 | ||
Series A: | ||||
5.5% 1/1/16 (AMBAC Insured) (g) | 12,000 | 12,872 | ||
5.6% 1/1/10 (AMBAC Insured) | 4,500 | 4,962 | ||
6.25% 1/1/09 (AMBAC Insured) (g) | 6,730 | 7,642 | ||
6.375% 1/1/12 (MBIA Insured) | 4,500 | 4,883 | ||
6.375% 1/1/15 (MBIA Insured) | 14,900 | 16,168 | ||
Series B, 5.75% 1/1/30 (AMBAC Insured) | 13,420 | 14,919 | ||
Chicago Park District Series A: | ||||
5.25% 1/1/18 (FGIC Insured) | 4,690 | 5,196 | ||
5.25% 1/1/19 (FGIC Insured) | 3,000 | 3,274 | ||
5.25% 1/1/20 (FGIC Insured) | 2,195 | 2,401 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. | 9,950 | 10,561 | ||
Chicago Wastewtr. Transmission Rev. 5.375% 1/1/13 (FGIC Insured) | 5,800 | 6,736 | ||
Chicago Wtr. Rev.: | ||||
0% 11/1/16 (AMBAC Insured) | 7,555 | 4,193 | ||
5% 11/1/26 (AMBAC Insured) | 5,315 | 5,498 | ||
5.25% 11/1/27 (FGIC Insured) | 1,300 | 1,379 | ||
Cicero Gen. Oblig. 5.25% 12/1/26 (MBIA Insured) | 3,000 | 3,223 | ||
City of Chicago Spl. Trans. Rev. Series 2001, 5.25% 1/1/31 (AMBAC Insured) | 11,670 | 12,361 | ||
Cook County Gen. Oblig.: | ||||
Series C, 5.5% 11/15/26 (AMBAC Insured) | 5,000 | 5,509 | ||
0% 11/1/08 (AMBAC Insured) (Escrowed to Maturity) (h) | 8,280 | 7,265 | ||
0% 11/1/09 (AMBAC Insured) (Escrowed to Maturity) (h) | 4,000 | 3,344 | ||
DeKalb Single Family Mtg. Rev. Series A, 7.45% 12/1/09 (g) | 25 | 25 | ||
Evanston Gen. Oblig. Series C: | ||||
5.25% 1/1/16 | 1,000 | 1,110 | ||
5.25% 1/1/22 | 2,000 | 2,139 | ||
Illinois Dev. Fin. Auth. Poll. Cont. Rev. (Commonwealth Edison Co. Proj.) Series D, 6.75% 3/1/15 (AMBAC Insured) | 7,000 | 7,688 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Illinois Dev. Fin. Auth. Rev. (Revolving Fund-Master Trust Prog.): | ||||
5.5% 9/1/18 | $ 5,365 | $ 6,067 | ||
5.5% 9/1/19 | 4,405 | 4,945 | ||
Illinois Gen. Oblig.: | ||||
First Series: | ||||
5.375% 7/1/15 (MBIA Insured) | 3,700 | 4,210 | ||
5.5% 8/1/16 (MBIA Insured) | 13,000 | 14,824 | ||
5.5% 8/1/17 (MBIA Insured) | 7,500 | 8,484 | ||
5.5% 8/1/18 (MBIA Insured) | 5,000 | 5,599 | ||
5.75% 12/1/18 (MBIA Insured) | 1,200 | 1,380 | ||
5.5% 4/1/17 (MBIA Insured) | 7,065 | 7,957 | ||
5.6% 4/1/21 (MBIA Insured) | 7,500 | 8,372 | ||
5.7% 4/1/16 (MBIA Insured) | 7,350 | 8,414 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Condell Med. Ctr. Proj.): | ||||
6.5% 5/15/30 | 9,000 | 9,622 | ||
7% 5/15/22 | 5,000 | 5,536 | ||
(Lake Forest Hosp. Proj.): | ||||
Series A, 6.25% 7/1/22 | 4,200 | 4,528 | ||
6% 7/1/33 | 3,775 | 3,969 | ||
(Lutheran Gen. Health Care Sys. Proj.) Series C: | ||||
6% 4/1/18 | 3,000 | 3,387 | ||
7% 4/1/14 | 1,500 | 1,850 | ||
(OSF Health Care Sys. Proj.) 6% 11/15/13 | 7,000 | 7,169 | ||
(Riverside Health Sys. Proj.) 6.85% 11/15/29 | 5,025 | 5,516 | ||
(Swedish American Hosp. Proj.): | ||||
5.375% 11/15/13 (AMBAC Insured) | 3,000 | 3,099 | ||
6.875% 11/15/30 | 6,985 | 7,642 | ||
6.75% 2/15/15 | 1,000 | 1,130 | ||
Illinois Reg'l. Trans. Auth.: | ||||
Series A, 8% 6/1/17 (AMBAC Insured) | 4,500 | 6,264 | ||
Series C, 7.75% 6/1/13 (FGIC Insured) | 2,045 | 2,794 | ||
Illinois Sales Tax Rev.: | ||||
First Series 2001, 5.5% 6/15/12 | 4,500 | 5,223 | ||
6% 6/15/20 | 4,600 | 5,351 | ||
Kane & Du Page Counties Cmnty. Unit School District #303 Saint Charles Series A: | ||||
5.5% 1/1/15 (FSA Insured) | 5,210 | 6,005 | ||
5.5% 1/1/16 (FSA Insured) | 5,680 | 6,470 | ||
5.5% 1/1/17 (FSA Insured) | 3,230 | 3,654 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Kane County School District #129 Aurora West Side: | ||||
Series A: | ||||
5.75% 2/1/17 (FGIC Insured) | $ 2,455 | $ 2,801 | ||
5.75% 2/1/20 (FGIC Insured) | 7,360 | 8,312 | ||
6% 2/1/23 (FGIC Insured) | 1,335 | 1,531 | ||
Lake County Cmnty. Consolidated School District #50 Woodland Series 2000 A, 6% 12/1/20 (FGIC Insured) | 6,000 | 6,957 | ||
Lake County Forest Preservation District: | ||||
0% 12/1/07 | 10,440 | 9,331 | ||
0% 12/1/08 | 12,505 | 10,737 | ||
McHenry County Conservation District Series A, 5.625% 2/1/21 (FGIC Insured) | 5,730 | 6,342 | ||
Metro. Pier & Exposition Auth. Dedicated State Tax Rev.: | ||||
(McCormick Place Expansion Proj.): | ||||
Series 2002 A: | ||||
0% 12/15/32 (MBIA Insured) | 15,000 | 3,327 | ||
5.75% 6/15/41 (MBIA Insured) | 8,000 | 8,880 | ||
Series 2002 B: | ||||
0% 6/15/17 (MBIA Insured) (a) | 1,300 | 895 | ||
0% 6/15/20 (MBIA Insured) (a) | 2,000 | 1,384 | ||
Series A: | ||||
0% 6/15/08 (MBIA Insured) | 3,820 | 3,326 | ||
0% 6/15/08 (MBIA Insured) (Escrowed to Maturity) (h) | 3,335 | 2,961 | ||
0% 6/15/11 (FGIC Insured) | 6,000 | 4,607 | ||
0% 6/15/15 (FGIC Insured) | 15,000 | 9,088 | ||
0% 6/15/31 (MBIA Insured) | 13,300 | 3,194 | ||
5.25% 12/15/10 (AMBAC Insured) | 12,950 | 14,514 | ||
6.65% 6/15/12 (FGIC Insured) | 250 | 256 | ||
Series 2002 A: | ||||
0% 6/15/09 (FGIC Insured) | 460 | 382 | ||
0% 6/15/09 (FGIC Insured) (Escrowed to Maturity) (h) | 18,150 | 15,382 | ||
Series 2002: | ||||
0% 6/15/10 (FGIC Insured) (Escrowed to Maturity) (h) | 16,640 | 13,253 | ||
0% 6/15/13 (FGIC Insured) | 5,430 | 3,673 | ||
0% 6/15/13 (FGIC Insured) (Escrowed to Maturity) (h) | 4,155 | 2,908 | ||
Series A, 0% 6/15/09 (FGIC Insured) (Escrowed to Maturity) (h) | 2,325 | 1,970 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Metro. Pier & Exposition Auth. Dedicated State Tax Rev.: - continued | ||||
0% 6/15/10 (FGIC Insured) | $ 360 | $ 283 | ||
Moline Gen. Oblig. Series A, 5.5% 2/1/17 (FGIC Insured) | 1,000 | 1,132 | ||
Univ. of Illinois Auxiliary Facilities Sys. Rev.: | ||||
Series A, 0% 4/1/21 (MBIA Insured) | 4,965 | 2,093 | ||
0% 4/1/17 (MBIA Insured) | 16,270 | 8,735 | ||
0% 4/1/20 (MBIA Insured) | 8,000 | 3,594 | ||
781,397 | ||||
Indiana - 0.7% | ||||
Indiana Bond Bank Rev. Series B: | ||||
5% 2/1/19 (MBIA Insured) (c) | 1,940 | 2,074 | ||
5% 2/1/20 (MBIA Insured) (c) | 1,635 | 1,735 | ||
Indiana Dev. Fin. Auth. Rev. 5.95% 8/1/30 (g) | 7,350 | 7,120 | ||
Indiana Health Facilities Fing. Auth. Hosp. Rev.: | ||||
(Columbus Reg'l. Hosp. Proj.) 7% 8/15/15 (FSA Insured) | 2,500 | 3,242 | ||
5.5% 2/15/30 (MBIA Insured) | 5,295 | 5,696 | ||
Indianapolis Arpt. Auth. Rev. Series A, 5.6% 7/1/15 (FGIC Insured) | 1,000 | 1,112 | ||
Indianapolis Econ. Dev. Rev. (Nat'l. Benevolent Assoc. Proj.) 7.625% 10/1/22 | 3,000 | 2,327 | ||
Petersburg Poll. Cont. Rev.: | ||||
(Indianapolis Pwr. & Lt. Co. Proj.) 5.9% 12/1/24 (g) | 10,000 | 9,879 | ||
5.95% 12/1/29 (g) | 2,000 | 1,974 | ||
35,159 | ||||
Iowa - 0.6% | ||||
Iowa Fin. Auth. Hosp. Facilities Rev.: | ||||
5.875% 2/15/30 (AMBAC Insured) | 15,000 | 16,838 | ||
6.625% 2/15/12 | 2,000 | 2,328 | ||
6.75% 2/15/13 | 1,000 | 1,153 | ||
6.75% 2/15/14 | 1,280 | 1,469 | ||
6.75% 2/15/15 | 1,000 | 1,132 | ||
6.75% 2/15/17 | 1,000 | 1,120 | ||
Tobacco Settlement Auth. Tobacco Settlement Rev. 5.3% 6/1/25 | 10,000 | 7,817 | ||
31,857 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Kansas - 0.7% | ||||
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) 4.75%, tender 10/1/07 (d) | $ 7,800 | $ 8,218 | ||
Kansas City Util. Sys. Rev.: | ||||
0% 3/1/09 (AMBAC Insured) (Escrowed to Maturity) (h) | 3,975 | 3,396 | ||
0% 9/1/10 (AMBAC Insured) | 2,865 | 2,272 | ||
0% 9/1/10 (AMBAC Insured) (Escrowed to Maturity) (h) | 3,825 | 3,060 | ||
Kansas Dept. of Trans. Hwy. Rev. Series 2000 A, 5.75% 9/1/15 | 4,800 | 5,598 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Sisters of Charity Proj.) Series J, 6.25% 12/1/28 | 4,500 | 4,951 | ||
Wichita Hosp. Rev. Series III A, 6.465% 10/20/17 (MBIA Insured) | 6,000 | 6,139 | ||
33,634 | ||||
Kentucky - 2.1% | ||||
Jefferson County Cap. Projs. Corp. Rev. (Lease Prog.) Series A, 0% 8/15/11 | 5,250 | 3,923 | ||
Jefferson County Hosp. Rev. (Alliant Health Sys. Proj.) 6.367% 10/9/08 (MBIA Insured) | 1,800 | 1,837 | ||
Louisville & Jefferson County Metro. Swr. District Swr. & Drain Sys. Rev. Series A, 5.75% 5/15/33 (FGIC Insured) | 65,000 | 74,486 | ||
Louisville & Jefferson County Reg'l. Arpt. Auth. Arpt. Sys. Rev. Series 2001 A: | ||||
5.25% 7/1/09 (FSA Insured) (g) | 1,545 | 1,728 | ||
5.5% 7/1/10 (FSA Insured) (g) | 3,800 | 4,293 | ||
Owensboro Elec. Lt. & Pwr. Rev. Series B: | ||||
0% 1/1/07 (AMBAC Insured) | 10,000 | 9,258 | ||
0% 1/1/08 (AMBAC Insured) | 600 | 534 | ||
0% 1/1/09 (AMBAC Insured) | 2,000 | 1,699 | ||
0% 1/1/10 (AMBAC Insured) | 7,440 | 6,018 | ||
103,776 | ||||
Louisiana - 0.8% | ||||
Lafayette Pub. Pwr. Auth. Elec. Rev. Series A, 5% 11/1/08 (AMBAC Insured) (c) | 2,355 | 2,658 | ||
Louisiana Gas & Fuel Tax Rev. Series A, 5.375% 6/1/20 (AMBAC Insured) | 3,000 | 3,305 | ||
Monroe-West Monroe Pub. Trust Fing. Auth. Mtg. Rev. Series C, 0% 8/20/14 | 9,000 | 5,407 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Louisiana - continued | ||||
New Orleans Gen. Oblig.: | ||||
0% 9/1/08 (AMBAC Insured) | $ 10,000 | $ 8,695 | ||
0% 9/1/09 (AMBAC Insured) | 16,500 | 13,631 | ||
0% 9/1/11 (AMBAC Insured) | 3,665 | 2,737 | ||
0% 9/1/14 (AMBAC Insured) | 4,000 | 2,566 | ||
38,999 | ||||
Maryland - 0.5% | ||||
Carroll County Gen. Oblig.: | ||||
5% 11/1/06 (c) | 1,135 | 1,253 | ||
5% 11/1/09 (c) | 1,000 | 1,134 | ||
5% 11/1/10 (c) | 1,000 | 1,132 | ||
Howard County Mtg. Rev. (Heartlands Elderly Apts. Proj.) 8.875% 12/20/10 (MBIA Insured) | 250 | 251 | ||
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. (Residential Proj.) Series B, 5.05% 9/1/19 (g) | 1,270 | 1,294 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Good Samaritan Hosp. Proj.): | ||||
5.75% 7/1/13 (AMBAC Insured) (Escrowed to Maturity) (h) | 995 | 1,178 | ||
5.75% 7/1/13 (Escrowed to Maturity) (h) | 1,605 | 1,901 | ||
(Johns Hopkins Univ. Issue Proj.) 5% 7/1/32 | 3,000 | 3,131 | ||
(Univ. of Maryland Med. Sys. Proj.) 6.75% 7/1/30 | 10,415 | 11,705 | ||
Prince Georges County Solid Waste Mgmt. Sys. Rev. 5.25% 6/15/13 (FSA Insured) | 1,500 | 1,535 | ||
24,514 | ||||
Massachusetts - 7.6% | ||||
Massachusetts Bay Trans. Auth.: | ||||
Series 2000 A, 5.25% 7/1/30 | 7,105 | 7,531 | ||
Series A: | ||||
5.375% 3/1/19 | 15,000 | 16,207 | ||
5.75% 3/1/26 | 17,795 | 20,095 | ||
Series B: | ||||
5.25% 3/1/26 (FSA Insured) | 14,850 | 15,501 | ||
6.2% 3/1/16 | 3,800 | 4,649 | ||
Massachusetts Bay Trans. Auth. Sales Tax Rev. | 17,500 | 18,911 | ||
Massachusetts Ed. Ln. Auth. Ed. Ln. Rev.: | ||||
Series A Issue E, 4.9% 7/1/13 (AMBAC Insured) (g) | 5,105 | 5,357 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Massachusetts - continued | ||||
Massachusetts Ed. Ln. Auth. Ed. Ln. Rev.: - continued | ||||
Series B Issue E: | ||||
5.75% 7/1/05 (AMBAC Insured) (g) | $ 1,470 | $ 1,555 | ||
5.85% 7/1/06 (AMBAC Insured) (g) | 1,750 | 1,845 | ||
5.95% 7/1/07 (AMBAC Insured) (g) | 1,890 | 1,982 | ||
6.05% 7/1/08 (AMBAC Insured) (g) | 1,950 | 2,042 | ||
6.15% 7/1/10 (AMBAC Insured) (g) | 780 | 814 | ||
6.25% 7/1/11 (AMBAC Insured) (g) | 460 | 480 | ||
6.3% 7/1/12 (AMBAC Insured) (g) | 480 | 500 | ||
Massachusetts Fed. Hwy. Series 2000 A: | ||||
5.75% 6/15/11 | 10,000 | 11,738 | ||
5.75% 6/15/12 | 5,000 | 5,815 | ||
5.75% 6/15/13 | 5,000 | 5,880 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2001 A, 5.5% 1/1/10 | 7,500 | 8,613 | ||
Series 2002 A, 7.5% 6/1/04 (Escrowed to Maturity) (h) | 90 | 95 | ||
Series 2003 C, 5% 12/1/07 (XL Cap. Assurance, Inc. Insured) | 8,750 | 9,818 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 | 4,215 | 4,307 | ||
(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 (AMBAC Insured) | 2,000 | 2,366 | ||
(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (MBIA Insured) | 3,800 | 3,930 | ||
(South Shore Hosp. Proj.) Series F, 5.75% 7/1/29 | 11,930 | 12,391 | ||
(Tufts Univ. Proj.) Series I, 5.5% 2/15/36 | 10,000 | 10,759 | ||
(Univ. of Massachusetts Proj.) Series A, 5.875% 10/1/29 (FGIC Insured) | 10,000 | 11,455 | ||
(Wellesley College Proj.) Series F, 5.125% 7/1/39 | 6,500 | 6,760 | ||
Massachusetts Hsg. Fin. Agcy. Hsg. Rev. (Rental Proj.) Series A: | ||||
6.6% 7/1/14 (AMBAC Insured) (g) | 2,190 | 2,281 | ||
6.65% 7/1/19 (AMBAC Insured) (g) | 1,760 | 1,832 | ||
Massachusetts Indl. Fin. Agcy. Resource Recovery Rev. (Ogden Haverhill Proj.): | ||||
Series 1992 A: | ||||
4.7% 12/1/03 | 1,975 | 1,978 | ||
4.8% 12/1/04 | 3,750 | 3,762 | ||
Series A: | ||||
4.85% 12/1/05 | 2,200 | 2,189 | ||
4.95% 12/1/06 | 2,000 | 1,971 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Massachusetts - continued | ||||
Massachusetts Indl. Fin. Agcy. Rev. (Massachusetts Biomedical Research Corp. Proj.) Series A2: | ||||
0% 8/1/04 | $ 4,000 | $ 3,944 | ||
0% 8/1/06 | 30,800 | 28,812 | ||
0% 8/1/08 | 5,000 | 4,344 | ||
0% 8/1/09 | 21,800 | 17,969 | ||
0% 8/1/10 | 2,000 | 1,563 | ||
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Series A, 5% 7/1/10 (AMBAC Insured) | 4,610 | 4,780 | ||
Massachusetts Port Auth. Rev. Series 1999 C, 5.75% 7/1/29 (FSA Insured) | 15,845 | 17,791 | ||
Massachusetts Tpk. Auth. Metro. Hwy. Sys. Rev. | 7,950 | 8,258 | ||
Massachusetts Tpk. Auth. Western Tpk. Rev. Series A, 5.55% 1/1/17 (MBIA Insured) | 18,430 | 18,800 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series A, 5.25% 8/1/13 | 90 | 100 | ||
Massachusetts Wtr. Resources Auth. Series A, 5.75% 8/1/39 (FGIC Insured) | 33,000 | 37,590 | ||
New England Ed. Ln. Marketing Corp. Series A, 5.7% 7/1/05 (g) | 18,250 | 19,694 | ||
Route 3 North Trans. Impt. Assoc. Lease Rev. 5.75% 6/15/16 (MBIA Insured) | 4,850 | 5,612 | ||
374,666 | ||||
Michigan - 1.9% | ||||
Caladonia Cmnty. Schools Counties of Kent, Allegan & Barry 5.5% 5/1/26 (FGIC Insured) | 7,000 | 7,539 | ||
Detroit Convention Facilities Rev. (Cobo Hall Expansion Proj.) 5.25% 9/30/12 | 4,000 | 4,094 | ||
Detroit Wtr. Supply Sys. Rev. Series A, 5.25% 7/1/33 (FGIC Insured) | 4,520 | 4,815 | ||
Livonia Pub. School District 5.875% 5/1/25 | 3,000 | 3,451 | ||
Michigan Ctfs. of Prtn. 5.75% 6/1/17 (AMBAC Insured) | 1,460 | 1,683 | ||
Michigan Hosp. Fin. Auth. Hosp. Rev.: | ||||
(Mercy Health Svcs. Proj.): | ||||
Series Q, 5.375% 8/15/26 (AMBAC Insured) (Escrowed to Maturity) (h) | 4,750 | 5,112 | ||
Series W, 5.25% 8/15/27 (FSA Insured) | 4,000 | 4,258 | ||
Series X, 6% 8/15/34 (MBIA Insured) | 10,675 | 12,123 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Hosp. Rev.: - continued | ||||
(Sisters of Mercy Health Corp. Proj.) Series P, 5.375% 8/15/14 (MBIA Insured) (Escrowed to Maturity) (h) | $ 420 | $ 478 | ||
(Trinity Health Sys. Proj.) Series 2000 A, 6% 12/1/27 | 2,000 | 2,177 | ||
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series B, 5.7% 4/1/12 | 3,750 | 3,869 | ||
Michigan Muni. Bond Auth. Rev. (State Revolving Fund Prog.) 5.125% 10/1/20 | 18,300 | 19,485 | ||
Michigan Strategic Fund Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 4.2%, tender 12/1/05 (d)(g) | 5,000 | 5,109 | ||
Michigan Trunk Line Fund Series A, 0% 10/1/09 (AMBAC Insured) | 8,010 | 6,620 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.): | ||||
Series M, 5.25% 11/15/31 (MBIA Insured) | 7,000 | 7,334 | ||
5.5% 1/1/14 | 3,695 | 3,892 | ||
6.25% 1/1/09 | 400 | 463 | ||
92,502 | ||||
Minnesota - 1.1% | ||||
Mankato Independent School District #77 Series A: | ||||
4.5% 2/1/08 (FSA Insured) (c) | 1,520 | 1,657 | ||
4.5% 2/1/09 (FSA Insured) (c) | 1,000 | 1,084 | ||
5% 2/1/13 (FSA Insured) (c) | 1,350 | 1,452 | ||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Healthspan Corp. Proj.) Series A, 4.75% 11/15/18 (AMBAC Insured) | 9,700 | 9,935 | ||
Minneapolis Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2002 A, 6% 11/15/23 | 6,000 | 6,429 | ||
Minnesota Agric. & Economic Dev. Board Rev. (Health Care Sys. Proj.) Series A, 6.375% 11/15/29 | 12,000 | 12,997 | ||
Minnesota Hsg. Fin. Agcy. (Single Family Mtg. Prog.) Series B, 5.8% 7/1/25 (g) | 4,780 | 4,860 | ||
Saint Cloud Health Care Rev. (Saint Cloud Hosp. Group Oblig. Proj.) Series A, 5.875% 5/1/30 (FSA Insured) | 8,500 | 9,650 | ||
Saint Cloud Hosp. Facilities Rev. (Saint Cloud Hosp. Proj.) Series C, 5.25% 10/1/13 (AMBAC Insured) | 2,000 | 2,054 | ||
Waconia Independent School District #110 Series A: | ||||
5% 2/1/13 (FSA Insured) (c) | 1,030 | 1,126 | ||
5% 2/1/14 (FSA Insured) (c) | 1,055 | 1,146 | ||
5% 2/1/15 (FSA Insured) (c) | 1,155 | 1,246 | ||
53,636 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Mississippi - 0.1% | ||||
Hinds County Rev. (Mississippi Methodist Hosp. & Rehabilitation Proj.) 5.6% 5/1/12 (AMBAC Insured) | $ 4,000 | $ 4,570 | ||
Missouri - 0.1% | ||||
Missouri Envir. Impt. & Energy Resources Auth. Wtr. Poll. Cont. & Drinking Wtr. Rev. (State Revolving Fund Prog.) Series 2003 A: | ||||
5.125% 1/1/19 | 5,000 | 5,522 | ||
5.25% 1/1/18 | 1,280 | 1,426 | ||
Missouri Hsg. Dev. Commission Single Family Mtg. Rev. Series C, 5.5% 3/1/16 (g) | 590 | 599 | ||
7,547 | ||||
Montana - 0.3% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Projs.) Series A, 5.2%, tender 5/1/09 (d) | 7,700 | 7,966 | ||
Montana Board of Invt. (Payroll Tax Workers Compensation Prog.): | ||||
Series 1996: | ||||
6.875% 6/1/20 (MBIA Insured) (Escrowed to Maturity) (h) | 5,125 | 6,031 | ||
6.875% 6/1/20 (MBIA Insured) (Escrowed to Maturity) (h) | 2,005 | 2,359 | ||
16,356 | ||||
Nebraska - 0.4% | ||||
Nebraska Pub. Pwr. District Rev. Series A: | ||||
0% 1/1/07 (MBIA Insured) | 15,485 | 14,301 | ||
5.25% 1/1/12 (MBIA Insured) | 3,250 | 3,628 | ||
17,929 | ||||
Nevada - 1.3% | ||||
Clark County Arpt. Rev. Series C: | ||||
5.375% 7/1/17 (AMBAC Insured) (g) | 4,310 | 4,685 | ||
5.375% 7/1/19 (AMBAC Insured) (g) | 1,100 | 1,177 | ||
5.375% 7/1/21 (AMBAC Insured) (g) | 1,600 | 1,693 | ||
Clark County Gen. Oblig. Series 2000, 5.5% 7/1/30 (MBIA Insured) | 4,500 | 4,929 | ||
Clark County School District: | ||||
Series 2000 A: | ||||
5.75% 6/15/17 (MBIA Insured) | 4,115 | 4,734 | ||
5.75% 6/15/20 (MBIA Insured) | 7,690 | 8,765 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Nevada - continued | ||||
Clark County School District: - continued | ||||
Series B, 0% 3/1/09 (FGIC Insured) | $ 4,000 | $ 3,363 | ||
Las Vegas Downtown Redev. Agcy. Tax Increment Rev. (Fremont Street Proj.) Series A, 6.1% 6/15/14 | 500 | 529 | ||
Nevada Gen. Oblig. (Cap. Impt. Proj.) Series B, 5.25% 6/1/11 | 5,025 | 5,634 | ||
Truckee Meadows Wtr. Auth. Wtr. Rev. 5.25% 7/1/34 (FSA Insured) | 18,840 | 19,886 | ||
Washoe County Gen. Oblig.: | ||||
(Reno Sparks Proj.) Series B: | ||||
0% 7/1/12 (FSA Insured) | 4,605 | 3,303 | ||
0% 7/1/13 (FSA Insured) | 4,590 | 3,133 | ||
0% 7/1/14 (FSA Insured) | 3,000 | 1,939 | ||
