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 811-02628
Fidelity Municipal Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | December 31 |
|
|
Date of reporting period: | June 30, 2010 |
Item 1. Reports to Stockholders
Fidelity®
Michigan Municipal
Income Fund
and
Fidelity
Michigan Municipal Money Market Fund
Semiannual Report
June 30, 2010
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders | |
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity 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, as well as financial highlights. | |
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, as well as financial highlights. | |
Notes | Notes to the Financial Statements |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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 LLC or an affiliated company.
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.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
A yearlong uptrend in global equity markets came under significant pressure in May 2010 when investor sentiment turned bearish amid growing concern that Europe's debt crisis would expand and slow or derail economic recovery. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 to June 30, 2010).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Fidelity Michigan Municipal Income Fund | .50% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,027.20 | $ 2.51 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.32 | $ 2.51 |
Fidelity Michigan Municipal Money Market Fund | .29% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.05 | $ 1.44** |
HypotheticalA |
| $ 1,000.00 | $ 1,023.36 | $ 1.45** |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio for Michigan Municipal Money Market Fund would have been .55% and the expenses paid in the actual and hypothetical examples above would have been $2.73 and $2.76, respectively.
Semiannual Report
Fidelity Michigan Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
General Obligations | 42.3 | 44.9 |
Water & Sewer | 20.0 | 18.7 |
Health Care | 12.4 | 11.4 |
Education | 6.4 | 5.3 |
Special Tax | 6.1 | 6.1 |
Weighted Average Maturity as of June 30, 2010 | ||
|
| 6 months ago |
Years | 6.8 | 7.2 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of June 30, 2010 | ||
|
| 6 months ago |
Years | 6.6 | 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, 2010 | As of December 31, 2009 | ||||||
![]() | AAA 9.4% |
| ![]() | AAA 7.7% |
| ||
![]() | AA,A 79.8% |
| ![]() | AA,A 79.4% |
| ||
![]() | BBB 3.7% |
| ![]() | BBB 4.6% |
| ||
![]() | BB and Below 1.1% |
| ![]() | BB and Below 1.1% |
| ||
![]() | Not Rated 1.8% |
| ![]() | Not Rated 3.6% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Service, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Fidelity Michigan Municipal Income Fund
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 97.0% | ||||
| Principal Amount | Value | ||
Guam - 0.3% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn.: | ||||
(Guam Pub. School Facilities Proj.) Series 2006 A, 5% 10/1/16 | $ 1,045,000 | $ 1,093,300 | ||
Series 2006 A, 5% 10/1/23 | 1,000,000 | 994,180 | ||
| 2,087,480 | |||
Michigan - 93.7% | ||||
Algonac Cmnty. Schools Series 2008, 5.25% 5/1/28 (FSA Insured) | 1,575,000 | 1,664,807 | ||
Allegan Pub. School District Series 2008: | ||||
5% 5/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,570,000 | 1,754,601 | ||
5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,545,000 | 1,749,357 | ||
Anchor Bay School District 2000 School Bldg. & Site (School Bldg. & Site Prog.) Series 2003, 5% 5/1/29 | 2,155,000 | 2,202,410 | ||
Ann Arbor Bldg. Auth. Series 2005 A: | ||||
5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,405,000 | 1,548,591 | ||
5% 3/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,440,000 | 1,587,168 | ||
Ann Arbor Econ. Dev. Corp. Ltd. Oblig. Rev. (Glacier Hills, Inc. Proj.) 8.375% 1/15/19 (Escrowed to Maturity) (c) | 2,389,000 | 3,048,149 | ||
Bay City Gen. Oblig. Series 1991, 0% 6/1/15 (AMBAC Insured) | 1,725,000 | 1,456,556 | ||
Brighton Area School District Livingston County Series II, 0% 5/1/15 (AMBAC Insured) | 10,000,000 | 8,589,400 | ||
Byron Ctr. Pub. Schools Series 2001, 5.5% 5/1/16 | 1,055,000 | 1,099,437 | ||
Caledonia Cmnty. Schools Counties of Kent, Allegan and Barry Series 2003: | ||||
5.25% 5/1/17 | 1,370,000 | 1,474,230 | ||
5.25% 5/1/18 | 1,100,000 | 1,180,883 | ||
Carman-Ainsworth Cmnty. School District Series 2005: | ||||
5% 5/1/16 (FSA Insured) | 1,000,000 | 1,100,870 | ||
5% 5/1/17 (FSA Insured) | 2,065,000 | 2,248,950 | ||
Carrier Creek Drainage District #326 Series 2005: | ||||
5% 6/1/16 (AMBAC Insured) | 1,620,000 | 1,802,590 | ||
5% 6/1/25 (AMBAC Insured) | 1,775,000 | 1,887,358 | ||
Charles Stewart Mott Cmnty. College Series 2005, 5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675,000 | 1,822,651 | ||
Charter Township of Commerce Gen. Oblig. Series 2009 B, 5.125% 12/1/38 | 970,000 | 1,010,604 | ||
Chelsea School District Series 2008: | ||||
5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,720,000 | 1,940,710 | ||
5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675,000 | 1,900,639 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Clarkston Cmnty. Schools: | ||||
Series 2003, 5.375% 5/1/22 (Pre-Refunded to 5/1/13 @ 100) (c) | $ 1,150,000 | $ 1,296,027 | ||
Series 2008: | ||||
5% 5/1/15 (FSA Insured) | 1,905,000 | 2,098,072 | ||
5% 5/1/16 (FSA Insured) | 1,855,000 | 2,044,396 | ||
Comstock Park Pub. Schools Series 2005, 5% 5/1/16 (FSA Insured) | 1,000,000 | 1,100,400 | ||
Constantine Pub. Schools Series 2002, 5% 5/1/25 | 1,130,000 | 1,165,606 | ||
Detroit City School District: | ||||
(School Bldg. & Site Impt. Proj.) Series 2003, 5% 5/1/33 | 1,800,000 | 1,712,844 | ||
Series 2001, 5.5% 5/1/18 (Pre-Refunded to 5/1/12 @ 100) (c) | 1,000,000 | 1,086,620 | ||
Series 2003 B, 5% 5/1/24 (FGIC Insured) | 5,000,000 | 5,012,650 | ||
Series 2003, 5.25% 5/1/15 (FGIC Insured) | 3,085,000 | 3,285,834 | ||
Series 2005 A, 5.25% 5/1/30 | 5,000,000 | 5,086,200 | ||
Detroit Convention Facilities Rev. (Cobo Hall Expansion Proj.) Series 2003: | ||||
5% 9/30/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,055,890 | ||
5% 9/30/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,765,000 | 4,907,712 | ||
Detroit Gen. Oblig.: | ||||
Series 2003 A, 5% 4/1/11 (XL Cap. Assurance, Inc. Insured) | 1,430,000 | 1,420,634 | ||
Series 2004 B1, 5% 4/1/13 (AMBAC Insured) | 2,000,000 | 1,935,380 | ||
Series 2004, 5% 4/1/15 (AMBAC Insured) | 3,800,000 | 3,607,492 | ||
Series 2005 B, 5% 4/1/13 (FSA Insured) | 1,830,000 | 1,914,089 | ||
Series 2005 C, 5% 4/1/13 (FSA Insured) | 1,995,000 | 2,086,670 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 1998, 5.5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,050,000 | 3,357,654 | ||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 2,700,000 | 2,835,594 | ||
Series 2003 B, 7.5% 7/1/33 (FSA Insured) | 2,600,000 | 3,124,368 | ||
Series 2003, 5% 7/1/32 (FSA Insured) | 535,000 | 527,275 | ||
Series 2006: | ||||
5% 7/1/15 (FGIC Insured) | 1,085,000 | 1,170,715 | ||
5% 7/1/36 | 7,800,000 | 7,535,814 | ||
Series A, 0% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,730,000 | 5,937,004 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 1993, 6.5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 6,340,000 | $ 7,063,838 | ||
Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,897,350 | ||
Series 2004: | ||||
5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 5,207,050 | ||
5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,087,020 | ||
5.25% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,157,280 | ||
5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,035,000 | 6,347,734 | ||
Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 2,800,000 | 2,876,384 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 2,700,000 | 3,089,124 | ||
Series 2006, 5% 7/1/33 (FSA Insured) | 5,000,000 | 4,873,300 | ||
Series A, 5.75% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,050,000 | 3,183,468 | ||
DeWitt Pub. Schools Gen. Oblig. Series 2008: | ||||
5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,475,000 | 1,657,797 | ||
5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,550,000 | 1,737,798 | ||
Dexter Cmnty. Schools: | ||||
(School Bldg. and Site Proj.) Series 1998, 5.1% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,058,720 | ||
Series 2003, 5% 5/1/18 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,955,000 | 2,077,852 | ||
Durand Area Schools Gen. Oblig. Series 2006: | ||||
5% 5/1/27 (FSA Insured) | 1,225,000 | 1,298,414 | ||
5% 5/1/28 (FSA Insured) | 1,250,000 | 1,319,575 | ||
5% 5/1/29 (FSA Insured) | 1,275,000 | 1,339,196 | ||
East Grand Rapids Pub. School District Gen. Oblig.: | ||||
Series 2001, 5.5% 5/1/17 | 1,690,000 | 1,731,219 | ||
Series 2004: | ||||
5% 5/1/16 (FSA Insured) | 1,425,000 | 1,534,540 | ||
5% 5/1/17 (FSA Insured) | 1,985,000 | 2,127,186 | ||
East Lansing School District Gen. Oblig. Series 2005, 5% 5/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,530,000 | 3,656,515 | ||
Farmington Pub. School District Gen. Oblig. Series 2005, 5% 5/1/18 (FSA Insured) | 4,500,000 | 4,894,560 | ||
Fenton Area Pub. Schools Gen. Oblig. Series 2005, 5% 5/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,775,000 | 1,966,381 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Ferris State Univ. Rev.: | ||||
Series 2005: | ||||
5% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,255,000 | $ 1,365,038 | ||
5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,320,000 | 1,420,954 | ||
Series 2009, 5.25% 10/1/38 (Assured Guaranty Corp. Insured) | 1,750,000 | 1,846,775 | ||
Fraser Pub. School District Series 2005: | ||||
5% 5/1/16 (FSA Insured) | 1,055,000 | 1,166,946 | ||
5% 5/1/17 (FSA Insured) | 1,615,000 | 1,765,696 | ||
Garden City School District: | ||||
Series 2005: | ||||
5% 5/1/14 (FSA Insured) | 1,210,000 | 1,359,895 | ||
5% 5/1/17 (FSA Insured) | 1,390,000 | 1,519,701 | ||
Series 2006, 5% 5/1/19 (FSA Insured) | 1,205,000 | 1,309,943 | ||
Genesee County Gen. Oblig. Series 2005: | ||||
5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,355,000 | 1,445,595 | ||
5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,505,000 | 1,575,675 | ||
Gibraltar School District Series 2005: | ||||
5% 5/1/16 (FSA Insured) | 1,230,000 | 1,342,459 | ||
5% 5/1/17 (FSA Insured) | 1,230,000 | 1,333,824 | ||
Grand Ledge Pub. Schools District (School Bldg. & Site Proj.) Series 2007: | ||||
5% 5/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,175,000 | 1,269,200 | ||
5% 5/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,396,109 | ||
5% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,300,000 | 4,512,291 | ||
Grand Rapids Cmnty. College Series 2008: | ||||
5% 5/1/17 (FSA Insured) | 1,315,000 | 1,491,670 | ||
5% 5/1/19 (FSA Insured) | 1,315,000 | 1,497,049 | ||
Grand Rapids Downtown Dev. Auth. Tax Increment Rev. 0% 6/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,160,000 | 3,106,501 | ||
Grand Rapids San. Swr. Sys. Rev.: | ||||
Series 2004, 5% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,591,250 | ||
Series 2005: | ||||
5% 1/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,102,840 | ||
5.125% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,123,060 | ||
Series 2008, 5% 1/1/38 | 3,320,000 | 3,458,776 | ||
Series 2010, 5% 1/1/28 | 3,000,000 | 3,264,000 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Grand Rapids Wtr. Supply Sys.: | ||||
Series 2005, 5% 1/1/35 (FGIC Insured) | $ 5,000,000 | $ 5,159,550 | ||
Series 2009, 5.1% 1/1/39 (Assured Guaranty Corp. Insured) | 2,500,000 | 2,610,200 | ||
Grand Valley Michigan State Univ. Rev.: | ||||
Series 2007, 5% 12/1/19 (AMBAC Insured) | 500,000 | 550,580 | ||
Series 2008, 5% 12/1/33 (FSA Insured) | 5,000,000 | 5,201,600 | ||
Series 2009, 5.625% 12/1/29 | 2,400,000 | 2,552,760 | ||
Grosse Ile Township School District Unltd. Tax Gen. Oblig. Series 2006: | ||||
5% 5/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,950,000 | 2,031,725 | ||
5% 5/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,950,000 | 2,014,428 | ||
Harper Creek Cmnty. School District (School Bldg. & Site Proj.) Series 2008: | ||||
4.75% 5/1/27 (FSA Insured) | 500,000 | 520,170 | ||
5.25% 5/1/21 (FSA Insured) | 2,000,000 | 2,260,880 | ||
5.25% 5/1/24 (FSA Insured) | 2,100,000 | 2,308,677 | ||
Haslett Pub. Schools Series 2005, 5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100,000 | 1,212,002 | ||
Hudsonville Pub. Schools Series 2005, 5% 5/1/16 (FSA Insured) | 1,000,000 | 1,076,980 | ||
Huron Valley School District: | ||||
Series 2003, 5.25% 5/1/16 | 2,450,000 | 2,653,130 | ||
0% 5/1/11 (FGIC Insured) | 5,830,000 | 5,764,179 | ||
0% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,420,000 | 1,381,419 | ||
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. (Bronson Methodist Hosp. Proj.): | ||||
Series 2003 A, 5% 5/15/13 (FSA Insured) | 2,125,000 | 2,262,126 | ||
Series 2003 B: | ||||
4% 5/15/11 (FSA Insured) | 30,000 | 30,379 | ||
4% 5/15/12 (FSA Insured) | 2,125,000 | 2,192,256 | ||
5% 5/15/13 (FSA Insured) | 2,125,000 | 2,262,126 | ||
5.25% 5/15/14 (FSA Insured) | 1,200,000 | 1,301,736 | ||
Kalamazoo Pub. Schools Series 2006: | ||||
5% 5/1/17 (FSA Insured) | 3,165,000 | 3,473,967 | ||
5.25% 5/1/16 (FSA Insured) | 1,500,000 | 1,690,020 | ||
Kent County Arpt. Rev. (Gerald R. Ford Int'l. Arpt. Proj.) Series 2007, 5% 1/1/37 | 4,180,000 | 4,286,966 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | ||||
(Butterworth Hosp. Proj.) Series A, 7.25% 1/15/13 (Escrowed to Maturity) (c) | 1,800,000 | 1,938,150 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: - continued | ||||
(Spectrum Health Sys. Proj.): | ||||
Series 1998 A: | ||||
5.375% 1/15/11 | $ 2,420,000 | $ 2,423,412 | ||
5.375% 1/15/12 | 2,505,000 | 2,510,336 | ||
Series 2008 A, 5.5%, tender 1/15/15 (a) | 3,525,000 | 3,925,264 | ||
L'Anse Creuse Pub. Schools Series 2005, 5% 5/1/24 (FSA Insured) | 1,350,000 | 1,409,171 | ||
Lansing Bldg. Auth. Rev. Series 2009: | ||||
0% 6/1/12 (AMBAC Insured) | 2,170,000 | 2,109,566 | ||
0% 6/1/12 (AMBAC Insured) (Escrowed to Maturity) (c) | 830,000 | 814,861 | ||
Lapeer Cmnty. Schools Series 2007: | ||||
5% 5/1/19 (FSA Insured) | 1,350,000 | 1,476,779 | ||
5% 5/1/20 (FSA Insured) | 1,425,000 | 1,548,704 | ||
5% 5/1/22 (FSA Insured) | 1,395,000 | 1,500,406 | ||
Lincoln Consolidated School District Series 2008: | ||||
5% 5/1/14 (FSA Insured) | 1,460,000 | 1,629,375 | ||
5% 5/1/16 (FSA Insured) | 1,425,000 | 1,605,263 | ||
Michigan Bldg. Auth. Rev.: | ||||
(Facilities Prog.): | ||||
Series 2008 I, 6% 10/15/38 | 5,000,000 | 5,437,400 | ||
Series III, 5% 10/15/10 (Escrowed to Maturity) (c) | 1,000,000 | 1,012,680 | ||
Series 1, 5.25% 10/15/16 (FSA Insured) | 5,000,000 | 5,292,100 | ||
Series 2009 I, 5.25% 10/15/25 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,104,820 | ||
Michigan Gen. Oblig.: | ||||
(Envir. Protection Prog.) Series 1992, 6.25% 11/1/12 | 4,165,000 | 4,385,245 | ||
Series 2007, 5.25% 9/15/21 (FSA Insured) | 5,000,000 | 5,501,750 | ||
Michigan Higher Ed. Student Ln. Auth. Rev. Series XII W, 4.875% 9/1/10 (AMBAC Insured) (b) | 3,000,000 | 3,009,810 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(Ascension Health Cr. Group Proj.) Series 2005, 5%, tender 4/1/11 | 2,040,000 | 2,100,119 | ||
(Ascension Health Sr. Cr. Group Proj.) Series 2010 F, 5% 11/15/23 | 7,500,000 | 8,007,825 | ||
(Crittenton Hosp. Proj.) Series 2002: | ||||
5.5% 3/1/13 | 455,000 | 473,241 | ||
5.5% 3/1/14 | 1,300,000 | 1,346,592 | ||
5.5% 3/1/15 | 1,985,000 | 2,049,354 | ||
(Genesys Reg'l. Med. Hosp. Proj.) Series 1998, 5.3% 10/1/11 (Escrowed to Maturity) (c) | 685,000 | 686,939 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: - continued | ||||
(Henry Ford Health Sys. Proj.): | ||||
Series 1992 A, 6% 9/1/12 (Escrowed to Maturity) (c) | $ 1,500,000 | $ 1,662,030 | ||
Series 2003 A, 5.5% 3/1/14 (Pre-Refunded to 3/1/13 @ 100) (c) | 2,000,000 | 2,226,080 | ||
Series 2006 A: | ||||
5% 11/15/12 | 1,485,000 | 1,571,561 | ||
5% 11/15/14 | 1,000,000 | 1,068,860 | ||
5% 11/15/17 | 1,000,000 | 1,027,880 | ||
Series 2009, 5.25% 11/15/24 | 3,000,000 | 2,937,630 | ||
(McLaren Health Care Corp. Proj.) Series 2008 A: | ||||
5% 5/15/11 | 1,100,000 | 1,131,350 | ||
5.25% 5/15/15 | 1,615,000 | 1,746,186 | ||
5.75% 5/15/38 | 6,975,000 | 7,115,686 | ||
(Mercy Health Svcs. Proj.): | ||||
Series 1996 R, 5.375% 8/15/26 (Escrowed to Maturity) (c) | 2,500,000 | 2,509,200 | ||
Series 1996: | ||||
5.25% 8/15/10 (Escrowed to Maturity) (c) | 770,000 | 772,164 | ||
5.375% 8/15/16 (Escrowed to Maturity) (c) | 2,500,000 | 2,507,200 | ||
5.375% 8/15/26 (Escrowed to Maturity) (c) | 2,450,000 | 2,459,016 | ||
6% 8/15/10 (Escrowed to Maturity) (c) | 1,265,000 | 1,269,200 | ||
(MidMichigan Obligated Group Proj.): | ||||
Series 2002 A, 5.5% 4/15/18 (AMBAC Insured) | 2,000,000 | 2,049,740 | ||
Series 2009 A, 6.125% 6/1/39 | 3,740,000 | 4,016,910 | ||
(Oakwood Hosp. Proj.) Series 2007, 5% 7/15/17 | 1,000,000 | 1,076,560 | ||
(Oakwood Obligated Group Proj.) Series 2003, 5.5% 11/1/11 | 3,000,000 | 3,123,960 | ||
(Sisters of Mercy Health Corp. Proj.) Series 1993, 5.375% 8/15/14 (Escrowed to Maturity) (c) | 420,000 | 445,977 | ||
(Sparrow Hosp. Obligated Group Proj.): | ||||
Series 2001: | ||||
5.5% 11/15/21 (Pre-Refunded to 11/15/11 @ 101) (c) | 1,435,000 | 1,539,095 | ||
5.625% 11/15/31 (Pre-Refunded to 11/15/11 @ 101) (c) | 4,500,000 | 4,833,990 | ||
Series 2007: | ||||
5% 11/15/17 | 535,000 | 568,438 | ||
5% 11/15/18 | 725,000 | 760,880 | ||
5% 11/15/19 | 1,000,000 | 1,036,680 | ||
5% 11/15/20 | 2,000,000 | 2,054,380 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: - continued | ||||
(Sparrow Hosp. Obligated Group Proj.): | ||||
Series 2007: | ||||
5% 11/15/31 | $ 5,000,000 | $ 4,803,050 | ||
(Trinity Health Sys. Proj.): | ||||
Series 2002 C, 5.375% 12/1/30 | 1,095,000 | 1,105,118 | ||
Series 2006 A, 5% 12/1/26 | 1,655,000 | 1,680,272 | ||
Series 2008 A, 6.5% 12/1/33 | 5,000,000 | 5,484,000 | ||
Series A: | ||||
6% 12/1/27 | 1,515,000 | 1,539,755 | ||
6% 12/1/27 (Pre-Refunded to 12/1/10 @ 101) (c) | 20,000 | 20,652 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010, 5% 10/1/30 | 3,000,000 | 3,213,300 | ||
(Clean Wtr. Proj.) Series 2004, 5% 10/1/26 | 4,925,000 | 5,219,220 | ||
(Detroit School District Proj.) Series B, 5% 6/1/12 (FSA Insured) | 7,300,000 | 7,701,135 | ||
(Local Govt. Ln. Prog.): | ||||
Series 2007, 5% 12/1/21 (AMBAC Insured) | 1,155,000 | 1,079,544 | ||
Series CA, 0% 6/15/13 (FSA Insured) | 255,000 | 242,684 | ||
Series G, 0% 5/1/19 (AMBAC Insured) | 1,865,000 | 1,204,417 | ||
(State Clean Wtr. Revolving Fund Proj.) Series 2006, 5% 10/1/27 | 4,225,000 | 4,540,312 | ||
Series 2001, 5% 10/1/23 | 5,000,000 | 5,182,700 | ||
Series 2002, 5.375% 10/1/19 | 2,005,000 | 2,162,272 | ||
Series 2005, 5% 10/1/23 | 385,000 | 434,434 | ||
Series 2007, 5% 10/1/18 | 8,460,000 | 9,742,874 | ||
Series 2009, 5% 10/1/26 | 5,000,000 | 5,516,700 | ||
Series C, 0% 6/15/15 (FSA Insured) | 3,000,000 | 2,661,180 | ||
Michigan Strategic Fund Ltd. Oblig. Rev. (Detroit Edison Co. Proj.): | ||||
Series 1999 A, 5.55% 9/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 1,000,000 | 992,930 | ||
Series BB, 7% 5/1/21 (AMBAC Insured) | 8,520,000 | 10,451,299 | ||
Michigan Technological Univ. Series 2008: | ||||
5% 10/1/38 (Assured Guaranty Corp. Insured) | 1,200,000 | 1,244,172 | ||
5.25% 10/1/17 (Assured Guaranty Corp. Insured) | 1,875,000 | 2,203,444 | ||
Michigan Tobacco Settlement Fin. Auth. Tobacco Settlement Asset Rev. Series 2007: | ||||
6% 6/1/34 | 3,000,000 | 2,375,370 | ||
6% 6/1/48 | 4,000,000 | 2,914,160 | ||
Michigan Trunk Line Fund Rev.: | ||||
Series 1998 A, 5.5% 11/1/16 | 3,000,000 | 3,479,220 | ||
Series 2002 B, 5.25% 10/1/16 (FSA Insured) | 3,000,000 | 3,216,870 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Michigan Trunk Line Fund Rev.: - continued | ||||
Series 2006, 5.25% 11/1/15 (FGIC Insured) | $ 5,000,000 | $ 5,739,800 | ||
Series A, 0% 10/1/11 (AMBAC Insured) | 3,630,000 | 3,577,147 | ||
Montague Pub. School District Series 2001: | ||||
5.5% 5/1/16 | 430,000 | 448,112 | ||
5.5% 5/1/17 | 430,000 | 446,796 | ||
5.5% 5/1/19 | 430,000 | 444,126 | ||
New Lothrop Area Pub. Schools Gen. Oblig. Series 2006, 5% 5/1/35 (FSA Insured) | 1,000,000 | 1,033,390 | ||
North Kent Swr. Auth. Wtr. & Swr. Rev. Series 2006: | ||||
5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 420,000 | 456,910 | ||
5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 490,000 | 531,033 | ||
5% 11/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,645,000 | 1,769,230 | ||
5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,290,000 | 1,381,409 | ||
Northern Michigan Univ. Revs. Series 2008 A, 5.125% 12/1/35 (FSA Insured) | 2,750,000 | 2,893,000 | ||
Northview Pub. Schools District Series 2008, 5% 5/1/21 (FSA Insured) | 1,070,000 | 1,168,205 | ||
Northville Pub. Schools Series 2005: | ||||
5% 5/1/15 (FSA Insured) | 1,525,000 | 1,720,688 | ||
5% 5/1/16 (FSA Insured) | 1,475,000 | 1,606,393 | ||
5% 5/1/17 (FSA Insured) | 3,675,000 | 3,956,652 | ||
Okemos Pub. School District Series 1993: | ||||
0% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,416,750 | ||
0% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700,000 | 1,597,847 | ||
Olivet Cmnty. School District (School Bldg. & Site Proj.) Series 2008: | ||||
5.25% 5/1/23 (FSA Insured) | 1,010,000 | 1,120,464 | ||
5.25% 5/1/27 (FSA Insured) | 1,135,000 | 1,230,192 | ||
Petoskey Pub. School District Series 2005: | ||||
5% 5/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,430,000 | 1,597,010 | ||
5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,175,000 | 1,300,232 | ||
Plainwell Cmnty. School District: | ||||
(School Bldg. & Site Proj.): | ||||
Series 2002, 5.5% 5/1/14 | 1,000,000 | 1,097,080 | ||
Series 2008: | ||||
5% 5/1/23 (Assured Guaranty Corp. Insured) | 1,885,000 | 2,047,299 | ||
5% 5/1/28 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,060,320 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Plainwell Cmnty. School District: - continued | ||||
Series 2005: | ||||
5% 5/1/15 (FSA Insured) | $ 1,030,000 | $ 1,164,683 | ||
5% 5/1/16 (FSA Insured) | 1,025,000 | 1,121,125 | ||
Plymouth-Canton Cmnty. School District Series 2008, 5% 5/1/20 (FSA Insured) | 5,000,000 | 5,437,600 | ||
Portage Pub. Schools Series 2008, 5% 5/1/22 (FSA Insured) | 4,300,000 | 4,609,944 | ||
Ravenna Pub. Schools Gen. Oblig. (2008 School Bldg. and Site Proj.) Series 2008: | ||||
5% 5/1/31 (FSA Insured) | 2,080,000 | 2,179,923 | ||
5% 5/1/34 (FSA Insured) | 2,320,000 | 2,431,453 | ||
5% 5/1/38 (FSA Insured) | 1,000,000 | 1,040,620 | ||
Riverview Cmnty. School District Series 2004: | ||||
5% 5/1/14 | 655,000 | 731,497 | ||
5% 5/1/15 | 955,000 | 1,056,115 | ||
5% 5/1/17 | 1,000,000 | 1,087,070 | ||
5% 5/1/18 | 1,000,000 | 1,082,900 | ||
Rochester Cmnty. School District 5% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,475,000 | 1,642,752 | ||
Rockford Pub. Schools Gen. Oblig. (2008 School Bldg. and Site Proj.) 5% 5/1/30 (FSA Insured) | 3,975,000 | 4,190,286 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.): | ||||
Series 2009 V, 8.25% 9/1/39 | 3,100,000 | 3,698,703 | ||
Series M, 5.25% 11/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 1,896,580 | ||
Saginaw Valley State Univ. Rev. Series 2007, 5% 7/1/37 (FSA Insured) | 2,880,000 | 2,989,958 | ||
Saint Clair County Gen. Oblig. Series 2004: | ||||
5% 4/1/17 (AMBAC Insured) | 1,380,000 | 1,494,581 | ||
5% 4/1/19 (AMBAC Insured) | 1,475,000 | 1,583,324 | ||
Shepherd Pub. Schools Series 2008, 5% 5/1/17 (FSA Insured) | 1,025,000 | 1,175,716 | ||
South Haven Gen. Oblig. Series 2009: | ||||
4.875% 12/1/28 (Assured Guaranty Corp. Insured) | 2,500,000 | 2,629,875 | ||
5.125% 12/1/33 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,052,150 | ||
South Redford School District Series 2005, 5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125,000 | 1,245,983 | ||
Taylor City Bldg. Auth. County of Wayne Bldg. Auth. Pub. Facilities Series 2003, 5% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,735,000 | 1,817,135 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Three Rivers Cmnty. Schools Series 2008: | ||||
5% 5/1/14 (FSA Insured) | $ 1,765,000 | $ 1,973,217 | ||
5% 5/1/16 (FSA Insured) | 1,750,000 | 1,976,415 | ||
Troy School District: | ||||
Series 2006: | ||||
5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,139,130 | ||
5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,142,730 | ||
5% 5/1/15 | 2,135,000 | 2,352,791 | ||
Univ. of Michigan Univ. Rev. Series 2010 C, 5% 4/1/26 | 6,085,000 | 6,779,116 | ||
Utica Cmnty. Schools: | ||||
Series 2003: | ||||
5.375% 5/1/16 (Pre-Refunded to 5/1/13 @ 100) (c) | 2,250,000 | 2,532,353 | ||
5.5% 5/1/17 (Pre-Refunded to 5/1/13 @ 100) (c) | 1,000,000 | 1,128,960 | ||
Series 2004, 5% 5/1/17 | 3,000,000 | 3,233,400 | ||
Series 2007: | ||||
5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,136,660 | ||
5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,269,160 | ||
Waverly Cmnty. School District Series 2005, 5% 5/1/17 (FSA Insured) | 3,090,000 | 3,381,233 | ||
Wayne Charter County Gen. Oblig. Series 2001 A, 5.5% 12/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,026,510 | ||
Western Michigan Univ. Rev.: | ||||
Series 2005, 5% 11/15/35 (FGIC Insured) | 5,435,000 | 5,483,643 | ||
Series 2008, 5% 11/15/20 (FSA Insured) | 5,280,000 | 5,717,923 | ||
Williamston Cmnty. Schools Gen. Oblig. Series 2005, 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,089,550 | ||
Willow Run Cmnty. Schools County of Washtenaw Series 2005, 5% 5/1/17 (FSA Insured) | 1,875,000 | 2,044,669 | ||
Wyoming Sewage Disp. Sys. Rev. Series 2005, 5% 6/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000,000 | 4,108,200 | ||
Zeeland Pub. Schools: | ||||
Series 2004, 5.25% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,050,000 | 1,155,735 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Zeeland Pub. Schools: - continued | ||||
Series 2005: | ||||
5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,035,000 | $ 2,222,973 | ||
5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 845,000 | 917,509 | ||
| 622,653,139 | |||
Puerto Rico - 1.9% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series 1996 Z, 6.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,280,000 | 1,445,389 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ, 5.5% 7/1/18 (XL Cap. Assurance, Inc. Insured) | 1,000,000 | 1,109,610 | ||
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (a) | 2,000,000 | 2,141,000 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A: | ||||
0% 8/1/41 (FGIC Insured) | 12,000,000 | 1,604,880 | ||
0% 8/1/47 (AMBAC Insured) | 1,000,000 | 89,430 | ||
Series 2009 A: | ||||
6% 8/1/42 | 4,000,000 | 4,246,720 | ||
6.5% 8/1/44 | 1,500,000 | 1,649,760 | ||
| 12,286,789 | |||
Virgin Islands - 1.1% | ||||
Virgin Islands Pub. Fin. Auth.: | ||||
(Cruzan Proj.) Series 2009 A, 6% 10/1/39 | 1,500,000 | 1,574,640 | ||
Series 2009 B, 5% 10/1/25 | 1,200,000 | 1,209,624 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Virgin Islands - continued | ||||
Virgin Islands Pub. Fin. Auth. Refinery Facilities Rev. Series 2007, 4.7% 7/1/22 (b) | $ 2,200,000 | $ 2,017,972 | ||
Virgin Islands Wtr. & Pwr. Auth. Elec. Sys. Rev. Series 2007, 5% 7/1/31 | 2,730,000 | 2,667,538 | ||
| 7,469,774 |
TOTAL INVESTMENT PORTFOLIO - 97.0% (Cost $623,700,284) | 644,497,182 | ||
NET OTHER ASSETS (LIABILITIES) - 3.0% | 19,903,498 | ||
NET ASSETS - 100% | $ 664,400,680 |
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 |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 42.3% |
Water & Sewer | 20.0% |
Health Care | 12.4% |
Education | 6.4% |
Special Tax | 6.1% |
Escrowed/Pre-Refunded | 5.1% |
Others* (Individually Less Than 5%) | 7.7% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $623,700,284) |
| $ 644,497,182 |
Cash | 14,456,997 | |
Receivable for fund shares sold | 218,202 | |
Interest receivable | 7,225,455 | |
Other receivables | 4,225 | |
Total assets | 666,402,061 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | 743,588 | |
Distributions payable | 793,488 | |
Accrued management fee | 202,715 | |
Transfer agent fee payable | 184,445 | |
Other affiliated payables | 51,879 | |
Other payables and accrued expenses | 25,266 | |
Total liabilities | 2,001,381 | |
|
|
|
Net Assets | $ 664,400,680 | |
Net Assets consist of: |
| |
Paid in capital | $ 643,539,489 | |
Undistributed net investment income | 78,055 | |
Accumulated undistributed net realized gain (loss) on investments | (13,762) | |
Net unrealized appreciation (depreciation) on investments | 20,796,898 | |
Net Assets, for 55,650,640 shares outstanding | $ 664,400,680 | |
Net Asset Value, offering price and redemption price per share ($664,400,680 ÷ 55,650,640 shares) | $ 11.94 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 14,224,667 |
|
|
|
Expenses | ||
Management fee | $ 1,197,722 | |
Transfer agent fees | 277,258 | |
Accounting fees and expenses | 76,780 | |
Custodian fees and expenses | 4,713 | |
Independent trustees' compensation | 1,165 | |
Registration fees | 17,657 | |
Audit | 22,571 | |
Legal | 6,305 | |
Miscellaneous | 4,621 | |
Total expenses before reductions | 1,608,792 | |
Expense reductions | (3,962) | 1,604,830 |
Net investment income | 12,619,837 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 170,981 |
Change in net unrealized appreciation (depreciation) on investment securities | 4,766,877 | |
Net gain (loss) | 4,937,858 | |
Net increase (decrease) in net assets resulting from operations | $ 17,557,695 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended June 30, 2010 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 12,619,837 | $ 23,864,050 |
Net realized gain (loss) | 170,981 | 750,255 |
Change in net unrealized appreciation (depreciation) | 4,766,877 | 28,575,367 |
Net increase (decrease) in net assets resulting | 17,557,695 | 53,189,672 |
Distributions to shareholders from net investment income | (12,609,018) | (23,839,855) |
Distributions to shareholders from net realized gain | - | (806,246) |
Total distributions | (12,609,018) | (24,646,101) |
Share transactions | 52,956,262 | 118,776,118 |
Reinvestment of distributions | 7,834,897 | 15,364,247 |
Cost of shares redeemed | (46,534,718) | (86,345,864) |
Net increase (decrease) in net assets resulting from share transactions | 14,256,441 | 47,794,501 |
Redemption fees | 761 | 4,574 |
Total increase (decrease) in net assets | 19,205,879 | 76,342,646 |
|
|
|
Net Assets | ||
Beginning of period | 645,194,801 | 568,852,155 |
End of period (including undistributed net investment income of $78,055 and undistributed net investment income of $67,236, respectively) | $ 664,400,680 | $ 645,194,801 |
Other Information Shares | ||
Sold | 4,448,872 | 10,157,927 |
Issued in reinvestment of distributions | 657,892 | 1,313,506 |
Redeemed | (3,911,348) | (7,401,170) |
Net increase (decrease) | 1,195,416 | 4,070,263 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.85 | $ 11.29 | $ 11.76 | $ 11.82 | $ 11.84 | $ 12.11 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment incomeD | .230 | .460 | .457 | .461 | .469 | .472 |
Net realized and unrealized gain (loss) | .089 | .575 | (.465) | (.031) | .041 | (.155) |
Total from investment operations | .319 | 1.035 | (.008) | .430 | .510 | .317 |
Distributions from net investment income | (.229) | (.460) | (.457) | (.462) | (.470) | (.472) |
Distributions from net realized gain | - | (.015) | (.005) | (.028) | (.060) | (.115) |
Total distributions | (.229) | (.475) | (.462) | (.490) | (.530) | (.587) |
Redemption fees added to paid in capitalD,F | - | - | - | - | - | - |
Net asset value, end of period | $ 11.94 | $ 11.85 | $ 11.29 | $ 11.76 | $ 11.82 | $ 11.84 |
Total ReturnB,C | 2.72% | 9.30% | (.06)% | 3.73% | 4.41% | 2.67% |
Ratios to Average Net AssetsE |
|
|
|
|
| |
Expenses before reductions | .50%A | .50% | .49% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .50%A | .50% | .49% | .49% | .49% | .49% |
Expenses net of all reductions | .49%A | .50% | .47% | .44% | .44% | .45% |
Net investment income | 3.89%A | 3.94% | 3.96% | 3.94% | 3.98% | 3.94% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 664,401 | $ 645,195 | $ 568,852 | $ 592,633 | $ 571,869 | $ 565,484 |
Portfolio turnover rate | 5%A | 6% | 19% | 15% | 17% | 23% |
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 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 expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F 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 (Unaudited)
Maturity Diversification | |||
Days | % of fund's investments 6/30/10 | % of fund's investments 12/31/09 | % of fund's |
0 - 30 | 83.4 | 91.2 | 81.6 |
31 - 90 | 10.9 | 3.8 | 8.1 |
91 - 180 | 2.1 | 3.2 | 6.5 |
181 - 397 | 3.6 | 1.8 | 3.8 |
Weighted Average Maturity | |||
| 6/30/10 | 12/31/09 | 6/30/09 |
Fidelity Michigan Municipal Money Market Fund | 21 Days | 16 Days | 27 Days |
All Tax-Free Money Market* | 26 Days | 31 Days | 26 Days |
Weighted Average Maturity (WAM) is a weighted average of all the maturities of the securities held in a fund. WAM for money market funds can be used as a measure of sensitivity to interest rate changes. Generally, the longer the maturity, the greater the sensitivity. WAM for money market funds is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening devices such as demand features and interest rate resets. |
Weighted Average Life | |||
| 6/30/10 | 12/31/09 | 6/30/09 |
Fidelity Michigan Municipal Money Market | 21 Days | NA** | NA** |
All Tax-Free Money Market* | NA** | NA** | NA** |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2010 | As of December 31, 2009 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
| ||
![]() | Commercial Paper (including CP Mode) 11.0% |
| ![]() | Commercial Paper (including CP Mode) 8.7% |
| ||
![]() | Tender Bonds 3.4% |
| ![]() | Tender Bonds 0.0% |
| ||
![]() | Municipal Notes 1.7% |
| ![]() | Municipal Notes 1.0% |
| ||
![]() | Fidelity Municipal |
| ![]() | Fidelity Municipal |
| ||
![]() | Other Investments 2.8% |
| ![]() | Other Investments 4.8% |
| ||
![]() | Net Other Assets 0.5% |
| ![]() | Net Other Assets 1.0% |
|
* Source: iMoneyNet, Inc.
** Information not available
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 99.5% | |||
Principal Amount | Value | ||
Michigan - 85.6% | |||
Central Michigan Univ. Rev. Series 2008 A, 0.26%, LOC JPMorgan Chase Bank, VRDN (a) | $ 6,195,000 | $ 6,195,000 | |
Detroit City School District Participating VRDN Series Solar 06 01, 0.31% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f) | 11,710,000 | 11,710,000 | |
Detroit Econ. Dev. Corp. Rev. (Michigan Opera Theatre Proj.) Series 1999, 0.55%, LOC JPMorgan Chase Bank, VRDN (a) | 2,100,000 | 2,100,000 | |
Eastern Michigan Univ. Revs.: | |||
Series 2009 A, 0.16%, LOC JPMorgan Chase Bank, VRDN (a) | 1,100,000 | 1,100,000 | |
Series 2009 B, 0.16%, LOC JPMorgan Chase Bank, VRDN (a) | 2,300,000 | 2,300,000 | |
Grand Rapids Wtr. Supply Sys. Bonds 5.75% 1/1/11 | 1,140,000 | 1,170,498 | |
Grand Traverse County Bldg. Auth. Bonds Series 2009, 3% 9/1/10 | 1,225,000 | 1,230,382 | |
Grand Valley Michigan State Univ. Rev.: | |||
Series 2005, 0.26%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 19,570,000 | 19,570,000 | |
Series 2008 B, 0.26%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 24,000,000 | 24,000,000 | |
Kent County Bldg. Auth. Participating VRDN Series PT 3242, 0.56% (Liquidity Facility Dexia Cr. Local de France) (a)(f) | 10,730,000 | 10,730,000 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.): | |||
Series 2008 B1, 0.36%, LOC RBS Citizens NA, VRDN (a) | 19,500,000 | 19,500,000 | |
Series 2008 B3, 0.19% (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | 9,000,000 | 9,000,000 | |
Series 2008 C, 0.21%, LOC Bank of New York, New York, VRDN (a) | 14,000,000 | 14,000,000 | |
Michigan Bldg. Auth. Rev.: | |||
Bonds: | |||
(Facilities Prog.): | |||
Series 2000 I: | |||
5% 10/15/11 (Pre-Refunded to 10/15/10 @ 100) (e) | 1,000,000 | 1,013,566 | |
5.125% 10/15/15 (Pre-Refunded to 10/15/10 @ 100) (e) | 2,680,000 | 2,716,446 | |
Series 2009 II, 3% 10/15/10 | 275,000 | 276,667 | |
5.5% 10/15/10 | 5,000,000 | 5,074,329 | |
Participating VRDN Series Solar 06 21, 0.31% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f) | 3,800,000 | 3,800,000 | |
Series 2007 I, 0.27%, LOC JPMorgan Chase Bank, VRDN (a) | 17,300,000 | 17,300,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Michigan Bldg. Auth. Rev.: - continued | |||
Series 5, 0.37% 9/16/10, LOC Bank of New York, New York, LOC State Street Bank & Trust Co., Boston, CP | $ 21,515,000 | $ 21,515,000 | |
Michigan Higher Ed. Rev. (Thomas M. Cooley Law School Proj.) Series 2008 A, 0.25%, LOC Wells Fargo Bank NA, VRDN (a) | 700,000 | 700,000 | |
Michigan Hosp. Fin. Auth. Rev.: | |||
Bonds: | |||
(Ascension Health Cr. Group Proj.) Series 1999 B3, 2.75%, tender 8/15/10 (a) | 5,000,000 | 5,014,784 | |
(Ascension Health Sr. Cr. Group Proj.) Series 2010 F: | |||
0.4%, tender 1/26/11 (a) | 8,800,000 | 8,800,000 | |
0.4%, tender 1/26/11 (a) | 8,800,000 | 8,800,000 | |
0.4%, tender 1/26/11 (a) | 7,100,000 | 7,100,000 | |
(Trinity Health Sys. Proj.): | |||
Series 2008 C: | |||
0.27% tender 7/9/10, CP mode | 6,700,000 | 6,700,000 | |
0.3% tender 7/12/10, CP mode | 16,000,000 | 16,000,000 | |
0.32% tender 8/5/10, CP mode | 18,700,000 | 18,700,000 | |
0.33% tender 8/4/10, CP mode | 14,000,000 | 14,000,000 | |
Series C, 0.32% tender 8/12/10, CP mode | 17,400,000 | 17,400,000 | |
Participating VRDN Series ROC II R 11676, 0.32% (Liquidity Facility Citibank NA) (a)(f) | 7,800,000 | 7,800,000 | |
(Ascension Health Sr. Cr. Group Proj.) Series 2010 F, 0.2%, VRDN (a) | 3,000,000 | 3,000,000 | |
(Hosp. Equip. Ln. Prog.) Series B, 0.25%, LOC Bank of America NA, VRDN (a) | 6,300,000 | 6,300,000 | |
(McLaren Health Care Corp. Proj.): | |||
Series 2008 B1, 0.22%, LOC JPMorgan Chase Bank, VRDN (a) | 1,300,000 | 1,300,000 | |
Series 2008 B3, 0.22%, LOC JPMorgan Chase Bank, VRDN (a) | 7,000,000 | 7,000,000 | |
(Munising Memorial Hosp. Assoc. Proj.) Series 2006, 0.36%, LOC Banco Santander SA, VRDN (a) | 7,560,000 | 7,560,000 | |
Michigan Hsg. Dev. Auth. Ltd.: | |||
(Sand Creek Apts., Phase I Proj.) Series 2007 A, 0.28%, LOC Citibank NA, VRDN (a)(d) | 3,700,000 | 3,700,000 | |
(Sand Creek II Apts. Proj.) Series 2007 A, 0.28%, LOC Citibank NA, VRDN (a)(d) | 5,495,000 | 5,495,000 | |
(Teal Run I Apts. Proj.) Series 2007 A, 0.28%, LOC Citibank NA, VRDN (a)(d) | 6,350,000 | 6,350,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Canton Club East Apts. Proj.) Series 1998 A, 0.32%, LOC Fannie Mae, VRDN (a)(d) | $ 1,090,000 | $ 1,090,000 | |
(Hunt Club Apts. Proj.) 0.32%, LOC Fannie Mae, VRDN (a)(d) | 6,895,000 | 6,895,000 | |
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.: | |||
Series 2007 B, 0.29% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(d) | 57,800,000 | 57,800,000 | |
Series 2009 D, 0.24% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a) | 5,750,000 | 5,750,000 | |
Michigan Hsg. Dev. Ltd. Oblig. Rev. (JAS Non-Profit Hsg. Corp. VI Proj.) Series 2000, 0.3%, LOC JPMorgan Chase Bank, VRDN (a) | 6,600,000 | 6,600,000 | |
Michigan Muni. Bond Auth. Rev.: | |||
Bonds (Clean Wtr. Proj.) Series 2010, 2% 10/1/10 | 7,065,000 | 7,096,245 | |
RAN: | |||
Series 2009 C3, 2.5% 8/20/10, LOC Bank of Nova Scotia New York Branch | 10,575,000 | 10,599,603 | |
Series 2010 C1, 1.5% 8/20/10, LOC JPMorgan Chase Bank | 4,430,000 | 4,436,645 | |
Michigan State Univ. Revs.: | |||
Bonds Series 2010 C, 2% 2/15/11 | 5,075,000 | 5,127,255 | |
0.23% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 41,525,000 | 41,525,000 | |
Michigan Strategic Fund Indl. Dev. Rev. (Lapeer Industries, Inc. Proj.) Series 2007, 0.4%, LOC Bank of America NA, VRDN (a)(d) | 1,400,000 | 1,400,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Almond Products, Inc. Proj.) 0.4%, LOC Bank of America NA, VRDN (a)(d) | 7,930,000 | 7,930,000 | |
(Bosal Ind. Proj.) Series 1998, 0.24%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 7,500,000 | 7,500,000 | |
(Consumers Energy Co. Proj.): | |||
0.2%, LOC Wells Fargo Bank NA, VRDN (a) | 36,400,000 | 36,400,000 | |
0.25%, LOC Wells Fargo Bank NA, VRDN (a)(d) | 9,000,000 | 9,000,000 | |
(Detroit Symphony Orchestra Proj.) Series 2001 B, 0.15%, LOC Bank of America NA, VRDN (a) | 14,355,000 | 14,355,000 | |
(Evangelical Homes of Michigan Proj.) Series 2008, 0.31%, LOC JPMorgan Chase & Co., VRDN (a) | 7,000,000 | 7,000,000 | |
(Grand Rapids Art Museum Proj.) Series 2006 A, 0.4%, LOC Bank of America NA, VRDN (a) | 2,700,000 | 2,700,000 | |
(Henry Ford Museum & Greenfield Village Projs.) Series 2002, 0.16%, LOC Comerica Bank, VRDN (a) | 17,650,000 | 17,650,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Michigan Strategic Fund Ltd. Oblig. Rev.: - continued | |||
(Holland Plastics Corp. Proj.) 0.45%, LOC Bank of America NA, VRDN (a)(d) | $ 2,720,000 | $ 2,720,000 | |
(John H. Dekker & Sons Proj.) Series 1998, 0.59%, LOC Bank of America NA, VRDN (a)(d) | 500,000 | 500,000 | |
(Orchestra Place Renewal Proj.) Series 2000, 0.2%, LOC Bank of America NA, VRDN (a) | 7,440,000 | 7,440,000 | |
(Pioneer Laboratories, Inc. Proj.) 0.35%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 1,600,000 | 1,600,000 | |
(S&S LLC Proj.) Series 2000, 0.56%, LOC U.S. Bank NA, Minnesota, VRDN (a)(d) | 1,305,000 | 1,305,000 | |
(Van Andel Research Institute Proj.) Series 2008, 0.21%, LOC Bank of America NA, VRDN (a) | 41,400,000 | 41,400,000 | |
(W.H. Porter, Inc. Proj.) Series 2001, 0.45%, LOC Bank of America NA, VRDN (a)(d) | 2,035,000 | 2,035,000 | |
(YMCA Metropolitan Detroit Proj.) Series 2001, 0.31%, LOC JPMorgan Chase Bank, VRDN (a) | 11,080,000 | 11,080,000 | |
(YMCA Metropolitan Lansing Proj.) Series 2002, 0.3%, LOC Bank of America NA, VRDN (a) | 8,325,000 | 8,325,000 | |
Michigan Strategic Fund Solid Waste Disp. Rev. (Grayling Gen. Station Proj.) Series 1990, 0.25%, LOC Barclays Bank PLC, VRDN (a)(d) | 9,294,000 | 9,294,000 | |
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev.: | |||
(Osmic, Inc. Proj.) Series 2001 A, 0.4%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 5,800,000 | 5,800,000 | |
(Pratt & Miller Engineering & Fabrication, Inc. Proj.) Series 2004, 0.4%, LOC Bank of America NA, VRDN (a)(d) | 2,700,000 | 2,700,000 | |
(Progressive Metal Manufacturing Co. Proj.) 0.48%, LOC Comerica Bank, VRDN (a)(d) | 800,000 | 800,000 | |
Waterford Econ. Dev. Corp. Ltd. Oblig. Rev. (Canterbury Health Care, Inc. Proj.) Series 2009, 0.34%, LOC Fed. Home Ln. Bank of Boston, VRDN (a) | 6,165,000 | 6,165,000 | |
Wayne County Arpt. Auth. Rev.: | |||
(Detroit Metropolitan Wayne County Arpt. Proj.) Series 2008 B, 0.37%, LOC Landesbank Baden-Wuert, VRDN (a)(d) | 23,180,000 | 23,180,000 | |
Series 2008 E, 0.35%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 6,200,000 | 6,200,000 | |
Series 2008 F, 0.25%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 23,200,000 | 23,200,000 | |
Western Michigan Univ. Rev. Bonds Series 2009, 5% 11/15/10 | 1,615,000 | 1,642,801 | |
| 732,263,221 | ||
Municipal Securities - continued | |||
Principal Amount | Value | ||
Nevada - 0.1% | |||
Clark County Passenger Facility Charge Rev. McCarran Int'l. Arpt. Series 2005 A2, 0.3%, LOC Bayerische Landesbank, VRDN (a)(d) | $ 1,000,000 | $ 1,000,000 | |
North Carolina - 0.0% | |||
Catawba County Indl. Facilities & Poll. Cont. Fin. Auth. Rev. (Kroehler Furniture Proj.) Series 1998, 0.4%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 270,000 | 270,000 | |
Ohio - 0.4% | |||
Dayton Montgomery County Port Auth. Spl. Arpt. Facilities Rev. (Wilmington Air Park, Inc. Proj.) Series 2007 B, 4% (Deutsche Post AG Guaranteed), VRDN (a)(d) | 3,700,000 | 3,700,000 | |
Pennsylvania - 0.1% | |||
Pennsylvania Higher Edl. Facilities Auth. Rev. (St. Joseph's Univ. Proj.) Series 2008 B, 0.29%, LOC Citizens Bank of Pennsylvania, VRDN (a) | 800,000 | 800,000 | |
Puerto Rico - 0.6% | |||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998 A, 0.23%, LOC Bank of Nova Scotia New York Branch, VRDN (a) | 4,000,000 | 4,000,000 | |
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2007 A8, 0.25%, LOC Wells Fargo Bank NA, VRDN (a) | 1,500,000 | 1,500,000 | |
| 5,500,000 | ||
Texas - 0.5% | |||
Austin Hotel Occupancy Tax Rev. Series 2008 B, 0.41%, LOC Dexia Cr. Local de France, VRDN (a) | 4,000,000 | 4,000,000 | |
Washington - 0.1% | |||
Port of Seattle Rev. Series 2005, 0.29%, LOC Fortis Banque SA, VRDN (a)(d) | 800,000 | 800,000 | |
Shares |
| ||
Other - 12.1% | |||
Fidelity Municipal Cash Central Fund, 0.27% (b)(c) | 103,117,000 | 103,117,000 | |
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $851,450,221) | 851,450,221 | ||
NET OTHER ASSETS (LIABILITIES) - 0.5% | 4,396,350 | ||
NET ASSETS - 100% | $ 855,846,571 |
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) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Security collateralized by an amount sufficient to pay interest and principal. |
(f) Provides evidence of ownership in one or more underlying municipal bonds. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 115,203 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $748,333,221) | $ 748,333,221 |
|
Fidelity Central Funds (cost $103,117,000) | 103,117,000 |
|
Total Investments (cost $851,450,221) |
| $ 851,450,221 |
Cash | 5,288,190 | |
Receivable for fund shares sold | 7,107,123 | |
Interest receivable | 694,488 | |
Distributions receivable from Fidelity Central Funds | 26,381 | |
Receivable from investment adviser for expense reductions | 284 | |
Other receivables | 365 | |
Total assets | 864,567,052 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | 8,103,599 | |
Distributions payable | 57 | |
Accrued management fee | 216,967 | |
Other affiliated payables | 378,126 | |
Other payables and accrued expenses | 21,732 | |
Total liabilities | 8,720,481 | |
|
|
|
Net Assets | $ 855,846,571 | |
Net Assets consist of: |
| |
Paid in capital | $ 855,791,321 | |
Undistributed net investment income | 55,276 | |
Accumulated undistributed net realized gain (loss) on investments | (26) | |
Net Assets, for 854,889,376 shares outstanding | $ 855,846,571 | |
Net Asset Value, offering price and redemption price per share ($855,846,571 ÷ 854,889,376 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, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 1,197,759 |
Income from Fidelity Central Funds |
| 115,203 |
Total income |
| 1,312,962 |
|
|
|
Expenses | ||
Management fee | $ 1,601,759 | |
Transfer agent fees | 685,991 | |
Accounting fees and expenses | 53,661 | |
Custodian fees and expenses | 7,566 | |
Independent trustees' compensation | 1,550 | |
Registration fees | 23,572 | |
Audit | 18,524 | |
Legal | 9,236 | |
Miscellaneous | 5,160 | |
Total expenses before reductions | 2,407,019 | |
Expense reductions | (1,137,665) | 1,269,354 |
Net investment income | 43,608 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (26) |
Net increase in net assets resulting from operations | $ 43,582 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended June 30, 2010 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 43,608 | $ 213,886 |
Net realized gain (loss) | (26) | 34,610 |
Net increase in net assets resulting | 43,582 | 248,496 |
Distributions to shareholders from net investment income | (43,303) | (211,264) |
Distributions to shareholders from net realized gain | - | (30,688) |
Total distributions | (43,303) | (241,952) |
Share transactions at net asset value of $1.00 per share | 1,183,678,749 | 2,340,639,951 |
Reinvestment of distributions | 42,900 | 237,809 |
Cost of shares redeemed | (1,230,361,322) | (2,560,223,360) |
Net increase (decrease) in net assets and shares resulting from share transactions | (46,639,673) | (219,345,600) |
Total increase (decrease) in net assets | (46,639,394) | (219,339,056) |
|
|
|
Net Assets | ||
Beginning of period | 902,485,965 | 1,121,825,021 |
End of period (including undistributed net investment income of $55,276 and undistributed net investment income of $54,971, respectively) | $ 855,846,571 | $ 902,485,965 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
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 | -G | -G | .017 | .032 | .030 | .020 |
Net realized and unrealized gain (loss)G | - | - | - | - | - | - |
Total from investment operations | -G | -G | .017 | .032 | .030 | .020 |
Distributions from net investment income | -G | -G | (.017) | (.032) | (.030) | (.020) |
Distributions from net realized gain | - | -G | - | -G | - | -G |
Total distributions | -G | -G | (.017) | (.032) | (.030) | (.020) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB,C | .00%E | .02% | 1.68% | 3.21% | 3.01% | 1.99% |
Ratios to Average Net AssetsD,F |
|
|
|
|
| |
Expenses before reductions | .55%A | .60% | .54% | .54% | .56% | .56% |
Expenses net of fee waivers, if any | .29%A | .48% | .54% | .54% | .55% | .55% |
Expenses net of all reductions | .29%A | .48% | .48% | .42% | .41% | .46% |
Net investment income | .01%A | .02% | 1.66% | 3.15% | 2.97% | 1.97% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 855,847 | $ 902,486 | $ 1,121,825 | $ 1,087,587 | $ 864,963 | $ 695,051 |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Amount represents less than .01%.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
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, 2010 (Unaudited)
1. Organization.
Fidelity 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. The Income Fund is a non-diversified fund. 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.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Income Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each Fund's investments by major category are as follows.
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For the Money Market Fund as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost which approximates value and are categorized as Level 2 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of each Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared 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 GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards, and losses deferred due to future transactions and excise tax regulations.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Michigan Municipal Income Fund | $ 623,644,641 | $ 25,746,437 | $ (4,893,896) | $ 20,852,541 |
Fidelity Michigan Municipal Money Market Fund | 851,450,221 | - | - | - |
Short-Term Trading (Redemption) Fees. Shares held in the Income Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $32,566,023 and $14,734,900, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. 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 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, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
| Individual Rate | Group Rate | Total |
Fidelity Michigan Municipal | .25% | .12% | .37% |
Fidelity Michigan Municipal | .25% | .12% | .37% |
Semiannual Report
5. 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-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer, dividend disbursing and shareholder servicing agent functions. The Funds pay account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Fidelity Michigan Municipal Income Fund | .09% |
Fidelity Michigan Municipal Money Market Fund | .16% |
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Committed Line of Credit.
The Income Fund participates with other funds managed by FMR in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Michigan Municipal Income Fund | $ 1,293 |
During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
FMR voluntarily agreed to reimburse Funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
| Expense | Reimbursement |
Fidelity Michigan Municipal Money Market Fund | .55% | $ 20,527 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Expense Reductions - continued
FMR or its affiliates voluntarily agreed to waive certain fees during the period for the Money Market fund. The amount of the waiver is $1,116,639.
In addition, 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 Agent | Accounting |
Fidelity Michigan Municipal Income Fund | $ 3,424 | $ 536 | $ 2 |
Fidelity Michigan Municipal Money Market Fund | 484 | - | 15 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
FIL Investment Advisors
Fidelity Research & Analysis Company
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
MIR-USAN-0810 1.787785.107
Fidelity®
Minnesota Municipal Income
Fund
Semiannual Report
June 30, 2010
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
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, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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 LLC or an affiliated company.
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.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
A yearlong uptrend in global equity markets came under significant pressure in May 2010 when investor sentiment turned bearish amid growing concern that Europe's debt crisis would expand and slow or derail economic recovery. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 to June 30, 2010).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Actual | .51% | $ 1,000.00 | $ 1,028.10 | $ 2.56 |
Hypothetical (5% return per year before expenses) |
| $ 1,000.00 | $ 1,022.27 | $ 2.56 |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
General Obligations | 39.3 | 44.2 |
Health Care | 14.7 | 12.1 |
Electric Utilities | 12.4 | 12.9 |
Escrowed/Pre-Refunded | 11.7 | 12.9 |
Transportation | 5.3 | 4.6 |
Weighted Average Maturity as of June 30, 2010 | ||
|
| 6 months ago |
Years | 6.5 | 6.2 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of June 30, 2010 | ||
|
| 6 months ago |
Years | 6.3 | 6.3 |
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, 2010 | As of December 31, 2009 | ||||||
![]() | AAA 9.2% |
| ![]() | AAA 6.0% |
| ||
![]() | AA,A 79.0% |
| ![]() | AA,A 84.8% |
| ||
![]() | BBB 3.6% |
| ![]() | BBB 3.8% |
| ||
![]() | BB and Below 0.4% |
| ![]() | BB and Below 0.4% |
| ||
![]() | Not Rated 2.7% |
| ![]() | Not Rated 2.0% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Service, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 94.9% | ||||
| Principal Amount | Value | ||
Guam - 0.3% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/23 | $ 1,500,000 | $ 1,491,270 | ||
Minnesota - 92.5% | ||||
Alexandria Independent School District #206 Gen. Oblig. (Minnesota School District Cr. Enhancement Prog.) Series 2008 A, 5% 2/1/17 (FSA Insured) | 1,000,000 | 1,158,450 | ||
Anoka-Hennepin Independent School District #11 | 1,880,000 | 1,951,854 | ||
Brainerd Independent School District #181 Series 2002 A: | ||||
5.375% 2/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 8/1/12 @ 100) (c) | 3,285,000 | 3,572,240 | ||
5.375% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 8/1/12 @ 100) (c) | 4,100,000 | 4,458,504 | ||
5.375% 2/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 8/1/12 @ 100) (c) | 2,200,000 | 2,392,368 | ||
Brooklyn Ctr. Independent School District #286 Series 2002, 5.1% 2/1/31 (FGIC Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 6,000,000 | 6,374,280 | ||
Burnsville-Eagan-Savage Independent School District #191 Gen. Oblig. (Minnesota School Distric Cr. Enhancement Prog.) Series 2007 A, 5% 2/1/17 (FSA Insured) | 525,000 | 606,806 | ||
Cambridge Independent School District #911 Gen. Oblig. (Minnesota School District Prog.) Series 2005 C, 5% 4/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,200,000 | 1,355,292 | ||
Centennial Independent School District #12 Series 2002 A, 5% 2/1/19 (FSA Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 230,000 | 243,954 | ||
Chaska Elec. Rev. (Generating Facilities Proj.) | ||||
5.25% 10/1/20 | 2,000,000 | 2,132,500 | ||
5.25% 10/1/25 | 1,955,000 | 2,049,524 | ||
Chaska Independent School District #112 Gen. Oblig.: | ||||
(School Bldg. Proj.) Series 2007 A, 5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 750,000 | 863,910 | ||
Series 2006 A, 4.1% 2/1/21 (FSA Insured) | 1,705,000 | 1,780,907 | ||
Series 2009 A: | ||||
4% 2/1/16 | 1,000,000 | 1,103,240 | ||
5% 2/1/17 | 1,000,000 | 1,162,410 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Duluth Econ. Dev. Auth. Health Care Facilities Rev. (Benedictine Health Sys. Saint Mary's) Series 2004: | ||||
5.25% 2/15/28 (Pre-Refunded to 2/15/14 @ 100) (c) | $ 2,350,000 | $ 2,680,598 | ||
5.25% 2/15/33 (Pre-Refunded to 2/15/14 @ 100) (c) | 1,035,000 | 1,180,604 | ||
Duluth Hsg. & Redev. Auth. Healthcare & Hsg. Rev. (Benedictine Health Ctr. Proj.) Series 2007: | ||||
5.5% 11/1/17 | 290,000 | 283,159 | ||
5.7% 11/1/22 | 385,000 | 372,730 | ||
5.875% 11/1/33 | 750,000 | 676,613 | ||
Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B: | ||||
4% 3/1/16 | 1,445,000 | 1,503,537 | ||
4% 3/1/17 | 1,495,000 | 1,545,247 | ||
4% 3/1/18 | 1,235,000 | 1,268,580 | ||
5% 3/1/30 | 2,770,000 | 2,860,164 | ||
Elk River Independent School District #728: | ||||
Series 2002 A: | ||||
5% 2/1/16 (FSA Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 3,000,000 | 3,272,400 | ||
5.25% 2/1/18 (FSA Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 3,600,000 | 3,949,524 | ||
Series 2004 A, 5% 2/1/17 (FGIC Insured) (Pre-Refunded to 8/1/14 @ 100) (c) | 1,000,000 | 1,118,750 | ||
Series 2006 A, 5% 2/1/19 (FSA Insured) | 3,500,000 | 3,886,820 | ||
Hennepin County Sales Tax Rev. (Ballpark Proj.) | 1,000,000 | 1,098,880 | ||
Hopkins Independent School District #270: | ||||
Series 2002: | ||||
5% 2/1/16 (FGIC Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 1,350,000 | 1,431,905 | ||
5.125% 2/1/17 (FGIC Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 1,015,000 | 1,078,549 | ||
Series 2009 B: | ||||
4% 2/1/23 | 3,470,000 | 3,628,857 | ||
4% 2/1/24 | 3,625,000 | 3,752,673 | ||
4% 2/1/25 | 2,915,000 | 2,991,606 | ||
Jackson County Central Independent School District #2895 5% 2/1/21 (FSA Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 1,220,000 | 1,294,017 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Lake Superior Independent School District #381 Series 2002 A: | ||||
5% 4/1/15 (FSA Insured) (Pre-Refunded to 4/1/13 @ 100) (c) | $ 1,970,000 | $ 2,160,243 | ||
5% 4/1/16 (FSA Insured) (Pre-Refunded to 4/1/13 @ 100) (c) | 2,065,000 | 2,264,417 | ||
5% 4/1/17 (FSA Insured) (Pre-Refunded to 4/1/13 @ 100) (c) | 2,165,000 | 2,374,074 | ||
5% 4/1/18 (FSA Insured) (Pre-Refunded to 4/1/13 @ 100) (c) | 1,260,000 | 1,381,678 | ||
Lakeville Independent School District #194 Series 2002 A, 5% 2/1/22 (FGIC Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 1,000,000 | 1,090,800 | ||
Maple Grove Health Care Sys. Rev.: | ||||
(Maple Grove Hosp. Corp. Proj.) Series 2007, 5% 5/1/16 | 1,000,000 | 1,093,730 | ||
Series 2007: | ||||
5.25% 5/1/24 | 1,500,000 | 1,537,005 | ||
5.25% 5/1/25 | 2,000,000 | 2,042,340 | ||
Metropolitan Council Gen. Oblig. Rev. (Wastewtr. Proj.) Series 2008 C, 5% 3/1/21 | 5,000,000 | 5,554,650 | ||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev.: | ||||
(Children's Health Care Proj.): | ||||
Series 1995 B, 5% 8/15/25 (FSA Insured) | 3,000,000 | 3,147,960 | ||
Series 2010 A, 5.25% 8/15/25 | 1,000,000 | 1,062,000 | ||
(Children's Hospitals and Clinics Proj.) Series 2004 A1: | ||||
4.625% 8/15/29 (FSA Insured) | 1,000,000 | 983,140 | ||
5% 8/15/34 (FSA Insured) | 500,000 | 503,525 | ||
(HealthPartners Obligated Group Proj.) Series 2003: | ||||
5.875% 12/1/29 | 800,000 | 809,640 | ||
6% 12/1/19 | 2,815,000 | 2,925,995 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | ||||
Series 13, 5.25% 1/1/11 (b) | 2,840,000 | 2,860,136 | ||
Series 2005 A: | ||||
5% 1/1/15 (AMBAC Insured) | 2,000,000 | 2,213,620 | ||
5% 1/1/35 (AMBAC Insured) | 8,500,000 | 8,588,315 | ||
Series 2005 C, 5% 1/1/31 (FGIC Insured) | 2,090,000 | 2,125,217 | ||
Series 2007 A, 5% 1/1/21 | 5,000,000 | 5,434,850 | ||
Series 2007 B, 5% 1/1/18 (FGIC Insured) | 2,000,000 | 2,201,960 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: - continued | ||||
Series 2008 A: | ||||
5% 1/1/13 (b) | $ 655,000 | $ 698,315 | ||
5% 1/1/14 (b) | 3,000,000 | 3,230,160 | ||
Series B, 5% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,830,000 | 3,060,758 | ||
Minneapolis Art Ctr. Facilities Rev. (Walker Art Ctr. Proj.) Series 2001, 5.125% 7/1/21 | 1,250,000 | 1,274,875 | ||
Minneapolis Gen. Oblig. Series 2009: | ||||
4% 12/1/20 | 2,800,000 | 2,978,752 | ||
4% 12/1/21 | 2,650,000 | 2,803,276 | ||
Minneapolis Health Care Sys. Rev. (Fairview Health | ||||
Series 2005 D, 5% 11/15/34 (AMBAC Insured) | 5,120,000 | 5,062,810 | ||
Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | 3,500,000 | 3,910,550 | ||
Minneapolis Spl. School District #1: | ||||
Series 2005 A, 5% 2/1/17 (FSA Insured) | 2,000,000 | 2,174,680 | ||
5% 2/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,020,000 | 1,078,109 | ||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/21 (Assured Guaranty Corp. Insured) | 2,220,000 | 2,532,909 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1: | ||||
5% 2/15/30 (Assured Guaranty Corp. Insured) | 3,750,000 | 3,775,425 | ||
5.25% 2/15/23 (Assured Guaranty Corp. Insured) | 1,660,000 | 1,770,855 | ||
5.5% 2/15/25 (Assured Guaranty Corp. Insured) | 2,500,000 | 2,675,025 | ||
Minnesota Gen. Oblig.: | ||||
Series 2008 A, 5% 6/1/21 | 3,300,000 | 3,763,716 | ||
Series 2009 A, 5% 12/1/23 | 15,540,000 | 17,714,191 | ||
Series 2009 E, 5% 8/1/13 | 3,975,000 | 4,472,432 | ||
Series 2009 H, 5% 11/1/21 | 4,590,000 | 5,323,253 | ||
5% 11/1/15 | 10,000,000 | 11,417,800 | ||
5% 6/1/16 | 2,015,000 | 2,349,953 | ||
5% 8/1/16 | 3,500,000 | 3,774,015 | ||
5% 8/1/18 | 10,775,000 | 11,943,226 | ||
5% 6/1/21 | 8,585,000 | 9,610,736 | ||
5% 8/1/22 | 2,600,000 | 2,921,932 | ||
5% 11/1/24 | 9,155,000 | 9,868,175 | ||
5% 11/1/26 | 4,270,000 | 4,670,611 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Minnesota Higher Ed. Facilities Auth. Rev.: | ||||
(Hamline Univ. Proj.): | ||||
Series 5B, 5.95% 10/1/19 | $ 600,000 | $ 601,722 | ||
Series 7E, 5% 10/1/17 | 1,565,000 | 1,678,650 | ||
Series 7E, 5% 10/1/19 | 1,000,000 | 1,054,390 | ||
(Macalester College Proj.) Series 6P: | ||||
5% 3/1/21 | 2,315,000 | 2,561,362 | ||
5% 3/1/22 | 2,535,000 | 2,782,492 | ||
(Saint Olaf College Proj.) Series 6O, 5% 10/1/15 | 1,000,000 | 1,120,380 | ||
(Univ. of Saint Thomas Proj.) Series 6I, 5% 4/1/23 | 1,000,000 | 1,053,360 | ||
(Univ. of St. Thomas Proj.) Series Six-X, 5.25% 4/1/39 | 1,500,000 | 1,546,185 | ||
(Univ. of St. Thomas) Series Seven-A, 5% 10/1/39 | 1,650,000 | 1,685,393 | ||
Minnesota Muni. Pwr. Agcy. Elec. Rev.: | ||||
Series 2005, 5.25% 10/1/21 | 8,450,000 | 9,126,254 | ||
Series 2007, 5.25% 10/1/22 | 1,000,000 | 1,087,630 | ||
Minnesota Pub. Facilities Auth. Drinking Wtr. Rev. | 5,060,000 | 5,535,336 | ||
Minnesota Pub. Facilities Auth. Wtr. Poll. Cont. Rev.: | ||||
Series 2004 B, 5.25% 3/1/15 | 2,000,000 | 2,329,920 | ||
Series 2005 B, 5% 3/1/21 | 2,000,000 | 2,362,360 | ||
Minnesota Retirement Sys. Bldg. Rev.: | ||||
5.55% 6/1/14 | 590,000 | 591,440 | ||
5.6% 6/1/15 | 615,000 | 616,415 | ||
5.65% 6/1/16 | 625,000 | 626,363 | ||
5.7% 6/1/17 | 900,000 | 901,863 | ||
5.75% 6/1/18 | 975,000 | 976,940 | ||
5.75% 6/1/19 | 1,050,000 | 1,051,943 | ||
5.8% 6/1/20 | 1,000,000 | 1,001,750 | ||
5.875% 6/1/22 | 2,425,000 | 2,428,953 | ||
Minnesota State Colleges & Univs. Board of Trustees Rev.: | ||||
Series 2005 A, 5% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,465,000 | 1,611,148 | ||
Series 2009 A: | ||||
4% 10/1/17 | 1,445,000 | 1,557,826 | ||
4% 10/1/18 | 1,490,000 | 1,603,598 | ||
4% 10/1/19 | 1,550,000 | 1,659,957 | ||
4% 10/1/20 | 1,580,000 | 1,655,824 | ||
Mounds View Independent School District #621: | ||||
Series 2000 A, 5.375% 2/1/24 (Pre-Refunded to 2/1/11 @ 100) (c) | 3,000,000 | 3,083,580 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Mounds View Independent School District #621: - continued | ||||
Series 2009 A: | ||||
4% 2/1/20 | $ 860,000 | $ 918,506 | ||
4% 2/1/21 | 1,000,000 | 1,057,220 | ||
North Saint Paul-Maplewood-Oakdale Independent School District 622: | ||||
Series 2006 B, 5% 2/1/17 (FSA Insured) | 1,525,000 | 1,761,619 | ||
Series B, 5% 8/1/17 (FSA Insured) | 1,575,000 | 1,809,077 | ||
Northeast Metropolitan Intermediate School District #916 Ctfs. of Prtn. Series 2004, 5% 1/1/13 | 1,000,000 | 1,073,410 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev.: | ||||
Series 2009 A, 5% 1/1/16 (Assured Guaranty Corp. Insured) | 3,000,000 | 3,359,400 | ||
Series A, 5% 1/1/18 (Assured Guaranty Corp. Insured) | 3,000,000 | 3,386,760 | ||
Northfield Hosp. Rev. Series 2006: | ||||
5.375% 11/1/26 | 1,000,000 | 1,000,180 | ||
5.5% 11/1/16 | 1,025,000 | 1,090,036 | ||
Osseo Independent School District #279: | ||||
(School Bldg. Proj.) Series 2000 A, 5.25% 2/1/21 (Pre-Refunded to 8/1/10 @ 100) (c) | 1,735,000 | 1,741,073 | ||
Series A, 5.25% 2/1/14 (FSA Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 2,100,000 | 2,235,219 | ||
Owatonna Pub. Utils. Commission Pub. Utils. Rev. | ||||
5% 1/1/11 (AMBAC Insured) | 720,000 | 735,638 | ||
5% 1/1/13 (AMBAC Insured) | 800,000 | 876,104 | ||
5% 1/1/15 (AMBAC Insured) | 715,000 | 766,409 | ||
Ramsey County Gen. Oblig. Series 2003 A, 5% 2/1/18 | 1,530,000 | 1,655,185 | ||
Robbinsdale Independent School District #281 | ||||
5% 2/1/16 (FSA Insured) | 2,410,000 | 2,539,947 | ||
5% 2/1/16 (FSA Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 1,015,000 | 1,076,580 | ||
5% 2/1/17 (FSA Insured) | 2,535,000 | 2,667,226 | ||
5% 2/1/18 (FSA Insured) | 2,520,000 | 2,647,411 | ||
Rochester Elec. Util. Rev. Series 2007 C, 5% 12/1/30 | 2,000,000 | 2,116,540 | ||
Rochester Health Care Facilities Rev.: | ||||
(Mayo Clinic Proj.) Series 2008 E, 5% 11/15/38 | 4,000,000 | 4,155,040 | ||
(Mayo Foundation Proj.) Series 2006, 5% 11/15/36 | 2,000,000 | 2,059,180 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Roseville Independent School District #623 (School District Cr. Enhancement Prog.) Series 2001 A, 5% 2/1/15 (FSA Insured) | $ 400,000 | $ 407,352 | ||
Saint Cloud Health Care Rev. (CentraCare Health Sys. Proj.) Series 2010 A, 5.125% 5/1/30 | 5,000,000 | 5,047,650 | ||
Saint Michael Independent School District #885 Series 2002, 5% 2/1/27 (FSA Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 5,500,000 | 5,834,565 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev.: | ||||
(Allina Health Sys. Proj.) Series 2009 A1, 5.25% 11/15/29 | 3,000,000 | 3,071,070 | ||
(HealthPartners Oblig. Group Proj.) Series 2006: | ||||
5% 5/15/15 | 250,000 | 265,118 | ||
5% 5/15/16 | 345,000 | 361,374 | ||
5.25% 5/15/17 | 325,000 | 340,343 | ||
5.25% 5/15/36 | 1,000,000 | 944,590 | ||
(Regions Hosp. Proj.) 5.3% 5/15/28 | 1,250,000 | 1,221,700 | ||
Series 2007 A, 5% 11/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,205,560 | ||
Saint Paul Independent School District #625: | ||||
Series 2001 C, 5% 2/1/21 | 1,000,000 | 1,040,110 | ||
Series 2002 A: | ||||
5% 2/1/17 (FSA Insured) | 220,000 | 233,770 | ||
5% 2/1/18 (FSA Insured) | 395,000 | 417,602 | ||
Series 2004 B, 5% 2/1/17 (FSA Insured) | 1,300,000 | 1,441,271 | ||
Series 2004 C, 5% 2/1/16 (FSA Insured) | 1,025,000 | 1,149,579 | ||
Saint Paul Port Auth. Series 2007-2, 5% 3/1/37 | 1,500,000 | 1,563,630 | ||
Saint Paul Port Auth. Lease Rev.: | ||||
(HealthEast Midway Campus Proj.) Series 2003 A, 5.75% 5/1/25 | 2,000,000 | 1,917,100 | ||
(Regions Hosp. Package Proj.): | ||||
Series 1: | ||||
5% 8/1/12 | 410,000 | 411,665 | ||
5% 8/1/15 | 480,000 | 469,282 | ||
Series 2007-1: | ||||
5% 8/1/13 | 430,000 | 429,742 | ||
5% 8/1/14 | 455,000 | 451,355 | ||
5% 8/1/16 | 500,000 | 480,995 | ||
Series 2003 11, 5.25% 12/1/20 | 3,000,000 | 3,237,900 | ||
Series 2003 12: | ||||
5.125% 12/1/27 | 5,000,000 | 5,227,300 | ||
5.25% 12/1/18 | 3,685,000 | 4,029,916 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Shakopee Health Care Facilities Rev. (Saint Francis Reg'l. Med. Ctr. Proj.) Series 2004, 5.25% 9/1/34 | $ 2,520,000 | $ 2,407,003 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | ||||
(Cap. Appreciation) Series 1994 A: | ||||
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,210,000 | 4,523,178 | ||
0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,670,000 | 9,575,402 | ||
Series 2002 A: | ||||
5% 1/1/12 (AMBAC Insured) | 2,660,000 | 2,811,274 | ||
5.25% 1/1/15 (AMBAC Insured) | 1,025,000 | 1,160,198 | ||
5.25% 1/1/17 | 2,000,000 | 2,279,880 | ||
Series 2009 A: | ||||
5% 1/1/13 | 2,500,000 | 2,715,950 | ||
5% 1/1/14 | 960,000 | 1,064,381 | ||
5.25% 1/1/30 | 2,000,000 | 2,128,040 | ||
5.5% 1/1/24 | 500,000 | 558,475 | ||
Series A, 5.25% 1/1/16 (AMBAC Insured) | 4,490,000 | 5,094,668 | ||
Spring Lake Park Independent School District #16: | ||||
Series 2004 B: | ||||
5% 2/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,085,000 | 2,240,875 | ||
5% 2/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,230,000 | 2,374,749 | ||
5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,400,000 | 2,539,776 | ||
Series 2006 A, 5% 2/1/29 (FSA Insured) | 4,000,000 | 4,244,960 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): | ||||
Series 2003 B, 5.5% 7/1/25 (Pre-Refunded to 7/1/14 @ 100) (c) | 2,000,000 | 2,307,580 | ||
Series 2008 C, 5.75% 7/1/30 | 3,355,000 | 3,406,432 | ||
Series 2009, 5.75% 7/1/39 | 9,000,000 | 8,937,090 | ||
Univ. of Minnesota: | ||||
Series 2009 C: | ||||
5% 12/1/17 | 1,000,000 | 1,157,730 | ||
5% 12/1/21 | 1,000,000 | 1,137,630 | ||
Series A: | ||||
5% 4/1/23 | 200,000 | 223,840 | ||
5.125% 4/1/34 | 1,000,000 | 1,069,260 | ||
5.25% 4/1/29 | 1,000,000 | 1,099,850 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Univ. of Minnesota Spl. Purp. Rev. (State Supported Stadium Proj.) Series 2006: | ||||
5% 8/1/20 | $ 6,625,000 | $ 7,285,645 | ||
5% 8/1/29 | 4,000,000 | 4,237,880 | ||
Virginia Hsg. & Redev. Auth. Health Care Facility Lease Rev. Series 2005, 5.25% 10/1/25 | 440,000 | 433,616 | ||
Watertown Independent School District #111 | 1,495,000 | 1,620,700 | ||
Wayzata Independent School District #284 | 1,005,000 | 1,125,288 | ||
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev.: | ||||
Series 1977 A, 6.375% 1/1/16 (Escrowed to Maturity) (c) | 890,000 | 1,025,948 | ||
Series 2003 A, 5% 1/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,041,220 | ||
Series 2006 A, 5% 1/1/16 (FSA Insured) | 2,000,000 | 2,248,280 | ||
White Bear Lake Independent School District #624 Gen. Oblig. (Alternative Facilities Proj.) Series 2006 A, 4.25% 2/1/12 | 1,300,000 | 1,375,686 | ||
| 472,567,103 | |||
Puerto Rico - 1.4% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series 1996 Z, 6.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,129,210 | ||
Puerto Rico Govt. Dev. Bank Series 2006 B, 5% 12/1/12 | 1,000,000 | 1,055,290 | ||
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (a) | 600,000 | 642,300 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A, 0% 8/1/41 (FGIC Insured) | 9,300,000 | 1,243,782 | ||
Series 2009 A, 6% 8/1/42 | 1,000,000 | 1,061,680 | ||
Series 2010 A: | ||||
0% 8/1/31 | 6,745,000 | 1,741,829 | ||
0% 8/1/33 | 950,000 | 215,261 | ||
| 7,089,352 | |||
Virgin Islands - 0.7% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/25 | 1,000,000 | 1,008,020 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Virgin Islands - continued | ||||
Virgin Islands Pub. Fin. Auth. Refinery Facilities Rev. Series 2007, 4.7% 7/1/22 (b) | $ 1,300,000 | $ 1,192,438 | ||
Virgin Islands Wtr. & Pwr. Auth. Elec. Sys. Rev. Series 2007 A, 5% 7/1/25 | 1,250,000 | 1,265,425 | ||
| 3,465,883 |
TOTAL INVESTMENT PORTFOLIO - 94.9% (Cost $467,870,458) | 484,613,608 | ||
NET OTHER ASSETS (LIABILITIES) - 5.1% | 25,873,609 | ||
NET ASSETS - 100% | $ 510,487,217 |
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 |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 39.3% |
Health Care | 14.7% |
Electric Utilities | 12.4% |
Escrowed/Pre-Refunded | 11.7% |
Transportation | 5.3% |
Others* (Individually Less Than 5%) | 16.6% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| June 30, 2010 (Unaudited) | |
Assets | ||
Investment in securities, at value - Unaffiliated issuers (cost $467,870,458) |
| $ 484,613,608 |
Cash | 19,433,550 | |
Receivable for fund shares sold | 358,493 | |
Interest receivable | 6,966,383 | |
Other receivables | 6,889 | |
Total assets | 511,378,923 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 157,486 | |
Distributions payable | 380,772 | |
Accrued management fee | 154,766 | |
Transfer agent fee payable | 129,602 | |
Other affiliated payables | 43,310 | |
Other payables and accrued expenses | 25,770 | |
Total liabilities | 891,706 | |
|
|
|
Net Assets | $ 510,487,217 | |
Net Assets consist of: |
| |
Paid in capital | $ 493,420,230 | |
Undistributed net investment income | 79,434 | |
Accumulated undistributed net realized gain (loss) on investments | 244,403 | |
Net unrealized appreciation (depreciation) on investments | 16,743,150 | |
Net Assets, for 44,404,909 shares outstanding | $ 510,487,217 | |
Net Asset Value, offering price and redemption price per share ($510,487,217 ÷ 44,404,909 shares) | $ 11.50 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended June 30, 2010 (Unaudited) | ||
Investment Income |
|
|
Interest |
| $ 9,764,545 |
|
|
|
Expenses | ||
Management fee | $ 903,031 | |
Transfer agent fees | 194,043 | |
Accounting fees and expenses | 63,808 | |
Custodian fees and expenses | 3,760 | |
Independent trustees' compensation | 866 | |
Registration fees | 40,398 | |
Audit | 22,428 | |
Legal | 6,639 | |
Miscellaneous | 3,417 | |
Total expenses before reductions | 1,238,390 | |
Expense reductions | (7,600) | 1,230,790 |
Net investment income | 8,533,755 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 302,644 |
Change in net unrealized appreciation (depreciation) on investment securities | 4,671,501 | |
Net gain (loss) | 4,974,145 | |
Net increase (decrease) in net assets resulting from operations | $ 13,507,900 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 8,533,755 | $ 15,505,455 |
Net realized gain (loss) | 302,644 | 329,483 |
Change in net unrealized appreciation (depreciation) | 4,671,501 | 23,053,671 |
Net increase (decrease) in net assets resulting | 13,507,900 | 38,888,609 |
Distributions to shareholders from net investment income | (8,534,501) | (15,498,015) |
Distributions to shareholders from net realized gain | - | (290,017) |
Total distributions | (8,534,501) | (15,788,032) |
Share transactions | 56,815,369 | 120,594,081 |
Reinvestment of distributions | 6,250,222 | 11,610,660 |
Cost of shares redeemed | (30,991,568) | (54,146,520) |
Net increase (decrease) in net assets resulting from share transactions | 32,074,023 | 78,058,221 |
Redemption fees | 2,229 | 2,838 |
Total increase (decrease) in net assets | 37,049,651 | 101,161,636 |
|
|
|
Net Assets | ||
Beginning of period | 473,437,566 | 372,275,930 |
End of period (including undistributed net investment income of $79,434 and undistributed net investment income of $80,180, respectively) | $ 510,487,217 | $ 473,437,566 |
Other Information Shares | ||
Sold | 4,962,809 | 10,723,728 |
Issued in reinvestment of distributions | 545,379 | 1,030,277 |
Redeemed | (2,709,606) | (4,808,474) |
Net increase (decrease) | 2,798,582 | 6,945,531 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.38 | $ 10.74 | $ 11.22 | $ 11.36 | $ 11.42 | $ 11.62 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .198 | .403 | .430 | .444 | .459 | .460 |
Net realized and unrealized gain (loss) | .120 | .648 | (.460) | (.090) | .004 | (.162) |
Total from investment operations | .318 | 1.051 | (.030) | .354 | .463 | .298 |
Distributions from net investment income | (.198) | (.404) | (.430) | (.444) | (.458) | (.460) |
Distributions from net realized gain | - | (.007) | (.020) | (.050) | (.065) | (.038) |
Total distributions | (.198) | (.411) | (.450) | (.494) | (.523) | (.498) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, | $ 11.50 | $ 11.38 | $ 10.74 | $ 11.22 | $ 11.36 | $ 11.42 |
Total Return B, C | 2.81% | 9.89% | (.28)% | 3.19% | 4.15% | 2.61% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .51% A | .51% | .50% | .50% | .50% | .51% |
Expenses net of fee waivers, if any | .51% A | .51% | .50% | .50% | .50% | .51% |
Expenses net of all reductions | .50% A | .51% | .47% | .44% | .47% | .48% |
Net investment income | 3.49% A | 3.59% | 3.91% | 3.95% | 4.04% | 3.99% |
Supplemental Data |
|
|
|
|
|
|
Net assets, | $ 510,487 | $ 473,438 | $ 372,276 | $ 349,886 | $ 335,955 | $ 343,016 |
Portfolio turnover rate | 13% A | 7% | 9% | 11% | 15% | 15% |
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 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 expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2010 (Unaudited)