5% 9/1/10 (FSA Insured) | 1,745 | 1,938 | ||
65,708 | ||||
New Hampshire - 0.0% | ||||
New Hampshire Health & Edl. Facilities Auth. Rev. (Univ. Sys. of New Hampshire Proj.) 5.25% 7/1/09 (AMBAC Insured) | 1,080 | 1,238 | ||
New Jersey - 1.6% | ||||
Evesham Township Muni. Utils. Auth. Rev. Series 2003 A, 5.125% 7/1/14 (AMBAC Insured) | 2,440 | 2,763 | ||
Middlesex County Poll. Cont. Auth. Rev. (Amerada Hess Corp. Proj.) 7.875% 6/1/22 | 7,750 | 8,185 | ||
New Jersey Health Care Facilities Fing. Auth. Rev. (Christ Hosp. Group Issue Proj.) 7% 7/1/06 (AMBAC Insured) | 1,635 | 1,885 | ||
New Jersey Tpk. Auth. Tpk. Rev.: | ||||
Series 2002 A, 5.625% 1/1/15 (MBIA Insured) | 6,900 | 7,909 | ||
Series A, 5% 1/1/22 (FSA Insured) (c) | 8,300 | 8,820 | ||
New Jersey Trans. Trust Fund Auth. Series B, 5% 6/15/13 (AMBAC Insured) | 11,055 | 12,065 | ||
North Hudson Swr. Auth. Swr. Rev. Series A: | ||||
5.25% 8/1/16 (FGIC Insured) | 3,000 | 3,352 | ||
5.25% 8/1/18 (FGIC Insured) | 3,235 | 3,567 | ||
5.25% 8/1/19 (FGIC Insured) | 2,735 | 2,998 | ||
Tobacco Settlement Fing. Corp.: | ||||
4.375% 6/1/19 | 4,200 | 3,966 | ||
5.75% 6/1/32 | 9,700 | 8,550 | ||
6.125% 6/1/24 | 8,500 | 8,081 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New Jersey - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
6.125% 6/1/42 | $ 4,500 | $ 3,730 | ||
Warren County Poll. Cont. Fing. Auth. Resource Recovery Rev. 6.55% 12/1/06 (MBIA Insured) | 1,000 | 1,031 | ||
76,902 | ||||
New Mexico - 0.6% | ||||
Albuquerque Arpt. Rev.: | ||||
6.5% 7/1/08 (AMBAC Insured) (g) | 1,500 | 1,756 | ||
6.7% 7/1/18 (AMBAC Insured) (g) | 2,500 | 2,910 | ||
6.75% 7/1/09 (AMBAC Insured) (g) | 1,150 | 1,385 | ||
6.75% 7/1/10 (AMBAC Insured) (g) | 1,700 | 2,057 | ||
6.75% 7/1/12 (AMBAC Insured) (g) | 1,935 | 2,386 | ||
Bernalillo County Gross Receipt Tax Rev. 5.25% 10/1/26 | 5,790 | 6,100 | ||
New Mexico Edl. Assistance Foundation Sr. Series A3, 4.95% 3/1/09 (g) | 5,000 | 5,448 | ||
Univ. of New Mexico Univ. Revs. Series A, 6% 6/1/21 | 5,340 | 6,512 | ||
28,554 | ||||
New York - 10.5% | ||||
Metro. Trans. Auth. Commuter Facilities Rev.: | ||||
Series A, 6% 7/1/24 (Pre-Refunded to 7/1/09 @ 100) (h) | 1,900 | 2,286 | ||
Series B, 4.875% 7/1/18 (FGIC Insured) (Escrowed to Maturity) (h) | 2,540 | 2,697 | ||
Series D, 5.125% 7/1/22 (MBIA Insured) (Escrowed to Maturity) (h) | 5,310 | 5,632 | ||
Metro. Trans. Auth. Dedicated Tax Fund Series 2000 A, 6% 4/1/30 (FGIC Insured) (Pre-Refunded to 4/1/10 @ 100) (h) | 5,000 | 6,014 | ||
Metro. Trans. Auth. Svc. Contract Rev.: | ||||
(Commuter Facilities Proj.) Series O, 5.75% 7/1/13 (Escrowed to Maturity) (h) | 14,250 | 16,857 | ||
Series B, 5% 1/1/08 (FGIC Insured) | 14,225 | 15,825 | ||
Metro. Trans. Auth. Transit Facilities Rev.: | ||||
(Svc. Contract Proj.) Series R, 5.4% 7/1/10 (Escrowed to Maturity) (h) | 2,680 | 3,101 | ||
Series B2, 5% 7/1/17 (MBIA Insured) (Escrowed to Maturity) (h) | 2,950 | 3,222 | ||
Series C: | ||||
4.75% 7/1/16 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (h) | 1,005 | 1,133 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Metro. Trans. Auth. Transit Facilities Rev.: - continued | ||||
Series C: | ||||
5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 1/1/12 @ 100) (h) | $ 500 | $ 578 | ||
5.125% 7/1/14 (FSA Insured) (Pre-Refunded to 7/1/12 @ 100) (h) | 1,125 | 1,308 | ||
Nassau County Gen. Oblig. Series Z: | ||||
5% 9/1/11 (FGIC Insured) | 2,300 | 2,558 | ||
5% 9/1/12 (FGIC Insured) | 4,500 | 4,985 | ||
New York City Gen. Oblig.: | ||||
Series A: | ||||
5.25% 11/1/14 (MBIA Insured) | 1,850 | 2,081 | ||
6% 8/1/18 (FSA Insured) (Escrowed to Maturity) (h) | 4,900 | 4,916 | ||
Series C: | ||||
5.75% 3/15/27 (FSA Insured) | 4,000 | 4,514 | ||
6.4% 8/1/03 | 2,425 | 2,434 | ||
Series D: | ||||
8% 2/1/05 | 1,810 | 1,977 | ||
8% 2/1/05 (Escrowed to Maturity) (h) | 740 | 818 | ||
Series E, 6% 8/1/11 | 3,500 | 3,848 | ||
Series G, 5.25% 8/1/14 (AMBAC Insured) | 2,500 | 2,789 | ||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 | 1,660 | 1,770 | ||
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.) 6% 1/1/08 (g) | 500 | 516 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 1996 B: | ||||
5.75% 6/15/26 (MBIA Insured) | 5,970 | 6,547 | ||
5.875% 6/15/26 | 1,125 | 1,270 | ||
Series A: | ||||
5.75% 6/15/31 (FGIC Insured) | 2,725 | 3,085 | ||
6% 6/15/28 | 12,500 | 14,451 | ||
Series B: | ||||
5.75% 6/15/26 | 10,000 | 11,157 | ||
5.75% 6/15/26 (AMBAC Insured) | 10,000 | 11,217 | ||
5.75% 6/15/29 | 56,120 | 62,839 | ||
5.75% 6/15/29 (MBIA Insured) | 15,950 | 17,892 | ||
New York City Trust Cultural Resources Rev. (American Museum of Natural History Proj.) Series A, 5.65% 4/1/27 (MBIA Insured) | 6,500 | 7,074 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York Local Govt. Assistance Corp.: | ||||
Series B, 0% 4/1/08 | $ 4,500 | $ 3,960 | ||
Series C, 5.5% 4/1/17 | 21,915 | 25,589 | ||
New York State Dorm. Auth. Rev.: | ||||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A, 5.75% 7/1/09 | 4,370 | 5,064 | ||
Series D: | ||||
7% 7/1/09 (Escrowed to Maturity) (h) | 2,000 | 2,319 | ||
7% 7/1/09 (FGIC Insured) (Escrowed to Maturity) (h) | 3,780 | 4,389 | ||
(City Univ. Sys. Proj.) Series C, 7.5% 7/1/10 (FGIC Insured) | 24,650 | 30,091 | ||
(State Univ. Edl. Facilities Proj.): | ||||
Series A, 5.875% 5/15/17 (FGIC Insured) | 6,865 | 8,431 | ||
5.95% 5/15/29 (FGIC Insured) (Pre-Refunded to 5/15/10 @ 101) (h) | 13,250 | 16,052 | ||
(Suffolk County Judicial Facilities Proj.) Series A, 9.5% 4/15/14 | 690 | 780 | ||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 3,000 | 3,525 | ||
New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev. Series F: | ||||
4.875% 6/15/18 | 4,205 | 4,462 | ||
4.875% 6/15/18 (Escrowed to Maturity) (h) | 3,075 | 3,299 | ||
4.875% 6/15/20 | 8,500 | 8,941 | ||
5% 6/15/15 | 3,015 | 3,253 | ||
5% 6/15/15 (Escrowed to Maturity) (h) | 3,985 | 4,433 | ||
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) | 12,150 | 14,600 | ||
Series D, 5.125% 6/15/19 (Escrowed to Maturity) (h) | 4,930 | 5,371 | ||
New York State Med. Care Facilities Fin. Agcy. Rev. (Mtg. Prog.) Series E, 6.2% 2/15/15 (FHA Insured) | 1,500 | 1,643 | ||
New York State Thruway Auth. Gen. Rev. (Spl. Oblig. Cross Proj.) Series A, 0% 1/1/05 | 8,500 | 8,250 | ||
New York State Thruway Auth. State Personal Income Tax Rev. Series A, 5.5% 3/15/17 | 3,500 | 3,947 | ||
New York State Thruway Auth. Svc. Contract Rev.: | ||||
Series B, 5.375% 4/1/11 (MBIA Insured) | 10,000 | 11,292 | ||
5.5% 4/1/16 | 7,500 | 8,491 | ||
New York State Urban Dev. Corp. Rev. Series C1: | ||||
5.5% 3/15/18 (FGIC Insured) | 1,045 | 1,184 | ||
5.5% 3/15/20 (FGIC Insured) | 2,795 | 3,126 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured) | $ 2,190 | $ 2,373 | ||
Niagara Falls Gen. Oblig. (Pub. Impt. Proj.) 7.5% 3/1/18 (MBIA Insured) | 500 | 695 | ||
Tobacco Settlement Fing. Corp. Series A1, 5.5% 6/1/15 | 33,500 | 36,275 | ||
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E, 7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) | 9,650 | 11,332 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
Series A, 5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (h) | 13,315 | 15,045 | ||
Series B, 5.2% 1/1/27 (FGIC Insured) (Pre-Refunded to 7/1/22 @ 100) (h) | 3,000 | 3,371 | ||
Series SR, 5.5% 1/1/12 (Escrowed to Maturity) (h) | 10,185 | 11,723 | ||
Series Y, 5.5% 1/1/17 (Escrowed to Maturity) (h) | 19,100 | 22,752 | ||
Triborough Bridge & Tunnel Auth. Spl. Oblig. Series A, 5.25% 1/1/11 (FGIC Insured) (Escrowed to Maturity) (h) | 3,320 | 3,743 | ||
517,192 | ||||
New York & New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (g) | 3,400 | 3,635 | ||
North Carolina - 4.2% | ||||
North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A, 5.125% 7/1/42 | 21,500 | 22,479 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: | ||||
Series 1993 B, 7% 1/1/08 (MBIA Insured) | 6,900 | 8,262 | ||
Series A: | ||||
5.5% 1/1/11 | 8,600 | 9,365 | ||
5.75% 1/1/26 | 4,000 | 4,153 | ||
Series B: | ||||
5.875% 1/1/21 (MBIA Insured) | 22,725 | 25,717 | ||
6% 1/1/05 | 17,500 | 17,895 | ||
7% 1/1/08 | 9,000 | 10,385 | ||
7.25% 1/1/07 | 8,375 | 9,553 | ||
Series C: | ||||
5.25% 1/1/04 | 1,000 | 1,018 | ||
5.25% 1/1/09 | 2,500 | 2,707 | ||
5.5% 1/1/07 | 5,950 | 6,454 | ||
7% 1/1/07 | 15,715 | 17,797 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
North Carolina - continued | ||||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: - continued | ||||
Series D: | ||||
5.375% 1/1/10 | $ 4,500 | $ 4,875 | ||
6.7% 1/1/19 | 5,000 | 5,630 | ||
6.75% 1/1/26 | 7,000 | 7,801 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 1992, 7.25% 1/1/07 | 5,200 | 5,969 | ||
Series 1999 B, 6.375% 1/1/08 | 7,000 | 7,962 | ||
Series A: | ||||
5.125% 1/1/15 (MBIA Insured) | 6,860 | 7,435 | ||
5.125% 1/1/17 (MBIA Insured) | 31,350 | 33,659 | ||
209,116 | ||||
North Dakota - 0.8% | ||||
Mercer County Poll. Cont. Rev.: | ||||
(Antelope Valley Station/Basin Elec. Pwr. Coop. Proj.) 7.2% 6/30/13 (AMBAC Insured) | 26,000 | 32,863 | ||
(Montana-Dakota Utils. Co. Proj.) 6.65% 6/1/22 (FGIC Insured) | 3,750 | 3,799 | ||
North Dakota Bldg. Auth. Lease Rev. Series A, 5.25% 6/1/08 (FGIC Insured) | 1,675 | 1,902 | ||
38,564 | ||||
Ohio - 1.4% | ||||
Cincinnati Gen. Oblig. (Police & Firemen's Disability Proj.) 6% 12/1/35 | 11,000 | 12,885 | ||
Cuyahoga County Rev. (Cleveland Clinic Health Sys. Obligated Group Prog.) Series 2003 A, 6% 1/1/20 | 6,600 | 7,250 | ||
Franklin County Hosp. Rev. 5.5% 5/1/28 | 4,265 | 4,642 | ||
Hilliard School District 5.75% 12/1/24 (FGIC Insured) | 4,725 | 5,458 | ||
Lake Local School District Stark County Series 2000, 5.75% 12/1/26 (FGIC Insured) | 2,760 | 3,126 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series A: | ||||
6% 12/1/19 | 10,000 | 11,018 | ||
6% 12/1/26 | 10,000 | 10,956 | ||
Ohio Solid Waste Rev. (Waste Mgmt., Inc. Proj.) 4.85%, tender 11/1/07 (d)(g) | 5,000 | 5,149 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. | 2,315 | 2,545 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Ohio - continued | ||||
Richland County Hosp. Facilities (MedCentral Health Sys. Proj.) Series B, 6.375% 11/15/30 | $ 3,000 | $ 3,198 | ||
Univ. of Cincinnati Ctfs. of Prtn. 5.125% 6/1/28 | 3,750 | 3,942 | ||
70,169 | ||||
Oklahoma - 0.8% | ||||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) 6% 2/15/29 | 15,000 | 16,482 | ||
Oklahoma Industries Auth. Rev. (Health Sys. Oblig. Group Proj.) Series A, 5.75% 8/15/29 (MBIA Insured) | 19,750 | 22,011 | ||
38,493 | ||||
Oregon - 0.6% | ||||
Multnomah County Gen. Oblig. Series 2000 A, 5.5% 4/1/20 | 1,540 | 1,704 | ||
Oregon Health Hsg. Edl. & Cultural Facilities Auth. (Lewis & Clark College Proj.) Series A: | ||||
6% 10/1/13 (MBIA Insured) | 1,750 | 1,880 | ||
6.125% 10/1/24 (MBIA Insured) | 1,000 | 1,073 | ||
Port Morrow Poll. Cont. Rev. (Pacific Northwest Proj.) Series A: | ||||
8% 7/15/06 | 385 | 405 | ||
8% 7/15/07 | 430 | 452 | ||
8% 7/15/08 | 480 | 504 | ||
8% 7/15/09 | 540 | 567 | ||
8% 7/15/10 | 605 | 635 | ||
8% 7/15/11 | 385 | 404 | ||
Portland Swr. Sys. Rev.: | ||||
Series 2000 A, 5.75% 8/1/18 (FGIC Insured) | 3,000 | 3,463 | ||
5.75% 8/1/20 (FGIC Insured) | 14,390 | 16,483 | ||
27,570 | ||||
Pennsylvania - 2.0% | ||||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1, 5.75% 1/1/07 (MBIA Insured) (g) | 6,500 | 7,210 | ||
Canon McMillan School District Series 2001 B, 5.75% 12/1/33 (FGIC Insured) | 3,000 | 3,440 | ||
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. (Jefferson Health Sys. Proj.) Series B, 5.25% 5/15/22 (AMBAC Insured) | 4,400 | 4,644 | ||
Delaware County Auth. Hosp. Rev. (Crozer-Chester Med. Ctr. Proj.) 6% 12/15/20 | 3,500 | 3,532 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Pennsylvania - continued | ||||
Delaware County Auth. Rev. (First Mtg. Riddle Village Proj.) 8.25% 6/1/22 (Escrowed to Maturity) (h) | $ 4,240 | $ 4,616 | ||
Fox Chapel Area School District 5% 8/15/11 (FSA Insured) | 2,080 | 2,359 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A: | ||||
6% 6/1/22 (AMBAC Insured) (c) | 2,000 | 2,277 | ||
6.1% 6/1/12 (AMBAC Insured) (c) | 3,000 | 3,504 | ||
6.125% 6/1/14 (AMBAC Insured) (c) | 5,230 | 6,173 | ||
Northumberland County Auth. Commonwealth Lease Rev. (State Correctional Facilities Proj.) 0% 10/15/13 (MBIA Insured) (Escrowed to Maturity) (h) | 11,830 | 8,180 | ||
Pennsylvania Convention Ctr. Auth. Rev. Series A: | ||||
6.6% 9/1/09 (MBIA Insured) | 3,000 | 3,229 | ||
6.7% 9/1/14 (MBIA Insured) | 1,500 | 1,619 | ||
6.7% 9/1/16 (Escrowed to Maturity) (h) | 2,000 | 2,557 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Amtrak Proj.) Series 2001 A, 6.375% 11/1/41 (g) | 8,700 | 8,277 | ||
Pennsylvania Hsg. Fin. Agcy.: | ||||
Series 54A, 5.375% 10/1/28 (g) | 855 | 886 | ||
8.1% 7/1/13 | 2,000 | 2,025 | ||
Philadelphia Arpt. Rev. Series 1998, 5.375% 6/15/10 (FGIC Insured) (g) | 4,425 | 4,917 | ||
Philadelphia Muni. Auth. Rev. Series D: | ||||
6% 7/15/03 | 65 | 65 | ||
6.125% 7/15/08 | 4,000 | 4,094 | ||
Philadelphia School District: | ||||
Series 2002 A, 5.5% 2/1/31 (FSA Insured) | 10,700 | 11,671 | ||
Series C, 5.75% 3/1/29 (MBIA Insured) | 6,500 | 7,346 | ||
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. | 2,935 | 2,999 | ||
Wyoming Valley San. Auth. Swr. Rev.: | ||||
5% 11/15/09 (MBIA Insured) (c) | 2,165 | 2,390 | ||
5% 11/15/10 (MBIA Insured) (c) | 2,270 | 2,505 | ||
100,515 | ||||
Puerto Rico - 0.3% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.: | ||||
Series 1998, 5.75% 7/1/22 (Cdc Ixis North America Insured) | 2,300 | 2,618 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Puerto Rico - continued | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.: - continued | ||||
5.75% 7/1/19 (FGIC Insured) | $ 3,240 | $ 3,796 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series A, 5.5% 10/1/32 (Escrowed to Maturity) (h) | 6,900 | 7,783 | ||
14,197 | ||||
Rhode Island - 0.1% | ||||
Providence Redev. Agcy. Rev. Series A, 5.75% 4/1/29 (AMBAC Insured) | 6,400 | 7,210 | ||
South Carolina - 0.8% | ||||
Charleston County Gen. Oblig. 6% 6/1/13 | 2,500 | 2,821 | ||
Lexington County Health Svcs. District, Inc. Hosp. Rev. 6% 11/1/18 | 3,500 | 3,866 | ||
Piedmont Muni. Pwr. Agcy. Elec. Rev.: | ||||
Series B, 5.25% 1/1/11 (MBIA Insured) | 8,625 | 9,456 | ||
5.5% 1/1/10 (MBIA Insured) | 1,455 | 1,668 | ||
Richland County Hosp. Facilities Rev. (Cmnty. Provider Pooled Ln. Prog.) Series A, 7.125% 7/1/17 | 1,500 | 1,939 | ||
Rock Hill Util. Sys. Rev. Series 2003 A: | ||||
5.375% 1/1/17 (FSA Insured) | 2,100 | 2,346 | ||
5.375% 1/1/23 (FSA Insured) | 1,025 | 1,116 | ||
South Carolina Jobs Econ. Dev. Auth. Hosp. Facilities Rev. (Palmetto Health Alliance Proj.) Series A, 7.375% 12/15/21 | 4,000 | 4,539 | ||
South Carolina Ports Auth. Ports Rev. 5.5% 7/1/08 | 3,515 | 4,017 | ||
South Carolina Pub. Svc. Auth. Rev. Series A: | ||||
5.75% 1/1/10 (MBIA Insured) | 4,705 | 5,217 | ||
6.5% 1/1/08 (MBIA Insured) | 3,530 | 3,977 | ||
40,962 | ||||
South Dakota - 0.1% | ||||
Sioux Falls School District #49-5 5.5% 7/1/20 | 2,735 | 3,050 | ||
South Dakota Lease Rev. Series A, 6.625% 9/1/12 (FSA Insured) | 1,000 | 1,253 | ||
4,303 | ||||
Tennessee - 1.4% | ||||
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev. (Fort Sanders Alliance Proj.) Series C: | ||||
5.75% 1/1/14 (MBIA Insured) | 2,000 | 2,367 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Tennessee - continued | ||||
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev. (Fort Sanders Alliance Proj.) Series C: - continued | ||||
7.25% 1/1/10 (MBIA Insured) | $ 2,660 | $ 3,296 | ||
Memphis Gen. Oblig. 5.25% 7/1/16 | 8,730 | 9,380 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev.: | ||||
Series A: | ||||
6% 2/15/05 (MBIA Insured) (g) | 1,000 | 1,066 | ||
6.25% 2/15/09 (MBIA Insured) (g) | 1,500 | 1,749 | ||
6.25% 2/15/10 (MBIA Insured) (g) | 1,000 | 1,168 | ||
6.25% 2/15/11 (MBIA Insured) (g) | 1,415 | 1,654 | ||
Series B, 6.5% 2/15/09 (MBIA Insured) (g) | 500 | 589 | ||
Metro. Govt. Nashville & Davidson County Health & Edl. Facilities Board Rev. (Ascension Health Cr. Group Proj.) Series A: | ||||
5.875% 11/15/28 (AMBAC Insured) (Pre-Refunded to 11/15/09 @ 101) (h) | 3,100 | 3,749 | ||
6% 11/15/30 (Pre-Refunded to 11/15/09 @ 101) (h) | 4,400 | 5,353 | ||
Metro. Govt. Nashville & Davidson County Sports Auth. Rev. (Stadium Proj.) 5.875% 7/1/21 (AMBAC Insured) | 6,455 | 7,215 | ||
Metro. Govt. Nashville & Davidson County Wtr. & Swr. Sys. Rev. 7.7% 1/1/12 (FGIC Insured) | 5,600 | 7,187 | ||
Shelby County Health Edl. & Hsg. Facility Board Hosp. Rev. (Methodist Health Care Proj.) 6.5% 9/1/26 | 22,500 | 24,776 | ||
69,549 | ||||
Texas - 14.0% | ||||
Arlington Gen. Oblig.: | ||||
Series 2001 A, 5.5% 8/15/12 (FSA Insured) | 4,035 | 4,701 | ||
5% 8/15/16 (FGIC Insured) (c) | 1,215 | 1,329 | ||
5% 8/15/18 (FGIC Insured) (c) | 1,215 | 1,303 | ||
Austin Cmnty. College District 5% 8/1/17 (AMBAC Insured) (c) | 1,095 | 1,189 | ||
Austin Util. Sys. Rev.: | ||||
Series A: | ||||
0% 11/15/08 (MBIA Insured) | 3,895 | 3,348 | ||
0% 11/15/10 (MBIA Insured) | 8,400 | 6,500 | ||
0% 11/15/09 (AMBAC Insured) | 4,000 | 3,284 | ||
0% 5/15/10 (MBIA Insured) | 7,970 | 6,275 | ||
0% 11/15/10 (AMBAC Insured) | 4,900 | 3,791 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Bexar Metro. Wtr. District Wtrwks. Sys. Rev. 5.375% 5/1/20 (FSA Insured) | $ 1,660 | $ 1,824 | ||
Birdville Independent School District: | ||||
0% 2/15/11 | 8,665 | 6,553 | ||
0% 2/15/13 | 13,690 | 9,372 | ||
Board of Regents of The Univ. of Texas Sys. Permanent Univ. Fund: | ||||
5% 7/1/10 | 2,000 | 2,211 | ||
5.25% 7/1/11 | 7,080 | 7,909 | ||
Brazos River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.): | ||||
Series 1995 B, 5.05%, tender 6/19/06 (d)(g) | 5,000 | 5,123 | ||
Series D, 4.25%, tender 11/1/03 (d)(g) | 37,000 | 37,148 | ||
Canyon Independent School District Series A, 5.5% 2/15/21 | 1,855 | 2,060 | ||
Cedar Hill Independent School District 0% 8/15/09 | 1,575 | 1,283 | ||
Clint Independent School District: | ||||
5.5% 8/15/19 | 1,055 | 1,186 | ||
5.5% 8/15/20 | 1,110 | 1,240 | ||
5.5% 8/15/21 | 1,175 | 1,304 | ||
Conroe Independent School District: | ||||
Lot B: | ||||
0% 2/15/07 | 2,360 | 2,160 | ||
0% 2/15/08 | 3,000 | 2,634 | ||
0% 2/15/09 | 1,100 | 924 | ||
Series B, 0% 2/15/10 | 2,805 | 2,228 | ||
0% 2/15/11 | 1,500 | 1,134 | ||
Cypress-Fairbanks Independent School District: | ||||
Series A: | ||||
0% 2/15/12 | 20,900 | 15,046 | ||
0% 2/15/13 | 6,425 | 4,419 | ||
0% 2/15/14 | 11,465 | 7,398 | ||
5.25% 2/15/22 | 3,500 | 3,737 | ||
5.75% 2/15/19 | 4,400 | 5,041 | ||
5.75% 2/15/21 | 1,000 | 1,130 | ||
Dallas Fort Worth Int'l. Arpt. Rev. Series A, 5% 11/1/32 (AMBAC Insured) (g) | 8,000 | 7,930 | ||
Dallas Fort Worth Reg'l. Arpt. Rev. Series A, 7.375% 11/1/12 (FGIC Insured) | 1,000 | 1,064 | ||
Dallas Gen. Oblig. 4.5% 2/15/14 | 4,900 | 4,935 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Dallas Hsg. Corp. Cap. Prog. Rev. (Section 8 Assorted Projs.): | ||||
7.7% 8/1/05 | $ 705 | $ 705 | ||
7.85% 8/1/13 | 1,000 | 1,001 | ||
Dallas Independent School District 0% 8/15/07 | 4,675 | 4,225 | ||
Edinburg Consolidated Independent School District 5.5% 2/15/30 | 5,025 | 5,374 | ||
El Paso Arpt. Rev. (El Paso Int'l. Arpt. Proj.) 5.125% 8/15/04 (FGIC Insured) (g) | 1,000 | 1,004 | ||
El Paso Independent School District 5% 2/15/12 | 3,000 | 3,319 | ||
El Paso Property Fin. Auth. Single Family Mtg. Rev. Series A, 8.7% 12/1/18 (g) | 435 | 444 | ||
Elgin Independent School District 5.25% 10/1/24 | 2,000 | 2,113 | ||
Frisco Independent School District 5.375% 8/15/17 | 2,715 | 3,052 | ||
Garland Independent School District Series A: | ||||
4% 2/15/07 (c) | 2,000 | 2,102 | ||
4% 2/15/09 (c) | 2,000 | 2,112 | ||
4% 2/15/17 | 5,000 | 4,995 | ||
Guadalupe-Blanco River Auth. Contract Rev. | ||||
5.25% 4/15/15 (MBIA Insured) | 1,570 | 1,777 | ||
5.25% 4/15/16 (MBIA Insured) | 1,680 | 1,883 | ||
5.25% 4/15/17 (MBIA Insured) | 2,295 | 2,552 | ||
5.25% 4/15/18 (MBIA Insured) | 1,915 | 2,121 | ||
5.25% 4/15/19 (MBIA Insured) | 1,000 | 1,099 | ||
5.25% 4/15/20 (MBIA Insured) | 1,565 | 1,704 | ||
Harlandale Independent School District: | ||||
5.7% 8/15/30 | 8,290 | 9,161 | ||
6% 8/15/16 | 2,445 | 2,890 | ||
Harris County Gen. Oblig.: | ||||
(Toll Road Proj.) 0% 8/1/08 | 8,005 | 6,930 | ||
0% 10/1/13 (MBIA Insured) | 5,550 | 3,707 | ||
0% 10/1/14 (MBIA Insured) | 11,000 | 6,956 | ||
0% 8/15/25 (MBIA Insured) | 8,000 | 2,628 | ||
0% 8/15/28 (MBIA Insured) | 5,000 | 1,402 | ||
Harris County Health Facilities Dev. Corp. Rev. (Saint Lukes Episcopal Hosp. Proj.) Series 2001 A: | ||||
5.375% 2/15/26 | 3,000 | 3,085 | ||
5.625% 2/15/13 | 4,625 | 5,160 | ||
Harris County Hosp. District Mtg. Rev.: | ||||
7.4% 2/15/10 (AMBAC Insured) | 1,740 | 2,059 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Harris County Hosp. District Mtg. Rev.: - continued | ||||
7.4% 2/15/10 (AMBAC Insured) (Escrowed to Maturity) (h) | $ 1,260 | $ 1,444 | ||
Houston Arpt. Sys. Rev.: | ||||
Series A: | ||||
5.625% 7/1/20 (FSA Insured) (g) | 2,000 | 2,161 | ||
5.625% 7/1/21 (FSA Insured) (g) | 3,350 | 3,591 | ||
6% 7/1/08 (FGIC Insured) (g) | 1,000 | 1,140 | ||
Series B, 5.5% 7/1/30 (FSA Insured) | 10,645 | 11,426 | ||
Houston Independent School District: | ||||
Series A, 0% 8/15/11 | 6,400 | 4,752 | ||
0% 8/15/13 | 9,835 | 6,569 | ||
Houston Wtr. & Swr. Sys. Rev.: | ||||
Series 2000 B, 6% 12/1/20 (FGIC Insured) | 2,900 | 3,380 | ||
Series C, 0% 12/1/09 (AMBAC Insured) | 3,250 | 2,664 | ||
Hurst Euless Bedford Independent School District: | ||||
0% 8/15/11 | 3,620 | 2,688 | ||
0% 8/15/12 | 5,105 | 3,606 | ||
0% 8/15/13 | 3,610 | 2,423 | ||
Katy Independent School District: | ||||
Series A: | ||||
0% 2/15/07 | 2,450 | 2,243 | ||
5% 2/15/10 | 2,000 | 2,210 | ||
5% 2/15/16 (c) | 2,500 | 2,745 | ||
0% 8/15/11 | 4,170 | 3,096 | ||
Keller Independent School District Series A, 5.125% 8/15/25 | 3,000 | 3,110 | ||
Killeen Independent School District: | ||||
5.25% 2/15/17 | 2,105 | 2,326 | ||
5.25% 2/15/18 | 1,325 | 1,458 | ||
La Joya Independent School District 5.5% 2/15/22 | 8,140 | 8,858 | ||
Leander Independent School District 7.5% 8/15/08 | 300 | 373 | ||
Little Elm Independent School District 5.5% 8/15/21 | 2,540 | 2,804 | ||
Lower Colorado River Auth. Rev.: | ||||
0% 1/1/09 (MBIA Insured) (Escrowed to Maturity) (h) | 3,000 | 2,575 | ||
5.25% 1/1/15 (Escrowed to Maturity) (h) | 6,000 | 6,974 | ||
Mansfield Independent School District 5.5% 2/15/18 | 3,855 | 4,313 | ||
Mesquite Independent School District 5.375% 8/15/11 | 1,385 | 1,569 | ||
Midlothian Independent School District: | ||||
0% 2/15/07 | 1,935 | 1,771 | ||
0% 2/15/09 | 1,970 | 1,655 | ||
0% 2/15/10 | 1,525 | 1,211 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Montgomery County Gen. Oblig. Series A, 5.625% 3/1/20 (FSA Insured) | $ 3,800 | $ 4,276 | ||
North Central Health Facilities Dev. Corp. Rev. Series 1997 B, 5.75% 2/15/14 (MBIA Insured) | 5,215 | 6,105 | ||
Northside Independent School District 5.5% 2/15/12 | 3,715 | 4,295 | ||
Pflugerville Gen. Oblig. 5.5% 8/1/22 (AMBAC Insured) | 1,000 | 1,105 | ||
Rockwall Independent School District: | ||||
5.375% 2/15/19 | 1,450 | 1,603 | ||
5.375% 2/15/20 | 1,230 | 1,352 | ||
5.375% 2/15/21 | 1,560 | 1,704 | ||
5.625% 2/15/12 | 4,090 | 4,762 | ||
5.625% 2/15/13 | 1,190 | 1,374 | ||
5.625% 2/15/14 | 1,160 | 1,336 | ||
Round Rock Independent School District: | ||||
Series 2001 A: | ||||
5.5% 8/1/12 | 2,685 | 3,126 | ||
5.5% 8/1/16 | 2,305 | 2,617 | ||
0% 2/15/08 | 9,800 | 8,603 | ||
0% 8/15/09 (MBIA Insured) | 7,430 | 6,146 | ||
0% 8/15/10 (MBIA Insured) | 10,800 | 8,429 | ||
0% 8/15/11 (MBIA Insured) | 4,300 | 3,193 | ||
4.5% 8/1/17 | 5,575 | 5,749 | ||
Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series B, 5.75%, tender 11/1/11 (d)(g) | 16,000 | 16,298 | ||
San Antonio Elec. & Gas Systems Rev.: | ||||
Series B: | ||||
0% 2/1/09 (FGIC Insured) (Escrowed to Maturity) (h) | 7,000 | 5,994 | ||
0% 2/1/10 (FGIC Insured) (Escrowed to Maturity) (h) | 19,000 | 15,297 | ||
0% 2/1/12 (FGIC Insured) (Escrowed to Maturity) (h) | 7,000 | 5,120 | ||
5.25% 2/1/07 (c) | 6,900 | 7,526 | ||
5.375% 2/1/18 (FSA Insured) | 5,000 | 5,565 | ||
5.375% 2/1/19 | 6,000 | 6,632 | ||
San Antonio Wtr. Sys. Rev.: | ||||
5.875% 5/15/19 | 3,000 | 3,463 | ||
6.5% 5/15/10 (MBIA Insured) (Escrowed to Maturity) (h) | 440 | 543 | ||
6.5% 5/15/10 (MBIA Insured) (Pre-Refunded to 5/15/04 @ 100) (h) | 95 | 100 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
South San Antonio Independent School District 5% 8/15/17 | $ 1,025 | $ 1,114 | ||
Southlake Gen. Oblig. Series 2000 D, 5.75% 2/15/21 (AMBAC Insured) | 2,345 | 2,642 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) 5.5% 10/1/17 (AMBAC Insured) | 3,825 | 4,348 | ||
Spring Branch Independent School District Series 2001: | ||||
5.375% 2/1/12 | 2,000 | 2,287 | ||
5.375% 2/1/13 | 4,480 | 5,080 | ||
Spring Independent School District 4.875% 8/15/10 | 3,500 | 3,875 | ||
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. 5.375% 11/15/20 | 5,750 | 5,842 | ||
Texas Gen. Oblig.: | ||||
(College Student Ln. Prog.): | ||||
5% 8/1/11 (g) | 7,515 | 8,321 | ||
5% 8/1/12 (g) | 6,655 | 7,295 | ||
5.375% 8/1/10 (g) | 6,205 | 7,050 | ||
Series A, 5% 10/1/14 | 5,000 | 5,256 | ||
5.25% 10/1/11 | 7,150 | 7,938 | ||
5.75% 8/1/26 | 5,000 | 5,629 | ||
Texas Pub. Fin. Auth. Bldg. Rev.: | ||||
Series 1990: | ||||
0% 2/1/12 (MBIA Insured) | 4,400 | 3,172 | ||
0% 2/1/14 (MBIA Insured) | 6,900 | 4,483 | ||
0% 2/1/09 (MBIA Insured) | 2,000 | 1,682 | ||
Texas Tpk. Auth. Central Tpk. Sys. Rev.: | ||||
Series A, 0% 8/15/25 (AMBAC Insured) | 16,000 | 5,188 | ||
5.5% 8/15/39 (AMBAC Insured) | 34,800 | 37,959 | ||
5.75% 8/15/38 (AMBAC Insured) | 22,000 | 24,781 | ||
Texas Tpk. Auth. Dallas North Tollway Rev. (President George Bush Tpk. Proj.) 0% 1/1/10 (AMBAC Insured) | 3,000 | 2,450 | ||
Travis County Health Facilities Dev. Corp. Rev. (Ascension Health Cr. Prog.) Series A, 6.25% 11/15/18 (MBIA Insured) (Pre-Refunded to 11/15/09 @ 101) (h) | 15,550 | 19,146 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev.: | ||||
5.25% 8/1/08 (MBIA Insured) | 4,000 | 4,562 | ||
5.25% 8/1/12 (MBIA Insured) | 3,045 | 3,509 | ||
5.375% 8/1/13 (MBIA Insured) | 8,520 | 9,919 | ||
Trinity River Auth. Rev. (Tarrant Cnty. Wtr. Proj.): | ||||
5.5% 2/1/19 (MBIA Insured) | 1,665 | 1,853 | ||
5.5% 2/1/22 (MBIA Insured) | 2,000 | 2,186 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.) 6% 7/1/31 | $ 6,225 | $ 6,344 | ||
United Independent School District 5.25% 8/15/22 | 4,340 | 4,677 | ||
Weatherford Independent School District: | ||||
Series 2000, 0% 2/15/25 (Pre-Refunded to 2/15/10 @ 36.782) (h) | 6,155 | 1,842 | ||
0% 2/15/22 (Pre-Refunded to 2/15/10 @ 45.084) (h) | 2,980 | 1,093 | ||
0% 2/15/26 (Pre-Refunded to 2/15/10 @ 34.41) (h) | 2,985 | 836 | ||
0% 2/15/33 | 6,985 | 1,536 | ||
Wichita Falls Wtr. & Swr. Rev. Series 2001, 5.375% 8/1/24 (AMBAC Insured) | 3,000 | 3,214 | ||
688,830 | ||||
Utah - 2.6% | ||||
Intermountain Pwr. Agcy. Pwr. Supply Rev.: | ||||
Series A: | ||||
6% 7/1/16 (AMBAC Insured) | 5,640 | 6,514 | ||
6% 7/1/16 (AMBAC Insured) (Escrowed to Maturity) (h) | 9,705 | 11,156 | ||
6.5% 7/1/10 (AMBAC Insured) | 300 | 365 | ||
Series B: | ||||
5.75% 7/1/16 (MBIA Insured) | 30,260 | 34,662 | ||
6% 7/1/16 (MBIA Insured) | 29,500 | 33,423 | ||
Series D, 5% 7/1/21 (MBIA Insured) | 12,100 | 12,727 | ||
Salt Lake City Hosp. Rev. (Intermountain Health Care Hosp., Inc. Proj.) Series A, 8.125% 5/15/15 (Escrowed to Maturity) (h) | 2,975 | 4,055 | ||
Salt Lake County Hosp. Rev. (IHC Health Svcs., Inc. Proj.): | ||||
5.5% 5/15/10 (AMBAC Insured) | 5,400 | 6,214 | ||
5.5% 5/15/11 (AMBAC Insured) | 9,100 | 10,499 | ||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) Series A: | ||||
5.25% 4/1/16 (FSA Insured) | 2,590 | 2,890 | ||
5.25% 4/1/17 (FSA Insured) | 2,335 | 2,591 | ||
Utah Board of Regents Student Ln. Rev. Series H, 4.65% 5/1/06 (g) | 5,000 | 5,321 | ||
130,417 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Vermont - 0.3% | ||||
Vermont Edl. & Health Bldgs. Fing. Agcy. Rev. (Fletcher Allen Health Care, Inc. Proj.): | ||||
Series 2000 A, 6.125% 12/1/27 (AMBAC Insured) | $ 8,600 | $ 10,087 | ||
Series A, 5.75% 12/1/18 (AMBAC Insured) | 3,100 | 3,601 | ||
13,688 | ||||
Virginia - 0.7% | ||||
Hampton Museum Rev.: | ||||
5.25% 1/1/09 | 3,360 | 3,476 | ||
5.25% 1/1/14 | 4,500 | 4,634 | ||
Loudoun County Indl. Dev. Auth. Residential Care Facilities Rev. (Falcons Landing Proj.) Series A, 9.25% 11/1/04 (Escrowed to Maturity) (h) | 525 | 558 | ||
Peninsula Ports Auth. Hosp. Facilities Rev. (Whittaker Memorial Hosp. Proj.) 8.7% 8/1/23 (FHA Insured) | 1,495 | 1,878 | ||
Virginia Beach Dev. Auth. Hosp. Facilities Rev. (Virginia Beach Gen. Hosp. Proj.): | ||||
6% 2/15/12 (AMBAC Insured) | 2,150 | 2,581 | ||
6% 2/15/13 (AMBAC Insured) | 1,460 | 1,763 | ||
Virginia Commonwealth Trans. Board Trans. Rev. (U.S. Route 58 Corridor Dev. Prog.) Series B: | ||||
5.375% 5/15/12 | 4,700 | 5,349 | ||
5.75% 5/15/21 | 10,000 | 11,390 | ||
Virginia Hsg. Dev. Auth. Multi-family Hsg. Rev. Series I, 5.95% 5/1/09 (g) | 1,890 | 2,024 | ||
33,653 | ||||
Washington - 5.7% | ||||
Douglas County Pub. Util. District #1 Wells Hydroelectric Rev. Series A, 8.75% 9/1/18 | 2,790 | 3,497 | ||
Energy Northwest Elec. Rev.: | ||||
(#1 Proj.) Series 2001 A, 5.5% 7/1/12 (FSA Insured) | 5,000 | 5,784 | ||
(#3 Proj.) Series B, 6% 7/1/16 (AMBAC Insured) | 28,000 | 33,113 | ||
King County School District #411 Issaquah 6.25% 12/1/16 (FSA Insured) | 2,000 | 2,385 | ||
King County Swr. Rev. Series B, 5.125% 1/1/33 | 22,390 | 23,437 | ||
Pierce County School District #403 Bethel Series 2001, 5.625% 12/1/14 (MBIA Insured) | 2,500 | 2,861 | ||
Port of Seattle Gen. Oblig. 5.8% 5/1/09 (g) | 4,000 | 4,202 | ||
Port of Seattle Passenger Facilities Charge Rev. Series B, 5% 12/1/06 (AMBAC Insured) (g) | 7,930 | 8,713 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Washington - continued | ||||
Port of Seattle Rev.: | ||||
Series B: | ||||
5.5% 9/1/09 (FGIC Insured) (g) | $ 4,010 | $ 4,427 | ||
5.6% 9/1/10 (FGIC Insured) (g) | 4,230 | 4,638 | ||
Series D: | ||||
5.75% 11/1/13 (FGIC Insured) (g) | 1,500 | 1,725 | ||
5.75% 11/1/14 (FGIC Insured) (g) | 3,055 | 3,505 | ||
5.75% 11/1/16 (FGIC Insured) (g) | 2,250 | 2,544 | ||
Seattle Wtr. Sys. Rev. Series B, 5.75% 7/1/23 (FGIC Insured) | 3,175 | 3,587 | ||
Snohomish County Pub. Hosp. District #2 (Stevens Health Care Proj.): | ||||
4% 12/1/04 (FGIC Insured) (c) | 1,500 | 1,539 | ||
4.5% 12/1/06 (FGIC Insured) (c) | 1,635 | 1,753 | ||
4.5% 12/1/08 (FGIC Insured) (c) | 1,775 | 1,934 | ||
4.5% 12/1/11 (FGIC Insured) (c) | 1,155 | 1,245 | ||
Washington Gen. Oblig.: | ||||
Series 2000 A, 5.625% 7/1/24 | 5,185 | 5,682 | ||
Series R 97A, 0% 7/1/17 | 7,015 | 3,708 | ||
Washington Health Care Facilities Auth. Rev. (Providence Health Systems Proj.) Series A, 5.5% 10/1/12 (MBIA Insured) | 5,455 | 6,249 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #1 Rev.: | ||||
(Bonneville Pwr. Administration Proj.) Series B, 7% 7/1/08 | 1,000 | 1,204 | ||
Series A: | ||||
7% 7/1/08 | 310 | 373 | ||
7% 7/1/08 (Escrowed to Maturity) (h) | 190 | 233 | ||
Series B, 5.125% 7/1/13 | 14,600 | 15,857 | ||
5.75% 7/1/10 (MBIA Insured) | 5,000 | 5,630 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev.: | ||||
Series A: | ||||
0% 7/1/11 (MBIA Insured) | 1,350 | 1,003 | ||
5.125% 7/1/11 (FSA Insured) | 10,420 | 11,495 | ||
5.9% 7/1/04 | 195 | 204 | ||
6% 7/1/07 | 2,500 | 2,853 | ||
6% 7/1/07 (MBIA Insured) | 8,500 | 9,767 | ||
5.4% 7/1/12 | 56,550 | 64,685 | ||
5.55% 7/1/10 (FGIC Insured) | 31,000 | 31,620 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Washington - continued | ||||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev.: | ||||
Series A, 0% 7/1/12 (MBIA Insured) | $ 4,000 | $ 2,819 | ||
0% 7/1/08 (MBIA Insured) | 3,000 | 2,593 | ||
0% 7/1/10 (MBIA Insured) | 2,800 | 2,181 | ||
279,045 | ||||
West Virginia - 0.6% | ||||
Marshall County Poll. Cont. Rev. (Ohio Pwr. Co./Kammer Plant Proj.) Series B, 5.45% 7/1/14 (MBIA Insured) | 22,650 | 23,534 | ||
West Virginia Wtr. Dev. Auth. Infrastructure Rev. | 5,000 | 5,570 | ||
29,104 | ||||
Wisconsin - 0.7% | ||||
Badger Tobacco Asset Securitization Corp. 6.125% 6/1/27 | 6,650 | 6,189 | ||
Douglas County Gen. Oblig. 5.5% 2/1/19 (FGIC Insured) | 3,155 | 3,528 | ||
Fond Du Lac School District 5.75% 4/1/16 (FGIC Insured) | 3,100 | 3,578 | ||
Menomonee Falls Wtr. Sys. Mtg. Rev. 5.875% 12/1/16 (FSA Insured) | 3,375 | 3,798 | ||
Wisconsin Health & Edl. Facilities Auth. Rev. (Wheaton Franciscan Svcs. Proj.) 5.75% 8/15/30 | 15,000 | 15,545 | ||
Wisconsin Hsg. & Econ. Dev. Auth. Home Ownership Rev. Series F, 5.2% 9/1/26 (g) | 575 | 579 | ||
33,217 | ||||
Wyoming - 0.1% | ||||
Gillette Spl. Purp. Wtr. & Swr. Utils. Sys. Rev. 7.7% 12/1/10 (Escrowed to Maturity) (h) | 5,290 | 6,723 | ||
TOTAL MUNICIPAL BONDS (Cost $4,573,068) | 4,988,405 |
Municipal Notes - 0.2% | |||
Ohio - 0.2% | |||
Ohio Air Quality Dev. Auth. Rev. 3% 7/18/03, CP | 10,000 | 10,010 | |
Money Market Funds - 0.6% | |||
Shares | Value (Note 1) | ||
Fidelity Municipal Cash Central Fund, 1.07% (e)(f) | 26,947,000 | $ 26,947 | |
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $4,610,015) | 5,025,362 | ||
NET OTHER ASSETS - (1.9)% | (93,304) | ||
NET ASSETS - 100% | $ 4,932,058 |
Swap Agreements | |||||
Expiration | Notional | Unrealized | |||
Interest Rate Swap | |||||
Receive quarterly a fixed rate equal to 3.775% and pay quarterly a floating rate based on BMA Municipal Swap Index with JPMorgan Chase, Inc. | Sept. 2023 | $ 22,700 | $ (274) |
Security Type Abbreviation |
CP - COMMERCIAL PAPER |
Legend |
(a) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $2,253,000 or 0.0% of net assets. |
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(e) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(f) 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. |
(g) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(h) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 30.9% |
Electric Utilities | 17.7 |
Health Care | 12.2 |
Water & Sewer | 10.1 |
Transportation | 9.8 |
Escrowed/Pre-Refunded | 7.2 |
Special Tax | 5.0 |
Others* (individually less than 5%) | 7.1 |
100.0% |
*Includes cash equivalents and |
Purchases and sales of securities, other than short-term securities, aggregated $667,094,000 and $639,456,000, respectively. |
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 $4,610,015) - See accompanying schedule | $ 5,025,362 | |
Cash | 11,540 | |
Receivable for fund shares sold | 2,343 | |
Interest receivable | 67,576 | |
Redemption fees receivable | 3 | |
Other receivables | 6 | |
Total assets | 5,106,830 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 161,608 | |
Payable for fund shares redeemed | 5,486 | |
Distributions payable | 5,403 | |
Unrealized loss on swap agreements | 274 | |
Accrued management fee | 1,575 | |
Other payables and accrued expenses | 426 | |
Total liabilities | 174,772 | |
Net Assets | $ 4,932,058 | |
Net Assets consist of: | ||
Paid in capital | $ 4,470,415 | |
Undistributed net investment income | 3,016 | |
Accumulated undistributed net realized gain (loss) on investments | 43,554 | |
Net unrealized appreciation (depreciation) on investments | 415,073 | |
Net Assets, for 365,665 shares outstanding | $ 4,932,058 | |
Net Asset Value, offering price and redemption price | $ 13.49 |
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 | $ 118,965 | |
Expenses | ||
Management fee | $ 9,223 | |
Transfer agent fees | 1,800 | |
Accounting fees and expenses | 346 | |
Non-interested trustees' compensation | 14 | |
Custodian fees and expenses | 37 | |
Registration fees | 14 | |
Audit | 42 | |
Legal | 15 | |
Miscellaneous | 1 | |
Total expenses before reductions | 11,492 | |
Expense reductions | (84) | 11,408 |
Net investment income (loss) | 107,557 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 51,766 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | 51,888 | |
Swap agreements | (274) | |
Total change in net unrealized appreciation (depreciation) | 51,614 | |
Net gain (loss) | 103,380 | |
Net increase (decrease) in net assets resulting from operations | $ 210,937 |
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) | $ 107,557 | $ 218,785 |
Net realized gain (loss) | 51,766 | 69,756 |
Change in net unrealized appreciation (depreciation) | 51,614 | 180,155 |
Net increase (decrease) in net assets resulting | 210,937 | 468,696 |