1. Organization.
Fidelity Minnesota Municipal Income Fund (the Fund) is a non-diversified 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.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Security Valuation - continued
yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared 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 GAAP.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to futures transactions.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 18,182,214 |
Gross unrealized depreciation | (1,436,583) |
Net unrealized appreciation (depreciation) | $ 16,745,631 |
|
|
Tax cost | $ 467,867,977 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $52,462,811 and $31,067,974, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates.
Management Fee. 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 .12% 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 .37% 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-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer, dividend disbursing and shareholder servicing agent functions. The Fund pays account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .08% of average net assets.
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
5. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $956 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. 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, transfer agent and accounting expenses by $3,462, $4,136 and $2, respectively.
Semiannual Report
7. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
17550 North 75th Avenue
Glendale, AZ
5330 E. Broadway Blvd
Tucson, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
2211 Michelson Drive
Irvine, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
1261 Post Road
Fairfield, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
1400 Glades Road
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3242 Peachtree Road
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
1823 Freedom Drive
Naperville, IL
Indiana
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 N. Old Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
3480 28th Street
Grand Rapids, MI
2425 S. Linden Road STE E
Flint, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
3349 Monroe Avenue
Rochester, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
1576 East Southlake Blvd.
Southlake, TX
15600 Southwest Freeway
Sugar Land, TX
139 N. Loop 1604 East
San Antonio, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
11957 Democracy Drive
Reston, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
304 Strander Blvd
Tukwila, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments Money
Management Inc.
FIL Investment Advisors
FIL Investment Advisors (U.K.) Limited
Fidelity Management & Research (U.K.) Inc.
Fidelity Research & Analysis Company
Fidelity Management & Research (Japan) Inc.
Fidelity Management & Research
(Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
MNF-USAN-0810 1.787786.107
Fidelity®
Municipal Income
Fund
Semiannual Report
June 30, 2010
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
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, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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 LLC or an affiliated company.
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.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
A yearlong uptrend in global equity markets came under significant pressure in May 2010 when investor sentiment turned bearish amid growing concern that Europe's debt crisis would expand and slow or derail economic recovery. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 to June 30, 2010).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Actual | .47% | $ 1,000.00 | $ 1,035.50 | $ 2.37 |
Hypothetical (5% return per year before expenses) |
| $ 1,000.00 | $ 1,022.46 | $ 2.36 |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five States as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
California | 14.4 | 14.1 |
New York | 11.7 | 12.8 |
Texas | 11.5 | 11.4 |
Illinois | 11.5 | 10.9 |
Florida | 7.8 | 7.5 |
Top Five Sectors as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
General Obligations | 35.6 | 36.0 |
Health Care | 16.6 | 14.8 |
Water & Sewer | 10.3 | 11.0 |
Special Tax | 9.7 | 9.9 |
Transportation | 8.5 | 9.6 |
Weighted Average Maturity as of June 30, 2010 | ||
|
| 6 months ago |
Years | 7.7 | 9.0 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of June 30, 2010 | ||
|
| 6 months ago |
Years | 8.1 | 8.3 |
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, 2010 | As of December 31, 2009 | ||||||
![]() | AAA 10.8% |
| ![]() | AAA 8.3% |
| ||
![]() | AA,A 76.2% |
| ![]() | AA,A 70.3% |
| ||
![]() | BBB 7.3% |
| ![]() | BBB 17.2% |
| ||
![]() | BB and Below 0.2% |
| ![]() | BB and Below 0.6% |
| ||
![]() | Not Rated 2.5% |
| ![]() | Not Rated 2.4% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used S&P ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 97.0% | ||||
| Principal Amount (000s) | Value (000s) | ||
Alabama - 0.3% | ||||
Health Care Auth. for Baptist Health Series 2009 A, 6.125%, tender 5/15/12 (d) | $ 8,500 | $ 8,917 | ||
Jefferson County Ltd. Oblig. School Warrants Series 2004 A, 5.5% 1/1/22 | 5,500 | 4,924 | ||
Univ. of Alabama at Birmingham Hosp. Rev. | 3,000 | 3,283 | ||
| 17,124 | |||
Alaska - 0.1% | ||||
Alaska Student Ln. Corp. Ed. Ln. Rev.: | ||||
Series 2007 A2, 5% 6/1/12 (g) | 1,000 | 1,050 | ||
Series 2007 A3, 5% 6/1/12 (g) | 5,000 | 5,250 | ||
| 6,300 | |||
Arizona - 1.9% | ||||
Arizona Ctfs. of Prtn. Series 2010 A: | ||||
5% 10/1/18 (FSA Insured) | 2,670 | 2,981 | ||
5.25% 10/1/20 (FSA Insured) | 8,000 | 8,936 | ||
5.25% 10/1/26 (FSA Insured) | 2,570 | 2,722 | ||
5.25% 10/1/28 (FSA Insured) | 8,345 | 8,742 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.): | ||||
Series 2007 A, 5% 1/1/21 | 2,000 | 2,080 | ||
Series 2007 B, 1.005% 1/1/37 (d) | 3,000 | 1,920 | ||
Series 2008 D: | ||||
5.5% 1/1/38 | 12,000 | 12,288 | ||
6% 1/1/27 | 2,600 | 2,827 | ||
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 | 5,800 | 6,316 | ||
Arizona State Univ. Ctfs. of Prtn. (Research Infrastructure Proj.) Series 2004: | ||||
5.25% 9/1/21 | 2,545 | 2,659 | ||
5.25% 9/1/22 | 1,000 | 1,041 | ||
Glendale Western Loop 101 Pub. Facilities Corp. | ||||
6.25% 7/1/38 | 6,900 | 7,286 | ||
7% 7/1/28 | 1,500 | 1,650 | ||
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/18 (AMBAC Insured) | 1,660 | 1,778 | ||
Marana Muni. Property Corp. Facilities Rev. Series 2008 A, 5% 7/1/21 | 1,580 | 1,713 | ||
Maricopa County Indl. Dev. Auth. Hosp. Facilities Rev. (Samaritan Health Svcs. Proj.) Series 1990 A, 7% 12/1/16 (Escrowed to Maturity) (h) | 2,000 | 2,435 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Arizona - continued | ||||
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | $ 8,500 | $ 8,506 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 4,800 | 4,872 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 0% 7/1/38 (a) | 12,000 | 10,814 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.: | ||||
Series 2002, 5.5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,602 | ||
Series 2009 A, 5% 7/1/39 | 8,000 | 8,347 | ||
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | ||||
5.25% 12/1/21 | 3,500 | 3,539 | ||
5.5% 12/1/29 | 7,900 | 7,881 | ||
Univ. of Arizona Univ. Revs. Series 2005 A: | ||||
5% 6/1/18 (AMBAC Insured) | 1,000 | 1,093 | ||
5% 6/1/31 (AMBAC Insured) | 2,025 | 2,076 | ||
| 116,104 | |||
Arkansas - 0.0% | ||||
North Little Rock Elec. Rev. Series 1992 A, 6.5% 7/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 865 | 865 | ||
California - 14.4% | ||||
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Sharp HealthCare Proj.) Series 2009 B, 6.25% 8/1/39 | 2,800 | 3,070 | ||
ABC Unified School District Series 1997 C, 0% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,925 | 1,286 | ||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 | 6,350 | 6,828 | ||
Cabrillo Unified School District Series A, 0% 8/1/20 (AMBAC Insured) | 4,275 | 2,517 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A, 5.5% 5/1/15 (Pre-Refunded to 5/1/12 @ 101) (h) | 8,200 | 9,039 | ||
Series 2010 L, 5% 5/1/21 | 5,000 | 5,605 | ||
California Econ. Recovery: | ||||
Series 2009 A, 5% 7/1/22 | 7,500 | 8,036 | ||
Series A, 5% 7/1/18 | 5,700 | 6,418 | ||
California Edl. Facilities Auth. Rev. (Loyola Marymount Univ. Proj.): | ||||
Series 2001 A, 0% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,140 | 1,632 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Edl. Facilities Auth. Rev. (Loyola Marymount Univ. Proj.): - continued | ||||
0% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,050 | $ 1,455 | ||
0% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675 | 1,113 | ||
0% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 2,484 | ||
California Gen. Oblig.: | ||||
Series 2007, 5.625% 5/1/20 | 210 | 213 | ||
5% 3/1/19 | 1,800 | 1,948 | ||
5% 8/1/19 | 16,310 | 17,487 | ||
5% 8/1/20 | 5,355 | 5,671 | ||
5% 10/1/22 | 2,300 | 2,422 | ||
5% 11/1/22 | 3,100 | 3,235 | ||
5% 12/1/22 | 6,800 | 7,099 | ||
5% 11/1/24 | 1,600 | 1,647 | ||
5% 3/1/26 | 5,100 | 5,152 | ||
5% 6/1/27 (AMBAC Insured) | 4,100 | 4,153 | ||
5% 9/1/27 | 10,500 | 10,571 | ||
5% 2/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,500 | 4,398 | ||
5% 9/1/31 | 22,500 | 21,982 | ||
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,595 | 5,501 | ||
5% 9/1/32 | 24,995 | 24,276 | ||
5% 8/1/33 | 9,725 | 9,371 | ||
5% 9/1/33 | 19,115 | 18,428 | ||
5% 9/1/35 | 9,800 | 9,367 | ||
5.125% 11/1/24 | 4,300 | 4,439 | ||
5.125% 2/1/26 | 2,500 | 2,556 | ||
5.25% 2/1/16 | 4,300 | 4,658 | ||
5.25% 2/1/19 | 5,620 | 6,005 | ||
5.25% 2/1/20 | 2,000 | 2,124 | ||
5.25% 2/1/24 | 4,000 | 4,141 | ||
5.25% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700 | 3,751 | ||
5.25% 2/1/28 | 4,800 | 4,849 | ||
5.25% 11/1/28 | 4,485 | 4,527 | ||
5.25% 2/1/33 | 16,300 | 16,257 | ||
5.25% 12/1/33 | 160 | 160 | ||
5.25% 3/1/38 | 1,800 | 1,774 | ||
5.5% 8/1/27 | 14,700 | 15,411 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5.5% 4/1/28 | $ 10 | $ 10 | ||
5.5% 8/1/29 | 9,850 | 10,220 | ||
5.5% 4/1/30 | 5 | 5 | ||
5.5% 11/1/33 | 39,350 | 39,798 | ||
5.5% 3/1/40 | 5,900 | 5,979 | ||
5.75% 4/1/31 | 5,000 | 5,255 | ||
6% 3/1/33 | 13,100 | 14,020 | ||
6% 4/1/38 | 15,000 | 15,887 | ||
6% 11/1/39 | 35,020 | 37,172 | ||
6.5% 4/1/33 | 7,700 | 8,642 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Adventist Health Sys. West Proj.) Series 2009 C, 5% 3/1/12 | 2,250 | 2,356 | ||
(Catholic Healthcare West Proj.): | ||||
Series 2008 H, 5.125% 7/1/22 | 3,150 | 3,250 | ||
Series 2008 L, 5.125% 7/1/22 | 4,850 | 5,004 | ||
Series 2009 D, 5%, tender 7/1/14 (d) | 5,900 | 6,433 | ||
Series 2009 E, 5.625% 7/1/25 | 10,000 | 10,500 | ||
(Cedars-Sinai Med. Ctr. Proj.) Series 2005, 5% 11/15/13 | 1,000 | 1,096 | ||
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 | 6,800 | 7,100 | ||
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31 | 12,500 | 13,502 | ||
California Hsg. Fin. Agcy. Rev. (Home Mtg. Prog.) Series 1983 A, 0% 2/1/15 | 117 | 78 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2005 A1, 4.7%, tender 4/1/12 (d)(g) | 1,000 | 1,030 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A, 5.25% 6/1/30 | 14,000 | 13,335 | ||
(Madera County, Valley State Prison for Women Proj.) Series 2005 H, 5% 6/1/16 | 6,000 | 6,341 | ||
(Monterey Bay Campus Library Proj.) Series 2009 D, 6.25% 4/1/34 | 7,280 | 7,685 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A: | ||||
5% 3/1/21 | 3,515 | 3,574 | ||
5% 3/1/22 | 1,695 | 1,709 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 2,825 | 2,952 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Various California State Univ. Projs.) Series 1993 A, 5.25% 12/1/13 | $ 3,495 | $ 3,505 | ||
Series 2005 B, 5.25% 11/1/24 (XL Cap. Assurance, Inc. Insured) | 1,575 | 1,577 | ||
Series 2005 H: | ||||
5% 6/1/17 | 5,000 | 5,257 | ||
5% 6/1/18 | 10,300 | 10,708 | ||
Series 2005 J, 5% 1/1/17 | 6,000 | 6,311 | ||
Series 2009 G1, 5.75% 10/1/30 | 2,500 | 2,536 | ||
Series 2009 I: | ||||
6.125% 11/1/29 | 1,600 | 1,686 | ||
6.375% 11/1/34 | 4,600 | 4,876 | ||
Series 2010 A, 5.75% 3/1/30 | 4,900 | 4,936 | ||
Series B, 5.25% 11/1/26 (XL Cap. Assurance, Inc. Insured) | 2,860 | 2,817 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 5,000 | 5,446 | ||
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2006 A, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (d) | 700 | 740 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 5,000 | 5,075 | ||
(State of California Proposition 1A Receivables Prog.) Series 2009, 5% 6/15/13 | 26,800 | 29,094 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,400 | 9,202 | ||
Encinitas Union School District: | ||||
Series 1996, 0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,810 | 1,604 | ||
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,500 | 2,137 | ||
Fontana Unified School District Gen. Oblig. 5% 5/1/19 (Assured Guaranty Corp. Insured) | 1,300 | 1,438 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,070 | 4,592 | ||
Series 1999: | ||||
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,800 | 2,834 | ||
5.75% 1/15/40 | 6,300 | 5,991 | ||
5.875% 1/15/27 | 2,500 | 2,493 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2005 A: | ||||
5% 6/1/45 | $ 27,395 | $ 24,516 | ||
5% 6/1/45 | 5,305 | 4,747 | ||
Series 2007 A1, 5% 6/1/33 | 3,005 | 2,293 | ||
5% 6/1/45 (FSA Insured) | 525 | 504 | ||
Long Beach Unified School District Series A: | ||||
5.5% 8/1/28 | 3,810 | 4,138 | ||
5.5% 8/1/29 | 2,000 | 2,161 | ||
Los Angeles Cmnty. College District Series 2008 A, 6% 8/1/33 | 7,000 | 7,775 | ||
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005: | ||||
5% 9/1/18 (AMBAC Insured) | 1,000 | 1,019 | ||
5% 9/1/19 (AMBAC Insured) | 2,545 | 2,581 | ||
Los Angeles Dept. of Wtr. & Pwr. Rev.: | ||||
Series 2005 A1, 5% 7/1/35 | 4,000 | 4,097 | ||
Series A2, 5% 7/1/25 (FSA Insured) | 1,800 | 1,914 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. | ||||
5.125% 7/1/41 | 5,000 | 5,025 | ||
5.125% 7/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,985 | 10,034 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 | 9,715 | 10,763 | ||
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 3,000 | 2,936 | ||
Modesto Irrigation District Elec. Rev. Series A, 9.625% 1/1/11 (Escrowed to Maturity) (h) | 640 | 669 | ||
Monrovia Unified School District Series B, 0% 8/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,525 | 1,402 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | 2,320 | 2,399 | ||
Newport Beach Rev. (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (d) | 5,100 | 5,461 | ||
North City West School Facilities Fing. Auth. Spl. Tax Series C, 5% 9/1/19 (AMBAC Insured) | 3,015 | 3,008 | ||
Oakland Gen. Oblig. Series 2009 B, 6% 1/15/34 | 2,500 | 2,658 | ||
Oakland Unified School District Alameda County Series 2009 A, 6.5% 8/1/22 | 2,320 | 2,629 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series 2004 A, 5% 6/1/29 (FGIC Insured) | $ 2,795 | $ 2,843 | ||
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) | 1,455 | 1,455 | ||
Port of Oakland Rev.: | ||||
Series 2007 B, 5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,000 | 7,518 | ||
Series C, 5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,650 | 7,186 | ||
Poway Unified School District (District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 4,900 | 1,238 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (d) | 6,000 | 5,383 | ||
San Bernardino Cmnty. College District Series A, 6.25% 8/1/33 | 2,200 | 2,458 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 2,800 | 2,788 | ||
San Francisco City & County Pub. Util. Commission Wtr. Rev. Series 2002 A, 5% 11/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,700 | 2,735 | ||
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.) Series 2007, 5% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,495 | 3,686 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) | 6,375 | 6,987 | ||
San Mateo County Cmnty. College District Series A, 0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,430 | 2,271 | ||
Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.) Series 2007 C, 5.75% 2/1/41 (AMBAC Insured) | 10,000 | 10,551 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,815 | 1,726 | ||
Sonoma County Jr. College District Rev. Series 2002 B, 5% 8/1/28 (FSA Insured) | 2,200 | 2,296 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 45,225 | 46,929 | ||
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) | 4,475 | 4,481 | ||
Union Elementary School District: | ||||
Series A, 0% 9/1/19 (FGIC Insured) | 1,750 | 1,180 | ||
Series B, 0% 9/1/22 (FGIC Insured) | 1,500 | 835 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Univ. of California Revs.: | ||||
(UCLA Med. Ctr. Proj.): | ||||
Series A: | ||||
5.5% 5/15/15 (AMBAC Insured) | $ 1,110 | $ 1,152 | ||
5.5% 5/15/16 (AMBAC Insured) | 1,170 | 1,213 | ||
5.5% 5/15/17 (AMBAC Insured) | 1,235 | 1,274 | ||
5.5% 5/15/19 (AMBAC Insured) | 1,375 | 1,406 | ||
5.5% 5/15/22 (AMBAC Insured) | 370 | 375 | ||
5.5% 5/15/23 (AMBAC Insured) | 380 | 385 | ||
Series B: | ||||
5.5% 5/15/15 (AMBAC Insured) | 1,890 | 1,997 | ||
5.5% 5/15/17 (AMBAC Insured) | 2,545 | 2,657 | ||
Series 2008 L, 5% 5/15/40 | 1,885 | 1,940 | ||
Series 2009 O, 5.75% 5/15/30 | 12,000 | 13,524 | ||
Val Verde Unified School District Ctfs. of Prtn. Series B, 5% 1/1/30 (FGIC Insured) | 1,495 | 1,324 | ||
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 | 5,100 | 5,477 | ||
Washington Township Health Care District Rev.: | ||||
Series 2007 A: | ||||
5% 7/1/18 | 1,185 | 1,235 | ||
5% 7/1/27 | 1,840 | 1,795 | ||
Series 2009 A, 5.75% 7/1/24 | 1,705 | 1,784 | ||
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 3,850 | 4,100 | ||
| 869,757 | |||
Colorado - 1.7% | ||||
Aurora Hosp. Rev. (Children's Hosp. Assoc. Proj.) Series 2010 A, 5% 12/1/40 | 4,000 | 3,975 | ||
Colorado Ctfs. of Prtn. (UCDHSC Fitzsimons Academic Proj.) Series 2005 B: | ||||
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,475 | 2,669 | ||
5.25% 11/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,600 | 2,726 | ||
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.) 0% 7/15/22 (Escrowed to Maturity) (h) | 15,700 | 9,821 | ||
Colorado Health Facilities Auth. Rev.: | ||||
(Parkview Episcopal Med. Ctr. Proj.) Series B: | ||||
5% 9/1/19 | 1,115 | 1,145 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Colorado - continued | ||||
Colorado Health Facilities Auth. Rev.: - continued | ||||
(Parkview Episcopal Med. Ctr. Proj.) Series B: | ||||
5% 9/1/22 | $ 1,500 | $ 1,519 | ||
(Volunteers of America Care Proj.) Series 2007 A, 5.3% 7/1/37 | 2,600 | 2,044 | ||
Series 2001, 6.625% 11/15/26 (Pre-Refunded to 11/15/11 @ 101) (h) | 2,700 | 2,945 | ||
Colorado Wtr. Resources and Pwr. Dev. Auth. Wtr. Resources Rev. (Parker Wtr. and Sanitation District Proj.) Series 2004 D, 5.25% 9/1/43 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 33,385 | 33,123 | ||
Dawson Ridge Metropolitan District #1 Series 1992 A, 0% 10/1/22 (Escrowed to Maturity) (h) | 33,585 | 20,835 | ||
Denver City & County Arpt. Rev.: | ||||
Series 2001 A, 5.625% 11/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 2,000 | 2,119 | ||
Series 2007 E, 5% 11/15/32 (AMBAC Insured) | 2,500 | 2,524 | ||
Denver Health & Hosp. Auth. Healthcare Rev. Series 2007 A, 5% 12/1/13 | 3,005 | 3,125 | ||
Douglas and Elbert Counties School District #RE1 | ||||
5.75% 12/15/20 (Pre-Refunded to 12/15/14 @ 100) (h) | 1,500 | 1,786 | ||
5.75% 12/15/22 (Pre-Refunded to 12/15/14 @ 100) (h) | 1,000 | 1,190 | ||
E-470 Pub. Hwy. Auth. Rev.: | ||||
Series 1997 B, 0% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,500 | 2,731 | ||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,075 | 6,678 | ||
Northwest Pkwy Pub. Hwy. Auth. Series 2001 A: | ||||
5.5% 6/15/15 (Pre-Refunded to 6/15/11 @ 102) (h) | 1,000 | 1,065 | ||
5.5% 6/15/19 (Pre-Refunded to 6/15/11 @ 102) (h) | 1,000 | 1,065 | ||
| 103,085 | |||
Connecticut - 0.1% | ||||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2009 1, 5% 2/1/19 | 5,000 | 5,792 | ||
District Of Columbia - 1.1% | ||||
District of Columbia Gen. Oblig. Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,800 | 8,537 | ||
District of Columbia Hosp. Rev. (Sibley Memorial Hosp. Proj.) Series 2009, 6.375% 10/1/39 | 8,140 | 8,674 | ||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/17 (FSA Insured) | 1,700 | 1,829 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
District Of Columbia - continued | ||||
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2007 A, 5.5% 10/1/41 | $ 23,535 | $ 25,078 | ||
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B: | ||||
0% 10/1/33 (Assured Guaranty Corp. Insured) | 15,000 | 3,655 | ||
0% 10/1/34 (Assured Guaranty Corp. Insured) | 15,000 | 3,415 | ||
0% 10/1/35 (Assured Guaranty Corp. Insured) | 33,975 | 7,242 | ||
0% 10/1/39 (Assured Guaranty Corp. Insured) | 5,030 | 830 | ||
Washington DC Metropolitan Transit Auth. Rev. Series 2009 A: | ||||
5.125% 7/1/32 | 1,000 | 1,056 | ||
5.25% 7/1/27 | 4,390 | 4,790 | ||
5.25% 7/1/28 | 3,000 | 3,257 | ||
| 68,363 | |||
Florida - 7.7% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Avmed/Santa Fe Health Care Sys. Proj.) Series 1993, 6.05% 11/15/16 (Escrowed to Maturity) (h) | 6,230 | 7,058 | ||
Boynton Beach Util. Sys. Rev. Series 2002, 5.5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,300 | 3,577 | ||
Brevard County School Board Ctfs. of Prtn. Series 2007 B: | ||||
5% 7/1/24 (AMBAC Insured) | 1,365 | 1,408 | ||
5% 7/1/25 (AMBAC Insured) | 3,540 | 3,630 | ||
Broward County Arpt. Sys. Rev. Series 2001 I, 5.75% 10/1/12 (AMBAC Insured) (g) | 1,210 | 1,262 | ||
Broward County Gen. Oblig. (Parks & Land Preservation Proj.) Series 2005: | ||||
5% 1/1/24 | 1,000 | 1,047 | ||
5% 1/1/25 | 1,000 | 1,043 | ||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2003 A: | ||||
5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,060 | 6,422 | ||
5.25% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,200 | ||
Series 2007 A: | ||||
5% 7/1/17 (FGIC Insured) | 3,660 | 3,906 | ||
5% 7/1/19 (FGIC Insured) | 3,700 | 3,968 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 | 8,500 | 8,904 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Cap. Projs. Fin. Auth. Student Hsg. Rev. Series 2000 F1: | ||||
5.5% 10/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,275 | $ 2,316 | ||
5.5% 10/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,460 | 1,499 | ||
5.5% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,265 | 1,302 | ||
Cape Canaveral Hosp. District Rev. Ctfs. 5.25% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,765 | 2,771 | ||
Citizens Property Ins. Corp. Series 2010 A1: | ||||
5% 6/1/15 (FSA Insured) | 5,000 | 5,280 | ||
5% 6/1/16 (FSA Insured) | 7,500 | 7,850 | ||
De Soto County Cap. Impt. Rev.: | ||||
Series 2002, 5.25% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,640 | 1,705 | ||
5.25% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,725 | 1,794 | ||
Emerald Coast Utils. Auth. Rev.: | ||||
5.25% 1/1/26 (FGIC Insured) | 1,000 | 1,033 | ||
5.25% 1/1/36 (FGIC Insured) | 1,310 | 1,317 | ||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2002 C, 5.75% 11/15/32 | 6,900 | 7,142 | ||
Escambia County Utils. Auth. Util. Sys. Rev. Series 1992 B, 6.25% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,050 | 3,382 | ||
Florida Board of Ed.: | ||||
Series 2000 B: | ||||
5.5% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,655 | 3,934 | ||
5.5% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,825 | 3,026 | ||
Series 2001 F, 5% 6/1/32 | 5,040 | 5,153 | ||
Series 2003 J, 5% 6/1/31 | 2,500 | 2,577 | ||
Series 2006 A, 5% 6/1/32 | 1,100 | 1,131 | ||
Florida Board of Ed. Lottery Rev. Series 2002 A, 5.375% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,077 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2004 A, 5% 6/1/31 | 1,240 | 1,281 | ||
Series A, 5.5% 6/1/38 | 2,000 | 2,169 | ||
Florida Dept. of Children and Family Svcs. Ctfs. of Prtn. (South Florida Evaluation Treatment Ctr. Proj.): | ||||
5% 10/1/16 | 2,025 | 2,195 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Florida Dept. of Children and Family Svcs. Ctfs. of Prtn. (South Florida Evaluation Treatment Ctr. Proj.): - continued | ||||
5% 10/1/17 | $ 2,130 | $ 2,292 | ||
Florida Dept. of Envir. Protection Rev. Series 2002 A, 5.375% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,000 | 6,382 | ||
Florida Dept. of Trans. Rev. Series 2005 A: | ||||
5% 7/1/17 | 3,360 | 3,684 | ||
5% 7/1/18 | 3,320 | 3,621 | ||
Florida Gen. Oblig. (Dept. of Trans. Right-of-Way and Bridge Construction Proj.) Series 2003 A, 5% 7/1/33 | 395 | 408 | ||
Florida Muni. Pwr. Agcy. Rev. Series A, 6.25% 10/1/31 | 3,000 | 3,432 | ||
Florida Wtr. Poll. Cont. Fing. Corp. Rev. Series 2003, 5.25% 1/15/20 | 1,950 | 2,185 | ||
Gulf Breeze Util. Sys. Rev. Series 2004, 5% 10/1/16 (AMBAC Insured) | 1,010 | 1,091 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
Series 2006 A: | ||||
5% 6/1/38 | 5,400 | 4,924 | ||
5.25% 6/1/19 | 2,375 | 2,455 | ||
Series 2006 B1, 5.5% 6/1/38 (FSA Insured) | 5,100 | 5,178 | ||
Highlands County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2002, 3.95%, tender 9/1/12 (d) | 22,445 | 23,503 | ||
Series 2005 A: | ||||
5% 11/15/15 | 1,000 | 1,126 | ||
5% 11/15/17 | 1,200 | 1,281 | ||
5% 11/15/22 | 1,000 | 1,036 | ||
Series 2005 B: | ||||
5% 11/15/15 | 875 | 985 | ||
5% 11/15/15 (Escrowed to Maturity) (h) | 125 | 144 | ||
5% 11/15/16 | 1,040 | 1,138 | ||
5% 11/15/16 (Pre-Refunded to 11/15/15 @ 100) (h) | 150 | 173 | ||
5% 11/15/30 | 3,565 | 3,570 | ||
5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) (h) | 485 | 559 | ||
Series 2006 G: | ||||
5% 11/15/14 | 1,285 | 1,430 | ||
5% 11/15/14 (Escrowed to Maturity) (h) | 45 | 51 | ||
5% 11/15/15 | 965 | 1,087 | ||
5% 11/15/15 (Escrowed to Maturity) (h) | 35 | 40 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Highlands County Health Facilities Auth. Rev.: - continued | ||||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2006 G: | ||||
5% 11/15/16 | $ 1,020 | $ 1,133 | ||
5% 11/15/16 (Escrowed to Maturity) (h) | 30 | 35 | ||
5.125% 11/15/17 | 2,750 | 2,985 | ||
5.125% 11/15/17 (Pre-Refunded to 11/15/16 @ 100) (h) | 95 | 110 | ||
5.125% 11/15/18 | 965 | 1,025 | ||
5.125% 11/15/18 (Pre-Refunded to 11/15/16 @ 100) (h) | 35 | 41 | ||
5.125% 11/15/19 | 1,930 | 2,039 | ||
5.125% 11/15/19 (Pre-Refunded to 11/15/16 @ 100) (h) | 70 | 81 | ||
(Adventist Health Sys./Sunbelt, Inc. Prog.) | 11,000 | 11,805 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series A: | ||||
5% 7/1/17 | 1,930 | 2,015 | ||
5% 7/1/18 | 2,125 | 2,187 | ||
Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev.: | ||||
(Health Facilities/Univ. Cmnty. Hosp. Proj.) Series 2008 B, 8% 8/15/32 | 4,900 | 5,604 | ||
(Univ. Cmnty. Hosp. Proj.) Series 2008 A, 5.625% 8/15/29 | 2,270 | 2,154 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.): | ||||
Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (d) | 4,500 | 4,728 | ||
5.1% 10/1/13 | 3,005 | 3,196 | ||
Jacksonville Econ. Dev. Commission Healthcare Rev. (Mayo Clinic Foundation Proj.): | ||||
Series B, 5.5% 11/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,870 | 6,023 | ||
Series C, 5.5% 11/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,250 | 12,570 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev.: | ||||
(Third Installment Proj.) Series 73, 6.8% 7/1/12 (Escrowed to Maturity) (h) | 1,260 | 1,337 | ||
Series 2006 A, 5% 10/1/41 (FSA Insured) | 18,800 | 19,414 | ||
Series 2009 B, 5% 10/1/18 | 7,500 | 8,015 | ||
Jacksonville Sales Tax Rev. Series 2003, 5.25% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,566 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Lakeland Energy Sys. Rev. Series 2001 B, 5.5% 10/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000 | $ 1,044 | ||
Marco Island Util. Sys. Rev. 5% 10/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,025 | 5,145 | ||
Martin County Utils. Sys. Rev. 5.5% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,265 | 1,319 | ||
Melbourne Arpt. Rev. 6.75% 10/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 170 | 172 | ||
Melbourne Wtr. & Swr. Rev. 5% 10/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,059 | ||
Miami Beach Health Facilities Auth. Hosp. Rev. (Mount Sinai Med. Ctr. of Florida Proj.) Series A, 6.8% 11/15/31 | 2,545 | 2,557 | ||
Miami Beach Parking Rev. 5.125% 9/1/22 (FSA Insured) | 1,010 | 1,013 | ||
Miami Beach Stormwater Rev. 5.375% 9/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,014 | ||
Miami Beach Wtr. & Swr. Rev. 5.5% 9/1/27 (AMBAC Insured) | 6,000 | 6,075 | ||
Miami Health Facilities Auth. Sys. Rev.: | ||||
(Catholic Health East Proj.) Series B, 5.125% 11/15/24 | 3,000 | 3,058 | ||
Series 2003 C, 5.125% 11/15/24 | 1,450 | 1,478 | ||
Miami-Dade County Aviation Rev. Series 2010 A, 5.375% 10/1/41 | 5,800 | 5,865 | ||
Miami-Dade County Expressway Auth. Series B, 5.25% 7/1/25 (FGIC Insured) | 5,000 | 5,159 | ||
Miami-Dade County Gen. Oblig. (Bldg. Better Cmntys. Prog.) 5% 7/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,565 | 4,656 | ||
Miami-Dade County School Board Ctfs. of Prtn.: | ||||
Series 2003 B: | ||||
5%, tender 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 10,600 | 10,879 | ||
5.5%, tender 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 5,400 | 5,564 | ||
Series 2008 A: | ||||
5% 8/1/17 (AMBAC Insured) | 3,500 | 3,772 | ||
5% 8/1/18 (AMBAC Insured) | 4,000 | 4,293 | ||
5% 8/1/20 (AMBAC Insured) | 2,500 | 2,618 | ||
5% 8/1/21 (AMBAC Insured) | 5,095 | 5,290 | ||
5% 8/1/22 (AMBAC Insured) | 3,325 | 3,425 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Ocala Util. Sys. Rev. Series B, 5.25% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000 | $ 1,053 | ||
Orange County Edl. Facilities Auth. Ed. Rev. (Rollins College Proj.): | ||||
5.25% 12/1/32 (AMBAC Insured) | 1,350 | 1,381 | ||
5.25% 12/1/37 (AMBAC Insured) | 1,365 | 1,389 | ||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009, 5.125% 10/1/26 | 5,000 | 4,975 | ||
Orange County Health Facilities Auth. Rev. (Orlando Reg'l. Health Care Sys. Proj.) Series 1996 A, 6.25% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,500 | 5,143 | ||
Orange County Sales Tax Rev. Series 2002 B, 5% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,800 | 2,911 | ||
Orange County School Board Ctfs. of Prtn.: | ||||
Series 1997 A, 0% 8/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,275 | 2,147 | ||
Series A, 5% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,940 | 3,232 | ||
Orlando Utils. Commission Util. Sys. Rev. Series 2009 B, 5% 10/1/33 | 3,000 | 3,134 | ||
Osceola County Infrastructure Sales Surtax Rev. 5.375% 10/1/17 (AMBAC Insured) | 1,000 | 1,049 | ||
Osceola County Tourist Dev. Tax Rev. Series A, 5.5% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,190 | 1,249 | ||
Palm Beach County School Board Ctfs. of Prtn. Series D, 5.25% 8/1/17 (FSA Insured) | 2,025 | 2,152 | ||
Pasco County School Board Ctfs. of Prtn. Series A, 5% 8/1/30 (AMBAC Insured) | 4,000 | 4,014 | ||
Peace River/Manasota Reg'l. Wtr. Supply Auth. Rev. Series A: | ||||
5% 10/1/30 (FSA Insured) | 3,105 | 3,198 | ||
5% 10/1/35 (FSA Insured) | 5,000 | 5,113 | ||
Plant City Util. Sys. Rev. 6% 10/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,200 | 2,323 | ||
Polk County Pub. Facilities Rev. 5% 12/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,010 | ||
Port Orange Gen. Oblig. 5% 4/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,015 | 2,085 | ||
Reedy Creek Impt. District Utils. Rev. Series 1, 5.25% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700 | 3,967 | ||
Seminole County School Board Ctfs. of Prtn.: | ||||
Series 2005 A, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,645 | 1,804 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Seminole County School Board Ctfs. of Prtn.: - continued | ||||
Series A, 5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,745 | $ 1,841 | ||
South Lake County Hosp. District (South Lake Hosp., Inc.): | ||||
Series 2009 A, 6.25% 4/1/39 | 3,300 | 3,393 | ||
Series 2010: | ||||
5% 10/1/25 | 4,140 | 4,168 | ||
5.25% 10/1/34 | 3,500 | 3,429 | ||
St. Johns County School Board 5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,400 | 1,537 | ||
St. Petersburg Pub. Util. Rev. Series 2009 A, 5.5% 10/1/37 | 7,000 | 7,579 | ||
Sumter County School District Rev. (Multi-District Ln. Prog.) 7.15% 11/1/15 (FSA Insured) | 985 | 1,227 | ||
Tallahassee Energy Sys. Rev. 5% 10/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,065 | 3,099 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010, 5% 11/15/23 | 8,080 | 8,359 | ||
Tampa Rev. (Catholic Health East Proj.) Series A1, 5.5% 11/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,045 | 1,137 | ||
Tampa Sales Tax Rev. Series 2001 A: | ||||
5.375% 10/1/15 (AMBAC Insured) | 2,150 | 2,238 | ||
5.375% 10/1/18 (AMBAC Insured) | 2,465 | 2,549 | ||
5.375% 10/1/19 (AMBAC Insured) | 2,650 | 2,732 | ||
Univ. of Central Florida Athletics Assoc., Inc. Ctfs. of Prtn. Series A: | ||||
5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,805 | 1,870 | ||
5% 10/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,275 | 2,999 | ||
5.25% 10/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 1,952 | ||
USF Fing. Corp. Ctfs. of Prtn. (Master Lease Prog.) | ||||
5.25% 7/1/15 (AMBAC Insured) | 2,690 | 3,001 | ||
5.25% 7/1/16 (AMBAC Insured) | 2,830 | 3,110 | ||
Volusia County Edl. Facilities Auth. Rev.: | ||||
5% 10/15/11 (Radian Asset Assurance, Inc. Insured) | 1,000 | 1,035 | ||
5% 10/15/12 (Radian Asset Assurance, Inc. Insured) | 1,260 | 1,324 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Walton County School Board Ctfs. of Prtn. 5.25% 7/1/18 (FSA Insured) | $ 1,865 | $ 2,026 | ||
Winter Park Gen. Oblig. 5.25% 7/1/18 | 1,000 | 1,034 | ||
| 460,620 | |||
Georgia - 3.3% | ||||
Appling County Dev. Auth. Poll. Cont. Rev. Series 2007 B, 4.75%, tender 4/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) | 5,000 | 5,133 | ||
Atlanta Tax Allocation (Atlantic Station Proj.) Series 2007, 5.25% 12/1/20 (Assured Guaranty Corp. Insured) | 2,000 | 2,092 | ||
Atlanta Wtr. & Wastewtr. Rev.: | ||||
Series 2004: | ||||
5% 11/1/37 | 36,095 | 36,652 | ||
5% 11/1/43 | 57,750 | 57,924 | ||
Series 2009 A: | ||||
6% 11/1/25 | 9,785 | 10,712 | ||
6.25% 11/1/39 | 10,800 | 11,530 | ||
Augusta Wtr. & Swr. Rev. Series 2004, 5.25% 10/1/39 (FSA Insured) | 11,600 | 11,986 | ||
Colquitt County Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) (h) | 10,200 | 6,700 | ||
Georgia Gen. Oblig. Series 2007 E, 5% 8/1/22 | 575 | 645 | ||
Houston County Hosp. Auth. Rev. (Houston Healthcare Proj.) 5.25% 10/1/19 | 1,450 | 1,530 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.25% 9/15/19 | 1,915 | 1,925 | ||
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36 | 8,500 | 9,136 | ||
Richmond County Dev. Auth. Rev. (Southern Care Corp. Facility Proj.): | ||||
Series A, 0% 12/1/21 (Escrowed to Maturity) (h) | 5,615 | 3,688 | ||
Series C, 0% 12/1/21 (Escrowed to Maturity) (h) | 19,400 | 12,743 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36 | 13,550 | 13,687 | ||
Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (h) | 17,000 | 11,167 | ||
Valdosta & Lowndes County Hosp. (South Georgia Med. Ctr. Proj.) 5% 10/1/20 | 1,570 | 1,633 | ||
| 198,883 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Hawaii - 0.4% | ||||
Hawaii Arpts. Sys. Rev.: | ||||
Series 2000 A, 5.75% 7/1/21 (Pre-Refunded to 7/1/10 @ 101) (h) | $ 2,640 | $ 2,666 | ||
Series 2000 B, 8% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 9,250 | 9,889 | ||
Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B: | ||||
5% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,690 | 1,795 | ||
5% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,000 | 1,083 | ||
5% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,140 | 1,248 | ||
5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,430 | 1,571 | ||
5.25% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 3,205 | 3,471 | ||
| 21,723 | |||
Idaho - 0.2% | ||||
Idaho Health Facilities Auth. Rev. (St. Luke's Health Sys. Proj.) Series 2008 A: | ||||
6.5% 11/1/28 | 4,340 | 4,763 | ||
6.75% 11/1/37 | 4,300 | 4,733 | ||
| 9,496 | |||
Illinois - 11.5% | ||||
Boone & Winnebago County Cmnty. Unit School District 200: | ||||
0% 1/1/21 (FGIC Insured) | 1,810 | 1,147 | ||
0% 1/1/22 (FGIC Insured) | 1,950 | 1,167 | ||
Chicago Board of Ed. Series 1999 A, 0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,200 | 2,574 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
0% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 17,000 | 15,681 | ||
0% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 20,000 | 17,678 | ||
(Neighborhoods Alive 21 Prog.): | ||||
Series 2003: | ||||
5% 1/1/33 (AMBAC Insured) | 2,100 | 2,115 | ||
5% 1/1/33 (Pre-Refunded to 1/1/14 @ 100) (h) | 1,410 | 1,595 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Chicago Gen. Oblig.: - continued | ||||
(Neighborhoods Alive 21 Prog.): | ||||
5% 1/1/28 (Pre-Refunded to 1/1/14 @ 100) (h) | $ 2,000 | $ 2,262 | ||
Series 2001 A, 5.25% 1/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,150 | 2,196 | ||
Series 2003 A, 5.25% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 740 | 796 | ||
Series 2003 C, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,445 | 1,467 | ||
Series 2004 A: | ||||
5% 1/1/34 (FSA Insured) | 12,510 | 12,694 | ||
5.25% 1/1/29 (FSA Insured) | 435 | 451 | ||
Series A: | ||||
5% 1/1/42 (AMBAC Insured) | 350 | 352 | ||
5.5% 1/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,620 | 5,754 | ||
Series C: | ||||
5.5% 1/1/40 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,520 | 5,694 | ||
5.7% 1/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,760 | 5,948 | ||
Chicago Midway Arpt. Rev. Series B: | ||||
5.25% 1/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 2,910 | 2,916 | ||
5.25% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 3,060 | 3,066 | ||
Chicago Motor Fuel Tax Rev. Series A: | ||||
5% 1/1/33 (AMBAC Insured) | 3,810 | 3,856 | ||
5.25% 1/1/19 (AMBAC Insured) | 1,780 | 1,900 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2001 B, 5.75% 1/1/30 (AMBAC Insured) | 13,420 | 13,566 | ||
Series 2008 A, 5% 1/1/16 (FSA Insured) | 6,800 | 7,436 | ||
Series A, 5.5% 1/1/16 (AMBAC Insured) (g) | 3,650 | 3,655 | ||
Chicago Park District Series A: | ||||
5.25% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,690 | 5,043 | ||
5.25% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,207 | ||
5.25% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,195 | 2,338 | ||
5.5% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 475 | 482 | ||
5.5% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 490 | 496 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Chicago Spl. Trans. Rev. Series 2001: | ||||
5.25% 1/1/31 (Pre-Refunded to 7/1/12 @ 100) (h) | $ 6,670 | $ 6,884 | ||
5.5% 1/1/17 (Pre-Refunded to 7/1/12 @ 100) (h) | 1,135 | 1,173 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
(Fed. Transit Administration Section 5307 Proj.) Series 2008 A: | ||||
5.25% 6/1/23 (Assured Guaranty Corp. Insured) | 2,425 | 2,545 | ||
5.25% 6/1/25 (Assured Guaranty Corp. Insured) | 3,495 | 3,618 | ||
5% 6/1/20 (AMBAC Insured) | 7,000 | 7,339 | ||
5% 6/1/21 | 2,600 | 2,707 | ||
Chicago Wtr. Rev. Series 2000, 0% 11/1/16 (AMBAC Insured) | 7,555 | 6,030 | ||
Cicero Gen. Oblig. 5.25% 12/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,010 | 2,945 | ||
Cook County Gen. Oblig.: | ||||
Series 2002 C, 5% 11/15/25 | 8,400 | 8,781 | ||
Series 2004 B: | ||||
5.25% 11/15/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,700 | 2,872 | ||
5.25% 11/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,400 | 1,480 | ||
Series 2010 A, 5.25% 11/15/33 | 15,150 | 15,800 | ||
Series B, 5% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,600 | 2,890 | ||
DuPage County Forest Preserve District Rev. Series 2000, 0% 11/1/17 | 6,665 | 5,333 | ||
Evanston Gen. Oblig. Series C: | ||||
5.25% 1/1/16 | 185 | 195 | ||
5.25% 1/1/22 | 380 | 395 | ||
Franklin Park Village Cook County Gen. Oblig. Series B, 5% 7/1/18 (AMBAC Insured) | 1,450 | 1,434 | ||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series 2006 A: | ||||
5.25% 5/1/25 | 5,000 | 5,337 | ||
5.5% 5/1/23 | 3,000 | 3,279 | ||
Hodgkins Tax Increment Rev. 5% 1/1/11 | 2,075 | 2,101 | ||
Illinois Dedicated Tax Rev. Series B, 0% 12/15/18 (AMBAC Insured) | 4,500 | 3,302 | ||
Illinois Dev. Fin. Auth. Retirement Hsg. Regency Park Rev. 0% 7/15/23 (Escrowed to Maturity) (h) | 29,680 | 17,583 | ||
Illinois Dev. Fin. Auth. Rev.: | ||||
(DePaul Univ. Proj.) Series 2004 C, 5.625% 10/1/17 | 2,800 | 3,045 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Dev. Fin. Auth. Rev.: - continued | ||||
(Revolving Fund-Master Trust Prog.): | ||||
5.5% 9/1/18 | $ 5,365 | $ 5,720 | ||
5.5% 9/1/19 | 4,405 | 4,676 | ||
Illinois Edl. Facilities Auth. Revs. (Univ. of Chicago Proj.) Series 2005 A, 5.25% 7/1/41 | 215 | 219 | ||
Illinois Fin. Auth. Gas Supply Rev. (Peoples Gas Lt. and Coke Co. Proj.) Series 2005 A, 4.3%, tender 6/1/16 (AMBAC Insured) (d) | 3,860 | 3,939 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.) Series 2010 A, 5.5% 4/1/44 | 3,000 | 3,116 | ||
(Advocate Heath Care Proj.) Series 2008 D, 6.5% 11/1/38 | 4,300 | 4,781 | ||
(Alexian Brothers Health Sys. Proj.): | ||||
Series 2008, 5.5% 2/15/38 | 7,000 | 6,863 | ||
Series 2010: | ||||
5.125% 2/15/25 | 4,000 | 3,897 | ||
5.25% 2/15/30 | 5,500 | 5,368 | ||
(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39 | 6,500 | 6,655 | ||
(Children's Memorial Hosp. Proj.) Series 2008 A: | ||||
5.25% 8/15/33 (Assured Guaranty Corp. Insured) | 7,800 | 7,949 | ||
5.25% 8/15/47 (Assured Guaranty Corp. Insured) | 2,000 | 2,018 | ||
(Edward Hosp. Obligated Group Proj.) Series 2008 A: | ||||
5.5% 2/1/40 (AMBAC Insured) | 2,850 | 2,817 | ||
6% 2/1/28 (AMBAC Insured) | 1,000 | 1,043 | ||
(Newman Foundation Proj.): | ||||
5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,300 | 1,075 | ||
5% 2/1/37 (Radian Asset Assurance, Inc. Insured) | 10,000 | 8,007 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 12,500 | 13,041 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 4,000 | 4,357 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C, 5.375% 5/15/25 | 25,230 | 25,958 | ||
(Provena Health Proj.) Series 2010 A, 6% 5/1/28 | 12,500 | 12,591 | ||
(Rush Univ. Med. Ctr. Proj.): | ||||
Series 2009 C, 6.625% 11/1/39 | 8,200 | 8,796 | ||
Series 2009 D, 6.625% 11/1/39 | 8,000 | 8,581 | ||
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 | 5,900 | 6,021 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/16 (Assured Guaranty Corp. Insured) | $ 5,385 | $ 5,804 | ||
(The Univ. of Chicago Med. Ctr. Proj.) Series 2009 B: | ||||
5% 8/15/23 | 5,550 | 5,889 | ||
5% 8/15/24 | 6,000 | 6,301 | ||
5.25% 5/1/25 (c) | 7,000 | 7,316 | ||
Illinois Gen. Oblig.: | ||||
First Series: | ||||
5.25% 12/1/20 | 2,000 | 2,132 | ||
5.5% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 13,000 | 13,934 | ||
5.5% 8/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,500 | 8,039 | ||
5.5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,355 | ||
5.75% 12/1/18 (Pre-Refunded to 12/1/10 @ 100) (h) | 1,200 | 1,226 | ||
Series 2002: | ||||
5.25% 12/1/17 (FSA Insured) | 2,260 | 2,423 | ||
5.375% 7/1/15 (Pre-Refunded to 7/1/12 @ 100) (h) | 3,700 | 4,054 | ||
5.5% 4/1/16 (Pre-Refunded to 4/1/12 @ 100) (h) | 1,300 | 1,413 | ||
5.5% 2/1/18 (Pre-Refunded to 2/1/12 @ 100) (h) | 1,000 | 1,079 | ||
Series 2006, 5.5% 1/1/31 | 3,000 | 3,175 | ||
Series 2010, 5% 1/1/23 (FSA Insured) | 6,600 | 6,878 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2002 D, 5.25% 5/15/32 (FSA Insured) | 3,000 | 2,977 | ||
(Lake Forest Hosp. Proj.): | ||||
Series A, 6.25% 7/1/22 | 4,200 | 4,394 | ||
6% 7/1/33 | 3,775 | 3,941 | ||
(Lutheran Gen. Health Care Sys. Proj.) Series C: | ||||
6% 4/1/18 | 3,000 | 3,447 | ||
7% 4/1/14 | 1,445 | 1,603 | ||
Illinois Reg'l. Trans. Auth. Series A, 8% 6/1/17 (AMBAC Insured) | 4,500 | 5,706 | ||
Illinois Sales Tax Rev.: | ||||
Series 2000, 6% 6/15/20 | 4,600 | 4,617 | ||
Series 2010, 5% 6/15/17 | 13,000 | 14,412 | ||
Kane & DeKalb Counties Cmnty. Unit School District #302 5.5% 2/1/25 (FSA Insured) | 3,000 | 3,295 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | ||||
Series 2001, 0% 12/1/17 (AMBAC Insured) | $ 3,700 | $ 2,742 | ||
Series 2007, 6.5% 1/1/20 (AMBAC Insured) | 7,865 | 9,501 | ||
0% 12/1/21 | 5,000 | 2,997 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/14 (Escrowed to Maturity) (h) | 630 | 584 | ||
0% 12/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,370 | 1,201 | ||
0% 12/1/16 (Escrowed to Maturity) (h) | 585 | 499 | ||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,905 | 1,506 | ||
Lake County Cmnty. High School District #117, Antioch Series B, 0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,240 | 4,973 | ||
Lake County Forest Preservation District Series 2007 A, 0.71% 12/15/13 (d) | 2,000 | 1,920 | ||
Lake County Warren Township High School District #121, Gurnee Series C: | ||||
5.5% 3/1/24 (AMBAC Insured) | 2,945 | 3,178 | ||
5.625% 3/1/21 (AMBAC Insured) | 2,505 | 2,744 | ||
5.75% 3/1/19 (AMBAC Insured) | 2,240 | 2,485 | ||
McHenry & Kane Counties Cmnty. Consolidated School District #158 Series 2003, 0% 1/1/19 (FGIC Insured) | 3,000 | 1,955 | ||
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev.: | ||||
(McCormick Place Expansion Proj.): | ||||
Series 1992 A, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,610 | 2,242 | ||
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,300 | 2,697 | ||
Series 2002 A: | ||||
5% 12/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,043 | ||
5.75% 6/15/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 26,420 | 27,093 | ||
Series 2002 B, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) | 2,000 | 1,924 | ||
Series A: | ||||
0% 6/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 15,000 | 12,698 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev.: - continued | ||||
(McCormick Place Expansion Proj.): | ||||
Series A: | ||||
0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,305 | $ 2,170 | ||
0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,935 | 1,927 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 833 | ||
5.25% 12/15/10 (AMBAC Insured) | 12,950 | 12,986 | ||
6.65% 6/15/12 (FGIC Insured) | 250 | 251 | ||
Series 1996 A, 0% 6/15/24 | 3,060 | 1,458 | ||
Series 2002: | ||||
0% 6/15/13 (Escrowed to Maturity) (h) | 4,155 | 4,001 | ||
0% 6/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,625 | 5,258 | ||
Series A, 0% 12/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,115 | 1,350 | ||
Moline Gen. Oblig. Series A, 5.5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,041 | ||
Quincy Hosp. Rev.: | ||||
(Blessing Hosp. Proj.) 5% 11/15/16 | 1,200 | 1,229 | ||
Series 2007, 5% 11/15/14 | 1,000 | 1,038 | ||
5% 11/15/18 | 1,000 | 1,002 | ||
Schaumburg Village Gen. Oblig. Series B, 5% 12/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,600 | 11,806 | ||
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A: | ||||
5% 10/1/17 | 1,300 | 1,397 | ||
5% 10/1/18 | 1,435 | 1,527 | ||
5% 10/1/20 | 1,290 | 1,351 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1991: | ||||
0% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 16,270 | 12,786 | ||
0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,000 | 5,297 | ||
Series 1999 A, 0% 4/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,965 | 3,105 | ||
Series 2009 A, 5.75% 4/1/38 | 7,805 | 8,544 | ||
Series 2010 A: | ||||
5% 4/1/25 (c) | 5,125 | 5,362 | ||
5.25% 4/1/30 (c) | 3,200 | 3,344 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Will County Cmnty. Unit School District #365-U: | ||||
(Valley View Proj.) Series 2002, 0% 11/1/19 (FSA Insured) | $ 5,000 | $ 3,366 | ||
Series 2002: | ||||
0% 11/1/14 (FSA Insured) | 4,300 | 3,866 | ||
0% 11/1/16 (FSA Insured) | 6,500 | 5,266 | ||
0% 11/1/17 (FSA Insured) | 3,200 | 2,429 | ||
| 690,470 | |||
Indiana - 2.8% | ||||
Avon 2000 Cmnty. School Bldg. Corp. Series 2005, 5% 7/15/17 (FSA Insured) | 2,835 | 3,084 | ||
Clark-Pleasant 2004 School Bldg. Corp.: | ||||
5.25% 7/15/23 (FSA Insured) | 1,545 | 1,646 | ||
5.25% 7/15/25 (FSA Insured) | 1,720 | 1,814 | ||
Crown Point Multi-School Bldg. Corp. 0% 1/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,480 | 4,673 | ||
Franklin Township Independent School Bldg. Corp., Marion County: | ||||
5% 7/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,365 | 1,409 | ||
5.25% 7/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,885 | 2,040 | ||
GCS School Bldg. Corp. One 5% 7/15/22 (FSA Insured) | 1,545 | 1,650 | ||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (FGIC Insured) | 25,900 | 30,448 | ||
Indiana Bond Bank Series B: | ||||
5% 2/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,940 | 1,973 | ||
5% 2/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,635 | 1,655 | ||
Indiana Dev. Fin. Auth. Rev. 5.95% 8/1/30 (g) | 7,350 | 7,419 | ||
Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2001, 4.7%, tender 10/1/15 (d)(g) | 3,500 | 3,562 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.): | ||||
Series 2008 C, 5.375% 11/1/32 | 7,815 | 8,098 | ||
Series 2009 A, 5.25% 11/1/39 | 5,300 | 5,397 | ||
Indiana Fin. Auth. Rev. (Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38 | 8,000 | 8,288 | ||
Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. Series B: | ||||
5% 2/15/14 | 1,060 | 1,123 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. Series B: - continued | ||||
5% 2/15/15 | $ 1,500 | $ 1,596 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (d) | 11,200 | 11,852 | ||
Indiana Health Facilities Fing. Auth. Hosp. Rev. (Columbus Reg'l. Hosp. Proj.) Series 1993, 7% 8/15/15 (FSA Insured) | 2,215 | 2,473 | ||
Indiana Health Facility Fing. Auth. Rev. (Ascension Health Subordinate Cr. Proj.): | ||||
Series 2005 A1, 5%, tender 5/1/13 (d) | 3,000 | 3,269 | ||
Series A5, 5%, tender 8/1/13 (d) | 5,000 | 5,515 | ||
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series A, 5% 1/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500 | 2,521 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A: | ||||
0% 6/1/16 (AMBAC Insured) | 6,470 | 5,361 | ||
0% 6/1/18 (AMBAC Insured) | 1,700 | 1,290 | ||
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F: | ||||
5% 1/1/16 (AMBAC Insured) (g) | 1,525 | 1,634 | ||
5% 1/1/17 (AMBAC Insured) (g) | 1,700 | 1,801 | ||
5.25% 1/1/14 (AMBAC Insured) (g) | 2,675 | 2,898 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 C, 5.6% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,366 | ||
Petersburg Poll. Cont. Rev. (Indianapolis Pwr. & Lt. Co. Proj.): | ||||
Series 1994, 5.9% 12/1/24 (g) | 10,000 | 10,281 | ||
Series 1995 C, 5.95% 12/1/29 (g) | 2,000 | 2,033 | ||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | ||||
5% 7/1/24 | 1,150 | 1,275 | ||
5% 7/1/25 | 1,000 | 1,100 | ||
5% 7/1/26 | 1,325 | 1,448 | ||
5% 7/1/29 | 670 | 721 | ||
5% 7/1/35 | 3,000 | 3,160 | ||
Rockport Poll. Cont. Rev. (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (d) | 4,400 | 4,500 | ||
Southmont School Bldg. Corp. Series 2004, 5% 7/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,122 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Vigo County Hosp. Auth. Rev. (Union Hosp., Inc. Proj.) Series 2007: | ||||
5.7% 9/1/37 | $ 2,000 | $ 1,859 | ||
5.75% 9/1/42 | 1,000 | 913 | ||
Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 1/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,560 | 5,985 | ||
Westfield Washington Multi-School Bldg. Corp. Series A, 5% 7/15/18 (FSA Insured) | 1,500 | 1,597 | ||
Zionsville Cmnty. Schools Bldg. Series 2005, 5% 7/15/20 (FSA Insured) | 1,945 | 2,215 | ||
| 168,064 | |||
Iowa - 0.3% | ||||
Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured) | 6,800 | 7,194 | ||
Tobacco Settlement Auth. Tobacco Settlement Rev. Series 2001 B, 5.3% 6/1/25 (Pre-Refunded to 6/1/11 @ 101) (h) | 8,450 | 8,888 | ||
| 16,082 | |||
Kansas - 0.5% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.): | ||||
Series 2009 C, 5.75% 11/15/38 | 10,600 | 11,585 | ||
Series 2009 D, 5% 11/15/29 | 4,600 | 4,737 | ||
Leavenworth County Unified School District #453 general obligation Series 2009 A, 5.25% 9/1/24 (Assured Guaranty Corp. Insured) | 1,575 | 1,760 | ||
Olathe Health Facilities Rev. (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (d) | 4,400 | 4,548 | ||
Topeka Combined Util. Impt. Rev. Series 2005 A: | ||||
6% 8/1/20 (XL Cap. Assurance, Inc. Insured) | 1,200 | 1,354 | ||
6% 8/1/25 (XL Cap. Assurance, Inc. Insured) | 1,100 | 1,219 | ||
6% 8/1/27 (XL Cap. Assurance, Inc. Insured) | 1,235 | 1,360 | ||
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X: | ||||
4% 11/15/18 | 1,300 | 1,315 | ||
5% 11/15/17 | 2,500 | 2,724 | ||
| 30,602 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Kentucky - 0.9% | ||||
Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 B, 5% 2/1/22 | $ 1,355 | $ 1,422 | ||
Jefferson County Cap. Projs. Corp. Rev. (Lease Prog.) Series A, 0% 8/15/11 | 5,250 | 5,169 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: | ||||
(Baptist Healthcare Sys. Proj.) Series A: | ||||
5% 8/15/16 | 9,410 | 10,525 | ||
5% 8/15/17 | 3,650 | 4,060 | ||
(St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39 | 4,000 | 4,179 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 A, 5% 2/1/30 | 5,000 | 5,061 | ||
Louisville & Jefferson County Metropolitan Govt. Health Facilities Rev. (Jewish Hosp. & St. Mary's HealthCare Proj.) Series 2008, 6.125% 2/1/37 | 7,400 | 7,781 | ||
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 15,750 | 16,347 | ||
| 54,544 | |||
Louisiana - 0.8% | ||||
Louisiana Gas & Fuel Tax Rev. Series A, 5.375% 6/1/20 (AMBAC Insured) | 3,000 | 3,196 | ||
Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007: | ||||
5.375% 6/1/19 (FGIC Insured) | 1,000 | 1,095 | ||
5.375% 6/1/32 (FGIC Insured) | 1,900 | 1,968 | ||
5.5% 6/1/41 (FGIC Insured) | 15,500 | 16,158 | ||
Monroe-West Monroe Pub. Trust Fing. Auth. Mtg. Rev. Series C, 0% 8/20/14 | 8,625 | 7,404 | ||
New Orleans Aviation Board Rev.: | ||||
Series 2007 A, 5% 1/1/17 (FSA Insured) (g) | 1,420 | 1,494 | ||
Series 2007 B2, 5% 1/1/16 (FSA Insured) (g) | 1,000 | 1,058 | ||
New Orleans Gen. Oblig.: | ||||
Series 2005: | ||||
5% 12/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,690 | 4,627 | ||
5.25% 12/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,450 | 3,536 | ||
0% 9/1/11 (AMBAC Insured) | 3,080 | 2,987 | ||
0% 9/1/13 (AMBAC Insured) | 3,350 | 2,983 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Louisiana - continued | ||||
New Orleans Gen. Oblig.: - continued | ||||
0% 9/1/14 (AMBAC Insured) | $ 3,165 | $ 2,677 | ||
Tobacco Settlement Fing. Corp. Series 2001 B, 5.875% 5/15/39 | 1,000 | 975 | ||
| 50,158 | |||
Maine - 0.3% | ||||
Maine Tpk. Auth. Tpk. Rev.: | ||||
Series 2004, 5.25% 7/1/30 | 3,000 | 3,144 | ||
Series 2007, 5.25% 7/1/37 (AMBAC Insured) | 9,060 | 9,530 | ||
6% 7/1/38 | 2,700 | 3,041 | ||
| 15,715 | |||
Maryland - 0.5% | ||||
Baltimore Convention Ctr. Hotel Rev. Series A, 5.25% 9/1/39 (XL Cap. Assurance, Inc. Insured) | 5,710 | 4,642 | ||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2009 A, 5.75% 7/1/39 | 1,250 | 1,375 | ||
Maryland Econ. Dev. Corp. Student Hsg. Rev. (Univ. of Maryland, Baltimore County Student Hsg. Proj.) Series 2006: | ||||
5% 6/1/14 (CIFG North America Insured) | 1,020 | 1,090 | ||
5% 6/1/16 (CIFG North America Insured) | 1,000 | 1,034 | ||
5% 6/1/19 (CIFG North America Insured) | 1,500 | 1,514 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Anne Arundel Health Sys. Proj.) Series 2010, 5% 7/1/40 | 2,000 | 1,991 | ||
(Good Samaritan Hosp. Proj.) Series 1993: | ||||
5.75% 7/1/13 (Escrowed to Maturity) (h) | 1,605 | 1,709 | ||
5.75% 7/1/13 (Escrowed to Maturity) (h) | 995 | 1,059 | ||
(Johns Hopkins Med. Institutions Utils. Proj.) Series 2005 B, 5% 5/15/35 | 2,700 | 2,801 | ||
(Univ. of Maryland Med. Sys. Proj.) Series 2010, 5.125% 7/1/39 | 4,400 | 4,471 | ||
(Upper Chesapeake Hosp. Proj.) Series 2008 C, 6% 1/1/38 | 3,000 | 3,212 | ||
(Washington County Health Sys. Proj.) Series 2008: | ||||
6% 1/1/28 | 5,000 | 5,170 | ||
6% 1/1/43 | 1,500 | 1,523 | ||
| 31,591 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Massachusetts - 3.7% | ||||
Massachusetts Bay Trans. Auth. Series 1992 B, 6.2% 3/1/16 | $ 3,800 | $ 4,359 | ||
Massachusetts Bay Trans. Auth. Assessment Rev. Series 2000 A, 5.25% 7/1/30 | 580 | 580 | ||
Massachusetts Dev. Fin. Agcy. Rev. (Boston Univ. Proj.) Series U4, 5.7% 10/1/40 | 7,500 | 8,004 | ||
Massachusetts Fed. Hwy. Series 2000 A, 5.75% 6/15/13 | 5,000 | 5,109 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2007 A, 0.801% 5/1/37 (d) | 7,000 | 5,303 | ||
Series 2007 C: | ||||
5% 8/1/37 | 31,200 | 32,868 | ||
5.25% 8/1/22 | 7,700 | 8,791 | ||
5.25% 8/1/23 | 3,600 | 4,081 | ||
5.25% 8/1/24 | 9,000 | 10,129 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Amherst College Proj.) Series 2009 K2, 2.75%, tender 1/5/12 (d) | 2,200 | 2,264 | ||
(Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (d) | 4,000 | 4,299 | ||
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (i) | 3,200 | 3,210 | ||
(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 (AMBAC Insured) | 970 | 991 | ||
(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,890 | 1,890 | ||
(South Shore Hosp. Proj.) Series F, 5.75% 7/1/29 | 4,455 | 4,536 | ||
(Tufts Univ. Proj.) Series I, 5.5% 2/15/36 | 10,000 | 10,039 | ||
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Series A, 5% 7/1/10 (Escrowed to Maturity) (h) | 1,540 | 1,540 | ||
Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series 2001 A: | ||||
5.5% 1/1/12 (AMBAC Insured) (g) | 2,000 | 1,998 | ||
5.5% 1/1/14 (AMBAC Insured) (g) | 2,540 | 2,498 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | ||||
Series 2005 A: | ||||
5% 8/15/23 | 29,965 | 32,709 | ||
5% 8/15/26 | 10,000 | 10,691 | ||