Distributions to shareholders from net investment income | (106,567) | (217,713) |
Distributions to shareholders from net realized gain | (6,195) | (57,604) |
Total distributions | (112,762) | (275,317) |
Share transactions | 336,302 | 790,439 |
Reinvestment of distributions | 78,192 | 192,721 |
Cost of shares redeemed | (381,353) | (902,963) |
Net increase (decrease) in net assets resulting from share transactions | 33,141 | 80,197 |
Redemption fees | 39 | 89 |
Total increase (decrease) in net assets | 131,355 | 273,665 |
Net Assets | ||
Beginning of period | 4,800,703 | 4,527,038 |
End of period (including undistributed net investment income of $3,016 and undistributed net investment income of $3,105, respectively) | $ 4,932,058 | $ 4,800,703 |
Other Information Shares | ||
Sold | 25,251 | 60,633 |
Issued in reinvestment of distributions | 5,871 | 14,740 |
Redeemed | (28,675) | (69,130) |
Net increase (decrease) | 2,447 | 6,243 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | ||||||
(Unaudited) | 2002 | 2001 | 2000 H | 2000 G | 1999 G | 1998 G | |
Selected Per-Share Data | |||||||
Net asset value, beginning of period | $ 13.22 | $ 12.68 | $ 12.70 | $ 12.40 | $ 12.07 | $ 12.85 | $ 12.61 |
Income from Investment Operations | |||||||
Net investment income (loss) | .296 D | .603 D | .617 D, F | .053 D | .626 D | .595 | .607 |
Net realized and unrealized gain (loss) | .284 | .697 | .011 F | .303 | .337 | (.773) | .320 |
Total from investment operations | .580 | 1.300 | .628 | .356 | .963 | (.178) | .927 |
Distributions from net investment income | (.293) | (.600) | (.613) | (.053) | (.627) | (.595) | (.607) |
Distributions from net realized gain | (.017) | (.160) | (.035) | (.003) | (.006) | (.007) | (.080) |
Total distributions | (.310) | (.760) | (.648) | (.056) | (.633) | (.602) | (.687) |
Redemption fees added to paid in capital | - D, I | - D, I | - D, I | - | - | - | - |
Net asset value, | $ 13.49 | $ 13.22 | $ 12.68 | $ 12.70 | $ 12.40 | $ 12.07 | $ 12.85 |
Total Return B, C | 4.44% | 10.48% | 5.00% | 2.87% | 8.24% | (1.44)% | 7.54% |
Ratios to Average Net Assets E | |||||||
Expenses before expense reductions | .48% A | .48% | .47% | .47% A | .48% | .49% | .53% |
Expenses net of voluntary waivers, if any | .48% A | .48% | .47% | .47% A | .48% | .49% | .53% |
Expenses net of all reductions | .48% A | .46% | .43% | .42% A | .48% | .49% | .53% |
Net investment income (loss) | 4.48% A | 4.62% | 4.80% F | 4.98% A | 5.17% | 4.77% | 4.75% |
Supplemental Data | |||||||
Net assets, end of period (in millions) | $ 4,932 | $ 4,801 | $ 4,527 | $ 4,464 | $ 4,313 | $ 4,225 | $ 4,634 |
Portfolio turnover rate | 26% A | 23% | 27% | 4% A | 26% | 28% | 25% |
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 year ended November 30.
H For the one month ended December 31, 2000.
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 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. 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. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
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
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 futures transactions, market discount, losses deferred due to wash sales and futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:
Unrealized appreciation | $ 429,234 | | |
Unrealized depreciation | (9,333) | |
Net unrealized appreciation (depreciation) | $ 419,901 | |
Cost for federal income tax purposes | $ 4,605,461 |
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
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Operating Policies - continued
Swap Agreements - continued
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 could 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.
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.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
For the period, the transfer agent fees were equivalent to an annualized rate of .08% 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 $54 for the period.
5. Expense Reductions.
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 $33 and $51, respectively.
Semiannual Report
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Semiannual Report
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Semiannual Report
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Semiannual Report
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Fidelity's Municipal Bond Funds
Spartan® 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
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Spartan®
Ohio Municipal Income
Fund
and
Fidelity ®
Ohio Municipal Money Market
Fund
Semiannual Report
June 30, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Spartan Ohio Municipal Income Fund | ||
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, | |
Fidelity Ohio Municipal Money Market Fund | ||
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. | |
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.
Semiannual Report
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.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Spartan Ohio Municipal Income Fund
Investment Changes
Top Five Sectors as of June 30, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 52.6 | 52.4 |
Education | 10.8 | 9.7 |
Health Care | 8.2 | 6.7 |
Water & Sewer | 7.8 | 10.0 |
Electric Utilities | 7.7 | 6.0 |
Average Years to Maturity as of June 30, 2003 | ||
6 months ago | ||
Years | 14.4 | 14.3 |
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 | 7.1 | 7.1 |
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 47.6% | ![]() | AAA 48.7% | ||||
![]() | AA,A 45.3% | ![]() | AA,A 43.1% | ||||
![]() | BBB 3.7% | ![]() | BBB 3.7% | ||||
![]() | BB and Below 0.1% | ![]() | BB and Below 0.1% | ||||
![]() | Not Rated 0.7% | ![]() | Not Rated 1.5% | ||||
![]() | 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. |
Semiannual Report
Spartan Ohio Municipal Income Fund
Investments June 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 97.4% | ||||
Principal | Value | |||
Ohio - 96.2% | ||||
Adams County Valley Local School District (Adams & Highland County Proj.) 5.25% 12/1/21 (MBIA Insured) | $ 2,000,000 | $ 2,118,420 | ||
Akron City Nontax Rev. Econ. Dev. Series 1997, 6% 12/1/12 (MBIA Insured) | 1,250,000 | 1,525,188 | ||
Akron Gen. Oblig.: | ||||
(Parking Facilities Proj.) 8.75% 11/1/03 | 160,000 | 164,066 | ||
5.5% 12/1/21 | 2,000,000 | 2,195,000 | ||
Akron Wtrwks. Rev. 5.25% 12/1/19 (MBIA Insured) | 1,450,000 | 1,610,762 | ||
Alliance Wtrwks. Rev. 0% 10/15/06 (FGIC Insured) (Escrowed to Maturity) (d) | 765,000 | 721,525 | ||
Avon Lake City School District 5.5% 12/1/26 (FGIC Insured) | 2,205,000 | 2,459,038 | ||
Bowling Green Univ. Gen. Receipts: | ||||
5.75% 6/1/11 (FGIC Insured) | 1,455,000 | 1,704,096 | ||
5.75% 6/1/14 (FGIC Insured) | 1,190,000 | 1,395,358 | ||
5.75% 6/1/16 (FGIC Insured) | 1,250,000 | 1,458,900 | ||
Brookville Local School District 5.25% 12/1/20 (FSA Insured) | 1,875,000 | 2,072,250 | ||
Buckeye Valley Local School District Delaware County Series A: | ||||
5.25% 12/1/20 (MBIA Insured) | 1,000,000 | 1,078,000 | ||
6.85% 12/1/15 (MBIA Insured) | 2,500,000 | 3,208,300 | ||
Butler County Gen. Oblig.: | ||||
5.25% 12/1/15 (MBIA Insured) | 1,725,000 | 1,971,330 | ||
5.25% 12/1/16 (MBIA Insured) | 1,820,000 | 2,066,319 | ||
Butler County Trans. Impt. District Series 1997 A, 6% 4/1/10 (FSA Insured) | 2,250,000 | 2,621,858 | ||
Cincinnati City School District 5.25% 6/1/16 (FSA Insured) | 1,500,000 | 1,692,885 | ||
Cincinnati Gen. Oblig.: | ||||
(Police & Firemen's Disability Proj.) 6% 12/1/35 | 5,000,000 | 5,856,800 | ||
5.375% 12/1/20 | 2,000,000 | 2,188,400 | ||
Cincinnati Student Ln. Fdg. Corp. Student Ln. Rev. Series A, 7.25% 2/1/08 (c) | 4,000,000 | 4,019,160 | ||
Cincinnati Wtr. Sys. Rev. Series 2001, 5.5% 12/1/17 | 2,000,000 | 2,265,860 | ||
Cleveland Arpt. Sys. Rev. Series A: | ||||
5.5% 1/1/08 (FSA Insured) (c) | 1,500,000 | 1,676,790 | ||
6% 1/1/10 (FGIC Insured) (c) | 2,620,000 | 2,723,857 | ||
Cleveland Gen. Oblig.: | ||||
5.25% 12/1/17 (FGIC Insured) | 1,355,000 | 1,497,709 | ||
5.5% 9/1/16 (AMBAC Insured) | 2,000,000 | 2,247,600 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Cleveland Pub. Pwr. Sys. Rev.: | ||||
(First Mtg. Prog.): | ||||
Series A: | ||||
0% 11/15/08 (MBIA Insured) | $ 5,480,000 | $ 4,751,105 | ||
0% 11/15/10 (MBIA Insured) | 2,685,000 | 2,100,288 | ||
0% 11/15/11 (MBIA Insured) | 2,685,000 | 1,998,526 | ||
Sub Series 1, 5.125% 11/15/18 (MBIA Insured) | 2,000,000 | 2,147,820 | ||
5.25% 11/15/14 (MBIA Insured) | 1,000,000 | 1,111,160 | ||
Cleveland State Univ. Gen. Receipts Series 2003 A, 5% 6/1/18 (FGIC Insured) | 2,490,000 | 2,714,449 | ||
Cleveland Wtrwks. Rev. (First Mtg. Prog.): | ||||
Series G, 5.5% 1/1/13 (MBIA Insured) | 2,450,000 | 2,874,487 | ||
Series H, 5.75% 1/1/16 (MBIA Insured) | 45,000 | 49,884 | ||
Columbus Gen. Oblig.: | ||||
Series 1, 5.25% 9/15/11 | 2,000,000 | 2,055,200 | ||
Series 1999 2, 5.5% 6/15/12 | 4,000,000 | 4,626,040 | ||
County of Mahoning Fixed Rate Hosp. Rev. (Forum Health Obligated Group Proj.) Series 1997 A, 6% 11/15/32 | 5,000,000 | 5,247,250 | ||
Cuyahoga County Gen. Oblig.: | ||||
Series A: | ||||
0% 10/1/08 (MBIA Insured) | 4,000,000 | 3,488,200 | ||
0% 10/1/09 (MBIA Insured) | 4,200,000 | 3,497,172 | ||
0% 10/1/11 (MBIA Insured) | 2,400,000 | 1,808,712 | ||
0% 10/1/12 (MBIA Insured) | 1,505,000 | 1,083,224 | ||
0% 10/1/13 (MBIA Insured) | 1,500,000 | 1,028,460 | ||
5.75% 12/1/11 | 4,350,000 | 5,143,571 | ||
5.75% 12/1/12 | 1,950,000 | 2,281,695 | ||
5.75% 12/1/13 | 2,210,000 | 2,605,126 | ||
5.75% 12/1/14 | 1,460,000 | 1,715,734 | ||
Cuyahoga County Rev. (Cleveland Clinic Health Sys. Obligated Group Prog.) Series 2003 A, 6% 1/1/21 | 5,850,000 | 6,392,354 | ||
Delaware City School District: | ||||
0% 12/1/09 (FGIC Insured) | 1,000,000 | 828,620 | ||
5.5% 12/1/08 (FGIC Insured) | 1,400,000 | 1,536,122 | ||
Delaware County Gen. Oblig.: | ||||
6% 12/1/25 | 1,000,000 | 1,171,980 | ||
6.25% 12/1/20 | 1,250,000 | 1,496,150 | ||
Dublin City School District 0% 12/1/04 (AMBAC Insured) | 1,930,000 | 1,899,564 | ||
Dublin Gen. Oblig. Series 2000 B, 6% 12/1/15 | 2,000,000 | 2,387,620 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Fairborn City School District (School Impt. Proj.) 5.75% 12/1/26 (FSA Insured) | $ 2,200,000 | $ 2,500,872 | ||
Fairfield City School District: | ||||
(School Impt. Proj.) 5.25% 12/1/14 (FGIC Insured) | 2,430,000 | 2,757,151 | ||
7.45% 12/1/14 (FGIC Insured) | 1,000,000 | 1,333,930 | ||
Franklin County Gen. Oblig.: | ||||
5.375% 12/1/20 | 2,000,000 | 2,235,060 | ||
5.5% 12/1/15 | 1,225,000 | 1,374,952 | ||
5.5% 12/1/16 | 1,290,000 | 1,447,909 | ||
Franklin County Hosp. Rev.: | ||||
(Holy Cross Health Sys. Corp. Proj.) 5.875% 6/1/21 | 1,000,000 | 1,049,040 | ||
5.5% 5/1/13 (AMBAC Insured) | 1,130,000 | 1,295,737 | ||
Franklin County Rev. (OCLC Online Computer Library Ctr., Inc. Proj.) 5% 4/15/12 | 2,505,000 | 2,740,094 | ||
Gallia County Hosp. Facilities Rev. (Holzer Med. Ctr. Proj.) 5.125% 10/1/13 (AMBAC Insured) | 3,000,000 | 3,307,470 | ||
Gateway Economic Dev. Corp. Greater Cleveland Stadium Rev. Series 1990, 6.5% 9/15/14 (c) | 3,000,000 | 3,072,960 | ||
Greene County Swr. Sys. Rev. 0% 12/1/09 (AMBAC Insured) | 775,000 | 642,180 | ||
Greene County Wtr. Sys. Rev. Series A, 6% 12/1/16 (FGIC Insured) | 2,500,000 | 2,919,850 | ||
Hamilton County Gen. Oblig.: | ||||
5.25% 12/1/16 | 1,900,000 | 2,097,942 | ||
5.25% 12/1/17 | 2,005,000 | 2,204,237 | ||
Hamilton County Sales Tax Series B, 5.25% 12/1/32 (AMBAC Insured) | 4,700,000 | 4,986,982 | ||
Hamilton County Swr. Sys. Rev. (Metro. Swr. District Proj.) Series A, 5.75% 12/1/25 (MBIA Insured) | 6,000,000 | 6,775,080 | ||
Hilliard School District: | ||||
Series A, 5% 12/1/20 (FGIC Insured) | 1,000,000 | 1,055,040 | ||
0% 12/1/11 (FGIC Insured) | 3,720,000 | 2,787,582 | ||
5.75% 12/1/28 (FGIC Insured) | 3,005,000 | 3,426,451 | ||
Indian Hill Exempt Village School District Hamilton County: | ||||
5.25% 12/1/13 | 2,115,000 | 2,408,054 | ||
5.25% 12/1/14 | 1,275,000 | 1,449,662 | ||
Kings Local School District 6.1% 12/1/25 | 6,800,000 | 8,013,596 | ||
Lake Local School District Stark County Series 2000, 5.75% 12/1/26 (FGIC Insured) | 2,780,000 | 3,148,656 | ||
Lakewood Gen. Oblig.: | ||||
Series A, 6.6% 12/1/11 | 1,630,000 | 2,043,335 | ||
6.6% 12/1/08 | 1,525,000 | 1,841,087 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Lakota Local School District: | ||||
0% 12/1/05 | $ 690,000 | $ 660,820 | ||
0% 12/1/06 | 650,000 | 606,314 | ||
Licking Heights Local School District (Facilities Construction & Impt. Proj.) Series A, 5.5% 12/1/24 (FGIC Insured) | 2,400,000 | 2,633,904 | ||
Lima Swr. Sys. Rev. Impt. 6.3% 12/1/12 (AMBAC Insured) | 2,500,000 | 2,557,075 | ||
Lorain County 5.5% 12/1/22 (FGIC Insured) | 2,985,000 | 3,324,484 | ||
Lowellville San. Swr. Sys. Rev. (Browning-Ferris Industries, Inc. Proj.) 7.25% 6/1/06 (c) | 500,000 | 503,975 | ||
Lucas County Hosp. Rev. (Promedia Health Care Oblig. Group Proj.): | ||||
5.375% 11/15/23 (AMBAC Insured) | 5,000,000 | 5,368,700 | ||
5.625% 11/15/12 (AMBAC Insured) | 2,000,000 | 2,278,700 | ||
5.625% 11/15/13 (AMBAC Insured) | 1,200,000 | 1,360,560 | ||
Marion County Hosp. Impt. Rev. (Cmnty. Hosp. Proj.) 6.1% 5/15/06 | 1,000,000 | 1,089,100 | ||
Medina City School District 5.25% 12/1/28 (FGIC Insured) | 11,175,000 | 12,055,143 | ||
Montgomery County Gen. Oblig. 5.5% 12/1/25 | 2,235,000 | 2,440,911 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series A: | ||||
6% 12/1/19 | 2,000,000 | 2,203,660 | ||
6% 12/1/26 | 3,000,000 | 3,286,650 | ||
Newark Gen. Oblig. (Wtr. Sys. Impt. Proj.) 0% 12/1/07 (AMBAC Insured) | 455,000 | 411,129 | ||
Ohio Air Quality Dev. Auth. Rev.: | ||||
(Columbus & Southern Pwr. Co. Proj.) Series A, 6.375% 12/1/20 (FGIC Insured) | 3,000,000 | 3,068,580 | ||
(Dayton Pwr. & Lt. Co. Proj.) 6.1% 9/1/30 | 4,000,000 | 4,097,240 | ||
(Ohio Edison Co. Proj.) Series A, 3.25%, tender 2/1/08 (AMBAC Insured) (b) | 2,000,000 | 2,057,360 | ||
(Pennsylvania Pwr. Co. Proj.) 3.85%, tender 7/1/04 (b) | 6,000,000 | 6,000,000 | ||
Ohio Bldg. Auth.: | ||||
(Administration Bldg. Fund Prog.): | ||||
Series 1999 A, 5.25% 10/1/11 | 2,155,000 | 2,457,562 | ||
Series A: | ||||
4.75% 10/1/17 | 1,000,000 | 1,051,630 | ||
4.875% 10/1/10 | 1,000,000 | 1,090,300 | ||
(Adult Correctional Bldg. Fund Prog.): | ||||
Series 1999 A, 5.5% 10/1/11 | 3,370,000 | 3,880,521 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Ohio Bldg. Auth.: - continued | ||||
(Adult Correctional Bldg. Fund Prog.): | ||||
Series 2001 A, 5.5% 10/1/12 (FSA Insured) | $ 1,000,000 | $ 1,164,210 | ||
Series A: | ||||
5.25% 10/1/17 | 1,000,000 | 1,098,820 | ||
5.75% 4/1/11 | 2,865,000 | 3,362,536 | ||
(Juvenile Correctional Bldg. Fund Prog.): | ||||
5% 4/1/17 (MBIA Insured) | 2,485,000 | 2,724,827 | ||
5.5% 4/1/12 | 2,960,000 | 3,437,507 | ||
(Sports Facilities Bldg. Fund Prog.) Series 1999 A, 5.25% 10/1/12 | 2,940,000 | 3,287,802 | ||
Series A, 5% 4/1/11 (FGIC Insured) | 3,000,000 | 3,399,150 | ||
Ohio Gen. Oblig.: | ||||
(College Savings Prog.): | ||||
0% 8/1/09 | 2,290,000 | 1,905,738 | ||
0% 8/1/10 | 2,000,000 | 1,581,720 | ||
0% 8/1/14 | 1,375,000 | 890,753 | ||
(Common Schools Proj.) Series A, 5.5% 9/15/16 | 11,060,000 | 12,674,421 | ||
(Higher Ed. Cap. Facilities Proj.) Series A, 5.375% 8/1/16 | 5,930,000 | 6,716,674 | ||
(Infrastructure Impt. Proj.) 6.65% 9/1/09 | 1,000,000 | 1,174,170 | ||
(Mental Health Cap. Facilities Proj.): | ||||
Series 2001 B, 5% 6/1/09 | 1,925,000 | 2,179,812 | ||
Series IIA, 5.25% 6/1/17 | 2,670,000 | 2,959,028 | ||
Series IIB, 5.5% 6/1/15 | 2,265,000 | 2,582,847 | ||
(Parks & Recreation Cap. Facilities Proj.) Series 2001 IIA, 5.5% 12/1/13 | 2,020,000 | 2,340,574 | ||
Series 2002 B, 5.25% 11/1/20 | 2,520,000 | 2,761,996 | ||
Ohio Higher Edl. Facilities Rev. (Case Western Reserve Univ. 2002 Proj.): | ||||
Series B, 6.5% 10/1/20 | 2,250,000 | 2,915,933 | ||
Series C, 5.125% 10/1/17 | 2,985,000 | 3,216,278 | ||
6% 10/1/14 | 1,500,000 | 1,845,720 | ||
6.125% 10/1/15 | 2,000,000 | 2,471,440 | ||
6.25% 10/1/16 | 2,500,000 | 3,108,750 | ||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Case Western Reserve Univ. Proj.) Series A, 6% 7/1/06 | 1,375,000 | 1,550,340 | ||
(Denison Univ. Proj.): | ||||
5.3% 11/1/21 | 3,775,000 | 4,146,385 | ||
5.5% 11/1/14 | 1,000,000 | 1,162,190 | ||
(Oberlin College Proj.) 5% 10/1/29 | 2,000,000 | 2,071,120 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Ohio Hsg. Fin. Agcy. Mtg. Rev. (Residential Proj.): | ||||
Series B2, 5.375% 9/1/19 (c) | $ 1,505,000 | $ 1,506,023 | ||
Series C, 4.9% 9/1/26 (c) | 670,000 | 673,739 | ||
Ohio Poll. Cont. Rev. (Standard Oil Co. Proj.) 6.75% 12/1/15 | 3,100,000 | 3,983,221 | ||
Ohio Pub. Facilities Commission Rev. (Mental Health Cap. Facilities Proj.) Series 2000 IIA, 5.375% 6/1/14 | 2,200,000 | 2,478,674 | ||
Ohio Solid Waste Rev. (Waste Mgmt., Inc. Proj.) 4.85%, tender 11/1/07 (b)(c) | 3,000,000 | 3,089,130 | ||
Ohio State Univ. Gen. Receipts: | ||||
Series 2002 A, 5.125% 12/1/31 | 4,000,000 | 4,244,880 | ||
Series A, 5.8% 12/1/29 | 3,300,000 | 3,762,858 | ||
Ohio Tpk. Commission Tpk. Rev.: | ||||
Series A, 5.5% 2/15/21 (FGIC Insured) | 5,000,000 | 5,865,600 | ||
5.5% 2/15/26 | 3,700,000 | 4,008,469 | ||
Ohio Univ. Gen. Receipts Athens 5% 12/1/10 (FSA Insured) (a) | 1,950,000 | 2,181,563 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev.: | ||||
(Cleveland Elec. Illuminating Co. Proj.) Series A, 3.4%, tender 10/1/04 (b) | 2,000,000 | 2,032,460 | ||
(Toledo Edison Co. Proj.) Series B, 4.5%, tender 9/1/05 (b) | 2,000,000 | 2,012,580 | ||
Ohio Wtr. Dev. Auth. Rev.: | ||||
(Drinking Wtr. Fund Prog.) Series 2002, 5.5% 12/1/21 | 4,040,000 | 4,512,922 | ||
(Fresh Wtr. Impt. Proj.): | ||||
Series B, 5.5% 6/1/16 (FSA Insured) | 1,560,000 | 1,854,793 | ||
5.375% 12/1/17 | 135,000 | 151,968 | ||
5.375% 12/1/19 | 3,000,000 | 3,340,890 | ||
(Pure Wtr. Proj.): | ||||
Series I, 6% 12/1/16 (AMBAC Insured) (Escrowed to Maturity) (d) | 1,685,000 | 2,037,654 | ||
5.5% 12/1/18 (AMBAC Insured) | 800,000 | 817,960 | ||
Ohio Wtr. Dev. Auth. Solid Waste Disp. Rev. (North Star BHP Steel/Cargill Proj.) 6.3% 9/1/20 (c) | 6,350,000 | 6,650,736 | ||
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. 5.25% 6/1/10 | 3,090,000 | 3,558,753 | ||
Olentangy Local School District (School Facilities Construction & Impt. Proj.) Series A: | ||||
5.25% 12/1/15 | 1,205,000 | 1,366,133 | ||
5.25% 12/1/17 | 1,335,000 | 1,485,241 | ||
Ottawa County San. Swr. Sys. Rev. (Danbury Proj.) 0% 10/1/06 (AMBAC Insured) | 1,445,000 | 1,355,526 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Pickerington Local School District: | ||||
5.25% 12/1/20 (FGIC Insured) | $ 5,000,000 | $ 5,462,400 | ||
5.8% 12/1/09 (FGIC Insured) | 1,000,000 | 1,192,430 | ||
Plain Local School District 6% 12/1/25 (FGIC Insured) | 990,000 | 1,149,063 | ||
Richland County Hosp. Facilities (MedCentral Health Sys. Proj.) Series B: | ||||
6.375% 11/15/22 | 1,500,000 | 1,607,415 | ||
6.375% 11/15/30 | 1,000,000 | 1,065,930 | ||
Scioto County Marine Term. Facilities Rev. (Norfolk Southern Corp. Proj.) 5.3% 8/15/13 | 3,000,000 | 3,129,810 | ||
Sharonville Gen. Oblig.: | ||||
5.25% 6/1/15 (FGIC Insured) | 1,840,000 | 2,087,186 | ||
5.25% 6/1/16 (FGIC Insured) | 1,410,000 | 1,583,162 | ||
South-Western City School District Franklin & Pickway County Series A, 6.2% 12/1/06 (AMBAC Insured) | 1,000,000 | 1,029,780 | ||
Springboro Cmnty. City School District 0% 12/1/06 (AMBAC Insured) | 915,000 | 855,525 | ||
Summit County Gen. Oblig.: | ||||
5.25% 12/1/20 | 1,645,000 | 1,794,596 | ||
5.25% 12/1/21 | 1,740,000 | 1,884,437 | ||
Swanton Local School District 5.25% 12/1/21 (FGIC Insured) | 3,415,000 | 3,727,199 | ||
Toledo Gen. Oblig. 7.625% 12/1/04 (AMBAC Insured) | 1,000,000 | 1,090,510 | ||
Univ. of Akron Gen. Receipts Series A: | ||||
5% 1/1/20 (AMBAC Insured) | 1,425,000 | 1,525,562 | ||
5% 1/1/21 (AMBAC Insured) | 1,510,000 | 1,603,107 | ||
Univ. of Cincinnati Ctfs. of Prtn.: | ||||
5.5% 6/1/11 (MBIA Insured) | 1,045,000 | 1,211,594 | ||
5.5% 6/1/12 (MBIA Insured) | 1,315,000 | 1,511,461 | ||
5.5% 6/1/15 (MBIA Insured) | 1,000,000 | 1,147,980 | ||
Warren County Gen. Oblig.: | ||||
Swr. Impt. (P&G Co./Lower Miami Proj.) 5.5% 12/1/16 | 1,455,000 | 1,576,973 | ||
6.1% 12/1/12 | 500,000 | 590,220 | ||
6.65% 12/1/11 | 465,000 | 548,337 | ||
Westerville City School District: | ||||
Series 2001, 5.5% 12/1/13 (MBIA Insured) | 1,250,000 | 1,444,150 | ||
5.5% 12/1/14 (MBIA Insured) | 1,430,000 | 1,646,717 | ||
436,147,269 | ||||
Municipal Bonds - continued | ||||
Principal | Value | |||
Puerto Rico - 1.2% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series Y, 5.5% 7/1/36 (FSA Insured) | $ 1,000,000 | $ 1,130,060 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/40 (Escrowed to Maturity) (d) | 3,800,000 | 4,268,236 | ||
5,398,296 | ||||
TOTAL MUNICIPAL BONDS (Cost $403,523,556) | 441,545,565 |
Municipal Notes - 0.9% | |||
Ohio - 0.9% | |||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. 3% 7/18/03, CP | 4,300,000 | 4,304,429 | |
TOTAL INVESTMENT PORTFOLIO - 98.3% (Cost $407,823,556) | 445,849,994 | ||
NET OTHER ASSETS - 1.7% | 7,678,100 | ||
NET ASSETS - 100% | $ 453,528,094 |
Security Type Abbreviation |
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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 52.6% |
Education | 10.8 |
Health Care | 8.2 |
Water & Sewer | 7.8 |
Electric Utilities | 7.7 |
Others* (individually less than 5%) | 12.9 |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $53,181,141 and $45,092,843, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Ohio Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
June 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $407,823,556) - See accompanying schedule | $ 445,849,994 | |
Cash | 10,324,114 | |
Receivable for fund shares sold | 229,532 | |
Interest receivable | 3,336,546 | |
Other receivables | 11,145 | |
Total assets | 459,751,331 | |
Liabilities | ||
Payable for investments purchased | $ 3,000,000 | |
Delayed delivery | 2,122,614 | |
Payable for fund shares redeemed | 464,779 | |
Distributions payable | 426,568 | |
Accrued management fee | 145,134 | |
Other payables and accrued expenses | 64,142 | |
Total liabilities | 6,223,237 | |
Net Assets | $ 453,528,094 | |
Net Assets consist of: | ||
Paid in capital | $ 413,059,829 | |
Undistributed net investment income | 159,120 | |
Accumulated undistributed net realized gain (loss) on investments | 2,282,707 | |
Net unrealized appreciation (depreciation) on investments | 38,026,438 | |
Net Assets, for 36,818,399 shares outstanding | $ 453,528,094 | |
Net Asset Value, offering price and redemption price per share ($453,528,094 ÷ 36,818,399 shares) | $ 12.32 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Ohio Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2003 (Unaudited) | ||
Investment Income | ||
Interest | $ 10,348,122 | |
Expenses | ||
Management fee | $ 842,681 | |
Transfer agent fees | 168,000 | |
Accounting fees and expenses | 69,796 | |
Non-interested trustees' compensation | 1,122 | |
Custodian fees and expenses | 3,526 | |
Registration fees | 14,711 | |
Audit | 24,984 | |
Legal | 2,479 | |
Miscellaneous | 84 | |
Total expenses before reductions | 1,127,383 | |
Expense reductions | (38,318) | 1,089,065 |
Net investment income (loss) | 9,259,057 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 2,566,320 | |
Change in net unrealized appreciation (depreciation) on investment securities | 8,015,291 | |
Net gain (loss) | 10,581,611 | |
Net increase (decrease) in net assets resulting from operations | $ 19,840,668 |
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 (loss) | $ 9,259,057 | $ 18,775,062 |
Net realized gain (loss) | 2,566,320 | 4,327,387 |
Change in net unrealized appreciation (depreciation) | 8,015,291 | 15,619,238 |
Net increase (decrease) in net assets resulting | 19,840,668 | 38,721,687 |
Distributions to shareholders from net investment income | (9,232,109) | (18,686,297) |
Distributions to shareholders from net realized gain | (180,367) | (2,874,270) |
Total distributions | (9,412,476) | (21,560,567) |
Share transactions | 28,491,099 | 73,548,628 |
Reinvestment of distributions | 6,749,542 | 15,418,496 |
Cost of shares redeemed | (27,199,817) | (70,428,334) |
Net increase (decrease) in net assets resulting from share transactions | 8,040,824 | 18,538,790 |
Redemption fees | 1,679 | 4,768 |
Total increase (decrease) in net assets | 18,470,695 | 35,704,678 |
Net Assets | ||
Beginning of period | 435,057,399 | 399,352,721 |
End of period (including undistributed net investment income of $159,120 and undistributed net investment income of $140,984, respectively) | $ 453,528,094 | $ 435,057,399 |
Other Information Shares | ||
Sold | 2,343,192 | 6,209,617 |
Issued in reinvestment of distributions | 555,369 | 1,298,102 |
Redeemed | (2,240,241) | (5,947,963) |
Net increase (decrease) | 658,320 | 1,559,756 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 12.03 | $ 11.54 | $ 11.54 | $ 10.86 | $ 11.74 | $ 11.72 |
Income from Investment Operations | ||||||
Net investment income (loss) | .254 D | .527 D | .542 D,F | .552 D | .536 | .538 |
Net realized and unrealized gain (loss) | .294 | .568 | (.002)F | .681 | (.857) | .125 |
Total from investment operations | .548 | 1.095 | .540 | 1.233 | (.321) | .663 |
Distributions from net investment income | (.253) | (.525) | (.540) | (.553) | (.536) | (.538) |
Distributions from net realized gain | (.005) | (.080) | - | - | (.011) | (.105) |
Distributions in excess of net realized gain | - | - | - | - | (.012) | - |
Total distributions | (.258) | (.605) | (.540) | (.553) | (.559) | (.643) |
Redemption fees added to paid in capital | -D,G | -D,G | -D,G | - | - | - |
Net asset value, end of period | $ 12.32 | $ 12.03 | $ 11.54 | $ 11.54 | $ 10.86 | $ 11.74 |
Total ReturnB,C | 4.61% | 9.68% | 4.73% | 11.68% | (2.83)% | 5.79% |
Ratios to Average Net AssetsE | ||||||
Expenses before | .51% A | .51% | .51% | .52% | .52% | .55% |
Expenses net of voluntary waivers, if any | .51% A | .51% | .51% | .52% | .52% | .55% |
Expenses net of all | .50% A | .49% | .46% | .46% | .51% | .55% |
Net investment income (loss) | 4.22% A | 4.45% | 4.64% F | 4.99% | 4.71% | 4.58% |
Supplemental Data | ||||||
Net assets, end of | $ 453,528 | $ 435,057 | $ 399,353 | $ 381,052 | $ 352,973 | $ 396,166 |
Portfolio turnover rate | 21% A | 19% | 17% | 28% | 14% | 19% |
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 Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Investment Changes
Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 82.5 | 75.6 | 81.7 |
31 - 90 | 4.1 | 3.8 | 5.5 |
91 - 180 | 8.9 | 11.0 | 6.3 |
181 - 397 | 4.5 | 9.6 | 6.5 |
Weighted Average Maturity | |||
6/30/03 | 12/31/02 | 6/30/02 | |
Fidelity® Ohio Municipal Money | 33 Days | 51 Days | 37 Days |
Ohio Tax-Free Money Market | 42 Days | 49 Days | 50 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2003 | As of December 31, 2002 | ||||||
![]() | Variable Rate | ![]() | Variable Rate | ||||
![]() | Commercial Paper (including CP Mode) 0.0% | ![]() | Commercial Paper (including CP Mode) 0.8% | ||||
![]() | Tender Bonds 3.6% | ![]() | Tender Bonds 3.5% | ||||
![]() | Municipal Notes 15.0% | ![]() | Municipal Notes 19.2% | ||||
![]() | Fidelity Municipal | ![]() | Fidelity Municipal | ||||
![]() | Other Investments 0.9% | ![]() | Other Investments 1.1% | ||||
![]() | Net Other Assets** (2.5)% | ![]() | Net Other Assets 0.2% |
** Net Other Assets are not included in the pie chart. |
*Source: iMoneyNet, Inc.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Investments June 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 102.5% | |||
Principal | Value | ||
Ohio - 87.4% | |||
American Muni. Pwr. BAN (Cleveland Pub. Pwr. Co. Proj.) 1.55% 8/21/03 | $ 2,330,000 | $ 2,330,000 | |
Ashtabula County Indl. Dev. Rev. (Plasticolors, Inc. Proj.) Series 1996 A, 1.2%, LOC Key Bank NA, VRDN (b)(e) | 1,970,000 | 1,970,000 | |
Bowling Green Gen. Oblig. BAN 2% 9/4/03 | 4,150,000 | 4,155,478 | |
Butler County Gen. Oblig. BAN: | |||
1.5% 6/10/04 | 1,550,000 | 1,556,493 | |
1.75% 10/16/03 | 1,275,000 | 1,275,000 | |
2.1% 9/24/03 | 1,090,000 | 1,091,423 | |
Butler County Trans. Impt. District Participating VRDN Series PT 1460, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,100,000 | 5,100,000 | |
Cambridge Hosp. Facilities Rev. (Southeastern Reg'l. Med. Ctr. Proj.) 1.5%, LOC Nat'l. City Bank, VRDN (b) | 5,615,000 | 5,615,000 | |
Cincinnati City School District: | |||
Participating VRDN 1.08% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,885,000 | 3,885,000 | |
BAN 1.3% 1/20/04 (a) | 6,000,000 | 6,014,760 | |
Cincinnati Student Ln. Fdg. Corp. Student Ln. Rev.: | |||
Series 1998 A1, 1.03% (Liquidity Facility Sallie Mae), VRDN (b)(e) | 1,000,000 | 1,000,000 | |
Series 1998 A2, 1.03% (Liquidity Facility Sallie Mae), VRDN (b)(e) | 6,500,000 | 6,500,000 | |
Clark County Health Care Facilities Rev. (The Ohio Masonic Home Proj.) 1.08% (AMBAC Insured), VRDN (b) | 5,700,000 | 5,700,000 | |
Clermont County Indl. Dev. Rev. (American Micro Products Proj.) 1.2%, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 3,000,000 | 3,000,000 | |
Cleveland Arpt. Sys. Rev. Participating VRDN: | |||
Series PT 799, 1.11% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 1,500,000 | 1,500,000 | |
Series SGA 126, 1.05% (Liquidity Facility Societe Generale) (b)(f) | 10,685,000 | 10,685,000 | |
Cleveland Wtrwks. Rev. Bonds Series Merlots 01 A24, 1.5%, tender 11/12/03 (Liquidity Facility Wachovia Bank NA) (b)(f)(g) | 4,020,000 | 4,020,000 | |
Columbus Gen. Oblig. Participating VRDN Series MS 01 585, 1.04% (Liquidity Facility Morgan Stanley) (b)(f) | 5,175,000 | 5,175,000 | |
Cuyahoga County Civic Facilities Rev. (Fairfax Dev. Corp. Proj.) 1.1%, LOC Key Bank NA, VRDN (b) | 4,800,000 | 4,800,000 | |
Cuyahoga County Health Care Facilities Rev. (Althenheim Proj.) 1.13%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 6,905,000 | 6,905,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Cuyahoga County Indl. Dev. Rev.: | |||
(Progressive Plastics, Inc. Proj.) 1.2%, LOC Bank One NA, VRDN (b)(e) | $ 1,590,000 | $ 1,590,000 | |
(Pubco Corp. Proj.) Series 2001, 1.14%, LOC Nat'l. City Bank, VRDN (b)(e) | 3,350,000 | 3,350,000 | |
(The Great Lakes Brewing Co. Proj.) Series 1997, 1.18%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b)(e) | 4,435,000 | 4,435,000 | |
Dayton Gen. Oblig. BAN: | |||
2% 12/18/03 | 4,250,000 | 4,263,676 | |
2% 2/26/04 | 1,200,000 | 1,207,368 | |
Delaware County Health Care Facilities (Willow Brook Christian Cmnty. Proj.) Series 1999, 1.13%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b) | 3,970,000 | 3,970,000 | |
Dublin City School District BAN 1.51% 10/15/03 | 2,000,000 | 2,002,248 | |
Elyria Gen. Oblig. BAN 2% 12/4/03 | 5,200,000 | 5,213,135 | |
Erie County Multi-family Hsg. Rev. (Providence Residential Comnty. Corp. Proj.) Series 1999 A, 1.13%, LOC Bank One NA, VRDN (b) | 10,435,000 | 10,435,000 | |
Euclid Gen. Oblig. BAN 2% 3/4/04 | 2,000,000 | 2,011,351 | |
Fairborn Gen. Oblig. BAN 2.5% 7/17/03 | 2,500,000 | 2,500,938 | |
Fairfield County Gen. Oblig. BAN 1.75% 4/15/04 | 1,400,000 | 1,406,547 | |
Franklin County Indl. Dev. Rev. (Inland Products, Inc. Proj.) 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 100,000 | 100,000 | |
Franklin County Multi-family Rev. (Golf Pointe Apts. Proj.) Series 2000 A, 1.06%, LOC Lasalle Bank NA, VRDN (b)(e) | 6,800,000 | 6,800,000 | |
Geauga County Gen. Oblig. BAN 1.55% 3/4/04 | 1,200,000 | 1,202,793 | |
Geauga County Health Care Facilities Rev.: | |||
(Heather Hill Lifecare Proj.) 1.08%, LOC Bank One NA, VRDN (b) | 9,720,000 | 9,720,000 | |
(Montefiore Hsg. Corp. Proj.) Series 2001, 1.1%, LOC Key Bank NA, VRDN (b) | 5,945,000 | 5,945,000 | |
Hamilton County Health Care Facilities Rev. 1.05%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 4,250,000 | 4,250,000 | |
Hamilton County Hosp. Facilities Rev. Series 2002 A, 1.02%, LOC JPMorgan Chase Bank, VRDN (b) | 10,000,000 | 10,000,000 | |
Hamilton County Indl. Dev. Rev. (Metro Containers, Inc. Proj.) 1.2%, LOC Bank One NA, VRDN (b)(e) | 290,000 | 290,000 | |
Hamilton County Swr. Sys. Rev. Participating VRDN Series MSDW 00 272, 1.04% (Liquidity Facility Morgan Stanley) (b)(f) | 6,435,000 | 6,435,000 | |
Independence Gen. Oblig. BAN 1.75% 7/1/04 (a) | 2,150,000 | 2,168,705 | |
Kettering Indl. Dev. Rev. (Millat Industries Corp. Proj.) 1.14%, LOC Nat'l. City Bank, VRDN (b)(e) | 3,435,000 | 3,435,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Lake County Gen. Oblig. BAN 2% 4/15/04 | $ 3,000,000 | $ 3,019,905 | |
Lake County Indl. Dev. Rev.: | |||
(American Bus. Co. Proj.) 1.2%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b)(e) | 1,030,000 | 1,030,000 | |
(Norshar Co. Proj.) 1.2%, LOC Bank One NA, VRDN (b)(e) | 3,110,000 | 3,110,000 | |
Lima Hosp. Rev. (Lima Memorial Hosp. Proj.) 1.1%, LOC Bank One NA, Chicago, VRDN (b) | 2,500,000 | 2,500,000 | |
Lucas County Multi-family Rev. (Lakewoods Proj.) 1.2%, LOC Key Bank NA, VRDN (b)(e) | 4,000,000 | 4,000,000 | |
Medina County Indl. Dev. Rev.: | |||
(Firedex, Inc. Proj.) Series 1997, 1.2%, LOC Key Bank NA, VRDN (b)(e) | 935,000 | 935,000 | |
(Rembond Proj.) Series 1996, 1.2%, LOC Bank One NA, VRDN (b)(e) | 2,035,000 | 2,035,000 | |
Montgomery County Health Care Facilities Rev.: | |||
(Eastway Corp. & Property Resource Proj.) Series 1997, 1.2%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b)(e) | 2,705,000 | 2,705,000 | |
(Kettering Affiliated Proj.) 1.1%, LOC Bank One NA, VRDN (b) | 2,700,000 | 2,700,000 | |
Montgomery County Multi-family Hsg. Dev. Rev. (Pedcor Invts.-Lyons Gate Proj.) 1.07%, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (b)(e) | 4,420,000 | 4,420,000 | |
Montgomery County Rev. Bonds (Catholic Health Initiatives Proj.) 4% 9/1/03 | 3,300,000 | 3,313,968 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
Participating VRDN Series PA 769R, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 4,180,000 | 4,180,000 | |
(Timken Co. Proj.) 1%, LOC Key Bank NA, VRDN (b) | 4,500,000 | 4,500,000 | |
Ohio Bldg. Auth. Participating VRDN: | |||
Series FRRI 02 L 31J, 1.1% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(f) | 5,375,000 | 5,375,000 | |
Series PA 871R, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 3,500,000 | 3,500,000 | |
Series PT 1824, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,400,000 | 6,400,000 | |
Ohio Gen. Oblig.: | |||
Bonds: | |||
(Revitalization Proj.) Series A, 3% 10/1/03 | 2,410,000 | 2,421,475 | |
Series ROC II R208, 1.12%, tender 7/10/03 (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(f)(g) | 2,900,000 | 2,900,000 | |
Participating VRDN: | |||
Series PT 1808, 1.03% (Liquidity Facility WestLB AG) (b)(f) | 2,605,000 | 2,605,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Ohio Gen. Oblig.: - continued | |||
Participating VRDN: | |||
Series PT 1823, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | $ 6,500,000 | $ 6,500,000 | |
Series PT 1831, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 5,650,000 | 5,650,000 | |
Series Putters 02 306, 1.05% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(f) | 7,390,000 | 7,390,000 | |
Series ROC II R167, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(f) | 7,035,000 | 7,035,000 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
Participating VRDN Series MS 98 116, 1.04% (Liquidity Facility Morgan Stanley) (b)(f) | 9,220,000 | 9,220,000 | |
(John Carroll Univ. Proj.) Series 2001 B, 1%, LOC Allied Irish Banks PLC, VRDN (b) | 1,700,000 | 1,700,000 | |
(Pooled Fing. Prog.): | |||
Series 1996, 1.1%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 2,375,000 | 2,375,000 | |
Series 1999, 1.1%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 6,500,000 | 6,500,000 | |
Series A, 0.95%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 2,000,000 | 2,000,000 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | |||
Bonds: | |||
Series Merlots 00 A1, 1.55%, tender 11/12/03 (Liquidity Facility Wachovia Bank NA) (b)(e)(f)(g) | 4,505,000 | 4,505,000 | |
Series PT 282, 1.3%, tender 7/17/03 (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f)(g) | 1,620,000 | 1,620,000 | |
Series PT 567, 1.25%, tender 8/7/03 (Liquidity Facility Danske Bank AS) (b)(e)(f)(g) | 6,205,000 | 6,205,000 | |
Participating VRDN: | |||