5% 8/15/30 | 30,000 | 31,302 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Massachusetts - continued | ||||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: - continued | ||||
Series 2007 A: | ||||
4.5% 8/15/35 | $ 14,450 | $ 14,519 | ||
5% 8/15/22 (AMBAC Insured) | 2,900 | 3,200 | ||
5% 8/15/37 | 10,400 | 10,751 | ||
Massachusetts Tpk. Auth. Western Tpk. Rev. Series 1997 A, 5.55% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,950 | 5,968 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series 1998 A, 5.25% 8/1/13 | 90 | 90 | ||
| 221,719 | |||
Michigan - 1.9% | ||||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 8,000 | 8,402 | ||
Series 2003 B, 7.5% 7/1/33 (FSA Insured) | 4,200 | 5,047 | ||
Series 2006, 5% 7/1/36 | 20,700 | 19,999 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,000 | 11,754 | ||
Series 2004 A, 5.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,380 | 2,589 | ||
Series 2004, 5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,685 | 1,832 | ||
Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 5,000 | 5,136 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 4,900 | 5,606 | ||
DeWitt Pub. Schools Gen. Oblig. 5% 5/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,650 | 1,807 | ||
Ferris State Univ. Rev. 5% 10/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,165 | 3,335 | ||
Fowlerville Cmnty. School District 5.25% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,425 | 1,549 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 A, 5.25%, tender 1/15/14 (d) | 3,300 | 3,610 | ||
Lapeer Cmnty. Schools Series 2007, 5% 5/1/33 (FSA Insured) | 2,600 | 2,659 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/38 | 3,000 | 3,061 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: - continued | ||||
(Mercy Health Svcs. Proj.): | ||||
Series 1996, 5.375% 8/15/26 (Escrowed to Maturity) (h) | $ 4,750 | $ 4,767 | ||
Series W, 5.25% 8/15/27 (Escrowed to Maturity) (h) | 4,000 | 4,022 | ||
(Sisters of Mercy Health Corp. Proj.) Series 1993, 5.375% 8/15/14 (Escrowed to Maturity) (h) | 305 | 324 | ||
(Trinity Health Sys. Proj.) Series 2008 A, 6.5% 12/1/33 | 4,000 | 4,387 | ||
Series A: | ||||
6% 12/1/27 | 1,970 | 2,002 | ||
6% 12/1/27 (Pre-Refunded to 12/1/10 @ 101) (h) | 30 | 31 | ||
Michigan Tobacco Settlement Fin. Auth. Tobacco Settlement Asset Rev. Series 2007, 6% 6/1/34 | 5,000 | 3,959 | ||
Portage Pub. Schools 5% 5/1/21 (FSA Insured) | 6,300 | 6,807 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.): | ||||
Series 2009 V, 8.25% 9/1/39 | 3,400 | 4,057 | ||
Series M, 5.25% 11/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,000 | 6,638 | ||
Three Rivers Cmnty. Schools 5% 5/1/21 (FSA Insured) | 1,710 | 1,873 | ||
| 115,253 | |||
Minnesota - 1.0% | ||||
Maple Grove Health Care Sys. Rev.: | ||||
Series 2007, 5.25% 5/1/28 | 3,500 | 3,536 | ||
5% 5/1/20 | 1,000 | 1,036 | ||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (HealthPartners Obligated Group Proj.) 6% 12/1/18 | 1,000 | 1,044 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | ||||
Series 2005 A, 5% 1/1/35 (AMBAC Insured) | 4,000 | 4,042 | ||
Series 2007 A, 5% 1/1/22 | 5,000 | 5,399 | ||
Series A, 5% 1/1/12 (g) | 2,000 | 2,105 | ||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/20 (Assured Guaranty Corp. Insured) | 3,835 | 4,411 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Health Care Sys. Proj.) Series 2000 A, 6.375% 11/15/29 | 210 | 213 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Minnesota - continued | ||||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.): | ||||
Series 2006, 5.25% 5/15/36 | $ 4,250 | $ 4,015 | ||
5.25% 5/15/18 | 1,650 | 1,709 | ||
5.25% 5/15/23 | 2,000 | 2,019 | ||
Saint Paul Port Auth. Lease Rev. Series 2003 11: | ||||
5.25% 12/1/18 | 1,710 | 1,870 | ||
5.25% 12/1/19 | 2,850 | 3,096 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): | ||||
Series 2008 C, 5.5% 7/1/18 | 5,600 | 6,173 | ||
Series 2009, 5.75% 7/1/39 | 20,700 | 20,555 | ||
| 61,223 | |||
Mississippi - 0.1% | ||||
Hinds County Rev. (Mississippi Methodist Hosp. & Rehabilitation Proj.) 5.6% 5/1/12 (AMBAC Insured) | 1,300 | 1,304 | ||
Mississippi Hosp. Equip. & Facilities Auth. (Mississippi Baptist Med. Ctr. Proj.) Series 2007 A, 5% 8/15/14 | 2,500 | 2,665 | ||
| 3,969 | |||
Missouri - 0.2% | ||||
Metropolitian St. Louis Swr. District Wastewtr. Sys. Rev. Series 2008 A, 5.75% 5/1/38 | 1,000 | 1,109 | ||
Missouri Dev. Fin. Board Infrastructure Facilities Rev. (City of Branson-Branson Landing Proj.) Series 2005 A, 6% 6/1/20 | 2,125 | 2,290 | ||
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (SSM Health Care Sys. Proj.) Series 2010 B, 4.75% 6/1/34 | 6,100 | 5,984 | ||
Saint Louis Arpt. Rev. Series 2007 B, 5% 7/1/16 (FSA Insured) (g) | 3,500 | 3,645 | ||
| 13,028 | |||
Montana - 0.1% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33 | 3,900 | 4,022 | ||
Nebraska - 0.5% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.): | ||||
Series 2007 B, 0.861% 12/1/17 (d) | 7,900 | 6,182 | ||
0.671% 12/1/10 (d) | 1,215 | 1,187 | ||
Douglas County Hosp. Auth. #2 Health Facilities Rev. (Children's Hosp. Proj.): | ||||
6% 8/15/23 | 2,130 | 2,325 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Nebraska - continued | ||||
Douglas County Hosp. Auth. #2 Health Facilities Rev. (Children's Hosp. Proj.): - continued | ||||
6% 8/15/28 | $ 3,500 | $ 3,759 | ||
6.125% 8/15/31 | 2,250 | 2,409 | ||
Lancaster County Hosp. Auth. #1 Health Facilities Rev. (Immanuel Med. Ctr., Inc. Proj.) Series 2010, 5.625% 1/1/40 | 1,500 | 1,523 | ||
Omaha Pub. Pwr. District Elec. Rev. Series A, 5% 2/1/46 | 10,000 | 10,193 | ||
| 27,578 | |||
Nevada - 0.5% | ||||
Clark County Arpt. Rev. Series 2003 C: | ||||
5.375% 7/1/17 (AMBAC Insured) (g) | 4,310 | 4,459 | ||
5.375% 7/1/19 (AMBAC Insured) (g) | 1,100 | 1,129 | ||
5.375% 7/1/21 (AMBAC Insured) (g) | 1,600 | 1,629 | ||
Clark County Wtr. Reclamation District Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured) | 4,300 | 4,642 | ||
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Series 2003 B, 5.25% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,285 | 6,797 | ||
Washoe County Gen. Oblig. (Reno Sparks Proj.) Series B: | ||||
0% 7/1/12 (FSA Insured) | 4,605 | 4,475 | ||
0% 7/1/13 (FSA Insured) | 4,590 | 4,348 | ||
0% 7/1/14 (FSA Insured) | 3,000 | 2,734 | ||
| 30,213 | |||
New Hampshire - 0.3% | ||||
New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39 | 9,300 | 9,460 | ||
New Hampshire Health & Ed. Facilities Auth. Hosp. Rev. (Catholic Med. Ctr. Proj.) Series 2002 A, 5.75% 7/1/22 | 800 | 815 | ||
New Hampshire Health & Ed. Facilities Auth. Rev.: | ||||
(Dartmouth College Proj.) Series 2009, 5.25% 6/1/39 | 4,000 | 4,340 | ||
(Dartmouth-Hitchcock Obligated Group Proj.) Series 2010, 5% 8/1/40 | 5,300 | 5,252 | ||
| 19,867 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Jersey - 1.3% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series 2005 A, 5.8% 11/1/19 (FSA Insured) | $ 5,100 | $ 5,914 | ||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Series 2005 O: | ||||
5.125% 3/1/28 | 6,000 | 6,242 | ||
5.125% 3/1/30 | 5,000 | 5,196 | ||
5.25% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,800 | 3,014 | ||
5.25% 3/1/23 | 4,500 | 4,821 | ||
5.25% 3/1/25 | 9,900 | 10,454 | ||
5.25% 3/1/26 | 11,305 | 11,904 | ||
Series 2005 P, 5.125% 9/1/28 | 2,445 | 2,553 | ||
Series 2009 AA, 5.5% 12/15/29 | 4,000 | 4,359 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 2009 E, 5.25% 1/1/40 | 3,000 | 3,155 | ||
New Jersey Trans. Trust Fund Auth. Series B, 5.5% 12/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,723 | ||
North Hudson Swr. Auth. Wtr. & Swr. Rev. Series A: | ||||
5.25% 8/1/18 (FGIC Insured) | 3,235 | 3,364 | ||
5.25% 8/1/19 (FGIC Insured) | 2,735 | 2,839 | ||
Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/28 (FGIC Insured) | 5,560 | 5,776 | ||
| 75,314 | |||
New Mexico - 0.1% | ||||
Albuquerque Arpt. Rev. Series 1997, 6.75% 7/1/12 (AMBAC Insured) (g) | 1,935 | 2,102 | ||
Univ. of New Mexico Univ. Revs. Series A, 6% 6/1/21 | 5,340 | 6,318 | ||
| 8,420 | |||
New York - 11.7% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A: | ||||
5.25% 11/15/16 | 1,955 | 2,090 | ||
5.25% 11/15/17 (St Peters Hosp. Insured) | 1,500 | 1,588 | ||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/15 | 7,000 | 7,742 | ||
5.75% 5/1/18 (FSA Insured) | 3,460 | 3,702 | ||
5.75% 5/1/21 | 1,575 | 1,673 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): - continued | ||||
Series 2003: | ||||
5.75% 5/1/23 | $ 1,750 | $ 1,845 | ||
Series 2004: | ||||
5.75% 5/1/16 | 13,120 | 14,653 | ||
5.75% 5/1/18 | 14,720 | 16,209 | ||
5.75% 5/1/20 (FSA Insured) | 8,000 | 8,698 | ||
5.75% 5/1/21 (FSA Insured) | 3,845 | 4,169 | ||
5.75% 5/1/22 (FSA Insured) | 1,000 | 1,080 | ||
5.75% 5/1/23 (FSA Insured) | 3,000 | 3,237 | ||
5.75% 5/1/24 (FSA Insured) | 3,000 | 3,230 | ||
5.75% 5/1/25 (FSA Insured) | 3,400 | 3,648 | ||
5.75% 5/1/26 | 5,200 | 5,563 | ||
Hudson Yards Infrastructure Corp. New York Rev. Series A: | ||||
5% 2/15/47 | 14,500 | 14,073 | ||
5% 2/15/47 | 13,100 | 12,714 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series A: | ||||
5% 12/1/25 (FGIC Insured) | 5,000 | 5,226 | ||
5% 12/1/26 (XL Cap. Assurance, Inc. Insured) | 2,600 | 2,705 | ||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||
Series 2002 A, 5.75% 7/1/31 | 3,800 | 3,928 | ||
Series 2002 B, 5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,143 | ||
New York City Gen. Oblig.: | ||||
Series 2000 A, 6.5% 5/15/11 | 420 | 426 | ||
Series 2002 B, 5.75% 8/1/14 | 2,000 | 2,184 | ||
Series 2003 A, 5.5% 8/1/20 | 8,000 | 8,705 | ||
Series 2003 J: | ||||
5.5% 6/1/19 | 3,740 | 4,076 | ||
5.5% 6/1/19 (Pre-Refunded to 6/1/13 @ 100) (h) | 1,455 | 1,651 | ||
Series 2008 A1, 5.25% 8/15/27 | 9,940 | 10,865 | ||
Series 2008 D1, 5.125% 12/1/22 | 5,000 | 5,492 | ||
Series 2009 H1, 5% 3/1/15 (Assured Guaranty Corp. Insured) | 5,000 | 5,701 | ||
Series 2009 I-1, 5.625% 4/1/29 | 3,600 | 4,036 | ||
New York City Indl. Dev. Agcy. Rev.: | ||||
(Queens Baseball Stadium Proj.) 5% 1/1/19 (AMBAC Insured) | 3,735 | 3,764 | ||
(Yankee Stadium Proj.) Series 2006, 5% 3/1/31 | 4,725 | 4,807 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2002 A, 5.125% 6/15/34 | $ 3,300 | $ 3,399 | ||
Series 2002 G, 5.125% 6/15/32 | 2,000 | 2,037 | ||
Series 2003 A, 5.125% 6/15/34 | 13,800 | 14,215 | ||
Series 2003 E, 5% 6/15/34 | 11,120 | 11,422 | ||
Series 2005 D: | ||||
5% 6/15/37 | 2,800 | 2,905 | ||
5% 6/15/38 | 15,600 | 16,180 | ||
5% 6/15/39 | 3,540 | 3,662 | ||
Series 2006 C, 4.75% 6/15/33 | 4,500 | 4,574 | ||
Series 2007 DD: | ||||
4.75% 6/15/35 | 7,400 | 7,518 | ||
4.75% 6/15/36 | 2,900 | 2,944 | ||
Series 2009 A, 5.75% 6/15/40 | 1,500 | 1,688 | ||
Series 2009 EE, 5.25% 6/15/40 | 10,300 | 11,083 | ||
Series FF 2, 5.5% 6/15/40 | 17,800 | 19,904 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1: | ||||
5.5% 7/15/31 | 4,000 | 4,374 | ||
5.5% 7/15/38 | 1,600 | 1,739 | ||
5.625% 7/15/38 | 2,825 | 3,105 | ||
Series 2009 S3: | ||||
5.25% 1/15/34 | 24,000 | 25,332 | ||
5.375% 1/15/34 | 2,750 | 2,927 | ||
Series 2009 S4: | ||||
5.5% 1/15/39 | 8,800 | 9,599 | ||
5.75% 1/15/39 | 4,100 | 4,561 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (b) | 9,750 | 10,319 | ||
6% 11/1/28 (b) | 7,775 | 8,280 | ||
Series 2003 B, 5.25% 2/1/29 (b) | 13,000 | 13,308 | ||
Series 2003 D, 5% 2/1/31 | 3,500 | 3,587 | ||
Series 2004 B: | ||||
5% 8/1/32 | 14,700 | 15,129 | ||
5% 8/1/32 (Pre-Refunded to 8/1/13 @ 100) (h) | 15 | 17 | ||
5.25% 8/1/19 | 1,880 | 2,094 | ||
Series 2004 C, 5% 2/1/33 (FGIC Insured) | 5,000 | 5,126 | ||
5.25% 8/1/19 (Pre-Refunded to 8/1/13 @ 100) (h) | 120 | 136 | ||
New York City Trust Cultural Resources Rev. (Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 6,000 | 6,148 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Personal Income Tax Rev. Series 2009 A, 5% 2/15/34 | $ 5,500 | $ 5,811 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A, 5.75% 7/1/13 | 8,750 | 9,288 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2006 A: | ||||
5% 7/1/15 | 3,000 | 3,161 | ||
5% 7/1/16 | 1,000 | 1,058 | ||
Series 2007 A, 5% 7/1/14 | 1,895 | 1,992 | ||
Series 2007 B, 5.25% 7/1/24 | 2,300 | 2,368 | ||
(State Univ. Edl. Facilities Proj.) Series A: | ||||
5.25% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,400 | 13,797 | ||
5.875% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,865 | 8,053 | ||
(Suffolk County Judicial Facilities Proj.) Series A, 9.5% 4/15/14 (Escrowed to Maturity) (h) | 690 | 877 | ||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,197 | ||
Series 2010 A, 5% 7/1/26 | 4,000 | 4,092 | ||
New York Local Govt. Assistance Corp. Series 1993 C, 5.5% 4/1/17 | 22,015 | 25,854 | ||
New York Med. Care Facilities Fin. Agcy. Rev. (Homeowner Mtg. Prog.) Series E, 6.2% 2/15/15 | 720 | 721 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B, 5% 11/15/34 | 11,800 | 12,329 | ||
New York Metropolitan Trans. Auth. Rev. Series 2008 A, 5.25% 11/15/36 | 26,700 | 27,452 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 10,500 | 11,336 | ||
New York Thruway Auth. Gen. Rev. Series 2005 G: | ||||
5% 1/1/32 (FSA Insured) | 2,900 | 2,993 | ||
5.25% 1/1/27 | 12,500 | 13,235 | ||
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A, 5.25% 3/15/25 | 3,500 | 3,844 | ||
Niagara Falls City Niagara County Pub. Impt. 7.5% 3/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 460 | 568 | ||
Syracuse Indl. Dev. Auth. Pilot Rev. (Carousel Ctr. Co. Proj.) 5% 1/1/36 (XL Cap. Assurance, Inc. Insured) (g) | 19,765 | 13,979 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (h) | 6,695 | 7,179 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | $ 5,645 | $ 6,043 | ||
5.25% 6/1/22 (AMBAC Insured) | 9,850 | 10,512 | ||
5.5% 6/1/14 | 3,050 | 3,059 | ||
5.5% 6/1/15 | 16,735 | 16,793 | ||
5.5% 6/1/17 | 8,100 | 8,439 | ||
5.5% 6/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,137 | ||
5.5% 6/1/19 | 4,050 | 4,424 | ||
Series 2003B 1C: | ||||
5.5% 6/1/14 | 8,910 | 8,936 | ||
5.5% 6/1/15 | 11,700 | 11,740 | ||
5.5% 6/1/16 | 4,070 | 4,247 | ||
5.5% 6/1/17 | 11,500 | 11,981 | ||
5.5% 6/1/18 | 20,000 | 21,366 | ||
5.5% 6/1/19 | 10,800 | 11,797 | ||
5.5% 6/1/20 | 2,700 | 2,940 | ||
5.5% 6/1/20 (FGIC Insured) | 5,050 | 5,500 | ||
5.5% 6/1/22 | 10,065 | 10,885 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
Series 2001 A, 5% 1/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 470 | 480 | ||
Series SR, 5.5% 1/1/12 (Escrowed to Maturity) (h) | 3,050 | 3,194 | ||
| 706,592 | |||
New York & New Jersey - 0.2% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (g) | 3,400 | 3,405 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 10,275 | 10,896 | ||
| 14,301 | |||
North Carolina - 0.8% | ||||
Catawba County Ctfs. of Prtn. (Pub. School and Cmnty. College Proj.) 5.25% 6/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800 | 1,932 | ||
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2010 B, 5.5% 7/1/23 (g) | 1,200 | 1,257 | ||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series A, 5% 1/15/20 (FSA Insured) | 1,575 | 1,675 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
North Carolina - continued | ||||
Dare County Ctfs. of Prtn.: | ||||
5.25% 6/1/17 (AMBAC Insured) | $ 1,620 | $ 1,742 | ||
5.25% 6/1/18 (AMBAC Insured) | 1,620 | 1,732 | ||
5.25% 6/1/19 (AMBAC Insured) | 1,540 | 1,641 | ||
5.25% 6/1/22 (AMBAC Insured) | 1,620 | 1,716 | ||
5.25% 6/1/23 (AMBAC Insured) | 1,620 | 1,704 | ||
North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A, 5.125% 10/1/41 | 1,195 | 1,211 | ||
North Carolina Ctfs. of Prtn. (Repair and Renovation Proj.) Series 2004 B, 5.25% 6/1/17 | 3,600 | 3,920 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26 | 10,000 | 10,457 | ||
North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. (North Carolina Correctional Facilities Proj.) Series A: | ||||
5% 2/1/19 | 2,945 | 3,176 | ||
5% 2/1/20 | 1,500 | 1,609 | ||
North Carolina Med. Care Cmnty. Health (Memorial Mission Hosp. Proj.): | ||||
Series 2007, 5% 10/1/20 | 1,225 | 1,320 | ||
5% 10/1/21 | 5,690 | 6,074 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 2009 A, 5% 1/1/30 | 2,300 | 2,422 | ||
Series 2010 B, 5% 1/1/20 | 6,700 | 7,551 | ||
| 51,139 | |||
North Dakota - 0.6% | ||||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.): | ||||
Series 2008 D, 5% 2/15/40 (Assured Guaranty Corp. Insured) | 5,000 | 4,916 | ||
Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured) | 4,600 | 4,619 | ||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.): | ||||
5% 12/1/12 (Assured Guaranty Corp. Insured) | 1,475 | 1,554 | ||
5% 12/1/14 (Assured Guaranty Corp. Insured) | 1,675 | 1,779 | ||
Mercer County Poll. Cont. Rev. (Antelope Valley Station/Basin Elec. Pwr. Coop. Proj.) 7.2% 6/30/13 (AMBAC Insured) | 18,625 | 19,695 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
North Dakota - continued | ||||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.): | ||||
5.125% 7/1/19 | $ 2,765 | $ 2,706 | ||
5.25% 7/1/15 | 1,300 | 1,348 | ||
| 36,617 | |||
Ohio - 1.3% | ||||
Buckeye Tobacco Settlement Fing. Auth.: | ||||
Series 2007 A2, 5.75% 6/1/34 | 15,000 | 11,261 | ||
Series A-2: | ||||
5.875% 6/1/47 | 13,000 | 9,301 | ||
6.5% 6/1/47 | 20,235 | 15,913 | ||
Cleveland Parking Facilities Rev. 5.25% 9/15/18 (FSA Insured) | 2,000 | 2,179 | ||
Franklin County Hosp. Rev. (Nationwide Children's Hosp. Proj.) Series 2009, 5.25% 11/1/40 | 1,500 | 1,552 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 6% 8/15/43 | 5,000 | 5,086 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series A, 6% 12/1/19 | 4,905 | 4,963 | ||
Ohio Higher Edl. Facility Commission Rev. (Cleveland Clinic Foundation Proj.) Series 2008 A, 5.5% 1/1/43 | 1,500 | 1,561 | ||
Ohio Hosp. Facilities Rev. (Cleveland Clinic Proj.) Series 2009 A, 5.5% 1/1/39 | 11,300 | 11,910 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (d) | 8,500 | 9,448 | ||
Richland County Hosp. Facilities (MedCentral Health Sys. Proj.) Series B, 6.375% 11/15/30 | 1,005 | 1,018 | ||
Univ. of Cincinnati Ctfs. of Prtn. 5.125% 6/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,750 | 3,755 | ||
| 77,947 | |||
Oklahoma - 0.4% | ||||
Oklahoma City Pub. Property Auth. Hotel Tax Rev.: | ||||
5.5% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,845 | 3,060 | ||
5.5% 10/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,005 | 3,226 | ||
5.5% 10/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,175 | 3,396 | ||
Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series 2009 A, 5% 7/1/34 | 2,990 | 3,184 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Oklahoma - continued | ||||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C: | ||||
5.25% 8/15/29 | $ 2,000 | $ 2,077 | ||
5.5% 8/15/20 | 5,000 | 5,475 | ||
Oklahoma Dev. Fin. Auth. Rev.: | ||||
(Saint John Health Sys. Proj.) 5% 2/15/14 | 815 | 868 | ||
Series 2004 A, 7%, tender 12/1/10 (d)(g) | 3,000 | 3,069 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/19 | 1,680 | 1,782 | ||
| 26,137 | |||
Oregon - 0.4% | ||||
Clackamas County School District #62C, Oregon City Series 2004, 5% 6/15/19 (FSA Insured) | 3,395 | 3,682 | ||
Clackamas County School District #7J: | ||||
5.25% 6/1/23 | 2,000 | 2,370 | ||
5.25% 6/1/24 (FSA Insured) | 2,605 | 3,081 | ||
Multnomah County Hosp. Facilities Auth. Rev. (Adventist Health Sys./West Proj.) Series 2009 A, 5.125% 9/1/40 | 2,500 | 2,524 | ||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/30 | 1,000 | 1,018 | ||
Port Morrow Poll. Cont. Rev.: | ||||
(Pacific Northwest Proj.) Series A: | ||||
8% 7/15/10 | 605 | 606 | ||
8% 7/15/11 | 385 | 397 | ||
(Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33 | 5,000 | 5,156 | ||
Washington County School District #15: | ||||
5.5% 6/15/20 (FSA Insured) | 1,770 | 2,116 | ||
5.5% 6/15/21 (FSA Insured) | 1,060 | 1,254 | ||
| 22,204 | |||
Pennsylvania - 1.7% | ||||
Allegheny County Arpt. Auth. Rev. (Pittsburg Int'l. Arpt. Proj.) Series B, 5% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 3,000 | 3,066 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.) Series B, 5% 6/15/16 | 1,365 | 1,523 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39 | 6,225 | 6,456 | ||
Annville-Cleona School District Series 2005: | ||||
5.5% 3/1/24 (FSA Insured) | 1,350 | 1,467 | ||
5.5% 3/1/25 (FSA Insured) | 1,400 | 1,515 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Canon McMillan School District Series 2001 B, 5.75% 12/1/33 (FGIC Insured) | $ 3,000 | $ 3,045 | ||
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. (Jefferson Health Sys. Proj.) Series B, 5.25% 5/15/22 (AMBAC Insured) | 4,400 | 4,404 | ||
Easton Area School District Series 2006, 7.75% 4/1/25 (FSA Insured) | 4,800 | 5,758 | ||
Mifflin County School District 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 3,400 | 4,115 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | ||||
Series 1993 A, 6% 6/1/22 (AMBAC Insured) | 2,000 | 2,221 | ||
Series A: | ||||
6.1% 6/1/12 (AMBAC Insured) | 2,060 | 2,195 | ||
6.125% 6/1/14 (AMBAC Insured) | 5,230 | 5,757 | ||
Pennsylvania Convention Ctr. Auth. Rev. Series A, 6.7% 9/1/16 (Escrowed to Maturity) (h) | 1,805 | 2,110 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Amtrak Proj.) Series 2001 A, 6.375% 11/1/41 (g) | 8,700 | 8,820 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev.: | ||||
(The Univ. of Pennsylvania Health Sys. Proj.) Series 2009 A, 5.25% 8/15/21 | 2,900 | 3,147 | ||
(Univ. of Pennsylvania Health Sys. Proj.) Series A, 5% 8/15/16 | 3,600 | 3,964 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 D, 5.5% 12/1/41 | 12,600 | 13,417 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 4,000 | 4,177 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1, 5% 9/1/33 (FSA Insured) | 4,695 | 4,717 | ||
Seventh Series, 5% 10/1/37 (AMBAC Insured) | 8,900 | 8,346 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2003 A, 5% 2/15/12 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,039 | ||
Series 2008 A, 5.25% 12/15/32 (FSA Insured) | 2,500 | 2,586 | ||
Series 2008 B, 7.125% 7/15/38 (Assured Guaranty Corp. Insured) | 3,200 | 3,707 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Philadelphia Redev. Auth. Rev. (Philadelphia Neighborhood Transformation Initiative Proj.) Series 2005 C, 5% 4/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,000 | $ 2,836 | ||
Philadelphia School District Series 2005 A, 5% 8/1/22 (AMBAC Insured) | 1,675 | 1,746 | ||
| 102,134 | |||
Puerto Rico - 0.9% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.: | ||||
Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | 2,300 | 2,336 | ||
Series 2003, 5.75% 7/1/19 (FGIC Insured) | 3,240 | 3,333 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series C, 5.5% 7/1/21 | 3,000 | 3,188 | ||
Puerto Rico Govt. Dev. Bank: | ||||
Series 2006 B, 5% 12/1/12 | 5,000 | 5,276 | ||
Series 2006 C, 5.25% 1/1/15 (g) | 5,000 | 5,231 | ||
Puerto Rico Pub. Bldg. Auth. Rev.: | ||||
Series M2: | ||||
5.5%, tender 7/1/17 (AMBAC Insured) (d) | 4,600 | 4,856 | ||
5.75%, tender 7/1/17 (d) | 8,500 | 9,099 | ||
Series N: | ||||
5.5% 7/1/21 | 5,000 | 5,242 | ||
5.5% 7/1/22 | 3,250 | 3,388 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A, 0% 8/1/41 (FGIC Insured) | 20,300 | 2,715 | ||
Series 2009 A, 6% 8/1/42 | 7,600 | 8,069 | ||
Series A, 0% 8/1/54 (AMBAC Insured) | 6,000 | 337 | ||
| 53,070 | |||
Rhode Island - 0.2% | ||||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev.: | ||||
(Lifespan Corp. Proj.) Series A: | ||||
5% 5/15/11 | 1,680 | 1,731 | ||
5% 5/15/13 (FSA Insured) | 4,000 | 4,283 | ||
(Univ. of Rhode Island Univ. Revs. Proj.): | ||||
Series 2004 A, 5.5% 9/15/24 (AMBAC Insured) | 3,400 | 3,587 | ||
Series A: | ||||
5.25% 9/15/15 (AMBAC Insured) | 1,725 | 1,908 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Rhode Island - continued | ||||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev.: - continued | ||||
(Univ. of Rhode Island Univ. Revs. Proj.): | ||||
Series A: | ||||
5.25% 9/15/16 (AMBAC Insured) | $ 1,815 | $ 1,978 | ||
5.25% 9/15/18 (AMBAC Insured) | 1,005 | 1,081 | ||
| 14,568 | |||
South Carolina - 1.0% | ||||
Greenwood Fifty School Facilities Installment: | ||||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 3,930 | 4,303 | ||
5% 12/1/19 (Assured Guaranty Corp. Insured) | 2,375 | 2,568 | ||
Lexington County Health Svcs. District, Inc. Hosp. Rev.: | ||||
5% 11/1/18 | 1,090 | 1,169 | ||
5% 11/1/19 | 1,000 | 1,060 | ||
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5.25% 12/1/18 | 1,540 | 1,668 | ||
Richland County Hosp. Facilities Rev. (Cmnty. Provider Pooled Ln. Prog.) Series A, 7.125% 7/1/17 (Escrowed to Maturity) (h) | 995 | 1,142 | ||
Rock Hill Util. Sys. Rev. Series 2003 A: | ||||
5.375% 1/1/17 (FSA Insured) | 2,100 | 2,271 | ||
5.375% 1/1/23 (FSA Insured) | 1,025 | 1,084 | ||
South Carolina Jobs-Econ. Dev. Auth. (Palmetto Health Proj.) Series 2009, 5.75% 8/1/39 | 1,535 | 1,524 | ||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.): | ||||
5% 4/1/15 | 1,000 | 1,063 | ||
5% 4/1/24 | 4,000 | 3,895 | ||
South Carolina Jobs-Econ. Dev. Auth. Hosp. Impt. Rev. (Palmetto Health Alliance Proj.) Series 2000 A, 7.375% 12/15/21 (Pre-Refunded to 12/15/10 @ 102) (h) | 3,000 | 3,150 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
(Santee Cooper Proj.) Series 2009 B: | ||||
5.25% 1/1/34 | 6,000 | 6,499 | ||
5.25% 1/1/39 | 2,800 | 3,008 | ||
Series 2004 A, 5% 1/1/39 | 7,600 | 7,795 | ||
Series 2005 B, 5% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500 | 2,774 | ||
Series A, 5% 1/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,204 | ||
Sumter Two School Facilities, Inc. Rev.: | ||||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 1,000 | 1,115 | ||
5% 12/1/19 (Assured Guaranty Corp. Insured) | 2,080 | 2,290 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
South Carolina - continued | ||||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | $ 6,950 | $ 7,503 | ||
York County Wtr. & Swr. Rev. 5.25% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,120 | 1,147 | ||
| 62,232 | |||
South Dakota - 0.1% | ||||
South Dakota Health & Edl. Facilities Auth. Rev. (Sanford Health Proj.) Series 2009, 5.5% 11/1/40 | 2,500 | 2,553 | ||
South Dakota Lease Rev. Series A, 6.625% 9/1/12 (FSA Insured) | 770 | 813 | ||
| 3,366 | |||
Tennessee - 1.1% | ||||
Clarksville Natural Gas Acquisition Corp. Gas Rev.: | ||||
Series 2006, 5% 12/15/13 | 8,000 | 8,357 | ||
5% 12/15/12 | 4,500 | 4,672 | ||
5% 12/15/14 | 3,870 | 4,013 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5.75% 4/1/41 | 6,600 | 6,727 | ||
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev.: | ||||
(Baptist Health Sys. of East Tennessee Proj.) Series 2002, 6.5% 4/15/31 | 5,000 | 5,257 | ||
(Fort Sanders Alliance Proj.): | ||||
Series 1993, 5.25% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,310 | 3,550 | ||
Series C, 5.75% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,176 | ||
Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) 5% 4/1/15 | 5,245 | 5,462 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev.: | ||||
Series 2010 B: | ||||
5.75% 7/1/23 (g) | 5,820 | 6,164 | ||
5.75% 7/1/24 (g) | 2,400 | 2,523 | ||
Series A, 6.25% 2/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,415 | 1,443 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Tennessee - continued | ||||
Metropolitan Govt. Nashville & Davidson County Wtr. & Swr. Sys. Rev. 7.7% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,010 | $ 3,202 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. (Ascension Health Sr. Cr. Group Proj.) Series 2010 D, 5% 11/15/29 | 12,000 | 12,370 | ||
| 65,916 | |||
Texas - 11.5% | ||||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 5% 2/15/43 | 6,800 | 7,079 | ||
Argyle Independent School District Series 2005, 5.25% 8/15/40 (FSA Insured) | 1,745 | 1,815 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/33 | 5,000 | 5,255 | ||
Austin Cmnty. College District Rev. (Convention Ctr. Proj.) Series 2002, 0% 2/1/22 (AMBAC Insured) | 2,900 | 1,828 | ||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.) Series B: | ||||
5.75% 1/1/24 | 1,405 | 1,299 | ||
5.75% 1/1/34 | 1,500 | 1,292 | ||
Austin Util. Sys. Rev.: | ||||
0% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,200 | 7,059 | ||
0% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 3,657 | ||
Austin Wtr. & Wastewtr. Sys. Rev.: | ||||
Series 2004 A, 5% 11/15/27 (AMBAC Insured) | 1,780 | 1,853 | ||
Series 2005 A, 5% 5/15/31 (AMBAC Insured) | 4,690 | 4,855 | ||
Bastrop Independent School District Series 2007: | ||||
5.25% 2/15/37 | 2,700 | 2,859 | ||
5.25% 2/15/42 | 5,000 | 5,282 | ||
Beaumont Independent School District 5% 2/15/38 (Assured Guaranty Corp. Insured) | 1,450 | 1,505 | ||
Bexar Metropolitan Wtr. District Wtrwks. Sys. Rev. 5.375% 5/1/20 (FSA Insured) | 220 | 230 | ||
Birdville Independent School District 0% 2/15/13 | 5,000 | 4,826 | ||
Boerne Independent School District Series 2004, 5.25% 2/1/35 | 5,100 | 5,241 | ||
Canyon Reg'l. Wtr. Auth. Contract Rev. (Wells Ranch Proj.): | ||||
5% 8/1/19 (AMBAC Insured) | 1,695 | 1,840 | ||
5% 8/1/20 (AMBAC Insured) | 1,780 | 1,919 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Clint Independent School District 5.5% 8/15/20 | $ 210 | $ 223 | ||
Comal Independent School District Series 2007, 5% 2/1/36 | 13,645 | 14,141 | ||
Coppell Independent School District 0% 8/15/20 | 2,000 | 1,386 | ||
Corpus Christi Util. Sys. Rev.: | ||||
5.25% 7/15/18 (FSA Insured) | 3,305 | 3,764 | ||
5.25% 7/15/19 (FSA Insured) | 4,000 | 4,531 | ||
Cypress-Fairbanks Independent School District Series A: | ||||
0% 2/15/13 | 6,425 | 6,202 | ||
0% 2/15/14 | 11,475 | 10,776 | ||
0% 2/15/16 | 9,700 | 8,420 | ||
Dallas Area Rapid Transit Sales Tax Rev.: | ||||
5% 12/1/36 | 21,325 | 22,055 | ||
5.25% 12/1/38 | 21,000 | 22,593 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2009 A, 5% 11/1/23 | 1,250 | 1,313 | ||
Series A, 5.25% 11/1/12 (g) | 5,820 | 6,262 | ||
5% 11/1/13 (XL Cap. Assurance, Inc. Insured) (g) | 2,665 | 2,885 | ||
5% 11/1/14 (XL Cap. Assurance, Inc. Insured) (g) | 2,625 | 2,849 | ||
5% 11/1/17 (XL Cap. Assurance, Inc. Insured) (g) | 4,325 | 4,498 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 | 1,800 | 2,110 | ||
Del Mar College District 5.25% 8/15/20 (FGIC Insured) | 2,960 | 3,215 | ||
DeSoto Independent School District 0% 8/15/20 | 3,335 | 2,311 | ||
Duncanville Independent School District 5.65% 2/15/28 | 30 | 31 | ||
Freer Independent School District Series 2007, 5.25% 8/15/37 | 4,215 | 4,492 | ||
Gainesville Independent School District Series 2006, 5.25% 2/15/36 | 1,900 | 2,003 | ||
Garland Wtr. & Swr. Rev. 5.25% 3/1/23 (AMBAC Insured) | 1,315 | 1,401 | ||
Grand Prairie Independent School District 0% 2/15/16 | 3,775 | 3,277 | ||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.): | ||||
5.25% 4/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,570 | 1,697 | ||
5.25% 4/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,680 | 1,805 | ||
5.25% 4/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,295 | 2,447 | ||
5.25% 4/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,915 | 2,032 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.): - continued | ||||
5.25% 4/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000 | $ 1,055 | ||
5.25% 4/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,565 | 1,645 | ||
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt. of Texas, Inc. Denton County Proj.) Series 2003 B, 3.5%, tender 5/1/13 (d)(g) | 2,500 | 2,499 | ||
Harlandale Independent School District: | ||||
Series 2000, 5.5% 8/15/35 (Pre-Refunded to 8/15/10 @ 100) (h) | 45 | 45 | ||
Series 2005, 5.7% 8/15/30 (Pre-Refunded to 8/15/10 @ 100) (h) | 100 | 101 | ||
6% 8/15/16 (Pre-Refunded to 8/15/10 @ 100) (h) | 35 | 35 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Texas Children's Hosp. Proj.) Series 2010, 5% 10/1/29 | 2,300 | 2,355 | ||
Harris County Gen. Oblig.: | ||||
(Permanent Impt. Proj.) Series 1996, 0% 10/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,000 | 10,115 | ||
(Road Proj.): | ||||
Series 1996, 0% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,550 | 5,291 | ||
Series 2008 B, 5.25% 8/15/47 | 19,500 | 20,362 | ||
Series 2002: | ||||
0% 8/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 1,620 | ||
0% 8/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 2,269 | ||
Series 2004 A, 5.25% 10/1/24 | 2,300 | 2,555 | ||
Harris County Health Facilities Dev. Corp. Hosp. Rev. (Memorial Hermann Healthcare Sys. Proj.) Series 2008 B, 7.25% 12/1/35 | 3,200 | 3,635 | ||
Houston Arpt. Sys. Rev. Series A: | ||||
5.625% 7/1/20 (FSA Insured) (g) | 2,000 | 2,054 | ||
5.625% 7/1/21 (FSA Insured) (g) | 3,350 | 3,432 | ||
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Series 2010 A, 5% 5/15/35 | 5,900 | 6,277 | ||
Houston Independent School District: | ||||
Series 2005 A, 0% 2/15/16 | 5,500 | 4,774 | ||
0% 8/15/13 | 9,835 | 9,397 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Humble Independent School District: | ||||
Series 2000: | ||||
0% 2/15/16 | $ 3,000 | $ 2,604 | ||
0% 2/15/17 | 3,480 | 2,881 | ||
Series 2005 B, 5.25% 2/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,995 | 2,175 | ||
Series 2009, 5% 2/15/34 | 4,300 | 4,499 | ||
Judson Independent School District Series 2005 B, 5% 2/1/22 (FSA Insured) | 2,250 | 2,365 | ||
Keller Independent School District Series 1996 A, 0% 8/15/17 | 2,000 | 1,623 | ||
Kermit Independent School District 5.25% 2/15/37 | 4,130 | 4,397 | ||
Killeen Independent School District 5.25% 2/15/17 | 2,105 | 2,207 | ||
Kingsville Independent School District 5.25% 2/15/37 | 3,650 | 3,886 | ||
Lewisville Independent School District 5% 8/15/16 | 305 | 315 | ||
Liberty Hill Independent School District (School Bldg. Proj.) Series 2006, 5.25% 8/1/35 | 8,615 | 9,121 | ||
Little Elm Independent School District 5.5% 8/15/21 | 60 | 62 | ||
Longview Independent School District: | ||||
5% 2/15/34 | 3,000 | 3,143 | ||
5% 2/15/37 | 4,000 | 4,178 | ||
Lower Colorado River Auth. Rev.: | ||||
Series 2008, 5.75% 5/15/37 | 6,640 | 6,945 | ||
Series 2010: | ||||
5.25% 5/15/18 (AMBAC Insured) | 1,795 | 1,930 | ||
5.25% 5/15/18 (Pre-Refunded to 5/15/13 @ 100) (h) | 80 | 90 | ||
5% 5/15/31 | 1,565 | 1,569 | ||
5.25% 5/15/18 (Pre-Refunded to 5/15/13 @ 100) (h) | 5 | 6 | ||
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Svcs. Corp. Proj.): | ||||
Series 2003 C, 5% 5/15/33 | 5,495 | 5,509 | ||
Series C: | ||||
5.25% 5/15/18 (AMBAC Insured) | 1,000 | 1,083 | ||
5.25% 5/15/19 (AMBAC Insured) | 1,000 | 1,066 | ||
5.25% 5/15/20 | 2,000 | 2,126 | ||
Mansfield Independent School District 5.5% 2/15/18 | 40 | 43 | ||
Midway Independent School District Series 2000, 0% 8/15/19 | 3,600 | 2,636 | ||
Montgomery County Gen. Oblig. Series A, 5.625% 3/1/20 (FSA Insured) | 495 | 521 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Navasota Independent School District: | ||||
Series 2005, 5.25% 8/15/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,275 | $ 2,332 | ||
5.5% 8/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675 | 1,771 | ||
New Caney Independent School District Series 2007 A, 5.25% 2/15/37 | 2,680 | 2,865 | ||
North Forest Independent School District Series B, 5% 8/15/18 (FSA Insured) | 1,470 | 1,634 | ||
North Texas Muni. Wtr. District Wtr. Sys. Rev. Series 2006, 5% 9/1/35 | 4,000 | 4,134 | ||
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Series 2003 A, 5% 1/1/28 (AMBAC Insured) | 7,175 | 7,220 | ||
North Texas Tollway Auth. Rev.: | ||||
Series 2008 A: | ||||
6% 1/1/23 | 4,800 | 5,295 | ||
6% 1/1/24 | 2,000 | 2,193 | ||
Series 2008 E3, 5.75%, tender 1/1/16 (d) | 4,000 | 4,471 | ||
Series 2008 I, 0% 1/1/42 (Assured Guaranty Corp. Insured) (a) | 7,200 | 5,786 | ||
Series 2009 A, 6.25% 1/1/39 | 10,200 | 11,073 | ||
Pflugerville Gen. Oblig. 5.5% 8/1/22 (AMBAC Insured) | 1,000 | 1,072 | ||
Prosper Independent School District: | ||||
Series 2005, 5.125% 8/15/30 | 3,110 | 3,272 | ||
5.375% 8/15/37 | 15,255 | 16,327 | ||
5.75% 8/15/29 | 1,250 | 1,307 | ||
Robstown Independent School District 5.25% 2/15/29 | 3,165 | 3,316 | ||
Rockdale Independent School District Series 2007, 5.25% 2/15/37 | 5,100 | 5,373 | ||
Rockwall Independent School District: | ||||
5.375% 2/15/19 | 25 | 26 | ||
5.375% 2/15/20 | 25 | 26 | ||
5.375% 2/15/21 | 30 | 31 | ||
San Antonio Arpt. Sys. Rev.: | ||||
5% 7/1/15 (FSA Insured) (g) | 2,510 | 2,703 | ||
5% 7/1/17 (FSA Insured) (g) | 2,765 | 2,927 | ||
5% 7/1/17 (FSA Insured) (g) | 2,385 | 2,510 | ||
5.25% 7/1/19 (FSA Insured) (g) | 2,635 | 2,764 | ||
5.25% 7/1/20 (FSA Insured) (g) | 3,215 | 3,360 | ||
5.25% 7/1/20 (FSA Insured) (g) | 2,775 | 2,892 | ||
San Antonio Elec. & Gas Sys. Rev. Series 2008: | ||||
5% 2/1/22 | 2,570 | 2,853 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
San Antonio Elec. & Gas Sys. Rev. Series 2008: - continued | ||||
5% 2/1/24 | $ 2,590 | $ 2,841 | ||
San Antonio Gen. Oblig. Series 2006, 5.5% 2/1/15 | 365 | 390 | ||
San Antonio Wtr. Sys. Rev. Series 2002 A, 5% 5/15/32 (FSA Insured) | 1,550 | 1,593 | ||
San Jacinto Cmnty. College District Series 2009, 5% 2/15/39 | 5,420 | 5,639 | ||
Snyder Independent School District: | ||||
5.25% 2/15/21 (AMBAC Insured) | 1,035 | 1,106 | ||
5.25% 2/15/22 (AMBAC Insured) | 1,090 | 1,159 | ||
5.25% 2/15/30 (AMBAC Insured) | 1,800 | 1,857 | ||
Socorro Independent School District Series 2001, 5.375% 8/15/18 | 60 | 62 | ||
Spring Branch Independent School District: | ||||
Series 2001, 5.375% 2/1/18 | 1,250 | 1,278 | ||
Series 2008, 5.25% 2/1/38 | 2,000 | 2,125 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Baylor Health Care Sys. Proj.) Series 2009, 5.75% 11/15/24 | 6,900 | 7,495 | ||
(Hendrick Med. Ctr. Proj.) Series 2009 B: | ||||
5.25% 9/1/26 | 1,785 | 1,824 | ||
5.25% 9/1/27 | 2,375 | 2,425 | ||
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. (Cook Children's Med. Ctr. Proj.) Series 2010 A, 5% 12/1/33 | 7,400 | 7,561 | ||
Texas Gen. Oblig.: | ||||
(College Student Ln. Prog.) 5% 8/1/12 (g) | 6,655 | 6,918 | ||
(Trans. Commission Mobility Fund Proj.): | ||||
Series 2005 A, 4.75% 4/1/35 | 8,380 | 8,439 | ||
Series 2008, 4.75% 4/1/37 | 24,595 | 24,879 | ||
5.75% 8/1/26 | 3,320 | 3,413 | ||
Texas Muni. Pwr. Agcy. Rev. 0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 18,715 | 15,338 | ||
Texas Private Activity Bond Surface Trans. Corp.: | ||||
(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40 | 7,800 | 7,858 | ||
(NTE Mobility Partners LLC North Tarrant Express Managed Lanes Proj.) Series 2009, 6.875% 12/31/39 | 7,300 | 7,428 | ||
Texas Pub. Fin. Auth. Bldg. Rev. Series 1990: | ||||
0% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,400 | 4,297 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Texas Pub. Fin. Auth. Bldg. Rev. Series 1990: - continued | ||||
0% 2/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 6,910 | $ 6,353 | ||
Texas Tpk. Auth. Central Texas Tpk. Sys. Rev. Series 2002 A: | ||||
5.5% 8/15/39 | 37,550 | 37,986 | ||
5.75% 8/15/38 (AMBAC Insured) | 27,550 | 28,012 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007: | ||||
5% 4/1/21 | 4,200 | 4,695 | ||
5% 4/1/23 | 2,320 | 2,553 | ||
Texas Wtr. Dev. Board Rev.: | ||||
Series 1999 B, 5.625% 7/15/21 | 5,900 | 5,918 | ||
Series B, 5.375% 7/15/16 | 5,000 | 5,014 | ||
Trinity River Auth. Rev. (Tarrant County Wtr. Proj.) 5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,930 | 5,474 | ||
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.): | ||||
5.75% 7/1/27 (Pre-Refunded to 7/1/13 @ 100) (h) | 1,000 | 1,127 | ||
6% 7/1/31 (Pre-Refunded to 7/1/12 @ 100) (h) | 6,225 | 6,826 | ||
Waller Independent School District 5.5% 2/15/37 | 4,920 | 5,326 | ||
Waxahachie Independent School District (School Bldg. Proj.) Series 2007, 5% 8/15/37 | 12,480 | 13,050 | ||
Weatherford Independent School District 0% 2/15/33 | 6,985 | 2,374 | ||
White Settlement Independent School District: | ||||
Series 2004, 5.75% 8/15/34 | 3,000 | 3,130 | ||
5.75% 8/15/30 | 2,890 | 3,030 | ||
Williamson County Gen. Oblig.: | ||||
5.5% 2/15/18 (FSA Insured) | 60 | 61 | ||
5.5% 2/15/20 (FSA Insured) | 65 | 66 | ||
Wylie Independent School District Series 2001, 0% 8/15/20 | 1,790 | 1,241 | ||
| 692,603 | |||
Utah - 0.5% | ||||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series A, 6% 7/1/16 (Escrowed to Maturity) (h) | 9,205 | 9,235 | ||
Salt Lake City Hosp. Rev. (Intermountain Health Care Hosp., Inc. Proj.) Series A, 8.125% 5/15/15 (Escrowed to Maturity) (h) | 1,915 | 2,255 | ||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) Series A: | ||||
5.25% 4/1/16 (FSA Insured) | 3,590 | 3,865 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Utah - continued | ||||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) Series A: - continued | ||||
5.25% 4/1/17 (FSA Insured) | $ 4,335 | $ 4,645 | ||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 | 9,070 | 9,707 | ||
| 29,707 | |||
Vermont - 0.3% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev.: | ||||
(Fletcher Allen Health Care, Inc. Proj.) Series 2000 A: | ||||
5.75% 12/1/18 (AMBAC Insured) | 3,100 | 3,141 | ||
6.125% 12/1/27 (AMBAC Insured) | 8,600 | 8,660 | ||
(Middlebury College Proj.) Series 2006 A, 5% 10/31/46 | 4,075 | 4,202 | ||
| 16,003 | |||
Virginia - 0.2% | ||||
King George County Indl. Dev. Auth. Solid Waste Disp. Fac. Rev. (King George Landfill, Inc. Proj.) Series 2003 A, 3.5%, tender 5/1/13 (d)(g) | 4,050 | 4,052 | ||
Peninsula Ports Auth. Hosp. Facilities Rev. (Whittaker Memorial Hosp. Proj.) 8.7% 8/1/23 | 1,370 | 1,380 | ||
Virginia Beach Dev. Auth. Hosp. Facilities Rev. (Virginia Beach Gen. Hosp. Proj.): | ||||
6% 2/15/12 (AMBAC Insured) | 2,150 | 2,295 | ||
6% 2/15/13 (AMBAC Insured) | 1,460 | 1,603 | ||
Winchester Indl. Dev. Auth. Hosp. Rev. (Valley Health Sys. Proj.) Series 2009 E, 5.625% 1/1/44 | 1,800 | 1,828 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 4.05%, tender 5/1/14 (d) | 3,700 | 3,938 | ||
| 15,096 | |||
Washington - 4.9% | ||||
Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Series 2007 A, 5% 11/1/27 | 3,500 | 3,677 | ||
Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series 1997 A, 0% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 5,493 | ||
Chelan County Pub. Util. District #1 Rev. Series 2005 A, 5.125%, tender 7/1/15 (FGIC Insured) (d)(g) | 2,430 | 2,625 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Washington - continued | ||||
Chelan County School District #246, Wenatchee Series 2002, 5.5% 12/1/19 (Pre-Refunded to 6/1/12 @ 100) (h) | $ 3,535 | $ 3,868 | ||
Clark County School District #37, Vancouver Series 2001 C, 0% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,030 | 1,462 | ||
Energy Northwest Elec. Rev. (#3 Proj.) Series 2002 B, 6% 7/1/16 (AMBAC Insured) | 20,000 | 21,916 | ||
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B: | ||||
5.25% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,590 | 1,678 | ||
5.25% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,760 | 1,828 | ||
5.25% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 2,055 | 2,104 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev.: | ||||
5.25% 12/1/25 (FSA Insured) | 2,575 | 2,788 | ||
5.25% 12/1/36 (FSA Insured) | 9,180 | 9,553 | ||
King County Gen. Oblig.: | ||||
(Pub. Trans. Proj.) Series 2004, 5.125% 6/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,750 | 4,932 | ||
(Swr. Proj.) Series 2005, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,360 | ||
King County Swr. Rev.: | ||||
Series 2002 B, 5.125% 1/1/33 (FSA Insured) | 22,390 | 22,711 | ||
Series 2008, 5.75% 1/1/43 | 22,700 | 24,637 | ||
Series 2009, 5.25% 1/1/42 | 2,600 | 2,748 | ||
Mead School District #354, Spokane County 5.375% 12/1/19 (FSA Insured) | 2,575 | 2,836 | ||
Pierce County School District #10 Tacoma Series A, 5% 12/1/18 (FSA Insured) | 4,000 | 4,445 | ||
Port of Seattle Rev. Series D: | ||||
5.75% 11/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,500 | 1,623 | ||
5.75% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 3,055 | 3,269 | ||
5.75% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 2,250 | 2,361 | ||
Snohomish County School District #4, Lake Stevens 5.125% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,875 | 2,042 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Washington - continued | ||||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev.: | ||||
5.75% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,000 | $ 2,185 | ||
5.75% 12/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,165 | ||
Thurston & Pierce Counties Cmnty. Schools 5.25% 12/1/17 (FSA Insured) | 2,000 | 2,163 | ||
Washington Gen. Oblig.: | ||||
Series 2001 C, 5.25% 1/1/26 (FSA Insured) (Pre-Refunded to 1/1/11 @ 100) (h) | 15,800 | 16,180 | ||
Series 2008 D, 5% 1/1/24 | 2,975 | 3,244 | ||
Series B, 5% 7/1/28 | 395 | 421 | ||
Series R 97A: | ||||
0% 7/1/17 | 7,045 | 5,690 | ||
0% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,100 | 6,657 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Heath Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 5,000 | 5,548 | ||
(Childrens Hosp. Reg'l. Med. Ctr. Proj.) Series 2008 C, 5.5% 10/1/35 | 10,000 | 10,519 | ||
(MultiCare Health Sys. Proj.): | ||||
Series 2007 B, 5.5% 8/15/38 (FSA Insured) | 5,885 | 6,039 | ||
Series 2010 A: | ||||
5.25% 8/15/19 | 3,850 | 4,168 | ||
5.25% 8/15/20 | 2,000 | 2,140 | ||
(Providence Health Systems Proj.): | ||||
Series 2001 A, 5.5% 10/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,455 | 5,727 | ||
Series 2006 D, 5.25% 10/1/33 | 2,000 | 2,082 | ||
(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38 | 7,550 | 7,797 | ||
5.7% 7/1/38 | 11,300 | 11,394 | ||
7% 7/1/39 | 3,000 | 3,219 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. 5.4% 7/1/12 | 56,550 | 61,736 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev. Series A, 0% 7/1/12 | 4,000 | 3,872 | ||
| 296,902 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
West Virginia - 0.1% | ||||
West Virginia Hosp. Fin. Auth. Hosp. Rev.: | ||||
(West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | $ 700 | $ 730 | ||
(West Virginia Univ. Hospitals, Inc. Proj.) Series 2003 D, 5.5% 6/1/33 (FSA Insured) | 2,600 | 2,660 | ||
| 3,390 | |||
Wisconsin - 0.4% | ||||
Badger Tobacco Asset Securitization Corp. 6.125% 6/1/27 (Pre-Refunded to 6/1/12 @ 100) (h) | 3,090 | 3,338 | ||
Douglas County Gen. Oblig. 5.5% 2/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,035 | 1,081 | ||
Wisconsin Gen. Oblig. Series 2008 D, 5.5% 5/1/26 | 1,245 | 1,403 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Children's Hosp. of Wisconsin Proj.) 5.25% 8/15/22 | 2,000 | 2,179 | ||
(Children's Hosp. Proj.) Series 2008 B, 5.375% 8/15/37 | 8,045 | 8,291 | ||
(Marshfield Clinic Proj.) Series A, 5.375% 2/15/34 | 3,250 | 3,114 | ||
(Saint John's Cmntys., Inc. Proj.) Series 2009 C2, 5.4% 9/15/14 | 2,450 | 2,453 | ||
(Wheaton Franciscan Healthcare Sys. Proj.) Series 2003 A: | ||||
5.5% 8/15/15 | 1,480 | 1,559 | ||
5.5% 8/15/16 | 1,105 | 1,151 | ||
| 24,569 | |||
Wyoming - 0.2% | ||||
Campbell County Solid Waste Facilities Rev. (Basin Elec. Pwr. Coop. - Dry Fork Station Facilities Proj.) Series 2009 A, 5.75% 7/15/39 | 5,500 | 5,917 | ||
Gillette Spl. Purp. Wtr. & Swr. Utils. Sys. Rev. 7.7% 12/1/10 (Escrowed to Maturity) (h) | 4,365 | 4,495 | ||
| 10,412 | |||
TOTAL MUNICIPAL BONDS (Cost $5,717,985) | 5,840,849 |
Municipal Notes - 0.1% | |||
|
|
|
|
Florida - 0.1% | |||
Cape Coral Wtr. & Swr. Rev. BAN Series 2009, 6% 10/1/11 | 6,500 | 6,711 | |
Money Market Funds - 0.0% | |||
Shares | Value (000s) | ||
Fidelity Municipal Cash Central Fund, 0.27% (e)(f) | 100,000 | $ 100 | |
TOTAL INVESTMENT PORTFOLIO - 97.1% (Cost $5,724,585) | 5,847,660 | ||
NET OTHER ASSETS (LIABILITIES) - 2.9% | 172,574 | ||
NET ASSETS - 100% | $ 6,020,234 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
Legend |
(a) Security 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 initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(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) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter 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. |
(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,210,000 or 0.1% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 | 9/3/92 | $ 3,017 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ - * |
* Amount represents less than $1,000. |
Other Information |
The following is a summary of the inputs used, as of June 30, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Municipal Securities | $ 5,847,560 | $ - | $ 5,847,560 | $ - |
Money Market Funds | 100 | 100 | - | - |
Total Investments in Securities: | $ 5,847,660 | $ 100 | $ 5,847,560 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 35.6% |
Health Care | 16.6% |
Water & Sewer | 10.3% |
Special Tax | 9.7% |
Transportation | 8.5% |
Electric Utilities | 7.2% |
Others * (Individually Less Than 5%) | 12.1% |
| 100.0% |
* Includes net other assets |
Income Tax Information |
At December 31, 2009, the Fund had a capital loss carryforward of approximately $8,010,000 all of which will expire on December 31, 2016. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | June 30, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $5,724,485) | $ 5,847,560 |
|
Fidelity Central Funds (cost $100) | 100 |
|
Total Investments (cost $5,724,585) |
| $ 5,847,660 |
Cash | 120,112 | |
Receivable for investments sold | 5,479 | |
Receivable for fund shares sold | 3,002 | |
Interest receivable | 77,611 | |
Other receivables | 40 | |
Total assets | 6,053,904 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 2,527 | |
Delayed delivery | 15,984 | |
Payable for fund shares redeemed | 3,994 | |
Distributions payable | 7,486 | |
Accrued management fee | 1,832 | |
Other affiliated payables | 1,772 | |
Other payables and accrued expenses | 75 | |
Total liabilities | 33,670 | |
|
|
|
Net Assets | $ 6,020,234 | |
Net Assets consist of: |
| |
Paid in capital | $ 5,903,161 | |
Undistributed net investment income | 2,355 | |
Accumulated undistributed net realized gain (loss) on investments | (8,357) | |
Net unrealized appreciation (depreciation) on investments | 123,075 | |
Net Assets, for 476,463 shares outstanding | $ 6,020,234 | |
Net Asset Value, offering price and redemption price per share ($6,020,234 ÷ 476,463 shares) | $ 12.64 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Amounts in thousands | Six months ended June 30, 2010 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 133,852 |
|
|
|
Expenses | ||
Management fee | $ 10,697 | |
Transfer agent fees | 2,289 | |
Accounting fees and expenses | 347 | |
Custodian fees and expenses | 42 | |
Independent trustees' compensation | 11 | |
Registration fees | 100 | |
Audit | 34 | |
Legal | 8 | |
Miscellaneous | 40 | |
Total expenses before reductions | 13,568 | |
Expense reductions | (38) | 13,530 |
Net investment income | 120,322 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,594 | |
Change in net unrealized appreciation (depreciation) on investment securities | 80,680 | |
Net gain (loss) | 82,274 | |
Net increase (decrease) in net assets resulting from operations | $ 202,596 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2010 (Unaudited) | Year ended December 31, 2009 |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 120,322 | $ 220,045 |
Net realized gain (loss) | 1,594 | 3,288 |
Change in net unrealized appreciation (depreciation) | 80,680 | 397,561 |
Net increase (decrease) in net assets resulting | 202,596 | 620,894 |
Distributions to shareholders from net investment income | (120,189) | (219,779) |
Distributions to shareholders from net realized gain | - | (181) |
Total distributions | (120,189) | (219,960) |
Share transactions | 692,067 | 1,554,587 |
Reinvestment of distributions | 75,279 | 142,765 |
Cost of shares redeemed | (470,307) | (1,002,201) |
Net increase (decrease) in net assets resulting from share transactions | 297,039 | 695,151 |
Redemption fees | 28 | 141 |
Total increase (decrease) in net assets | 379,474 | 1,096,226 |
|
|
|
Net Assets | ||
Beginning of period | 5,640,760 | 4,544,534 |
End of period (including undistributed net investment income of $2,355 and undistributed net investment income of $2,222, respectively) | $ 6,020,234 | $ 5,640,760 |
Other Information Shares | ||
Sold | 55,078 | 127,750 |
Issued in reinvestment of distributions | 5,984 | 11,712 |
Redeemed | (37,435) | (82,148) |
Net increase (decrease) | 23,627 | 57,314 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.46 | $ 11.49 | $ 12.58 | $ 12.77 | $ 12.82 | $ 13.09 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .259 | .517 | .515 | .514 | .529 | .549 |
Net realized and unrealized gain (loss) | .180 | .970 | (1.081) | (.125) | .068 | (.080) |
Total from investment operations | .439 | 1.487 | (.566) | .389 | .597 | .469 |
Distributions from net investment income | (.259) | (.517) | (.513) | (.514) | (.527) | (.547) |
Distributions from net realized gain | - | - I | (.011) | (.065) | (.120) | (.192) |
Total distributions | (.259) | (.517) | (.524) | (.579) | (.647) | (.739) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 12.64 | $ 12.46 | $ 11.49 | $ 12.58 | $ 12.77 | $ 12.82 |
Total Return B, C | 3.55% | 13.14% | (4.61)% | 3.13% | 4.78% | 3.66% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .47% A | .48% | .47% | .47% | .47% | .47% |
Expenses net of fee waivers, if any | .47% A | .48% | .47% | .47% | .47% | .47% |
Expenses net of all reductions | .47% A | .48% | .46% | .44% | .45% | .45% |
Net investment income | 4.15% A | 4.25% | 4.23% | 4.08% | 4.15% | 4.22% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 6,020 | $ 5,641 | $ 4,545 | $ 5,141 | $ 4,686 | $ 4,676 |
Portfolio turnover rate F | 10% A | 10% | 15% | 22% H | 25% | 25% |
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 Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
H The portfolio turnover rate does not include the assets acquired in the merger.
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, 2010 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity 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.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2010, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared 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 GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards, losses deferred due to wash sales, futures transactions and excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 192,514 |
Gross unrealized depreciation | (67,723) |
Net unrealized appreciation (depreciation) | $ 124,791 |
Tax cost | $ 5,722,869 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
4. 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's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $468,940 and $274,028, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. 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 .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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 .37% 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-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer, dividend disbursing and shareholder servicing agent functions. The Fund pays account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .08% of average net assets.
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $11 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. 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 $34 and $4, respectively.
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
17550 North 75th Avenue
Glendale, AZ
5330 E. Broadway Blvd
Tucson, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco,��CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
2211 Michelson Drive
Irvine, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
1261 Post Road
Fairfield, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
1400 Glades Road
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3242 Peachtree Road
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
1823 Freedom Drive
Naperville, IL
Indiana
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 N. Old Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
3480 28th Street
Grand Rapids, MI
2425 S. Linden Road STE E
Flint, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
3349 Monroe Avenue
Rochester, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
1576 East Southlake Blvd.
Southlake, TX
15600 Southwest Freeway
Sugar Land, TX
139 N. Loop 1604 East
San Antonio, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
11957 Democracy Drive
Reston, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
304 Strander Blvd
Tukwila, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone(FAST®)
1-800-544-5555
Automated line for quickest service
HIY-USAN-0810 1.787785.107
Fidelity®
Ohio Municipal Income Fund
and
Fidelity
Ohio Municipal Money Market
Fund
Semiannual Report
June 30, 2010
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders | |
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity 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, as well as financial highlights. | |
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, as well as financial highlights. | |
Notes | Notes to the Financial Statements |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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 LLC or an affiliated company.
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.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
A yearlong uptrend in global equity markets came under significant pressure in May 2010 when investor sentiment turned bearish amid growing concern that Europe's debt crisis would expand and slow or derail economic recovery. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 to June 30, 2010).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Fidelity Ohio Municipal Income Fund | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,026.30 | $ 2.46 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.36 | $ 2.46 |
Fidelity Ohio Municipal Money Market Fund | .37% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.00 | $ 1.83** |
HypotheticalA |
| $ 1,000.00 | $ 1,022.96 | $ 1.86** |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio for the Fidelity Ohio Municipal Money Market Fund would have been .53% and the expenses paid in the actual and hypothetical examples above would have been $2.63 and $2.66, respectively.