Series BA 00 Q, 1.13% (Liquidity Facility Bank of America NA) (b)(e)(f) | 1,710,000 | 1,710,000 | |
Series BA 01 I, 1.1% (Liquidity Facility Bank of America NA) (b)(e)(f) | 5,000,000 | 5,000,000 | |
Series BA 98 B, 1.13% (Liquidity Facility Bank of America NA) (b)(e)(f) | 14,695,000 | 14,695,000 | |
Series BA 98 Q, 1.13% (Liquidity Facility Bank of America NA) (b)(e)(f) | 4,600,000 | 4,600,000 | |
Series BA 99 Q, 1.13% (Liquidity Facility Bank of America NA) (b)(e)(f) | 6,965,000 | 6,965,000 | |
Series FRRI 25, 1.2% (Liquidity Facility Bank of New York NA) (b)(e)(f) | 2,440,000 | 2,440,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Ohio Hsg. Fin. Agcy. Mtg. Rev.: - continued | |||
Participating VRDN: | |||
Series Merlots 00 AA, 1.13% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | $ 5,210,000 | $ 5,210,000 | |
Series Merlots 01 A78, 1.13% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 3,610,000 | 3,610,000 | |
Series Merlots 02 A34, 1.13% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 3,795,000 | 3,795,000 | |
Series PA 806, 1.08% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 810,000 | 810,000 | |
Series PT 1334, 1.08% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,160,000 | 5,160,000 | |
Series PT 228, 1.08% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 6,330,000 | 6,330,000 | |
Series PT 241, 1.08% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 6,030,000 | 6,030,000 | |
Series PT 506, 1.08% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f) | 5,230,000 | 5,230,000 | |
Series PT 582, 1.08% (Liquidity Facility Svenska Handelsbanken AB) (b)(e)(f) | 2,400,000 | 2,400,000 | |
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Club at Spring Valley Apts. Proj.) Series 1996 A, 1.1%, LOC Key Bank NA, VRDN (b)(e) | 7,500,000 | 7,500,000 | |
(Pedcor Invt. Willowlake Apts. Proj.): | |||
Series A, 1.09%, LOC Bank One NA, VRDN (b)(e) | 3,015,000 | 3,015,000 | |
Series B, 1.19%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 485,000 | 485,000 | |
Series C, 1.19%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 625,000 | 625,000 | |
Series D, 1.19%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 625,000 | 625,000 | |
(Pine Crossing Apts. Proj.) 1.05%, LOC Lasalle Bank NA, VRDN (b)(e) | 5,670,000 | 5,670,000 | |
Ohio Indl. Dev. Rev.: | |||
(K&S Realty Proj.) Series 1989 I, 1.1%, LOC Nat'l. City Bank, VRDN (b)(e) | 125,000 | 125,000 | |
(K&S Realty/Starr Fabricating, Inc. Proj.) Series 1989 III, 1.1%, LOC Nat'l. City Bank, VRDN (b)(e) | 180,000 | 180,000 | |
(Midwest Acoust-A-Fiber, Inc. Proj.) Series 1989 I, 1.1%, LOC Nat'l. City Bank, VRDN (b)(e) | 105,000 | 105,000 | |
(Plasticos Co. Proj.) Series 1989 IIIA, 1.1%, LOC Nat'l. City Bank, VRDN (b)(e) | 95,000 | 95,000 | |
(Standby Screw & Machine Proj.) Series 1991 IA, 1.1%, LOC Nat'l. City Bank, VRDN (b)(e) | 170,000 | 170,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Ohio Poll. Cont. Rev. (Gen. Motors Corp. Proj.) Series 1985, 1.95%, VRDN (b) | $ 4,350,000 | $ 4,350,000 | |
Ohio Solid Waste Rev.: | |||
(Pel Technologies LLC Proj.): | |||
Series A2, 1.1%, LOC Key Bank NA, VRDN (b)(e) | 2,000,000 | 2,000,000 | |
Series A3, 1.1%, LOC Key Bank NA, VRDN (b)(e) | 2,000,000 | 2,000,000 | |
Series A4, 1.1%, LOC Key Bank NA, VRDN (b)(e) | 2,000,000 | 2,000,000 | |
Series A5, 1.1%, LOC Key Bank NA, VRDN (b)(e) | 1,000,000 | 1,000,000 | |
(Republic Svcs., Inc. Proj.): | |||
Series 2001, 1.15%, LOC Bank One NA, VRDN (b)(e) | 5,400,000 | 5,400,000 | |
1.05%, LOC Bank One NA, Chicago, VRDN (b)(e) | 3,500,000 | 3,500,000 | |
Ohio Tpk. Commission Tpk. Rev. Participating VRDN Series MS 98 71, 1.04% (Liquidity Facility Morgan Stanley) (b)(f) | 9,090,000 | 9,090,000 | |
Ohio Univ. Gen. Receipts Athens BAN: | |||
Series A, 1.55% 1/22/04 | 2,425,000 | 2,429,029 | |
1.69% 9/3/03 | 4,000,000 | 4,004,067 | |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 1.2%, LOC Fleet Bank NA, VRDN (b)(e) | 4,700,000 | 4,700,000 | |
Ohio Wtr. Dev. Auth. Rev. Bonds (Premcor Refining Group Proj.) 1.4%, tender 12/1/03, LOC Fleet Nat'l. Bank (b)(e) | 5,000,000 | 5,000,000 | |
Ohio Wtr. Dev. Auth. Solid Waste Disp. Rev. (American Steel & Wire Corp. Proj.) 1.03%, LOC Bank of America NA, VRDN (b)(e) | 9,100,000 | 9,100,000 | |
Perrysburg Gen. Oblig. BAN: | |||
2.05% 11/13/03 | 11,144,000 | 11,162,227 | |
2.25% 8/14/03 | 6,000,000 | 6,005,338 | |
Port of Greater Cincinnatti Dev. Auth. Rev. (Nat'l. Underground Railroad Freedom Ctr., Inc. Proj.) Series 2003 A, 1.05%, LOC Bank One NA, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 6,500,000 | 6,500,000 | |
Portage County Indl. Dev. Rev. (Mantaline Corp. Proj.) 1.14%, LOC Nat'l. City Bank, VRDN (b)(e) | 3,295,000 | 3,295,000 | |
Richland County Health Care Facilities Rev. (Mansfield Memorial Homes Proj.) Series 2002, 1.08%, LOC Key Bank NA, VRDN (b) | 5,185,000 | 5,185,000 | |
Richland County Indl. Dev. Rev. (Sabin Robbins Paper Co. Proj.) Series 1997, 1.15%, LOC Fifth Third Bank, Cincinnati, VRDN (b)(e) | 1,900,000 | 1,900,000 | |
Rickenbacker Port Auth. Indl. Dev. (Micro Industries Corp. Proj.) Series 2000, 1.2%, LOC Bank One NA, VRDN (b)(e) | 2,920,000 | 2,920,000 | |
Salem City Hosp. Facilities Rev. Series 2000, 1.1%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 6,000,000 | 6,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Shaker Heights Gen. Oblig. BAN: | |||
(Shaker Town Centre Cmnty. Dev. Proj.) 2.25% 7/10/03 | $ 3,300,000 | $ 3,300,561 | |
1.2% 12/10/03 (a) | 14,860,000 | 14,878,427 | |
1.65% 12/17/03 | 1,000,000 | 1,000,912 | |
Solon Gen. Oblig. BAN 2% 12/11/03 | 1,575,000 | 1,579,648 | |
Solon Indl. Dev. Rev. (Custom Graphic, Inc. Proj.) Series 1999, 1.25%, LOC Bank One NA, VRDN (b)(e) | 3,120,000 | 3,120,000 | |
Springfield Gen. Oblig. BAN 1.3% 10/1/03 | 1,140,000 | 1,140,281 | |
Stark County Gen. Oblig. BAN 1.4% 4/22/04 | 2,310,000 | 2,314,602 | |
Stark County Indl. Dev. Rev.: | |||
(H-P Products, Inc. Proj.) 1.2%, LOC Key Bank NA, VRDN (b)(e) | 2,660,000 | 2,660,000 | |
(Kidd Dev. Proj.) 1.2%, LOC Bank One NA, VRDN (b)(e) | 3,145,000 | 3,145,000 | |
Summit County Indl. Dev. Rev.: | |||
(Commercial Alloys Corp. Proj.): | |||
1.14%, LOC Nat'l. City Bank, VRDN (b)(e) | 2,000,000 | 2,000,000 | |
1.25%, LOC Nat'l. City Bank, VRDN (b)(e) | 3,020,000 | 3,020,000 | |
(Kaiser Dev. Proj.) 1.2%, LOC Nat'l. City Bank, VRDN (b)(e) | 685,000 | 685,000 | |
(Keltec, Inc. Proj.) Series 1987, 1.25%, LOC Nat'l. City Bank, VRDN (b)(e) | 180,000 | 180,000 | |
(Mannix Co. Proj.) Series 1987, 1.25%, LOC Bank One NA, VRDN (b)(e) | 985,000 | 985,000 | |
(Sigma Properties Proj.) Series 2000 B, 1.14%, LOC Nat'l. City Bank, VRDN (b)(e) | 2,160,000 | 2,160,000 | |
(Summit Plastic Co. Proj.) 1.14%, LOC Nat'l. City Bank, VRDN (b)(e) | 1,350,000 | 1,350,000 | |
(Triumph Hldgs. Proj.) 1.14%, LOC Nat'l. City Bank, VRDN (b)(e) | 1,485,000 | 1,485,000 | |
Tallmadge Gen. Oblig. BAN 1.75% 3/17/04 | 2,350,000 | 2,360,395 | |
Tiffin San. Swr. Impt. BAN Series 2, 2% 12/11/03 | 1,325,000 | 1,328,204 | |
Toledo City Svcs. Spl. Assessment Notes 1%, LOC Bank One NA, VRDN (b) | 6,600,000 | 6,600,000 | |
Toledo-Lucas County Port Auth. Rev. (P&G Industries Proj.) 1.14%, LOC Nat'l. City Bank, VRDN (b)(e) | 2,545,000 | 2,545,000 | |
Trumbull County Indl. Dev. Rev. (McDonald Steel Corp. Proj.) Series 1990, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 600,000 | 600,000 | |
Twinsburg Indl. Dev. Rev. (United Stationers Supply Co. Proj.) 1.1%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 1,800,000 | 1,800,000 | |
Union County Gen. Oblig. BAN 1.5% 6/10/04 | 4,225,000 | 4,240,731 | |
Van Wert County Indl. Dev. Rev. (Toledo Molding & Die, Inc. Proj.) Series 1994, 1.2%, LOC Fifth Third Bank, Cincinnati, VRDN (b)(e) | 470,000 | 470,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Warren County Health Care Facilities Rev. (Otterbein Homes Proj.) Series 1998 B, 1.2%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | $ 5,300,000 | $ 5,300,000 | |
Wood County Indl. Dev. Rev.: | |||
(CMC Group Proj.) Series 2001, 1.14%, LOC Nat'l. City Bank, VRDN (b)(e) | 2,415,000 | 2,415,000 | |
(Dowa THT America, Inc. Proj.) Series 1999, 1.1%, LOC Comerica Bank, Detroit, VRDN (b)(e) | 3,800,000 | 3,800,000 | |
Zanesville-Muskingum Port Auth. Indl. Dev. Rev. (Almana II LLC Proj.) Series 2000, 1.2%, LOC Bank One NA, VRDN (b)(e) | 7,200,000 | 7,200,000 | |
571,144,685 | |||
Other - 15.1% | |||
Fidelity Municipal Cash Central Fund, 1.07% (c)(d) | 98,294,500 | 98,294,500 |
TOTAL INVESTMENT PORTFOLIO - 102.5% | 669,439,185 | |
NET OTHER ASSETS - (2.5)% | (16,145,283) | |
NET ASSETS - 100% | $ 653,293,902 |
Total Cost for Income Tax Purposes $ 669,439,185 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
VRDN - VARIABLE RATE DEMAND NOTE |
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) Provides evidence of ownership in one or more underlying municipal bonds. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition | Cost |
Cleveland Wtrwks. Rev. Bonds Series Merlots 01 A24, 1.5%, tender 11/12/03 (Liquidity Facility Wachovia Bank NA) | 3/16/01 | $ 4,020,000 |
Ohio Gen. Oblig. Bonds Series ROC II R208, 1.12%, tender 7/10/03 (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) | 2/26/03 | $ 2,900,000 |
Ohio Hsg. Fin. Agcy. Mtg. Rev. Bonds Series Merlots 00 A1, 1.55%, tender 11/12/03 (Liquidity Facility Wachovia Bank NA) | 9/25/00 | $ 4,505,000 |
Ohio Hsg. Fin. Agcy. Mtg. Rev. Bonds Series PT 282, 1.3%, tender 7/17/03 (Liquidity Facility Landesbank Hessen-Thuringen) | 9/3/99 | $ 1,620,000 |
Ohio Hsg. Fin. Agcy. Mtg. Rev. Bonds Series PT 567, 1.25%, tender 8/7/03 (Liquidity Facility Danske Bank AS) | 6/28/01 - 2/4/03 | $ 6,205,000 |
Other Information |
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 $19,250,000 or 2.9% of net assets. |
Income Tax Information |
At December 31, 2002, the fund had a capital loss carryforward of approximately $45,000 of which $11,000, $6,000, $20,000 and $8,000 will expire on December 31, 2004, 2005, 2007 and 2008, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
June 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value - See accompanying schedule | $ 669,439,185 | |
Receivable for investments sold | 180 | |
Receivable for fund shares sold | 8,322,005 | |
Interest receivable | 1,884,533 | |
Other receivables | 2,506 | |
Total assets | 679,648,409 | |
Liabilities | ||
Payable to custodian bank | $ 38 | |
Payable for investments purchased on a delayed delivery basis | 23,061,891 | |
Payable for fund shares redeemed | 2,984,862 | |
Distributions payable | 7,909 | |
Accrued management fee | 204,897 | |
Other payables and accrued expenses | 94,910 | |
Total liabilities | 26,354,507 | |
Net Assets | $ 653,293,902 | |
Net Assets consist of: | ||
Paid in capital | $ 653,338,148 | |
Accumulated net realized gain (loss) on investments | (44,246) | |
Net Assets, for 653,338,235 shares outstanding | $ 653,293,902 | |
Net Asset Value, offering price and redemption price per share ($653,293,902 ÷ 653,338,235 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2003 (Unaudited) | ||
Investment Income | ||
Interest | $ 4,072,577 | |
Expenses | ||
Management fee | $ 1,223,493 | |
Transfer agent fees | 397,416 | |
Accounting fees and expenses | 54,903 | |
Non-interested trustees' compensation | 1,331 | |
Custodian fees and expenses | 5,557 | |
Registration fees | 17,821 | |
Audit | 20,681 | |
Legal | 4,604 | |
Miscellaneous | 14 | |
Total expenses before reductions | 1,725,820 | |
Expense reductions | (33,799) | 1,692,021 |
Net investment income | 2,380,556 | |
Net realized gain (loss) on investment securities | 605 | |
Net increase in net assets resulting from operations | $ 2,381,161 |
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 | $ 2,380,556 | $ 6,861,515 |
Net realized gain (loss) | 605 | 28,664 |
Net increase (decrease) in net assets resulting | 2,381,161 | 6,890,179 |
Distributions to shareholders from net investment income | (2,380,556) | (6,861,515) |
Share transactions at net asset value of $1.00 per share | 592,326,384 | 1,116,923,251 |
Reinvestment of distributions | 2,305,069 | 6,740,626 |
Cost of shares redeemed | (593,410,106) | (1,094,222,510) |
Net increase (decrease) in net assets and shares | 1,221,347 | 29,441,367 |
Total increase (decrease) in net assets | 1,221,952 | 29,470,031 |
Net Assets | ||
Beginning of period | 652,071,950 | 622,601,919 |
End of period | $ 653,293,902 | $ 652,071,950 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
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 | .004 | .011 | .025 | .036 | .028 | .030 |
Distributions from net investment income | (.004) | (.011) | (.025) | (.036) | (.028) | (.030) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B.C | .37% | 1.13% | 2.52% | 3.71% | 2.86% | 3.09% |
Ratios to Average Net Assets D | ||||||
Expenses before | .54% A | .54% | .55% | .56% | .57% | .58% |
Expenses net of voluntary waivers, if any | .54% A | .54% | .55% | .56% | .57% | .58% |
Expenses net of all | .53% A | .51% | .51% | .55% | .56% | .57% |
Net investment income | .75% A | 1.12% | 2.47% | 3.64% | 2.83% | 3.05% |
Supplemental Data | ||||||
Net assets, end of | $ 653,294 | $ 652,072 | $ 622,602 | $ 516,018 | $ 489,971 | $ 400,737 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D 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 June 30, 2003 (Unaudited)
1. Significant Accounting Policies.
Spartan Ohio Municipal Income Fund (the income fund) is a fund of Fidelity Municipal Trust. Fidelity Ohio Municipal Money Market Fund (the money market fund) is a fund of Fidelity Municipal Trust II. Each trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each fund is authorized to issue an unlimited number of shares. Each fund may be affected by economic and political developments in the state of Ohio. 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 income fund and the money market 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.
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities owned by the money market fund are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Expenses. Most expenses of each 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 each fund intends to qualify as a regulated investment company by distributing all of their 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 for the money market fund. Capital accounts within the income fund's 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 futures transactions, market discount, capital loss carryforwards and losses deferred due to futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) for the income fund as of period end was as follows:
Unrealized appreciation | $ 38,285,053 |
Unrealized depreciation | (111,778) |
Net unrealized appreciation (depreciation) | $ 38,173,275 |
Cost for federal income tax purposes | $ 407,676,719 |
Short-Term Trading (Redemption) Fees. Shares held in the income 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. Each 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 each applicable fund's Schedule of Investments. Each fund may receive compensation for interest forgone in
Semiannual Report
2. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each 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.
Restricted Securities. Certain funds 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 each applicable fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the funds with investment management related services for which the funds pay a monthly management fee.
The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each fund's average net assets. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, each fund's annualized management fee rate expressed as a percentage of each fund's average net assets was as follows:
Individual | Group | Total | |
Spartan Ohio Municipal Income Fund | .25% | .13% | .38% |
Fidelity Ohio Municipal Money Market Fund | .25% | .13% | .38% |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the funds. 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 funds' transfer and shareholder servicing agent and accounting functions. The funds pay 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 the following annualized rates expressed as a percentage of average net assets:
Spartan Ohio Municipal Income Fund | .08% |
Fidelity Ohio Municipal Money Market Fund | .12% |
Central Funds. The funds 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 funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:
Income | |
Fidelity Ohio Municipal Money Market Fund | $ 155,502 |
5. Expense Reductions.
Through arrangements with each applicable fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable fund's expenses. All of the applicable expense reductions are noted in the table below.
Semiannual Report
Custody | Transfer | |
Spartan Ohio Municipal Income Fund | $ 3,545 | $ 34,773 |
Fidelity Ohio Municipal Money Market Fund | 5,403 | 28,396 |
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
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Fidelity Automated
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Press
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2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
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5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
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(computer_graphic)
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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
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
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
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and Account Assistance 1-800-544-6666
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www.fidelity.com
Spartan®
Pennsylvania Municipal
Income Fund
and
Fidelity®
Pennsylvania Municipal
Money Market Fund
Semiannual Report
June 30, 2003
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Spartan Pennsylvania Municipal Income Fund | ||
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, | |
Fidelity Pennsylvania Municipal Money Market Fund | ||
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. | |
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.
Semiannual Report
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.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Spartan Pennsylvania Municipal Income Fund
Investment Changes
Top Five Sectors as of June 30, 2003 | ||
% of fund's | % of fund's net assets | |
General Obligations | 37.3 | 33.2 |
Education | 12.9 | 15.3 |
Transportation | 11.9 | 11.7 |
Health Care | 11.9 | 10.2 |
Water & Sewer | 11.6 | 14.4 |
Average Years to Maturity as of June 30, 2003 | ||
6 months ago | ||
Years | 13.5 | 13.6 |
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 | 6.7 | 6.7 |
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 73.3% | ![]() | AAA 72.2% | ||||
![]() | AA,A 19.1% | ![]() | AA,A 20.7% | ||||
![]() | BBB 7.9% | ![]() | BBB 7.6% | ||||
![]() | Not Rated 0.4% | ![]() | Not Rated 0.5% | ||||
![]() | Net Other Assets (0.7)%* | ![]() | 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
Spartan Pennsylvania Municipal Income Fund
Investments June 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 100.7% | ||||
Principal | Value | |||
New Jersey/Pennsylvania - 1.3% | ||||
Delaware River Joint Toll Bridge Commission Bridge Rev. 5.25% 7/1/19 | $ 1,000,000 | $ 1,081,180 | ||
Delaware River Port Auth. Pennsylvania & New Jersey Rev. (Port District Proj.) Series A, 5.5% 1/1/18 (FSA Insured) | 2,000,000 | 2,278,200 | ||
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 1999, 6% 1/1/18 (FSA Insured) | 700,000 | 812,350 | ||
4,171,730 | ||||
Pennsylvania - 97.8% | ||||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1: | ||||
5.75% 1/1/07 (MBIA Insured) (c) | 1,500,000 | 1,663,740 | ||
5.75% 1/1/08 (MBIA Insured) (c) | 1,000,000 | 1,123,870 | ||
5.75% 1/1/11 (MBIA Insured) (c) | 2,000,000 | 2,269,320 | ||
5.75% 1/1/12 (MBIA Insured) (c) | 4,000,000 | 4,569,240 | ||
5.75% 1/1/14 (MBIA Insured) (c) | 3,000,000 | 3,462,090 | ||
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev. (Duquesne Univ. Proj.) 6.5% 3/1/10 (AMBAC Insured) | 400,000 | 485,864 | ||
Allegheny County Hosp. Dev. Auth. Rev. (Health Ctr.-UPMC Health Sys. Proj.) Series A: | ||||
4.625% 8/1/12 (MBIA Insured) | 1,000,000 | 1,071,590 | ||
4.625% 8/1/14 (MBIA Insured) | 3,560,000 | 3,753,059 | ||
5.55% 4/1/12 (MBIA Insured) | 2,845,000 | 3,175,674 | ||
Allegheny County San. Auth. Swr. Rev.: | ||||
Series 2003: | ||||
5% 6/1/06 (MBIA Insured) | 2,775,000 | 3,036,461 | ||
5.375% 12/1/13 (MBIA Insured) | 1,000,000 | 1,152,850 | ||
0% 12/1/12 (FGIC Insured) (Escrowed to Maturity) (d) | 2,260,000 | 1,622,906 | ||
5.5% 12/1/30 (MBIA Insured) | 2,000,000 | 2,182,920 | ||
Bucks County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania Suburban Wtr. Co. Proj.) Series 2002, 5.55% 9/1/32 (FGIC Insured) (c) | 1,870,000 | 2,019,637 | ||
Butler Area School District: | ||||
Series A: | ||||
0% 10/1/27 (FGIC Insured) | 1,500,000 | 446,865 | ||
0% 9/15/28 (FGIC Insured) | 1,000,000 | 280,530 | ||
0% 9/15/29 (FGIC Insured) | 2,705,000 | 721,478 | ||
0% 11/15/19 (FGIC Insured) (Pre-Refunded to 11/15/07 @ 50.177) (d) | 5,650,000 | 2,583,406 | ||
Canon McMillan School District: | ||||
Series 2001 B, 5.75% 12/1/33 (FGIC Insured) | 8,995,000 | 10,313,577 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Pennsylvania - continued | ||||
Canon McMillan School District: - continued | ||||
Series B, 5.75% 12/1/35 (FGIC Insured) | $ 2,500,000 | $ 2,832,900 | ||
Central York School District 5.5% 6/1/16 (FGIC Insured) | 2,000,000 | 2,296,420 | ||
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. (Jefferson Health Sys. Proj.) Series B: | ||||
5% 5/15/08 (AMBAC Insured) | 600,000 | 672,246 | ||
5.25% 5/15/22 (AMBAC Insured) | 1,450,000 | 1,530,272 | ||
Cumberland County Muni. Auth. College Rev. (Dickerson College Proj.) Series A, 5.5% 11/1/30 (AMBAC Insured) | 4,200,000 | 4,582,872 | ||
Delaware County Auth. College Rev. (Haverford College Proj.): | ||||
5.75% 11/15/29 | 5,000,000 | 5,645,850 | ||
6% 11/15/30 | 3,620,000 | 4,188,195 | ||
Delaware County Auth. Hosp. Rev. (Crozer-Chester Med. Ctr. Proj.): | ||||
6% 12/15/09 | 1,500,000 | 1,540,470 | ||
6% 12/15/20 | 2,700,000 | 2,724,300 | ||
6.25% 12/15/31 | 1,000,000 | 1,012,780 | ||
Delaware County Gen. Oblig. Series 1999, 5.125% 10/1/17 | 1,000,000 | 1,084,460 | ||
Delaware County Indl. Dev. Auth. Rev. (Philadelphia Suburban Wtr. Co. Proj.) 6% 6/1/29 (FGIC Insured) (c) | 2,500,000 | 2,815,425 | ||
Delaware County Reg'l. Wtr. Quality Cont. Auth. Swr. Rev. Series 2001, 5.25% 5/1/12 (FGIC Insured) | 2,165,000 | 2,477,583 | ||
Erie School District 0% 9/1/30 (AMBAC Insured) | 4,000,000 | 1,021,760 | ||
Fox Chapel Area School District 4.5% 8/15/07 (FSA Insured) | 1,000,000 | 1,100,800 | ||
Harrisburg Auth. Dauphin County School Rev. (Harrisburg School District Rfdg. Proj.) 5.5% 4/1/14 (FGIC Insured) | 1,655,000 | 1,905,716 | ||
Harrisburg Auth. Rev. (Pooled Bond Prog.) Series I, 5.625% 4/1/15 (MBIA Insured) (Pre-Refunded to 4/1/06 @ 102) (d) | 445,000 | 502,966 | ||
Harrisburg Auth. Wtr. Rev. 5.75% 7/15/12 (FGIC Insured) | 1,115,000 | 1,309,289 | ||
Hazleton Area School District 6.5% 3/1/05 (FSA Insured) | 2,165,000 | 2,348,982 | ||
Indiana County Indl. Dev. Auth. Poll. Cont. Rev. (PSEG Pwr. LLC Proj.) 5.85% 6/1/27 (c) | 2,000,000 | 2,010,920 | ||
Kennett Consolidated School District Series A, 5.25% 2/15/15 (FGIC Insured) (a) | 1,310,000 | 1,471,772 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Pennsylvania - continued | ||||
Lehigh County Gen. Purp. Auth. (St Luke's Hosp. Proj.) 5.25% 8/15/23 (a) | $ 1,500,000 | $ 1,450,860 | ||
Meadville Gen. Oblig. Series B, 6% 10/1/05 (AMBAC Insured) (Escrowed to Maturity) (d) | 2,035,000 | 2,145,297 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A: | ||||
5% 6/1/05 (AMBAC Insured) | 3,535,000 | 3,773,436 | ||
6% 6/1/09 (AMBAC Insured) (a) | 2,365,000 | 2,735,335 | ||
6% 6/1/16 (AMBAC Insured) (a) | 1,000,000 | 1,161,470 | ||
Montgomery County Higher Ed. & Health Auth. Rev. (Health Care-Holy Redeemer Health Proj.) Series A: | ||||
5.5% 10/1/05 (AMBAC Insured) | 2,240,000 | 2,439,046 | ||
5.5% 10/1/08 (AMBAC Insured) | 1,000,000 | 1,139,100 | ||
Muhlenberg School District Series AA, 5.375% 9/1/15 (FGIC Insured) | 1,055,000 | 1,204,863 | ||
Northumberland County Auth. Commonwealth Lease Rev. (State Correctional Facilities Proj.) 0% 10/15/10 (MBIA Insured) (Escrowed to Maturity) (d) | 1,000,000 | 796,980 | ||
Owen J. Roberts School District 5.5% 8/15/19 (FSA Insured) | 1,525,000 | 1,726,239 | ||
Pennsbury School District 5.5% 1/15/17 (FGIC Insured) | 2,160,000 | 2,462,422 | ||
Pennsylvania Convention Ctr. Auth. Rev. Series A: | ||||
6.6% 9/1/09 (MBIA Insured) | 9,150,000 | 9,847,047 | ||
6.7% 9/1/14 (MBIA Insured) | 3,965,000 | 4,278,790 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Amtrak Proj.) Series 2001 A: | ||||
6.25% 11/1/31 (c) | 3,300,000 | 3,100,020 | ||
6.375% 11/1/41 (c) | 1,300,000 | 1,236,859 | ||
Pennsylvania Gen. Oblig.: | ||||
First Series: | ||||
5% 1/15/07 | 2,500,000 | 2,764,525 | ||
5% 6/1/19 (MBIA Insured) | 7,275,000 | 7,762,280 | ||
5.25% 2/1/14 | 125,000 | 142,921 | ||
5.25% 2/1/18 | 1,250,000 | 1,372,338 | ||
6.125% 9/15/03 | 3,000,000 | 3,024,570 | ||
Second Series: | ||||
0% 7/1/07 (AMBAC Insured) | 1,770,000 | 1,611,019 | ||
5% 8/1/17 | 2,450,000 | 2,626,376 | ||
5% 5/1/20 (FSA Insured) | 1,175,000 | 1,252,033 | ||
5.75% 10/1/16 (MBIA Insured) | 475,000 | 553,978 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Pennsylvania - continued | ||||
Pennsylvania Higher Edl. Facilities Auth. College & Univ. Revs.: | ||||
(RIDC Reg'l. Growth-Carnegie Mellon Univ. Proj.) 6% 11/1/05 | $ 1,000,000 | $ 1,105,450 | ||
(Trustees Univ. Proj.) 5.5% 7/15/38 | 4,380,000 | 4,786,114 | ||
(Univ. of Pennsylvania Proj.): | ||||
Series A: | ||||
5.9% 9/1/15 | 1,200,000 | 1,300,860 | ||
6.5% 9/1/04 | 2,650,000 | 2,812,684 | ||
Series B: | ||||
6.5% 9/1/04 | 2,100,000 | 2,228,919 | ||
7% 9/1/05 | 2,000,000 | 2,231,640 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev.: | ||||
(Drexel Univ. Proj.): | ||||
6% 5/1/24 | 1,000,000 | 1,099,010 | ||
6% 5/1/29 | 3,470,000 | 3,787,227 | ||
(Lafayette College Proj.) 6% 5/1/30 | 2,500,000 | 2,865,225 | ||
(Temple Univ. Proj.) 5.375% 7/15/19 (MBIA Insured) | 1,000,000 | 1,113,550 | ||
(UPMC Health Sys. Proj.) Series 1999 A: | ||||
5.25% 8/1/10 (FSA Insured) | 1,000,000 | 1,130,630 | ||
5.25% 8/1/11 (FSA Insured) | 1,000,000 | 1,119,380 | ||
Pennsylvania Hsg. Fin. Agcy.: | ||||
Series 52B, 5.55% 10/1/12 (c) | 745,000 | 755,035 | ||
Series 53A, 5.4% 10/1/27 (c) | 265,000 | 266,985 | ||
Series 54A, 5.375% 10/1/28 (c) | 855,000 | 886,096 | ||
6.1% 10/1/13 (c) | 4,980,000 | 5,098,673 | ||
Pennsylvania Indl. Dev. Auth. Rev. 7% 1/1/07 (AMBAC Insured) | 1,000,000 | 1,170,160 | ||
Pennsylvania Tpk. Commission Registration Fee Rev.: | ||||
Series 2001, 5.5% 7/15/33 (AMBAC Insured) | 1,000,000 | 1,095,190 | ||
5% 7/15/41 (AMBAC Insured) | 4,500,000 | 4,670,685 | ||
Philadelphia Arpt. Rev.: | ||||
Series 1998, 5.375% 6/15/10 (FGIC Insured) (c) | 2,000,000 | 2,222,500 | ||
5.375% 6/15/11 (FGIC Insured) (c) | 3,770,000 | 4,136,557 | ||
6% 6/15/08 (FGIC Insured) (c) | 3,000,000 | 3,434,070 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) 17th Series, 5% 7/1/07 (FSA Insured) | 4,000,000 | 4,437,360 | ||
14th Series A, 6.375% 7/1/26 (Pre-Refunded to 7/1/03 @ 102) (d) | 4,600,000 | 4,692,000 | ||
Third Series: | ||||
5% 8/1/05 (FSA Insured) | 1,000,000 | 1,072,600 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Pennsylvania - continued | ||||
Philadelphia Gas Works Rev.: - continued | ||||
Third Series: | ||||
5% 8/1/06 (FSA Insured) | $ 1,000,000 | $ 1,101,070 | ||
Philadelphia Gen. Oblig. 5.25% 9/15/12 (FSA Insured) | 2,455,000 | 2,785,713 | ||
Philadelphia Hosp. & Higher Ed. Facilities Auth. Health Sys. Rev. (Jefferson Health Sys. Proj.) Series A: | ||||
5% 5/15/09 | 1,000,000 | 1,089,390 | ||
5.5% 5/15/08 | 1,000,000 | 1,107,010 | ||
Philadelphia Hosps. & Higher Ed. Facilities Auth. Hosp. Rev. (Pennsylvania Hosp. Proj.): | ||||
6.05% 7/1/04 (Escrowed to Maturity) (d) | 2,500,000 | 2,625,900 | ||
6.15% 7/1/05 (Escrowed to Maturity) (d) | 2,100,000 | 2,298,135 | ||
6.25% 7/1/06 (Escrowed to Maturity) (d) | 2,600,000 | 2,953,756 | ||
Philadelphia Muni. Auth. Rev. (Muni. Svcs. Bldg. Lease Prog.) 0% 3/15/11 (FSA Insured) | 1,000,000 | 761,980 | ||
Philadelphia School District: | ||||
Series 2000 A, 5.75% 2/1/13 (FSA Insured) | 365,000 | 425,656 | ||
Series 2002 A, 5.5% 2/1/26 (FSA Insured) | 3,540,000 | 3,877,397 | ||
Series B, 5.375% 4/1/27 (AMBAC Insured) | 4,000,000 | 4,289,880 | ||
Series C, 5.75% 3/1/29 (MBIA Insured) | 5,000,000 | 5,650,450 | ||
Philadelphia Wtr. & Wastewtr. Rev.: | ||||
Series 14, 0% 10/1/08 (MBIA Insured) | 5,300,000 | 4,605,117 | ||
Series A, 5.375% 11/1/19 (FGIC Insured) | 3,000,000 | 3,361,770 | ||
Pittsburgh Gen. Oblig. 5.5% 9/1/12 (AMBAC Insured) | 1,065,000 | 1,171,873 | ||
Pittsburgh School District Series C: | ||||
0% 8/1/07 (AMBAC Insured) | 2,610,000 | 2,369,567 | ||
0% 8/1/08 (AMBAC Insured) | 2,000,000 | 1,745,500 | ||
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. | ||||
4.75% 9/1/16 (FGIC Insured) | 600,000 | 613,098 | ||
6.5% 9/1/13 (FGIC Insured) | 10,000,000 | 12,454,796 | ||
Scranton-Lackawanna Health & Welfare Auth. Rev. (Cmnty. Med. Ctr. Proj.) 5.5% 7/1/12 (MBIA Insured) | 3,375,000 | 3,765,184 | ||
Southeastern Pennsylvania Trans. Auth. Spl. Rev. Series A, 6.5% 3/1/04 (FGIC Insured) (Escrowed to Maturity) (d) | 85,000 | 88,158 | ||
Spring-Ford Area School District: | ||||
5.375% 4/1/16 (FSA Insured) | 790,000 | 890,836 | ||
5.375% 4/1/17 (FSA Insured) | 830,000 | 928,023 | ||
5.375% 4/1/18 (FSA Insured) | 875,000 | 977,646 | ||
State Pub. School Bldg. Auth. School Rev. (Northwestern School District Proj.) Series E, 5.75% 1/15/19 (FGIC Insured) | 500,000 | 565,995 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Pennsylvania - continued | ||||
Tredyffrin-Easttown School District: | ||||
5% 2/15/19 | $ 3,000,000 | $ 3,184,140 | ||
5.5% 2/15/13 | 1,015,000 | 1,166,793 | ||
5.5% 2/15/16 | 2,140,000 | 2,427,873 | ||
Union County Higher Edl. Facilities Fing. Auth. Univ. Rev. (Bucknell Univ. Proj.) Series A, 5.25% 4/1/19 | 1,000,000 | 1,100,440 | ||
Upper Darby School District Series B, 5% 2/15/06 (AMBAC Insured) | 1,000,000 | 1,088,390 | ||
Upper Saint Clair Township School District 5.375% 7/15/16 (FSA Insured) | 1,855,000 | 2,107,725 | ||
Westmoreland County Indl. Dev. Auth. Rev. (Nat'l. Waste & Energy Corp./Valley Landfill Expansion Proj.) 5.1%, tender 5/1/09 (b)(c) | 2,700,000 | 2,729,700 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A: | ||||
0% 8/15/19 (FGIC Insured) | 5,000,000 | 2,373,550 | ||
0% 8/15/20 (FGIC Insured) | 2,500,000 | 1,114,350 | ||
Wyoming Valley San. Auth. Swr. Rev. 5% 11/15/05 (MBIA Insured) (a) | 1,785,000 | 1,885,192 | ||
York City Swr. Auth. Swr. Rev. 0% 12/1/12 (MBIA Insured) | 3,235,000 | 2,289,086 | ||
York County Solid Waste & Refuse Auth. Solid Waste Sys. Rev. 5.25% 12/1/05 (FGIC Insured) | 5,000,000 | 5,459,750 | ||
300,568,348 | ||||
Puerto Rico - 1.6% | ||||
Puerto Rico Commonwealth Gen. Oblig. Series B, 5.5% 7/1/11 (FGIC Insured) | 1,500,000 | 1,762,920 | ||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series Y, 5.5% 7/1/36 (FSA Insured) | 400,000 | 452,024 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Puerto Rico - continued | ||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series A, 5.5% 10/1/32 (Escrowed to Maturity) (d) | $ 2,000,000 | $ 2,255,980 | ||
Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04 | 350,000 | 353,203 | ||
4,824,127 |
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $286,601,955) | 309,564,205 | ||
NET OTHER ASSETS - (0.7)% | (2,086,062) | ||
NET ASSETS - 100% | $ 307,478,143 |
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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 37.3% |
Education | 12.9 |
Transportation | 11.9 |
Health Care | 11.9 |
Water & Sewer | 11.6 |
Escrowed/Pre-Refunded | 7.3 |
Others* (individually less than 5%) | 7.1 |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $30,328,058 and $29,070,434, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Pennsylvania Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
June 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $286,601,955) - See accompanying schedule | $ 309,564,205 | |
Cash | 3,334,432 | |
Receivable for fund shares sold | 119,745 | |
Interest receivable | 3,932,826 | |
Other receivables | 1,592 | |
Total assets | 316,952,800 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 8,787,467 | |
Payable for fund shares redeemed | 268,118 | |
Distributions payable | 270,951 | |
Accrued management fee | 98,264 | |
Other payables and accrued expenses | 49,857 | |
Total liabilities | 9,474,657 | |
Net Assets | $ 307,478,143 | |
Net Assets consist of: | ||
Paid in capital | $ 283,503,516 | |
Undistributed net investment income | 53,816 | |
Accumulated undistributed net realized gain (loss) on investments | 958,561 | |
Net unrealized appreciation (depreciation) on investments | 22,962,250 | |
Net Assets, for 27,305,286 shares outstanding | $ 307,478,143 | |
Net Asset Value, offering price and redemption price per share ($307,478,143 ÷ 27,305,286 shares) | $ 11.26 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Pennsylvania Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2003 (Unaudited) | ||
Investment Income | ||
Interest | $ 7,080,050 | |
Expenses | ||
Management fee | $ 577,008 | |
Transfer agent fees | 110,865 | |
Accounting fees and expenses | 47,592 | |
Non-interested trustees' compensation | 746 | |
Custodian fees and expenses | 2,534 | |
Registration fees | 15,710 | |
Audit | 24,541 | |
Legal | 2,827 | |
Miscellaneous | 59 | |
Total expenses before reductions | 781,882 | |
Expense reductions | (27,657) | 754,225 |
Net investment income (loss) | 6,325,825 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 1,676,861 | |
Change in net unrealized appreciation (depreciation) on investment securities | 3,648,875 | |
Net gain (loss) | 5,325,736 | |
Net increase (decrease) in net assets resulting from operations | $ 11,651,561 |
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 (loss) | $ 6,325,825 | $ 12,634,521 |
Net realized gain (loss) | 1,676,861 | 1,063,790 |
Change in net unrealized appreciation (depreciation) | 3,648,875 | 11,039,864 |
Net increase (decrease) in net assets resulting | 11,651,561 | 24,738,175 |
Distributions to shareholders from net investment income | (6,264,128) | (12,638,897) |
Distributions to shareholders from net realized gain | (54,134) | (1,099,730) |
Total distributions | (6,318,262) | (13,738,627) |
Share transactions | 18,838,362 | 50,598,095 |
Reinvestment of distributions | 4,630,738 | 10,033,987 |
Cost of shares redeemed | (21,350,832) | (40,873,381) |
Net increase (decrease) in net assets resulting from share transactions | 2,118,268 | 19,758,701 |
Redemption fees | 878 | 5,840 |
Total increase (decrease) in net assets | 7,452,445 | 30,764,089 |
Net Assets | ||
Beginning of period | 300,025,698 | 269,261,609 |
End of period (including undistributed net investment income of $53,816 and undistributed net investment income of $65,166, respectively) | $ 307,478,143 | $ 300,025,698 |
Other Information Shares | ||
Sold | 1,694,337 | 4,635,432 |
Issued in reinvestment of distributions | 415,324 | 919,332 |
Redeemed | (1,918,351) | (3,759,129) |
Net increase (decrease) | 191,310 | 1,795,635 |
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 | 2000 | 1999 | 1998 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 11.07 | $ 10.64 | $ 10.64 | $ 10.06 | $ 10.83 | $ 10.81 |
Income from Investment Operations | ||||||
Net investment income (loss) | .233 D | .482 D | .494 D,F | .494D | .482 | .483 |
Net realized and unrealized gain (loss) | .189 | .471 | .030F | .581 | (.709) | .126 |
Total from investment operations | .422 | .953 | .524 | 1.075 | (.227) | .609 |
Distributions from net investment income | (.230) | (.482) | (.493) | (.495) | (.482) | (.483) |
Distributions from net realized gain | (.002) | (.041) | (.031) | - | (.042) | (.107) |
Distributions in excess of net realized gain | - | - | - | - | (.020) | - |
Total distributions | (.232) | (.523) | (.524) | (.495) | (.544) | (.590) |
Redemption fees added to paid in capital | - D, G | - D, G | - D, G | - D, G | .001 | .001 |
Net asset value, end of period | $ 11.26 | $ 11.07 | $ 10.64 | $ 10.64 | $ 10.06 | $ 10.83 |
Total ReturnB, C | 3.85% | 9.14% | 4.97% | 10.99% | (2.16)% | 5.77% |
Ratios to Average Net Assets E | ||||||
Expenses before expense reductions | .52% A | .51% | .51% | .52% | .51% | .55% |
Expenses net of voluntary waivers, if any | .52% A | .51% | .51% | .52% | .51% | .55% |
Expenses net of all | .50% A | .49% | .45% | .44% | .51% | .55% |
Net investment income (loss) | 4.21% A | 4.42% | 4.59%F | 4.84% | 4.58% | 4.45% |
Supplemental Data | ||||||
Net assets, end of | $ 307,478 | $ 300,026 | $ 269,262 | $ 243,369 | $ 242,001 | $ 269,484 |
Portfolio turnover rate | 19% A | 9% | 22% | 26% | 28% | 25% |
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 Amount represents less than $.001 per-share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Investment Changes
Maturity Diversification | |||
Days | % of fund's investments 6/30/03 | % of fund's investments 12/31/02 | % of fund's |
0 - 30 | 78.8 | 75.5 | 87.2 |
31 - 90 | 9.6 | 3.2 | 2.5 |
91 - 180 | 3.4 | 6.0 | 3.4 |
181 - 397 | 8.2 | 15.3 | 6.9 |
Weighted Average Maturity | |||
6/30/03 | 12/31/02 | 6/30/02 | |
Fidelity Pennsylvania Municipal Money Market Fund | 43 Days | 51 Days | 36 Days |
Pennsylvania Tax-Free Money Market Funds Average * | 34 Days | 35 Days | 38 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2003 | As of December 31, 2002 | ||||||
![]() | Variable Rate | ![]() | Variable Rate | ||||
![]() | Commercial Paper (including CP Mode) 6.2% | ![]() | Commercial Paper (including CP Mode) 5.0% | ||||
![]() | Tender Bonds 10.8% | ![]() | Tender Bonds 5.5% | ||||
![]() | Municipal Notes 2.4% | ![]() | Municipal Notes 7.9% | ||||
![]() | Fidelity Municipal | ![]() | Fidelity Municipal | ||||
![]() | Other Investments 6.1% | ![]() | Other Investments 7.5% | ||||
![]() | Net Other Assets 1.6% | ![]() | Net Other Assets 0.8% |
* Source: iMoneyNet, Inc.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Investments June 30, 2003 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 98.4% | |||
Principal | Value | ||
Pennsylvania - 94.5% | |||
Allegheny County Arpt. Rev. Participating VRDN Series PA 567, 1.11% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(e) | $ 2,000,000 | $ 2,000,000 | |