Semiannual Report
Fidelity Ohio Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
General Obligations | 37.2 | 38.0 |
Health Care | 15.2 | 14.5 |
Education | 14.0 | 13.9 |
Water & Sewer | 12.4 | 10.6 |
Special Tax | 4.4 | 4.3 |
Weighted Average Maturity as of June 30, 2010 | ||
|
| 6 months ago |
Years | 6.8 | 7.2 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of June 30, 2010 | ||
|
| 6 months ago |
Years | 7.5 | 7.6 |
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, 2010 | As of December 31, 2009 | ||||||
![]() | AAA 10.8% |
| ![]() | AAA 7.3% |
| ||
![]() | AA,A 74.6% |
| ![]() | AA,A 76.5% |
| ||
![]() | BBB 6.5% |
| ![]() | BBB 8.1% |
| ||
![]() | BB and Below 0.0% |
| ![]() | BB and Below 0.0% |
| ||
![]() | Not Rated 4.7% |
| ![]() | Not Rated 4.1% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Service, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Fidelity Ohio Municipal Income Fund
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 96.5% | ||||
| Principal Amount | Value | ||
Guam - 0.3% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/23 | $ 1,600,000 | $ 1,590,688 | ||
Ohio - 93.0% | ||||
Adams County Valley Local School District (Adams & Highland County Proj.) Series 1995, 5.25% 12/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,005,420 | ||
Akron Bath Copley Hosp. District Rev. (Akron Gen. Health Systems Proj.) Series A: | ||||
5% 1/1/14 | 1,500,000 | 1,585,350 | ||
5% 1/1/15 | 1,275,000 | 1,345,087 | ||
Akron City Non-tax Rev. Econ. Dev. Series 1997, 6% 12/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250,000 | 1,331,763 | ||
Akron Ctfs. of Prtn. Series 2005, 5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,475,000 | 1,640,525 | ||
Akron Wtrwks. Rev. Series 2002, 5.25% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,630,000 | 1,648,957 | ||
Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2010 B, 5.25% 9/1/27 | 5,000,000 | 5,146,400 | ||
American Muni. Pwr. Electricity Purchase Rev. Series A, 5% 2/1/11 | 1,400,000 | 1,433,404 | ||
American Muni. Pwr.-Ohio, Inc. Rev. (Prairie State Energy Campus Proj.): | ||||
Series 2008 A, 5% 2/15/38 | 4,075,000 | 4,100,428 | ||
Series 2009 A, 5.75% 2/15/39 (Assured Guaranty Corp. Insured) | 3,000,000 | 3,262,800 | ||
Avon Gen. Oblig. Series 2009 B: | ||||
5% 12/1/36 | 1,040,000 | 1,084,876 | ||
5% 12/1/37 | 1,095,000 | 1,142,249 | ||
Beavercreek City School District Series 2009, 5% 12/1/36 | 2,250,000 | 2,384,190 | ||
Bowling Green City School District 5% 12/1/34 (FSA Insured) | 2,000,000 | 2,087,620 | ||
Buckeye Tobacco Settlement Fing. Auth. Series A-2, 6.5% 6/1/47 | 9,800,000 | 7,706,720 | ||
Buckeye Valley Local School District Delaware County Series A, 6.85% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,665,000 | 1,907,724 | ||
Bucyrus City School District 5% 12/1/30 (FSA Insured) | 5,120,000 | 5,347,686 | ||
Butler County Sales Tax (Govt. Svcs. Ctr. Proj.) Series A, 5% 12/15/16 (AMBAC Insured) | 2,455,000 | 2,715,746 | ||
Butler County Trans. Impt. District Series 2007, 5% 12/1/18 (XL Cap. Assurance, Inc. Insured) | 1,015,000 | 1,143,093 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Canal Winchester Local School District Series B, 5% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,030,000 | $ 1,106,704 | ||
Chagrin Falls Exempted Village School District Series 2005, 5.25% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,915,000 | 2,100,525 | ||
Cincinnati City School District: | ||||
5.25% 6/1/16 (Pre-Refunded to 12/1/12 @ 100) (c) | 1,500,000 | 1,664,235 | ||
5.25% 12/1/18 (FGIC Insured) | 3,000,000 | 3,481,050 | ||
Cincinnati City School District Ctfs. of Prtn. (School Impt. Proj.) 5% 12/15/28 (FSA Insured) | 1,000,000 | 1,048,740 | ||
Cincinnati Gen. Oblig. Series 2009 A: | ||||
4.5% 12/1/29 | 500,000 | 507,315 | ||
5% 12/1/20 | 1,240,000 | 1,406,544 | ||
Cincinnati Wtr. Sys. Rev. Series B, 5% 12/1/32 | 6,500,000 | 6,853,015 | ||
Cleveland Arpt. Sys. Rev. Series 2000 C, 5% 1/1/20 (FSA Insured) | 3,500,000 | 3,720,815 | ||
Cleveland Gen. Oblig. Series C: | ||||
5.25% 11/15/20 (FGIC Insured) | 1,100,000 | 1,272,216 | ||
5.25% 11/15/21 (FGIC Insured) | 1,145,000 | 1,323,277 | ||
5.25% 11/15/22 (FGIC Insured) | 1,210,000 | 1,395,917 | ||
5.25% 11/15/23 (FGIC Insured) | 1,885,000 | 2,167,034 | ||
Cleveland Muni. School District: | ||||
5.25% 12/1/17 (FSA Insured) | 2,215,000 | 2,424,561 | ||
5.25% 12/1/19 (FSA Insured) | 1,045,000 | 1,128,161 | ||
5.25% 12/1/23 (FSA Insured) | 1,000,000 | 1,061,040 | ||
Cleveland Parking Facilities Rev. 5.25% 9/15/17 (FSA Insured) | 4,480,000 | 4,879,302 | ||
Cleveland Pub. Pwr. Sys. Rev. Series A, 0% 11/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,395,000 | 2,336,155 | ||
Cleveland State Univ. Gen. Receipts: | ||||
Series 2003 A, 5% 6/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,490,000 | 2,611,811 | ||
Series 2004, 5% 6/1/34 (FGIC Insured) | 5,000,000 | 5,056,250 | ||
Cleveland Wtrwks. Rev.: | ||||
(First Mtg. Prog.): | ||||
Series G, 5.5% 1/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,680,000 | 1,753,802 | ||
Series H, 5.75% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 45,000 | 45,141 | ||
Series 2007 O, 5% 1/1/37 | 3,200,000 | 3,298,208 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Columbus City School District: | ||||
(School Facilities Construction and Impt. Proj.): | ||||
Series 2009 B: | ||||
5% 12/1/28 | $ 3,105,000 | $ 3,341,197 | ||
5% 12/1/29 | 1,000,000 | 1,072,830 | ||
5% 12/1/18 (FSA Insured) | 5,000,000 | 5,637,450 | ||
Series 2009 B, 5% 12/1/26 | 1,805,000 | 1,961,457 | ||
Cuyahoga Cmnty. College District Gen. Oblig. Series 2009 C: | ||||
5% 8/1/25 | 1,140,000 | 1,221,442 | ||
5% 8/1/27 | 1,200,000 | 1,269,156 | ||
Cuyahoga County Gen. Oblig. Series A: | ||||
0% 10/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,400,000 | 2,357,808 | ||
0% 10/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,405,000 | 1,357,623 | ||
Cuyahoga County Rev. (Cleveland Clinic Health Sys. Obligated Group Prog.) Series 2003 A, 5.5% 1/1/13 | 1,070,000 | 1,179,033 | ||
Dayton School District (School Facility Construction & Impt. Proj.) Series 2003 A, 5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,975,000 | 5,034,999 | ||
Dublin City School District 5% 12/1/21 | 1,200,000 | 1,356,120 | ||
Erie County Gen. Oblig. 5.5% 12/1/18 (FSA Insured) | 1,265,000 | 1,391,880 | ||
Fairfield City School District 7.45% 12/1/14 (FGIC Insured) | 1,000,000 | 1,137,940 | ||
Fairless Local School District 5% 12/1/32 (FSA Insured) | 3,300,000 | 3,411,672 | ||
Fairview Park City School District 5% 12/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,350,000 | 4,421,601 | ||
Fairview Park Gen. Oblig. 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,955,000 | 6,116,261 | ||
Franklin County Convention Facilities Auth. Tax & Lease Rev. 5.25% 12/1/19 (AMBAC Insured) | 4,000,000 | 4,284,880 | ||
Franklin County Hosp. Rev. (Nationwide Children's Hosp. Proj.): | ||||
Series 2009, 5.25% 11/1/40 | 5,000,000 | 5,174,700 | ||
Series A: | ||||
5% 11/1/15 | 260,000 | 289,437 | ||
5% 11/1/16 | 265,000 | 295,615 | ||
Franklin County Rev. (OCLC Online Computer Library Ctr., Inc. Proj.) 5% 4/15/12 | 1,845,000 | 1,948,966 | ||
Gallia County Hosp. Facilities Rev. (Holzer Med. Ctr. Proj.) 5.125% 10/1/13 (AMBAC Insured) | 3,000,000 | 3,008,250 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Gallia County Local School District (School Impt. Proj.) 5% 12/1/33 (FSA Insured) | $ 3,000,000 | $ 3,098,850 | ||
Hamilton City School District 5% 12/1/34 | 2,000,000 | 2,081,560 | ||
Hamilton County Convention Facilities Auth. Rev.: | ||||
5% 12/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,985,000 | 2,105,331 | ||
5% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,075,000 | 1,157,291 | ||
5% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,190,000 | 2,295,755 | ||
5% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,130,000 | 1,206,603 | ||
Hamilton County Econ. Dev. Rev. (King Highland Cmnty. Urban Redev. Corp. Proj.) Series A, 5% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,070,000 | 1,169,810 | ||
Hamilton County Hosp. Facilities Rev. (Childrens Hosp. Med. Ctr. Proj.) Series 2004 J: | ||||
5.25% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,835,000 | 1,971,818 | ||
5.25% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,585,000 | 2,705,926 | ||
5.25% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,720,000 | 2,827,494 | ||
Hamilton County Sales Tax Rev. Series B, 5.25% 12/1/32 (AMBAC Insured) | 960,000 | 963,446 | ||
Hamilton County Swr. Sys. Rev.: | ||||
(Metropolitan Swr. District Proj.) Series 2005 B, 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000,000 | 4,170,760 | ||
Series 06A, 5% 12/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,050,000 | 2,303,688 | ||
Hamilton Wtrwks. Rev. 5% 10/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,084,110 | ||
Hilliard Gen. Oblig. 5% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,089,150 | ||
Huber Heights City School District Unltd. Tax School Impt. Gen. Oblig. Series 2009, 5% 12/1/36 | 1,500,000 | 1,546,470 | ||
Huber Heights Wtr. Sys. Rev. 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,285,000 | 2,365,752 | ||
Kent City School District Series 2004, 5% 12/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,400,000 | 1,496,740 | ||
Kent State Univ. Revs. Series 2009 B: | ||||
5% 5/1/26 (Assured Guaranty Corp. Insured) | 4,100,000 | 4,383,064 | ||
5% 5/1/28 (Assured Guaranty Corp. Insured) | 5,000,000 | 5,288,200 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Kent State Univ. Revs. Series 2009 B: - continued | ||||
5% 5/1/29 (Assured Guaranty Corp. Insured) | $ 1,000,000 | $ 1,052,370 | ||
5% 5/1/30 (Assured Guaranty Corp. Insured) | 1,115,000 | 1,167,550 | ||
Kings Local School District 5% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,365,000 | 1,486,690 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C: | ||||
5% 8/15/14 | 2,055,000 | 2,127,336 | ||
5% 8/15/15 | 1,160,000 | 1,196,296 | ||
5% 8/15/16 | 1,260,000 | 1,289,207 | ||
5% 8/15/17 | 1,000,000 | 1,023,360 | ||
Lakewood City School District: | ||||
0% 12/1/15 (FSA Insured) | 1,500,000 | 1,292,835 | ||
0% 12/1/16 (FSA Insured) | 1,200,000 | 986,088 | ||
Lakewood Hosp. Impt. Rev. (Lakewood Hosp. Assoc. Proj.): | ||||
5.5% 2/15/11 | 2,075,000 | 2,113,180 | ||
5.5% 2/15/12 | 150,000 | 156,684 | ||
Licking Heights Local School District (Facilities Construction & Impt. Proj.) Series A, 5% 12/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,745,000 | 3,834,693 | ||
Lorain County Gen. Oblig. (Justice Ctr. Proj.) Series 2002, 5.5% 12/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,985,000 | 3,153,115 | ||
Lucas County Hosp. Rev. (Promedia Health Care Oblig. Group Proj.): | ||||
5% 11/15/13 (AMBAC Insured) | 1,135,000 | 1,213,712 | ||
5% 11/15/38 | 1,115,000 | 1,136,297 | ||
5.375% 11/15/23 (AMBAC Insured) | 5,250,000 | 5,300,610 | ||
5.625% 11/15/12 (AMBAC Insured) | 2,000,000 | 2,025,100 | ||
5.625% 11/15/13 (AMBAC Insured) | 1,200,000 | 1,215,072 | ||
Lucas-Plaza Hsg. Dev. Corp. Mtg. Rev. (The Plaza Section 8 Assisted Proj.) Series 1991 A, 0% 6/1/24 (Escrowed to Maturity) (c) | 9,000,000 | 5,105,160 | ||
Marysville Village School District 5% 12/1/29 (FSA Insured) | 4,000,000 | 4,166,840 | ||
Marysville Wastewtr. Treatment Sys. Rev.: | ||||
4% 12/1/20 (XL Cap. Assurance, Inc. Insured) | 115,000 | 115,804 | ||
4.125% 12/1/21 (XL Cap. Assurance, Inc. Insured) | 85,000 | 85,293 | ||
4.15% 12/1/22 (XL Cap. Assurance, Inc. Insured) | 75,000 | 74,710 | ||
Miamisburg City School District: | ||||
Series 2009, 5% 12/1/23 (Assured Guaranty Corp. Insured) | 1,405,000 | 1,530,537 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Miamisburg City School District: - continued | ||||
5% 12/1/33 | $ 1,340,000 | $ 1,409,372 | ||
Milford Exempt Village School District 5.25% 12/1/33 | 5,000,000 | 5,224,150 | ||
Montgomery County Gen. Oblig. 5.5% 12/1/25 | 2,235,000 | 2,276,526 | ||
Montgomery County Rev.: | ||||
(Catholic Health Initiatives Proj.): | ||||
Series 2008 C2, 4.1%, tender 11/10/11 (a) | 1,950,000 | 2,037,204 | ||
Series 2008 D, 6.25% 10/1/33 | 2,500,000 | 2,763,700 | ||
Series A, 6% 12/1/19 | 1,470,000 | 1,487,287 | ||
Series C1, 5% 10/1/41 (FSA Insured) | 5,000,000 | 4,960,550 | ||
Series D, 5.25%, tender 11/12/13 (a) | 2,000,000 | 2,215,720 | ||
(Miami Valley Hosp. Proj.) Series 2009 A, 6% 11/15/28 | 2,000,000 | 2,105,280 | ||
Series A, 6.25% 11/15/39 | 2,250,000 | 2,360,543 | ||
Montgomery County Wtr. Sys. Rev. Series 2002, 5.375% 11/15/16 (AMBAC Insured) | 2,200,000 | 2,282,390 | ||
North Olmsted Gen. Oblig. Series D, 5.25% 12/1/20 (AMBAC Insured) | 2,075,000 | 2,320,722 | ||
Oak Hills Local School District Facilities Construction and Impt. Series B, 6.9% 12/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500,000 | 568,705 | ||
Ohio Air Quality Dev. Auth. Rev. (FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 C, 7.25%, tender 11/1/12 (a)(b) | 2,000,000 | 2,206,480 | ||
Ohio Bldg. Auth.: | ||||
(Adult Correctional Bldg. Fund Proj.) Series 2009 B, 5% 10/1/24 | 1,790,000 | 1,935,599 | ||
(Juvenile Correctional Bldg. Fund Proj.) 5% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 4/1/13 @ 100) (c) | 2,485,000 | 2,769,756 | ||
Ohio Gen. Oblig.: | ||||
(College Savings Prog.) 0% 8/1/14 | 1,375,000 | 1,240,786 | ||
(Common Schools Proj.) Series 2006 D, 5% 9/15/21 | 500,000 | 548,925 | ||
(Higher Ed. Cap. Facilities Proj.): | ||||
Series 2002 B, 5.25% 11/1/20 | 7,020,000 | 7,577,599 | ||
Series 2005 B, 5% 5/1/16 | 1,000,000 | 1,151,540 | ||
(Infrastructure Impt. Proj.): | ||||
Series A, 5% 3/1/26 | 1,850,000 | 1,965,755 | ||
Series D, 5% 3/1/24 | 3,415,000 | 3,605,864 | ||
Series 2006 D, 5% 9/15/20 | 5,000,000 | 5,513,950 | ||
Series 2008 A: | ||||
5.375% 9/1/23 | 1,165,000 | 1,309,658 | ||
5.375% 9/1/28 | 7,210,000 | 7,932,435 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Ohio Gen. Oblig.: - continued | ||||
Series A, 5.5% 9/15/16 (Pre-Refunded to 3/15/12 @ 100) (c) | $ 6,060,000 | $ 6,575,100 | ||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Case Western Reserve Univ. Proj.): | ||||
Series 1990 B, 6.5% 10/1/20 | 2,335,000 | 2,829,576 | ||
Series 1994: | ||||
6.125% 10/1/15 | 2,000,000 | 2,352,580 | ||
6.25% 10/1/16 | 2,500,000 | 2,980,800 | ||
(Cleveland Clinic Foundation Proj.) Series 2008 A: | ||||
5.25% 1/1/33 | 1,635,000 | 1,691,195 | ||
5.5% 1/1/43 | 2,000,000 | 2,080,780 | ||
(John Carroll Univ. Proj.) 5% 4/1/17 | 1,000,000 | 1,098,000 | ||
(Kenyon College Proj.) Series 2010, 5.25% 7/1/44 | 2,750,000 | 2,814,378 | ||
(Univ. Hosp. Health Sys. Proj.): | ||||
Series 2007 A, 5.25% 1/15/46 | 4,000,000 | 4,004,320 | ||
Series 2010 A, 5.25% 1/15/23 | 2,500,000 | 2,616,300 | ||
(Univ. of Dayton Proj.): | ||||
Series 2004, 5% 12/1/17 (AMBAC Insured) | 2,170,000 | 2,327,303 | ||
Series 2009, 5.5% 12/1/36 | 5,000,000 | 5,246,500 | ||
Ohio Hosp. Facilities Rev. (Cleveland Clinic Proj.) Series 2009 A, 5.5% 1/1/39 | 7,000,000 | 7,378,140 | ||
Ohio Muni. Elec. Gen. Agcy. (Belleville Hydroelectric Proj.) 5% 2/15/17 (AMBAC Insured) | 1,215,000 | 1,301,775 | ||
Ohio Solid Waste Disp. Rev. (Cargill, Inc. Proj.) 4.95% 9/1/20 (b) | 3,000,000 | 3,022,950 | ||
Ohio State Univ. Gen. Receipts: | ||||
Series 2002 A, 5.125% 12/1/31 | 5,000,000 | 5,148,250 | ||
Series 2003 B, 5.25% 6/1/16 (Pre-Refunded to 6/1/13 @ 100) (c) | 4,085,000 | 4,600,486 | ||
Series 2008 A, 5% 12/1/26 | 2,225,000 | 2,412,123 | ||
Series B, 5.25% 6/1/16 | 915,000 | 1,012,649 | ||
Ohio Tpk. Commission Tpk. Rev.: | ||||
Series 1998 A, 5.5% 2/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,485,880 | ||
Series 2001 A, 5.5% 2/15/26 | 1,600,000 | 1,619,712 | ||
Ohio Univ. Gen. Receipts Athens: | ||||
Series 2004, 5% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,980,000 | 2,108,225 | ||
Series A, 5% 12/1/33 (FSA Insured) | 1,190,000 | 1,237,981 | ||
Series B, 5% 12/1/31 (FSA Insured) | 3,540,000 | 3,699,442 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (a) | $ 1,000,000 | $ 1,111,550 | ||
Ohio Wtr. Dev. Auth. Rev.: | ||||
(Drinking Wtr. Fund Prog.) Series 2005: | ||||
5.25% 6/1/18 | 2,610,000 | 3,095,016 | ||
5.25% 12/1/18 | 2,610,000 | 3,111,616 | ||
(Fresh Wtr. Impt. Proj.): | ||||
Series 2009 B, 5% 12/1/24 | 1,025,000 | 1,186,397 | ||
Series B, 5.5% 6/1/16 (FSA Insured) | 1,560,000 | 1,848,226 | ||
5.5% 6/1/17 | 4,710,000 | 5,626,990 | ||
(Fresh Wtr. Proj.) Series 2009 B, 5% 12/1/25 | 1,950,000 | 2,248,038 | ||
(Pure Wtr. Proj.) Series I, 6% 12/1/16 (Escrowed to Maturity) (c) | 1,530,000 | 1,709,347 | ||
5% 12/1/17 | 3,765,000 | 4,146,733 | ||
5.25% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250,000 | 1,415,338 | ||
5.25% 12/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,260,000 | 1,441,465 | ||
5.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,180,000 | 1,359,761 | ||
5.25% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,160,000 | 1,339,591 | ||
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev.: | ||||
(Wtr. Quality Proj.): | ||||
Series 2010 A: | ||||
5% 12/1/29 | 2,000,000 | 2,171,720 | ||
5% 6/1/30 | 1,000,000 | 1,080,130 | ||
Series 2010, 5% 12/1/22 | 3,000,000 | 3,411,900 | ||
Series 2005 B, 0% 12/1/14 | 1,500,000 | 1,353,375 | ||
5% 6/1/18 | 2,000,000 | 2,195,720 | ||
5.25% 12/1/19 | 1,975,000 | 2,368,914 | ||
Olentangy Local School District: | ||||
5% 12/1/30 (FSA Insured) | 4,025,000 | 4,213,048 | ||
5% 12/1/36 | 2,700,000 | 2,819,880 | ||
Orrville City School District 5.25% 12/1/35 (AMBAC Insured) | 1,000,000 | 1,043,530 | ||
Penta Career Ctr. Ctfs. of Prtn.: | ||||
(Ohio School Facilities Proj.) 5.25% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,755,000 | 1,881,290 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Penta Career Ctr. Ctfs. of Prtn.: - continued | ||||
(Wood, Lucas, Sandusky, Fulton, Ottawa, Henry and Hancock Counties, Ohio School Facilities Proj.) 5.25% 4/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,940,000 | $ 2,057,816 | ||
Plain Local School District 6% 12/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 990,000 | 1,021,700 | ||
Reynoldsburg City School District (School Facilities Construction & Impt. Proj.): | ||||
0% 12/1/16 | 1,250,000 | 1,013,663 | ||
0% 12/1/17 | 1,250,000 | 966,150 | ||
5% 12/1/32 | 1,500,000 | 1,582,005 | ||
Richland County Hosp. Facilities (MedCentral Health Sys. Proj.) Series B: | ||||
6.375% 11/15/22 | 500,000 | 507,595 | ||
6.375% 11/15/30 | 330,000 | 334,406 | ||
RiverSouth Auth. Rev. Series 2005 A, 5.25% 12/1/15 | 1,000,000 | 1,165,080 | ||
Rocky River Gen. Oblig. 5% 12/1/19 (AMBAC Insured) | 2,125,000 | 2,278,149 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 2,600,000 | 2,623,972 | ||
Scioto County Marine Term. Facilities Rev. (Norfolk Southern Corp. Proj.) 5.3% 8/15/13 | 3,000,000 | 3,004,230 | ||
Sharonville Gen. Oblig. 5.25% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,410,000 | 1,526,128 | ||
Springboro Cmnty. City School District 5.25% 12/1/20 (FSA Insured) | 2,780,000 | 3,190,606 | ||
St. Marys City School District: | ||||
5% 12/1/27 (FSA Insured) | 470,000 | 490,548 | ||
5% 12/1/35 (FSA Insured) | 2,500,000 | 2,532,450 | ||
Strongsville Gen. Oblig. (Street Impt. Proj.) Series 2009, 5% 12/1/27 | 1,680,000 | 1,833,922 | ||
Summit County Gen. Oblig.: | ||||
5.25% 12/1/20 | 1,645,000 | 1,792,211 | ||
5.25% 12/1/21 | 1,740,000 | 1,890,371 | ||
Sylvania City School District Series 2009, 5.25% 12/1/36 (Assured Guaranty Corp. Insured) | 7,055,000 | 7,391,241 | ||
Tallmadge School District Gen. Oblig. 5% 12/1/31 (FSA Insured) | 4,000,000 | 4,163,680 | ||
Toledo City School District (School Facilities Impt. Proj.) Series 2009, 5.375% 12/1/35 | 1,000,000 | 1,062,770 | ||
Toledo Wtrwks. Rev.: | ||||
5% 11/15/16 (AMBAC Insured) | 1,110,000 | 1,165,511 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Toledo Wtrwks. Rev.: - continued | ||||
5% 11/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,500,000 | $ 3,594,045 | ||
Univ. of Akron Gen. Receipts: | ||||
Series A, 5.25% 1/1/30 (FSA Insured) | 3,000,000 | 3,141,630 | ||
Series B, 5% 1/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,405,000 | 1,427,873 | ||
Univ. of Cincinnati Ctfs. of Prtn.: | ||||
5.5% 6/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,045,000 | 1,064,918 | ||
5.5% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,315,000 | 1,339,196 | ||
5.5% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,013,900 | ||
Univ. of Cincinnati Gen. Receipts: | ||||
Series 2004 A: | ||||
5% 6/1/18 (AMBAC Insured) | 1,445,000 | 1,541,858 | ||
5% 6/1/19 (AMBAC Insured) | 1,520,000 | 1,609,847 | ||
Series 2008 C: | ||||
5% 6/1/22 (FSA Insured) | 1,000,000 | 1,092,640 | ||
5% 6/1/23 (FSA Insured) | 2,000,000 | 2,161,020 | ||
5% 6/1/24 (FSA Insured) | 2,000,000 | 2,145,500 | ||
Vandalia-Butler City School District Series 2010, 5% 12/1/38 | 2,170,000 | 2,277,068 | ||
Warren County Gen. Oblig.: | ||||
6.1% 12/1/12 | 245,000 | 262,397 | ||
6.65% 12/1/11 | 115,000 | 120,785 | ||
West Muskingum Local School District School Facilities Construction and Impt. 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,060,000 | 1,047,927 | ||
Wright State Univ. Gen. Receipts: | ||||
5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,375,000 | 1,471,951 | ||
5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,440,000 | 1,534,032 | ||
5% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,515,000 | 1,602,734 | ||
| 514,730,571 | |||
Puerto Rico - 2.0% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series 1996 Z, 6.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,129,210 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.: | ||||
Series KK, 5.5% 7/1/15 | 1,800,000 | 2,039,922 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Puerto Rico - continued | ||||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.: - continued | ||||
Series QQ, 5.5% 7/1/17 (XL Cap. Assurance, Inc. Insured) | $ 1,300,000 | $ 1,445,431 | ||
Puerto Rico Pub. Bldg. Auth. Rev.: | ||||
Series G, 5.25% 7/1/13 | 1,000,000 | 1,044,250 | ||
Series M2, 5.75%, tender 7/1/17 (a) | 1,000,000 | 1,070,500 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A: | ||||
0% 8/1/41 (FGIC Insured) | 9,300,000 | 1,243,782 | ||
0% 8/1/45 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100,000 | 115,544 | ||
0% 8/1/47 (AMBAC Insured) | 1,000,000 | 89,430 | ||
Series 2009 A, 6% 8/1/42 | 1,000,000 | 1,061,680 | ||
Series 2010 C, 6% 8/1/39 | 1,800,000 | 1,917,504 | ||
| 11,157,253 | |||
Virgin Islands - 1.2% | ||||
Virgin Islands Pub. Fin. Auth.: | ||||
(Cruzan Proj.) Series 2009 A, 6% 10/1/39 | 1,000,000 | 1,049,760 | ||
Series 2009 A, 6.75% 10/1/37 | 1,000,000 | 1,090,980 | ||
Series 2009 B, 5% 10/1/25 | 1,000,000 | 1,008,020 | ||
Virgin Islands Pub. Fin. Auth. Refinery Facilities Rev. Series 2007, 4.7% 7/1/22 (b) | 1,600,000 | 1,467,616 | ||
Virgin Islands Wtr. & Pwr. Auth. Elec. Sys. Rev. Series A, 5% 7/1/22 | 2,000,000 | 2,067,840 | ||
| 6,684,216 |
TOTAL INVESTMENT PORTFOLIO - 96.5% (Cost $517,688,372) | 534,162,728 | ||
NET OTHER ASSETS (LIABILITIES) - 3.5% | 19,145,458 | ||
NET ASSETS - 100% | $ 553,308,186 |
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 |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 37.2% |
Health Care | 15.2% |
Education | 14.0% |
Water & Sewer | 12.4% |
Others* (Individually Less Than 5%) | 21.2% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $517,688,372) |
| $ 534,162,728 |
Cash | 20,971,072 | |
Receivable for fund shares sold | 156,628 | |
Interest receivable | 4,435,357 | |
Other receivables | 6,850 | |
Total assets | 559,732,635 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 5,344,689 | |
Payable for fund shares redeemed | 105,267 | |
Distributions payable | 590,643 | |
Accrued management fee | 168,656 | |
Other affiliated payables | 189,638 | |
Other payables and accrued expenses | 25,556 | |
Total liabilities | 6,424,449 | |
|
|
|
Net Assets | $ 553,308,186 | |
Net Assets consist of: |
| |
Paid in capital | $ 536,888,613 | |
Undistributed net investment income | 12,183 | |
Accumulated undistributed net realized gain (loss) on investments | (66,966) | |
Net unrealized appreciation (depreciation) on investments | 16,474,356 | |
Net Assets, for 47,373,870 shares outstanding | $ 553,308,186 | |
Net Asset Value, offering price and redemption price per share ($553,308,186 ÷ 47,373,870 shares) | $ 11.68 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 11,647,742 |
|
|
|
Expenses | ||
Management fee | $ 990,089 | |
Transfer agent fees | 214,912 | |
Accounting fees and expenses | 67,936 | |
Custodian fees and expenses | 3,716 | |
Independent trustees' compensation | 960 | |
Registration fees | 16,897 | |
Audit | 22,470 | |
Legal | 767 | |
Miscellaneous | 3,667 | |
Total expenses before reductions | 1,321,414 | |
Expense reductions | (7,521) | 1,313,893 |
Net investment income | 10,333,849 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 69,496 |
Change in net unrealized appreciation (depreciation) on investment securities | 3,711,572 | |
Net gain (loss) | 3,781,068 | |
Net increase (decrease) in net assets resulting from operations | $ 14,114,917 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended June 30, 2010 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 10,333,849 | $ 19,066,165 |
Net realized gain (loss) | 69,496 | 537,075 |
Change in net unrealized appreciation (depreciation) | 3,711,572 | 29,120,688 |
Net increase (decrease) in net assets resulting | 14,114,917 | 48,723,928 |
Distributions to shareholders from net investment income | (10,334,081) | (19,059,945) |
Distributions to shareholders from net realized gain | - | (315,347) |
Total distributions | (10,334,081) | (19,375,292) |
Share transactions | 57,211,741 | 113,681,441 |
Reinvestment of distributions | 6,802,399 | 13,242,068 |
Cost of shares redeemed | (37,985,773) | (62,614,002) |
Net increase (decrease) in net assets resulting from share transactions | 26,028,367 | 64,309,507 |
Redemption fees | 233 | 9,552 |
Total increase (decrease) in net assets | 29,809,436 | 93,667,695 |
|
|
|
Net Assets | ||
Beginning of period | 523,498,750 | 429,831,055 |
End of period (including undistributed net investment income of $12,183 and undistributed net investment income of $12,415, respectively) | $ 553,308,186 | $ 523,498,750 |
Other Information Shares | ||
Sold | 4,913,296 | 9,963,353 |
Issued in reinvestment of distributions | 583,745 | 1,159,348 |
Redeemed | (3,263,520) | (5,508,894) |
Net increase (decrease) | 2,233,521 | 5,613,807 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended June 30, 2010 | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.60 | $ 10.87 | $ 11.51 | $ 11.60 | $ 11.66 | $ 11.98 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment incomeD | .222 | .455 | .449 | .444 | .459 | .476 |
Net realized and unrealized gain (loss) | .081 | .737 | (.632) | (.040) | .050 | (.135) |
Total from investment operations | .303 | 1.192 | (.183) | .404 | .509 | .341 |
Distributions from net investment income | (.223) | (.455) | (.449) | (.444) | (.459) | (.476) |
Distributions from net realized gain | - | (.007) | (.008) | (.050) | (.110) | (.185) |
Total distributions | (.223) | (.462) | (.457) | (.494) | (.569) | (.661) |
Redemption fees added to paid in capitalD,F | - | - | - | - | - | - |
Net asset value, end of period | $ 11.68 | $ 11.60 | $ 10.87 | $ 11.51 | $ 11.60 | $ 11.66 |
Total ReturnB,C | 2.63% | 11.11% | (1.62)% | 3.59% | 4.47% | 2.90% |
Ratios to Average Net AssetsE |
|
|
|
|
| |
Expenses before reductions | .49%A | .50% | .49% | .49% | .49% | .50% |
Expenses net of fee waivers, if any | .49%A | .50% | .49% | .49% | .49% | .50% |
Expenses net of all reductions | .49%A | .50% | .47% | .45% | .45% | .47% |
Net investment income | 3.85%A | 3.99% | 4.01% | 3.88% | 3.96% | 4.00% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 553,308 | $ 523,499 | $ 429,831 | $ 424,400 | $ 421,878 | $ 424,849 |
Portfolio turnover rate | 6%A | 10% | 11% | 22% | 19% | 23% |
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 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 expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F 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 (Unaudited)
Maturity Diversification | |||
Days | % of fund's investments 6/30/10 | % of fund's investments 12/31/09 | % of fund's investments 6/30/09 |
0 - 30 | 80.6 | 81.7 | 77.0 |
31 - 90 | 5.8 | 3.8 | 6.2 |
91 - 180 | 8.1 | 7.6 | 10.0 |
181 - 397 | 5.5 | 6.9 | 6.8 |
Weighted Average Maturity | |||
| 6/30/10 | 12/31/09 | 6/30/09 |
Fidelity Ohio Municipal Money Market Fund | 39 Days | 36 Days | 44 Days |
Ohio Tax-Free Money Market Average* | 35 Days | 40 Days | 42 Days |
Weighted Average Maturity (WAM) is a weighted average of all the maturities of the securities held in a fund. WAM for money market funds can be used as a measure of sensitivity to interest rate changes. Generally, the longer the maturity, the greater the sensitivity. WAM for money market funds is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening devices such as demand features and interest rate resets. |
Weighted Average Life | |||
| 6/30/10 | 12/31/09 | 6/30/09 |
Fidelity Ohio Municipal Money Market Fund | 39 Days | N/A** | N/A** |
Ohio Tax-Free Money Market Average* | N/A** | N/A** | N/A** |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2010 | As of December 31, 2009 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
| ||
![]() | Commercial Paper (including CP Mode) 7.4% |
| ![]() | Commercial Paper (including CP Mode) 5.3% |
| ||
![]() | Tender Bonds 0.6% |
| ![]() | Tender Bonds 0.6% |
| ||
![]() | Municipal Notes 13.5% |
| ![]() | Municipal Notes 9.8% |
| ||
![]() | Fidelity Municipal |
| ![]() | Fidelity Municipal |
| ||
![]() | Other Investments 2.9% |
| ![]() | Other Investments 4.7% |
| ||
![]() | Net Other Assets*** (1.2)% |
| ![]() | Net Other Assets† 0.0% |
|
*** Net Other Assets are not included in the pie chart.
† Represents less than 0.1%
** Information not available
* Source: iMoneyNet, Inc.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 101.2% | |||
Principal Amount | Value | ||
Arizona - 0.1% | |||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 E, 0.35%, LOC Landesbank Baden-Wuert, VRDN (a) | $ 1,100,000 | $ 1,100,000 | |
Kentucky - 0.9% | |||
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | |||
Series 2006 B, 0.35%, LOC Commerzbank AG, VRDN (a)(d) | 2,100,000 | 2,100,000 | |
Series 2008 A, 0.35%, LOC Commerzbank AG, VRDN (a)(d) | 2,600,000 | 2,600,000 | |
Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.33%, LOC Wells Fargo Bank NA, VRDN (a)(d) | 1,000,000 | 1,000,000 | |
Kentucky Higher Ed. Student Ln. Corp. Rev. Series 2008 A1, 0.3%, LOC State Street Bank & Trust Co., Boston, LOC Bank of America NA, VRDN (a)(d) | 2,500,000 | 2,500,000 | |
| 8,200,000 | ||
Minnesota - 0.9% | |||
Minnesota Hsg. Fin. Agcy. Series 2009 C, 0.31% (Liquidity Facility Fed. Home Ln. Bank-Des Moines), VRDN (a)(d) | 8,000,000 | 8,000,000 | |
Mississippi - 0.4% | |||
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.31%, LOC Bank of America NA, VRDN (a)(d) | 4,000,000 | 4,000,000 | |
Nevada - 0.8% | |||
Clark County Arpt. Rev.: | |||
Series 2008 D1, 0.3%, LOC Landesbank Baden-Wuert, VRDN (a) | 6,600,000 | 6,600,000 | |
Series 2008 D2, 0.3%, LOC Landesbank Baden-Wuert, VRDN (a) | 1,100,000 | 1,100,000 | |
| 7,700,000 | ||
North Carolina - 1.0% | |||
North Carolina Gen. Oblig. Series 2002 E, 0.23% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 1,015,000 | 1,015,000 | |
North Carolina State Ed. Assistance Auth. Student Ln. Rev. Series 2008 3A2, 0.35%, LOC Bank of America NA, VRDN (a)(d) | 1,600,000 | 1,600,000 | |
Sampson County Indl. Facilities & Poll. Cont. Fing. Auth. Envir. Facilities Rev. (Sampson County Disp., Inc. Proj.) 0.47%, LOC Wells Fargo Bank NA, VRDN (a)(d) | 7,000,000 | 7,000,000 | |
| 9,615,000 | ||
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - 92.5% | |||
Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2008 D, 0.2%, LOC Wells Fargo Bank NA, VRDN (a) | $ 3,700,000 | $ 3,700,000 | |
Alliance Hosp. Rev. (Alliance Obligated Group Proj.) Series 2003, 0.25%, LOC JPMorgan Chase Bank, VRDN (a) | 8,700,000 | 8,700,000 | |
American Muni. Pwr. Bonds (Omega Joint Venture 6 Proj.) 0.35%, tender 8/15/10 (a) | 5,416,000 | 5,416,000 | |
Avon Gen. Oblig. BAN 1.5% 5/11/11 | 2,835,000 | 2,857,291 | |
Avon Lake City School District BAN Series 2010, 1.25% 8/11/10 | 6,000,000 | 6,005,669 | |
Beachwood Gen. Oblig. BAN Series 2009, 1.5% 12/2/10 | 3,000,000 | 3,011,442 | |
Butler County Health Facilities Rev. (LifeSphere Proj.) Series 2002, 0.27%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 9,135,000 | 9,135,000 | |
Cambridge Hosp. Facilities Rev. (Southeastern Reg'l. Med. Ctr. Proj.) 0.31%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 780,000 | 780,000 | |
Cleveland Arpt. Sys. Rev.: | |||
Series 2008 D, 0.29%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 6,125,000 | 6,125,000 | |
Series 2009 A, 0.28%, LOC U.S. Bank NA, Minnesota, VRDN (a)(d) | 11,240,000 | 11,240,000 | |
Series 2009 D, 0.37%, LOC KBC Bank NV, VRDN (a) | 9,425,000 | 9,425,000 | |
Cleveland Wtrwks. Rev. Series 2008 Q, 0.26%, LOC Bank of America NA, VRDN (a) | 6,350,000 | 6,350,000 | |
Columbus City School District Participating VRDN Series 1488, 0.36% (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 8,515,000 | 8,515,000 | |
Columbus Muni. Arpt. Auth. Rev. Series A: | |||
0.3% 8/13/10, LOC Calyon New York Branch, CP | 5,500,000 | 5,500,000 | |
0.35% 8/13/10, LOC Calyon New York Branch, CP | 8,000,000 | 8,000,000 | |
Cuyahoga County Arpt. Facilities Rev. (Corporate Wings-Cleveland LLC Proj.) 0.37%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 2,900,000 | 2,900,000 | |
Cuyahoga County Health Care Facilities Rev. (Altenheim Proj.) 0.33%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 11,835,000 | 11,835,000 | |
Cuyahoga County Indl. Dev. Rev.: | |||
(Progressive Plastics, Inc. Proj.) 0.85%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 540,000 | 540,000 | |
(Pubco Corp. Proj.) Series 2001, 0.4%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 1,120,000 | 1,120,000 | |
Dayton Montgomery County Port Auth. Spl. Arpt. Facilities Rev. (Wilmington Air Park, Inc. Proj.) Series 2007 B, 4% (Deutsche Post AG Guaranteed), VRDN (a)(d) | 11,500,000 | 11,500,000 | |
Delaware Gen. Oblig. BAN 1.5% 12/21/10 | 3,500,000 | 3,516,668 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Franklin County Health Care Facilities Rev. (Friendship Village of Dublin, Ohio, Inc. Proj.): | |||
Series 2004 A, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | $ 10,970,000 | $ 10,970,000 | |
Series 2004 B, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 7,730,000 | 7,730,000 | |
Greene County Gen. Oblig. BAN: | |||
Series 2010 B, 1.25% 11/3/10 | 7,100,000 | 7,119,688 | |
Series 2010 C, 1.5% 6/17/11 | 8,345,000 | 8,423,217 | |
Hamilton County Econ. Dev. Rev. Participating VRDN Series Solar 06 158, 0.31% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(e) | 700,000 | 700,000 | |
Hamilton County Health Care Facilities Rev.: | |||
(Deaconess Long Term. Care, Inc. Proj.) Series 2000 A, 0.23%, LOC JPMorgan Chase Bank, VRDN (a) | 6,090,000 | 6,090,000 | |
(The Children's Home of Cincinnati Proj.) Series 2009, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 3,450,000 | 3,450,000 | |
Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2006 C, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 8,585,000 | 8,585,000 | |
Hamilton County Hosp. Facilities Rev.: | |||
(Childrens Hosp. Med. Ctr. Proj.): | |||
Series 1997 A, 0.3%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 7,005,000 | 7,005,000 | |
Series 2000, 0.3%, LOC JPMorgan Chase Bank, VRDN (a) | 9,805,000 | 9,805,000 | |
Series 2002 I, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 13,970,000 | 13,970,000 | |
Series 2007 N, 0.3%, LOC JPMorgan Chase Bank, VRDN (a) | 3,500,000 | 3,500,000 | |
(Elizabeth Gamble Deaconess Home Assoc. Proj.) Series 2002 B, 0.26%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 6,500,000 | 6,500,000 | |
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.32%, LOC Bank of New York, New York, VRDN (a) | 10,000,000 | 10,000,000 | |
Hudson City Gen. Oblig. BAN Series 2009, 2% 10/6/10 | 10,500,000 | 10,539,094 | |
Independence Gen. Oblig. BAN Series 2010, 1.875% 4/26/11 | 3,500,000 | 3,513,098 | |
Kent State Univ. Revs. Series 2008 B, 0.29%, LOC Bank of America NA, VRDN (a) | 8,715,000 | 8,715,000 | |
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.): | |||
Series 2002, 0.4%, LOC JPMorgan Chase Bank, VRDN (a) | 11,600,000 | 11,600,000 | |
Series 2008 B, 0.24%, LOC JPMorgan Chase Bank, VRDN (a) | 1,000,000 | 1,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Lake County Indl. Dev. Rev. (Norshar Co. Proj.) 0.8%, LOC JPMorgan Chase Bank, VRDN (a)(d) | $ 2,370,000 | $ 2,370,000 | |
Lancaster Port Auth. Gas Rev. 0.6% (Liquidity Facility Royal Bank of Canada), VRDN (a) | 45,150,000 | 45,150,002 | |
Lorain County Hosp. Rev. (EMH Reg'l. Med. Ctr. Proj.) Series 2008, 0.3%, LOC JPMorgan Chase Bank, VRDN (a) | 17,300,000 | 17,300,000 | |
Lorain County Ohio Port Auth. Rev. (Nat'l. Bronze and Metals, Inc. Proj.) Series 2009, 0.46%, LOC Bank of America NA, VRDN (a) | 8,500,000 | 8,500,000 | |
Lorain County Port Auth. Edl. Facilities Rev. (St. Ignatius High School Proj.) 0.28%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 2,050,000 | 2,050,000 | |
Mahoning County Hsg. Rev. (Univ. Hsg. Corp. at Youngstown State Univ. Proj.) Series 2002, 0.31%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 2,000,000 | 2,000,000 | |
Mariemont City School District BAN Series 2010, 1.5% 9/15/10 | 2,500,000 | 2,505,141 | |
Mason City School District BAN Series 2010, 1.5% 2/3/11 | 3,450,000 | 3,471,431 | |
Mason Gen. Oblig. BAN: | |||
(Road Impt. Proj.) 1.5% 7/28/10 | 1,150,000 | 1,150,633 | |
1.25% 3/10/11 | 2,600,000 | 2,614,292 | |
3% 6/29/11 | 3,800,000 | 3,890,154 | |
Mason Indl. Dev. Rev. (Crane Plastics Co. Proj.) 0.36%, LOC U.S. Bank NA, Minnesota, VRDN (a)(d) | 3,440,000 | 3,440,000 | |
Miamisburg City School District BAN (School Facilities Construction and Impt. Proj.) Series 2009, 2% 7/22/10 | 10,700,000 | 10,707,323 | |
Montgomery County Rev.: | |||
Bonds (Miami Valley Hosp. Proj.) Series 2008 A, 5% 11/15/10 | 2,705,000 | 2,747,376 | |
Participating VRDN Series Putters 3622, 0.31% (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 4,195,000 | 4,195,000 | |
(Catholic Health Initiatives Proj.) Series 2004 B2, 0.21% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (a) | 9,700,000 | 9,700,000 | |
Niles Gen. Oblig. BAN Series 2009, 1.75% 11/10/10 | 4,600,000 | 4,615,005 | |
Northwestern Local School District BAN 2% 12/1/10 | 3,310,000 | 3,330,788 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
(Cincinnati Gas & Elec. Co. Proj.) Series A, 0.18%, LOC Cr. Agricole SA, VRDN (a)(d) | 11,100,000 | 11,100,000 | |
(Dayton Pwr. & Lt. Co. Proj.): | |||
Series 2008 A, 0.26%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 19,700,000 | 19,700,000 | |
Series 2008 B, 0.23%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 13,650,000 | 13,650,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Ohio Air Quality Dev. Auth. Rev.: - continued | |||
(FirstEnergy Corp. Proj.) Series 2006 B, 0.23%, LOC Wells Fargo Bank NA, VRDN (a) | $ 8,550,000 | $ 8,550,000 | |
(Ohio Valley Elec. Corp. Proj.) Series 2009 C, 0.28%, LOC Bank Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 4,600,000 | 4,600,000 | |
Ohio Bldg. Auth. Bonds (Administrative Bldg. Proj.) Series 2004 B, 5% 10/1/10 | 500,000 | 505,658 | |
Ohio Gen. Oblig.: | |||
Bonds (Higher Ed. Cap. Facilities Proj.) Series II 2002 A, 5% 12/1/10 | 2,050,000 | 2,089,926 | |
Participating VRDN Series ROC II R208, 0.32% (Liquidity Facility Citibank NA) (a)(e) | 7,755,000 | 7,755,000 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
Bonds (Cleveland Clinic Proj.): | |||
Series 2008 B5: | |||
0.28% tender 7/15/10, CP mode | 12,700,000 | 12,700,000 | |
0.36% tender 12/2/10, CP mode | 10,200,000 | 10,200,000 | |
0.37% tender 11/9/10, CP mode | 10,300,000 | 10,300,000 | |
Series 2008 B6, 0.35% tender 9/8/10, CP mode | 23,900,000 | 23,900,000 | |
(Antioch Univ. Proj.) 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 6,500,000 | 6,500,000 | |
(Cleveland Institute of Music Proj.) 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 1,465,000 | 1,465,000 | |
(Univ. Hosp. Health Sys. Proj.) Series 2008 B, 0.36%, LOC RBS Citizens NA, VRDN (a) | 16,000,000 | 16,000,000 | |
(Xavier Univ. Proj.): | |||
Series 2008 A, 0.28%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 3,700,000 | 3,700,000 | |
Series B, 0.28%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 650,000 | 650,000 | |
Ohio Hosp. Facilities Rev. Participating VRDN Series Putters 3552, 0.31% (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 5,940,000 | 5,940,000 | |
Ohio Hsg. Participating VRDN Series Clipper 06 8, 0.43% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)(e) | 1,653,000 | 1,653,000 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | |||
Participating VRDN: | |||
Series Merlots 01 A78, 0.3% (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e) | 2,250,000 | 2,250,000 | |
Series Merlots 06 A2, 0.3% (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e) | 4,405,000 | 4,405,000 | |
Series Putters 1334, 0.46% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)(e) | 7,755,000 | 7,755,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Ohio Hsg. Fin. Agcy. Mtg. Rev.: - continued | |||
(Mtg.-Backed Securities Prog.): | |||
Series 2002 A2, 0.26% (Liquidity Facility KBC Bank NV), VRDN (a)(d) | $ 1,030,000 | $ 1,030,000 | |
Series 2005 B1, 0.25% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d) | 6,000,000 | 6,000,000 | |
Series 2005 F, 0.23% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d) | 11,800,000 | 11,800,000 | |
Series B, 0.24% (Liquidity Facility Citibank NA), VRDN (a)(d) | 10,600,000 | 10,600,000 | |
Series 2004 D, 0.23% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d) | 10,860,000 | 10,860,000 | |
Series F, 0.24% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d) | 2,000,000 | 2,000,000 | |
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Club at Spring Valley Apts. Proj.) Series 1996 A, 0.62%, LOC RBS Citizens NA, VRDN (a)(d) | 700,000 | 700,000 | |
(Pedcor Invts. Willow Lake Apts. Proj.) Series B, 0.47%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (a)(d) | 445,000 | 445,000 | |
(Wingate at Belle Meadows Proj.) 0.33%, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(d) | 7,755,000 | 7,755,000 | |
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: | |||
(Mtg.-Backed Securities Prog.) Series 2008 D, 0.25% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d) | 10,100,000 | 10,100,000 | |
Series 2006 I, 0.24% (Liquidity Facility Citibank NA), VRDN (a)(d) | 4,000,000 | 4,000,000 | |
Series 2006 J, 0.24% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(d) | 5,200,000 | 5,200,000 | |
Series 2006 M, 0.23% (Liquidity Facility Citibank NA), VRDN (a)(d) | 11,825,000 | 11,825,000 | |
Series 2006 N, 0.23% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(d) | 31,095,000 | 31,095,000 | |
Series 2007 J, 0.28% (Liquidity Facility KBC Bank NV), VRDN (a)(d) | 3,500,000 | 3,500,000 | |
Series 2008 H, 0.3% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d) | 5,000,000 | 5,000,000 | |
Ohio Major New State Infrastructure Rev. Bonds: | |||
Series 2008-1, 5% 6/15/11 | 2,340,000 | 2,441,270 | |
Series 2010-1, 2% 6/15/11 | 9,900,000 | 10,047,961 | |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 0.28%, LOC Bank of America NA, VRDN (a)(d) | 5,200,000 | 5,200,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev.: | |||
(FirstEnergy Corp. Proj.) Series A, 0.33%, LOC Barclays Bank PLC, VRDN (a)(d) | $ 18,380,000 | $ 18,380,000 | |
Series A, 0.29%, LOC Barclays Bank PLC, VRDN (a)(d) | 24,050,000 | 24,050,000 | |
Ohio Wtr. Dev. Auth. Rev.: | |||
Bonds (Drinking Wtr. Fund Prog.) Series 2010 A, 1.5% 6/1/11 | 4,105,000 | 4,146,655 | |
Participating VRDN Series DCL 08 046, 0.36% (Liquidity Facility Dexia Cr. Local de France) (a)(e) | 7,980,000 | 7,980,000 | |
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. BAN 5% 11/1/10 | 9,700,000 | 9,851,931 | |
Olentangy Local School District Participating VRDN Series Solar 07-7, 0.29% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(e) | 10,300,000 | 10,300,000 | |
Perrysburg Gen. Oblig. BAN: | |||
1.25% 11/4/10 | 1,200,000 | 1,201,022 | |
1.25% 11/4/10 | 2,570,000 | 2,572,188 | |
Portage County Hosp. Rev. (Robinson Memorial Hosp. Proj.) Series 2008, 0.34%, LOC JPMorgan Chase Bank, VRDN (a) | 11,770,000 | 11,770,000 | |
Rickenbacker Port Auth. Indl. Dev. (Micro Inds. Corp. Proj.) Series 2000, 0.8%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 1,435,000 | 1,435,000 | |
Solon Gen. Oblig. BAN Series 2009, 1.125% 11/18/10 | 1,175,000 | 1,176,677 | |
Stow Gen. Oblig. BAN 2% 5/6/11 | 3,700,000 | 3,744,197 | |
Sylvania Gen. Oblig. BAN 2% 7/15/10 | 3,250,000 | 3,251,546 | |
Toledo Lucas County Port Auth. Rev. Series 2004 C, 0.55%, LOC Banco Santander SA, VRDN (a) | 10,100,000 | 10,100,000 | |
Twinsburg Indl. Dev. Rev. (United Stationers Supply Co. Proj.) 0.18%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 6,800,000 | 6,800,000 | |
Univ. of Cincinnati Gen. Receipts: | |||
BAN: | |||
Series 2009 B, 2% 7/21/10 | 16,000,000 | 16,006,926 | |
Series 2009 D, 1.5% 12/16/10 | 5,250,000 | 5,273,544 | |
Series 2008 B, 0.44%, LOC Bayerische Landesbank, VRDN (a) | 1,700,000 | 1,700,000 | |
Univ. of Toledo Gen. Receipts BAN Series 2010, 1.5% 6/1/11 | 8,000,000 | 8,056,785 | |
Village of Indian Hill Econ. Dev. Rev. (Cincinnati Country Day School Proj.) Series 1999, 0.23%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 4,345,000 | 4,345,000 | |
Wadsworth City School District Bonds Series 2009, 2.25% 9/22/10 | 4,750,000 | 4,767,163 | |
Warren County Health Care Facilities Rev. (Otterbein Homes Proj.) Series 2007, 0.27%, LOC U.S. Bank NA, Minnesota, VRDN (a) | 6,525,000 | 6,525,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Westlake Health Facilities Rev. (Lutheran Home Proj.) Series 2005, 0.49%, LOC RBS Citizens NA, VRDN (a) | $ 2,200,000 | $ 2,200,000 | |
Wood County Indl. Dev. Rev. (CMC Group Proj.) Series 2001, 0.4%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 1,345,000 | 1,345,000 | |
Zanesville-Muskingum Port Auth. Indl. Dev. Rev. (Almana II LLC Proj.) Series 2000, 1%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 3,200,000 | 3,200,000 | |
| 880,270,761 | ||
South Carolina - 0.3% | |||
Charleston Wtrwks. & Swr. Rev. Series A, 0.27% (Liquidity Facility Bank of America NA), VRDN (a) | 3,165,000 | 3,165,000 | |
Texas - 0.1% | |||
Greater East Texas Higher Ed. Auth. Student Ln. Rev. Series 1995 B, 0.32%, LOC State Street Bank & Trust Co., Boston, VRDN (a)(d) | 1,000,000 | 1,000,000 | |
Washington - 0.1% | |||
Port of Seattle Rev. Series 2005, 0.29%, LOC Fortis Banque SA, VRDN (a)(d) | 900,000 | 900,000 | |
Shares |
| ||
Other - 4.1% | |||
Fidelity Municipal Cash Central Fund, 0.27% (b)(c) | 38,726,000 | 38,726,000 | |
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $962,676,761) | 962,676,761 | ||
NET OTHER ASSETS (LIABILITIES) - (1.2)% | (11,191,282) | ||
NET ASSETS - 100% | $ 951,485,479 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
CP - COMMERCIAL PAPER |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter 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. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 96,441 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $923,950,761) | $ 923,950,761 |
|
Fidelity Central Funds (cost $38,726,000) | 38,726,000 |
|
Total Investments (cost $962,676,761) |
| $ 962,676,761 |
Cash | 83,729 | |
Receivable for fund shares sold | 8,177,181 | |
Interest receivable | 1,628,918 | |
Distributions receivable from Fidelity Central Funds | 13,302 | |
Other receivables | 173 | |
Total assets | 972,580,064 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 20,378,330 | |
Distributions payable | 87 | |
Accrued management fee | 295,545 | |
Other affiliated payables | 398,287 | |
Other payables and accrued expenses | 22,336 | |
Total liabilities | 21,094,585 | |
|
|
|
Net Assets | $ 951,485,479 | |
Net Assets consist of: |
| |
Paid in capital | $ 951,398,373 | |
Distributions in excess of net investment income | (326) | |
Accumulated undistributed net realized gain (loss) on investments | 87,432 | |
Net Assets, for 951,055,522 shares outstanding | $ 951,485,479 | |
Net Asset Value, offering price and redemption price per share ($951,485,479 ÷ 951,055,522 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended June 30, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 1,811,567 |
Income from Fidelity Central Funds |
| 96,441 |
Total income |
| 1,908,008 |
|
|
|
Expenses | ||
Management fee | $ 1,832,208 | |
Transfer agent fees | 690,752 | |
Accounting fees and expenses | 58,571 | |
Custodian fees and expenses | 8,214 | |
Independent trustees' compensation | 1,781 | |
Registration fees | 25,266 | |
Audit | 18,639 | |
Legal | 2,070 | |
Miscellaneous | 6,037 | |
Total expenses before reductions | 2,643,538 | |
Expense reductions | (784,797) | 1,858,741 |
Net investment income | 49,267 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 54 |
Net increase in net assets resulting from operations | $ 49,321 |
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 Changes in Net Assets
| Six months ended June 30, 2010 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 49,267 | $ 1,689,694 |
Net realized gain (loss) | 54 | 92,975 |
Net increase in net assets resulting | 49,321 | 1,782,669 |
Distributions to shareholders from net investment income | (49,593) | (1,687,450) |
Share transactions at net asset value of $1.00 per share | 1,363,853,527 | 2,524,668,540 |
Reinvestment of distributions | 49,150 | 1,668,028 |
Cost of shares redeemed | (1,441,969,264) | (2,721,115,399) |
Net increase (decrease) in net assets and shares resulting from share transactions | (78,066,587) | (194,778,831) |
Total increase (decrease) in net assets | (78,066,859) | (194,683,612) |
|
|
|
Net Assets | ||
Beginning of period | 1,029,552,338 | 1,224,235,950 |
End of period (including distributions in excess of net investment income of $326 and undistributed net investment income of $0, respectively | $ 951,485,479 | $ 1,029,552,338 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended June 30, 2010 | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
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 | -F | -F | .018 | .032 | .030 | .020 |
Distributions from net investment income | -F | -F | (.018) | (.032) | (.030) | (.020) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB,C | 0.00% | .15% | 1.77% | 3.22% | 3.01% | 1.99% |
Ratios to Average Net AssetsD,E |
|
|
|
|
| |
Expenses before reductions | .53%A | .57% | .54% | .52% | .54% | .54% |
Expenses net of fee waivers, if any | .37%A | .55% | .54% | .52% | .54% | .54% |
Expenses net of all reductions | .37%A | .55% | .48% | .41% | .40% | .43% |
Net investment income | .01%A | .15% | 1.75% | 3.17% | 2.98% | 1.98% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 951,485 | $ 1,029,552 | $ 1,224,236 | $ 1,217,252 | $ 956,450 | $ 801,905 |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2010 (Unaudited)
1. Organization.
Fidelity 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.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Income Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each Fund's investments by major category are as follows.
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For the Money Market Fund as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost which approximates value and are categorized as Level 2 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income - continued
4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared 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 GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards, and losses deferred due to futures transactions and excise tax regulations.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Ohio Municipal | $ 517,676,096 | $ 19,296,481 | $ (2,809,849) | $ 16,486,632 |
Fidelity Ohio Municipal | 962,676,761 | - | - | - |
Short-Term Trading (Redemption) Fees. Shares held in the Income Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $43,182,390 and $14,351,182, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. 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 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, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
| Individual Rate | Group Rate | Total |
Fidelity Ohio Municipal Income Fund | .25% | .12% | .37% |
Fidelity Ohio Municipal Money Market Fund | .25% | .12% | .37% |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. 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-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer, dividend disbursing and shareholder servicing agent functions. The Funds pay account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Fidelity Ohio Municipal Income Fund | .08% |
Fidelity Ohio Municipal Money Market Fund | .14% |
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Committed Line of Credit.
The Income Fund participates with other funds managed by FMR in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Ohio Municipal Income Fund | $ 1,052 |
During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
FMR or its affiliates voluntarily agreed to waive certain fees during the period for the Money Market Fund. The amount of the waiver is 784,633.
In addition, 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
7. Expense Reductions - continued
| Custody | Transfer | Accounting |
|
|
|
|
Fidelity Ohio Municipal Income Fund | $ 3,716 | $ 3,802 | $ 3 |
Fidelity Ohio Municipal Money Market Fund | 162 | - | 2 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
17550 North 75th Avenue
Glendale, AZ
5330 E. Broadway Blvd
Tucson, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
2211 Michelson Drive
Irvine, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
1261 Post Road
Fairfield, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
1400 Glades Road
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3242 Peachtree Road
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
1823 Freedom Drive
Naperville, IL
Indiana
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 N. Old Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
3480 28th Street
Grand Rapids, MI
2425 S. Linden Road STE E
Flint, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
3349 Monroe Avenue
Rochester, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
1576 East Southlake Blvd.
Southlake, TX
15600 Southwest Freeway
Sugar Land, TX
139 N. Loop 1604 East
San Antonio, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
11957 Democracy Drive
Reston, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
304 Strander Blvd
Tukwila, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
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
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated lines for quickest service
OFF-USAN-0810 1.787787.107
Fidelity®
Pennsylvania Municipal
Income Fund
and
Fidelity
Pennsylvania Municipal
Money Market Fund
Semiannual Report
June 30, 2010
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders | |
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity 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, as well as financial highlights. | |
Fidelity Pennsylvania Municipal Money Market Fund | ||
Investment Changes | A summary of major shifts in the fund's investments over the past six months and one year. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the Financial Statements |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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 LLC or an affiliated company.
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.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
A yearlong uptrend in global equity markets came under significant pressure in May 2010 when investor sentiment turned bearish amid growing concern that Europe's debt crisis would expand and slow or derail economic recovery. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 to June 30, 2010).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Fidelity Pennsylvania Municipal Income Fund | .51% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,026.00 | $ 2.56 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.27 | $ 2.56 |
Fidelity Pennsylvania Municipal Money Market Fund | .29% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.05 | $ 1.44** |
HypotheticalA |
| $ 1,000.00 | $ 1,023.36 | $ 1.45** |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio for Pennsylvania Municipal Money Market would have been 0.50% and the expenses paid in the actual and hypothetical examples above would have been $2.48 and $2.51, respectively.
Semiannual Report
Fidelity Pennsylvania Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
General Obligations | 41.3 | 35.6 |
Transportation | 12.9 | 13.9 |
Health Care | 11.8 | 10.0 |
Education | 10.8 | 10.3 |
Water & Sewer | 7.5 | 7.9 |
Weighted Average Maturity as of June 30, 2010 | ||
|
| 6 months ago |
Years | 6.0 | 5.8 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of June 30, 2010 | ||
|
| 6 months ago |
Years | 7.0 | 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, 2010 | As of December 31, 2009 | ||||||
![]() | AAA 0.1% |
| ![]() | AAA 0.0% |
| ||
![]() | AA,A 86.1% |
| ![]() | AA,A 80.9% |
| ||
![]() | BBB 9.7% |
| ![]() | BBB 13.9% |
| ||
![]() | Not Rated 2.4% |
| ![]() | Not Rated 2.6% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Service, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Fidelity Pennsylvania Municipal Income Fund
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.4% | ||||
| Principal Amount | Value | ||
New Jersey/Pennsylvania - 1.0% | ||||
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Series A, 5% 7/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,425,000 | $ 1,477,668 | ||
Delaware River Port Auth. Pennsylvania & New Jersey Rev. (Port District Proj.) Series 2001 A, 5.5% 1/1/18 (FSA Insured) | 3,000,000 | 3,122,880 | ||
| 4,600,548 | |||
Pennsylvania - 97.7% | ||||
Adams County Indl. Dev. Auth. Rev. (Gettysburg College Proj.) Series 2010, 5% 8/15/24 | 1,000,000 | 1,059,380 | ||
Allegheny County: | ||||
Series C-62, 5% 11/1/29 | 4,420,000 | 4,566,037 | ||
Series C55, 5.375% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,535,000 | 3,803,165 | ||
Allegheny County Arpt. Auth. Rev. (Pittsburg Int'l. Arpt. Proj.) Series B, 5% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 2,545,000 | 2,601,270 | ||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1: | ||||
5.75% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 2,000,000 | 2,030,420 | ||
5.75% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 3,000,000 | 3,084,180 | ||
5.75% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 3,000,000 | 3,147,330 | ||
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev. (Carnegie Mellon Univ. Proj.) Series 2002: | ||||
5.125% 3/1/32 | 1,700,000 | 1,729,121 | ||
5.25% 3/1/32 | 2,000,000 | 2,039,820 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.) Series A, 5% 9/1/14 | 2,525,000 | 2,808,305 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5% 8/15/21 | 2,000,000 | 2,149,760 | ||
Allegheny County Sanitation Auth. Swr. Rev.: | ||||
Series 1991, 0% 12/1/12 (Escrowed to Maturity) (d) | 2,260,000 | 2,180,290 | ||
Series 2000, 5.5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 305,000 | 309,480 | ||
Series A, 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,725,000 | 3,781,173 | ||
Annville-Cleona School District Series 2005: | ||||
6% 3/1/28 (FSA Insured) | 1,500,000 | 1,650,855 | ||
6% 3/1/31 (FSA Insured) | 1,975,000 | 2,163,889 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Berks County Muni. Auth. Rev. (Reading Hosp. & Med. Ctr. Proj.) Series 2009 A3, 5.25% 11/1/18 | $ 3,000,000 | $ 3,282,990 | ||
Bethel Park School District Series 2009, 5% 8/1/29 | 9,000,000 | 9,345,420 | ||
Bucks County Cmnty. College Auth. College Bldg. Rev. 5% 6/15/28 | 250,000 | 267,388 | ||
Bucks County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania Suburban Wtr. Co. Proj.) Series 2002, 5.55% 9/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,870,000 | 1,880,977 | ||
Bucks County Wtr. & Swr. Auth. Sys. Rev. Series 2006, 5% 6/1/15 (FSA Insured) | 1,785,000 | 2,004,573 | ||
Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.) Series 2009 B, 7.125% 7/1/29 | 1,000,000 | 1,134,480 | ||
Canon McMillan School District: | ||||
Series 2001 B, 5.75% 12/1/33 (FGIC Insured) | 8,995,000 | 9,130,465 | ||
Series 2002 B, 5.75% 12/1/35 (FGIC Insured) | 2,500,000 | 2,580,650 | ||
Centennial School District: | ||||
Series 2010 A, 5% 12/15/30 (a) | 3,000,000 | 3,193,290 | ||
Series A, 5.25% 12/15/37 (FSA Insured) | 5,000,000 | 5,260,800 | ||
Central Dauphin School District Gen. Oblig. 7.5% 2/1/30 (Pre-Refunded to 2/1/16 @ 100) (d) | 5,000,000 | 6,476,100 | ||
Chambersburg Area School District: | ||||
5.25% 3/1/26 (FGIC Insured) | 2,000,000 | 2,117,180 | ||
5.25% 3/1/27 (FGIC Insured) | 2,000,000 | 2,109,540 | ||
5.25% 3/1/29 (FGIC Insured) | 3,600,000 | 3,773,304 | ||
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. (Jefferson Health Sys. Proj.) Series B, 5.25% 5/15/22 (AMBAC Insured) | 1,450,000 | 1,451,233 | ||
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2009 A, 5.25% 6/1/17 | 3,000,000 | 3,164,880 | ||
Delaware County Auth. College Rev. (Haverford College Proj.): | ||||
5.75% 11/15/29 | 5,000,000 | 5,095,050 | ||
6% 11/15/30 | 3,620,000 | 3,691,748 | ||
Delaware County Auth. Hosp. Rev. (Crozer Keystone Oblig. Group Proj.) Series A, 5% 12/15/10 | 905,000 | 909,036 | ||
Delaware County Auth. Univ. Rev. 5.25% 12/1/31 | 2,450,000 | 2,614,689 | ||
Delaware County Indl. Dev. Auth. Rev. (Philadelphia Suburban Wtr. Co. Proj.) 6% 6/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 2,500,000 | 2,501,475 | ||
Delaware County Reg'l. Wtr. Quality Cont. Auth. Swr. Rev. Series 2001, 5.25% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,165,000 | 2,275,004 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
East Stroudsburg Area School District: | ||||
Series 2007 A: | ||||
7.5% 9/1/22 | $ 1,000,000 | $ 1,240,380 | ||
7.75% 9/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,200,000 | 10,038,593 | ||
Series 2007, 7.75% 9/1/28 (Pre-Refunded to 9/1/16 @ 100) (d) | 2,750,000 | 3,662,918 | ||
Easton Area School District Series 2006: | ||||
7.5% 4/1/22 (FSA Insured) | 2,700,000 | 3,256,659 | ||
7.75% 4/1/25 (FSA Insured) | 875,000 | 1,049,563 | ||
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 A, 7% 7/1/27 | 1,750,000 | 1,771,175 | ||
Harrisburg Auth. Dauphin County School Rev. (Harrisburg School District Rfdg. Proj.) Series 2002 A, 5.5% 4/1/14 (Pre-Refunded to 4/1/12 @ 100) (d) | 1,655,000 | 1,799,366 | ||
Harrisburg Auth. Wtr. Rev. 5.75% 7/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,115,000 | 1,148,116 | ||
Hollidaysburg Area School District Series C, 5% 3/15/23 (FSA Insured) | 1,015,000 | 1,096,900 | ||
Kennett Consolidated School District Series A, 5.25% 2/15/15 (FGIC Insured) | 705,000 | 762,373 | ||
Lancaster County Hosp. Auth. Health Ctr. Rev. (Masonic Homes Proj.) Series 2006, 5% 11/1/20 | 1,065,000 | 1,124,502 | ||
Luzerne County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania-American Wtr. Co. Proj.) Series 2009, 5.5% 12/1/39 | 2,500,000 | 2,570,075 | ||
Lycoming County Auth. Health Sys. Rev. (Susquehanna Health Sys.) Series 2009 A, 5.5% 7/1/21 | 3,500,000 | 3,622,850 | ||
Mifflin County School District: | ||||
Series 2007, 7.5% 9/1/26 (XL Cap. Assurance, Inc. Insured) | 1,125,000 | 1,363,073 | ||
7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 1,175,000 | 1,422,244 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | ||||
Series 2009 A, 5% 6/1/17 | 2,000,000 | 2,117,040 | ||
Series A, 6% 6/1/16 (AMBAC Insured) | 1,000,000 | 1,101,430 | ||
Montgomery County Higher Ed. & Health Auth. Rev. (Dickinson College Proj.) Series 2006 FF1, 5% 5/1/28 (CDC IXIS Finl. Guaranty Insured) | 900,000 | 925,542 | ||
Mount Lebanon School District Series 2009 A: | ||||
5% 2/15/15 | 500,000 | 564,770 | ||
5% 2/15/34 | 2,250,000 | 2,377,148 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Muhlenberg School District Series AA, 5.375% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,055,000 | $ 1,116,095 | ||
North Hampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Hosp. Proj.) Series 2010 A: | ||||
5.25% 8/15/16 | 1,245,000 | 1,325,776 | ||
5.25% 8/15/18 | 1,450,000 | 1,519,122 | ||
Northampton County Gen. Purp. College Rev. (Lafayette College Proj.) Series 2010 B, 5% 5/1/22 | 2,145,000 | 2,382,065 | ||
Oxford Area School District 5.375% 2/1/27 (FGIC Insured) | 1,790,000 | 1,912,884 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.: | ||||
(Amtrak Proj.) Series 2001 A: | ||||
6.25% 11/1/31 (c) | 3,300,000 | 3,348,807 | ||
6.375% 11/1/41 (c) | 1,300,000 | 1,317,966 | ||
(Exelon Generation Proj.) Series 2009 A, 5%, tender 6/1/12 (b) | 3,100,000 | 3,276,917 | ||
Pennsylvania Econ. Dev. Fing. Auth. Health Sys. Rev. (Albert Einstein Med. Ctr. Proj.) Series 2009 A, 5.25% 10/15/15 | 2,000,000 | 2,118,680 | ||
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2004 A, 7%, tender 11/1/10 (b)(c) | 1,500,000 | 1,527,705 | ||
Pennsylvania Gen. Oblig.: | ||||
First Series 2007 A, 5% 11/1/23 | 5,000,000 | 5,541,650 | ||
First Series 2008, 5% 5/15/27 | 805,000 | 873,473 | ||
First Series, 5.25% 2/1/14 (Pre-Refunded to 2/1/12 @ 100) (d) | 125,000 | 134,373 | ||
Second Series 2009: | ||||
5% 4/15/24 | 9,000,000 | 10,033,560 | ||
5% 4/15/25 | 500,000 | 553,035 | ||
5% 4/15/28 | 5,000,000 | 5,432,200 | ||
Series 2007 A, 5% 11/1/18 | 4,805,000 | 5,562,028 | ||
Series 2009, 5% 3/15/27 | 6,000,000 | 6,546,960 | ||
Series A, 5% 8/1/25 | 2,500,000 | 2,726,450 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev.: | ||||
(Slippery Rock Univ. Proj.) 5% 7/1/39 (XL Cap. Assurance, Inc. Insured) | 2,500,000 | 2,266,275 | ||
(The Univ. of Pennsylvania Health Sys. Proj.) Series 2009 A, 5.25% 8/15/22 | 2,655,000 | 2,853,674 | ||
(Univ. of Pennsylvania Health Sys. Proj.) Series A, 5% 8/15/17 | 3,000,000 | 3,255,480 | ||
Series 2010 E, 5% 5/15/31 | 2,500,000 | 2,499,850 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Pennsylvania Indl. Dev. Auth. Rev.: | ||||
5.5% 7/1/16 (AMBAC Insured) | $ 1,035,000 | $ 1,106,736 | ||
5.5% 7/1/16 (Pre-Refunded to 7/1/12 @ 101) (d) | 45,000 | 49,820 | ||
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. (City of Philadelphia Fdg. Prog.) Series 2009, 5% 6/15/17 | 6,000,000 | 6,880,380 | ||
Pennsylvania State Univ.: | ||||
Series 2009 A, 5% 3/1/24 | 1,000,000 | 1,111,890 | ||
Series A, 5% 8/15/29 | 3,945,000 | 4,228,172 | ||
5% 9/1/29 | 1,550,000 | 1,632,522 | ||
5% 9/1/35 | 4,485,000 | 4,662,113 | ||
Pennsylvania Tpk. Commission Oil Franchise Tax Rev. Series 2003 C, 5% 12/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,138,060 | ||
Pennsylvania Tpk. Commission Tpk. Rev.: | ||||
Series 2001 S: | ||||
5.625% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,109,100 | ||
5.625% 6/1/14 | 3,595,000 | 3,782,012 | ||
Series 2004 A, 5.25% 12/1/32 (AMBAC Insured) | 2,900,000 | 3,006,952 | ||
Series 2006 A: | ||||
5% 12/1/23 (AMBAC Insured) | 7,695,000 | 8,250,348 | ||
5% 12/1/25 (AMBAC Insured) | 7,345,000 | 7,790,915 | ||
5% 12/1/26 (AMBAC Insured) | 3,500,000 | 3,686,025 | ||
Series 2008 B1, 5.5% 6/1/33 | 4,000,000 | 4,244,240 | ||
Series 2008 C4, 6.25% 6/1/38 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,273,220 | ||
Philadelphia Arpt. Rev. 5.375% 6/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 3,770,000 | 3,781,159 | ||
Philadelphia Auth. Indl. Dev. Lease Rev. Series A, 5% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500,000 | 1,585,140 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.): | ||||
Eighteenth Series: | ||||
5.25% 8/1/17 (Assured Guaranty Corp. Insured) | 1,500,000 | 1,594,035 | ||
5.25% 8/1/19 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,055,320 | ||
5.25% 8/1/20 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,050,700 | ||
Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 2,700,000 | 2,819,745 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1: | ||||
5% 9/1/33 (FSA Insured) | 2,800,000 | 2,813,356 | ||
5.25% 9/1/17 (Assured Guaranty Corp. Insured) | 3,665,000 | 3,899,047 | ||
5.25% 9/1/18 (Assured Guaranty Corp. Insured) | 3,340,000 | 3,541,402 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Philadelphia Gas Works Rev.: - continued | ||||
(1998 Gen. Ordinance Proj.): | ||||
Seventh Series, 5% 10/1/37 (AMBAC Insured) | $ 3,000,000 | $ 2,813,340 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2001, 5.25% 9/15/12 (FSA Insured) | 2,455,000 | 2,515,467 | ||
Series 2008 A: | ||||
5.25% 12/15/22 (FSA Insured) | 4,540,000 | 4,936,297 | ||
5.25% 12/15/32 (FSA Insured) | 6,000,000 | 6,206,460 | ||
Series 2008 B, 7.125% 7/15/38 (Assured Guaranty Corp. Insured) | 3,550,000 | 4,111,965 | ||
Philadelphia Hospitals & Higher Ed. Facilities Auth. Health Systems Rev. (Jefferson Health Sys. Proj.) Series 2010 B, 5.25% 5/15/30 (a) | 4,000,000 | 4,130,280 | ||
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. (Temple Univ. Health Sys. Proj.) Series B, 5% 7/1/11 | 1,685,000 | 1,710,595 | ||
Philadelphia Muni. Auth. Rev.: | ||||
(Muni. Svcs. Bldg. Lease Prog.) 0% 3/15/11 (FSA Insured) | 1,000,000 | 991,960 | ||
Series 2003 B, 5.25% 11/15/11 (FSA Insured) | 2,000,000 | 2,090,480 | ||
Philadelphia Redev. Auth. Rev. (Philadelphia Neighborhood Transformation Initiative Proj.): | ||||
Series 2002 A, 5.5% 4/15/13 (FGIC Insured) | 2,810,000 | 2,958,368 | ||
Series 2005 C, 5% 4/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 945,200 | ||
Philadelphia School District: | ||||
Series 2004 D, 5.25% 6/1/34 (Pre-Refunded to 6/1/14 @ 100) (d) | 2,785,000 | 3,212,609 | ||
Series 2005 A, 5% 8/1/22 (AMBAC Insured) | 2,900,000 | 3,023,685 | ||
Series 2005 D, 5.5% 6/1/16 (FSA Insured) | 2,030,000 | 2,285,070 | ||
Series 2010 C, 5% 9/1/21 | 4,000,000 | 4,272,320 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series A: | ||||
5% 11/1/31 (FGIC Insured) | 400,000 | 403,632 | ||
5% 7/1/35 | 4,130,000 | 4,208,346 | ||
5.375% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,134,340 | ||
Pittsburgh Gen. Oblig.: | ||||
Series 2006 B, 5.25% 9/1/15 (FSA Insured) | 2,000,000 | 2,227,420 | ||
Series A: | ||||
5% 9/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,020,000 | 5,229,384 | ||
5.5% 9/1/16 (AMBAC Insured) | 2,565,000 | 2,662,906 | ||
Series B, 5.25% 9/1/16 (FSA Insured) | 3,000,000 | 3,330,270 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Series 1993 A: | ||||
6.5% 9/1/13 (Escrowed to Maturity) (d) | $ 4,455,000 | $ 4,957,569 | ||
6.5% 9/1/13 (FGIC Insured) | 5,545,000 | 5,979,673 | ||
Scranton-Lackawanna Health & Welfare Auth. Rev. (Cmnty. Med. Ctr. Proj.) 5.5% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,375,000 | 3,382,223 | ||
Souderton Area School District Series 2009: | ||||
5% 11/1/23 | 3,760,000 | 4,157,545 | ||
5% 11/1/24 | 2,065,000 | 2,266,957 | ||
South Fork Muni. Auth. Hosp. Rev. (Conemaugh Health Sys. Proj.) Series 2010, 5.25% 7/1/23 | 1,000,000 | 975,190 | ||
Southcentral Pennsylvania Gen. Auth. Rev. (WellSpan Health Obligated Group Proj.) Series 2008 A, 6% 6/1/25 | 2,500,000 | 2,785,625 | ||
Spring-Ford Area School District: | ||||
5.375% 4/1/16 (FSA Insured) | 790,000 | 831,910 | ||
5.375% 4/1/17 (FSA Insured) | 830,000 | 870,844 | ||
5.375% 4/1/18 (FSA Insured) | 875,000 | 915,618 | ||
State Pub. School Bldg. Auth. College Rev.: | ||||
(Delaware County Cmnty. College Proj.) 5% 10/1/20 (FSA Insured) | 1,000,000 | 1,108,700 | ||
(Montgomery County Cmnty. College Proj.): | ||||
5% 5/1/27 (FSA Insured) | 1,775,000 | 1,910,362 | ||
5% 5/1/28 (FSA Insured) | 1,000,000 | 1,071,380 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/32 | 3,000,000 | 3,181,200 | ||
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed.: | ||||
(Univ. Cap. Proj.): | ||||
Series 2000 B, 5.25% 9/15/34 | 2,000,000 | 2,163,400 | ||
Series 2009 A, 5% 9/15/16 | 1,150,000 | 1,331,792 | ||
Series 2007 B, 5.25% 9/15/28 | 2,500,000 | 2,772,725 | ||
Series 2009 B, 5.5% 9/15/24 | 5,250,000 | 6,034,980 | ||
Upper Saint Clair Township School District 5.375% 7/15/16 (FSA Insured) | 1,855,000 | 1,963,054 | ||
West Mifflin Area School District Series 2009, 5.125% 4/1/31 (FSA Insured) | 1,000,000 | 1,060,920 | ||
Westmoreland County Gen. Oblig. 0% 8/1/15 (Escrowed to Maturity) (d) | 4,290,000 | 3,841,523 | ||
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 A, 5% 7/1/25 | 2,490,000 | 2,497,744 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A: | ||||
0% 8/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 5,000,000 | $ 3,234,400 | ||
0% 8/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 1,528,050 | ||
0% 8/15/22 | 6,550,000 | 3,538,769 | ||
Wilson School District 5.25% 6/1/25 (XL Cap. Assurance, Inc. Insured) | 5,740,000 | 6,233,353 | ||
York City Swr. Auth. Swr. Rev. 0% 12/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,235,000 | 3,081,014 | ||
| 445,673,812 | |||
Puerto Rico - 0.7% | ||||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.: | ||||
Series II, 5.375% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,053,690 | ||
Series QQ, 5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 500,000 | 547,940 | ||
Puerto Rico Govt. Dev. Bank Series 2006 B, 5% 12/1/10 | 1,500,000 | 1,523,370 | ||
| 3,125,000 |
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $440,759,848) | 453,399,360 | ||
NET OTHER ASSETS (LIABILITIES) - 0.6% | 2,834,419 | ||
NET ASSETS - 100% | $ 456,233,779 |
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 |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 41.3% |
Transportation | 12.9% |
Health Care | 11.8% |
Education | 10.8% |
Water & Sewer | 7.5% |
Electric Utilities | 6.3% |
Escrowed/Pre-Refunded | 5.7% |
Others * (Individually Less Than 5%) | 3.7% |
| 100.0% |
* Includes net other assets |
Income Tax Information |
At December 31, 2009, the Fund had a capital loss carryforward of approximately $98,320 all of which will expire on December 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $440,759,848) |
| $ 453,399,360 |
Cash | 6,096,804 | |
Receivable for fund shares sold | 280,997 | |
Interest receivable | 5,282,914 | |
Other receivables | 2,382 | |
Total assets | 465,062,457 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 7,307,230 | |
Payable for fund shares redeemed | 643,704 | |
Distributions payable | 538,223 | |
Accrued management fee | 139,161 | |
Other affiliated payables | 175,211 | |
Other payables and accrued expenses | 25,149 | |
Total liabilities | 8,828,678 | |
|
|
|
Net Assets | $ 456,233,779 | |
Net Assets consist of: |
| |
Paid in capital | $ 442,592,045 | |
Undistributed net investment income | 33,797 | |
Accumulated undistributed net realized gain (loss) on investments | 968,425 | |
Net unrealized appreciation (depreciation) on investments | 12,639,512 | |
Net Assets, for 42,044,264 shares outstanding | $ 456,233,779 | |
Net Asset Value, offering price and redemption price per share ($456,233,779 ÷ 42,044,264 shares) | $ 10.85 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 9,641,822 |
|
|
|
Expenses | ||
Management fee | $ 810,852 | |
Transfer agent fees | 204,457 | |
Accounting fees and expenses | 57,354 | |
Custodian fees and expenses | 3,268 | |
Independent trustees' compensation | 777 | |
Registration fees | 24,501 | |
Audit | 22,385 | |
Legal | 2,155 | |
Miscellaneous | 3,025 | |
Total expenses before reductions | 1,128,774 | |
Expense reductions | (1,983) | 1,126,791 |
Net investment income | 8,515,031 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,268,363 | |
Change in net unrealized appreciation (depreciation) on investment securities | 1,655,097 | |
Net gain (loss) | 2,923,460 | |
Net increase (decrease) in net assets resulting from operations | $ 11,438,491 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended June 30, 2010 (Unaudited) | Year ended December 31, 2009 |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 8,515,031 | $ 14,690,056 |
Net realized gain (loss) | 1,268,363 | 425,356 |
Change in net unrealized appreciation (depreciation) | 1,655,097 | 19,407,990 |
Net increase (decrease) in net assets resulting | 11,438,491 | 34,523,402 |
Distributions to shareholders from net investment income | (8,512,602) | (14,683,926) |
Share transactions | 65,952,984 | 140,779,407 |
Reinvestment of distributions | 5,296,846 | 9,145,579 |
Cost of shares redeemed | (46,511,598) | (67,808,259) |
Net increase (decrease) in net assets resulting from share transactions | 24,738,232 | 82,116,727 |
Redemption fees | 961 | 46,699 |
Total increase (decrease) in net assets | 27,665,082 | 102,002,902 |
|
|
|
Net Assets | ||
Beginning of period | 428,568,697 | 326,565,795 |
End of period (including undistributed net investment income of $33,797 and undistributed net investment income of $31,368, respectively) | $ 456,233,779 | $ 428,568,697 |
Other Information Shares | ||
Sold | 6,098,578 | 13,288,965 |
Issued in reinvestment of distributions | 489,547 | 860,152 |
Redeemed | (4,301,759) | (6,380,197) |
Net increase (decrease) | 2,286,366 | 7,768,920 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.78 | $ 10.21 | $ 10.73 | $ 10.78 | $ 10.80 | $ 11.02 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .208 | .407 | .416 | .419 | .433 | .440 |
Net realized and unrealized gain (loss) | .070 | .569 | (.497) | (.005) | (.009) | (.148) |
Total from investment operations | .278 | .976 | (.081) | .414 | .424 | .292 |
Distributions from net investment income | (.208) | (.407) | (.416) | (.419) | (.433) | (.439) |
Distributions from net realized gain | - | - | (.023) | (.045) | (.011) | (.073) |
Total distributions | (.208) | (.407) | (.439) | (.464) | (.444) | (.512) |
Redemption fees added to paid in capital D | - F | .001 | - F | - F | - F | - F |
Net asset value, end of period | $ 10.85 | $ 10.78 | $ 10.21 | $ 10.73 | $ 10.78 | $ 10.80 |
Total Return B, C | 2.60% | 9.70% | (.77)% | 3.94% | 4.02% | 2.70% |
Ratios to Average Net Assets |
|
|
|
|
| |
Expenses before reductions E | .51% A | .51% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .51% A | .51% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .51% A | .51% | .46% | .46% | .42% | .45% |
Net investment income | 3.88% A | 3.84% | 3.96% | 3.92% | 4.03% | 4.02% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 456,234 | $ 428,569 | $ 326,566 | $ 315,463 | $ 305,673 | $ 306,732 |
Portfolio turnover rate | 11% A | 8% | 17% | 19% | 19% | 26% |
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 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 expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F 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 (Unaudited)
Maturity Diversification | |||
Days | % of fund's investments 6/30/10 | % of fund's investments 12/31/09 | % of fund's investments 6/30/09 |
0 - 30 | 90.6 | 94.6 | 92.2 |
31 - 90 | 1.0 | 2.5 | 1.8 |
91 - 180 | 1.8 | 1.6 | 2.5 |
181 - 397 | 6.6 | 1.3 | 3.5 |
Weighted Average Maturity | |||
| 6/30/10 | 12/31/09 | 6/30/09 |
Fidelity Pennsylvania Municipal Money Market Fund | 26 Days | 14 Days | 19 Days |
Pennsylvania Municipal Money Market Fund* | 31 Days | 32 Days | 25 Days |
Weighted Average Maturity (WAM) is a weighted average of all the maturities of the securities held in a fund. WAM for money market funds can be used as a measure of sensitivity to interest rate changes. Generally, the longer the maturity, the greater the sensitivity. WAM for money market funds is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening devices such as demand features and interest rate resets. |
Weighted Average Life | |||
| 6/30/10 | 12/31/09 | 6/30/09 |
Fidelity Pennsylvania Municipal Money Market Fund | 26 Days | N/A*** | N/A*** |
Pennsylvania Municipal Money Market Fund* | N/A*** | N/A*** | N/A*** |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2010 | As of December 31, 2009 | ||||||
![]() | Variable Rate Demand Notes (VRDNs) 86.2% |
| ![]() | Variable Rate Demand Notes (VRDNs) 88.7% |
| ||
![]() | Commercial Paper (including CP Mode) 0.0% |
| ![]() | Commercial Paper (including CP Mode) 0.6% |
| ||
![]() | Tender Bonds 0.9% |
| ![]() | Tender Bonds 2.2% |
| ||
![]() | Municipal Notes 1.0% |
| ![]() | Municipal Notes 0.0% |
| ||
![]() | Fidelity Municipal |
| ![]() | Fidelity Municipal |
| ||
![]() | Other Investments 8.3% |
| ![]() | Other Investments 2.8% |
| ||
![]() | Net Other Assets ** (2.0)% |
| ![]() | Net Other Assets 0.1% |
|
* Source: iMoneyNet, Inc.