Allegheny County Hosp. Dev. Auth. Rev.: | |||
Bonds: | |||
(South Hills Health Sys. Proj.): | |||
Series 1998 B, 1.25%, tender 4/1/04, LOC PNC Bank NA, Pittsburgh (a) | 3,250,000 | 3,250,000 | |
Series 2000 A, 1.15%, tender 6/1/04, LOC PNC Bank NA, Pittsburgh (a) | 4,000,000 | 4,000,000 | |
(Univ. of Pittsburgh Med. Ctr. Proj.) Series B, 2.5% 6/15/04 | 2,800,000 | 2,830,477 | |
(Saint Margaret Mem. Hosp. Proj.) Series 1992 A, 1.06%, LOC Mellon Bank NA, Pittsburgh, VRDN (a) | 5,495,000 | 5,495,000 | |
Allegheny County Indl. Dev. Auth. Econ. Dev. Rev. (Glassport Realty Ltd. Proj.) 1.2%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)(d) | 1,000,000 | 1,000,000 | |
Allegheny County Indl. Dev. Auth. Rev.: | |||
Participating VRDN Series Merlots A48, 1.08% (Liquidity Facility Wachovia Bank NA) (a)(e) | 2,500,000 | 2,500,000 | |
(Doren, Inc. Proj.) Series 1997 C, 1.14%, LOC Nat'l. City Bank, PA, VRDN (a)(d) | 1,900,000 | 1,900,000 | |
(North Versailles Shopping Ctr. Proj.) Series 1992, 1.1%, LOC Bank One NA, VRDN (a) | 1,875,000 | 1,875,000 | |
(R.I. Lampus Co. Proj.) Series 1997 A, 1.14%, LOC Nat'l. City Bank, PA, VRDN (a)(d) | 2,560,000 | 2,560,000 | |
(Union Elec. Steel Co. Proj.) Series 1996 A, 1.15%, LOC Mellon Bank NA, Pittsburgh, VRDN (a)(d) | 3,120,000 | 3,120,000 | |
(UPMC Health Sys. Proj.) Series 2002 C, 1.1%, LOC Comerica Bank, Detroit, VRDN (a) | 1,880,000 | 1,880,000 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Participating VRDN Series EGL 95 3503, 1.05% (Liquidity Facility Citibank NA, New York) (a)(e) | 2,700,000 | 2,700,000 | |
Berks County Indl. Dev. Auth. Rev.: | |||
(Giorgi Mushroom Co. Proj.): | |||
Series 2000 A, 1.15%, LOC Wachovia Bank NA, VRDN (a)(d) | 1,000,000 | 1,000,000 | |
Series C, 1.1%, LOC Wachovia Bank NA, VRDN (a)(d) | 1,685,000 | 1,685,000 | |
(Grafika Commercial Printing, Inc. Proj.) Series 1995, 1.15%, LOC Wachovia Bank NA, VRDN (a)(d) | 885,000 | 885,000 | |
(KTB Real Estate Partnership Proj.) 1.2%, LOC Wachovia Bank NA, VRDN (a)(d) | 1,400,000 | 1,400,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Pennsylvania - continued | |||
Bucks County Indl. Dev. Auth. Rev.: | |||
(Double H Plastics, Inc. Proj.) Series 1993, 1.15%, LOC Wachovia Bank NA, VRDN (a)(d) | $ 1,020,000 | $ 1,020,000 | |
(Pennsylvania Associates Proj.) Series 1993, 1.2%, LOC Wachovia Bank NA, VRDN (a)(d) | 120,000 | 120,000 | |
Bucks County Indl. Dev. Auth. Wtr. Facilities Rev. Participating VRDN Series PA 1139, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(e) | 2,800,000 | 2,800,000 | |
Butler County Indl. Dev. Auth. Rev. (Armco, Inc. Proj.) Series 1996 A, 1.15%, LOC Fifth Third Bank, Cincinnati, VRDN (a)(d) | 1,500,000 | 1,500,000 | |
Central Bucks School District Series 2000 A, 1.05% (FGIC Insured), VRDN (a) | 4,520,000 | 4,520,000 | |
Cumberland County Indl. Dev. Auth. Rev. (Lane Enterprises, Inc. Proj.) Series 1994, 1.15%, LOC Wachovia Bank NA, VRDN (a)(d) | 885,000 | 885,000 | |
Delaware County Gen. Oblig. Bonds 0% 11/15/03 | 5,500,000 | 5,470,179 | |
Erie County Indl. Dev. Auth. Rev. (Carlisle Corp. Proj.) Series 1993, 1.05%, LOC Suntrust Bank, VRDN (a)(d) | 2,500,000 | 2,500,000 | |
Indiana County Indl. Dev. Auth. Poll. Cont. Rev.: | |||
(Conemaught Proj.) Series 1997 A, 1.1%, LOC Bank One NA, Chicago, VRDN (a)(d) | 4,115,000 | 4,115,000 | |
(Exelon Generation Co. LLC Proj.) Series A, 1.1%, LOC Bank One NA, Chicago, VRDN (a)(d) | 3,700,000 | 3,700,000 | |
Lancaster County Hosp. Auth. Rev. (Health Ctr. Willow Valley Proj.) Series B, 1.08% (MBIA Insured), VRDN (a) | 2,500,000 | 2,500,000 | |
Lancaster Higher Ed. Auth. College Rev. (Franklin & Marshall College Proj.): | |||
Series 1997, 1.08% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 2,895,000 | 2,895,000 | |
Series 2002,1.08% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 2,500,000 | 2,500,000 | |
Lawrence County Indl. Dev. Auth. Indl. Dev. Rev. (Atlantic States Materials Proj.) Series 1999, 1.15%, LOC Wachovia Bank NA, VRDN (a)(d) | 1,800,000 | 1,800,000 | |
Montgomery County Indl. Dev. Auth. Poll. Cont. Rev.: | |||
(Gaudenzia Foundation, Inc. Prog.) 1.05%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 4,920,000 | 4,920,000 | |
(H.P. Cadwallader, Inc. Proj.) Series 1995, 1.2%, LOC Wachovia Bank NA, VRDN (a)(d) | 320,000 | 320,000 | |
(RJI LP Proj.) Series 1992, 1.09%, LOC Nat'l. City Bank, VRDN (a)(d) | 415,000 | 415,000 | |
Northampton County Indl. Dev. Auth. Rev.: | |||
Bonds (American Wtr. Cap. Corp. Proj.) Series 1991, 1.25% tender 7/9/03, CP mode (d) | 2,500,000 | 2,500,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Pennsylvania - continued | |||
Northampton County Indl. Dev. Auth. Rev.: - continued | |||
(Binney & Smith, Inc. Proj.) Series 1997 A, 1.1%, LOC Bank One NA, Chicago, VRDN (a)(d) | $ 2,350,000 | $ 2,350,000 | |
(Victoria Vogue Proj.) 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 735,000 | 735,000 | |
Northampton Indl. Dev. Auth. Rev. (Ultra-Poly Corp./Portland Ind. Park Proj.) 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 1,600,000 | 1,600,000 | |
Northeastern Pennsylvania Hosp. & Edl. Auth. Health Care Rev. (Wyoming Valley Health Care Proj.) Series 1994 A, 1.05% (AMBAC Insured), VRDN (a) | 6,400,000 | 6,400,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.: | |||
(Merck & Co. Proj.) Series 2000, 1.05%, VRDN (a)(d) | 4,000,000 | 4,000,000 | |
(Reliant Energy Seward LLC Proj.): | |||
Series 2002 A, 1.03%, LOC WestLB AG, VRDN (a)(d) | 8,500,000 | 8,500,000 | |
Series 2002 B, 1.15%, LOC WestLB AG, VRDN (a)(d) | 5,700,000 | 5,700,000 | |
Series A, 1.03%, LOC WestLB AG, VRDN (a)(d) | 5,000,000 | 5,000,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | |||
(Dodge-Regupol, Inc. Proj.) Series D4, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 600,000 | 600,000 | |
(Esschem, Inc. Proj.) Series 1991 D10, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 1,225,000 | 1,225,000 | |
(Pappafava Proj. ) Series 1989 D7, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 50,000 | 50,000 | |
(Respironics, Inc. Proj.) Series 1989 F, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 200,000 | 200,000 | |
Series 1996 A2, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 900,000 | 900,000 | |
Series 1996 A3, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 600,000 | 600,000 | |
Series 1996 A7, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 475,000 | 475,000 | |
Series B3, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 2,000,000 | 2,000,000 | |
Series B5, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 1,200,000 | 1,200,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Rev. (Suntory Wtr. Group, Inc. Proj.) Series 1992 D, 1.15%, LOC Wachovia Bank NA, VRDN (a)(d) | 4,900,000 | 4,900,000 | |
Pennsylvania Gen. Oblig.: | |||
Bonds: | |||
Second Series, 4.5% 9/15/03 | 5,000,000 | 5,032,995 | |
5.125% 9/15/03 (AMBAC Insured) | 2,000,000 | 2,015,777 | |
Municipal Securities - continued | |||
Principal | Value | ||
Pennsylvania - continued | |||
Pennsylvania Gen. Oblig.: - continued | |||
Participating VRDN: | |||
Series MS 01 465, 1.04% (Liquidity Facility Morgan Stanley) (a)(e) | $ 6,995,000 | $ 6,995,000 | |
Series Putters 346, 0.98% (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 5,615,000 | 5,615,000 | |
Series ROC II R88, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(e) | 2,800,000 | 2,800,000 | |
Pennsylvania Higher Ed. Assistance Agcy. Student Ln. Rev.: | |||
Bonds Series A, 2.35%, tender 7/7/03 (FSA Insured) (a)(d) | 7,800,000 | 7,814,983 | |
Series 1988 C, 1%, LOC Sallie Mae, VRDN (a)(d) | 5,000,000 | 5,000,000 | |
Series 2001 B, 1% (FSA Insured), VRDN (a)(d) | 2,800,000 | 2,800,000 | |
Series 2002 B, 1% (FSA Insured), VRDN (a)(d) | 2,800,000 | 2,800,000 | |
Series A1, 1.05% (AMBAC Insured), VRDN (a)(d) | 5,600,000 | 5,600,000 | |
Pennsylvania Higher Edl. Facilities Auth. Health Svcs. Rev. Series 1994 B, 1.05%, LOC Bayerische Landesbank Girozentrale, LOC BNP Paribas SA, VRDN (a) | 1,000,000 | 1,000,000 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
Bonds (Robert Morris College Proj.) Series F2, 1.15%, tender 5/1/04, LOC PNC Bank NA, Pittsburgh (a) | 5,800,000 | 5,800,000 | |
(Mercyhurst College Proj.) Series 12, 1.05%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 5,500,000 | 5,500,000 | |
(Mount Aloysius College Proj.) Series L3, 1.05%, LOC Allied Irish Banks PLC, VRDN (a) | 2,600,000 | 2,600,000 | |
(Waynesburg College Proj.) Series 1997, 1.05%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 3,900,000 | 3,900,000 | |
RAN (Lafayette College Proj.) 2.5% 11/25/03 | 3,940,000 | 3,957,996 | |
Pennsylvania Hsg. Fin. Agcy. Participating VRDN: | |||
Series PA 930, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(e) | 5,995,000 | 5,995,000 | |
Series PT 119B, 1.03% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(e) | 995,000 | 995,000 | |
Pennsylvania Tpk. Commission Oil Franchise Tax Rev. Participating VRDN Series ROC II R1005, 1.05% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(e) | 2,490,000 | 2,490,000 | |
Philadelphia Arpt. Rev. Participating VRDN Series SG 118, 1.11% (Liquidity Facility Societe Generale) (a)(d)(e) | 2,600,000 | 2,600,000 | |
Philadelphia Auth. for Indl. Dev. Arpt. Rev. Participating VRDN: | |||
Series PA 882, 1.11% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(e) | 2,200,000 | 2,200,000 | |
Series Putters 217, 1.03% (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) | 2,000,000 | 2,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Pennsylvania - continued | |||
Philadelphia Gas Works Rev.: | |||
Bonds Series 1998 104, 1%, tender 6/24/04 (Liquidity Facility Morgan Stanley) (a)(e)(f) | $ 2,195,000 | $ 2,195,000 | |
Series 2002 D, 1% 7/3/03, LOC JPMorgan Chase Bank, CP | 2,800,000 | 2,800,000 | |
Philadelphia Gen. Oblig. Bonds Series MS 01 751, 1.3%, tender 9/11/03 (Liquidity Facility Morgan Stanley) (a)(e)(f) | 5,330,000 | 5,330,000 | |
Philadelphia Wtr. & Wastewtr. Rev. Bonds Series MS 773, 1.15%, tender 4/1/04 (Liquidity Facility Morgan Stanley) (a)(e)(f) | 2,000,000 | 2,000,000 | |
Pittsburgh School District Bonds Series B, 3% 9/1/03 (FGIC Insured) | 1,940,000 | 1,945,045 | |
Schuylkill County Indl. Dev. Auth. Resource Recovery Rev. (Northeastern Pwr. Co. Proj.) Series 1997 B, 1.1%, LOC Dexia Cr. Local de France, VRDN (a)(d) | 11,800,000 | 11,800,001 | |
Schuylkill County Indl. Dev. Auth. Rev. (Metal Sales Manufacturing Corp.) Series 1995, 1.18%, LOC U.S. Bank NA, Minnesota, VRDN (a)(d) | 300,000 | 300,000 | |
Scranton-Lackawanna Health & Welfare Auth. Rev.: | |||
Participating VRDN Series Merlots 02 A18, 1.08% (Liquidity Facility Wachovia Bank NA) (a)(e) | 3,370,000 | 3,370,000 | |
1.05%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 2,600,000 | 2,600,000 | |
Temple Univ. of the Commonwealth Sys. of Higher Ed. BAN 1.2% 5/4/04 | 2,800,000 | 2,800,000 | |
Upper Dauphin Indl. Dev. Auth. Rev. (United Church Christ Homes Proj.) Series 2001, 1.08%, LOC First Tennessee Bank NA, Memphis, VRDN (a) | 2,500,000 | 2,500,000 | |
Venango Indl. Dev. Auth. Resource Recovery Rev. Bonds (Scrubgrass Generating Co. LP Proj.): | |||
Series 1990 A, 1.07% tender 9/10/03, LOC Dexia Cr. Local de France, CP mode (d) | 5,750,000 | 5,750,000 | |
Series 1993, 1.07% tender 9/10/03, LOC Dexia Cr. Local de France, CP mode (d) | 6,515,000 | 6,515,000 | |
266,412,453 | |||
Municipal Securities - continued | |||
Shares | Value | ||
Other - 3.9% | |||
Fidelity Municipal Cash Central Fund, 1.07% (b)(c) | 11,084,700 | $ 11,084,700 | |
TOTAL INVESTMENT PORTFOLIO - 98.4% | 277,497,153 | ||
NET OTHER ASSETS - 1.6% | 4,435,095 | ||
NET ASSETS - 100% | $ 281,932,248 |
Total Cost for Income Tax Purposes $ 277,497,153 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
CP - COMMERCIAL PAPER |
RAN - REVENUE ANTICIPATION NOTE |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(c) 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. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Provides evidence of ownership in one or more underlying municipal bonds. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Cost |
Philadelphia Gas Works Rev. Bonds Series 1998 104, 1%, tender 6/24/04 (Liquidity Facility Morgan Stanley) | 5/7/03 - 6/26/03 | $ 2,195,000 |
Philadelphia Gen. Oblig. Bonds Series MS 01 751, 1.3%, tender 9/11/03 (Liquidity Facility Morgan Stanley) | 12/18/02 | $ 5,330,000 |
Philadelphia Wtr. & Wastewtr. Rev. Bonds Series MS 773, 1.15%, tender 4/1/04 (Liquidity Facility Morgan Stanley) | 4/2/03 | $ 2,000,000 |
Other Information |
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 $9,525,000 or 3.4% of net assets. |
Income Tax Information |
At December 31, 2002, the fund had a capital loss carryforward of approximately $2,000 all of which will expire on December 31, 2004. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
June 30, 2003 (Unaudited) | ||
Assets | ||
Investment in securities, at value - See accompanying schedule | $ 277,497,153 | |
Cash | 13,578,768 | |
Receivable for fund shares sold | 1,607,584 | |
Interest receivable | 640,759 | |
Other receivables | 1,026 | |
Total assets | 293,325,290 | |
Liabilities | ||
Payable for investments purchased | $ 9,264,785 | |
Payable for fund shares redeemed | 1,961,182 | |
Distributions payable | 48,834 | |
Accrued management fee | 116,887 | |
Other payables and accrued expenses | 1,354 | |
Total liabilities | 11,393,042 | |
Net Assets | $ 281,932,248 | |
Net Assets consist of: | ||
Paid in capital | $ 281,901,176 | |
Accumulated net realized gain (loss) on investments | 31,072 | |
Net Assets, for 281,899,029 shares outstanding | $ 281,932,248 | |
Net Asset Value, offering price and redemption price per share ($281,932,248 ÷ 281,899,029 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2003 (Unaudited) | ||
Investment Income | ||
Interest | $ 1,771,655 | |
Expenses | ||
Management fee | $ 704,516 | |
Non-interested trustees' compensation | 602 | |
Total expenses before reductions | 705,118 | |
Expense reductions | (12,298) | 692,820 |
Net investment income | 1,078,835 | |
Net realized gain (loss) on investment securities | 32,620 | |
Net increase in net assets resulting from operations | $ 1,111,455 |
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 | $ 1,078,835 | $ 2,794,694 |
Net realized gain (loss) | 32,620 | 32,985 |
Net increase (decrease) in net assets resulting | 1,111,455 | 2,827,679 |
Distributions to shareholders from net investment income | (1,078,835) | (2,794,694) |
Share transactions at net asset value of $1.00 per share | 175,746,625 | 289,910,688 |
Reinvestment of distributions | 1,012,345 | 2,725,088 |
Cost of shares redeemed | (173,181,584) | (255,051,367) |
Net increase (decrease) in net assets and shares resulting from share transactions | 3,577,386 | 37,584,409 |
Total increase (decrease) in net assets | 3,610,006 | 37,617,394 |
Net Assets | ||
Beginning of period | 278,322,242 | 240,704,848 |
End of period | $ 281,932,248 | $ 278,322,242 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2002 | 2001 | 2000 | 1999 | 1998 | |
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 | .004 | .011 | .025 | .037 | .029 | .031 |
Distributions from net investment income | (.004) | (.011) | (.025) | (.037) | (.029) | (.031) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB, C | .37% | 1.09% | 2.50% | 3.80% | 2.91% | 3.15% |
Ratios to Average Net Assets D | ||||||
Expenses before expense | .50% A | .50% | .50% | .50% | .50% | .50% |
Expenses net of voluntary waivers, if any | .50% A | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50% A | .46% | .47% | .50% | .50% | .50% |
Net investment income | .77% A | 1.09% | 2.45% | 3.74% | 2.87% | 3.10% |
Supplemental Data | ||||||
Net assets, | $ 281,932 | $ 278,322 | $ 240,705 | $ 213,847 | $ 201,291 | $ 216,487 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D 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 June 30, 2003 (Unaudited)
1. Significant Accounting Policies.
Spartan Pennsylvania Municipal Income Fund (the income fund) is a fund of Fidelity Municipal Trust. Fidelity Pennsylvania Municipal Money Market Fund (the money market fund) is a fund of Fidelity Municipal Trust II. Each trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each fund is authorized to issue an unlimited number of shares. Each fund may be affected by economic and political developments in the state of Pennsylvania. 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 income fund and the money market 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.
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities owned by the money market fund are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Expenses. Most expenses of each 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 each fund intends to qualify as a regulated investment company by distributing all of their 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 for the money market fund. Capital accounts within the income fund's 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, market discount and losses deferred due to wash sales and futures transactions.
The federal tax cost of investments including unrealized appreciation (depreciation) for the income fund as of period end was as follows:
Unrealized appreciation | $ 23,339,575 | | |
Unrealized depreciation | (345,673) | |
Net unrealized appreciation (depreciation) | $ 22,993,902 | |
Cost for federal income tax purposes | $ 286,570,303 |
Short-Term Trading (Redemption) Fees. Shares held in the income 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. Each 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 each applicable fund's Schedule of Investments. Each fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each fund identifies securities as segregated in its records with a value at
Semiannual Report
2. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
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.
Restricted Securities. Certain funds 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 each applicable fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the income fund with investment management related services for which the fund pays a monthly management fee. 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.
FMR and its affiliates provide the money market fund with investment management related services for which the fund pays a monthly management fee that is based on an annual rate of .50% of the fund's average net assets. FMR pays all other expenses, except the compensation of the non-interested Trustees and certain exceptions such as interest expense. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the income 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 funds' transfer and shareholder servicing agent and accounting functions. The funds pay 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 the following annualized rates expressed as a percentage of average net assets:
Spartan Pennsylvania Municipal Income Fund | .07% | | |
Central Funds. The funds 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 funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:
Income | |
Fidelity Pennsylvania Municipal Money Market Fund | $ 89,671 |
5. Expense Reductions.
Through arrangements with the income fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.
Custody | Transfer | |
Spartan Pennsylvania Municipal Income Fund | $ 2,534 | $ 25,123 |
In addition, through an arrangement with Fidelity Pennsylvania Municipal Money Market Fund's custodian and transfer agent, $12,298 of credits realized as a result of uninvested cash balances were used to reduce the fund's expenses.
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
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By PC
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* 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 Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
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Semiannual Report
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Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Sub-Adviser
Fidelity Investments Money
Management, Inc.
General Distributor
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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'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 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 28, 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 28, 2003 |
By: | /s/Timothy F. Hayes |
Timothy F. Hayes | |
Chief Financial Officer | |
Date: | August 28, 2003 |