** Net Other Assets are not included in the pie chart.
*** Information not available.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 102.0% | |||
Principal Amount | Value | ||
Arizona - 0.1% | |||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 E, 0.35%, LOC Landesbank Baden-Wuert, VRDN (b) | $ 700,000 | $ 700,000 | |
California - 0.0% | |||
East Bay Muni. Util. District Wtr. Sys. Rev. Series 2008 B3, 0.27% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b) | 200,000 | 200,000 | |
District Of Columbia - 0.2% | |||
District of Columbia Rev. (American Psychological Assoc. Proj.) Series 2003, 0.32%, LOC Bank of America NA, VRDN (b) | 980,000 | 980,000 | |
Georgia - 0.5% | |||
Coweta County Dev. Auth. Rev. (W.Y. Industries, Inc. Proj.) Series 2007, 0.47%, LOC Wells Fargo Bank NA, VRDN (b)(e) | 3,040,000 | 3,040,000 | |
Kentucky - 0.8% | |||
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.): | |||
Series 2006 B, 0.35%, LOC Commerzbank AG, VRDN (b)(e) | 1,700,000 | 1,700,000 | |
Series 2008 A, 0.35%, LOC Commerzbank AG, VRDN (b)(e) | 1,800,000 | 1,800,000 | |
Kentucky Higher Ed. Student Ln. Corp. Rev. Series 2008 A1, 0.3%, LOC State Street Bank & Trust Co., Boston, LOC Bank of America NA, VRDN (b)(e) | 1,800,000 | 1,800,000 | |
| 5,300,000 | ||
Nevada - 0.1% | |||
Clark County Arpt. Rev. Series 2008 C1, 0.3%, LOC Bayerische Landesbank, VRDN (b)(e) | 700,000 | 700,000 | |
Ohio - 0.4% | |||
Dayton Montgomery County Port Auth. Spl. Arpt. Facilities Rev. (Wilmington Air Park, Inc. Proj.) Series 2007 B, 4% (Deutsche Post AG Guaranteed), VRDN (b)(e) | 2,800,000 | 2,800,000 | |
Pennsylvania - 93.9% | |||
Abington Township Gen. Oblig. Bonds Series 2010, 2% 11/15/10 | 1,515,000 | 1,524,017 | |
Adams County Indl. Dev. Auth. Rev. Bonds (Gettysburg College Proj.) Series 2010, 2% 8/15/10 | 1,000,000 | 1,001,520 | |
Allegheny County: | |||
Bonds Series C56, 5% 10/1/10 | 1,000,000 | 1,011,302 | |
Series C58A, 0.27%, LOC JPMorgan Chase Bank, VRDN (b) | 1,800,000 | 1,800,000 | |
Allegheny County Hosp. Dev. Auth. Rev.: | |||
Bonds: | |||
(Pittsburgh Med. Ctr. Proj.) Series 2010 A, 3% 5/15/11 | 1,250,000 | 1,276,251 | |
(UPMC Health Sys. Proj.) Series 1998 B, 5.25% 11/1/10 | 2,245,000 | 2,280,981 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Allegheny County Hosp. Dev. Auth. Rev.: - continued | |||
Bonds: | |||
(Children's Institute Pittsburgh Proj.) Series 2005 A, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | $ 3,110,000 | $ 3,110,000 | |
(Jefferson Reg'l. Med. Ctr. Proj.) Series 2008 A, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 7,750,000 | 7,750,000 | |
(South Hills Health Sys. Proj.) Series 2000 A, 0.28%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 5,000,000 | 5,000,000 | |
Allegheny County Indl. Dev. Auth. Health & Hsg. Facilities Rev. (Longwood at Oakmont, Inc. Proj.) Series 2008 B, 0.3%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 5,400,000 | 5,400,000 | |
Allegheny County Indl. Dev. Auth. Rev.: | |||
(Doren, Inc. Proj.) Series 1997 C, 0.48%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 500,000 | 500,000 | |
(R.I. Lampus Co. Proj.) Series 1997 A, 0.4%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 1,040,000 | 1,040,000 | |
(Union Elec. Steel Co. Proj.) Series 1996 A, 0.35%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 3,120,000 | 3,120,000 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev.: | |||
(FirstEnergy Nuclear Generation Corp. Proj.): | |||
Series 2005 A, 0.24%, LOC Barclays Bank PLC, VRDN (b) | 14,400,000 | 14,400,000 | |
Series 2006 B: | |||
0.22%, LOC Citibank NA, VRDN (b) | 14,100,000 | 14,100,000 | |
0.22%, LOC Royal Bank of Scotland PLC, VRDN (b) | 5,000,000 | 5,000,000 | |
(Pennsylvania Elec. Co. Proj.) Series 2005 B, 0.3%, LOC Bank of Nova Scotia New York Branch, VRDN (b)(e) | 10,000,000 | 10,000,000 | |
Berks County Indl. Dev. Auth. Rev. (Kutztown Univ. Foundation, Inc. Proj.) Series 2004, 0.3%, LOC Wells Fargo Bank NA, VRDN (b) | 9,510,000 | 9,510,000 | |
Berks County Muni. Auth. Rev. (Phoebe-Devitt Homes Obligated Group Proj.) Series 2008 A, 0.38%, LOC Banco Santander SA, VRDN (b) | 7,400,000 | 7,400,000 | |
Bucks County Indl. Dev. Auth. Rev. (Snowball Real Estate LP Proj.) 0.52%, LOC Wells Fargo Bank NA, VRDN (b)(e) | 1,650,000 | 1,650,000 | |
Butler County Indl. Dev. Auth. Rev. (Concordia Lutheran Health & Human Care Proj.) Series 2008 A, 0.28%, LOC Bank of America NA, VRDN (b) | 5,975,000 | 5,975,000 | |
Cambria County Ind. Dev. Auth. (Cambria Cogen Co. Proj.) Series 1998 A2, 0.25%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (b)(e) | 10,000,000 | 10,000,000 | |
Chester County Health & Ed. Auth. Rev. (Jenner's Pond Proj.) Series 2006, 0.5%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 2,875,000 | 2,875,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. Bonds (Jefferson Health Sys. Proj.) Series 2010 A, 2% 5/15/11 (a) | $ 3,475,000 | $ 3,519,306 | |
Chester County Indl. Dev. Auth. Student Hsg. Rev. (Univ. Student Hsg., LLC Proj. at West Chester Univ.) Series 2003, 0.23%, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b) | 7,100,000 | 7,100,000 | |
Chester County Intermediate Unit Rev. Series 2003, 0.3%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 2,405,000 | 2,405,000 | |
Clarion County Indl. Dev. Auth. Energy Dev. Rev. (Piney Creek Proj.) Series 1990, 0.27%, LOC Landesbank Hessen-Thuringen, VRDN (b)(e) | 6,800,000 | 6,800,000 | |
Cumberland County Muni. Auth. Rev. (Messiah Village Proj.) Series 2008 B, 0.6%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 8,000,000 | 8,000,000 | |
Delaware County Auth. Hosp. Rev. (Crozer-Chester Med. Ctr. Proj.) Series 1996, 0.31%, LOC KBC Bank NV, VRDN (b) | 3,800,000 | 3,800,000 | |
Delaware County Auth. Rev. (White Horse Village Proj.): | |||
Series 2006 A, 0.25%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 4,715,000 | 4,715,000 | |
Series 2008, 0.25%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 9,810,000 | 9,810,000 | |
Delaware County Indl. Dev. Auth. Rev.: | |||
(The Agnes Irwin School Proj.) Series 2003, 0.38%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 6,965,000 | 6,965,000 | |
Series 1997 G, 0.21%, VRDN (b) | 6,700,000 | 6,700,000 | |
Franklin County Indl. Dev. Auth.: | |||
(Menno Haven Proj.) Series 2008, 0.29%, LOC Wells Fargo Bank NA, VRDN (b) | 9,410,000 | 9,410,000 | |
(Menno-Haven, Inc. Proj.) Series 2006, 0.29%, LOC Wells Fargo Bank NA, VRDN (b) | 7,100,000 | 7,100,000 | |
Geisinger Auth. Health Sys. Rev. Participating VRDN Series Putters 3446, 0.31% (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 6,600,000 | 6,600,000 | |
Haverford Township School District Series 2009, 0.29%, LOC TD Banknorth, NA, VRDN (b) | 1,000,000 | 1,000,000 | |
Hempfied School District Gen. Oblig. Bonds Series 2009, 2.5% 10/15/10 | 1,000,000 | 1,006,127 | |
Lancaster County Hosp. Auth. Health Ctr. Rev. (Lancaster Gen. Hosp. Proj.) Series 2008, 0.23%, LOC Bank of America NA, VRDN (b) | 4,575,000 | 4,575,000 | |
Lawrence County Indl. Dev. Auth. Indl. Dev. Rev. (Atlantic States Materials Proj.) Series 1999, 0.47%, LOC Wells Fargo Bank NA, VRDN (b)(e) | 600,000 | 600,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Moon Indl. Dev. Auth. Commercial Dev. Rev. (One Thorn Run Ctr. Proj.) Series 1995 A, 0.35%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | $ 3,490,000 | $ 3,490,000 | |
North Hills School District Bonds 2% 10/15/10 | 3,240,000 | 3,254,079 | |
Northampton Indl. Dev. Auth. Rev. (Ultra-Poly Corp./Portland Ind. Park Proj.) Series 1997, 0.35%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 2,052,000 | 2,052,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.: | |||
(Amtrak Proj.) Series 2001 B, 0.3%, LOC JPMorgan Chase Bank, VRDN (b)(e) | 24,000,000 | 24,000,000 | |
(FirstEnergy Corp. Proj.) Series A, 0.26%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 4,800,000 | 4,800,000 | |
(Shippingport Proj.) Series A, 0.26%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 16,100,000 | 16,100,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | |||
(Westrum Harleysville II, LP Proj.) Series 2005, 0.35%, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b)(e) | 11,535,000 | 11,535,000 | |
Series 2002 B5, 0.35%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 5,000,000 | 5,000,000 | |
Series 2002 B6, 0.35%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 600,000 | 600,000 | |
Series 2004 D2, 0.35%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 1,200,000 | 1,200,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Manufacturing Facility Rev. (Dodge Realty Partners Proj.) 0.32%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 3,600,000 | 3,600,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. (Republic Svcs., Inc. Proj.) Series 2005, 0.35%, LOC Bank of America NA, VRDN (b)(e) | 9,500,000 | 9,500,000 | |
Pennsylvania Energy Dev. Auth. Rev. (Piney Creek Proj.) Series 1996 C, 0.27%, LOC Landesbank Hessen-Thuringen, VRDN (b)(e) | 5,855,000 | 5,855,000 | |
Pennsylvania Gen. Oblig.: | |||
Bonds: | |||
First Series 2001, 5% 1/15/11 | 2,905,000 | 2,978,095 | |
First Series 2008, 5% 8/1/10 | 3,800,000 | 3,814,998 | |
First Series 2010 A, 2% 2/15/11 | 1,000,000 | 1,010,067 | |
Second Series 2000, 5.25% 10/15/10 | 1,000,000 | 1,013,960 | |
Second Series 2008, 5% 2/15/11 | 1,375,000 | 1,414,877 | |
Second Series, 6.25% 7/1/11 | 1,000,000 | 1,058,331 | |
Seconds Series 2003, 5% 7/1/10 | 2,850,000 | 2,850,000 | |
Third Series 2004, 4% 9/1/10 | 1,000,000 | 1,006,179 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Pennsylvania Gen. Oblig.: - continued | |||
Participating VRDN: | |||
Series Putters 3350, 0.31% (Liquidity Facility JPMorgan Chase Bank) (b)(g) | $ 7,100,000 | $ 7,100,000 | |
Series Putters 3352Z, 0.31% (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 4,435,000 | 4,435,000 | |
Series ROC II R 11505, 0.32% (Liquidity Facility Citibank NA) (b)(g) | 4,200,000 | 4,200,000 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
(Bryn Mawr College Proj.) Series 2009, 0.38%, tender 2/2/11 (b) | 6,000,000 | 6,000,000 | |
(Temple Univ. Proj.) Series 2010 A, 4% 4/1/11 | 5,525,000 | 5,667,364 | |
(UPMC Health Sys. Proj.) Series 2001 A: | |||
6% 1/15/13 (Pre-Refunded to 1/15/11 @ 101) (f) | 1,495,000 | 1,555,495 | |
6% 1/15/31 (Pre-Refunded to 1/15/11 @ 101) (f) | 5,500,000 | 5,721,527 | |
Participating VRDN ROC II R 11721, 0.32% (Liquidity Facility Citibank NA) (b)(g) | 7,500,000 | 7,500,000 | |
( Salle Univ. Proj.) Series 2007 B, 0.37%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 3,290,000 | 3,290,000 | |
(California Univ. of Pennsylvania Student Hsg. Proj.) Series 2006 A, 0.4%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 15,525,000 | 15,525,000 | |
(Drexel Univ. Proj.) Series B, 0.32%, LOC Landesbank Hessen-Thuringen, VRDN (b) | 4,000,000 | 4,000,000 | |
(Holy Family Univ. Proj.) Series 2008, 0.29%, LOC TD Banknorth, NA, VRDN (b) | 2,000,000 | 2,000,000 | |
(Indiana Univ. of Pennsylvania Student Hsg. Proj.) Series 2008, 0.3%, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b) | 8,625,000 | 8,625,000 | |
Pennsylvania Hsg. Fin. Agcy. Single Family Mtg. Rev.: | |||
Participating VRDN: | |||
Series BA 08 1118, 0.38% (Liquidity Facility Bank of America NA) (b)(e)(g) | 3,362,000 | 3,362,000 | |
Series Merlots 07 C50, 0.3% (Liquidity Facility Wells Fargo Bank NA) (b)(e)(g) | 5,095,000 | 5,095,000 | |
Series Putters 1213 B, 0.42% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(g) | 1,135,000 | 1,135,000 | |
Series 2002 74A, 0.25% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e) | 2,600,000 | 2,600,000 | |
Series 2002 75A, 0.25% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e) | 8,100,000 | 8,100,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Pennsylvania Hsg. Fin. Agcy. Single Family Mtg. Rev.: - continued | |||
Series 2003 77B, 0.23% (Liquidity Facility BNP Paribas SA), VRDN (b)(e) | $ 7,575,000 | $ 7,575,000 | |
Series 2003 79B, 0.25% (Liquidity Facility BNP Paribas SA), VRDN (b)(e) | 6,450,000 | 6,450,000 | |
Series 2004 81C, 0.23% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e) | 5,000,000 | 5,000,000 | |
Series 2004 84D, 0.22% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 6,600,000 | 6,600,000 | |
Series 2004 86B, 0.22% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 5,000,000 | 5,000,000 | |
Series 2004 86C, 0.22% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(b)(e) | 16,640,000 | 16,640,000 | |
Series 2005 90C, 0.23% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 6,000,000 | 6,000,000 | |
Series 2005-89, 0.22% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 24,425,000 | 24,425,000 | |
Series 2006 92B, 0.23% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b)(e) | 28,270,000 | 28,270,000 | |
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. Participating VRDN Series Putters 3481, 0.31% (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 5,035,000 | 5,035,000 | |
Pennsylvania Pub. School Bldg. Auth. School Rev. (Harrisburg School District Proj.) Series 2009 D, 0.3%, LOC Wells Fargo Bank NA, VRDN (b) | 6,800,000 | 6,800,000 | |
Pennsylvania State Univ. Participating VRDN Series BC 10 44B, 0.32% (Liquidity Facility Barclays Bank PLC) (b)(g) | 3,200,000 | 3,200,000 | |
Pennsylvania Tpk. Commission Tpk. Rev.: | |||
Series 2008 B1, 0.28%, LOC Bank of America NA, VRDN (b) | 2,400,000 | 2,400,000 | |
Series 2008 B5, 0.3%, LOC Bank of America NA, VRDN (b) | 3,900,000 | 3,900,000 | |
Philadelphia Arpt. Rev. Series 2005 C, 0.22%, LOC TD Banknorth, NA, VRDN (b)(e) | 13,600,000 | 13,600,000 | |
Philadelphia Auth. for Indl. Dev. Rev.: | |||
(Spl. People Northeast, Inc. Proj.) Series 2006, 0.38%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 7,830,000 | 7,830,000 | |
(The Franklin Institute Proj.) Series 2006, 0.3%, LOC Bank of America NA, VRDN (b) | 2,600,000 | 2,600,000 | |
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Fifth Series A2, 0.27%, LOC Bank of Nova Scotia New York Branch, LOC JPMorgan Chase Bank, VRDN (b) | 1,950,000 | 1,950,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Philadelphia Hospitals & Higher Ed. Facilities Auth. Health Systems Rev. Bonds (Jefferson Health Sys. Proj.) Series 2010 B, 2% 5/15/11 (a) | $ 6,200,000 | $ 6,279,050 | |
Philadelphia School District: | |||
Series 2008 A4, 0.4%, LOC Bank of America NA, VRDN (b) | 800,000 | 800,000 | |
Series 2008 B1, 0.3%, LOC Wells Fargo Bank NA, VRDN (b) | 3,000,000 | 3,000,000 | |
Series 2008 B2, 0.3%, LOC Wells Fargo Bank NA, VRDN (b) | 6,800,000 | 6,800,000 | |
Philadelphia Wtr. & Wastewtr. Rev. Series 1997 B, 0.23%, LOC Bank of America NA, VRDN (b) | 31,235,000 | 31,235,000 | |
Pittsburgh School District Bonds Series 2009 A, 3% 9/1/10 | 750,000 | 752,740 | |
Ridley School District Series 2009, 0.29%, LOC TD Banknorth, NA, VRDN (b) | 3,000,000 | 3,000,000 | |
Saint Mary Hosp. Auth. Health Sys. Rev. Bonds Series 2010, 2% 11/15/10 | 2,100,000 | 2,108,944 | |
Sayre Health Care Facilities Auth. Rev. Bonds (Latrobe Area Hosp. Proj.) Series 2002 A, 5.25% 7/1/10 (Escrowed to Maturity) (f) | 1,385,000 | 1,385,000 | |
Schuylkill County Indl. Dev. Auth. Rev. (KP Tamaqua LP Proj.) Series 2007, 0.56%, LOC Citizens Bank of Pennsylvania, VRDN (b)(e) | 1,670,000 | 1,670,000 | |
Union County Higher Edl. Facilities Fing. Auth. Univ. Rev. Bonds (Bucknell Univ. Proj.) Series 2010, 3% 4/1/11 | 1,615,000 | 1,645,680 | |
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. BAN Series 2010, 2% 5/31/11 | 6,700,000 | 6,793,414 | |
| 626,618,305 | ||
Tennessee - 0.3% | |||
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2008 B, 0.28%, LOC Landesbank Baden-Wuert, VRDN (b) | 2,000,000 | 2,000,000 | |
Washington - 0.1% | |||
Port of Seattle Rev. Series 2005, 0.29%, LOC Fortis Banque SA, VRDN (b)(e) | 625,000 | 625,000 | |
Municipal Securities - continued | |||
Shares | Value | ||
Other - 5.6% | |||
Fidelity Municipal Cash Central Fund, 0.27% (c)(d) | 37,556,000 | $ 37,556,000 | |
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $680,519,304) | 680,519,304 | ||
NET OTHER ASSETS (LIABILITIES) - (2.0)% | (13,391,125) | ||
NET ASSETS - 100% | $ 667,128,179 |
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) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Security collateralized by an amount sufficient to pay interest and principal. |
(g) Provides evidence of ownership in one or more underlying municipal bonds. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 44,201 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At December 31, 2009, the Fund had a capital loss carryforward of approximately $11,336 all of which will expire on December 31, 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $642,963,304) | $ 642,963,304 |
|
Fidelity Central Funds (cost $37,556,000) | 37,556,000 |
|
Total Investments (cost $680,519,304) |
| $ 680,519,304 |
Cash | 116,922 | |
Receivable for fund shares sold | 5,472,514 | |
Interest receivable | 911,265 | |
Distributions receivable from Fidelity Central Funds | 7,418 | |
Other receivables | 126 | |
Total assets | 687,027,549 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 3,616,231 | |
Delayed delivery | 12,888,483 | |
Payable for fund shares redeemed | 3,216,213 | |
Distributions payable | 47 | |
Accrued management fee | 178,172 | |
Other affiliated payables | 224 | |
Total liabilities | 19,899,370 | |
|
|
|
Net Assets | $ 667,128,179 | |
Net Assets consist of: |
| |
Paid in capital | $ 667,145,783 | |
Undistributed net investment income | 13 | |
Accumulated undistributed net realized gain (loss) on investments | (17,617) | |
Net Assets, for 667,010,560 shares outstanding | $ 667,128,179 | |
Net Asset Value, offering price and redemption price per share ($667,128,179 ÷ 667,010,560 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended June 30, 2010 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 982,000 |
Income from Fidelity Central Funds |
| 44,201 |
Total income |
| 1,026,201 |
|
|
|
Expenses | ||
Management fee | $ 1,697,633 | |
Independent trustees' compensation | 1,181 | |
Total expenses before reductions | 1,698,814 | |
Expense reductions | (706,317) | 992,497 |
Net investment income | 33,704 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (10) | |
Net increase in net assets resulting from operations | $ 33,694 |
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 Changes in Net Assets
| Six months ended June 30, 2010 (Unaudited) | Year ended December 31, 2009 |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 33,704 | $ 692,661 |
Net realized gain (loss) | (10) | 3,088 |
Net increase in net assets resulting from operations | 33,694 | 695,749 |
Distributions to shareholders from net investment income | (33,691) | (692,650) |
Share transactions at net asset value of $1.00 per share | 936,685,518 | 1,938,194,111 |
Reinvestment of distributions | 33,372 | 680,764 |
Cost of shares redeemed | (947,738,939) | (2,109,666,273) |
Net increase (decrease) in net assets and shares resulting from share transactions | (11,020,049) | (170,791,398) |
Total increase (decrease) in net assets | (11,020,046) | (170,788,299) |
|
|
|
Net Assets | ||
Beginning of period | 678,148,225 | 848,936,524 |
End of period (including undistributed net investment income of $13 and undistributed net investment income of $0, respectively) | $ 667,128,179 | $ 678,148,225 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
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 | - G | .001 | .018 | .032 | .030 | .020 |
Net realized and unrealized gain (loss) G | - | - | - | - | - | - |
Total from investment operations | - G | .001 | .018 | .032 | .030 | .020 |
Distributions from net investment income | - G | (.001) | (.018) | (.032) | (.030) | (.020) |
Distributions from net realized gain | - | - | - G | - | - | - |
Total distributions | - G | (.001) | (.018) | (.032) | (.030) | (.020) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .00% E | .09% | 1.85% | 3.25% | 3.05% | 2.02% |
Ratios to Average Net Assets D, F |
|
|
|
|
| |
Expenses before reductions | .50% A | .53% | .51% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .29% A | .49% | .51% | .50% | .50% | .50% |
Expenses net of all reductions | .29% A | .49% | .46% | .40% | .38% | .41% |
Net investment income | .01% A | .09% | 1.82% | 3.20% | 3.02% | 2.02% |
Supplemental Data |
|
|
|
|
| |
Net assets, | $ 667,128 | $ 678,148 | $ 848,937 | $ 720,414 | $ 539,237 | $ 426,387 |
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 Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Amount represents less than .01%.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
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, 2010 (Unaudited)
1. Organization.
Fidelity 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. The Income Fund is a non-diversified fund. 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.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Income Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each Fund's investments by major category are as follows.
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For the Money Market Fund as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost which approximates value and are categorized as Level 2 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of each Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared 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 GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards, and losses deferred due to wash sales, futures transactions, and excise tax regulations.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
Fidelity Pennsylvania Municipal Income Fund | $ 440,730,177 | $ 13,760,184 | $ (1,091,001) | $ 12,669,183 |
Fidelity Pennsylvania Municipal Money Market Fund | 680,519,304 | - | - | - |
Short-Term Trading (Redemption) Fees. Shares held in the Income Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. Certain Funds 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. Certain Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $57,180,576 and $23,306,649, respectively.
Semiannual Report
6. Fees and Other Transactions with Affiliates.
Management Fee. 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 .12% 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 .37% of the Fund's average net assets.
FMR and its affiliates provide 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 independent Trustees and certain exceptions such as interest expense, including commitment fees. 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 independent Trustees.
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-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer, dividend disbursing and shareholder servicing agent functions. Under the terms of the management fee contract, FMR pays transfer agent fees on behalf of the Money Market Fund. The Income Fund pays account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Fidelity Pennsylvania Municipal Income Fund | .09% |
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Committed Line of Credit.
The Income Fund participates with other funds managed by FMR in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Pennsylvania Municipal Income Fund | $ 858 |
During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
FMR or its affiliates voluntarily agreed to waive certain fees during the period for the Money Market Fund. The amount of the waiver is $706,082.
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 Agent | Accounting |
Fidelity Pennsylvania Municipal Income Fund |
| $ 1,979 | $ - | $ 4 |
In addition, through an arrangement with Money Market fund's custodian, $235 of credits realized as a result of uninvested cash balances were used to reduce the Fund's management fee.
9. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
17550 North 75th Avenue
Glendale, AZ
5330 E. Broadway Blvd
Tucson, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
2211 Michelson Drive
Irvine, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
1261 Post Road
Fairfield, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
1400 Glades Road
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3242 Peachtree Road
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
1823 Freedom Drive
Naperville, IL
Indiana
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 N. Old Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
3480 28th Street
Grand Rapids, MI
2425 S. Linden Road STE E
Flint, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
3349 Monroe Avenue
Rochester, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
1576 East Southlake Blvd.
Southlake, TX
15600 Southwest Freeway
Sugar Land, TX
139 N. Loop 1604 East
San Antonio, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
11957 Democracy Drive
Reston, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
304 Strander Blvd
Tukwila, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Research & Analysis Company
Fidelity Management & Research
(U.K.) Inc.
Fidelity Investments Money
Management, Inc.
FIL Investment Advisors
FIL Investment Advisors (U.K.) Ltd.
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
PFR-USAN-0810 1.787788.107
Fidelity®
Short-Intermediate
Municipal Income Fund
Semiannual Report
June 30, 2010
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
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, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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 LLC or an affiliated company.
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.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual Report
Semiannual Report
Semia
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
A yearlong uptrend in global equity markets came under significant pressure in May 2010 when investor sentiment turned bearish amid growing concern that Europe's debt crisis would expand and slow or derail economic recovery. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 to June 30, 2010).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
| Expenses Paid |
Class A | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,014.80 | $ 3.90 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class T | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,015.00 | $ 3.80 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.03 | $ 3.81 |
Class B | 1.43% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,011.60 | $ 7.13 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.70 | $ 7.15 |
Class C | 1.53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,011.10 | $ 7.63 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.21 | $ 7.65 |
Short-Intermediate Municipal Income | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,016.30 | $ 2.45 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.36 | $ 2.46 |
Institutional Class | .53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,016.10 | $ 2.65 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.17 | $ 2.66 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five States as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
New York | 16.4 | 15.3 |
California | 8.3 | 9.6 |
Illinois | 7.8 | 7.6 |
Texas | 6.6 | 8.1 |
Florida | 6.0 | 4.8 |
Top Five Sectors as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
General Obligations | 36.6 | 39.7 |
Health Care | 13.2 | 9.2 |
Special Tax | 12.7 | 10.6 |
Electric Utilities | 8.1 | 6.7 |
Escrowed/Pre-Refunded | 5.4 | 7.7 |
Weighted Average Maturity as of June 30, 2010 | ||
|
| 6 months ago |
Years | 3.4 | 3.6 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of June 30, 2010 | ||
|
| 6 months ago |
Years | 2.7 | 2.7 |
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, 2010 | As of December 31, 2009 | ||||||
![]() | AAA 15.8% |
| ![]() | AAA 11.4% |
| ||
![]() | AA,A 68.9% |
| ![]() | AA,A 66.3% |
| ||
![]() | BBB 3.8% |
| ![]() | BBB 7.5% |
| ||
![]() | BB and Below 0.1% |
| ![]() | BB and Below 0.1% |
| ||
![]() | Not Rated 1.8% |
| ![]() | Not Rated 3.1% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Service, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 83.6% | ||||
| Principal Amount (000s) | Value | ||
Alabama - 0.5% | ||||
Health Care Auth. for Baptist Health: | ||||
Series 2006 D, 5% 11/15/11 | $ 1,540 | $ 1,579 | ||
Series 2009 A, 6.125%, tender 5/15/12 (c) | 4,000 | 4,196 | ||
Jefferson County Swr. Rev.: | ||||
Series 2001 A, 5.5% 2/1/40 (Pre-Refunded to 2/1/11 @ 101) (g) | 3,900 | 4,050 | ||
Series 2002 B, 5% 2/1/41 (Pre-Refunded to 8/1/12 @ 100) (g) | 2,070 | 2,240 | ||
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 A, 4.75%, tender 3/19/12 (c) | 5,000 | 5,214 | ||
Pell City Spl. Care Facilities Rev. (Noland Health Svcs., Inc. Proj.) Series 2007 A: | ||||
5% 12/1/10 | 855 | 864 | ||
5% 12/1/12 | 750 | 782 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5% 9/1/13 | 1,175 | 1,269 | ||
| 20,194 | |||
Alaska - 0.1% | ||||
Alaska Student Ln. Corp. Student Ln. Rev. Series 2000 A, 5.85% 7/1/13 (Pre-Refunded to 7/1/10 @ 100) (f)(g) | 3,285 | 3,285 | ||
Anchorage Gen. Oblig. Series B, 5.75% 12/1/11 (Pre-Refunded to 12/1/10 @ 100) (g) | 2,500 | 2,552 | ||
| 5,837 | |||
Arizona - 2.6% | ||||
Arizona Ctfs. of Prtn.: | ||||
Series 2002 B, 5.5% 9/1/10 (FSA Insured) | 9,025 | 9,096 | ||
Series 2010 A: | ||||
5% 10/1/14 (FSA Insured) | 5,000 | 5,611 | ||
5% 10/1/16 (FSA Insured) | 13,000 | 14,578 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.): | ||||
Series 2008 A, 5% 1/1/13 | 2,000 | 2,136 | ||
Series 2008 D: | ||||
5% 1/1/13 | 3,250 | 3,471 | ||
5% 1/1/14 | 2,000 | 2,162 | ||
Arizona School Facilities Board Ctfs. of Prtn.: | ||||
Series 2005 A2, 5% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,000 | 12,010 | ||
Series 2008, 5.5% 9/1/13 | 18,780 | 20,888 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Arizona - continued | ||||
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | ||||
5% 10/1/18 | $ 1,000 | $ 1,176 | ||
5% 10/1/20 | 5,180 | 6,015 | ||
Coconino County Poll. Cont. Corp. Rev. (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 A, 5.5%, tender 6/1/14 (c) | 6,000 | 6,512 | ||
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 6%, tender 5/1/14 (c) | 4,800 | 5,146 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.: | ||||
Series 2009 A, 5% 7/1/15 | 5,835 | 6,674 | ||
Series 2009 B, 5% 7/1/16 | 5,090 | 5,821 | ||
Tucson Gen. Oblig. Series 2005, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250 | 1,417 | ||
Tucson Wtr. Rev. Series 2001 A: | ||||
5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,340 | 1,371 | ||
5% 7/1/15 (FGIC Insured) | 1,645 | 1,805 | ||
| 105,889 | |||
California - 8.3% | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A, 5.25% 5/1/12 | 6,000 | 6,496 | ||
Series 2010 L, 5% 5/1/17 | 12,000 | 13,596 | ||
California Econ. Recovery: | ||||
Series 2004 A: | ||||
5.25% 7/1/12 | 6,010 | 6,516 | ||
5.25% 7/1/13 | 2,400 | 2,663 | ||
Series 2008 A, 5% 1/1/11 | 3,000 | 3,065 | ||
Series 2008 B, 5%, tender 3/1/11 (c)(g) | 6,400 | 6,595 | ||
Series 2009 A: | ||||
5% 7/1/15 | 3,660 | 4,046 | ||
5% 7/1/15 (Pre-Refunded to 7/1/14 @ 100) (g) | 2,540 | 2,924 | ||
5.25% 1/1/11 | 870 | 890 | ||
5.25% 1/1/11 (Escrowed to Maturity) (g) | 6,830 | 6,995 | ||
5.25% 7/1/13 (Escrowed to Maturity) (g) | 1,185 | 1,343 | ||
5.25% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,255 | 1,393 | ||
5.25% 7/1/14 | 1,780 | 2,012 | ||
5.25% 7/1/14 (Escrowed to Maturity) (g) | 520 | 604 | ||
Series B, 5%, tender 7/1/14 (c) | 5,000 | 5,534 | ||
California Gen. Oblig.: | ||||
5% 2/1/11 | 4,000 | 4,093 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5% 2/1/11 | $ 70 | $ 72 | ||
5% 10/1/11 | 1,650 | 1,731 | ||
5% 2/1/12 | 1,650 | 1,751 | ||
5% 3/1/12 | 15,000 | 15,968 | ||
5% 9/1/12 | 1,700 | 1,836 | ||
5% 10/1/12 | 12,600 | 13,641 | ||
5% 11/1/13 | 9,060 | 10,042 | ||
5.25% 9/1/10 | 18,050 | 18,175 | ||
5.25% 2/1/11 | 2,465 | 2,526 | ||
5.5% 3/1/11 (FGIC Insured) | 3,210 | 3,306 | ||
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) | 835 | 860 | ||
6.5% 9/1/10 | 1,760 | 1,776 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 H, 5.125% 7/1/22 | 2,850 | 2,940 | ||
Series 2009 D, 5%, tender 7/1/14 (c) | 2,900 | 3,162 | ||
Series 2009 F, 5%, tender 7/1/14 (c) | 3,200 | 3,489 | ||
(Cedars-Sinai Med. Ctr. Proj.) Series 2005, 5% 11/15/10 | 1,000 | 1,014 | ||
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/13 | 1,100 | 1,170 | ||
(St. Joseph Health Sys. Proj.) Series 2009 C, 5%, tender 10/16/14 (c) | 4,300 | 4,710 | ||
California Infrastructure & Econ. Dev. Bank Rev. (The J. Paul Getty Trust Proj.): | ||||
Series 2003 C, 3.9%, tender 12/1/11 (c) | 2,100 | 2,189 | ||
Series 2007 A3, 2.25%, tender 4/1/12 (c) | 6,500 | 6,669 | ||
California Muni. Fin. Auth. Ctfs. of Prtn. (Cmnty. Hospitals of Central California Obligated Group Proj.) Series 2009, 3% 2/1/11 | 1,000 | 1,003 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 15,000 | 17,040 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (c)(f) | 2,300 | 2,397 | ||
California Pub. Works Board Lease Rev. Series 2010 A: | ||||
5% 3/1/16 | 2,000 | 2,145 | ||
5% 3/1/17 | 5,405 | 5,753 | ||
California State Univ. Rev. Series 2007 C, 5% 11/1/13 (FSA Insured) | 1,335 | 1,498 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
California - continued | ||||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c) | $ 3,800 | $ 3,944 | ||
(State of California Proposition 1A Receivables Prog.) Series 2009, 5% 6/15/13 | 15,300 | 16,609 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2003 B: | ||||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (g) | 2,000 | 2,251 | ||
5.625% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (g) | 3,030 | 3,422 | ||
Series 2007 A1, 5% 6/1/12 | 2,570 | 2,656 | ||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.: | ||||
Series 2009 A, 5% 7/1/13 | 4,155 | 4,639 | ||
Series 2009 B, 5% 7/1/17 | 12,905 | 14,925 | ||
Los Angeles Unified School District: | ||||
Series 2009 KRY, 5% 7/1/13 | 10,740 | 11,857 | ||
Series E, 5% 7/1/11 | 6,075 | 6,343 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5% 6/1/15 | 12,240 | 13,965 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,387 | ||
Newport Beach Rev. (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (c) | 2,500 | 2,677 | ||
Northern California Pwr. Agcy. Rev.: | ||||
(Geothermal #3 Proj.) Series 2009 A: | ||||
5% 7/1/13 | 1,020 | 1,124 | ||
5% 7/1/14 | 1,120 | 1,253 | ||
5% 7/1/15 | 2,170 | 2,437 | ||
(Hydroelectric #1 Proj.) Series 2010 A: | ||||
4% 7/1/15 | 2,000 | 2,143 | ||
5% 7/1/18 | 2,000 | 2,203 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 7,135 | 6,401 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | ||||
5% 8/1/16 | 5,450 | 5,811 | ||
5% 8/1/18 | 8,000 | 8,417 | ||
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 937 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
California - continued | ||||
San Diego Pub. Facilities Fing. Auth. Swr. Rev.: | ||||
Series 2009 A: | ||||
5% 5/15/13 | $ 5,415 | $ 5,987 | ||
5% 5/15/15 | 1,845 | 2,098 | ||
Series 2009 B, 5% 5/15/14 | 7,000 | 7,890 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,314 | ||
Sulphur Springs Union School District Ctfs. of Prtn. 0%, tender 3/1/11 (AMBAC Insured) (c) | 985 | 966 | ||
| 332,284 | |||
Colorado - 0.3% | ||||
Colorado Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt Proj.): | ||||
Series 2006 E: | ||||
5% 11/15/11 | 2,110 | 2,217 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 120 | 127 | ||
Series 2006 F: | ||||
5% 11/15/12 | 380 | 411 | ||
5% 11/15/12 (Escrowed to Maturity) (g) | 845 | 929 | ||
(Volunteers of America Care Proj.) Series 2007 A, 5% 7/1/10 | 615 | 615 | ||
Series 2008 C4, 4%, tender 11/12/15 (c) | 4,200 | 4,447 | ||
Denver City & County Arpt. Rev. Series 2001 A, 5.625% 11/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 2,000 | 2,119 | ||
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 571 | ||
| 11,436 | |||
Connecticut - 2.2% | ||||
Connecticut Gen. Oblig.: | ||||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/15 | 29,500 | 33,743 | ||
Series 2001 D, 5.125% 11/15/18 (Pre-Refunded to 11/15/11 @ 100) (g) | 5,000 | 5,299 | ||
Series 2006 F, 5% 12/1/11 | 23,100 | 24,504 | ||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | ||||
Series 1998 A, 5.5% 10/1/13 (FGIC Insured) | 4,300 | 4,897 | ||
Series 2009 1: | ||||
5% 2/1/14 | 2,500 | 2,806 | ||
5% 2/1/15 | 11,995 | 13,632 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Connecticut - continued | ||||
Hartford Gen. Oblig. Series A: | ||||
5% 8/15/11 (Assured Guaranty Corp. Insured) | $ 1,870 | $ 1,955 | ||
5% 8/15/12 (Assured Guaranty Corp. Insured) | 1,000 | 1,088 | ||
| 87,924 | |||
District Of Columbia - 0.6% | ||||
District of Columbia Gen. Oblig.: | ||||
Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 4,004 | ||
Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,492 | ||
District of Columbia Income Tax Rev. Series 2009 C, 5% 12/1/13 | 5,500 | 6,191 | ||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/15 (FSA Insured) | 1,500 | 1,629 | ||
District of Columbia Univ. Rev. (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (c) | 8,500 | 9,061 | ||
Washington DC Metropolitan Transit Auth. Rev. Series 2009 A, 5% 7/1/14 | 1,000 | 1,118 | ||
| 25,495 | |||
Florida - 5.3% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hospitals & Clinics, Inc. Proj.) Series 2010 B: | ||||
5% 12/1/14 | 4,000 | 4,307 | ||
5% 12/1/15 | 4,395 | 4,701 | ||
Broward County School Board Ctfs. of Prtn. Series 2008 A, 5% 7/1/15 (FSA Insured) | 5,495 | 6,043 | ||
Citizens Property Ins. Corp.: | ||||
Series 2007 A, 5% 3/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,025 | 4,102 | ||
Series 2010 A1, 5% 6/1/15 (FSA Insured) | 14,000 | 14,783 | ||
Clay County Infrastructure Sales Surtax Rev. 5% 10/1/15 (Assured Guaranty Corp. Insured) | 7,745 | 8,569 | ||
Clearwater Wtr. and Swr. Rev. Series 2009 B, 5% 12/1/14 | 2,000 | 2,252 | ||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2003 A, 5.25% 11/15/13 | 4,265 | 4,720 | ||
Florida Board of Ed. Series 2005 B, 5% 1/1/18 | 21,080 | 23,199 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay Series 2009 D, 5.5% 6/1/16 | 7,910 | 9,309 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Florida - continued | ||||
Florida Gen. Oblig. (Dept. of Trans. Right-of-Way and Bridge Construction Proj.) Series 2005 B, 6.375% 7/1/13 | $ 8,020 | $ 9,213 | ||
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Series 2010 A, 5% 7/1/15 | 20,000 | 21,380 | ||
Highlands County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2001 A, 6% 11/15/31 (Pre-Refunded to 11/15/11 @ 101) (g) | 4,600 | 4,961 | ||
Series 2002, 3.95%, tender 9/1/12 (c) | 8,650 | 9,058 | ||
Series 2005 A, 5% 11/15/10 | 1,000 | 1,016 | ||
Series 2006 G: | ||||
5% 11/15/10 | 385 | 391 | ||
5% 11/15/10 (Escrowed to Maturity) (g) | 15 | 15 | ||
5% 11/15/11 | 675 | 711 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 25 | 26 | ||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2008 A, 6.1%, tender 11/14/13 (c) | 1,000 | 1,132 | ||
Series 2009 E, 5% 11/15/15 | 2,345 | 2,641 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series 2007 A, 5% 7/1/12 | 1,310 | 1,366 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.): | ||||
Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (c) | 1,500 | 1,576 | ||
Series 2007 B, 5.15%, tender 9/1/13 (c) | 1,750 | 1,908 | ||
Indian River County Wtr. & Swr. Rev.: | ||||
5% 9/1/15 | 1,000 | 1,132 | ||
5% 9/1/17 | 1,000 | 1,143 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2009 B: | ||||
5% 10/1/11 | 2,500 | 2,611 | ||
5% 10/1/12 | 7,350 | 8,002 | ||
Kissimmee Util. Auth. Elec. Sys. Rev. Series 2003: | ||||
5.25% 10/1/14 | 775 | 872 | ||
5.25% 10/1/15 | 3,525 | 3,989 | ||
Lakeland Hosp. Sys. Rev. (Reg'l. Health Systems Proj.) 5% 11/15/11 | 2,545 | 2,638 | ||
Lee Memorial Health Sys. Board of Directors Hosp. Rev. Series A, 5.75% 4/1/12 (FSA Insured) | 1,980 | 2,124 | ||
Miami-Dade County Cap. Asset Acquisition Series 2002 A, 5% 4/1/12 (AMBAC Insured) | 2,800 | 2,968 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Florida - continued | ||||
Miami-Dade County Health Facilities Auth. Hosp. Rev. (Miami Children's Hosp. Proj.) Series 2006 A, 4.125%, tender 8/1/11 (c) | $ 2,000 | $ 2,047 | ||
Miami-Dade County School Board Ctfs. of Prtn. Series 2003 B, 5%, tender 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,500 | 1,539 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5% 10/1/14 (FSA Insured) | 4,000 | 4,476 | ||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 4.625% 10/1/12 | 1,110 | 1,161 | ||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009: | ||||
5% 10/1/15 | 2,210 | 2,381 | ||
5% 10/1/16 | 1,000 | 1,065 | ||
Orange County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys. - Sunbelt Proj.) 5.625% 11/15/32 (Pre-Refunded to 11/15/12 @ 101) (g) | 2,500 | 2,776 | ||
(Orlando Reg'l. Health Care Sys. Proj.) Series 2008 A, 5% 11/1/15 (FSA Insured) | 1,825 | 1,984 | ||
(Orlando Reg'l. Healthcare Sys. Proj.) Series 2008 A, 5% 11/1/13 (FSA Insured) | 1,000 | 1,080 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2010 B, 5% 7/1/15 (FSA Insured) | 1,430 | 1,598 | ||
Polk County Cap. Impt. Rev.: | ||||
Series 2002, 5.5% 12/1/11 (FGIC Insured) | 3,470 | 3,665 | ||
Series 2004, 5.5%, tender 12/1/10 (FSA Insured) (c) | 9,000 | 9,165 | ||
Polk County School District Sales Tax Rev. Series 2007, 5% 10/1/12 (FSA Insured) | 6,080 | 6,524 | ||
Sarasota County School Board Ctfs. of Prtn. (Master Lease Prog.): | ||||
5% 7/1/13 | 3,435 | 3,771 | ||
5% 7/1/14 | 2,000 | 2,193 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | ||||
5% 11/15/16 | 2,500 | 2,716 | ||
5% 11/15/17 | 1,500 | 1,618 | ||
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,258 | ||
| 213,875 | |||
Georgia - 2.7% | ||||
Atlanta Wtr. & Wastewtr. Rev. Series 2009 A, 5% 11/1/13 | 3,500 | 3,770 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Georgia - continued | ||||
Burke County Indl. Dev. Auth. Poll. Cont. Rev.: | ||||
(Georgia Pwr. Co. Plant Vogtle Proj.) Fifth Series 1994, 2.3%, tender 4/1/14 (c) | $ 6,600 | $ 6,625 | ||
(Oglethorpe Pwr. Corp. Proj.) Series 2008 D, 6.75%, tender 4/1/12 (c) | 7,600 | 8,273 | ||
Carroll County School District Series 2007, 5% 4/1/11 | 8,000 | 8,268 | ||
Fulton County Facilities Corp. Ctfs. of Prtn. (Gen. Purp. Proj.) Series 2009: | ||||
5% 11/1/12 | 1,555 | 1,675 | ||
5% 11/1/13 | 7,550 | 8,297 | ||
5% 11/1/14 | 7,490 | 8,330 | ||
Georgia Muni. Elec. Auth. Pwr. Rev. Series 1992 B, 8.25% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,105 | 4,259 | ||
Georgia Road & Thruway Auth. Rev. Series 2009 A, 5% 6/1/12 | 8,100 | 8,767 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2007 A, 5% 9/15/12 | 1,195 | 1,244 | ||
Monroe County Dev. Auth. Poll. Cont. Rev.: | ||||
(Georgia Pwr. Co. Plant Scherer Proj.) First Series 1995, 4.5%, tender 4/1/11 (c) | 5,200 | 5,343 | ||
(Georgia Pwr. Co. Proj.) Series 2007 A, 4.75%, tender 4/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 5,705 | 5,851 | ||
Muni. Elec. Auth. of Georgia (Proj. One): | ||||
Series 2008 A: | ||||
5% 1/1/13 | 2,000 | 2,168 | ||
5% 1/1/14 | 3,000 | 3,299 | ||
5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 9,019 | ||
Series 2008 D, 5.75% 1/1/19 | 9,000 | 10,523 | ||
Pub. Gas Partners, Inc. Rev. (Gas Supply Pool No. 1 Proj.) Series A: | ||||
5% 10/1/11 | 1,500 | 1,569 | ||
5% 10/1/12 | 1,000 | 1,067 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | ||||
5% 1/1/14 | 1,305 | 1,406 | ||
5% 1/1/15 | 1,040 | 1,121 | ||
5% 1/1/16 | 2,415 | 2,606 | ||
Walton County Series 2007, 5% 1/1/11 (FGIC Insured) | 3,000 | 3,056 | ||
| 106,536 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Hawaii - 1.4% | ||||
Hawaii Arpts. Sys. Rev.: | ||||
Series 2000 B, 8% 7/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | $ 3,850 | $ 3,850 | ||
Series 2010 B, 5% 7/1/15 (f) | 3,900 | 4,266 | ||
Hawaii Gen. Oblig.: | ||||
Series 2009 DQ, 5% 6/1/15 | 7,670 | 8,828 | ||
Series CU, 5.75% 10/1/11 (Pre-Refunded to 10/1/10 @ 100) (g) | 3,210 | 3,251 | ||
Series DR: | ||||
5% 6/1/15 | 11,790 | 13,571 | ||
5% 6/1/16 | 7,645 | 8,837 | ||
5% 6/1/16 (Escrowed to Maturity) (g) | 2,895 | 3,378 | ||
Series DY: | ||||
5% 2/1/15 | 3,500 | 4,007 | ||
5% 2/1/16 | 4,000 | 4,609 | ||
| 54,597 | |||
Illinois - 7.4% | ||||
Chicago Board of Ed.: | ||||
Series 1997, 6.75% 12/1/10 (AMBAC Insured) | 4,160 | 4,257 | ||
Series 2009 D: | ||||
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,637 | ||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,624 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.) Series 1999, 0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 5,691 | ||
Series A: | ||||
5.25% 1/1/12 (Escrowed to Maturity) (g) | 825 | 884 | ||
5.25% 1/1/12 (FSA Insured) | 175 | 186 | ||
Series B, 5.125% 1/1/15 (AMBAC Insured) | 3,995 | 4,530 | ||
Chicago Hsg. Auth. Rev. (Cap. Prog.) Series 2001, 5.5% 7/1/18 (Pre-Refunded to 7/1/12 @ 100) (g) | 3,730 | 4,019 | ||
Chicago Midway Arpt. Rev. Series 2004 B, 5% 1/1/11 (AMBAC Insured) | 3,625 | 3,679 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2008 A: | ||||
5% 1/1/12 (FSA Insured) | 3,500 | 3,700 | ||
5% 1/1/13 (FSA Insured) | 4,000 | 4,299 | ||
Series 2010 D, 5.25% 1/1/17 (f) | 1,000 | 1,072 | ||
Series 2010 E: | ||||
5% 1/1/15 (f) | 4,000 | 4,288 | ||
5% 1/1/16 (f) | 1,500 | 1,599 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Illinois - continued | ||||
Chicago O'Hare Int'l. Arpt. Rev.: - continued | ||||
Series A, 5% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,165 | $ 1,233 | ||
Chicago Park District: | ||||
Series 2003 C, 5% 1/1/11 (AMBAC Insured) | 2,515 | 2,568 | ||
Series 2004 B, 5% 1/1/11 (AMBAC Insured) | 5,750 | 5,879 | ||
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,965 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
(Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/19 | 2,500 | 2,644 | ||
(Fed. Transit Administration Section 5309 Proj.) Series 2008 A, 5% 6/1/13 | 3,765 | 4,055 | ||
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,871 | ||
Illinois Dev. Fin. Auth. Rev. (DePaul Univ. Proj.) Series 2004 C, 5.5% 10/1/10 | 1,900 | 1,917 | ||
Illinois Edl. Facilities Auth. Revs.: | ||||
(Art Institute of Chicago Proj.) Series 2003, 3.85%, tender 3/1/11 (c)(g) | 12,800 | 13,093 | ||
(Field Museum of Natural History Proj.) Series 2002, 4.05%, tender 11/1/11 (c) | 2,785 | 2,863 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.25% 10/1/15 | 2,220 | 2,368 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.): | ||||
Series 2008 A3, 3.875%, tender 5/1/12 (c) | 4,000 | 4,153 | ||
Series 2008 C B3, 4.375%, tender 7/1/14 (c) | 4,000 | 4,217 | ||
Series 2010 D, 5% 4/1/15 | 550 | 604 | ||
(Alexian Brothers Health Sys. Proj.) Series 2010, 4.5% 2/15/16 | 3,000 | 3,053 | ||
(DePaul Univ. Proj.) Series 2005 A, 5% 10/1/11 | 1,450 | 1,515 | ||
(Memorial Health Sys. Proj.) Series 2009, 5% 4/1/19 | 1,600 | 1,686 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A: | ||||
5% 7/1/12 | 750 | 799 | ||
5% 7/1/13 | 415 | 450 | ||
5% 7/1/15 | 1,000 | 1,099 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5% 5/15/16 | 2,060 | 2,196 | ||
5% 5/15/17 | 3,520 | 3,757 | ||
(Provena Health Proj.) Series 2010 A: | ||||
5% 5/1/13 | 2,000 | 2,096 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Provena Health Proj.) Series 2010 A: | ||||
5% 5/1/14 | $ 2,000 | $ 2,104 | ||
5.75% 5/1/19 | 2,650 | 2,752 | ||
(Rush Univ. Med. Ctr. Proj.) Series 2006 B: | ||||
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,075 | 3,286 | ||
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700 | 1,792 | ||
(The Carle Foundation Proj.) Series 2009 A, 5% 2/15/12 (Assured Guaranty Corp. Insured) | 4,965 | 5,172 | ||
Illinois Fin. Auth. Solid Waste Rev. (Waste Mgmt., Inc. Proj.) Series 2007, 1.25%, tender 10/1/10 (c) | 8,750 | 8,751 | ||
Illinois Gen. Oblig.: | ||||
(Illinois FIRST Proj.): | ||||
Series 2001, 5% 11/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,549 | ||
Series 2002: | ||||
4.5% 4/1/11 (FSA Insured) | 2,000 | 2,055 | ||
5.5% 4/1/11 (FSA Insured) | 3,700 | 3,830 | ||
First Series 2001, 5.25% 5/1/11 (FSA Insured) | 1,515 | 1,571 | ||
First Series, 5.5% 8/1/10 | 1,495 | 1,500 | ||
Series 2002: | ||||
5.375% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,745 | 7,018 | ||
5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,495 | 1,674 | ||
Series 2004 A, 5% 3/1/11 | 8,435 | 8,650 | ||
Series 2004 B, 5% 3/1/14 | 15,500 | 16,867 | ||
Series 2005, 5% 4/1/13 (AMBAC Insured) | 5,000 | 5,354 | ||
Series 2007 A, 5.5% 6/1/15 | 1,000 | 1,118 | ||
Series 2007 B, 5% 1/1/17 | 9,835 | 10,678 | ||
Series 2010, 5% 1/1/15 (FSA Insured) | 20,000 | 21,984 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A: | ||||
5% 5/15/15 (FSA Insured) | 2,250 | 2,403 | ||
5% 5/15/16 (FSA Insured) | 2,325 | 2,465 | ||
(Edward Hosp. Obligated Group Proj.) Series 2001 B, 5.125% 2/15/25 (Pre-Refunded to 2/15/11 @ 101) (g) | 8,500 | 8,834 | ||
Illinois Sales Tax Rev.: | ||||
Series 2009 B: | ||||
4.5% 6/15/16 | 5,000 | 5,414 | ||
4.5% 6/15/17 | 6,075 | 6,547 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Illinois - continued | ||||
Illinois Sales Tax Rev.: - continued | ||||
Series 2010, 5% 6/15/15 | $ 8,800 | $ 9,786 | ||
Kane & DeKalb Counties Cmnty. Unit School District #301 Series 1995, 0% 12/1/10 (AMBAC Insured) | 2,000 | 1,989 | ||
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series 2002 B, 5.5% 1/1/12 (FSA Insured) | 2,270 | 2,427 | ||
Kane County School District #129, Aurora West Side Series 2002 A, 5.75% 2/1/14 (Pre-Refunded to 2/1/12 @ 100) (g) | 1,600 | 1,732 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/15 (Escrowed to Maturity) (g) | 580 | 518 | ||
0% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,520 | 1,266 | ||
Lake County Cmnty. High School District #128, Libertyville Series 2004, 5% 1/1/11 | 2,365 | 2,418 | ||
Madison County Cmnty. United School District #007 Series 2007 A, 5% 12/1/11 (FSA Insured) | 2,965 | 3,137 | ||
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev.: | ||||
(McCormick Place Expansion Proj.) Series 1996 A: | ||||
0% 6/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,410 | 1,349 | ||
0% 12/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,725 | 2,483 | ||
Series 2002 A, 0% 6/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,325 | 8,283 | ||
Quincy Hosp. Rev. (Blessing Hosp. Proj.) Series 2007, 5% 11/15/10 | 1,285 | 1,297 | ||
Rosemont Gen. Oblig. Series 1993 A, 0% 12/1/11 (FGIC Insured) | 3,695 | 3,614 | ||
Univ. of Illinois Ctfs. of Prtn. (Util. Infrastructure Proj.) Series 2003, 5% 8/15/11 (AMBAC Insured) | 1,360 | 1,408 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.) Series 2005 A, 5% 4/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,050 | 5,191 | ||
0% 4/1/14 | 2,350 | 2,144 | ||
Will County Cmnty. Unit School District #365-U Series 2002: | ||||
0% 11/1/14 (FSA Insured) | 1,900 | 1,708 | ||
0% 11/1/16 (FSA Insured) | 2,975 | 2,410 | ||
| 299,074 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Indiana - 2.1% | ||||
Carmel High School Bldg. Corp. Series 2005, 5% 1/10/11 (FSA Insured) | $ 1,000 | $ 1,022 | ||
Hamilton Southeastern Consolidated School Bldg. Corp.: | ||||
Series 2004: | ||||
5% 1/15/11 (FSA Insured) | 1,910 | 1,951 | ||
5% 1/15/12 (FSA Insured) | 1,990 | 2,109 | ||
Series 2005 A: | ||||
5.25% 7/10/11 (FSA Insured) | 2,295 | 2,395 | ||
5.25% 1/10/12 (FSA Insured) | 1,355 | 1,440 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 C, 5% 11/1/13 | 3,000 | 3,264 | ||
Indiana Fin. Auth. Hosp. Rev. (Parkview Health Sys. Oblig. Group Proj.) Series 2009 A: | ||||
5% 5/1/14 | 3,500 | 3,757 | ||
5% 5/1/15 | 6,420 | 6,923 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A: | ||||
5% 12/1/14 | 1,250 | 1,363 | ||
5% 12/1/15 | 2,135 | 2,321 | ||
(Wabash Valley Correctional Facilities Proj.) Series 2009 A, 5% 7/1/15 | 8,025 | 8,889 | ||
Series 2010 A, 5% 2/1/17 | 2,800 | 3,251 | ||
5% 7/1/14 | 2,500 | 2,757 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (c) | 4,000 | 4,233 | ||
Indiana Health Facility Fing. Auth. Rev. (Ascension Health Subordinate Cr. Proj.): | ||||
Series 2005 A3, 5%, tender 7/1/11 (c) | 4,100 | 4,286 | ||
Series A2, 3.75%, tender 2/1/12 (c) | 7,500 | 7,837 | ||
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series 2002 A, 5.5% 7/1/16 (Pre-Refunded to 7/1/12 @ 100) (g) | 5,000 | 5,491 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 B, 5.2% 6/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,233 | ||
Logansport High School Bldg. Corp. Series 2005: | ||||
5.25% 1/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,023 | ||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,020 | 1,066 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Indiana - continued | ||||
Logansport High School Bldg. Corp. Series 2005: - continued | ||||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,045 | $ 1,113 | ||
5.25% 7/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,075 | 1,163 | ||
Muncie School Bldg. Corp. Series 2005, 5.25% 7/10/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,585 | 1,725 | ||
New Albany Floyd County Independent School Bldg. Corp. Series 2005, 5% 1/15/11 (FSA Insured) | 1,000 | 1,023 | ||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | ||||
4% 7/1/17 | 500 | 550 | ||
5% 7/1/15 | 315 | 364 | ||
5% 7/1/16 | 500 | 580 | ||
Rockport Poll. Cont. Rev. (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (c) | 1,600 | 1,637 | ||
Univ. of Southern Indiana Rev. Series J: | ||||
5% 10/1/14 (Assured Guaranty Corp. Insured) | 1,985 | 2,210 | ||
5% 10/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,118 | ||
5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,306 | ||
West Clark 2000 School Bldg. Corp. Series 2005: | ||||
5.25% 1/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,065 | 1,089 | ||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125 | 1,176 | ||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,150 | 1,225 | ||
| 84,890 | |||
Iowa - 0.2% | ||||
Iowa Fin. Auth. Health Care Facilities Rev. (Genesis Health Sys. Proj.) Series 2010: | ||||
5% 7/1/15 | 2,165 | 2,368 | ||
5% 7/1/16 | 1,335 | 1,450 | ||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,862 | ||
Iowa Higher Ed. Ln. Auth. Rev. (Grinnell College Proj.) Series 2001, 2.1% 12/1/11 (Escrowed to Maturity) (g) | 3,200 | 3,271 | ||
| 8,951 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Kansas - 0.9% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D: | ||||
5% 11/15/14 | $ 575 | $ 644 | ||
5% 11/15/15 | 625 | 710 | ||
5% 11/15/16 | 875 | 981 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/10 | 545 | 552 | ||
5.25% 11/15/12 | 680 | 724 | ||
Lawrence Hosp. Rev. (The Lawrence Memorial Hosp.) Series 2006, 5% 7/1/11 | 560 | 577 | ||
Olathe Health Facilities Rev. (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (c) | 1,600 | 1,654 | ||
Overland Park Dev. Corp. Rev. (Overland Park Convention Ctr. Hotel Proj.) Series 2000 A, 7.375% 1/1/32 (Pre-Refunded to 1/1/11 @ 101) (g) | 10,280 | 10,726 | ||
Wichita Hosp. Facilities Rev.: | ||||
(Via Christi Health Sys., Inc. Proj.) Series 2009 X, 5% 11/15/14 | 2,000 | 2,193 | ||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A: | ||||
5% 11/15/14 | 2,405 | 2,637 | ||
5% 11/15/15 | 6,245 | 6,843 | ||
5% 11/15/16 | 5,410 | 5,927 | ||
| 34,168 | |||
Kentucky - 0.5% | ||||
Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 B: | ||||
4% 2/1/14 | 750 | 791 | ||
4% 2/1/15 | 1,495 | 1,569 | ||
Jefferson County School District Fin. Corp. School Bldg. Rev. Series 2009 A, 5.25% 1/1/13 (FSA Insured) | 2,170 | 2,381 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/15 | 4,000 | 4,444 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 A, 4% 2/1/13 | 500 | 526 | ||
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,844 | ||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. (Louisville Gas and Electronic Co. Proj.) Series 2005 A, 5.75%, tender 12/2/13 (c) | 6,000 | 6,703 | ||
| 19,258 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Louisiana - 0.3% | ||||
East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series ST-2005 B, 5% 2/1/12 (AMBAC Insured) | $ 1,000 | $ 1,058 | ||
Ernest N. Morial-New Orleans Exhibit Hall Auth. Spl. Tax Series 2003 A, 5.25% 7/15/11 (Escrowed to Maturity) (g) | 2,060 | 2,160 | ||
Louisiana Military Dept. Custody Receipts 5% 8/1/10 | 1,530 | 1,533 | ||
Louisiana Pub. Facilities Auth. Rev. (Christus Health Proj.) Series 2009 A: | ||||
5% 7/1/13 | 3,500 | 3,738 | ||
5% 7/1/16 | 2,000 | 2,145 | ||
| 10,634 | |||
Maryland - 1.2% | ||||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2007 D: | ||||
5% 7/1/10 (AMBAC Insured) | 690 | 690 | ||
5% 7/1/11 (AMBAC Insured) | 1,985 | 2,065 | ||
Maryland Gen. Oblig. Second Series B: | ||||
5.25% 8/15/15 | 13,705 | 16,149 | ||
5.25% 8/15/16 | 16,100 | 19,104 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Johns Hopkins Health Sys. Obligated Group Proj.) Series 2008 B, 5%, tender 5/15/15 (c) | 2,225 | 2,462 | ||
(Univ. of Maryland Med. Sys. Proj.) Series 2008 F: | ||||
5% 7/1/13 | 2,400 | 2,614 | ||
5% 7/1/14 | 3,500 | 3,838 | ||
Montgomery County Gen. Oblig. (Dept. of Liquor Cont. Proj.) Series 2009 A, 5% 4/1/15 | 1,725 | 1,927 | ||
| 48,849 | |||
Massachusetts - 2.8% | ||||
Braintree Gen. Oblig. Series 2009: | ||||
5% 5/15/14 | 1,000 | 1,126 | ||
5% 5/15/16 | 4,400 | 5,035 | ||
Lynn Gen. Oblig. 5% 12/1/11 | 1,500 | 1,587 | ||
Massachusetts Bay Trans. Auth. Series 1993 A, 5.5% 3/1/12 | 475 | 494 | ||
Massachusetts Dept. of Agricultural Resources Higher Ed. Rev. Series 2006 A, 5% 1/1/11 | 1,000 | 1,017 | ||
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B, 5% 1/1/15 | 12,400 | 13,758 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Massachusetts - continued | ||||
Massachusetts Dev. Fin. Agcy. Rev. (Boston College Proj.): | ||||
Series Q1: | ||||
4% 7/1/15 | $ 1,500 | $ 1,648 | ||
4% 7/1/16 | 1,000 | 1,090 | ||
5% 7/1/13 | 1,000 | 1,110 | ||
Series Q2: | ||||
4% 7/1/15 | 1,170 | 1,285 | ||
4% 7/1/16 | 1,000 | 1,090 | ||
5% 7/1/13 | 1,100 | 1,221 | ||
5% 7/1/14 | 1,080 | 1,220 | ||
5% 7/1/17 | 1,370 | 1,573 | ||
Massachusetts Fed. Hwy. Series 2000 A: | ||||
5.75% 6/15/13 | 3,000 | 3,065 | ||
5.75% 12/15/14 (Pre-Refunded to 12/15/10 @ 100) (g) | 5,000 | 5,115 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2001 A, 5.5% 1/1/11 | 5,000 | 5,126 | ||
Series 2002 C: | ||||
5% 11/1/21 (Pre-Refunded to 11/1/12 @ 100) (g) | 8,100 | 8,861 | ||
5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (g) | 2,495 | 2,744 | ||
Series 2003 C, 5.5% 10/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,130 | 1,144 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Amherst College Proj.) Series 2009 K2, 2.75%, tender 1/5/12 (c) | 1,000 | 1,029 | ||
(Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (c) | 7,000 | 7,524 | ||
(Northeastern Univ. Proj.): | ||||
Series 2008 T2, 4.1%, tender 4/19/12 (c) | 1,200 | 1,257 | ||
Series 2009 T1, 4.125%, tender 2/16/12 (c) | 2,100 | 2,192 | ||
Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series 2001 A, 5.5% 1/1/12 (AMBAC Insured) (f) | 1,000 | 999 | ||
Massachusetts Spl. Oblig. Rev. (Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A: | ||||
5% 12/15/12 (FSA Insured) | 3,300 | 3,597 | ||
5% 12/15/13 (FSA Insured) | 2,000 | 2,229 | ||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | ||||
Series 2000 A: | ||||
5.75% 8/1/30 (Pre-Refunded to 8/1/10 @ 101) (g) | 19,000 | 19,262 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Massachusetts - continued | ||||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued | ||||
Series 2000 A: | ||||
5.75% 8/1/39 (Pre-Refunded to 8/1/10 @ 101) (g) | $ 5,000 | $ 5,069 | ||
Series B, 5.2% 8/1/22 (Pre-Refunded to 8/1/11 @ 101) (g) | 8,350 | 8,857 | ||
| 111,324 | |||
Michigan - 2.1% | ||||
Allegan Pub. School District Series 2008, 5% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,590 | 1,703 | ||
Big Rapids Pub. School District: | ||||
5% 5/1/13 (Assured Guaranty Corp. Insured) | 1,195 | 1,289 | ||
5% 5/1/14 (Assured Guaranty Corp. Insured) | 1,190 | 1,296 | ||
Chelsea School District 5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,750 | 1,920 | ||
Clarkston Cmnty. Schools Series 2008, 5% 5/1/12 (FSA Insured) | 3,000 | 3,183 | ||
Detroit City School District Series 2001 A, 5.5% 5/1/11 (FSA Insured) | 1,200 | 1,241 | ||
Detroit Swr. Disp. Rev. Series 2006 D, 0.795% 7/1/32 (c) | 4,085 | 2,789 | ||
Grand Haven Area Pub. Schools 5% 5/1/12 (FSA Insured) | 2,965 | 3,177 | ||
Grand Rapids Cmnty. College: | ||||
5% 5/1/12 (FSA Insured) | 1,305 | 1,401 | ||
5% 5/1/13 (FSA Insured) | 1,305 | 1,439 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,419 | ||
Kalamazoo Pub. Schools 5% 5/1/13 (Assured Guaranty Corp. Insured) | 2,940 | 3,198 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 A, 5.25%, tender 1/15/14 (c) | 2,200 | 2,407 | ||
Lincoln Consolidated School District 5% 5/1/12 (FSA Insured) | 1,485 | 1,590 | ||
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series I: | ||||
5.5% 10/15/13 | 2,075 | 2,203 | ||
5.5% 10/15/13 (Pre-Refunded to 10/15/11 @ 100) (g) | 125 | 133 | ||
Michigan Gen. Oblig. (Envir. Protection Prog.) Series 1992, 6.25% 11/1/12 | 2,120 | 2,232 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.25% 5/15/14 | $ 4,160 | $ 4,484 | ||
(Oakwood Hosp. Proj.) Series 2007 A, 5% 7/15/11 | 2,700 | 2,774 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010: | ||||
5% 10/1/14 | 6,045 | 6,894 | ||
5% 10/1/15 | 1,750 | 2,015 | ||
5% 10/1/15 | 3,250 | 3,743 | ||
(Local Govt. Ln. Prog.) Series 2009 C: | ||||
5% 5/1/13 | 1,645 | 1,782 | ||
5% 5/1/14 | 2,140 | 2,334 | ||
5% 5/1/15 | 1,845 | 2,020 | ||
5% 5/1/16 | 1,865 | 2,035 | ||
Plymouth-Canton Cmnty. School District 5% 5/1/12 (FSA Insured) | 4,000 | 4,258 | ||
Pontiac Tax Increment Fin. Auth. Series 2002, 6.25% 6/1/22 (Pre-Refunded to 6/1/12 @ 101) (g) | 2,260 | 2,518 | ||
Royal Oak City School District 5% 5/1/12 | 2,000 | 2,140 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Oblig. Group Proj.) Series 2009 W, 5% 8/1/15 | 2,070 | 2,189 | ||
Troy School District 5% 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,035 | ||
West Bloomfield School District 5% 5/1/15 (Assured Guaranty Corp. Insured) | 1,400 | 1,539 | ||
Western Michigan Univ. Rev.: | ||||
5.25% 11/15/14 (Assured Guaranty Corp. Insured) | 2,135 | 2,386 | ||
5.25% 11/15/15 (Assured Guaranty Corp. Insured) | 3,275 | 3,677 | ||
Western Townships Utils. Auth. Swr. Disp. Sys. Rev. Series 2009: | ||||
3% 1/1/11 | 1,000 | 1,010 | ||
3% 1/1/12 | 1,000 | 1,024 | ||
| 82,477 | |||
Minnesota - 0.3% | ||||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (HealthPartners Obligated Group Proj.) Series 2003, 5.25% 12/1/10 | 500 | 505 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2008 A, 5% 1/1/13 (f) | 1,000 | 1,066 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Minnesota - continued | ||||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/14 (Assured Guaranty Corp. Insured) | $ 2,225 | $ 2,511 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1: | ||||
5% 2/15/15 (Assured Guaranty Corp. Insured) | 1,335 | 1,465 | ||
5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 618 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2009 A, 5% 1/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,118 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (Healthpartners Oblig. Group Proj.) Series 2006, 5% 5/15/11 | 300 | 306 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,122 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.) Series 2008 C, 5.5% 7/1/10 | 2,000 | 2,000 | ||
Waconia Independent School District #110 Series 2003 A, 5% 2/1/11 (FSA Insured) | 940 | 963 | ||
| 11,674 | |||
Mississippi - 0.2% | ||||
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2002, 4.4%, tender 3/1/11 (c)(f) | 1,100 | 1,116 | ||
Mississippi Dev. Bank Spl. Oblig. (Marshall County Correctional Facility Proj.) Series 2008 C, 5% 8/1/11 | 1,050 | 1,102 | ||
Mississippi Hosp. Equip. & Facilities Auth.: | ||||
(Mississippi Baptist Med. Ctr. Proj.) Series 2007 A, 5% 8/15/11 | 1,000 | 1,032 | ||
(South Central Reg'l. Med. Ctr. Proj.) Series 2006, 5% 12/1/10 | 1,240 | 1,248 | ||
Mississippi Hsg. Fin. Corp. Single Family Mtg. Rev. Series 1983, 0% 6/1/15 (Escrowed to Maturity) (g) | 4,000 | 3,620 | ||
| 8,118 | |||
Missouri - 0.2% | ||||
Fenton Tax Increment Rev. (Gravois Bluffs Redev. Proj.) Series 2006, 5% 4/1/11 | 1,430 | 1,457 | ||
Kansas City School District Bldg. Corp. Rev. (School District Elementary School Proj.) Series 2003 B, 5% 2/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,850 | 1,874 | ||
Lees Summit Indl. Dev. Auth. Sr. Living Facilities Rev. (John Knox Village Proj.) Series 2007 A, 5% 8/15/11 | 1,485 | 1,517 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Missouri - continued | ||||
Saint Louis Arpt. Rev. Series 2003 A, 5.25% 7/1/11 (FSA Insured) | $ 1,000 | $ 1,032 | ||
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series 2007 A, 5% 9/1/11 | 1,000 | 1,014 | ||
Saint Louis Muni. Fin. Corp. Leasehold Rev. (Callahan Courthouse Proj.) Series 2002 A, 5.75% 2/15/14 (Pre-Refunded to 2/15/12 @ 100) (g) | 1,050 | 1,137 | ||
| 8,031 | |||
Nebraska - 0.4% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 A, 5% 12/1/11 | 6,500 | 6,669 | ||
Nebraska Pub. Pwr. District Rev. Series B, 5% 1/1/12 (FSA Insured) | 3,500 | 3,715 | ||
Univ. of Nebraska Facilities Corp. Lease Rental Rev. (UNMC Health Professions Futures Proj.) Series 2009, 5% 8/15/13 | 4,000 | 4,369 | ||
| 14,753 | |||
Nevada - 1.7% | ||||
Clark County Arpt. Rev.: | ||||
Series 2003 C: | ||||
5% 7/1/10 (AMBAC Insured) (f) | 1,225 | 1,225 | ||
5% 7/1/11 (AMBAC Insured) (f) | 1,790 | 1,852 | ||
Series 2008 E: | ||||
5% 7/1/14 | 2,905 | 3,220 | ||
5% 7/1/15 | 3,500 | 3,901 | ||
Clark County Fuel Tax Series 2008, 5% 6/1/13 | 5,815 | 6,410 | ||
Clark County Hwy. Impt. Rev. (Motor Vehicle Fuel Tax) Series 2003, 5% 7/1/11 (AMBAC Insured) | 3,230 | 3,358 | ||
Clark County School District: | ||||
(Bldg. Proj.) Series 2008 A, 5% 6/15/12 | 10,000 | 10,723 | ||
Series 1998, 5.5% 6/15/13 (FSA Insured) | 5,000 | 5,570 | ||
Series 2001 F, 5.375% 6/15/11 (FSA Insured) | 4,090 | 4,271 | ||
Series 2005 A, 5% 6/15/16 (FGIC Insured) | 21,215 | 23,738 | ||
Nevada Gen. Oblig. Series 2002 A, 5% 4/1/11 (FSA Insured) | 4,015 | 4,152 | ||
| 68,420 | |||
New Jersey - 3.6% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series B, 6.375% 11/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,470 | 8,046 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New Jersey - continued | ||||
New Jersey Ctfs. of Prtn. Series 2009 A: | ||||
5% 6/15/15 | $ 11,285 | $ 12,572 | ||
5% 6/15/16 | 6,500 | 7,191 | ||
New Jersey Econ. Dev. Auth. Poll. Cont. Rev. (Pub. Svc. Elec. & Gas Pwr. LLC Proj.) 5% 3/1/12 | 3,275 | 3,446 | ||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Series 2001 A, 5.5% 6/15/13 (AMBAC Insured) | 1,090 | 1,237 | ||
Series 2005 K, 5.25% 12/15/14 (FGIC Insured) | 1,790 | 2,004 | ||
Series 2008 J4, 5%, tender 9/1/14 (FSA Insured) (c) | 7,000 | 7,631 | ||
Series 2008 W: | ||||
5% 3/1/12 (Escrowed to Maturity) (g) | 5,545 | 5,960 | ||
5% 3/1/15 | 10,400 | 11,492 | ||
Series 2009 BB, 5% 9/1/15 | 3,390 | 3,764 | ||
New Jersey Gen. Oblig. Series H, 5.25% 7/1/12 (FGIC Insured) | 5,000 | 5,447 | ||
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Series 2010 1A, 5% 12/1/15 | 4,500 | 4,906 | ||
New Jersey Tobacco Settlement Fing. Corp. Series 2007 1A, 4.25% 6/1/11 | 1,000 | 1,011 | ||
New Jersey Tpk. Auth. Tpk. Rev.: | ||||
Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) (g) | 4,300 | 5,015 | ||
Series 2000 A, 6% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 21,785 | 22,364 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,702 | ||
Series A, 5.25% 12/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,373 | ||
Series B: | ||||
5.25% 12/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,550 | 4,646 | ||
6.5% 6/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,270 | ||
Series C, 5.5% 12/15/10 | 25,000 | 25,555 | ||
| 146,632 | |||
New Mexico - 0.9% | ||||
Albuquerque Joint Wtr. & Swr. Sys. Rev. Series 1999 A, 5.25% 7/1/11 | 1,135 | 1,188 | ||
Farmington Poll. Cont. Rev. (Southern California Edison Co. Four Corners Proj.) Series 2005 B, 2.875%, tender 4/1/15 (c) | 22,100 | 22,527 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New Mexico - continued | ||||
New Mexico Edl. Assistance Foundation Series 2009 B, 4% 9/1/16 | $ 7,000 | $ 7,504 | ||
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 5,142 | ||
| 36,361 | |||
New York - 14.1% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.5% 11/15/12 | 1,000 | 1,070 | ||
Grand Central District Mgmt. Assoc., Inc. Series 2004, 5% 1/1/12 | 1,175 | 1,244 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series 2006 F, 5% 5/1/11 | 10,000 | 10,331 | ||
Series 2010 A, 5% 5/1/15 | 5,000 | 5,637 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,783 | ||
New York City Gen. Oblig.: | ||||
Series 1997 H, 6% 8/1/12 (FGIC Insured) | 1,000 | 1,104 | ||
Series 2000 A, 6.5% 5/15/11 | 155 | 157 | ||
Series 2001 G, 5.25% 8/1/14 (AMBAC Insured) | 1,000 | 1,033 | ||
Series 2002 A1, 5.25% 11/1/14 | 600 | 639 | ||
Series 2002 B, 5.75% 8/1/14 | 1,000 | 1,092 | ||
Series 2003 F, 5.5% 12/15/11 | 6,775 | 7,235 | ||
Series 2005 C, 5% 8/1/12 | 19,770 | 21,415 | ||
Series 2005 D, 5% 8/1/12 | 4,925 | 5,335 | ||
Series 2005 F1, 5% 9/1/15 | 3,560 | 4,069 | ||
Series 2005 G, 5.625% 8/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,075 | 5,546 | ||
Series 2005 K: | ||||
5% 8/1/11 | 3,565 | 3,728 | ||
5% 8/1/12 | 4,360 | 4,723 | ||
Series 2005 O, 5% 6/1/12 | 7,525 | 8,107 | ||
Series 2008 E, 5% 8/1/12 | 5,000 | 5,416 | ||
Series 2010 C, 5% 8/1/13 | 7,000 | 7,788 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (a) | 4,600 | 4,869 | ||
6% 11/1/28 (a) | 44,300 | 47,177 | ||
Series 2003 B, 5.25% 2/1/29 (a) | 3,100 | 3,173 | ||
Series 2007 C1, 5% 11/1/15 | 15,200 | 17,581 | ||
Series 2010 B, 5% 11/1/17 | 30,000 | 35,009 | ||
Series 2010 D, 5% 11/1/15 | 8,300 | 9,600 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Rev.: - continued | ||||
Series B: | ||||
5% 11/1/11 | $ 11,060 | $ 11,712 | ||
5% 11/1/11 (Escrowed to Maturity) (g) | 1,520 | 1,611 | ||
New York City Trust Cultural Resources Rev. (The Juilliard School Proj.) Series 2009 B, 2.75%, tender 7/1/12 (c) | 3,500 | 3,609 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2009 A: | ||||
5% 3/15/12 | 3,900 | 4,185 | ||
5% 3/15/13 | 3,545 | 3,923 | ||
5% 3/15/14 | 3,745 | 4,223 | ||
5% 3/15/15 | 4,000 | 4,569 | ||
Series 2009 D: | ||||
5% 6/15/14 | 9,890 | 11,226 | ||
5% 6/15/15 | 16,075 | 18,480 | ||
5% 6/15/16 | 9,330 | 10,738 | ||
Series 2010 A: | ||||
5% 2/15/14 | 9,850 | 11,078 | ||
5% 2/15/15 | 8,780 | 10,009 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A: | ||||
5.75% 7/1/13 | 3,500 | 3,715 | ||
5.75% 7/1/13 (AMBAC Insured) | 1,000 | 1,062 | ||
Series C, 7.5% 7/1/10 | 4,425 | 4,425 | ||
(Mental Health Svcs. Facilities Proj.): | ||||
Series 2008 D: | ||||
5% 2/15/14 | 7,295 | 8,096 | ||
5% 8/15/14 | 7,755 | 8,694 | ||
Series 2009 A1, 5% 2/15/15 | 9,000 | 10,069 | ||
(St. Lawrence Univ.) Series 2008, 5% 7/1/14 | 3,700 | 4,087 | ||
Series 2002 B, 5.25%, tender 5/15/12 (c) | 16,055 | 17,265 | ||
Series 2008 B, 5% 7/1/15 | 30,000 | 33,735 | ||
Series 2009 A: | ||||
5% 7/1/15 | 12,850 | 14,547 | ||
5% 7/1/16 | 8,390 | 9,485 | ||
New York Local Govt. Assistance Corp.: | ||||
Series 2003 A, 5% 4/1/18 | 12,400 | 14,492 | ||
Series 2007 A, 5% 4/1/11 | 20,000 | 20,689 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B: | ||||
5% 11/15/14 | 1,350 | 1,528 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New York - continued | ||||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B: - continued | ||||
5% 11/15/15 | $ 2,325 | $ 2,637 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B: | ||||
5.25% 11/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,040 | 1,130 | ||
5.25% 11/15/19 (FGIC Insured) | 5,200 | 5,907 | ||
Series 2005 C: | ||||
5% 11/15/10 | 1,230 | 1,248 | ||
5% 11/15/11 | 2,750 | 2,897 | ||
Series 2008 B2, 5%, tender 11/15/12 (c) | 7,300 | 7,907 | ||
Series 2010 B2, 4% 11/15/14 | 2,830 | 3,060 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2008 A, 5% 4/1/13 | 2,600 | 2,874 | ||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,148 | ||
New York Thruway Auth. Svc. Contract Rev. Series 2002, 5.5% 4/1/11 | 10,000 | 10,362 | ||
New York Urban Dev. Corp. Rev.: | ||||
Series 2005 A, 5% 1/1/12 | 5,015 | 5,316 | ||
Series 2009 C: | ||||
5% 12/15/15 | 6,500 | 7,548 | ||
5% 12/15/16 | 17,000 | 19,766 | ||
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/14 (c)(f) | 2,450 | 2,517 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (g) | 6,035 | 6,472 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.5% 6/1/14 | 1,005 | 1,008 | ||
5.5% 6/1/17 | 6,000 | 6,251 | ||
Series 2003B 1C: | ||||
5.5% 6/1/15 | 1,300 | 1,304 | ||
5.5% 6/1/17 | 4,200 | 4,376 | ||
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) (g) | 6,470 | 7,492 | ||
| 567,333 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New York & New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (f) | $ 1,200 | $ 1,202 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 4,100 | 4,348 | ||
| 5,550 | |||
North Carolina - 0.6% | ||||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 A: | ||||
5% 1/15/11 | 750 | 766 | ||
5% 1/15/12 | 400 | 424 | ||
Mecklenburg County Pub. Facilities Corp. Series 2009: | ||||
5% 3/1/16 | 5,870 | 6,722 | ||
5% 3/1/18 | 1,500 | 1,735 | ||
Nash Health Care Sys. Health Care Facilities Rev. Series 2003: | ||||
5% 11/1/13 (FSA Insured) | 1,500 | 1,636 | ||
5% 11/1/15 (FSA Insured) | 1,600 | 1,743 | ||
North Carolina Grant Anticipation Rev. Series 2009, 5% 3/1/15 | 1,250 | 1,429 | ||
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | ||||
5% 6/1/15 | 1,500 | 1,657 | ||
5% 6/1/16 | 1,000 | 1,097 | ||
5% 6/1/17 | 3,220 | 3,518 | ||
5% 6/1/18 | 3,820 | 4,163 | ||
| 24,890 | |||
North Dakota - 0.1% | ||||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.) Series 2005: | ||||
5% 12/1/11 (Assured Guaranty Corp. Insured) | 1,575 | 1,631 | ||
5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,825 | 1,924 | ||
Ward County Health Care Facility Rev. Series 2006, 5% 7/1/10 | 1,595 | 1,595 | ||
| 5,150 | |||
Ohio - 2.6% | ||||
Akron Bath Copley Hosp. District Rev. (Akron Gen. Health Systems Proj.) Series 2006 A, 5% 1/1/11 | 1,000 | 1,015 | ||
American Muni. Pwr. Electricity Purchase Rev. Series A, 5% 2/1/11 | 9,400 | 9,624 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Ohio - continued | ||||
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | $ 1,000 | $ 1,087 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series 2008 C2, 4.1%, tender 11/10/11 (c) | 2,700 | 2,821 | ||
Ohio Air Quality Dev. Auth. Rev.: | ||||
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 C, 7.25%, tender 11/1/12 (c)(f) | 9,000 | 9,929 | ||
(Ohio Pwr. Co. Proj.) Series 2010 A, 3.25%, tender 6/2/14 (c) | 5,500 | 5,514 | ||
Ohio Bldg. Auth.: | ||||
(Administrative Bldg. Fund Proj.) Series 2009 B: | ||||
5% 10/1/14 | 5,955 | 6,747 | ||
5% 10/1/15 | 6,505 | 7,397 | ||
(Adult Correctional Bldg. Fund Proj.) Series 2009 B: | ||||
5% 10/1/14 | 2,055 | 2,328 | ||
5% 10/1/15 | 4,535 | 5,157 | ||
Ohio Gen. Oblig.: | ||||
(Common Schools Proj.): | ||||
Series 2010 A, 5% 9/15/17 | 2,600 | 3,012 | ||
Series 2010 B, 5% 9/15/15 | 19,080 | 22,001 | ||
(Higher Ed. Proj.): | ||||
Series 2005 C, 5% 8/1/13 | 4,495 | 5,027 | ||
Series 2010 A, 5% 8/1/17 | 3,290 | 3,808 | ||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Cleveland Clinic Foundation Proj.) Series 2008 A, 5% 1/1/15 | 2,000 | 2,212 | ||
(Univ. Hosp. Health Sys. Proj.) Series 2010 A: | ||||
5% 1/15/15 | 500 | 545 | ||
5% 1/15/17 | 1,000 | 1,080 | ||
Ohio State Univ. Gen. Receipts Series 2010 A, 5% 12/1/16 | 5,000 | 5,751 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c) | 4,100 | 4,557 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008: | ||||
5% 12/1/12 | 1,950 | 2,064 | ||
5% 12/1/13 | 875 | 936 | ||
5% 12/1/14 | 2,275 | 2,438 | ||
| 105,050 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Oklahoma - 0.5% | ||||
Cherokee County Econ. Dev. Auth. Series A, 0% 11/1/11 (Escrowed to Maturity) (g) | $ 1,000 | $ 988 | ||
Grand River Dam Auth. Rev. Series 1995, 6.25% 6/1/11 (AMBAC Insured) | 8,940 | 9,361 | ||
Oklahoma Dev. Fin. Auth. (Pub. Svc. Co. of Oklahoma Proj.) Series 2009, 5.25% 6/1/14 | 2,700 | 2,947 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series 2008 B, 5% 8/15/14 | 1,660 | 1,809 | ||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) Series 2007, 5% 2/15/13 | 405 | 428 | ||
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 6,156 | ||
| 21,689 | |||
Oregon - 0.5% | ||||
Clackamas County Hosp. Facility Auth. (Legacy Health Sys. Proj.) Series 2009 C, 5%, tender 7/15/14 (c) | 2,500 | 2,671 | ||
Gilliam County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2000 A, 3.5%, tender 5/1/13 (c)(f) | 5,300 | 5,303 | ||
Oregon Dept. Administrative Svcs. Ctfs. of Prtn. Series 2004 B, 5% 5/1/11 (FSA Insured) | 1,000 | 1,036 | ||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A: | ||||
5% 3/15/13 | 1,000 | 1,071 | ||
5% 3/15/14 | 595 | 643 | ||
5% 3/15/15 | 2,500 | 2,706 | ||
5% 3/15/16 | 1,750 | 1,897 | ||
Tri-County Metropolitan Trans. District Rev. Series 2006, 5% 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,154 | ||
| 20,481 | |||
Pennsylvania - 3.9% | ||||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1, 5.75% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 1,300 | 1,336 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.): | ||||
Series 2008 A, 5% 9/1/12 | 6,615 | 7,117 | ||
Series 2008 B, 5% 6/15/14 | 1,385 | 1,533 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A: | ||||
4% 8/15/15 | 1,385 | 1,490 | ||
5% 8/15/14 | 1,955 | 2,172 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Pennsylvania - continued | ||||
Allegheny County Sanitation Auth. Swr. Rev. Series 2000, 6% 12/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,495 | $ 1,538 | ||
Delaware County Auth. Hosp. Rev. (Crozer Keystone Oblig. Group Proj.) Series B, 5% 12/15/11 | 2,835 | 2,865 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,329 | ||
Pennsylvania Indl. Dev. Auth. Rev. Series 2002, 5.25% 7/1/10 (AMBAC Insured) | 2,750 | 2,750 | ||
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. (City of Philadelphia Fdg. Prog.) Series 2009, 5% 6/15/15 | 10,600 | 12,084 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 B, 5% 12/1/17 | 12,500 | 14,399 | ||
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series A, 5% 8/1/15 | 2,100 | 2,274 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2007 A: | ||||
5% 8/1/11 (FSA Insured) | 3,570 | 3,688 | ||
5% 8/1/12 (FSA Insured) | 5,000 | 5,339 | ||
Series 2008 A: | ||||
5% 12/15/14 (FSA Insured) | 5,370 | 5,938 | ||
5% 12/15/15 (FSA Insured) | 5,000 | 5,549 | ||
5% 12/15/16 (FSA Insured) | 7,275 | 8,072 | ||
Philadelphia Muni. Auth. Rev. Series 2003 B, 5.25% 11/15/11 (FSA Insured) | 3,400 | 3,554 | ||
Philadelphia School District: | ||||
Series 2005 B, 5% 4/1/11 (AMBAC Insured) | 2,160 | 2,221 | ||
Series 2005 D, 5.25% 6/1/12 (FSA Insured) | 1,465 | 1,572 | ||
Series 2010 C: | ||||
5% 9/1/15 | 13,200 | 14,624 | ||
5% 9/1/16 | 13,610 | 15,016 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A: | ||||
5% 6/15/15 | 15,000 | 16,718 | ||
5% 6/15/16 | 6,000 | 6,697 | ||
Pittsburgh School District Series 2009 A: | ||||
3% 9/1/12 (Assured Guaranty Corp. Insured) | 1,300 | 1,350 | ||
3% 9/1/14 (Assured Guaranty Corp. Insured) | 1,640 | 1,702 | ||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B: | ||||
5% 11/15/13 | 2,465 | 2,703 | ||
5% 11/15/14 | 4,690 | 5,212 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Pennsylvania - continued | ||||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B: - continued | ||||
5% 11/15/15 | $ 2,420 | $ 2,700 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,353 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series K, 0% 7/1/12 (Escrowed to Maturity) (g) | 2,355 | 2,292 | ||
| 158,187 | |||
Puerto Rico - 0.6% | ||||
Puerto Rico Convention Ctr. District Auth. Hotel Occupancy Tax Rev. Series 2006 A, 5% 7/1/10 | 2,000 | 2,000 | ||
Puerto Rico Govt. Dev. Bank Series 2006 B: | ||||
5% 12/1/10 | 8,000 | 8,125 | ||
5% 12/1/11 | 1,040 | 1,089 | ||
5% 12/1/12 | 1,000 | 1,055 | ||
Univ. of Puerto Rico: | ||||
Series P, 5% 6/1/11 | 5,760 | 5,935 | ||
Series Q, 5% 6/1/11 | 4,825 | 4,972 | ||
| 23,176 | |||
Rhode Island - 0.3% | ||||
Rhode Island & Providence Plantations Series 2010 A, 5% 10/1/12 | 2,250 | 2,454 | ||
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A: | ||||
5% 6/15/15 (Assured Guaranty Corp. Insured) | 2,010 | 2,291 | ||
5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 7,554 | ||
| 12,299 | |||
South Carolina - 0.2% | ||||
Greenville County School District Installment Purp. Rev. 5% 12/1/10 | 1,455 | 1,480 | ||
South Carolina Jobs-Econ. Dev. Auth. (Anmed Health Proj.) Series 2010: | ||||
5% 2/1/16 | 2,000 | 2,182 | ||
5% 2/1/17 | 2,300 | 2,497 | ||
| 6,159 | |||
Tennessee - 0.8% | ||||
Elizabethton Health & Edl. Facilities Board Rev. (First Mtg. Prog.) Series 2000 B, 6% 7/1/11 (Escrowed to Maturity) (g) | 2,005 | 2,081 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Tennessee - continued | ||||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5% 4/1/13 | $ 1,000 | $ 1,070 | ||
Memphis Elec. Sys. Rev. 5% 12/1/14 | 5,000 | 5,736 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (f) | 1,730 | 1,820 | ||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | ||||
5% 7/1/16 | 1,815 | 1,990 | ||
5% 7/1/17 | 1,100 | 1,201 | ||
Sevierville Pub. Bldg. Auth. Series 2009, 5% 6/1/14 | 12,400 | 13,929 | ||
Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2004 A, 5% 9/1/15 | 3,125 | 3,464 | ||
| 31,291 | |||
Texas - 6.6% | ||||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 1.9%, tender 8/1/10 (Liquidity Facility Bank of America NA) (c) | 6,700 | 6,701 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/15 | 2,585 | 2,952 | ||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.): | ||||
Series 2006 A, 6% 1/1/14 | 1,420 | 1,463 | ||
Series 2006 B: | ||||
6% 1/1/12 | 500 | 511 | ||
6% 1/1/13 | 1,270 | 1,307 | ||
Austin Elec. Util. Sys. Rev.: | ||||
Series 2007: | ||||
5% 11/15/10 (FSA Insured) | 3,000 | 3,049 | ||
5% 11/15/11 (FSA Insured) | 4,000 | 4,238 | ||
Series A, 5% 11/15/15 (b) | 1,000 | 1,142 | ||
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,701 | ||
Austin Util. Sys. Rev. Series 1992 A, 0% 11/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,300 | 5,286 | ||
Austin Wtr. & Wastewtr. Sys. Rev. Series 2009 A, 5% 11/15/15 | 2,250 | 2,588 | ||
Birdville Independent School District 0% 2/15/11 | 5,000 | 4,977 | ||
Brownsville Independent School District Series 2005, 5% 8/15/11 | 1,430 | 1,502 | ||
Brownsville Util. Sys. Rev. Series 2008 A, 5% 9/1/15 (FSA Insured) | 2,665 | 3,040 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Texas - continued | ||||
Bryan Wtrwks. & Swr. Sys. Rev. Series 2001, 5.5% 7/1/11 (FSA Insured) | $ 1,500 | $ 1,574 | ||
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,174 | ||
Corpus Christi Independent School District: | ||||
Series 2009, 4% 8/15/13 | 2,535 | 2,748 | ||
4% 8/15/14 | 10,140 | 11,108 | ||
Dallas County Cmnty. College Series 2009, 4% 2/15/15 | 1,000 | 1,104 | ||
Dallas Fort Worth Int'l. Arpt. Rev. Series 2009 A: | ||||
5% 11/1/14 | 2,500 | 2,791 | ||
5% 11/1/15 | 5,000 | 5,608 | ||
Denton County Gen. Oblig. Series 2005 A, 5% 7/15/11 (FSA Insured) | 3,065 | 3,196 | ||
Fort Worth Independent School District: | ||||
Series 2005, 5% 2/15/12 | 1,500 | 1,609 | ||
Series 2009, 5% 2/15/16 | 3,690 | 4,236 | ||
Frisco Gen. Oblig. Series 2004, 5.25% 2/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,380 | 1,563 | ||
Grapevine Gen. Oblig.: | ||||
Series 2009 A, 5% 2/15/15 | 2,215 | 2,501 | ||
Series 2009: | ||||
5% 2/15/15 | 1,520 | 1,716 | ||
5% 2/15/16 | 1,375 | 1,558 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A: | ||||
5% 11/15/12 | 1,000 | 1,082 | ||
5% 11/15/14 | 1,000 | 1,117 | ||
5% 11/15/16 | 500 | 559 | ||
Harris County Gen. Oblig. (Road Proj.) Series 2008 B: | ||||
5% 8/15/13 | 1,000 | 1,115 | ||
5% 8/15/14 | 1,075 | 1,217 | ||
Houston Arpt. Sys. Rev. Series A: | ||||
5% 7/1/15 | 1,300 | 1,450 | ||
5% 7/1/16 | 1,080 | 1,208 | ||
Houston Cmnty. College Sys. Rev. Series 2005: | ||||
5.25% 4/15/11 (FSA Insured) | 3,030 | 3,144 | ||
5.25% 4/15/12 (FSA Insured) | 2,000 | 2,155 | ||
Houston Gen. Oblig.: | ||||
Series 2004 A, 5.25% 3/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,855 | 3,231 | ||
Series 2007 B, 5% 3/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,575 | 3,823 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Texas - continued | ||||
Houston Gen. Oblig.: - continued | ||||
Series A, 5% 3/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 7,500 | $ 8,279 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 3,906 | ||
Houston Util. Sys. Rev.: | ||||
Series 2005 A, 5.25% 11/15/11 (FSA Insured) | 4,430 | 4,682 | ||
Series 2005 C1, 5%, tender 5/15/11 (AMBAC Insured) (c) | 5,100 | 5,279 | ||
Humble Independent School District Series 2009, 4% 2/15/13 | 400 | 429 | ||
Irving Gen. Oblig. Series 2009, 5% 9/15/15 | 2,970 | 3,429 | ||
Katy Independent School District Series A, 5.25% 2/15/12 | 2,000 | 2,153 | ||
Keller Independent School District 5% 2/15/14 | 3,750 | 4,205 | ||
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,545 | ||
Leander Independent School District Series 2001, 6% 8/15/14 | 1,850 | 2,188 | ||
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,357 | ||
Lone Star College Sys. Gen. Oblig. Series 2010 A, 5% 8/15/22 | 2,500 | 2,611 | ||
Lower Colorado River Auth. Rev. Series 2010: | ||||
5% 5/15/15 | 2,000 | 2,271 | ||
5% 5/15/16 | 2,360 | 2,685 | ||
5% 5/15/17 | 2,805 | 3,169 | ||
Lubbock Gen. Oblig.: | ||||
(Wtrwks. Sys. Surplus Proj.) Series 2005, 5% 2/15/11 (FSA Insured) | 2,465 | 2,535 | ||
Series 2005, 5% 2/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,850 | 2,030 | ||
Magnolia Independent School District Series 2005, 8% 8/15/11 (FGIC Insured) | 1,210 | 1,299 | ||
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 2,002 | ||
Montgomery County Gen. Oblig. Series 2006 B, 5%, tender 9/1/10 (FSA Insured) (c) | 1,750 | 1,762 | ||
North Texas Tollway Auth. Rev. Series 2008 H2, 5%, tender 1/1/13 (c) | 5,000 | 5,376 | ||
Northside Independent School District: | ||||
Series 2009, 2.1%, tender 6/1/11 (c) | 4,900 | 4,951 | ||
1.5%, tender 8/1/12 (c) | 12,500 | 12,597 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Texas - continued | ||||
San Antonio Muni. Drainage Util. Sys. Rev. Series 2005, 5.25% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,545 | $ 1,647 | ||
San Jacinto Cmnty. College District Series 2009: | ||||
5% 2/15/15 | 2,500 | 2,817 | ||
5% 2/15/16 | 2,000 | 2,252 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 6,637 | ||
Spring Branch Independent School District Series 2001: | ||||
5.375% 2/1/14 | 1,090 | 1,117 | ||
5.375% 2/1/14 (Pre-Refunded to 2/1/11 @ 100) (g) | 1,700 | 1,749 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Baylor Health Care Sys. Proj.) Series 2009: | ||||
5% 11/15/11 | 1,665 | 1,753 | ||
5% 11/15/12 | 1,950 | 2,117 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. (Christus Health Proj.) Series 2008 A, 5.75% 7/1/18 (Assured Guaranty Corp. Insured) | 5,000 | 5,436 | ||
Texas Gen. Oblig.: | ||||
(College Student Ln. Prog.) Series 1997, 5% 8/1/11 (f) | 3,000 | 3,009 | ||
0% 10/1/13 | 6,500 | 6,138 | ||
Texas Pub. Fin. Auth. Bldg. Rev. Series 2007, 5% 2/1/11 (AMBAC Insured) | 1,550 | 1,591 | ||
Texas Tech Univ. Revs. Ninth Series, 5% 2/15/11 (AMBAC Insured) | 1,250 | 1,285 | ||
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Series 2009, 5%, tender 2/15/11 (c) | 3,200 | 3,266 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007, 5% 4/1/12 | 4,000 | 4,296 | ||
Texas Wtr. Dev. Board Rev. Series 2007 B, 5% 7/15/11 | 2,780 | 2,912 | ||
Titus County Fresh Wtr. Supply District #1 Poll. Cont. Rev. (Southwestern Elec. Pwr. Co. Proj.) Series 2008, 4.5% 7/1/11 | 3,000 | 3,061 | ||
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,246 | ||
Travis County Gen. Oblig. 5.25% 3/1/12 | 4,125 | 4,451 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev. Series 2008, 5% 8/1/13 | 6,135 | 6,830 | ||
Univ. of North Texas Univ. Rev. Series A, 5% 4/15/14 | 1,000 | 1,122 | ||
Univ. of Texas Board of Regents Sys. Rev. Series 2003 B, 5% 8/15/33 (Pre-Refunded to 8/15/13 @ 100) (g) | 15,000 | 16,812 | ||
| 266,328 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Utah - 0.9% | ||||
Salt Lake County Wtr. Conservancy District Rev. Series A: | ||||
0% 10/1/11 (AMBAC Insured) | $ 3,800 | $ 3,726 | ||
0% 10/1/12 (AMBAC Insured) | 3,800 | 3,657 | ||
0% 10/1/13 (AMBAC Insured) | 3,760 | 3,516 | ||
Utah Bldg. Ownership Auth. Lease Rev. (State Facilities Master Lease Prog.) Series A, 5% 5/15/11 | 1,700 | 1,761 | ||
Utah Gen. Oblig. Series 2009 C, 5% 7/1/16 | 20,000 | 23,381 | ||
| 36,041 | |||
Vermont - 0.1% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (Fletcher Allen Health Care Proj.) Series 2004 B, 5% 12/1/15 (FSA Insured) | 2,225 | 2,420 | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/15 | 5,000 | 5,530 | ||
Virginia - 0.5% | ||||
Amelia County Indl. Dev. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 3.375%, tender 4/1/13 (c)(f) | 5,900 | 5,884 | ||
Chesapeake Econ. Dev. Auth. Poll. Cont. Rev. (Elec. & Pwr. Co. Proj.) Series 2008 A, 3.6%, tender 2/1/13 (c) | 1,800 | 1,868 | ||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (c) | 8,000 | 8,807 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 4.05%, tender 5/1/14 (c) | 1,800 | 1,916 | ||
| 18,475 | |||
Washington - 0.9% | ||||
Chelan County Pub. Util. District #1 Rev. Series 2004 B, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,190 | 1,238 | ||
Clark County Pub. Util. District #1 Elec. Rev.: | ||||
5% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,680 | 1,716 | ||
5.25% 1/1/11 (FSA Insured) | 1,935 | 1,979 | ||
Energy Northwest Elec. Rev. (#3 Proj.) Series 2009 A, 5% 7/1/14 | 4,000 | 4,551 | ||
King County Highline School District # 401 Series 2009: | ||||
5% 12/1/16 | 6,350 | 7,349 | ||
5% 12/1/17 | 2,950 | 3,422 | ||
King County School District #409, Tahoma 5% 6/1/11 (FSA Insured) | 1,740 | 1,808 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Washington - continued | ||||
Port of Seattle Rev. Series 2001 D, 5.75% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | $ 3,640 | $ 3,862 | ||
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,297 | ||
Spokane County Wastewtr. Sys. Rev. Series 2009 A, 5% 12/1/15 | 1,710 | 1,952 | ||
Vancouver Wtr. & Swr. Rev. 5.25% 6/1/11 (FSA Insured) | 1,000 | 1,044 | ||
Washington Gen. Oblig. Series A, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,045 | ||
Washington Health Care Facilities Auth. Rev. (MultiCare Health Sys. Proj.) Series 2010 A: | ||||
5% 8/15/13 | 2,000 | 2,162 | ||
5% 8/15/14 | 2,000 | 2,179 | ||
| 36,604 | |||
Wisconsin - 1.4% | ||||
Milwaukee County Gen. Oblig. Series A, 0% 12/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,370 | 3,358 | ||
Wisconsin Gen. Oblig.: | ||||
Series 2005 1, 5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,325 | 7,246 | ||
Series 2009 C, 4% 5/1/14 | 3,365 | 3,684 | ||
Series 2010 1: | ||||
5% 5/1/14 | 5,750 | 6,508 | ||
5% 5/1/15 | 8,005 | 9,170 | ||
5% 5/1/16 | 10,000 | 11,492 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,572 | ||
(Marshfield Clinic Proj.) Series 2006 A, 5% 2/15/13 | 875 | 905 | ||
(Mercy Alliance, Inc. Proj.) Series 2010 A, 3% 6/1/11 | 1,250 | 1,265 | ||
(Thedacare, Inc. Proj.) Series 2010: | ||||
4% 12/15/13 | 1,035 | 1,085 | ||
5% 12/15/15 | 1,105 | 1,200 | ||
5% 12/15/16 | 1,440 | 1,549 | ||
5% 12/15/17 | 1,540 | 1,641 | ||
(Wheaton Franciscan Healthcare Sys. Proj.): | ||||
Series 2002, 5.75% 8/15/11 | 1,000 | 1,037 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: - continued | ||||
(Wheaton Franciscan Healthcare Sys. Proj.): | ||||
Series 2003 A, 5% 8/15/10 | $ 1,870 | $ 1,874 | ||
Series 2006 A, 5% 8/15/11 | 1,315 | 1,353 | ||
| 54,939 | |||
TOTAL MUNICIPAL BONDS (Cost $3,269,588) | 3,359,273 |
Municipal Notes - 6.8% | |||
|
|
|
|
Arizona - 0.4% | |||
Yuma Indl. Dev. Auth. Hosp. Rev. (Yuma Reg'l. Med. Ctr. Proj.) Series 2008, 0.22%, LOC JPMorgan Chase Bank, VRDN (c) | 17,200 | 17,200 | |
Florida - 0.7% | |||
Cape Coral Wtr. & Swr. Rev. BAN Series 2009, 6% 10/1/11 | 7,600 | 7,847 | |
North Broward Hosp. District Rev. Series 2005 A, 0.25%, LOC Wells Fargo Bank NA, VRDN (c) | 18,500 | 18,500 | |
| 26,347 | ||
Illinois - 0.4% | |||
Illinois Fin. Auth. Rev. (Edward Hosp. Obligated Group Proj.) Series 2008 B1, 0.22%, LOC JPMorgan Chase Bank, VRDN (c) | 17,620 | 17,620 | |
Michigan - 1.5% | |||
Michigan Hosp. Fin. Auth. Rev. (Henry Ford Health Sys. Proj.) Series 2007, 0.22%, LOC JPMorgan Chase Bank, VRDN (c) | 60,810 | 60,810 | |
Missouri - 0.6% | |||
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series Putters 3605, 0.31% (Liquidity Facility JPMorgan Chase Bank) (c)(h) | 22,495 | 22,495 | |
New Jersey - 0.3% | |||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev. Series 2008 V3, 0.18%, LOC Bank of Nova Scotia New York Branch, VRDN (c) | 11,000 | 11,000 | |
Trenton Gen. Oblig. BAN 3% 7/15/10 | 1,710 | 1,711 | |
| 12,711 | ||
New York - 2.3% | |||
Nassau Health Care Corp. Rev. Series 2009 B1, 0.24%, LOC TD Banknorth, NA, VRDN (c) | 13,000 | 13,000 | |
Municipal Notes - continued | |||
Principal Amount (000s) | Value | ||
New York - continued | |||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2008 B1, 0.25% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | $ 15,235 | $ 15,235 | |
New York Local Govt. Assistance Corp.: | |||
Series 2008 B, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 17,355 | 17,355 | |
Series 2008 B7V, 0.22% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 12,600 | 12,600 | |
Series 2008 BAV, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 22,730 | 22,730 | |
Suffolk County Wtr. Auth. Series 2008, 0.18% (Liquidity Facility Bank of Nova Scotia New York Branch), VRDN (c) | 11,300 | 11,300 | |
| 92,220 | ||
Pennsylvania - 0.6% | |||
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series E, 0.27%, LOC JPMorgan Chase Bank, VRDN (c) | 22,500 | 22,500 | |
TOTAL MUNICIPAL NOTES (Cost $271,654) | 271,903 | ||
Money Market Funds - 3.7% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.27% (d)(e) | 149,517,900 | 149,518 | |
TOTAL INVESTMENT PORTFOLIO - 94.1% (Cost $3,690,760) | 3,780,694 | ||
NET OTHER ASSETS (LIABILITIES) - 5.9% | 239,006 | ||
NET ASSETS - 100% | $ 4,019,700 |
Security Type Abbreviations |
BAN BOND ANTICIPATION NOTE |
VRDN VARIABLE RATE DEMAND NOTE |
Legend |
(a) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(f) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(g) Security collateralized by an amount sufficient to pay interest and principal. |
(h) Provides evidence of ownership in one or more underlying municipal bonds. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 159 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Municipal Securities | $ 3,631,176 | $ - | $ 3,631,176 | $ - |
Money Market Funds | 149,518 | 149,518 | - | - |
Total Investments in Securities: | $ 3,780,694 | $ 149,518 | $ 3,631,176 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 36.6% |
Health Care | 13.2% |
Special Tax | 12.7% |
Electric Utilities | 8.1% |
Escrowed/Pre-Refunded | 5.4% |
Others* (Individually Less Than 5%) | 24.0% |
| 100.0% |
* Includes cash equivalents and net other assets |
Income Tax Information |
At December 31, 2009, the Fund had a capital loss carryforward of approximately $1,619,000 of which $172,000 and $1,447,000 will expire on December 31, 2014 and 2015, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,541,242) | $ 3,631,176 |
|
Fidelity Central Funds (cost $149,518) | 149,518 |
|
Total Investments (cost $3,690,760) |
| $ 3,780,694 |
Cash | 215,974 | |
Receivable for fund shares sold | 6,429 | |
Interest receivable | 40,319 | |
Distributions receivable from Fidelity Central Funds | 36 | |
Receivable from investment adviser for expense reductions | 1 | |
Other receivables | 77 | |
Total assets | 4,043,530 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 12,378 | |
Delayed delivery | 1,139 | |
Payable for fund shares redeemed | 5,617 | |
Distributions payable | 1,919 | |
Accrued management fee | 1,218 | |
Distribution fees payable | 113 | |
Other affiliated payables | 1,373 | |
Other payables and accrued expenses | 73 | |
Total liabilities | 23,830 | |
|
|
|
Net Assets | $ 4,019,700 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,928,533 | |
Distributions in excess of net investment income | (58) | |
Accumulated undistributed net realized gain (loss) on investments | 1,291 | |
Net unrealized appreciation (depreciation) on investments | 89,934 | |
Net Assets | $ 4,019,700 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2010 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 10.69 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.69) | $ 10.99 | |
Class T: | $ 10.68 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.68) | $ 10.98 | |
Class B: | $ 10.69 | |
|
|
|
Class C: | $ 10.68 | |
|
|
|
Short-Intermediate Municipal Income: | $ 10.68 | |
|
|
|
Institutional Class: | $ 10.68 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
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, 2010 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 53,167 |
Income from Fidelity Central Funds |
| 159 |
Total income |
| 53,326 |
|
|
|
Expenses | ||
Management fee | $ 7,019 | |
Transfer agent fees | 1,746 | |
Distribution fees | 641 | |
Accounting fees and expenses | 306 | |
Custodian fees and expenses | 26 | |
Independent trustees' compensation | 7 | |
Registration fees | 209 | |
Audit | 25 | |
Legal | 5 | |
Miscellaneous | 23 | |
Total expenses before reductions | 10,007 | |
Expense reductions | (137) | 9,870 |
Net investment income | 43,456 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 2,910 |
Change in net unrealized appreciation (depreciation) on investment securities | 13,610 | |
Net gain (loss) | 16,520 | |
Net increase (decrease) in net assets resulting from operations | $ 59,976 |
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 | $ 43,456 | $ 72,308 |
Net realized gain (loss) | 2,910 | 749 |
Change in net unrealized appreciation (depreciation) | 13,610 | 66,473 |
Net increase (decrease) in net assets resulting | 59,976 | 139,530 |
Distributions to shareholders from net investment income | (43,444) | (72,293) |
Share transactions - net increase (decrease) | 507,574 | 1,429,938 |
Redemption fees | 41 | 107 |
Total increase (decrease) in net assets | 524,147 | 1,497,282 |
|
|
|
Net Assets | ||
Beginning of period | 3,495,553 | 1,998,271 |
End of period (including distributions in excess of net investment income of $58 and distributions in excess of net investment income of $70, respectively) | $ 4,019,700 | $ 3,495,553 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 | $ 10.21 | $ 10.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .107 | .254 | .298 | .302 | .292 | .268 |
Net realized and unrealized gain (loss) | .050 | .294 | .021 | .118 | (.001) | (.177) |
Total from investment operations | .157 | .548 | .319 | .420 | .291 | .091 |
Distributions from net investment income | (.107) | (.258) | (.300) | (.300) | (.291) | (.268) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.107) | (.258) | (.300) | (.300) | (.291) | (.271) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.69 | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 | $ 10.21 |
Total Return B, C, D | 1.48% | 5.34% | 3.13% | 4.19% | 2.89% | .89% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .79% A | .79% | .75% | .71% | .65% | .65% |
Expenses net of fee waivers, if any | .78% A | .78% | .75% | .71% | .65% | .65% |
Expenses net of all reductions | .78% A | .78% | .72% | .64% | .56% | .58% |
Net investment income | 2.03% A | 2.41% | 2.90% | 2.95% | 2.86% | 2.61% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 216 | $ 169 | $ 58 | $ 12 | $ 10 | $ 14 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 | $ 10.37 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .108 | .255 | .300 | .297 | .281 | .257 |
Net realized and unrealized gain (loss) | .051 | .294 | .029 | .120 | (.011) | (.167) |
Total from investment operations | .159 | .549 | .329 | .417 | .270 | .090 |
Distributions from net investment income | (.109) | (.259) | (.300) | (.297) | (.280) | (.257) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.109) | (.259) | (.300) | (.297) | (.280) | (.260) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Total Return B, C, D | 1.50% | 5.36% | 3.24% | 4.17% | 2.69% | .88% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .76% A | .77% | .74% | .74% | .75% | .76% |
Expenses net of fee waivers, if any | .76% A | .77% | .74% | .74% | .75% | .76% |
Expenses net of all reductions | .75% A | .77% | .72% | .69% | .66% | .69% |
Net investment income | 2.05% A | 2.42% | 2.90% | 2.91% | 2.76% | 2.50% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 23 | $ 23 | $ 15 | $ 10 | $ 13 | $ 15 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 | $ 10.21 | $ 10.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .073 | .186 | .230 | .228 | .215 | .190 |
Net realized and unrealized gain (loss) | .050 | .293 | .029 | .121 | (.012) | (.177) |
Total from investment operations | .123 | .479 | .259 | .349 | .203 | .013 |
Distributions from net investment income | (.073) | (.189) | (.230) | (.229) | (.213) | (.190) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.073) | (.189) | (.230) | (.229) | (.213) | (.193) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.69 | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 | $ 10.21 |
Total Return B, C, D | 1.16% | 4.66% | 2.54% | 3.47% | 2.02% | .13% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.45% A | 1.46% | 1.43% | 1.41% | 1.41% | 1.41% |
Expenses net of fee waivers, if any | 1.43% A | 1.43% | 1.43% | 1.41% | 1.41% | 1.41% |
Expenses net of all reductions | 1.42% A | 1.43% | 1.40% | 1.36% | 1.31% | 1.34% |
Net investment income | 1.38% A | 1.77% | 2.22% | 2.23% | 2.11% | 1.85% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3 | $ 3 | $ 2 | $ 1 | $ 2 | $ 3 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 | $ 10.20 | $ 10.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .067 | .175 | .220 | .219 | .204 | .178 |
Net realized and unrealized gain (loss) | .050 | .303 | .020 | .120 | (.011) | (.176) |
Total from investment operations | .117 | .478 | .240 | .339 | .193 | .002 |
Distributions from net investment income | (.067) | (.178) | (.221) | (.219) | (.203) | (.179) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.067) | (.178) | (.221) | (.219) | (.203) | (.182) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 | $ 10.20 |
Total Return B, C, D | 1.11% | 4.66% | 2.35% | 3.37% | 1.92% | .02% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.54% A | 1.53% | 1.50% | 1.51% | 1.51% | 1.52% |
Expenses net of fee waivers, if any | 1.53% A | 1.53% | 1.50% | 1.51% | 1.51% | 1.52% |
Expenses net of all reductions | 1.53% A | 1.53% | 1.48% | 1.45% | 1.41% | 1.45% |
Net investment income | 1.28% A | 1.67% | 2.14% | 2.14% | 2.01% | 1.74% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 74 | $ 56 | $ 20 | $ 6 | $ 7 | $ 10 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Short-Intermediate Municipal Income
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 | $ 10.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .123 | .284 | .326 | .323 | .307 | .284 |
Net realized and unrealized gain (loss) | .050 | .293 | .029 | .120 | (.010) | (.177) |
Total from investment operations | .173 | .577 | .355 | .443 | .297 | .107 |
Distributions from net investment income | (.123) | (.287) | (.326) | (.323) | (.307) | (.284) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.123) | (.287) | (.326) | (.323) | (.307) | (.287) |
Redemption fees added to paid in capital D | - H | - H | .001 | - H | - H | - H |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Total Return B, C | 1.63% | 5.64% | 3.50% | 4.43% | 2.95% | 1.06% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .49% A | .50% | .49% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .49% A | .50% | .49% | .49% | .49% | .49% |
Expenses net of all reductions | .48% A | .50% | .47% | .43% | .41% | .42% |
Net investment income | 2.32% A | 2.69% | 3.15% | 3.17% | 3.01% | 2.77% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,585 | $ 3,153 | $ 1,870 | $ 1,650 | $ 1,485 | $ 1,665 |
Portfolio turnover rate F | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 | $ 10.20 | $ 10.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .120 | .281 | .321 | .320 | .306 | .283 |
Net realized and unrealized gain (loss) | .051 | .293 | .022 | .120 | - H | (.176) |
Total from investment operations | .171 | .574 | .343 | .440 | .306 | .107 |
Distributions from net investment income | (.121) | (.284) | (.324) | (.320) | (.306) | (.284) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.121) | (.284) | (.324) | (.320) | (.306) | (.287) |
Redemption fees added to paid in capital D | - H | - H | .001 | - H | - H | - H |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 | $ 10.20 |
Total Return B, C | 1.61% | 5.61% | 3.38% | 4.39% | 3.05% | 1.05% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .53% A | .55% | .51% | .52% | .50% | .49% |
Expenses net of fee waivers, if any | .53% A | .53% | .51% | .52% | .50% | .49% |
Expenses net of all reductions | .52% A | .53% | .49% | .45% | .41% | .42% |
Net investment income | 2.28% A | 2.66% | 3.13% | 3.14% | 3.01% | 2.77% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 119 | $ 92 | $ 32 | $ 5 | $ 3 | $ 3 |
Portfolio turnover rate F | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H 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, 2010 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Short-Intermediate Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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 offers Class A, Class T, Class B, Class C, Short-Intermediate Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares will be closed to new accounts and additional purchases by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of four years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2010, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 93,607 |
Gross unrealized depreciation | (3,666) |
Net unrealized appreciation (depreciation) | $ 89,941 |
|
|
Tax cost | $ 3,690,753 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
4. 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's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $628,316 and $248,088, respectively.
Semiannual Report
6. Fees and Other Transactions with Affiliates.
Management Fee. 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 .12% 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 .37% of the Fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
| Distribution | Service | Paid to | Retained |
Class A | -% | .25% | $ 269 | $ 45 |
Class T | -% | .25% | 29 | - |
Class B | .65% | .25% | 14 | 10 |
Class C | .75% | .25% | 329 | 212 |
|
|
| $ 641 | $ 267 |
Sales Load. FDC receives a front-end sales charge of up to 2.75% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 3% to 1% for Class B, 1% for Class C, .75% to ..50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 39 |
Class T | 3 |
Class B* | 3 |
Class C* | 14 |
| $ 59 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. 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 Fund's Class A, Class T, Class B, Class C, Short-Intermediate Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 151 | .14 |
Class T | 12 | .11 |
Class B | 2 | .14 |
Class C | 42 | .13 |
Short-Intermediate Municipal Income | 1,468 | .09 |
Institutional Class | 71 | .13 |
| $ 1,746 |
|
* Annualized
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class A | .78% | $ 13 |
Class B | 1.43% | -* |
Class C | 1.53% | 2 |
Institutional Class | .53% | 1 |
|
| $ 16 |
* Amount of reimbursement totaled Two hundred sixty-three dollars.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $26 and $95, respectively.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Class A | $ 2,153 | $ 2,644 |
Class T | 234 | 507 |
Class B | 21 | 49 |
Class C | 415 | 585 |
Short-Intermediate Municipal Income | 39,396 | 66,990 |
Institutional Class | 1,225 | 1,518 |
Total | $ 43,444 | $ 72,293 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class A |
|
|
|
|
Shares sold | 9,426 | 13,598 | $ 100,674 | $ 143,697 |
Reinvestment of distributions | 153 | 193 | 1,633 | 2,042 |
Shares redeemed | (5,249) | (3,555) | (56,080) | (37,636) |
Net increase (decrease) | 4,330 | 10,236 | $ 46,227 | $ 108,103 |
Class T |
|
|
|
|
Shares sold | 236 | 1,653 | $ 2,513 | $ 17,401 |
Reinvestment of distributions | 15 | 35 | 159 | 369 |
Shares redeemed | (306) | (970) | (3,262) | (10,233) |
Net increase (decrease) | (55) | 718 | $ (590) | $ 7,537 |
Class B |
|
|
|
|
Shares sold | 55 | 196 | $ 586 | $ 2,063 |
Reinvestment of distributions | 1 | 3 | 14 | 33 |
Shares redeemed | (79) | (107) | (842) | (1,133) |
Net increase (decrease) | (23) | 92 | $ (242) | $ 963 |
Class C |
|
|
|
|
Shares sold | 2,304 | 3,929 | $ 24,557 | $ 41,448 |
Reinvestment of distributions | 28 | 38 | 303 | 401 |
Shares redeemed | (686) | (686) | (7,308) | (7,231) |
Net increase (decrease) | 1,646 | 3,281 | $ 17,552 | $ 34,618 |
Short-Intermediate Municipal Income |
|
|
|
|
Shares sold | 85,679 | 190,743 | $ 913,482 | $ 2,011,500 |
Reinvestment of distributions | 2,747 | 4,558 | 29,289 | 48,110 |
Shares redeemed | (49,272) | (79,620) | (524,985) | (839,418) |
Net increase (decrease) | 39,154 | 115,681 | $ 417,786 | $ 1,220,192 |
Institutional Class |
|
|
|
|
Shares sold | 5,202 | 8,441 | $ 55,473 | $ 89,141 |
Reinvestment of distributions | 45 | 72 | 481 | 757 |
Shares redeemed | (2,731) | (2,973) | (29,113) | (31,373) |
Net increase (decrease) | 2,516 | 5,540 | $ 26,841 | $ 58,525 |
Semiannual Report
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
17550 North 75th Avenue
Glendale, AZ
5330 E. Broadway Blvd
Tucson, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
2211 Michelson Drive
Irvine, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
1261 Post Road
Fairfield, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
1400 Glades Road
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3242 Peachtree Road
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
1823 Freedom Drive
Naperville, IL
Indiana
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 N. Old Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
3480 28th Street
Grand Rapids, MI
2425 S. Linden Road STE E
Flint, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
3349 Monroe Avenue
Rochester, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
1576 East Southlake Blvd.
Southlake, TX
15600 Southwest Freeway
Sugar Land, TX
139 N. Loop 1604 East
San Antonio, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
11957 Democracy Drive
Reston, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
304 Strander Blvd
Tukwila, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments Money
Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
STM-USAN-0810 1.787790.107
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Short-Intermediate
Municipal Income
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
June 30, 2010
Class A, Class T, Class B,
and Class C are classes of
Fidelity® Short-Intermediate
Municipal Income Fund
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
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, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
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 LLC or an affiliated company.
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.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
A yearlong uptrend in global equity markets came under significant pressure in May 2010 when investor sentiment turned bearish amid growing concern that Europe's debt crisis would expand and slow or derail economic recovery. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 to June 30, 2010).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
| Expenses Paid |
Class A | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,014.80 | $ 3.90 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class T | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,015.00 | $ 3.80 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.03 | $ 3.81 |
Class B | 1.43% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,011.60 | $ 7.13 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.70 | $ 7.15 |
Class C | 1.53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,011.10 | $ 7.63 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.21 | $ 7.65 |
Short-Intermediate Municipal Income | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,016.30 | $ 2.45 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.36 | $ 2.46 |
Institutional Class | .53% |
|
| �� |
Actual |
| $ 1,000.00 | $ 1,016.10 | $ 2.65 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.17 | $ 2.66 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five States as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
New York | 16.4 | 15.3 |
California | 8.3 | 9.6 |
Illinois | 7.8 | 7.6 |
Texas | 6.6 | 8.1 |
Florida | 6.0 | 4.8 |
Top Five Sectors as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
General Obligations | 36.6 | 39.7 |
Health Care | 13.2 | 9.2 |
Special Tax | 12.7 | 10.6 |
Electric Utilities | 8.1 | 6.7 |
Escrowed/Pre-Refunded | 5.4 | 7.7 |
Weighted Average Maturity as of June 30, 2010 | ||
|
| 6 months ago |
Years | 3.4 | 3.6 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of June 30, 2010 | ||
|
| 6 months ago |
Years | 2.7 | 2.7 |
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, 2010 | As of December 31, 2009 | ||||||
![]() | AAA 15.8% |
| ![]() | AAA 11.4% |
| ||
![]() | AA,A 68.9% |
| ![]() | AA,A 66.3% |
| ||
![]() | BBB 3.8% |
| ![]() | BBB 7.5% |
| ||
![]() | BB and Below 0.1% |
| ![]() | BB and Below 0.1% |
| ||
![]() | Not Rated 1.8% |
| ![]() | Not Rated 3.1% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Service, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 83.6% | ||||
| Principal Amount (000s) | Value | ||
Alabama - 0.5% | ||||
Health Care Auth. for Baptist Health: | ||||
Series 2006 D, 5% 11/15/11 | $ 1,540 | $ 1,579 | ||
Series 2009 A, 6.125%, tender 5/15/12 (c) | 4,000 | 4,196 | ||
Jefferson County Swr. Rev.: | ||||
Series 2001 A, 5.5% 2/1/40 (Pre-Refunded to 2/1/11 @ 101) (g) | 3,900 | 4,050 | ||
Series 2002 B, 5% 2/1/41 (Pre-Refunded to 8/1/12 @ 100) (g) | 2,070 | 2,240 | ||
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 A, 4.75%, tender 3/19/12 (c) | 5,000 | 5,214 | ||
Pell City Spl. Care Facilities Rev. (Noland Health Svcs., Inc. Proj.) Series 2007 A: | ||||
5% 12/1/10 | 855 | 864 | ||
5% 12/1/12 | 750 | 782 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5% 9/1/13 | 1,175 | 1,269 | ||
| 20,194 | |||
Alaska - 0.1% | ||||
Alaska Student Ln. Corp. Student Ln. Rev. Series 2000 A, 5.85% 7/1/13 (Pre-Refunded to 7/1/10 @ 100) (f)(g) | 3,285 | 3,285 | ||
Anchorage Gen. Oblig. Series B, 5.75% 12/1/11 (Pre-Refunded to 12/1/10 @ 100) (g) | 2,500 | 2,552 | ||
| 5,837 | |||
Arizona - 2.6% | ||||
Arizona Ctfs. of Prtn.: | ||||
Series 2002 B, 5.5% 9/1/10 (FSA Insured) | 9,025 | 9,096 | ||
Series 2010 A: | ||||
5% 10/1/14 (FSA Insured) | 5,000 | 5,611 | ||
5% 10/1/16 (FSA Insured) | 13,000 | 14,578 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.): | ||||
Series 2008 A, 5% 1/1/13 | 2,000 | 2,136 | ||
Series 2008 D: | ||||
5% 1/1/13 | 3,250 | 3,471 | ||
5% 1/1/14 | 2,000 | 2,162 | ||
Arizona School Facilities Board Ctfs. of Prtn.: | ||||
Series 2005 A2, 5% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,000 | 12,010 | ||
Series 2008, 5.5% 9/1/13 | 18,780 | 20,888 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Arizona - continued | ||||
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | ||||
5% 10/1/18 | $ 1,000 | $ 1,176 | ||
5% 10/1/20 | 5,180 | 6,015 | ||
Coconino County Poll. Cont. Corp. Rev. (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 A, 5.5%, tender 6/1/14 (c) | 6,000 | 6,512 | ||
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 6%, tender 5/1/14 (c) | 4,800 | 5,146 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.: | ||||
Series 2009 A, 5% 7/1/15 | 5,835 | 6,674 | ||
Series 2009 B, 5% 7/1/16 | 5,090 | 5,821 | ||
Tucson Gen. Oblig. Series 2005, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250 | 1,417 | ||
Tucson Wtr. Rev. Series 2001 A: | ||||
5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,340 | 1,371 | ||
5% 7/1/15 (FGIC Insured) | 1,645 | 1,805 | ||
| 105,889 | |||
California - 8.3% | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A, 5.25% 5/1/12 | 6,000 | 6,496 | ||
Series 2010 L, 5% 5/1/17 | 12,000 | 13,596 | ||
California Econ. Recovery: | ||||
Series 2004 A: | ||||
5.25% 7/1/12 | 6,010 | 6,516 | ||
5.25% 7/1/13 | 2,400 | 2,663 | ||
Series 2008 A, 5% 1/1/11 | 3,000 | 3,065 | ||
Series 2008 B, 5%, tender 3/1/11 (c)(g) | 6,400 | 6,595 | ||
Series 2009 A: | ||||
5% 7/1/15 | 3,660 | 4,046 | ||
5% 7/1/15 (Pre-Refunded to 7/1/14 @ 100) (g) | 2,540 | 2,924 | ||
5.25% 1/1/11 | 870 | 890 | ||
5.25% 1/1/11 (Escrowed to Maturity) (g) | 6,830 | 6,995 | ||
5.25% 7/1/13 (Escrowed to Maturity) (g) | 1,185 | 1,343 | ||
5.25% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,255 | 1,393 | ||
5.25% 7/1/14 | 1,780 | 2,012 | ||
5.25% 7/1/14 (Escrowed to Maturity) (g) | 520 | 604 | ||
Series B, 5%, tender 7/1/14 (c) | 5,000 | 5,534 | ||
California Gen. Oblig.: | ||||
5% 2/1/11 | 4,000 | 4,093 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5% 2/1/11 | $ 70 | $ 72 | ||
5% 10/1/11 | 1,650 | 1,731 | ||
5% 2/1/12 | 1,650 | 1,751 | ||
5% 3/1/12 | 15,000 | 15,968 | ||
5% 9/1/12 | 1,700 | 1,836 | ||
5% 10/1/12 | 12,600 | 13,641 | ||
5% 11/1/13 | 9,060 | 10,042 | ||
5.25% 9/1/10 | 18,050 | 18,175 | ||
5.25% 2/1/11 | 2,465 | 2,526 | ||
5.5% 3/1/11 (FGIC Insured) | 3,210 | 3,306 | ||
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) | 835 | 860 | ||
6.5% 9/1/10 | 1,760 | 1,776 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 H, 5.125% 7/1/22 | 2,850 | 2,940 | ||
Series 2009 D, 5%, tender 7/1/14 (c) | 2,900 | 3,162 | ||
Series 2009 F, 5%, tender 7/1/14 (c) | 3,200 | 3,489 | ||
(Cedars-Sinai Med. Ctr. Proj.) Series 2005, 5% 11/15/10 | 1,000 | 1,014 | ||
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/13 | 1,100 | 1,170 | ||
(St. Joseph Health Sys. Proj.) Series 2009 C, 5%, tender 10/16/14 (c) | 4,300 | 4,710 | ||
California Infrastructure & Econ. Dev. Bank Rev. (The J. Paul Getty Trust Proj.): | ||||
Series 2003 C, 3.9%, tender 12/1/11 (c) | 2,100 | 2,189 | ||
Series 2007 A3, 2.25%, tender 4/1/12 (c) | 6,500 | 6,669 | ||
California Muni. Fin. Auth. Ctfs. of Prtn. (Cmnty. Hospitals of Central California Obligated Group Proj.) Series 2009, 3% 2/1/11 | 1,000 | 1,003 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 15,000 | 17,040 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (c)(f) | 2,300 | 2,397 | ||
California Pub. Works Board Lease Rev. Series 2010 A: | ||||
5% 3/1/16 | 2,000 | 2,145 | ||
5% 3/1/17 | 5,405 | 5,753 | ||
California State Univ. Rev. Series 2007 C, 5% 11/1/13 (FSA Insured) | 1,335 | 1,498 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
California - continued | ||||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c) | $ 3,800 | $ 3,944 | ||
(State of California Proposition 1A Receivables Prog.) Series 2009, 5% 6/15/13 | 15,300 | 16,609 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2003 B: | ||||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (g) | 2,000 | 2,251 | ||
5.625% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (g) | 3,030 | 3,422 | ||
Series 2007 A1, 5% 6/1/12 | 2,570 | 2,656 | ||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.: | ||||
Series 2009 A, 5% 7/1/13 | 4,155 | 4,639 | ||
Series 2009 B, 5% 7/1/17 | 12,905 | 14,925 | ||
Los Angeles Unified School District: | ||||
Series 2009 KRY, 5% 7/1/13 | 10,740 | 11,857 | ||
Series E, 5% 7/1/11 | 6,075 | 6,343 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5% 6/1/15 | 12,240 | 13,965 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,387 | ||
Newport Beach Rev. (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (c) | 2,500 | 2,677 | ||
Northern California Pwr. Agcy. Rev.: | ||||
(Geothermal #3 Proj.) Series 2009 A: | ||||
5% 7/1/13 | 1,020 | 1,124 | ||
5% 7/1/14 | 1,120 | 1,253 | ||
5% 7/1/15 | 2,170 | 2,437 | ||
(Hydroelectric #1 Proj.) Series 2010 A: | ||||
4% 7/1/15 | 2,000 | 2,143 | ||
5% 7/1/18 | 2,000 | 2,203 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 7,135 | 6,401 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | ||||
5% 8/1/16 | 5,450 | 5,811 | ||
5% 8/1/18 | 8,000 | 8,417 | ||
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 937 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
California - continued | ||||
San Diego Pub. Facilities Fing. Auth. Swr. Rev.: | ||||
Series 2009 A: | ||||
5% 5/15/13 | $ 5,415 | $ 5,987 | ||
5% 5/15/15 | 1,845 | 2,098 | ||
Series 2009 B, 5% 5/15/14 | 7,000 | 7,890 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,314 | ||
Sulphur Springs Union School District Ctfs. of Prtn. 0%, tender 3/1/11 (AMBAC Insured) (c) | 985 | 966 | ||
| 332,284 | |||
Colorado - 0.3% | ||||
Colorado Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt Proj.): | ||||
Series 2006 E: | ||||
5% 11/15/11 | 2,110 | 2,217 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 120 | 127 | ||
Series 2006 F: | ||||
5% 11/15/12 | 380 | 411 | ||
5% 11/15/12 (Escrowed to Maturity) (g) | 845 | 929 | ||
(Volunteers of America Care Proj.) Series 2007 A, 5% 7/1/10 | 615 | 615 | ||
Series 2008 C4, 4%, tender 11/12/15 (c) | 4,200 | 4,447 | ||
Denver City & County Arpt. Rev. Series 2001 A, 5.625% 11/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 2,000 | 2,119 | ||
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 571 | ||
| 11,436 | |||
Connecticut - 2.2% | ||||
Connecticut Gen. Oblig.: | ||||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/15 | 29,500 | 33,743 | ||
Series 2001 D, 5.125% 11/15/18 (Pre-Refunded to 11/15/11 @ 100) (g) | 5,000 | 5,299 | ||
Series 2006 F, 5% 12/1/11 | 23,100 | 24,504 | ||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | ||||
Series 1998 A, 5.5% 10/1/13 (FGIC Insured) | 4,300 | 4,897 | ||
Series 2009 1: | ||||
5% 2/1/14 | 2,500 | 2,806 | ||
5% 2/1/15 | 11,995 | 13,632 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Connecticut - continued | ||||
Hartford Gen. Oblig. Series A: | ||||
5% 8/15/11 (Assured Guaranty Corp. Insured) | $ 1,870 | $ 1,955 | ||
5% 8/15/12 (Assured Guaranty Corp. Insured) | 1,000 | 1,088 | ||
| 87,924 | |||
District Of Columbia - 0.6% | ||||
District of Columbia Gen. Oblig.: | ||||
Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 4,004 | ||
Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,492 | ||
District of Columbia Income Tax Rev. Series 2009 C, 5% 12/1/13 | 5,500 | 6,191 | ||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/15 (FSA Insured) | 1,500 | 1,629 | ||
District of Columbia Univ. Rev. (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (c) | 8,500 | 9,061 | ||
Washington DC Metropolitan Transit Auth. Rev. Series 2009 A, 5% 7/1/14 | 1,000 | 1,118 | ||
| 25,495 | |||
Florida - 5.3% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hospitals & Clinics, Inc. Proj.) Series 2010 B: | ||||
5% 12/1/14 | 4,000 | 4,307 | ||
5% 12/1/15 | 4,395 | 4,701 | ||
Broward County School Board Ctfs. of Prtn. Series 2008 A, 5% 7/1/15 (FSA Insured) | 5,495 | 6,043 | ||
Citizens Property Ins. Corp.: | ||||
Series 2007 A, 5% 3/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,025 | 4,102 | ||
Series 2010 A1, 5% 6/1/15 (FSA Insured) | 14,000 | 14,783 | ||
Clay County Infrastructure Sales Surtax Rev. 5% 10/1/15 (Assured Guaranty Corp. Insured) | 7,745 | 8,569 | ||
Clearwater Wtr. and Swr. Rev. Series 2009 B, 5% 12/1/14 | 2,000 | 2,252 | ||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2003 A, 5.25% 11/15/13 | 4,265 | 4,720 | ||
Florida Board of Ed. Series 2005 B, 5% 1/1/18 | 21,080 | 23,199 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay Series 2009 D, 5.5% 6/1/16 | 7,910 | 9,309 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Florida - continued | ||||
Florida Gen. Oblig. (Dept. of Trans. Right-of-Way and Bridge Construction Proj.) Series 2005 B, 6.375% 7/1/13 | $ 8,020 | $ 9,213 | ||
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Series 2010 A, 5% 7/1/15 | 20,000 | 21,380 | ||
Highlands County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2001 A, 6% 11/15/31 (Pre-Refunded to 11/15/11 @ 101) (g) | 4,600 | 4,961 | ||
Series 2002, 3.95%, tender 9/1/12 (c) | 8,650 | 9,058 | ||
Series 2005 A, 5% 11/15/10 | 1,000 | 1,016 | ||
Series 2006 G: | ||||
5% 11/15/10 | 385 | 391 | ||
5% 11/15/10 (Escrowed to Maturity) (g) | 15 | 15 | ||
5% 11/15/11 | 675 | 711 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 25 | 26 | ||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2008 A, 6.1%, tender 11/14/13 (c) | 1,000 | 1,132 | ||
Series 2009 E, 5% 11/15/15 | 2,345 | 2,641 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series 2007 A, 5% 7/1/12 | 1,310 | 1,366 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.): | ||||
Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (c) | 1,500 | 1,576 | ||
Series 2007 B, 5.15%, tender 9/1/13 (c) | 1,750 | 1,908 | ||
Indian River County Wtr. & Swr. Rev.: | ||||
5% 9/1/15 | 1,000 | 1,132 | ||
5% 9/1/17 | 1,000 | 1,143 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2009 B: | ||||
5% 10/1/11 | 2,500 | 2,611 | ||
5% 10/1/12 | 7,350 | 8,002 | ||
Kissimmee Util. Auth. Elec. Sys. Rev. Series 2003: | ||||
5.25% 10/1/14 | 775 | 872 | ||
5.25% 10/1/15 | 3,525 | 3,989 | ||
Lakeland Hosp. Sys. Rev. (Reg'l. Health Systems Proj.) 5% 11/15/11 | 2,545 | 2,638 | ||
Lee Memorial Health Sys. Board of Directors Hosp. Rev. Series A, 5.75% 4/1/12 (FSA Insured) | 1,980 | 2,124 | ||
Miami-Dade County Cap. Asset Acquisition Series 2002 A, 5% 4/1/12 (AMBAC Insured) | 2,800 | 2,968 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Florida - continued | ||||
Miami-Dade County Health Facilities Auth. Hosp. Rev. (Miami Children's Hosp. Proj.) Series 2006 A, 4.125%, tender 8/1/11 (c) | $ 2,000 | $ 2,047 | ||
Miami-Dade County School Board Ctfs. of Prtn. Series 2003 B, 5%, tender 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,500 | 1,539 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5% 10/1/14 (FSA Insured) | 4,000 | 4,476 | ||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 4.625% 10/1/12 | 1,110 | 1,161 | ||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009: | ||||
5% 10/1/15 | 2,210 | 2,381 | ||
5% 10/1/16 | 1,000 | 1,065 | ||
Orange County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys. - Sunbelt Proj.) 5.625% 11/15/32 (Pre-Refunded to 11/15/12 @ 101) (g) | 2,500 | 2,776 | ||
(Orlando Reg'l. Health Care Sys. Proj.) Series 2008 A, 5% 11/1/15 (FSA Insured) | 1,825 | 1,984 | ||
(Orlando Reg'l. Healthcare Sys. Proj.) Series 2008 A, 5% 11/1/13 (FSA Insured) | 1,000 | 1,080 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2010 B, 5% 7/1/15 (FSA Insured) | 1,430 | 1,598 | ||
Polk County Cap. Impt. Rev.: | ||||
Series 2002, 5.5% 12/1/11 (FGIC Insured) | 3,470 | 3,665 | ||
Series 2004, 5.5%, tender 12/1/10 (FSA Insured) (c) | 9,000 | 9,165 | ||
Polk County School District Sales Tax Rev. Series 2007, 5% 10/1/12 (FSA Insured) | 6,080 | 6,524 | ||
Sarasota County School Board Ctfs. of Prtn. (Master Lease Prog.): | ||||
5% 7/1/13 | 3,435 | 3,771 | ||
5% 7/1/14 | 2,000 | 2,193 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | ||||
5% 11/15/16 | 2,500 | 2,716 | ||
5% 11/15/17 | 1,500 | 1,618 | ||
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,258 | ||
| 213,875 | |||
Georgia - 2.7% | ||||
Atlanta Wtr. & Wastewtr. Rev. Series 2009 A, 5% 11/1/13 | 3,500 | 3,770 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Georgia - continued | ||||
Burke County Indl. Dev. Auth. Poll. Cont. Rev.: | ||||
(Georgia Pwr. Co. Plant Vogtle Proj.) Fifth Series 1994, 2.3%, tender 4/1/14 (c) | $ 6,600 | $ 6,625 | ||
(Oglethorpe Pwr. Corp. Proj.) Series 2008 D, 6.75%, tender 4/1/12 (c) | 7,600 | 8,273 | ||
Carroll County School District Series 2007, 5% 4/1/11 | 8,000 | 8,268 | ||
Fulton County Facilities Corp. Ctfs. of Prtn. (Gen. Purp. Proj.) Series 2009: | ||||
5% 11/1/12 | 1,555 | 1,675 | ||
5% 11/1/13 | 7,550 | 8,297 | ||
5% 11/1/14 | 7,490 | 8,330 | ||
Georgia Muni. Elec. Auth. Pwr. Rev. Series 1992 B, 8.25% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,105 | 4,259 | ||
Georgia Road & Thruway Auth. Rev. Series 2009 A, 5% 6/1/12 | 8,100 | 8,767 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2007 A, 5% 9/15/12 | 1,195 | 1,244 | ||
Monroe County Dev. Auth. Poll. Cont. Rev.: | ||||
(Georgia Pwr. Co. Plant Scherer Proj.) First Series 1995, 4.5%, tender 4/1/11 (c) | 5,200 | 5,343 | ||
(Georgia Pwr. Co. Proj.) Series 2007 A, 4.75%, tender 4/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 5,705 | 5,851 | ||
Muni. Elec. Auth. of Georgia (Proj. One): | ||||
Series 2008 A: | ||||
5% 1/1/13 | 2,000 | 2,168 | ||
5% 1/1/14 | 3,000 | 3,299 | ||
5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 9,019 | ||
Series 2008 D, 5.75% 1/1/19 | 9,000 | 10,523 | ||
Pub. Gas Partners, Inc. Rev. (Gas Supply Pool No. 1 Proj.) Series A: | ||||
5% 10/1/11 | 1,500 | 1,569 | ||
5% 10/1/12 | 1,000 | 1,067 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | ||||
5% 1/1/14 | 1,305 | 1,406 | ||
5% 1/1/15 | 1,040 | 1,121 | ||
5% 1/1/16 | 2,415 | 2,606 | ||
Walton County Series 2007, 5% 1/1/11 (FGIC Insured) | 3,000 | 3,056 | ||
| 106,536 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Hawaii - 1.4% | ||||
Hawaii Arpts. Sys. Rev.: | ||||
Series 2000 B, 8% 7/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | $ 3,850 | $ 3,850 | ||
Series 2010 B, 5% 7/1/15 (f) | 3,900 | 4,266 | ||
Hawaii Gen. Oblig.: | ||||
Series 2009 DQ, 5% 6/1/15 | 7,670 | 8,828 | ||
Series CU, 5.75% 10/1/11 (Pre-Refunded to 10/1/10 @ 100) (g) | 3,210 | 3,251 | ||
Series DR: | ||||
5% 6/1/15 | 11,790 | 13,571 | ||
5% 6/1/16 | 7,645 | 8,837 | ||
5% 6/1/16 (Escrowed to Maturity) (g) | 2,895 | 3,378 | ||
Series DY: | ||||
5% 2/1/15 | 3,500 | 4,007 | ||
5% 2/1/16 | 4,000 | 4,609 | ||
| 54,597 | |||
Illinois - 7.4% | ||||
Chicago Board of Ed.: | ||||
Series 1997, 6.75% 12/1/10 (AMBAC Insured) | 4,160 | 4,257 | ||
Series 2009 D: | ||||
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,637 | ||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,624 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.) Series 1999, 0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 5,691 | ||
Series A: | ||||
5.25% 1/1/12 (Escrowed to Maturity) (g) | 825 | 884 | ||
5.25% 1/1/12 (FSA Insured) | 175 | 186 | ||
Series B, 5.125% 1/1/15 (AMBAC Insured) | 3,995 | 4,530 | ||
Chicago Hsg. Auth. Rev. (Cap. Prog.) Series 2001, 5.5% 7/1/18 (Pre-Refunded to 7/1/12 @ 100) (g) | 3,730 | 4,019 | ||
Chicago Midway Arpt. Rev. Series 2004 B, 5% 1/1/11 (AMBAC Insured) | 3,625 | 3,679 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2008 A: | ||||
5% 1/1/12 (FSA Insured) | 3,500 | 3,700 | ||
5% 1/1/13 (FSA Insured) | 4,000 | 4,299 | ||
Series 2010 D, 5.25% 1/1/17 (f) | 1,000 | 1,072 | ||
Series 2010 E: | ||||
5% 1/1/15 (f) | 4,000 | 4,288 | ||
5% 1/1/16 (f) | 1,500 | 1,599 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Illinois - continued | ||||
Chicago O'Hare Int'l. Arpt. Rev.: - continued | ||||
Series A, 5% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,165 | $ 1,233 | ||
Chicago Park District: | ||||
Series 2003 C, 5% 1/1/11 (AMBAC Insured) | 2,515 | 2,568 | ||
Series 2004 B, 5% 1/1/11 (AMBAC Insured) | 5,750 | 5,879 | ||
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,965 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
(Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/19 | 2,500 | 2,644 | ||
(Fed. Transit Administration Section 5309 Proj.) Series 2008 A, 5% 6/1/13 | 3,765 | 4,055 | ||
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,871 | ||
Illinois Dev. Fin. Auth. Rev. (DePaul Univ. Proj.) Series 2004 C, 5.5% 10/1/10 | 1,900 | 1,917 | ||
Illinois Edl. Facilities Auth. Revs.: | ||||
(Art Institute of Chicago Proj.) Series 2003, 3.85%, tender 3/1/11 (c)(g) | 12,800 | 13,093 | ||
(Field Museum of Natural History Proj.) Series 2002, 4.05%, tender 11/1/11 (c) | 2,785 | 2,863 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.25% 10/1/15 | 2,220 | 2,368 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.): | ||||
Series 2008 A3, 3.875%, tender 5/1/12 (c) | 4,000 | 4,153 | ||
Series 2008 C B3, 4.375%, tender 7/1/14 (c) | 4,000 | 4,217 | ||
Series 2010 D, 5% 4/1/15 | 550 | 604 | ||
(Alexian Brothers Health Sys. Proj.) Series 2010, 4.5% 2/15/16 | 3,000 | 3,053 | ||
(DePaul Univ. Proj.) Series 2005 A, 5% 10/1/11 | 1,450 | 1,515 | ||
(Memorial Health Sys. Proj.) Series 2009, 5% 4/1/19 | 1,600 | 1,686 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A: | ||||
5% 7/1/12 | 750 | 799 | ||
5% 7/1/13 | 415 | 450 | ||
5% 7/1/15 | 1,000 | 1,099 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5% 5/15/16 | 2,060 | 2,196 | ||
5% 5/15/17 | 3,520 | 3,757 | ||
(Provena Health Proj.) Series 2010 A: | ||||
5% 5/1/13 | 2,000 | 2,096 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Provena Health Proj.) Series 2010 A: | ||||
5% 5/1/14 | $ 2,000 | $ 2,104 | ||
5.75% 5/1/19 | 2,650 | 2,752 | ||
(Rush Univ. Med. Ctr. Proj.) Series 2006 B: | ||||
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,075 | 3,286 | ||
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700 | 1,792 | ||
(The Carle Foundation Proj.) Series 2009 A, 5% 2/15/12 (Assured Guaranty Corp. Insured) | 4,965 | 5,172 | ||
Illinois Fin. Auth. Solid Waste Rev. (Waste Mgmt., Inc. Proj.) Series 2007, 1.25%, tender 10/1/10 (c) | 8,750 | 8,751 | ||
Illinois Gen. Oblig.: | ||||
(Illinois FIRST Proj.): | ||||
Series 2001, 5% 11/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,549 | ||
Series 2002: | ||||
4.5% 4/1/11 (FSA Insured) | 2,000 | 2,055 | ||
5.5% 4/1/11 (FSA Insured) | 3,700 | 3,830 | ||
First Series 2001, 5.25% 5/1/11 (FSA Insured) | 1,515 | 1,571 | ||
First Series, 5.5% 8/1/10 | 1,495 | 1,500 | ||
Series 2002: | ||||
5.375% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,745 | 7,018 | ||
5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,495 | 1,674 | ||
Series 2004 A, 5% 3/1/11 | 8,435 | 8,650 | ||
Series 2004 B, 5% 3/1/14 | 15,500 | 16,867 | ||
Series 2005, 5% 4/1/13 (AMBAC Insured) | 5,000 | 5,354 | ||
Series 2007 A, 5.5% 6/1/15 | 1,000 | 1,118 | ||
Series 2007 B, 5% 1/1/17 | 9,835 | 10,678 | ||
Series 2010, 5% 1/1/15 (FSA Insured) | 20,000 | 21,984 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A: | ||||
5% 5/15/15 (FSA Insured) | 2,250 | 2,403 | ||
5% 5/15/16 (FSA Insured) | 2,325 | 2,465 | ||
(Edward Hosp. Obligated Group Proj.) Series 2001 B, 5.125% 2/15/25 (Pre-Refunded to 2/15/11 @ 101) (g) | 8,500 | 8,834 | ||
Illinois Sales Tax Rev.: | ||||
Series 2009 B: | ||||
4.5% 6/15/16 | 5,000 | 5,414 | ||
4.5% 6/15/17 | 6,075 | 6,547 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Illinois - continued | ||||
Illinois Sales Tax Rev.: - continued | ||||
Series 2010, 5% 6/15/15 | $ 8,800 | $ 9,786 | ||
Kane & DeKalb Counties Cmnty. Unit School District #301 Series 1995, 0% 12/1/10 (AMBAC Insured) | 2,000 | 1,989 | ||
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series 2002 B, 5.5% 1/1/12 (FSA Insured) | 2,270 | 2,427 | ||
Kane County School District #129, Aurora West Side Series 2002 A, 5.75% 2/1/14 (Pre-Refunded to 2/1/12 @ 100) (g) | 1,600 | 1,732 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/15 (Escrowed to Maturity) (g) | 580 | 518 | ||
0% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,520 | 1,266 | ||
Lake County Cmnty. High School District #128, Libertyville Series 2004, 5% 1/1/11 | 2,365 | 2,418 | ||
Madison County Cmnty. United School District #007 Series 2007 A, 5% 12/1/11 (FSA Insured) | 2,965 | 3,137 | ||
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev.: | ||||
(McCormick Place Expansion Proj.) Series 1996 A: | ||||
0% 6/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,410 | 1,349 | ||
0% 12/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,725 | 2,483 | ||
Series 2002 A, 0% 6/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,325 | 8,283 | ||
Quincy Hosp. Rev. (Blessing Hosp. Proj.) Series 2007, 5% 11/15/10 | 1,285 | 1,297 | ||
Rosemont Gen. Oblig. Series 1993 A, 0% 12/1/11 (FGIC Insured) | 3,695 | 3,614 | ||
Univ. of Illinois Ctfs. of Prtn. (Util. Infrastructure Proj.) Series 2003, 5% 8/15/11 (AMBAC Insured) | 1,360 | 1,408 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.) Series 2005 A, 5% 4/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,050 | 5,191 | ||
0% 4/1/14 | 2,350 | 2,144 | ||
Will County Cmnty. Unit School District #365-U Series 2002: | ||||
0% 11/1/14 (FSA Insured) | 1,900 | 1,708 | ||
0% 11/1/16 (FSA Insured) | 2,975 | 2,410 | ||
| 299,074 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Indiana - 2.1% | ||||
Carmel High School Bldg. Corp. Series 2005, 5% 1/10/11 (FSA Insured) | $ 1,000 | $ 1,022 | ||
Hamilton Southeastern Consolidated School Bldg. Corp.: | ||||
Series 2004: | ||||
5% 1/15/11 (FSA Insured) | 1,910 | 1,951 | ||
5% 1/15/12 (FSA Insured) | 1,990 | 2,109 | ||
Series 2005 A: | ||||
5.25% 7/10/11 (FSA Insured) | 2,295 | 2,395 | ||
5.25% 1/10/12 (FSA Insured) | 1,355 | 1,440 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 C, 5% 11/1/13 | 3,000 | 3,264 | ||
Indiana Fin. Auth. Hosp. Rev. (Parkview Health Sys. Oblig. Group Proj.) Series 2009 A: | ||||
5% 5/1/14 | 3,500 | 3,757 | ||
5% 5/1/15 | 6,420 | 6,923 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A: | ||||
5% 12/1/14 | 1,250 | 1,363 | ||
5% 12/1/15 | 2,135 | 2,321 | ||
(Wabash Valley Correctional Facilities Proj.) Series 2009 A, 5% 7/1/15 | 8,025 | 8,889 | ||
Series 2010 A, 5% 2/1/17 | 2,800 | 3,251 | ||
5% 7/1/14 | 2,500 | 2,757 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (c) | 4,000 | 4,233 | ||
Indiana Health Facility Fing. Auth. Rev. (Ascension Health Subordinate Cr. Proj.): | ||||
Series 2005 A3, 5%, tender 7/1/11 (c) | 4,100 | 4,286 | ||
Series A2, 3.75%, tender 2/1/12 (c) | 7,500 | 7,837 | ||
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series 2002 A, 5.5% 7/1/16 (Pre-Refunded to 7/1/12 @ 100) (g) | 5,000 | 5,491 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 B, 5.2% 6/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,233 | ||
Logansport High School Bldg. Corp. Series 2005: | ||||
5.25% 1/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,023 | ||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,020 | 1,066 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Indiana - continued | ||||
Logansport High School Bldg. Corp. Series 2005: - continued | ||||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,045 | $ 1,113 | ||
5.25% 7/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,075 | 1,163 | ||
Muncie School Bldg. Corp. Series 2005, 5.25% 7/10/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,585 | 1,725 | ||
New Albany Floyd County Independent School Bldg. Corp. Series 2005, 5% 1/15/11 (FSA Insured) | 1,000 | 1,023 | ||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | ||||
4% 7/1/17 | 500 | 550 | ||
5% 7/1/15 | 315 | 364 | ||
5% 7/1/16 | 500 | 580 | ||
Rockport Poll. Cont. Rev. (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (c) | 1,600 | 1,637 | ||
Univ. of Southern Indiana Rev. Series J: | ||||
5% 10/1/14 (Assured Guaranty Corp. Insured) | 1,985 | 2,210 | ||
5% 10/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,118 | ||
5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,306 | ||
West Clark 2000 School Bldg. Corp. Series 2005: | ||||
5.25% 1/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,065 | 1,089 | ||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125 | 1,176 | ||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,150 | 1,225 | ||
| 84,890 | |||
Iowa - 0.2% | ||||
Iowa Fin. Auth. Health Care Facilities Rev. (Genesis Health Sys. Proj.) Series 2010: | ||||
5% 7/1/15 | 2,165 | 2,368 | ||
5% 7/1/16 | 1,335 | 1,450 | ||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,862 | ||
Iowa Higher Ed. Ln. Auth. Rev. (Grinnell College Proj.) Series 2001, 2.1% 12/1/11 (Escrowed to Maturity) (g) | 3,200 | 3,271 | ||
| 8,951 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Kansas - 0.9% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D: | ||||
5% 11/15/14 | $ 575 | $ 644 | ||
5% 11/15/15 | 625 | 710 | ||
5% 11/15/16 | 875 | 981 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/10 | 545 | 552 | ||
5.25% 11/15/12 | 680 | 724 | ||
Lawrence Hosp. Rev. (The Lawrence Memorial Hosp.) Series 2006, 5% 7/1/11 | 560 | 577 | ||
Olathe Health Facilities Rev. (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (c) | 1,600 | 1,654 | ||
Overland Park Dev. Corp. Rev. (Overland Park Convention Ctr. Hotel Proj.) Series 2000 A, 7.375% 1/1/32 (Pre-Refunded to 1/1/11 @ 101) (g) | 10,280 | 10,726 | ||
Wichita Hosp. Facilities Rev.: | ||||
(Via Christi Health Sys., Inc. Proj.) Series 2009 X, 5% 11/15/14 | 2,000 | 2,193 | ||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A: | ||||
5% 11/15/14 | 2,405 | 2,637 | ||
5% 11/15/15 | 6,245 | 6,843 | ||
5% 11/15/16 | 5,410 | 5,927 | ||
| 34,168 | |||
Kentucky - 0.5% | ||||
Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 B: | ||||
4% 2/1/14 | 750 | 791 | ||
4% 2/1/15 | 1,495 | 1,569 | ||
Jefferson County School District Fin. Corp. School Bldg. Rev. Series 2009 A, 5.25% 1/1/13 (FSA Insured) | 2,170 | 2,381 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/15 | 4,000 | 4,444 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 A, 4% 2/1/13 | 500 | 526 | ||
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,844 | ||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. (Louisville Gas and Electronic Co. Proj.) Series 2005 A, 5.75%, tender 12/2/13 (c) | 6,000 | 6,703 | ||
| 19,258 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Louisiana - 0.3% | ||||
East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series ST-2005 B, 5% 2/1/12 (AMBAC Insured) | $ 1,000 | $ 1,058 | ||
Ernest N. Morial-New Orleans Exhibit Hall Auth. Spl. Tax Series 2003 A, 5.25% 7/15/11 (Escrowed to Maturity) (g) | 2,060 | 2,160 | ||
Louisiana Military Dept. Custody Receipts 5% 8/1/10 | 1,530 | 1,533 | ||
Louisiana Pub. Facilities Auth. Rev. (Christus Health Proj.) Series 2009 A: | ||||
5% 7/1/13 | 3,500 | 3,738 | ||
5% 7/1/16 | 2,000 | 2,145 | ||
| 10,634 | |||
Maryland - 1.2% | ||||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2007 D: | ||||
5% 7/1/10 (AMBAC Insured) | 690 | 690 | ||
5% 7/1/11 (AMBAC Insured) | 1,985 | 2,065 | ||
Maryland Gen. Oblig. Second Series B: | ||||
5.25% 8/15/15 | 13,705 | 16,149 | ||
5.25% 8/15/16 | 16,100 | 19,104 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Johns Hopkins Health Sys. Obligated Group Proj.) Series 2008 B, 5%, tender 5/15/15 (c) | 2,225 | 2,462 | ||
(Univ. of Maryland Med. Sys. Proj.) Series 2008 F: | ||||
5% 7/1/13 | 2,400 | 2,614 | ||
5% 7/1/14 | 3,500 | 3,838 | ||
Montgomery County Gen. Oblig. (Dept. of Liquor Cont. Proj.) Series 2009 A, 5% 4/1/15 | 1,725 | 1,927 | ||
| 48,849 | |||
Massachusetts - 2.8% | ||||
Braintree Gen. Oblig. Series 2009: | ||||
5% 5/15/14 | 1,000 | 1,126 | ||
5% 5/15/16 | 4,400 | 5,035 | ||
Lynn Gen. Oblig. 5% 12/1/11 | 1,500 | 1,587 | ||
Massachusetts Bay Trans. Auth. Series 1993 A, 5.5% 3/1/12 | 475 | 494 | ||
Massachusetts Dept. of Agricultural Resources Higher Ed. Rev. Series 2006 A, 5% 1/1/11 | 1,000 | 1,017 | ||
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B, 5% 1/1/15 | 12,400 | 13,758 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Massachusetts - continued | ||||
Massachusetts Dev. Fin. Agcy. Rev. (Boston College Proj.): | ||||
Series Q1: | ||||
4% 7/1/15 | $ 1,500 | $ 1,648 | ||
4% 7/1/16 | 1,000 | 1,090 | ||
5% 7/1/13 | 1,000 | 1,110 | ||
Series Q2: | ||||
4% 7/1/15 | 1,170 | 1,285 | ||
4% 7/1/16 | 1,000 | 1,090 | ||
5% 7/1/13 | 1,100 | 1,221 | ||
5% 7/1/14 | 1,080 | 1,220 | ||
5% 7/1/17 | 1,370 | 1,573 | ||
Massachusetts Fed. Hwy. Series 2000 A: | ||||
5.75% 6/15/13 | 3,000 | 3,065 | ||
5.75% 12/15/14 (Pre-Refunded to 12/15/10 @ 100) (g) | 5,000 | 5,115 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2001 A, 5.5% 1/1/11 | 5,000 | 5,126 | ||
Series 2002 C: | ||||
5% 11/1/21 (Pre-Refunded to 11/1/12 @ 100) (g) | 8,100 | 8,861 | ||
5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (g) | 2,495 | 2,744 | ||
Series 2003 C, 5.5% 10/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,130 | 1,144 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Amherst College Proj.) Series 2009 K2, 2.75%, tender 1/5/12 (c) | 1,000 | 1,029 | ||
(Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (c) | 7,000 | 7,524 | ||
(Northeastern Univ. Proj.): | ||||
Series 2008 T2, 4.1%, tender 4/19/12 (c) | 1,200 | 1,257 | ||
Series 2009 T1, 4.125%, tender 2/16/12 (c) | 2,100 | 2,192 | ||
Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series 2001 A, 5.5% 1/1/12 (AMBAC Insured) (f) | 1,000 | 999 | ||
Massachusetts Spl. Oblig. Rev. (Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A: | ||||
5% 12/15/12 (FSA Insured) | 3,300 | 3,597 | ||
5% 12/15/13 (FSA Insured) | 2,000 | 2,229 | ||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | ||||
Series 2000 A: | ||||
5.75% 8/1/30 (Pre-Refunded to 8/1/10 @ 101) (g) | 19,000 | 19,262 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Massachusetts - continued | ||||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued | ||||
Series 2000 A: | ||||
5.75% 8/1/39 (Pre-Refunded to 8/1/10 @ 101) (g) | $ 5,000 | $ 5,069 | ||
Series B, 5.2% 8/1/22 (Pre-Refunded to 8/1/11 @ 101) (g) | 8,350 | 8,857 | ||
| 111,324 | |||
Michigan - 2.1% | ||||
Allegan Pub. School District Series 2008, 5% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,590 | 1,703 | ||
Big Rapids Pub. School District: | ||||
5% 5/1/13 (Assured Guaranty Corp. Insured) | 1,195 | 1,289 | ||
5% 5/1/14 (Assured Guaranty Corp. Insured) | 1,190 | 1,296 | ||
Chelsea School District 5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,750 | 1,920 | ||
Clarkston Cmnty. Schools Series 2008, 5% 5/1/12 (FSA Insured) | 3,000 | 3,183 | ||
Detroit City School District Series 2001 A, 5.5% 5/1/11 (FSA Insured) | 1,200 | 1,241 | ||
Detroit Swr. Disp. Rev. Series 2006 D, 0.795% 7/1/32 (c) | 4,085 | 2,789 | ||
Grand Haven Area Pub. Schools 5% 5/1/12 (FSA Insured) | 2,965 | 3,177 | ||
Grand Rapids Cmnty. College: | ||||
5% 5/1/12 (FSA Insured) | 1,305 | 1,401 | ||
5% 5/1/13 (FSA Insured) | 1,305 | 1,439 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,419 | ||
Kalamazoo Pub. Schools 5% 5/1/13 (Assured Guaranty Corp. Insured) | 2,940 | 3,198 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 A, 5.25%, tender 1/15/14 (c) | 2,200 | 2,407 | ||
Lincoln Consolidated School District 5% 5/1/12 (FSA Insured) | 1,485 | 1,590 | ||
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series I: | ||||
5.5% 10/15/13 | 2,075 | 2,203 | ||
5.5% 10/15/13 (Pre-Refunded to 10/15/11 @ 100) (g) | 125 | 133 | ||
Michigan Gen. Oblig. (Envir. Protection Prog.) Series 1992, 6.25% 11/1/12 | 2,120 | 2,232 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.25% 5/15/14 | $ 4,160 | $ 4,484 | ||
(Oakwood Hosp. Proj.) Series 2007 A, 5% 7/15/11 | 2,700 | 2,774 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010: | ||||
5% 10/1/14 | 6,045 | 6,894 | ||
5% 10/1/15 | 1,750 | 2,015 | ||
5% 10/1/15 | 3,250 | 3,743 | ||
(Local Govt. Ln. Prog.) Series 2009 C: | ||||
5% 5/1/13 | 1,645 | 1,782 | ||
5% 5/1/14 | 2,140 | 2,334 | ||
5% 5/1/15 | 1,845 | 2,020 | ||
5% 5/1/16 | 1,865 | 2,035 | ||
Plymouth-Canton Cmnty. School District 5% 5/1/12 (FSA Insured) | 4,000 | 4,258 | ||
Pontiac Tax Increment Fin. Auth. Series 2002, 6.25% 6/1/22 (Pre-Refunded to 6/1/12 @ 101) (g) | 2,260 | 2,518 | ||
Royal Oak City School District 5% 5/1/12 | 2,000 | 2,140 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Oblig. Group Proj.) Series 2009 W, 5% 8/1/15 | 2,070 | 2,189 | ||
Troy School District 5% 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,035 | ||
West Bloomfield School District 5% 5/1/15 (Assured Guaranty Corp. Insured) | 1,400 | 1,539 | ||
Western Michigan Univ. Rev.: | ||||
5.25% 11/15/14 (Assured Guaranty Corp. Insured) | 2,135 | 2,386 | ||
5.25% 11/15/15 (Assured Guaranty Corp. Insured) | 3,275 | 3,677 | ||
Western Townships Utils. Auth. Swr. Disp. Sys. Rev. Series 2009: | ||||
3% 1/1/11 | 1,000 | 1,010 | ||
3% 1/1/12 | 1,000 | 1,024 | ||
| 82,477 | |||
Minnesota - 0.3% | ||||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (HealthPartners Obligated Group Proj.) Series 2003, 5.25% 12/1/10 | 500 | 505 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2008 A, 5% 1/1/13 (f) | 1,000 | 1,066 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Minnesota - continued | ||||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/14 (Assured Guaranty Corp. Insured) | $ 2,225 | $ 2,511 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1: | ||||
5% 2/15/15 (Assured Guaranty Corp. Insured) | 1,335 | 1,465 | ||
5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 618 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2009 A, 5% 1/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,118 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (Healthpartners Oblig. Group Proj.) Series 2006, 5% 5/15/11 | 300 | 306 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,122 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.) Series 2008 C, 5.5% 7/1/10 | 2,000 | 2,000 | ||
Waconia Independent School District #110 Series 2003 A, 5% 2/1/11 (FSA Insured) | 940 | 963 | ||
| 11,674 | |||
Mississippi - 0.2% | ||||
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2002, 4.4%, tender 3/1/11 (c)(f) | 1,100 | 1,116 | ||
Mississippi Dev. Bank Spl. Oblig. (Marshall County Correctional Facility Proj.) Series 2008 C, 5% 8/1/11 | 1,050 | 1,102 | ||
Mississippi Hosp. Equip. & Facilities Auth.: | ||||
(Mississippi Baptist Med. Ctr. Proj.) Series 2007 A, 5% 8/15/11 | 1,000 | 1,032 | ||
(South Central Reg'l. Med. Ctr. Proj.) Series 2006, 5% 12/1/10 | 1,240 | 1,248 | ||
Mississippi Hsg. Fin. Corp. Single Family Mtg. Rev. Series 1983, 0% 6/1/15 (Escrowed to Maturity) (g) | 4,000 | 3,620 | ||
| 8,118 | |||
Missouri - 0.2% | ||||
Fenton Tax Increment Rev. (Gravois Bluffs Redev. Proj.) Series 2006, 5% 4/1/11 | 1,430 | 1,457 | ||
Kansas City School District Bldg. Corp. Rev. (School District Elementary School Proj.) Series 2003 B, 5% 2/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,850 | 1,874 | ||
Lees Summit Indl. Dev. Auth. Sr. Living Facilities Rev. (John Knox Village Proj.) Series 2007 A, 5% 8/15/11 | 1,485 | 1,517 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Missouri - continued | ||||
Saint Louis Arpt. Rev. Series 2003 A, 5.25% 7/1/11 (FSA Insured) | $ 1,000 | $ 1,032 | ||
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series 2007 A, 5% 9/1/11 | 1,000 | 1,014 | ||
Saint Louis Muni. Fin. Corp. Leasehold Rev. (Callahan Courthouse Proj.) Series 2002 A, 5.75% 2/15/14 (Pre-Refunded to 2/15/12 @ 100) (g) | 1,050 | 1,137 | ||
| 8,031 | |||
Nebraska - 0.4% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 A, 5% 12/1/11 | 6,500 | 6,669 | ||
Nebraska Pub. Pwr. District Rev. Series B, 5% 1/1/12 (FSA Insured) | 3,500 | 3,715 | ||
Univ. of Nebraska Facilities Corp. Lease Rental Rev. (UNMC Health Professions Futures Proj.) Series 2009, 5% 8/15/13 | 4,000 | 4,369 | ||
| 14,753 | |||
Nevada - 1.7% | ||||
Clark County Arpt. Rev.: | ||||
Series 2003 C: | ||||
5% 7/1/10 (AMBAC Insured) (f) | 1,225 | 1,225 | ||
5% 7/1/11 (AMBAC Insured) (f) | 1,790 | 1,852 | ||
Series 2008 E: | ||||
5% 7/1/14 | 2,905 | 3,220 | ||
5% 7/1/15 | 3,500 | 3,901 | ||
Clark County Fuel Tax Series 2008, 5% 6/1/13 | 5,815 | 6,410 | ||
Clark County Hwy. Impt. Rev. (Motor Vehicle Fuel Tax) Series 2003, 5% 7/1/11 (AMBAC Insured) | 3,230 | 3,358 | ||
Clark County School District: | ||||
(Bldg. Proj.) Series 2008 A, 5% 6/15/12 | 10,000 | 10,723 | ||
Series 1998, 5.5% 6/15/13 (FSA Insured) | 5,000 | 5,570 | ||
Series 2001 F, 5.375% 6/15/11 (FSA Insured) | 4,090 | 4,271 | ||
Series 2005 A, 5% 6/15/16 (FGIC Insured) | 21,215 | 23,738 | ||
Nevada Gen. Oblig. Series 2002 A, 5% 4/1/11 (FSA Insured) | 4,015 | 4,152 | ||
| 68,420 | |||
New Jersey - 3.6% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series B, 6.375% 11/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,470 | 8,046 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New Jersey - continued | ||||
New Jersey Ctfs. of Prtn. Series 2009 A: | ||||
5% 6/15/15 | $ 11,285 | $ 12,572 | ||
5% 6/15/16 | 6,500 | 7,191 | ||
New Jersey Econ. Dev. Auth. Poll. Cont. Rev. (Pub. Svc. Elec. & Gas Pwr. LLC Proj.) 5% 3/1/12 | 3,275 | 3,446 | ||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Series 2001 A, 5.5% 6/15/13 (AMBAC Insured) | 1,090 | 1,237 | ||
Series 2005 K, 5.25% 12/15/14 (FGIC Insured) | 1,790 | 2,004 | ||
Series 2008 J4, 5%, tender 9/1/14 (FSA Insured) (c) | 7,000 | 7,631 | ||
Series 2008 W: | ||||
5% 3/1/12 (Escrowed to Maturity) (g) | 5,545 | 5,960 | ||
5% 3/1/15 | 10,400 | 11,492 | ||
Series 2009 BB, 5% 9/1/15 | 3,390 | 3,764 | ||
New Jersey Gen. Oblig. Series H, 5.25% 7/1/12 (FGIC Insured) | 5,000 | 5,447 | ||
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Series 2010 1A, 5% 12/1/15 | 4,500 | 4,906 | ||
New Jersey Tobacco Settlement Fing. Corp. Series 2007 1A, 4.25% 6/1/11 | 1,000 | 1,011 | ||
New Jersey Tpk. Auth. Tpk. Rev.: | ||||
Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) (g) | 4,300 | 5,015 | ||
Series 2000 A, 6% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 21,785 | 22,364 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,702 | ||
Series A, 5.25% 12/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,373 | ||
Series B: | ||||
5.25% 12/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,550 | 4,646 | ||
6.5% 6/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,270 | ||
Series C, 5.5% 12/15/10 | 25,000 | 25,555 | ||
| 146,632 | |||
New Mexico - 0.9% | ||||
Albuquerque Joint Wtr. & Swr. Sys. Rev. Series 1999 A, 5.25% 7/1/11 | 1,135 | 1,188 | ||
Farmington Poll. Cont. Rev. (Southern California Edison Co. Four Corners Proj.) Series 2005 B, 2.875%, tender 4/1/15 (c) | 22,100 | 22,527 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New Mexico - continued | ||||
New Mexico Edl. Assistance Foundation Series 2009 B, 4% 9/1/16 | $ 7,000 | $ 7,504 | ||
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 5,142 | ||
| 36,361 | |||
New York - 14.1% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.5% 11/15/12 | 1,000 | 1,070 | ||
Grand Central District Mgmt. Assoc., Inc. Series 2004, 5% 1/1/12 | 1,175 | 1,244 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series 2006 F, 5% 5/1/11 | 10,000 | 10,331 | ||
Series 2010 A, 5% 5/1/15 | 5,000 | 5,637 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,783 | ||
New York City Gen. Oblig.: | ||||
Series 1997 H, 6% 8/1/12 (FGIC Insured) | 1,000 | 1,104 | ||
Series 2000 A, 6.5% 5/15/11 | 155 | 157 | ||
Series 2001 G, 5.25% 8/1/14 (AMBAC Insured) | 1,000 | 1,033 | ||
Series 2002 A1, 5.25% 11/1/14 | 600 | 639 | ||
Series 2002 B, 5.75% 8/1/14 | 1,000 | 1,092 | ||
Series 2003 F, 5.5% 12/15/11 | 6,775 | 7,235 | ||
Series 2005 C, 5% 8/1/12 | 19,770 | 21,415 | ||
Series 2005 D, 5% 8/1/12 | 4,925 | 5,335 | ||
Series 2005 F1, 5% 9/1/15 | 3,560 | 4,069 | ||
Series 2005 G, 5.625% 8/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,075 | 5,546 | ||
Series 2005 K: | ||||
5% 8/1/11 | 3,565 | 3,728 | ||
5% 8/1/12 | 4,360 | 4,723 | ||
Series 2005 O, 5% 6/1/12 | 7,525 | 8,107 | ||
Series 2008 E, 5% 8/1/12 | 5,000 | 5,416 | ||
Series 2010 C, 5% 8/1/13 | 7,000 | 7,788 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (a) | 4,600 | 4,869 | ||
6% 11/1/28 (a) | 44,300 | 47,177 | ||
Series 2003 B, 5.25% 2/1/29 (a) | 3,100 | 3,173 | ||
Series 2007 C1, 5% 11/1/15 | 15,200 | 17,581 | ||
Series 2010 B, 5% 11/1/17 | 30,000 | 35,009 | ||
Series 2010 D, 5% 11/1/15 | 8,300 | 9,600 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Rev.: - continued | ||||
Series B: | ||||
5% 11/1/11 | $ 11,060 | $ 11,712 | ||
5% 11/1/11 (Escrowed to Maturity) (g) | 1,520 | 1,611 | ||
New York City Trust Cultural Resources Rev. (The Juilliard School Proj.) Series 2009 B, 2.75%, tender 7/1/12 (c) | 3,500 | 3,609 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2009 A: | ||||
5% 3/15/12 | 3,900 | 4,185 | ||
5% 3/15/13 | 3,545 | 3,923 | ||
5% 3/15/14 | 3,745 | 4,223 | ||
5% 3/15/15 | 4,000 | 4,569 | ||
Series 2009 D: | ||||
5% 6/15/14 | 9,890 | 11,226 | ||
5% 6/15/15 | 16,075 | 18,480 | ||
5% 6/15/16 | 9,330 | 10,738 | ||
Series 2010 A: | ||||
5% 2/15/14 | 9,850 | 11,078 | ||
5% 2/15/15 | 8,780 | 10,009 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A: | ||||
5.75% 7/1/13 | 3,500 | 3,715 | ||
5.75% 7/1/13 (AMBAC Insured) | 1,000 | 1,062 | ||
Series C, 7.5% 7/1/10 | 4,425 | 4,425 | ||
(Mental Health Svcs. Facilities Proj.): | ||||
Series 2008 D: | ||||
5% 2/15/14 | 7,295 | 8,096 | ||
5% 8/15/14 | 7,755 | 8,694 | ||
Series 2009 A1, 5% 2/15/15 | 9,000 | 10,069 | ||
(St. Lawrence Univ.) Series 2008, 5% 7/1/14 | 3,700 | 4,087 | ||
Series 2002 B, 5.25%, tender 5/15/12 (c) | 16,055 | 17,265 | ||
Series 2008 B, 5% 7/1/15 | 30,000 | 33,735 | ||
Series 2009 A: | ||||
5% 7/1/15 | 12,850 | 14,547 | ||
5% 7/1/16 | 8,390 | 9,485 | ||
New York Local Govt. Assistance Corp.: | ||||
Series 2003 A, 5% 4/1/18 | 12,400 | 14,492 | ||
Series 2007 A, 5% 4/1/11 | 20,000 | 20,689 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B: | ||||
5% 11/15/14 | 1,350 | 1,528 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New York - continued | ||||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B: - continued | ||||
5% 11/15/15 | $ 2,325 | $ 2,637 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B: | ||||
5.25% 11/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,040 | 1,130 | ||
5.25% 11/15/19 (FGIC Insured) | 5,200 | 5,907 | ||
Series 2005 C: | ||||
5% 11/15/10 | 1,230 | 1,248 | ||
5% 11/15/11 | 2,750 | 2,897 | ||
Series 2008 B2, 5%, tender 11/15/12 (c) | 7,300 | 7,907 | ||
Series 2010 B2, 4% 11/15/14 | 2,830 | 3,060 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2008 A, 5% 4/1/13 | 2,600 | 2,874 | ||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,148 | ||
New York Thruway Auth. Svc. Contract Rev. Series 2002, 5.5% 4/1/11 | 10,000 | 10,362 | ||
New York Urban Dev. Corp. Rev.: | ||||
Series 2005 A, 5% 1/1/12 | 5,015 | 5,316 | ||
Series 2009 C: | ||||
5% 12/15/15 | 6,500 | 7,548 | ||
5% 12/15/16 | 17,000 | 19,766 | ||
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/14 (c)(f) | 2,450 | 2,517 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (g) | 6,035 | 6,472 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.5% 6/1/14 | 1,005 | 1,008 | ||
5.5% 6/1/17 | 6,000 | 6,251 | ||
Series 2003B 1C: | ||||
5.5% 6/1/15 | 1,300 | 1,304 | ||
5.5% 6/1/17 | 4,200 | 4,376 | ||
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) (g) | 6,470 | 7,492 | ||
| 567,333 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New York & New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (f) | $ 1,200 | $ 1,202 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 4,100 | 4,348 | ||
| 5,550 | |||
North Carolina - 0.6% | ||||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 A: | ||||
5% 1/15/11 | 750 | 766 | ||
5% 1/15/12 | 400 | 424 | ||
Mecklenburg County Pub. Facilities Corp. Series 2009: | ||||
5% 3/1/16 | 5,870 | 6,722 | ||
5% 3/1/18 | 1,500 | 1,735 | ||
Nash Health Care Sys. Health Care Facilities Rev. Series 2003: | ||||
5% 11/1/13 (FSA Insured) | 1,500 | 1,636 | ||
5% 11/1/15 (FSA Insured) | 1,600 | 1,743 | ||
North Carolina Grant Anticipation Rev. Series 2009, 5% 3/1/15 | 1,250 | 1,429 | ||
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | ||||
5% 6/1/15 | 1,500 | 1,657 | ||
5% 6/1/16 | 1,000 | 1,097 | ||
5% 6/1/17 | 3,220 | 3,518 | ||
5% 6/1/18 | 3,820 | 4,163 | ||
| 24,890 | |||
North Dakota - 0.1% | ||||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.) Series 2005: | ||||
5% 12/1/11 (Assured Guaranty Corp. Insured) | 1,575 | 1,631 | ||
5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,825 | 1,924 | ||
Ward County Health Care Facility Rev. Series 2006, 5% 7/1/10 | 1,595 | 1,595 | ||
| 5,150 | |||
Ohio - 2.6% | ||||
Akron Bath Copley Hosp. District Rev. (Akron Gen. Health Systems Proj.) Series 2006 A, 5% 1/1/11 | 1,000 | 1,015 | ||
American Muni. Pwr. Electricity Purchase Rev. Series A, 5% 2/1/11 | 9,400 | 9,624 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Ohio - continued | ||||
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | $ 1,000 | $ 1,087 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series 2008 C2, 4.1%, tender 11/10/11 (c) | 2,700 | 2,821 | ||
Ohio Air Quality Dev. Auth. Rev.: | ||||
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 C, 7.25%, tender 11/1/12 (c)(f) | 9,000 | 9,929 | ||
(Ohio Pwr. Co. Proj.) Series 2010 A, 3.25%, tender 6/2/14 (c) | 5,500 | 5,514 | ||
Ohio Bldg. Auth.: | ||||
(Administrative Bldg. Fund Proj.) Series 2009 B: | ||||
5% 10/1/14 | 5,955 | 6,747 | ||
5% 10/1/15 | 6,505 | 7,397 | ||
(Adult Correctional Bldg. Fund Proj.) Series 2009 B: | ||||
5% 10/1/14 | 2,055 | 2,328 | ||
5% 10/1/15 | 4,535 | 5,157 | ||
Ohio Gen. Oblig.: | ||||
(Common Schools Proj.): | ||||
Series 2010 A, 5% 9/15/17 | 2,600 | 3,012 | ||
Series 2010 B, 5% 9/15/15 | 19,080 | 22,001 | ||
(Higher Ed. Proj.): | ||||
Series 2005 C, 5% 8/1/13 | 4,495 | 5,027 | ||
Series 2010 A, 5% 8/1/17 | 3,290 | 3,808 | ||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Cleveland Clinic Foundation Proj.) Series 2008 A, 5% 1/1/15 | 2,000 | 2,212 | ||
(Univ. Hosp. Health Sys. Proj.) Series 2010 A: | ||||
5% 1/15/15 | 500 | 545 | ||
5% 1/15/17 | 1,000 | 1,080 | ||
Ohio State Univ. Gen. Receipts Series 2010 A, 5% 12/1/16 | 5,000 | 5,751 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c) | 4,100 | 4,557 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008: | ||||
5% 12/1/12 | 1,950 | 2,064 | ||
5% 12/1/13 | 875 | 936 | ||
5% 12/1/14 | 2,275 | 2,438 | ||
| 105,050 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Oklahoma - 0.5% | ||||
Cherokee County Econ. Dev. Auth. Series A, 0% 11/1/11 (Escrowed to Maturity) (g) | $ 1,000 | $ 988 | ||
Grand River Dam Auth. Rev. Series 1995, 6.25% 6/1/11 (AMBAC Insured) | 8,940 | 9,361 | ||
Oklahoma Dev. Fin. Auth. (Pub. Svc. Co. of Oklahoma Proj.) Series 2009, 5.25% 6/1/14 | 2,700 | 2,947 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series 2008 B, 5% 8/15/14 | 1,660 | 1,809 | ||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) Series 2007, 5% 2/15/13 | 405 | 428 | ||
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 6,156 | ||
| 21,689 | |||
Oregon - 0.5% | ||||
Clackamas County Hosp. Facility Auth. (Legacy Health Sys. Proj.) Series 2009 C, 5%, tender 7/15/14 (c) | 2,500 | 2,671 | ||
Gilliam County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2000 A, 3.5%, tender 5/1/13 (c)(f) | 5,300 | 5,303 | ||
Oregon Dept. Administrative Svcs. Ctfs. of Prtn. Series 2004 B, 5% 5/1/11 (FSA Insured) | 1,000 | 1,036 | ||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A: | ||||
5% 3/15/13 | 1,000 | 1,071 | ||
5% 3/15/14 | 595 | 643 | ||
5% 3/15/15 | 2,500 | 2,706 | ||
5% 3/15/16 | 1,750 | 1,897 | ||
Tri-County Metropolitan Trans. District Rev. Series 2006, 5% 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,154 | ||
| 20,481 | |||
Pennsylvania - 3.9% | ||||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1, 5.75% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 1,300 | 1,336 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.): | ||||
Series 2008 A, 5% 9/1/12 | 6,615 | 7,117 | ||
Series 2008 B, 5% 6/15/14 | 1,385 | 1,533 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A: | ||||
4% 8/15/15 | 1,385 | 1,490 | ||
5% 8/15/14 | 1,955 | 2,172 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Pennsylvania - continued | ||||
Allegheny County Sanitation Auth. Swr. Rev. Series 2000, 6% 12/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,495 | $ 1,538 | ||
Delaware County Auth. Hosp. Rev. (Crozer Keystone Oblig. Group Proj.) Series B, 5% 12/15/11 | 2,835 | 2,865 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,329 | ||
Pennsylvania Indl. Dev. Auth. Rev. Series 2002, 5.25% 7/1/10 (AMBAC Insured) | 2,750 | 2,750 | ||
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. (City of Philadelphia Fdg. Prog.) Series 2009, 5% 6/15/15 | 10,600 | 12,084 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 B, 5% 12/1/17 | 12,500 | 14,399 | ||
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series A, 5% 8/1/15 | 2,100 | 2,274 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2007 A: | ||||
5% 8/1/11 (FSA Insured) | 3,570 | 3,688 | ||
5% 8/1/12 (FSA Insured) | 5,000 | 5,339 | ||
Series 2008 A: | ||||
5% 12/15/14 (FSA Insured) | 5,370 | 5,938 | ||
5% 12/15/15 (FSA Insured) | 5,000 | 5,549 | ||
5% 12/15/16 (FSA Insured) | 7,275 | 8,072 | ||
Philadelphia Muni. Auth. Rev. Series 2003 B, 5.25% 11/15/11 (FSA Insured) | 3,400 | 3,554 | ||
Philadelphia School District: | ||||
Series 2005 B, 5% 4/1/11 (AMBAC Insured) | 2,160 | 2,221 | ||
Series 2005 D, 5.25% 6/1/12 (FSA Insured) | 1,465 | 1,572 | ||
Series 2010 C: | ||||
5% 9/1/15 | 13,200 | 14,624 | ||
5% 9/1/16 | 13,610 | 15,016 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A: | ||||
5% 6/15/15 | 15,000 | 16,718 | ||
5% 6/15/16 | 6,000 | 6,697 | ||
Pittsburgh School District Series 2009 A: | ||||
3% 9/1/12 (Assured Guaranty Corp. Insured) | 1,300 | 1,350 | ||
3% 9/1/14 (Assured Guaranty Corp. Insured) | 1,640 | 1,702 | ||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B: | ||||
5% 11/15/13 | 2,465 | 2,703 | ||
5% 11/15/14 | 4,690 | 5,212 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Pennsylvania - continued | ||||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B: - continued | ||||
5% 11/15/15 | $ 2,420 | $ 2,700 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,353 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series K, 0% 7/1/12 (Escrowed to Maturity) (g) | 2,355 | 2,292 | ||
| 158,187 | |||
Puerto Rico - 0.6% | ||||
Puerto Rico Convention Ctr. District Auth. Hotel Occupancy Tax Rev. Series 2006 A, 5% 7/1/10 | 2,000 | 2,000 | ||
Puerto Rico Govt. Dev. Bank Series 2006 B: | ||||
5% 12/1/10 | 8,000 | 8,125 | ||
5% 12/1/11 | 1,040 | 1,089 | ||
5% 12/1/12 | 1,000 | 1,055 | ||
Univ. of Puerto Rico: | ||||
Series P, 5% 6/1/11 | 5,760 | 5,935 | ||
Series Q, 5% 6/1/11 | 4,825 | 4,972 | ||
| 23,176 | |||
Rhode Island - 0.3% | ||||
Rhode Island & Providence Plantations Series 2010 A, 5% 10/1/12 | 2,250 | 2,454 | ||
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A: | ||||
5% 6/15/15 (Assured Guaranty Corp. Insured) | 2,010 | 2,291 | ||
5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 7,554 | ||
| 12,299 | |||
South Carolina - 0.2% | ||||
Greenville County School District Installment Purp. Rev. 5% 12/1/10 | 1,455 | 1,480 | ||
South Carolina Jobs-Econ. Dev. Auth. (Anmed Health Proj.) Series 2010: | ||||
5% 2/1/16 | 2,000 | 2,182 | ||
5% 2/1/17 | 2,300 | 2,497 | ||
| 6,159 | |||
Tennessee - 0.8% | ||||
Elizabethton Health & Edl. Facilities Board Rev. (First Mtg. Prog.) Series 2000 B, 6% 7/1/11 (Escrowed to Maturity) (g) | 2,005 | 2,081 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Tennessee - continued | ||||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5% 4/1/13 | $ 1,000 | $ 1,070 | ||
Memphis Elec. Sys. Rev. 5% 12/1/14 | 5,000 | 5,736 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (f) | 1,730 | 1,820 | ||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | ||||
5% 7/1/16 | 1,815 | 1,990 | ||
5% 7/1/17 | 1,100 | 1,201 | ||
Sevierville Pub. Bldg. Auth. Series 2009, 5% 6/1/14 | 12,400 | 13,929 | ||
Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2004 A, 5% 9/1/15 | 3,125 | 3,464 | ||
| 31,291 | |||
Texas - 6.6% | ||||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 1.9%, tender 8/1/10 (Liquidity Facility Bank of America NA) (c) | 6,700 | 6,701 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/15 | 2,585 | 2,952 | ||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.): | ||||
Series 2006 A, 6% 1/1/14 | 1,420 | 1,463 | ||
Series 2006 B: | ||||
6% 1/1/12 | 500 | 511 | ||
6% 1/1/13 | 1,270 | 1,307 | ||
Austin Elec. Util. Sys. Rev.: | ||||
Series 2007: | ||||
5% 11/15/10 (FSA Insured) | 3,000 | 3,049 | ||
5% 11/15/11 (FSA Insured) | 4,000 | 4,238 | ||
Series A, 5% 11/15/15 (b) | 1,000 | 1,142 | ||
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,701 | ||
Austin Util. Sys. Rev. Series 1992 A, 0% 11/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,300 | 5,286 | ||
Austin Wtr. & Wastewtr. Sys. Rev. Series 2009 A, 5% 11/15/15 | 2,250 | 2,588 | ||
Birdville Independent School District 0% 2/15/11 | 5,000 | 4,977 | ||
Brownsville Independent School District Series 2005, 5% 8/15/11 | 1,430 | 1,502 | ||
Brownsville Util. Sys. Rev. Series 2008 A, 5% 9/1/15 (FSA Insured) | 2,665 | 3,040 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Texas - continued | ||||
Bryan Wtrwks. & Swr. Sys. Rev. Series 2001, 5.5% 7/1/11 (FSA Insured) | $ 1,500 | $ 1,574 | ||
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,174 | ||
Corpus Christi Independent School District: | ||||
Series 2009, 4% 8/15/13 | 2,535 | 2,748 | ||
4% 8/15/14 | 10,140 | 11,108 | ||
Dallas County Cmnty. College Series 2009, 4% 2/15/15 | 1,000 | 1,104 | ||
Dallas Fort Worth Int'l. Arpt. Rev. Series 2009 A: | ||||
5% 11/1/14 | 2,500 | 2,791 | ||
5% 11/1/15 | 5,000 | 5,608 | ||
Denton County Gen. Oblig. Series 2005 A, 5% 7/15/11 (FSA Insured) | 3,065 | 3,196 | ||
Fort Worth Independent School District: | ||||
Series 2005, 5% 2/15/12 | 1,500 | 1,609 | ||
Series 2009, 5% 2/15/16 | 3,690 | 4,236 | ||
Frisco Gen. Oblig. Series 2004, 5.25% 2/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,380 | 1,563 | ||
Grapevine Gen. Oblig.: | ||||
Series 2009 A, 5% 2/15/15 | 2,215 | 2,501 | ||
Series 2009: | ||||
5% 2/15/15 | 1,520 | 1,716 | ||
5% 2/15/16 | 1,375 | 1,558 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A: | ||||
5% 11/15/12 | 1,000 | 1,082 | ||
5% 11/15/14 | 1,000 | 1,117 | ||
5% 11/15/16 | 500 | 559 | ||
Harris County Gen. Oblig. (Road Proj.) Series 2008 B: | ||||
5% 8/15/13 | 1,000 | 1,115 | ||
5% 8/15/14 | 1,075 | 1,217 | ||
Houston Arpt. Sys. Rev. Series A: | ||||
5% 7/1/15 | 1,300 | 1,450 | ||
5% 7/1/16 | 1,080 | 1,208 | ||
Houston Cmnty. College Sys. Rev. Series 2005: | ||||
5.25% 4/15/11 (FSA Insured) | 3,030 | 3,144 | ||
5.25% 4/15/12 (FSA Insured) | 2,000 | 2,155 | ||
Houston Gen. Oblig.: | ||||
Series 2004 A, 5.25% 3/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,855 | 3,231 | ||
Series 2007 B, 5% 3/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,575 | 3,823 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Texas - continued | ||||
Houston Gen. Oblig.: - continued | ||||
Series A, 5% 3/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 7,500 | $ 8,279 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 3,906 | ||
Houston Util. Sys. Rev.: | ||||
Series 2005 A, 5.25% 11/15/11 (FSA Insured) | 4,430 | 4,682 | ||
Series 2005 C1, 5%, tender 5/15/11 (AMBAC Insured) (c) | 5,100 | 5,279 | ||
Humble Independent School District Series 2009, 4% 2/15/13 | 400 | 429 | ||
Irving Gen. Oblig. Series 2009, 5% 9/15/15 | 2,970 | 3,429 | ||
Katy Independent School District Series A, 5.25% 2/15/12 | 2,000 | 2,153 | ||
Keller Independent School District 5% 2/15/14 | 3,750 | 4,205 | ||
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,545 | ||
Leander Independent School District Series 2001, 6% 8/15/14 | 1,850 | 2,188 | ||
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,357 | ||
Lone Star College Sys. Gen. Oblig. Series 2010 A, 5% 8/15/22 | 2,500 | 2,611 | ||
Lower Colorado River Auth. Rev. Series 2010: | ||||
5% 5/15/15 | 2,000 | 2,271 | ||
5% 5/15/16 | 2,360 | 2,685 | ||
5% 5/15/17 | 2,805 | 3,169 | ||
Lubbock Gen. Oblig.: | ||||
(Wtrwks. Sys. Surplus Proj.) Series 2005, 5% 2/15/11 (FSA Insured) | 2,465 | 2,535 | ||
Series 2005, 5% 2/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,850 | 2,030 | ||
Magnolia Independent School District Series 2005, 8% 8/15/11 (FGIC Insured) | 1,210 | 1,299 | ||
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 2,002 | ||
Montgomery County Gen. Oblig. Series 2006 B, 5%, tender 9/1/10 (FSA Insured) (c) | 1,750 | 1,762 | ||
North Texas Tollway Auth. Rev. Series 2008 H2, 5%, tender 1/1/13 (c) | 5,000 | 5,376 | ||
Northside Independent School District: | ||||
Series 2009, 2.1%, tender 6/1/11 (c) | 4,900 | 4,951 | ||
1.5%, tender 8/1/12 (c) | 12,500 | 12,597 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Texas - continued | ||||
San Antonio Muni. Drainage Util. Sys. Rev. Series 2005, 5.25% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,545 | $ 1,647 | ||
San Jacinto Cmnty. College District Series 2009: | ||||
5% 2/15/15 | 2,500 | 2,817 | ||
5% 2/15/16 | 2,000 | 2,252 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 6,637 | ||
Spring Branch Independent School District Series 2001: | ||||
5.375% 2/1/14 | 1,090 | 1,117 | ||
5.375% 2/1/14 (Pre-Refunded to 2/1/11 @ 100) (g) | 1,700 | 1,749 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Baylor Health Care Sys. Proj.) Series 2009: | ||||
5% 11/15/11 | 1,665 | 1,753 | ||
5% 11/15/12 | 1,950 | 2,117 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. (Christus Health Proj.) Series 2008 A, 5.75% 7/1/18 (Assured Guaranty Corp. Insured) | 5,000 | 5,436 | ||
Texas Gen. Oblig.: | ||||
(College Student Ln. Prog.) Series 1997, 5% 8/1/11 (f) | 3,000 | 3,009 | ||
0% 10/1/13 | 6,500 | 6,138 | ||
Texas Pub. Fin. Auth. Bldg. Rev. Series 2007, 5% 2/1/11 (AMBAC Insured) | 1,550 | 1,591 | ||
Texas Tech Univ. Revs. Ninth Series, 5% 2/15/11 (AMBAC Insured) | 1,250 | 1,285 | ||
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Series 2009, 5%, tender 2/15/11 (c) | 3,200 | 3,266 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007, 5% 4/1/12 | 4,000 | 4,296 | ||
Texas Wtr. Dev. Board Rev. Series 2007 B, 5% 7/15/11 | 2,780 | 2,912 | ||
Titus County Fresh Wtr. Supply District #1 Poll. Cont. Rev. (Southwestern Elec. Pwr. Co. Proj.) Series 2008, 4.5% 7/1/11 | 3,000 | 3,061 | ||
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,246 | ||
Travis County Gen. Oblig. 5.25% 3/1/12 | 4,125 | 4,451 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev. Series 2008, 5% 8/1/13 | 6,135 | 6,830 | ||
Univ. of North Texas Univ. Rev. Series A, 5% 4/15/14 | 1,000 | 1,122 | ||
Univ. of Texas Board of Regents Sys. Rev. Series 2003 B, 5% 8/15/33 (Pre-Refunded to 8/15/13 @ 100) (g) | 15,000 | 16,812 | ||
| 266,328 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Utah - 0.9% | ||||
Salt Lake County Wtr. Conservancy District Rev. Series A: | ||||
0% 10/1/11 (AMBAC Insured) | $ 3,800 | $ 3,726 | ||
0% 10/1/12 (AMBAC Insured) | 3,800 | 3,657 | ||
0% 10/1/13 (AMBAC Insured) | 3,760 | 3,516 | ||
Utah Bldg. Ownership Auth. Lease Rev. (State Facilities Master Lease Prog.) Series A, 5% 5/15/11 | 1,700 | 1,761 | ||
Utah Gen. Oblig. Series 2009 C, 5% 7/1/16 | 20,000 | 23,381 | ||
| 36,041 | |||
Vermont - 0.1% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (Fletcher Allen Health Care Proj.) Series 2004 B, 5% 12/1/15 (FSA Insured) | 2,225 | 2,420 | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/15 | 5,000 | 5,530 | ||
Virginia - 0.5% | ||||
Amelia County Indl. Dev. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 3.375%, tender 4/1/13 (c)(f) | 5,900 | 5,884 | ||
Chesapeake Econ. Dev. Auth. Poll. Cont. Rev. (Elec. & Pwr. Co. Proj.) Series 2008 A, 3.6%, tender 2/1/13 (c) | 1,800 | 1,868 | ||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (c) | 8,000 | 8,807 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 4.05%, tender 5/1/14 (c) | 1,800 | 1,916 | ||
| 18,475 | |||
Washington - 0.9% | ||||
Chelan County Pub. Util. District #1 Rev. Series 2004 B, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,190 | 1,238 | ||
Clark County Pub. Util. District #1 Elec. Rev.: | ||||
5% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,680 | 1,716 | ||
5.25% 1/1/11 (FSA Insured) | 1,935 | 1,979 | ||
Energy Northwest Elec. Rev. (#3 Proj.) Series 2009 A, 5% 7/1/14 | 4,000 | 4,551 | ||
King County Highline School District # 401 Series 2009: | ||||
5% 12/1/16 | 6,350 | 7,349 | ||
5% 12/1/17 | 2,950 | 3,422 | ||
King County School District #409, Tahoma 5% 6/1/11 (FSA Insured) | 1,740 | 1,808 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Washington - continued | ||||
Port of Seattle Rev. Series 2001 D, 5.75% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | $ 3,640 | $ 3,862 | ||
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,297 | ||
Spokane County Wastewtr. Sys. Rev. Series 2009 A, 5% 12/1/15 | 1,710 | 1,952 | ||
Vancouver Wtr. & Swr. Rev. 5.25% 6/1/11 (FSA Insured) | 1,000 | 1,044 | ||
Washington Gen. Oblig. Series A, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,045 | ||
Washington Health Care Facilities Auth. Rev. (MultiCare Health Sys. Proj.) Series 2010 A: | ||||
5% 8/15/13 | 2,000 | 2,162 | ||
5% 8/15/14 | 2,000 | 2,179 | ||
| 36,604 | |||
Wisconsin - 1.4% | ||||
Milwaukee County Gen. Oblig. Series A, 0% 12/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,370 | 3,358 | ||
Wisconsin Gen. Oblig.: | ||||
Series 2005 1, 5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,325 | 7,246 | ||
Series 2009 C, 4% 5/1/14 | 3,365 | 3,684 | ||
Series 2010 1: | ||||
5% 5/1/14 | 5,750 | 6,508 | ||
5% 5/1/15 | 8,005 | 9,170 | ||
5% 5/1/16 | 10,000 | 11,492 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,572 | ||
(Marshfield Clinic Proj.) Series 2006 A, 5% 2/15/13 | 875 | 905 | ||
(Mercy Alliance, Inc. Proj.) Series 2010 A, 3% 6/1/11 | 1,250 | 1,265 | ||
(Thedacare, Inc. Proj.) Series 2010: | ||||
4% 12/15/13 | 1,035 | 1,085 | ||
5% 12/15/15 | 1,105 | 1,200 | ||
5% 12/15/16 | 1,440 | 1,549 | ||
5% 12/15/17 | 1,540 | 1,641 | ||
(Wheaton Franciscan Healthcare Sys. Proj.): | ||||
Series 2002, 5.75% 8/15/11 | 1,000 | 1,037 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: - continued | ||||
(Wheaton Franciscan Healthcare Sys. Proj.): | ||||
Series 2003 A, 5% 8/15/10 | $ 1,870 | $ 1,874 | ||
Series 2006 A, 5% 8/15/11 | 1,315 | 1,353 | ||
| 54,939 | |||
TOTAL MUNICIPAL BONDS (Cost $3,269,588) | 3,359,273 |
Municipal Notes - 6.8% | |||
|
|
|
|
Arizona - 0.4% | |||
Yuma Indl. Dev. Auth. Hosp. Rev. (Yuma Reg'l. Med. Ctr. Proj.) Series 2008, 0.22%, LOC JPMorgan Chase Bank, VRDN (c) | 17,200 | 17,200 | |
Florida - 0.7% | |||
Cape Coral Wtr. & Swr. Rev. BAN Series 2009, 6% 10/1/11 | 7,600 | 7,847 | |
North Broward Hosp. District Rev. Series 2005 A, 0.25%, LOC Wells Fargo Bank NA, VRDN (c) | 18,500 | 18,500 | |
| 26,347 | ||
Illinois - 0.4% | |||
Illinois Fin. Auth. Rev. (Edward Hosp. Obligated Group Proj.) Series 2008 B1, 0.22%, LOC JPMorgan Chase Bank, VRDN (c) | 17,620 | 17,620 | |
Michigan - 1.5% | |||
Michigan Hosp. Fin. Auth. Rev. (Henry Ford Health Sys. Proj.) Series 2007, 0.22%, LOC JPMorgan Chase Bank, VRDN (c) | 60,810 | 60,810 | |
Missouri - 0.6% | |||
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series Putters 3605, 0.31% (Liquidity Facility JPMorgan Chase Bank) (c)(h) | 22,495 | 22,495 | |
New Jersey - 0.3% | |||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev. Series 2008 V3, 0.18%, LOC Bank of Nova Scotia New York Branch, VRDN (c) | 11,000 | 11,000 | |
Trenton Gen. Oblig. BAN 3% 7/15/10 | 1,710 | 1,711 | |
| 12,711 | ||
New York - 2.3% | |||
Nassau Health Care Corp. Rev. Series 2009 B1, 0.24%, LOC TD Banknorth, NA, VRDN (c) | 13,000 | 13,000 | |
Municipal Notes - continued | |||
Principal Amount (000s) | Value | ||
New York - continued | |||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2008 B1, 0.25% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | $ 15,235 | $ 15,235 | |
New York Local Govt. Assistance Corp.: | |||
Series 2008 B, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 17,355 | 17,355 | |
Series 2008 B7V, 0.22% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 12,600 | 12,600 | |
Series 2008 BAV, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 22,730 | 22,730 | |
Suffolk County Wtr. Auth. Series 2008, 0.18% (Liquidity Facility Bank of Nova Scotia New York Branch), VRDN (c) | 11,300 | 11,300 | |
| 92,220 | ||
Pennsylvania - 0.6% | |||
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series E, 0.27%, LOC JPMorgan Chase Bank, VRDN (c) | 22,500 | 22,500 | |
TOTAL MUNICIPAL NOTES (Cost $271,654) | 271,903 | ||
Money Market Funds - 3.7% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.27% (d)(e) | 149,517,900 | 149,518 | |
TOTAL INVESTMENT PORTFOLIO - 94.1% (Cost $3,690,760) | 3,780,694 | ||
NET OTHER ASSETS (LIABILITIES) - 5.9% | 239,006 | ||
NET ASSETS - 100% | $ 4,019,700 |
Security Type Abbreviations |
BAN BOND ANTICIPATION NOTE |
VRDN VARIABLE RATE DEMAND NOTE |
Legend |
(a) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(f) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(g) Security collateralized by an amount sufficient to pay interest and principal. |
(h) Provides evidence of ownership in one or more underlying municipal bonds. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 159 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Municipal Securities | $ 3,631,176 | $ - | $ 3,631,176 | $ - |
Money Market Funds | 149,518 | 149,518 | - | - |
Total Investments in Securities: | $ 3,780,694 | $ 149,518 | $ 3,631,176 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 36.6% |
Health Care | 13.2% |
Special Tax | 12.7% |
Electric Utilities | 8.1% |
Escrowed/Pre-Refunded | 5.4% |
Others* (Individually Less Than 5%) | 24.0% |
| 100.0% |
* Includes cash equivalents and net other assets |
Income Tax Information |
At December 31, 2009, the Fund had a capital loss carryforward of approximately $1,619,000 of which $172,000 and $1,447,000 will expire on December 31, 2014 and 2015, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,541,242) | $ 3,631,176 |
|
Fidelity Central Funds (cost $149,518) | 149,518 |
|
Total Investments (cost $3,690,760) |
| $ 3,780,694 |
Cash | 215,974 | |
Receivable for fund shares sold | 6,429 | |
Interest receivable | 40,319 | |
Distributions receivable from Fidelity Central Funds | 36 | |
Receivable from investment adviser for expense reductions | 1 | |
Other receivables | 77 | |
Total assets | 4,043,530 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 12,378 | |
Delayed delivery | 1,139 | |
Payable for fund shares redeemed | 5,617 | |
Distributions payable | 1,919 | |
Accrued management fee | 1,218 | |
Distribution fees payable | 113 | |
Other affiliated payables | 1,373 | |
Other payables and accrued expenses | 73 | |
Total liabilities | 23,830 | |
|
|
|
Net Assets | $ 4,019,700 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,928,533 | |
Distributions in excess of net investment income | (58) | |
Accumulated undistributed net realized gain (loss) on investments | 1,291 | |
Net unrealized appreciation (depreciation) on investments | 89,934 | |
Net Assets | $ 4,019,700 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2010 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 10.69 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.69) | $ 10.99 | |
Class T: | $ 10.68 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.68) | $ 10.98 | |
Class B: | $ 10.69 | |
|
|
|
Class C: | $ 10.68 | |
|
|
|
Short-Intermediate Municipal Income: | $ 10.68 | |
|
|
|
Institutional Class: | $ 10.68 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
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, 2010 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 53,167 |
Income from Fidelity Central Funds |
| 159 |
Total income |
| 53,326 |
|
|
|
Expenses | ||
Management fee | $ 7,019 | |
Transfer agent fees | 1,746 | |
Distribution fees | 641 | |
Accounting fees and expenses | 306 | |
Custodian fees and expenses | 26 | |
Independent trustees' compensation | 7 | |
Registration fees | 209 | |
Audit | 25 | |
Legal | 5 | |
Miscellaneous | 23 | |
Total expenses before reductions | 10,007 | |
Expense reductions | (137) | 9,870 |
Net investment income | 43,456 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 2,910 |
Change in net unrealized appreciation (depreciation) on investment securities | 13,610 | |
Net gain (loss) | 16,520 | |
Net increase (decrease) in net assets resulting from operations | $ 59,976 |
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 | $ 43,456 | $ 72,308 |
Net realized gain (loss) | 2,910 | 749 |
Change in net unrealized appreciation (depreciation) | 13,610 | 66,473 |
Net increase (decrease) in net assets resulting | 59,976 | 139,530 |
Distributions to shareholders from net investment income | (43,444) | (72,293) |
Share transactions - net increase (decrease) | 507,574 | 1,429,938 |
Redemption fees | 41 | 107 |
Total increase (decrease) in net assets | 524,147 | 1,497,282 |
|
|
|
Net Assets | ||
Beginning of period | 3,495,553 | 1,998,271 |
End of period (including distributions in excess of net investment income of $58 and distributions in excess of net investment income of $70, respectively) | $ 4,019,700 | $ 3,495,553 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 | $ 10.21 | $ 10.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .107 | .254 | .298 | .302 | .292 | .268 |
Net realized and unrealized gain (loss) | .050 | .294 | .021 | .118 | (.001) | (.177) |
Total from investment operations | .157 | .548 | .319 | .420 | .291 | .091 |
Distributions from net investment income | (.107) | (.258) | (.300) | (.300) | (.291) | (.268) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.107) | (.258) | (.300) | (.300) | (.291) | (.271) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.69 | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 | $ 10.21 |
Total Return B, C, D | 1.48% | 5.34% | 3.13% | 4.19% | 2.89% | .89% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .79% A | .79% | .75% | .71% | .65% | .65% |
Expenses net of fee waivers, if any | .78% A | .78% | .75% | .71% | .65% | .65% |
Expenses net of all reductions | .78% A | .78% | .72% | .64% | .56% | .58% |
Net investment income | 2.03% A | 2.41% | 2.90% | 2.95% | 2.86% | 2.61% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 216 | $ 169 | $ 58 | $ 12 | $ 10 | $ 14 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 | $ 10.37 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .108 | .255 | .300 | .297 | .281 | .257 |
Net realized and unrealized gain (loss) | .051 | .294 | .029 | .120 | (.011) | (.167) |
Total from investment operations | .159 | .549 | .329 | .417 | .270 | .090 |
Distributions from net investment income | (.109) | (.259) | (.300) | (.297) | (.280) | (.257) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.109) | (.259) | (.300) | (.297) | (.280) | (.260) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Total Return B, C, D | 1.50% | 5.36% | 3.24% | 4.17% | 2.69% | .88% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .76% A | .77% | .74% | .74% | .75% | .76% |
Expenses net of fee waivers, if any | .76% A | .77% | .74% | .74% | .75% | .76% |
Expenses net of all reductions | .75% A | .77% | .72% | .69% | .66% | .69% |
Net investment income | 2.05% A | 2.42% | 2.90% | 2.91% | 2.76% | 2.50% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 23 | $ 23 | $ 15 | $ 10 | $ 13 | $ 15 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 | $ 10.21 | $ 10.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .073 | .186 | .230 | .228 | .215 | .190 |
Net realized and unrealized gain (loss) | .050 | .293 | .029 | .121 | (.012) | (.177) |
Total from investment operations | .123 | .479 | .259 | .349 | .203 | .013 |
Distributions from net investment income | (.073) | (.189) | (.230) | (.229) | (.213) | (.190) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.073) | (.189) | (.230) | (.229) | (.213) | (.193) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.69 | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 | $ 10.21 |
Total Return B, C, D | 1.16% | 4.66% | 2.54% | 3.47% | 2.02% | .13% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.45% A | 1.46% | 1.43% | 1.41% | 1.41% | 1.41% |
Expenses net of fee waivers, if any | 1.43% A | 1.43% | 1.43% | 1.41% | 1.41% | 1.41% |
Expenses net of all reductions | 1.42% A | 1.43% | 1.40% | 1.36% | 1.31% | 1.34% |
Net investment income | 1.38% A | 1.77% | 2.22% | 2.23% | 2.11% | 1.85% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3 | $ 3 | $ 2 | $ 1 | $ 2 | $ 3 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 | $ 10.20 | $ 10.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .067 | .175 | .220 | .219 | .204 | .178 |
Net realized and unrealized gain (loss) | .050 | .303 | .020 | .120 | (.011) | (.176) |
Total from investment operations | .117 | .478 | .240 | .339 | .193 | .002 |
Distributions from net investment income | (.067) | (.178) | (.221) | (.219) | (.203) | (.179) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.067) | (.178) | (.221) | (.219) | (.203) | (.182) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 | $ 10.20 |
Total Return B, C, D | 1.11% | 4.66% | 2.35% | 3.37% | 1.92% | .02% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.54% A | 1.53% | 1.50% | 1.51% | 1.51% | 1.52% |
Expenses net of fee waivers, if any | 1.53% A | 1.53% | 1.50% | 1.51% | 1.51% | 1.52% |
Expenses net of all reductions | 1.53% A | 1.53% | 1.48% | 1.45% | 1.41% | 1.45% |
Net investment income | 1.28% A | 1.67% | 2.14% | 2.14% | 2.01% | 1.74% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 74 | $ 56 | $ 20 | $ 6 | $ 7 | $ 10 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Short-Intermediate Municipal Income
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 | $ 10.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .123 | .284 | .326 | .323 | .307 | .284 |
Net realized and unrealized gain (loss) | .050 | .293 | .029 | .120 | (.010) | (.177) |
Total from investment operations | .173 | .577 | .355 | .443 | .297 | .107 |
Distributions from net investment income | (.123) | (.287) | (.326) | (.323) | (.307) | (.284) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.123) | (.287) | (.326) | (.323) | (.307) | (.287) |
Redemption fees added to paid in capital D | - H | - H | .001 | - H | - H | - H |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Total Return B, C | 1.63% | 5.64% | 3.50% | 4.43% | 2.95% | 1.06% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .49% A | .50% | .49% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .49% A | .50% | .49% | .49% | .49% | .49% |
Expenses net of all reductions | .48% A | .50% | .47% | .43% | .41% | .42% |
Net investment income | 2.32% A | 2.69% | 3.15% | 3.17% | 3.01% | 2.77% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,585 | $ 3,153 | $ 1,870 | $ 1,650 | $ 1,485 | $ 1,665 |
Portfolio turnover rate F | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 | $ 10.20 | $ 10.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .120 | .281 | .321 | .320 | .306 | .283 |
Net realized and unrealized gain (loss) | .051 | .293 | .022 | .120 | - H | (.176) |
Total from investment operations | .171 | .574 | .343 | .440 | .306 | .107 |
Distributions from net investment income | (.121) | (.284) | (.324) | (.320) | (.306) | (.284) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.121) | (.284) | (.324) | (.320) | (.306) | (.287) |
Redemption fees added to paid in capital D | - H | - H | .001 | - H | - H | - H |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 | $ 10.20 |
Total Return B, C | 1.61% | 5.61% | 3.38% | 4.39% | 3.05% | 1.05% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .53% A | .55% | .51% | .52% | .50% | .49% |
Expenses net of fee waivers, if any | .53% A | .53% | .51% | .52% | .50% | .49% |
Expenses net of all reductions | .52% A | .53% | .49% | .45% | .41% | .42% |
Net investment income | 2.28% A | 2.66% | 3.13% | 3.14% | 3.01% | 2.77% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 119 | $ 92 | $ 32 | $ 5 | $ 3 | $ 3 |
Portfolio turnover rate F | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H 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, 2010 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Short-Intermediate Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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 offers Class A, Class T, Class B, Class C, Short-Intermediate Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares will be closed to new accounts and additional purchases by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of four years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2010, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 93,607 |
Gross unrealized depreciation | (3,666) |
Net unrealized appreciation (depreciation) | $ 89,941 |
|
|
Tax cost | $ 3,690,753 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
4. 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's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $628,316 and $248,088, respectively.
Semiannual Report
6. Fees and Other Transactions with Affiliates.
Management Fee. 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 .12% 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 .37% of the Fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
| Distribution | Service | Paid to | Retained |
Class A | -% | .25% | $ 269 | $ 45 |
Class T | -% | .25% | 29 | - |
Class B | .65% | .25% | 14 | 10 |
Class C | .75% | .25% | 329 | 212 |
|
|
| $ 641 | $ 267 |
Sales Load. FDC receives a front-end sales charge of up to 2.75% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 3% to 1% for Class B, 1% for Class C, .75% to ..50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 39 |
Class T | 3 |
Class B* | 3 |
Class C* | 14 |
| $ 59 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. 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 Fund's Class A, Class T, Class B, Class C, Short-Intermediate Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 151 | .14 |
Class T | 12 | .11 |
Class B | 2 | .14 |
Class C | 42 | .13 |
Short-Intermediate Municipal Income | 1,468 | .09 |
Institutional Class | 71 | .13 |
| $ 1,746 |
|
* Annualized
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class A | .78% | $ 13 |
Class B | 1.43% | -* |
Class C | 1.53% | 2 |
Institutional Class | .53% | 1 |
|
| $ 16 |
* Amount of reimbursement totaled Two hundred sixty-three dollars.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $26 and $95, respectively.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Class A | $ 2,153 | $ 2,644 |
Class T | 234 | 507 |
Class B | 21 | 49 |
Class C | 415 | 585 |
Short-Intermediate Municipal Income | 39,396 | 66,990 |
Institutional Class | 1,225 | 1,518 |
Total | $ 43,444 | $ 72,293 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class A |
|
|
|
|
Shares sold | 9,426 | 13,598 | $ 100,674 | $ 143,697 |
Reinvestment of distributions | 153 | 193 | 1,633 | 2,042 |
Shares redeemed | (5,249) | (3,555) | (56,080) | (37,636) |
Net increase (decrease) | 4,330 | 10,236 | $ 46,227 | $ 108,103 |
Class T |
|
|
|
|
Shares sold | 236 | 1,653 | $ 2,513 | $ 17,401 |
Reinvestment of distributions | 15 | 35 | 159 | 369 |
Shares redeemed | (306) | (970) | (3,262) | (10,233) |
Net increase (decrease) | (55) | 718 | $ (590) | $ 7,537 |
Class B |
|
|
|
|
Shares sold | 55 | 196 | $ 586 | $ 2,063 |
Reinvestment of distributions | 1 | 3 | 14 | 33 |
Shares redeemed | (79) | (107) | (842) | (1,133) |
Net increase (decrease) | (23) | 92 | $ (242) | $ 963 |
Class C |
|
|
|
|
Shares sold | 2,304 | 3,929 | $ 24,557 | $ 41,448 |
Reinvestment of distributions | 28 | 38 | 303 | 401 |
Shares redeemed | (686) | (686) | (7,308) | (7,231) |
Net increase (decrease) | 1,646 | 3,281 | $ 17,552 | $ 34,618 |
Short-Intermediate Municipal Income |
|
|
|
|
Shares sold | 85,679 | 190,743 | $ 913,482 | $ 2,011,500 |
Reinvestment of distributions | 2,747 | 4,558 | 29,289 | 48,110 |
Shares redeemed | (49,272) | (79,620) | (524,985) | (839,418) |
Net increase (decrease) | 39,154 | 115,681 | $ 417,786 | $ 1,220,192 |
Institutional Class |
|
|
|
|
Shares sold | 5,202 | 8,441 | $ 55,473 | $ 89,141 |
Reinvestment of distributions | 45 | 72 | 481 | 757 |
Shares redeemed | (2,731) | (2,973) | (29,113) | (31,373) |
Net increase (decrease) | 2,516 | 5,540 | $ 26,841 | $ 58,525 |
Semiannual Report
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Research & Analysis Company
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
ASTM-USAN-0810 1.803547.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
Short-Intermediate
Municipal Income
Fund - Institutional Class
Semiannual Report
June 30, 2010
Institutional Class is a class of
Fidelity® Short-Intermediate
Municipal Income Fund
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
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, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
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 LLC or an affiliated company.
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.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
A yearlong uptrend in global equity markets came under significant pressure in May 2010 when investor sentiment turned bearish amid growing concern that Europe's debt crisis would expand and slow or derail economic recovery. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2010 to June 30, 2010).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Semiannual Report
Shareholder Expense Example - continued
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
| Expenses Paid |
Class A | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,014.80 | $ 3.90 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class T | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,015.00 | $ 3.80 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.03 | $ 3.81 |
Class B | 1.43% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,011.60 | $ 7.13 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.70 | $ 7.15 |
Class C | 1.53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,011.10 | $ 7.63 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.21 | $ 7.65 |
Short-Intermediate Municipal Income | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,016.30 | $ 2.45 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.36 | $ 2.46 |
Institutional Class | .53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,016.10 | $ 2.65 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.17 | $ 2.66 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five States as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
New York | 16.4 | 15.3 |
California | 8.3 | 9.6 |
Illinois | 7.8 | 7.6 |
Texas | 6.6 | 8.1 |
Florida | 6.0 | 4.8 |
Top Five Sectors as of June 30, 2010 | ||
| % of fund's | % of fund's net assets |
General Obligations | 36.6 | 39.7 |
Health Care | 13.2 | 9.2 |
Special Tax | 12.7 | 10.6 |
Electric Utilities | 8.1 | 6.7 |
Escrowed/Pre-Refunded | 5.4 | 7.7 |
Weighted Average Maturity as of June 30, 2010 | ||
|
| 6 months ago |
Years | 3.4 | 3.6 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of June 30, 2010 | ||
|
| 6 months ago |
Years | 2.7 | 2.7 |
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, 2010 | As of December 31, 2009 | ||||||
![]() | AAA 15.8% |
| ![]() | AAA 11.4% |
| ||
![]() | AA,A 68.9% |
| ![]() | AA,A 66.3% |
| ||
![]() | BBB 3.8% |
| ![]() | BBB 7.5% |
| ||
![]() | BB and Below 0.1% |
| ![]() | BB and Below 0.1% |
| ||
![]() | Not Rated 1.8% |
| ![]() | Not Rated 3.1% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Service, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Investments June 30, 2010 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 83.6% | ||||
| Principal Amount (000s) | Value | ||
Alabama - 0.5% | ||||
Health Care Auth. for Baptist Health: | ||||
Series 2006 D, 5% 11/15/11 | $ 1,540 | $ 1,579 | ||
Series 2009 A, 6.125%, tender 5/15/12 (c) | 4,000 | 4,196 | ||
Jefferson County Swr. Rev.: | ||||
Series 2001 A, 5.5% 2/1/40 (Pre-Refunded to 2/1/11 @ 101) (g) | 3,900 | 4,050 | ||
Series 2002 B, 5% 2/1/41 (Pre-Refunded to 8/1/12 @ 100) (g) | 2,070 | 2,240 | ||
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 A, 4.75%, tender 3/19/12 (c) | 5,000 | 5,214 | ||
Pell City Spl. Care Facilities Rev. (Noland Health Svcs., Inc. Proj.) Series 2007 A: | ||||
5% 12/1/10 | 855 | 864 | ||
5% 12/1/12 | 750 | 782 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5% 9/1/13 | 1,175 | 1,269 | ||
| 20,194 | |||
Alaska - 0.1% | ||||
Alaska Student Ln. Corp. Student Ln. Rev. Series 2000 A, 5.85% 7/1/13 (Pre-Refunded to 7/1/10 @ 100) (f)(g) | 3,285 | 3,285 | ||
Anchorage Gen. Oblig. Series B, 5.75% 12/1/11 (Pre-Refunded to 12/1/10 @ 100) (g) | 2,500 | 2,552 | ||
| 5,837 | |||
Arizona - 2.6% | ||||
Arizona Ctfs. of Prtn.: | ||||
Series 2002 B, 5.5% 9/1/10 (FSA Insured) | 9,025 | 9,096 | ||
Series 2010 A: | ||||
5% 10/1/14 (FSA Insured) | 5,000 | 5,611 | ||
5% 10/1/16 (FSA Insured) | 13,000 | 14,578 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.): | ||||
Series 2008 A, 5% 1/1/13 | 2,000 | 2,136 | ||
Series 2008 D: | ||||
5% 1/1/13 | 3,250 | 3,471 | ||
5% 1/1/14 | 2,000 | 2,162 | ||
Arizona School Facilities Board Ctfs. of Prtn.: | ||||
Series 2005 A2, 5% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,000 | 12,010 | ||
Series 2008, 5.5% 9/1/13 | 18,780 | 20,888 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Arizona - continued | ||||
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | ||||
5% 10/1/18 | $ 1,000 | $ 1,176 | ||
5% 10/1/20 | 5,180 | 6,015 | ||
Coconino County Poll. Cont. Corp. Rev. (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 A, 5.5%, tender 6/1/14 (c) | 6,000 | 6,512 | ||
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 6%, tender 5/1/14 (c) | 4,800 | 5,146 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.: | ||||
Series 2009 A, 5% 7/1/15 | 5,835 | 6,674 | ||
Series 2009 B, 5% 7/1/16 | 5,090 | 5,821 | ||
Tucson Gen. Oblig. Series 2005, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250 | 1,417 | ||
Tucson Wtr. Rev. Series 2001 A: | ||||
5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,340 | 1,371 | ||
5% 7/1/15 (FGIC Insured) | 1,645 | 1,805 | ||
| 105,889 | |||
California - 8.3% | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A, 5.25% 5/1/12 | 6,000 | 6,496 | ||
Series 2010 L, 5% 5/1/17 | 12,000 | 13,596 | ||
California Econ. Recovery: | ||||
Series 2004 A: | ||||
5.25% 7/1/12 | 6,010 | 6,516 | ||
5.25% 7/1/13 | 2,400 | 2,663 | ||
Series 2008 A, 5% 1/1/11 | 3,000 | 3,065 | ||
Series 2008 B, 5%, tender 3/1/11 (c)(g) | 6,400 | 6,595 | ||
Series 2009 A: | ||||
5% 7/1/15 | 3,660 | 4,046 | ||
5% 7/1/15 (Pre-Refunded to 7/1/14 @ 100) (g) | 2,540 | 2,924 | ||
5.25% 1/1/11 | 870 | 890 | ||
5.25% 1/1/11 (Escrowed to Maturity) (g) | 6,830 | 6,995 | ||
5.25% 7/1/13 (Escrowed to Maturity) (g) | 1,185 | 1,343 | ||
5.25% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,255 | 1,393 | ||
5.25% 7/1/14 | 1,780 | 2,012 | ||
5.25% 7/1/14 (Escrowed to Maturity) (g) | 520 | 604 | ||
Series B, 5%, tender 7/1/14 (c) | 5,000 | 5,534 | ||
California Gen. Oblig.: | ||||
5% 2/1/11 | 4,000 | 4,093 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5% 2/1/11 | $ 70 | $ 72 | ||
5% 10/1/11 | 1,650 | 1,731 | ||
5% 2/1/12 | 1,650 | 1,751 | ||
5% 3/1/12 | 15,000 | 15,968 | ||
5% 9/1/12 | 1,700 | 1,836 | ||
5% 10/1/12 | 12,600 | 13,641 | ||
5% 11/1/13 | 9,060 | 10,042 | ||
5.25% 9/1/10 | 18,050 | 18,175 | ||
5.25% 2/1/11 | 2,465 | 2,526 | ||
5.5% 3/1/11 (FGIC Insured) | 3,210 | 3,306 | ||
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) | 835 | 860 | ||
6.5% 9/1/10 | 1,760 | 1,776 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 H, 5.125% 7/1/22 | 2,850 | 2,940 | ||
Series 2009 D, 5%, tender 7/1/14 (c) | 2,900 | 3,162 | ||
Series 2009 F, 5%, tender 7/1/14 (c) | 3,200 | 3,489 | ||
(Cedars-Sinai Med. Ctr. Proj.) Series 2005, 5% 11/15/10 | 1,000 | 1,014 | ||
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/13 | 1,100 | 1,170 | ||
(St. Joseph Health Sys. Proj.) Series 2009 C, 5%, tender 10/16/14 (c) | 4,300 | 4,710 | ||
California Infrastructure & Econ. Dev. Bank Rev. (The J. Paul Getty Trust Proj.): | ||||
Series 2003 C, 3.9%, tender 12/1/11 (c) | 2,100 | 2,189 | ||
Series 2007 A3, 2.25%, tender 4/1/12 (c) | 6,500 | 6,669 | ||
California Muni. Fin. Auth. Ctfs. of Prtn. (Cmnty. Hospitals of Central California Obligated Group Proj.) Series 2009, 3% 2/1/11 | 1,000 | 1,003 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 15,000 | 17,040 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (c)(f) | 2,300 | 2,397 | ||
California Pub. Works Board Lease Rev. Series 2010 A: | ||||
5% 3/1/16 | 2,000 | 2,145 | ||
5% 3/1/17 | 5,405 | 5,753 | ||
California State Univ. Rev. Series 2007 C, 5% 11/1/13 (FSA Insured) | 1,335 | 1,498 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
California - continued | ||||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c) | $ 3,800 | $ 3,944 | ||
(State of California Proposition 1A Receivables Prog.) Series 2009, 5% 6/15/13 | 15,300 | 16,609 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2003 B: | ||||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (g) | 2,000 | 2,251 | ||
5.625% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (g) | 3,030 | 3,422 | ||
Series 2007 A1, 5% 6/1/12 | 2,570 | 2,656 | ||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.: | ||||
Series 2009 A, 5% 7/1/13 | 4,155 | 4,639 | ||
Series 2009 B, 5% 7/1/17 | 12,905 | 14,925 | ||
Los Angeles Unified School District: | ||||
Series 2009 KRY, 5% 7/1/13 | 10,740 | 11,857 | ||
Series E, 5% 7/1/11 | 6,075 | 6,343 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5% 6/1/15 | 12,240 | 13,965 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,387 | ||
Newport Beach Rev. (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (c) | 2,500 | 2,677 | ||
Northern California Pwr. Agcy. Rev.: | ||||
(Geothermal #3 Proj.) Series 2009 A: | ||||
5% 7/1/13 | 1,020 | 1,124 | ||
5% 7/1/14 | 1,120 | 1,253 | ||
5% 7/1/15 | 2,170 | 2,437 | ||
(Hydroelectric #1 Proj.) Series 2010 A: | ||||
4% 7/1/15 | 2,000 | 2,143 | ||
5% 7/1/18 | 2,000 | 2,203 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 7,135 | 6,401 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | ||||
5% 8/1/16 | 5,450 | 5,811 | ||
5% 8/1/18 | 8,000 | 8,417 | ||
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 937 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
California - continued | ||||
San Diego Pub. Facilities Fing. Auth. Swr. Rev.: | ||||
Series 2009 A: | ||||
5% 5/15/13 | $ 5,415 | $ 5,987 | ||
5% 5/15/15 | 1,845 | 2,098 | ||
Series 2009 B, 5% 5/15/14 | 7,000 | 7,890 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,314 | ||
Sulphur Springs Union School District Ctfs. of Prtn. 0%, tender 3/1/11 (AMBAC Insured) (c) | 985 | 966 | ||
| 332,284 | |||
Colorado - 0.3% | ||||
Colorado Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt Proj.): | ||||
Series 2006 E: | ||||
5% 11/15/11 | 2,110 | 2,217 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 120 | 127 | ||
Series 2006 F: | ||||
5% 11/15/12 | 380 | 411 | ||
5% 11/15/12 (Escrowed to Maturity) (g) | 845 | 929 | ||
(Volunteers of America Care Proj.) Series 2007 A, 5% 7/1/10 | 615 | 615 | ||
Series 2008 C4, 4%, tender 11/12/15 (c) | 4,200 | 4,447 | ||
Denver City & County Arpt. Rev. Series 2001 A, 5.625% 11/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 2,000 | 2,119 | ||
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 571 | ||
| 11,436 | |||
Connecticut - 2.2% | ||||
Connecticut Gen. Oblig.: | ||||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/15 | 29,500 | 33,743 | ||
Series 2001 D, 5.125% 11/15/18 (Pre-Refunded to 11/15/11 @ 100) (g) | 5,000 | 5,299 | ||
Series 2006 F, 5% 12/1/11 | 23,100 | 24,504 | ||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | ||||
Series 1998 A, 5.5% 10/1/13 (FGIC Insured) | 4,300 | 4,897 | ||
Series 2009 1: | ||||
5% 2/1/14 | 2,500 | 2,806 | ||
5% 2/1/15 | 11,995 | 13,632 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Connecticut - continued | ||||
Hartford Gen. Oblig. Series A: | ||||
5% 8/15/11 (Assured Guaranty Corp. Insured) | $ 1,870 | $ 1,955 | ||
5% 8/15/12 (Assured Guaranty Corp. Insured) | 1,000 | 1,088 | ||
| 87,924 | |||
District Of Columbia - 0.6% | ||||
District of Columbia Gen. Oblig.: | ||||
Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 4,004 | ||
Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,492 | ||
District of Columbia Income Tax Rev. Series 2009 C, 5% 12/1/13 | 5,500 | 6,191 | ||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/15 (FSA Insured) | 1,500 | 1,629 | ||
District of Columbia Univ. Rev. (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (c) | 8,500 | 9,061 | ||
Washington DC Metropolitan Transit Auth. Rev. Series 2009 A, 5% 7/1/14 | 1,000 | 1,118 | ||
| 25,495 | |||
Florida - 5.3% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hospitals & Clinics, Inc. Proj.) Series 2010 B: | ||||
5% 12/1/14 | 4,000 | 4,307 | ||
5% 12/1/15 | 4,395 | 4,701 | ||
Broward County School Board Ctfs. of Prtn. Series 2008 A, 5% 7/1/15 (FSA Insured) | 5,495 | 6,043 | ||
Citizens Property Ins. Corp.: | ||||
Series 2007 A, 5% 3/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,025 | 4,102 | ||
Series 2010 A1, 5% 6/1/15 (FSA Insured) | 14,000 | 14,783 | ||
Clay County Infrastructure Sales Surtax Rev. 5% 10/1/15 (Assured Guaranty Corp. Insured) | 7,745 | 8,569 | ||
Clearwater Wtr. and Swr. Rev. Series 2009 B, 5% 12/1/14 | 2,000 | 2,252 | ||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2003 A, 5.25% 11/15/13 | 4,265 | 4,720 | ||
Florida Board of Ed. Series 2005 B, 5% 1/1/18 | 21,080 | 23,199 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay Series 2009 D, 5.5% 6/1/16 | 7,910 | 9,309 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Florida - continued | ||||
Florida Gen. Oblig. (Dept. of Trans. Right-of-Way and Bridge Construction Proj.) Series 2005 B, 6.375% 7/1/13 | $ 8,020 | $ 9,213 | ||
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Series 2010 A, 5% 7/1/15 | 20,000 | 21,380 | ||
Highlands County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2001 A, 6% 11/15/31 (Pre-Refunded to 11/15/11 @ 101) (g) | 4,600 | 4,961 | ||
Series 2002, 3.95%, tender 9/1/12 (c) | 8,650 | 9,058 | ||
Series 2005 A, 5% 11/15/10 | 1,000 | 1,016 | ||
Series 2006 G: | ||||
5% 11/15/10 | 385 | 391 | ||
5% 11/15/10 (Escrowed to Maturity) (g) | 15 | 15 | ||
5% 11/15/11 | 675 | 711 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 25 | 26 | ||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2008 A, 6.1%, tender 11/14/13 (c) | 1,000 | 1,132 | ||
Series 2009 E, 5% 11/15/15 | 2,345 | 2,641 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series 2007 A, 5% 7/1/12 | 1,310 | 1,366 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.): | ||||
Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (c) | 1,500 | 1,576 | ||
Series 2007 B, 5.15%, tender 9/1/13 (c) | 1,750 | 1,908 | ||
Indian River County Wtr. & Swr. Rev.: | ||||
5% 9/1/15 | 1,000 | 1,132 | ||
5% 9/1/17 | 1,000 | 1,143 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2009 B: | ||||
5% 10/1/11 | 2,500 | 2,611 | ||
5% 10/1/12 | 7,350 | 8,002 | ||
Kissimmee Util. Auth. Elec. Sys. Rev. Series 2003: | ||||
5.25% 10/1/14 | 775 | 872 | ||
5.25% 10/1/15 | 3,525 | 3,989 | ||
Lakeland Hosp. Sys. Rev. (Reg'l. Health Systems Proj.) 5% 11/15/11 | 2,545 | 2,638 | ||
Lee Memorial Health Sys. Board of Directors Hosp. Rev. Series A, 5.75% 4/1/12 (FSA Insured) | 1,980 | 2,124 | ||
Miami-Dade County Cap. Asset Acquisition Series 2002 A, 5% 4/1/12 (AMBAC Insured) | 2,800 | 2,968 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Florida - continued | ||||
Miami-Dade County Health Facilities Auth. Hosp. Rev. (Miami Children's Hosp. Proj.) Series 2006 A, 4.125%, tender 8/1/11 (c) | $ 2,000 | $ 2,047 | ||
Miami-Dade County School Board Ctfs. of Prtn. Series 2003 B, 5%, tender 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,500 | 1,539 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5% 10/1/14 (FSA Insured) | 4,000 | 4,476 | ||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 4.625% 10/1/12 | 1,110 | 1,161 | ||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009: | ||||
5% 10/1/15 | 2,210 | 2,381 | ||
5% 10/1/16 | 1,000 | 1,065 | ||
Orange County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys. - Sunbelt Proj.) 5.625% 11/15/32 (Pre-Refunded to 11/15/12 @ 101) (g) | 2,500 | 2,776 | ||
(Orlando Reg'l. Health Care Sys. Proj.) Series 2008 A, 5% 11/1/15 (FSA Insured) | 1,825 | 1,984 | ||
(Orlando Reg'l. Healthcare Sys. Proj.) Series 2008 A, 5% 11/1/13 (FSA Insured) | 1,000 | 1,080 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2010 B, 5% 7/1/15 (FSA Insured) | 1,430 | 1,598 | ||
Polk County Cap. Impt. Rev.: | ||||
Series 2002, 5.5% 12/1/11 (FGIC Insured) | 3,470 | 3,665 | ||
Series 2004, 5.5%, tender 12/1/10 (FSA Insured) (c) | 9,000 | 9,165 | ||
Polk County School District Sales Tax Rev. Series 2007, 5% 10/1/12 (FSA Insured) | 6,080 | 6,524 | ||
Sarasota County School Board Ctfs. of Prtn. (Master Lease Prog.): | ||||
5% 7/1/13 | 3,435 | 3,771 | ||
5% 7/1/14 | 2,000 | 2,193 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | ||||
5% 11/15/16 | 2,500 | 2,716 | ||
5% 11/15/17 | 1,500 | 1,618 | ||
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,258 | ||
| 213,875 | |||
Georgia - 2.7% | ||||
Atlanta Wtr. & Wastewtr. Rev. Series 2009 A, 5% 11/1/13 | 3,500 | 3,770 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Georgia - continued | ||||
Burke County Indl. Dev. Auth. Poll. Cont. Rev.: | ||||
(Georgia Pwr. Co. Plant Vogtle Proj.) Fifth Series 1994, 2.3%, tender 4/1/14 (c) | $ 6,600 | $ 6,625 | ||
(Oglethorpe Pwr. Corp. Proj.) Series 2008 D, 6.75%, tender 4/1/12 (c) | 7,600 | 8,273 | ||
Carroll County School District Series 2007, 5% 4/1/11 | 8,000 | 8,268 | ||
Fulton County Facilities Corp. Ctfs. of Prtn. (Gen. Purp. Proj.) Series 2009: | ||||
5% 11/1/12 | 1,555 | 1,675 | ||
5% 11/1/13 | 7,550 | 8,297 | ||
5% 11/1/14 | 7,490 | 8,330 | ||
Georgia Muni. Elec. Auth. Pwr. Rev. Series 1992 B, 8.25% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,105 | 4,259 | ||
Georgia Road & Thruway Auth. Rev. Series 2009 A, 5% 6/1/12 | 8,100 | 8,767 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2007 A, 5% 9/15/12 | 1,195 | 1,244 | ||
Monroe County Dev. Auth. Poll. Cont. Rev.: | ||||
(Georgia Pwr. Co. Plant Scherer Proj.) First Series 1995, 4.5%, tender 4/1/11 (c) | 5,200 | 5,343 | ||
(Georgia Pwr. Co. Proj.) Series 2007 A, 4.75%, tender 4/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 5,705 | 5,851 | ||
Muni. Elec. Auth. of Georgia (Proj. One): | ||||
Series 2008 A: | ||||
5% 1/1/13 | 2,000 | 2,168 | ||
5% 1/1/14 | 3,000 | 3,299 | ||
5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 9,019 | ||
Series 2008 D, 5.75% 1/1/19 | 9,000 | 10,523 | ||
Pub. Gas Partners, Inc. Rev. (Gas Supply Pool No. 1 Proj.) Series A: | ||||
5% 10/1/11 | 1,500 | 1,569 | ||
5% 10/1/12 | 1,000 | 1,067 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | ||||
5% 1/1/14 | 1,305 | 1,406 | ||
5% 1/1/15 | 1,040 | 1,121 | ||
5% 1/1/16 | 2,415 | 2,606 | ||
Walton County Series 2007, 5% 1/1/11 (FGIC Insured) | 3,000 | 3,056 | ||
| 106,536 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Hawaii - 1.4% | ||||
Hawaii Arpts. Sys. Rev.: | ||||
Series 2000 B, 8% 7/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | $ 3,850 | $ 3,850 | ||
Series 2010 B, 5% 7/1/15 (f) | 3,900 | 4,266 | ||
Hawaii Gen. Oblig.: | ||||
Series 2009 DQ, 5% 6/1/15 | 7,670 | 8,828 | ||
Series CU, 5.75% 10/1/11 (Pre-Refunded to 10/1/10 @ 100) (g) | 3,210 | 3,251 | ||
Series DR: | ||||
5% 6/1/15 | 11,790 | 13,571 | ||
5% 6/1/16 | 7,645 | 8,837 | ||
5% 6/1/16 (Escrowed to Maturity) (g) | 2,895 | 3,378 | ||
Series DY: | ||||
5% 2/1/15 | 3,500 | 4,007 | ||
5% 2/1/16 | 4,000 | 4,609 | ||
| 54,597 | |||
Illinois - 7.4% | ||||
Chicago Board of Ed.: | ||||
Series 1997, 6.75% 12/1/10 (AMBAC Insured) | 4,160 | 4,257 | ||
Series 2009 D: | ||||
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,637 | ||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,624 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.) Series 1999, 0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 5,691 | ||
Series A: | ||||
5.25% 1/1/12 (Escrowed to Maturity) (g) | 825 | 884 | ||
5.25% 1/1/12 (FSA Insured) | 175 | 186 | ||
Series B, 5.125% 1/1/15 (AMBAC Insured) | 3,995 | 4,530 | ||
Chicago Hsg. Auth. Rev. (Cap. Prog.) Series 2001, 5.5% 7/1/18 (Pre-Refunded to 7/1/12 @ 100) (g) | 3,730 | 4,019 | ||
Chicago Midway Arpt. Rev. Series 2004 B, 5% 1/1/11 (AMBAC Insured) | 3,625 | 3,679 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2008 A: | ||||
5% 1/1/12 (FSA Insured) | 3,500 | 3,700 | ||
5% 1/1/13 (FSA Insured) | 4,000 | 4,299 | ||
Series 2010 D, 5.25% 1/1/17 (f) | 1,000 | 1,072 | ||
Series 2010 E: | ||||
5% 1/1/15 (f) | 4,000 | 4,288 | ||
5% 1/1/16 (f) | 1,500 | 1,599 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Illinois - continued | ||||
Chicago O'Hare Int'l. Arpt. Rev.: - continued | ||||
Series A, 5% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,165 | $ 1,233 | ||
Chicago Park District: | ||||
Series 2003 C, 5% 1/1/11 (AMBAC Insured) | 2,515 | 2,568 | ||
Series 2004 B, 5% 1/1/11 (AMBAC Insured) | 5,750 | 5,879 | ||
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,965 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
(Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/19 | 2,500 | 2,644 | ||
(Fed. Transit Administration Section 5309 Proj.) Series 2008 A, 5% 6/1/13 | 3,765 | 4,055 | ||
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,871 | ||
Illinois Dev. Fin. Auth. Rev. (DePaul Univ. Proj.) Series 2004 C, 5.5% 10/1/10 | 1,900 | 1,917 | ||
Illinois Edl. Facilities Auth. Revs.: | ||||
(Art Institute of Chicago Proj.) Series 2003, 3.85%, tender 3/1/11 (c)(g) | 12,800 | 13,093 | ||
(Field Museum of Natural History Proj.) Series 2002, 4.05%, tender 11/1/11 (c) | 2,785 | 2,863 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.25% 10/1/15 | 2,220 | 2,368 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.): | ||||
Series 2008 A3, 3.875%, tender 5/1/12 (c) | 4,000 | 4,153 | ||
Series 2008 C B3, 4.375%, tender 7/1/14 (c) | 4,000 | 4,217 | ||
Series 2010 D, 5% 4/1/15 | 550 | 604 | ||
(Alexian Brothers Health Sys. Proj.) Series 2010, 4.5% 2/15/16 | 3,000 | 3,053 | ||
(DePaul Univ. Proj.) Series 2005 A, 5% 10/1/11 | 1,450 | 1,515 | ||
(Memorial Health Sys. Proj.) Series 2009, 5% 4/1/19 | 1,600 | 1,686 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A: | ||||
5% 7/1/12 | 750 | 799 | ||
5% 7/1/13 | 415 | 450 | ||
5% 7/1/15 | 1,000 | 1,099 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5% 5/15/16 | 2,060 | 2,196 | ||
5% 5/15/17 | 3,520 | 3,757 | ||
(Provena Health Proj.) Series 2010 A: | ||||
5% 5/1/13 | 2,000 | 2,096 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Provena Health Proj.) Series 2010 A: | ||||
5% 5/1/14 | $ 2,000 | $ 2,104 | ||
5.75% 5/1/19 | 2,650 | 2,752 | ||
(Rush Univ. Med. Ctr. Proj.) Series 2006 B: | ||||
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,075 | 3,286 | ||
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700 | 1,792 | ||
(The Carle Foundation Proj.) Series 2009 A, 5% 2/15/12 (Assured Guaranty Corp. Insured) | 4,965 | 5,172 | ||
Illinois Fin. Auth. Solid Waste Rev. (Waste Mgmt., Inc. Proj.) Series 2007, 1.25%, tender 10/1/10 (c) | 8,750 | 8,751 | ||
Illinois Gen. Oblig.: | ||||
(Illinois FIRST Proj.): | ||||
Series 2001, 5% 11/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,549 | ||
Series 2002: | ||||
4.5% 4/1/11 (FSA Insured) | 2,000 | 2,055 | ||
5.5% 4/1/11 (FSA Insured) | 3,700 | 3,830 | ||
First Series 2001, 5.25% 5/1/11 (FSA Insured) | 1,515 | 1,571 | ||
First Series, 5.5% 8/1/10 | 1,495 | 1,500 | ||
Series 2002: | ||||
5.375% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,745 | 7,018 | ||
5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,495 | 1,674 | ||
Series 2004 A, 5% 3/1/11 | 8,435 | 8,650 | ||
Series 2004 B, 5% 3/1/14 | 15,500 | 16,867 | ||
Series 2005, 5% 4/1/13 (AMBAC Insured) | 5,000 | 5,354 | ||
Series 2007 A, 5.5% 6/1/15 | 1,000 | 1,118 | ||
Series 2007 B, 5% 1/1/17 | 9,835 | 10,678 | ||
Series 2010, 5% 1/1/15 (FSA Insured) | 20,000 | 21,984 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A: | ||||
5% 5/15/15 (FSA Insured) | 2,250 | 2,403 | ||
5% 5/15/16 (FSA Insured) | 2,325 | 2,465 | ||
(Edward Hosp. Obligated Group Proj.) Series 2001 B, 5.125% 2/15/25 (Pre-Refunded to 2/15/11 @ 101) (g) | 8,500 | 8,834 | ||
Illinois Sales Tax Rev.: | ||||
Series 2009 B: | ||||
4.5% 6/15/16 | 5,000 | 5,414 | ||
4.5% 6/15/17 | 6,075 | 6,547 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Illinois - continued | ||||
Illinois Sales Tax Rev.: - continued | ||||
Series 2010, 5% 6/15/15 | $ 8,800 | $ 9,786 | ||
Kane & DeKalb Counties Cmnty. Unit School District #301 Series 1995, 0% 12/1/10 (AMBAC Insured) | 2,000 | 1,989 | ||
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series 2002 B, 5.5% 1/1/12 (FSA Insured) | 2,270 | 2,427 | ||
Kane County School District #129, Aurora West Side Series 2002 A, 5.75% 2/1/14 (Pre-Refunded to 2/1/12 @ 100) (g) | 1,600 | 1,732 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/15 (Escrowed to Maturity) (g) | 580 | 518 | ||
0% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,520 | 1,266 | ||
Lake County Cmnty. High School District #128, Libertyville Series 2004, 5% 1/1/11 | 2,365 | 2,418 | ||
Madison County Cmnty. United School District #007 Series 2007 A, 5% 12/1/11 (FSA Insured) | 2,965 | 3,137 | ||
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev.: | ||||
(McCormick Place Expansion Proj.) Series 1996 A: | ||||
0% 6/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,410 | 1,349 | ||
0% 12/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,725 | 2,483 | ||
Series 2002 A, 0% 6/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,325 | 8,283 | ||
Quincy Hosp. Rev. (Blessing Hosp. Proj.) Series 2007, 5% 11/15/10 | 1,285 | 1,297 | ||
Rosemont Gen. Oblig. Series 1993 A, 0% 12/1/11 (FGIC Insured) | 3,695 | 3,614 | ||
Univ. of Illinois Ctfs. of Prtn. (Util. Infrastructure Proj.) Series 2003, 5% 8/15/11 (AMBAC Insured) | 1,360 | 1,408 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.) Series 2005 A, 5% 4/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,050 | 5,191 | ||
0% 4/1/14 | 2,350 | 2,144 | ||
Will County Cmnty. Unit School District #365-U Series 2002: | ||||
0% 11/1/14 (FSA Insured) | 1,900 | 1,708 | ||
0% 11/1/16 (FSA Insured) | 2,975 | 2,410 | ||
| 299,074 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Indiana - 2.1% | ||||
Carmel High School Bldg. Corp. Series 2005, 5% 1/10/11 (FSA Insured) | $ 1,000 | $ 1,022 | ||
Hamilton Southeastern Consolidated School Bldg. Corp.: | ||||
Series 2004: | ||||
5% 1/15/11 (FSA Insured) | 1,910 | 1,951 | ||
5% 1/15/12 (FSA Insured) | 1,990 | 2,109 | ||
Series 2005 A: | ||||
5.25% 7/10/11 (FSA Insured) | 2,295 | 2,395 | ||
5.25% 1/10/12 (FSA Insured) | 1,355 | 1,440 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 C, 5% 11/1/13 | 3,000 | 3,264 | ||
Indiana Fin. Auth. Hosp. Rev. (Parkview Health Sys. Oblig. Group Proj.) Series 2009 A: | ||||
5% 5/1/14 | 3,500 | 3,757 | ||
5% 5/1/15 | 6,420 | 6,923 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A: | ||||
5% 12/1/14 | 1,250 | 1,363 | ||
5% 12/1/15 | 2,135 | 2,321 | ||
(Wabash Valley Correctional Facilities Proj.) Series 2009 A, 5% 7/1/15 | 8,025 | 8,889 | ||
Series 2010 A, 5% 2/1/17 | 2,800 | 3,251 | ||
5% 7/1/14 | 2,500 | 2,757 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (c) | 4,000 | 4,233 | ||
Indiana Health Facility Fing. Auth. Rev. (Ascension Health Subordinate Cr. Proj.): | ||||
Series 2005 A3, 5%, tender 7/1/11 (c) | 4,100 | 4,286 | ||
Series A2, 3.75%, tender 2/1/12 (c) | 7,500 | 7,837 | ||
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series 2002 A, 5.5% 7/1/16 (Pre-Refunded to 7/1/12 @ 100) (g) | 5,000 | 5,491 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 B, 5.2% 6/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,233 | ||
Logansport High School Bldg. Corp. Series 2005: | ||||
5.25% 1/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,023 | ||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,020 | 1,066 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Indiana - continued | ||||
Logansport High School Bldg. Corp. Series 2005: - continued | ||||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,045 | $ 1,113 | ||
5.25% 7/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,075 | 1,163 | ||
Muncie School Bldg. Corp. Series 2005, 5.25% 7/10/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,585 | 1,725 | ||
New Albany Floyd County Independent School Bldg. Corp. Series 2005, 5% 1/15/11 (FSA Insured) | 1,000 | 1,023 | ||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | ||||
4% 7/1/17 | 500 | 550 | ||
5% 7/1/15 | 315 | 364 | ||
5% 7/1/16 | 500 | 580 | ||
Rockport Poll. Cont. Rev. (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (c) | 1,600 | 1,637 | ||
Univ. of Southern Indiana Rev. Series J: | ||||
5% 10/1/14 (Assured Guaranty Corp. Insured) | 1,985 | 2,210 | ||
5% 10/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,118 | ||
5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,306 | ||
West Clark 2000 School Bldg. Corp. Series 2005: | ||||
5.25% 1/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,065 | 1,089 | ||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125 | 1,176 | ||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,150 | 1,225 | ||
| 84,890 | |||
Iowa - 0.2% | ||||
Iowa Fin. Auth. Health Care Facilities Rev. (Genesis Health Sys. Proj.) Series 2010: | ||||
5% 7/1/15 | 2,165 | 2,368 | ||
5% 7/1/16 | 1,335 | 1,450 | ||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,862 | ||
Iowa Higher Ed. Ln. Auth. Rev. (Grinnell College Proj.) Series 2001, 2.1% 12/1/11 (Escrowed to Maturity) (g) | 3,200 | 3,271 | ||
| 8,951 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Kansas - 0.9% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D: | ||||
5% 11/15/14 | $ 575 | $ 644 | ||
5% 11/15/15 | 625 | 710 | ||
5% 11/15/16 | 875 | 981 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L: | ||||
5.25% 11/15/10 | 545 | 552 | ||
5.25% 11/15/12 | 680 | 724 | ||
Lawrence Hosp. Rev. (The Lawrence Memorial Hosp.) Series 2006, 5% 7/1/11 | 560 | 577 | ||
Olathe Health Facilities Rev. (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (c) | 1,600 | 1,654 | ||
Overland Park Dev. Corp. Rev. (Overland Park Convention Ctr. Hotel Proj.) Series 2000 A, 7.375% 1/1/32 (Pre-Refunded to 1/1/11 @ 101) (g) | 10,280 | 10,726 | ||
Wichita Hosp. Facilities Rev.: | ||||
(Via Christi Health Sys., Inc. Proj.) Series 2009 X, 5% 11/15/14 | 2,000 | 2,193 | ||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A: | ||||
5% 11/15/14 | 2,405 | 2,637 | ||
5% 11/15/15 | 6,245 | 6,843 | ||
5% 11/15/16 | 5,410 | 5,927 | ||
| 34,168 | |||
Kentucky - 0.5% | ||||
Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 B: | ||||
4% 2/1/14 | 750 | 791 | ||
4% 2/1/15 | 1,495 | 1,569 | ||
Jefferson County School District Fin. Corp. School Bldg. Rev. Series 2009 A, 5.25% 1/1/13 (FSA Insured) | 2,170 | 2,381 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/15 | 4,000 | 4,444 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 A, 4% 2/1/13 | 500 | 526 | ||
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,844 | ||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. (Louisville Gas and Electronic Co. Proj.) Series 2005 A, 5.75%, tender 12/2/13 (c) | 6,000 | 6,703 | ||
| 19,258 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Louisiana - 0.3% | ||||
East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series ST-2005 B, 5% 2/1/12 (AMBAC Insured) | $ 1,000 | $ 1,058 | ||
Ernest N. Morial-New Orleans Exhibit Hall Auth. Spl. Tax Series 2003 A, 5.25% 7/15/11 (Escrowed to Maturity) (g) | 2,060 | 2,160 | ||
Louisiana Military Dept. Custody Receipts 5% 8/1/10 | 1,530 | 1,533 | ||
Louisiana Pub. Facilities Auth. Rev. (Christus Health Proj.) Series 2009 A: | ||||
5% 7/1/13 | 3,500 | 3,738 | ||
5% 7/1/16 | 2,000 | 2,145 | ||
| 10,634 | |||
Maryland - 1.2% | ||||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2007 D: | ||||
5% 7/1/10 (AMBAC Insured) | 690 | 690 | ||
5% 7/1/11 (AMBAC Insured) | 1,985 | 2,065 | ||
Maryland Gen. Oblig. Second Series B: | ||||
5.25% 8/15/15 | 13,705 | 16,149 | ||
5.25% 8/15/16 | 16,100 | 19,104 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Johns Hopkins Health Sys. Obligated Group Proj.) Series 2008 B, 5%, tender 5/15/15 (c) | 2,225 | 2,462 | ||
(Univ. of Maryland Med. Sys. Proj.) Series 2008 F: | ||||
5% 7/1/13 | 2,400 | 2,614 | ||
5% 7/1/14 | 3,500 | 3,838 | ||
Montgomery County Gen. Oblig. (Dept. of Liquor Cont. Proj.) Series 2009 A, 5% 4/1/15 | 1,725 | 1,927 | ||
| 48,849 | |||
Massachusetts - 2.8% | ||||
Braintree Gen. Oblig. Series 2009: | ||||
5% 5/15/14 | 1,000 | 1,126 | ||
5% 5/15/16 | 4,400 | 5,035 | ||
Lynn Gen. Oblig. 5% 12/1/11 | 1,500 | 1,587 | ||
Massachusetts Bay Trans. Auth. Series 1993 A, 5.5% 3/1/12 | 475 | 494 | ||
Massachusetts Dept. of Agricultural Resources Higher Ed. Rev. Series 2006 A, 5% 1/1/11 | 1,000 | 1,017 | ||
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B, 5% 1/1/15 | 12,400 | 13,758 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Massachusetts - continued | ||||
Massachusetts Dev. Fin. Agcy. Rev. (Boston College Proj.): | ||||
Series Q1: | ||||
4% 7/1/15 | $ 1,500 | $ 1,648 | ||
4% 7/1/16 | 1,000 | 1,090 | ||
5% 7/1/13 | 1,000 | 1,110 | ||
Series Q2: | ||||
4% 7/1/15 | 1,170 | 1,285 | ||
4% 7/1/16 | 1,000 | 1,090 | ||
5% 7/1/13 | 1,100 | 1,221 | ||
5% 7/1/14 | 1,080 | 1,220 | ||
5% 7/1/17 | 1,370 | 1,573 | ||
Massachusetts Fed. Hwy. Series 2000 A: | ||||
5.75% 6/15/13 | 3,000 | 3,065 | ||
5.75% 12/15/14 (Pre-Refunded to 12/15/10 @ 100) (g) | 5,000 | 5,115 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2001 A, 5.5% 1/1/11 | 5,000 | 5,126 | ||
Series 2002 C: | ||||
5% 11/1/21 (Pre-Refunded to 11/1/12 @ 100) (g) | 8,100 | 8,861 | ||
5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (g) | 2,495 | 2,744 | ||
Series 2003 C, 5.5% 10/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,130 | 1,144 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Amherst College Proj.) Series 2009 K2, 2.75%, tender 1/5/12 (c) | 1,000 | 1,029 | ||
(Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (c) | 7,000 | 7,524 | ||
(Northeastern Univ. Proj.): | ||||
Series 2008 T2, 4.1%, tender 4/19/12 (c) | 1,200 | 1,257 | ||
Series 2009 T1, 4.125%, tender 2/16/12 (c) | 2,100 | 2,192 | ||
Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series 2001 A, 5.5% 1/1/12 (AMBAC Insured) (f) | 1,000 | 999 | ||
Massachusetts Spl. Oblig. Rev. (Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A: | ||||
5% 12/15/12 (FSA Insured) | 3,300 | 3,597 | ||
5% 12/15/13 (FSA Insured) | 2,000 | 2,229 | ||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | ||||
Series 2000 A: | ||||
5.75% 8/1/30 (Pre-Refunded to 8/1/10 @ 101) (g) | 19,000 | 19,262 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Massachusetts - continued | ||||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued | ||||
Series 2000 A: | ||||
5.75% 8/1/39 (Pre-Refunded to 8/1/10 @ 101) (g) | $ 5,000 | $ 5,069 | ||
Series B, 5.2% 8/1/22 (Pre-Refunded to 8/1/11 @ 101) (g) | 8,350 | 8,857 | ||
| 111,324 | |||
Michigan - 2.1% | ||||
Allegan Pub. School District Series 2008, 5% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,590 | 1,703 | ||
Big Rapids Pub. School District: | ||||
5% 5/1/13 (Assured Guaranty Corp. Insured) | 1,195 | 1,289 | ||
5% 5/1/14 (Assured Guaranty Corp. Insured) | 1,190 | 1,296 | ||
Chelsea School District 5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,750 | 1,920 | ||
Clarkston Cmnty. Schools Series 2008, 5% 5/1/12 (FSA Insured) | 3,000 | 3,183 | ||
Detroit City School District Series 2001 A, 5.5% 5/1/11 (FSA Insured) | 1,200 | 1,241 | ||
Detroit Swr. Disp. Rev. Series 2006 D, 0.795% 7/1/32 (c) | 4,085 | 2,789 | ||
Grand Haven Area Pub. Schools 5% 5/1/12 (FSA Insured) | 2,965 | 3,177 | ||
Grand Rapids Cmnty. College: | ||||
5% 5/1/12 (FSA Insured) | 1,305 | 1,401 | ||
5% 5/1/13 (FSA Insured) | 1,305 | 1,439 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,419 | ||
Kalamazoo Pub. Schools 5% 5/1/13 (Assured Guaranty Corp. Insured) | 2,940 | 3,198 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2008 A, 5.25%, tender 1/15/14 (c) | 2,200 | 2,407 | ||
Lincoln Consolidated School District 5% 5/1/12 (FSA Insured) | 1,485 | 1,590 | ||
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series I: | ||||
5.5% 10/15/13 | 2,075 | 2,203 | ||
5.5% 10/15/13 (Pre-Refunded to 10/15/11 @ 100) (g) | 125 | 133 | ||
Michigan Gen. Oblig. (Envir. Protection Prog.) Series 1992, 6.25% 11/1/12 | 2,120 | 2,232 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.25% 5/15/14 | $ 4,160 | $ 4,484 | ||
(Oakwood Hosp. Proj.) Series 2007 A, 5% 7/15/11 | 2,700 | 2,774 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010: | ||||
5% 10/1/14 | 6,045 | 6,894 | ||
5% 10/1/15 | 1,750 | 2,015 | ||
5% 10/1/15 | 3,250 | 3,743 | ||
(Local Govt. Ln. Prog.) Series 2009 C: | ||||
5% 5/1/13 | 1,645 | 1,782 | ||
5% 5/1/14 | 2,140 | 2,334 | ||
5% 5/1/15 | 1,845 | 2,020 | ||
5% 5/1/16 | 1,865 | 2,035 | ||
Plymouth-Canton Cmnty. School District 5% 5/1/12 (FSA Insured) | 4,000 | 4,258 | ||
Pontiac Tax Increment Fin. Auth. Series 2002, 6.25% 6/1/22 (Pre-Refunded to 6/1/12 @ 101) (g) | 2,260 | 2,518 | ||
Royal Oak City School District 5% 5/1/12 | 2,000 | 2,140 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Oblig. Group Proj.) Series 2009 W, 5% 8/1/15 | 2,070 | 2,189 | ||
Troy School District 5% 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,035 | ||
West Bloomfield School District 5% 5/1/15 (Assured Guaranty Corp. Insured) | 1,400 | 1,539 | ||
Western Michigan Univ. Rev.: | ||||
5.25% 11/15/14 (Assured Guaranty Corp. Insured) | 2,135 | 2,386 | ||
5.25% 11/15/15 (Assured Guaranty Corp. Insured) | 3,275 | 3,677 | ||
Western Townships Utils. Auth. Swr. Disp. Sys. Rev. Series 2009: | ||||
3% 1/1/11 | 1,000 | 1,010 | ||
3% 1/1/12 | 1,000 | 1,024 | ||
| 82,477 | |||
Minnesota - 0.3% | ||||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (HealthPartners Obligated Group Proj.) Series 2003, 5.25% 12/1/10 | 500 | 505 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2008 A, 5% 1/1/13 (f) | 1,000 | 1,066 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Minnesota - continued | ||||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/14 (Assured Guaranty Corp. Insured) | $ 2,225 | $ 2,511 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1: | ||||
5% 2/15/15 (Assured Guaranty Corp. Insured) | 1,335 | 1,465 | ||
5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 618 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2009 A, 5% 1/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,118 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (Healthpartners Oblig. Group Proj.) Series 2006, 5% 5/15/11 | 300 | 306 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,122 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.) Series 2008 C, 5.5% 7/1/10 | 2,000 | 2,000 | ||
Waconia Independent School District #110 Series 2003 A, 5% 2/1/11 (FSA Insured) | 940 | 963 | ||
| 11,674 | |||
Mississippi - 0.2% | ||||
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2002, 4.4%, tender 3/1/11 (c)(f) | 1,100 | 1,116 | ||
Mississippi Dev. Bank Spl. Oblig. (Marshall County Correctional Facility Proj.) Series 2008 C, 5% 8/1/11 | 1,050 | 1,102 | ||
Mississippi Hosp. Equip. & Facilities Auth.: | ||||
(Mississippi Baptist Med. Ctr. Proj.) Series 2007 A, 5% 8/15/11 | 1,000 | 1,032 | ||
(South Central Reg'l. Med. Ctr. Proj.) Series 2006, 5% 12/1/10 | 1,240 | 1,248 | ||
Mississippi Hsg. Fin. Corp. Single Family Mtg. Rev. Series 1983, 0% 6/1/15 (Escrowed to Maturity) (g) | 4,000 | 3,620 | ||
| 8,118 | |||
Missouri - 0.2% | ||||
Fenton Tax Increment Rev. (Gravois Bluffs Redev. Proj.) Series 2006, 5% 4/1/11 | 1,430 | 1,457 | ||
Kansas City School District Bldg. Corp. Rev. (School District Elementary School Proj.) Series 2003 B, 5% 2/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,850 | 1,874 | ||
Lees Summit Indl. Dev. Auth. Sr. Living Facilities Rev. (John Knox Village Proj.) Series 2007 A, 5% 8/15/11 | 1,485 | 1,517 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Missouri - continued | ||||
Saint Louis Arpt. Rev. Series 2003 A, 5.25% 7/1/11 (FSA Insured) | $ 1,000 | $ 1,032 | ||
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series 2007 A, 5% 9/1/11 | 1,000 | 1,014 | ||
Saint Louis Muni. Fin. Corp. Leasehold Rev. (Callahan Courthouse Proj.) Series 2002 A, 5.75% 2/15/14 (Pre-Refunded to 2/15/12 @ 100) (g) | 1,050 | 1,137 | ||
| 8,031 | |||
Nebraska - 0.4% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 A, 5% 12/1/11 | 6,500 | 6,669 | ||
Nebraska Pub. Pwr. District Rev. Series B, 5% 1/1/12 (FSA Insured) | 3,500 | 3,715 | ||
Univ. of Nebraska Facilities Corp. Lease Rental Rev. (UNMC Health Professions Futures Proj.) Series 2009, 5% 8/15/13 | 4,000 | 4,369 | ||
| 14,753 | |||
Nevada - 1.7% | ||||
Clark County Arpt. Rev.: | ||||
Series 2003 C: | ||||
5% 7/1/10 (AMBAC Insured) (f) | 1,225 | 1,225 | ||
5% 7/1/11 (AMBAC Insured) (f) | 1,790 | 1,852 | ||
Series 2008 E: | ||||
5% 7/1/14 | 2,905 | 3,220 | ||
5% 7/1/15 | 3,500 | 3,901 | ||
Clark County Fuel Tax Series 2008, 5% 6/1/13 | 5,815 | 6,410 | ||
Clark County Hwy. Impt. Rev. (Motor Vehicle Fuel Tax) Series 2003, 5% 7/1/11 (AMBAC Insured) | 3,230 | 3,358 | ||
Clark County School District: | ||||
(Bldg. Proj.) Series 2008 A, 5% 6/15/12 | 10,000 | 10,723 | ||
Series 1998, 5.5% 6/15/13 (FSA Insured) | 5,000 | 5,570 | ||
Series 2001 F, 5.375% 6/15/11 (FSA Insured) | 4,090 | 4,271 | ||
Series 2005 A, 5% 6/15/16 (FGIC Insured) | 21,215 | 23,738 | ||
Nevada Gen. Oblig. Series 2002 A, 5% 4/1/11 (FSA Insured) | 4,015 | 4,152 | ||
| 68,420 | |||
New Jersey - 3.6% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series B, 6.375% 11/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,470 | 8,046 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New Jersey - continued | ||||
New Jersey Ctfs. of Prtn. Series 2009 A: | ||||
5% 6/15/15 | $ 11,285 | $ 12,572 | ||
5% 6/15/16 | 6,500 | 7,191 | ||
New Jersey Econ. Dev. Auth. Poll. Cont. Rev. (Pub. Svc. Elec. & Gas Pwr. LLC Proj.) 5% 3/1/12 | 3,275 | 3,446 | ||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Series 2001 A, 5.5% 6/15/13 (AMBAC Insured) | 1,090 | 1,237 | ||
Series 2005 K, 5.25% 12/15/14 (FGIC Insured) | 1,790 | 2,004 | ||
Series 2008 J4, 5%, tender 9/1/14 (FSA Insured) (c) | 7,000 | 7,631 | ||
Series 2008 W: | ||||
5% 3/1/12 (Escrowed to Maturity) (g) | 5,545 | 5,960 | ||
5% 3/1/15 | 10,400 | 11,492 | ||
Series 2009 BB, 5% 9/1/15 | 3,390 | 3,764 | ||
New Jersey Gen. Oblig. Series H, 5.25% 7/1/12 (FGIC Insured) | 5,000 | 5,447 | ||
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Series 2010 1A, 5% 12/1/15 | 4,500 | 4,906 | ||
New Jersey Tobacco Settlement Fing. Corp. Series 2007 1A, 4.25% 6/1/11 | 1,000 | 1,011 | ||
New Jersey Tpk. Auth. Tpk. Rev.: | ||||
Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) (g) | 4,300 | 5,015 | ||
Series 2000 A, 6% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 21,785 | 22,364 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,702 | ||
Series A, 5.25% 12/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,373 | ||
Series B: | ||||
5.25% 12/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,550 | 4,646 | ||
6.5% 6/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,270 | ||
Series C, 5.5% 12/15/10 | 25,000 | 25,555 | ||
| 146,632 | |||
New Mexico - 0.9% | ||||
Albuquerque Joint Wtr. & Swr. Sys. Rev. Series 1999 A, 5.25% 7/1/11 | 1,135 | 1,188 | ||
Farmington Poll. Cont. Rev. (Southern California Edison Co. Four Corners Proj.) Series 2005 B, 2.875%, tender 4/1/15 (c) | 22,100 | 22,527 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New Mexico - continued | ||||
New Mexico Edl. Assistance Foundation Series 2009 B, 4% 9/1/16 | $ 7,000 | $ 7,504 | ||
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 5,142 | ||
| 36,361 | |||
New York - 14.1% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.5% 11/15/12 | 1,000 | 1,070 | ||
Grand Central District Mgmt. Assoc., Inc. Series 2004, 5% 1/1/12 | 1,175 | 1,244 | ||
Long Island Pwr. Auth. Elec. Sys. Rev.: | ||||
Series 2006 F, 5% 5/1/11 | 10,000 | 10,331 | ||
Series 2010 A, 5% 5/1/15 | 5,000 | 5,637 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,783 | ||
New York City Gen. Oblig.: | ||||
Series 1997 H, 6% 8/1/12 (FGIC Insured) | 1,000 | 1,104 | ||
Series 2000 A, 6.5% 5/15/11 | 155 | 157 | ||
Series 2001 G, 5.25% 8/1/14 (AMBAC Insured) | 1,000 | 1,033 | ||
Series 2002 A1, 5.25% 11/1/14 | 600 | 639 | ||
Series 2002 B, 5.75% 8/1/14 | 1,000 | 1,092 | ||
Series 2003 F, 5.5% 12/15/11 | 6,775 | 7,235 | ||
Series 2005 C, 5% 8/1/12 | 19,770 | 21,415 | ||
Series 2005 D, 5% 8/1/12 | 4,925 | 5,335 | ||
Series 2005 F1, 5% 9/1/15 | 3,560 | 4,069 | ||
Series 2005 G, 5.625% 8/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,075 | 5,546 | ||
Series 2005 K: | ||||
5% 8/1/11 | 3,565 | 3,728 | ||
5% 8/1/12 | 4,360 | 4,723 | ||
Series 2005 O, 5% 6/1/12 | 7,525 | 8,107 | ||
Series 2008 E, 5% 8/1/12 | 5,000 | 5,416 | ||
Series 2010 C, 5% 8/1/13 | 7,000 | 7,788 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (a) | 4,600 | 4,869 | ||
6% 11/1/28 (a) | 44,300 | 47,177 | ||
Series 2003 B, 5.25% 2/1/29 (a) | 3,100 | 3,173 | ||
Series 2007 C1, 5% 11/1/15 | 15,200 | 17,581 | ||
Series 2010 B, 5% 11/1/17 | 30,000 | 35,009 | ||
Series 2010 D, 5% 11/1/15 | 8,300 | 9,600 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Rev.: - continued | ||||
Series B: | ||||
5% 11/1/11 | $ 11,060 | $ 11,712 | ||
5% 11/1/11 (Escrowed to Maturity) (g) | 1,520 | 1,611 | ||
New York City Trust Cultural Resources Rev. (The Juilliard School Proj.) Series 2009 B, 2.75%, tender 7/1/12 (c) | 3,500 | 3,609 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2009 A: | ||||
5% 3/15/12 | 3,900 | 4,185 | ||
5% 3/15/13 | 3,545 | 3,923 | ||
5% 3/15/14 | 3,745 | 4,223 | ||
5% 3/15/15 | 4,000 | 4,569 | ||
Series 2009 D: | ||||
5% 6/15/14 | 9,890 | 11,226 | ||
5% 6/15/15 | 16,075 | 18,480 | ||
5% 6/15/16 | 9,330 | 10,738 | ||
Series 2010 A: | ||||
5% 2/15/14 | 9,850 | 11,078 | ||
5% 2/15/15 | 8,780 | 10,009 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A: | ||||
5.75% 7/1/13 | 3,500 | 3,715 | ||
5.75% 7/1/13 (AMBAC Insured) | 1,000 | 1,062 | ||
Series C, 7.5% 7/1/10 | 4,425 | 4,425 | ||
(Mental Health Svcs. Facilities Proj.): | ||||
Series 2008 D: | ||||
5% 2/15/14 | 7,295 | 8,096 | ||
5% 8/15/14 | 7,755 | 8,694 | ||
Series 2009 A1, 5% 2/15/15 | 9,000 | 10,069 | ||
(St. Lawrence Univ.) Series 2008, 5% 7/1/14 | 3,700 | 4,087 | ||
Series 2002 B, 5.25%, tender 5/15/12 (c) | 16,055 | 17,265 | ||
Series 2008 B, 5% 7/1/15 | 30,000 | 33,735 | ||
Series 2009 A: | ||||
5% 7/1/15 | 12,850 | 14,547 | ||
5% 7/1/16 | 8,390 | 9,485 | ||
New York Local Govt. Assistance Corp.: | ||||
Series 2003 A, 5% 4/1/18 | 12,400 | 14,492 | ||
Series 2007 A, 5% 4/1/11 | 20,000 | 20,689 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B: | ||||
5% 11/15/14 | 1,350 | 1,528 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New York - continued | ||||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B: - continued | ||||
5% 11/15/15 | $ 2,325 | $ 2,637 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2003 B: | ||||
5.25% 11/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,040 | 1,130 | ||
5.25% 11/15/19 (FGIC Insured) | 5,200 | 5,907 | ||
Series 2005 C: | ||||
5% 11/15/10 | 1,230 | 1,248 | ||
5% 11/15/11 | 2,750 | 2,897 | ||
Series 2008 B2, 5%, tender 11/15/12 (c) | 7,300 | 7,907 | ||
Series 2010 B2, 4% 11/15/14 | 2,830 | 3,060 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2008 A, 5% 4/1/13 | 2,600 | 2,874 | ||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,148 | ||
New York Thruway Auth. Svc. Contract Rev. Series 2002, 5.5% 4/1/11 | 10,000 | 10,362 | ||
New York Urban Dev. Corp. Rev.: | ||||
Series 2005 A, 5% 1/1/12 | 5,015 | 5,316 | ||
Series 2009 C: | ||||
5% 12/15/15 | 6,500 | 7,548 | ||
5% 12/15/16 | 17,000 | 19,766 | ||
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Series 2001 C, 5.625%, tender 11/15/14 (c)(f) | 2,450 | 2,517 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (g) | 6,035 | 6,472 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.5% 6/1/14 | 1,005 | 1,008 | ||
5.5% 6/1/17 | 6,000 | 6,251 | ||
Series 2003B 1C: | ||||
5.5% 6/1/15 | 1,300 | 1,304 | ||
5.5% 6/1/17 | 4,200 | 4,376 | ||
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) (g) | 6,470 | 7,492 | ||
| 567,333 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
New York & New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (f) | $ 1,200 | $ 1,202 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 4,100 | 4,348 | ||
| 5,550 | |||
North Carolina - 0.6% | ||||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 A: | ||||
5% 1/15/11 | 750 | 766 | ||
5% 1/15/12 | 400 | 424 | ||
Mecklenburg County Pub. Facilities Corp. Series 2009: | ||||
5% 3/1/16 | 5,870 | 6,722 | ||
5% 3/1/18 | 1,500 | 1,735 | ||
Nash Health Care Sys. Health Care Facilities Rev. Series 2003: | ||||
5% 11/1/13 (FSA Insured) | 1,500 | 1,636 | ||
5% 11/1/15 (FSA Insured) | 1,600 | 1,743 | ||
North Carolina Grant Anticipation Rev. Series 2009, 5% 3/1/15 | 1,250 | 1,429 | ||
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | ||||
5% 6/1/15 | 1,500 | 1,657 | ||
5% 6/1/16 | 1,000 | 1,097 | ||
5% 6/1/17 | 3,220 | 3,518 | ||
5% 6/1/18 | 3,820 | 4,163 | ||
| 24,890 | |||
North Dakota - 0.1% | ||||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.) Series 2005: | ||||
5% 12/1/11 (Assured Guaranty Corp. Insured) | 1,575 | 1,631 | ||
5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,825 | 1,924 | ||
Ward County Health Care Facility Rev. Series 2006, 5% 7/1/10 | 1,595 | 1,595 | ||
| 5,150 | |||
Ohio - 2.6% | ||||
Akron Bath Copley Hosp. District Rev. (Akron Gen. Health Systems Proj.) Series 2006 A, 5% 1/1/11 | 1,000 | 1,015 | ||
American Muni. Pwr. Electricity Purchase Rev. Series A, 5% 2/1/11 | 9,400 | 9,624 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Ohio - continued | ||||
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | $ 1,000 | $ 1,087 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series 2008 C2, 4.1%, tender 11/10/11 (c) | 2,700 | 2,821 | ||
Ohio Air Quality Dev. Auth. Rev.: | ||||
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 C, 7.25%, tender 11/1/12 (c)(f) | 9,000 | 9,929 | ||
(Ohio Pwr. Co. Proj.) Series 2010 A, 3.25%, tender 6/2/14 (c) | 5,500 | 5,514 | ||
Ohio Bldg. Auth.: | ||||
(Administrative Bldg. Fund Proj.) Series 2009 B: | ||||
5% 10/1/14 | 5,955 | 6,747 | ||
5% 10/1/15 | 6,505 | 7,397 | ||
(Adult Correctional Bldg. Fund Proj.) Series 2009 B: | ||||
5% 10/1/14 | 2,055 | 2,328 | ||
5% 10/1/15 | 4,535 | 5,157 | ||
Ohio Gen. Oblig.: | ||||
(Common Schools Proj.): | ||||
Series 2010 A, 5% 9/15/17 | 2,600 | 3,012 | ||
Series 2010 B, 5% 9/15/15 | 19,080 | 22,001 | ||
(Higher Ed. Proj.): | ||||
Series 2005 C, 5% 8/1/13 | 4,495 | 5,027 | ||
Series 2010 A, 5% 8/1/17 | 3,290 | 3,808 | ||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Cleveland Clinic Foundation Proj.) Series 2008 A, 5% 1/1/15 | 2,000 | 2,212 | ||
(Univ. Hosp. Health Sys. Proj.) Series 2010 A: | ||||
5% 1/15/15 | 500 | 545 | ||
5% 1/15/17 | 1,000 | 1,080 | ||
Ohio State Univ. Gen. Receipts Series 2010 A, 5% 12/1/16 | 5,000 | 5,751 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c) | 4,100 | 4,557 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008: | ||||
5% 12/1/12 | 1,950 | 2,064 | ||
5% 12/1/13 | 875 | 936 | ||
5% 12/1/14 | 2,275 | 2,438 | ||
| 105,050 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Oklahoma - 0.5% | ||||
Cherokee County Econ. Dev. Auth. Series A, 0% 11/1/11 (Escrowed to Maturity) (g) | $ 1,000 | $ 988 | ||
Grand River Dam Auth. Rev. Series 1995, 6.25% 6/1/11 (AMBAC Insured) | 8,940 | 9,361 | ||
Oklahoma Dev. Fin. Auth. (Pub. Svc. Co. of Oklahoma Proj.) Series 2009, 5.25% 6/1/14 | 2,700 | 2,947 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series 2008 B, 5% 8/15/14 | 1,660 | 1,809 | ||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) Series 2007, 5% 2/15/13 | 405 | 428 | ||
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 6,156 | ||
| 21,689 | |||
Oregon - 0.5% | ||||
Clackamas County Hosp. Facility Auth. (Legacy Health Sys. Proj.) Series 2009 C, 5%, tender 7/15/14 (c) | 2,500 | 2,671 | ||
Gilliam County Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2000 A, 3.5%, tender 5/1/13 (c)(f) | 5,300 | 5,303 | ||
Oregon Dept. Administrative Svcs. Ctfs. of Prtn. Series 2004 B, 5% 5/1/11 (FSA Insured) | 1,000 | 1,036 | ||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A: | ||||
5% 3/15/13 | 1,000 | 1,071 | ||
5% 3/15/14 | 595 | 643 | ||
5% 3/15/15 | 2,500 | 2,706 | ||
5% 3/15/16 | 1,750 | 1,897 | ||
Tri-County Metropolitan Trans. District Rev. Series 2006, 5% 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,154 | ||
| 20,481 | |||
Pennsylvania - 3.9% | ||||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1, 5.75% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 1,300 | 1,336 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.): | ||||
Series 2008 A, 5% 9/1/12 | 6,615 | 7,117 | ||
Series 2008 B, 5% 6/15/14 | 1,385 | 1,533 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A: | ||||
4% 8/15/15 | 1,385 | 1,490 | ||
5% 8/15/14 | 1,955 | 2,172 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Pennsylvania - continued | ||||
Allegheny County Sanitation Auth. Swr. Rev. Series 2000, 6% 12/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,495 | $ 1,538 | ||
Delaware County Auth. Hosp. Rev. (Crozer Keystone Oblig. Group Proj.) Series B, 5% 12/15/11 | 2,835 | 2,865 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,329 | ||
Pennsylvania Indl. Dev. Auth. Rev. Series 2002, 5.25% 7/1/10 (AMBAC Insured) | 2,750 | 2,750 | ||
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. (City of Philadelphia Fdg. Prog.) Series 2009, 5% 6/15/15 | 10,600 | 12,084 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 B, 5% 12/1/17 | 12,500 | 14,399 | ||
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series A, 5% 8/1/15 | 2,100 | 2,274 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2007 A: | ||||
5% 8/1/11 (FSA Insured) | 3,570 | 3,688 | ||
5% 8/1/12 (FSA Insured) | 5,000 | 5,339 | ||
Series 2008 A: | ||||
5% 12/15/14 (FSA Insured) | 5,370 | 5,938 | ||
5% 12/15/15 (FSA Insured) | 5,000 | 5,549 | ||
5% 12/15/16 (FSA Insured) | 7,275 | 8,072 | ||
Philadelphia Muni. Auth. Rev. Series 2003 B, 5.25% 11/15/11 (FSA Insured) | 3,400 | 3,554 | ||
Philadelphia School District: | ||||
Series 2005 B, 5% 4/1/11 (AMBAC Insured) | 2,160 | 2,221 | ||
Series 2005 D, 5.25% 6/1/12 (FSA Insured) | 1,465 | 1,572 | ||
Series 2010 C: | ||||
5% 9/1/15 | 13,200 | 14,624 | ||
5% 9/1/16 | 13,610 | 15,016 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A: | ||||
5% 6/15/15 | 15,000 | 16,718 | ||
5% 6/15/16 | 6,000 | 6,697 | ||
Pittsburgh School District Series 2009 A: | ||||
3% 9/1/12 (Assured Guaranty Corp. Insured) | 1,300 | 1,350 | ||
3% 9/1/14 (Assured Guaranty Corp. Insured) | 1,640 | 1,702 | ||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B: | ||||
5% 11/15/13 | 2,465 | 2,703 | ||
5% 11/15/14 | 4,690 | 5,212 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Pennsylvania - continued | ||||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B: - continued | ||||
5% 11/15/15 | $ 2,420 | $ 2,700 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,353 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series K, 0% 7/1/12 (Escrowed to Maturity) (g) | 2,355 | 2,292 | ||
| 158,187 | |||
Puerto Rico - 0.6% | ||||
Puerto Rico Convention Ctr. District Auth. Hotel Occupancy Tax Rev. Series 2006 A, 5% 7/1/10 | 2,000 | 2,000 | ||
Puerto Rico Govt. Dev. Bank Series 2006 B: | ||||
5% 12/1/10 | 8,000 | 8,125 | ||
5% 12/1/11 | 1,040 | 1,089 | ||
5% 12/1/12 | 1,000 | 1,055 | ||
Univ. of Puerto Rico: | ||||
Series P, 5% 6/1/11 | 5,760 | 5,935 | ||
Series Q, 5% 6/1/11 | 4,825 | 4,972 | ||
| 23,176 | |||
Rhode Island - 0.3% | ||||
Rhode Island & Providence Plantations Series 2010 A, 5% 10/1/12 | 2,250 | 2,454 | ||
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A: | ||||
5% 6/15/15 (Assured Guaranty Corp. Insured) | 2,010 | 2,291 | ||
5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 7,554 | ||
| 12,299 | |||
South Carolina - 0.2% | ||||
Greenville County School District Installment Purp. Rev. 5% 12/1/10 | 1,455 | 1,480 | ||
South Carolina Jobs-Econ. Dev. Auth. (Anmed Health Proj.) Series 2010: | ||||
5% 2/1/16 | 2,000 | 2,182 | ||
5% 2/1/17 | 2,300 | 2,497 | ||
| 6,159 | |||
Tennessee - 0.8% | ||||
Elizabethton Health & Edl. Facilities Board Rev. (First Mtg. Prog.) Series 2000 B, 6% 7/1/11 (Escrowed to Maturity) (g) | 2,005 | 2,081 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Tennessee - continued | ||||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5% 4/1/13 | $ 1,000 | $ 1,070 | ||
Memphis Elec. Sys. Rev. 5% 12/1/14 | 5,000 | 5,736 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (f) | 1,730 | 1,820 | ||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | ||||
5% 7/1/16 | 1,815 | 1,990 | ||
5% 7/1/17 | 1,100 | 1,201 | ||
Sevierville Pub. Bldg. Auth. Series 2009, 5% 6/1/14 | 12,400 | 13,929 | ||
Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2004 A, 5% 9/1/15 | 3,125 | 3,464 | ||
| 31,291 | |||
Texas - 6.6% | ||||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 1.9%, tender 8/1/10 (Liquidity Facility Bank of America NA) (c) | 6,700 | 6,701 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/15 | 2,585 | 2,952 | ||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.): | ||||
Series 2006 A, 6% 1/1/14 | 1,420 | 1,463 | ||
Series 2006 B: | ||||
6% 1/1/12 | 500 | 511 | ||
6% 1/1/13 | 1,270 | 1,307 | ||
Austin Elec. Util. Sys. Rev.: | ||||
Series 2007: | ||||
5% 11/15/10 (FSA Insured) | 3,000 | 3,049 | ||
5% 11/15/11 (FSA Insured) | 4,000 | 4,238 | ||
Series A, 5% 11/15/15 (b) | 1,000 | 1,142 | ||
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,701 | ||
Austin Util. Sys. Rev. Series 1992 A, 0% 11/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,300 | 5,286 | ||
Austin Wtr. & Wastewtr. Sys. Rev. Series 2009 A, 5% 11/15/15 | 2,250 | 2,588 | ||
Birdville Independent School District 0% 2/15/11 | 5,000 | 4,977 | ||
Brownsville Independent School District Series 2005, 5% 8/15/11 | 1,430 | 1,502 | ||
Brownsville Util. Sys. Rev. Series 2008 A, 5% 9/1/15 (FSA Insured) | 2,665 | 3,040 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Texas - continued | ||||
Bryan Wtrwks. & Swr. Sys. Rev. Series 2001, 5.5% 7/1/11 (FSA Insured) | $ 1,500 | $ 1,574 | ||
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,174 | ||
Corpus Christi Independent School District: | ||||
Series 2009, 4% 8/15/13 | 2,535 | 2,748 | ||
4% 8/15/14 | 10,140 | 11,108 | ||
Dallas County Cmnty. College Series 2009, 4% 2/15/15 | 1,000 | 1,104 | ||
Dallas Fort Worth Int'l. Arpt. Rev. Series 2009 A: | ||||
5% 11/1/14 | 2,500 | 2,791 | ||
5% 11/1/15 | 5,000 | 5,608 | ||
Denton County Gen. Oblig. Series 2005 A, 5% 7/15/11 (FSA Insured) | 3,065 | 3,196 | ||
Fort Worth Independent School District: | ||||
Series 2005, 5% 2/15/12 | 1,500 | 1,609 | ||
Series 2009, 5% 2/15/16 | 3,690 | 4,236 | ||
Frisco Gen. Oblig. Series 2004, 5.25% 2/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,380 | 1,563 | ||
Grapevine Gen. Oblig.: | ||||
Series 2009 A, 5% 2/15/15 | 2,215 | 2,501 | ||
Series 2009: | ||||
5% 2/15/15 | 1,520 | 1,716 | ||
5% 2/15/16 | 1,375 | 1,558 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A: | ||||
5% 11/15/12 | 1,000 | 1,082 | ||
5% 11/15/14 | 1,000 | 1,117 | ||
5% 11/15/16 | 500 | 559 | ||
Harris County Gen. Oblig. (Road Proj.) Series 2008 B: | ||||
5% 8/15/13 | 1,000 | 1,115 | ||
5% 8/15/14 | 1,075 | 1,217 | ||
Houston Arpt. Sys. Rev. Series A: | ||||
5% 7/1/15 | 1,300 | 1,450 | ||
5% 7/1/16 | 1,080 | 1,208 | ||
Houston Cmnty. College Sys. Rev. Series 2005: | ||||
5.25% 4/15/11 (FSA Insured) | 3,030 | 3,144 | ||
5.25% 4/15/12 (FSA Insured) | 2,000 | 2,155 | ||
Houston Gen. Oblig.: | ||||
Series 2004 A, 5.25% 3/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,855 | 3,231 | ||
Series 2007 B, 5% 3/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,575 | 3,823 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Texas - continued | ||||
Houston Gen. Oblig.: - continued | ||||
Series A, 5% 3/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 7,500 | $ 8,279 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 3,906 | ||
Houston Util. Sys. Rev.: | ||||
Series 2005 A, 5.25% 11/15/11 (FSA Insured) | 4,430 | 4,682 | ||
Series 2005 C1, 5%, tender 5/15/11 (AMBAC Insured) (c) | 5,100 | 5,279 | ||
Humble Independent School District Series 2009, 4% 2/15/13 | 400 | 429 | ||
Irving Gen. Oblig. Series 2009, 5% 9/15/15 | 2,970 | 3,429 | ||
Katy Independent School District Series A, 5.25% 2/15/12 | 2,000 | 2,153 | ||
Keller Independent School District 5% 2/15/14 | 3,750 | 4,205 | ||
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,545 | ||
Leander Independent School District Series 2001, 6% 8/15/14 | 1,850 | 2,188 | ||
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,357 | ||
Lone Star College Sys. Gen. Oblig. Series 2010 A, 5% 8/15/22 | 2,500 | 2,611 | ||
Lower Colorado River Auth. Rev. Series 2010: | ||||
5% 5/15/15 | 2,000 | 2,271 | ||
5% 5/15/16 | 2,360 | 2,685 | ||
5% 5/15/17 | 2,805 | 3,169 | ||
Lubbock Gen. Oblig.: | ||||
(Wtrwks. Sys. Surplus Proj.) Series 2005, 5% 2/15/11 (FSA Insured) | 2,465 | 2,535 | ||
Series 2005, 5% 2/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,850 | 2,030 | ||
Magnolia Independent School District Series 2005, 8% 8/15/11 (FGIC Insured) | 1,210 | 1,299 | ||
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 2,002 | ||
Montgomery County Gen. Oblig. Series 2006 B, 5%, tender 9/1/10 (FSA Insured) (c) | 1,750 | 1,762 | ||
North Texas Tollway Auth. Rev. Series 2008 H2, 5%, tender 1/1/13 (c) | 5,000 | 5,376 | ||
Northside Independent School District: | ||||
Series 2009, 2.1%, tender 6/1/11 (c) | 4,900 | 4,951 | ||
1.5%, tender 8/1/12 (c) | 12,500 | 12,597 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Texas - continued | ||||
San Antonio Muni. Drainage Util. Sys. Rev. Series 2005, 5.25% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,545 | $ 1,647 | ||
San Jacinto Cmnty. College District Series 2009: | ||||
5% 2/15/15 | 2,500 | 2,817 | ||
5% 2/15/16 | 2,000 | 2,252 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 6,637 | ||
Spring Branch Independent School District Series 2001: | ||||
5.375% 2/1/14 | 1,090 | 1,117 | ||
5.375% 2/1/14 (Pre-Refunded to 2/1/11 @ 100) (g) | 1,700 | 1,749 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Baylor Health Care Sys. Proj.) Series 2009: | ||||
5% 11/15/11 | 1,665 | 1,753 | ||
5% 11/15/12 | 1,950 | 2,117 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. (Christus Health Proj.) Series 2008 A, 5.75% 7/1/18 (Assured Guaranty Corp. Insured) | 5,000 | 5,436 | ||
Texas Gen. Oblig.: | ||||
(College Student Ln. Prog.) Series 1997, 5% 8/1/11 (f) | 3,000 | 3,009 | ||
0% 10/1/13 | 6,500 | 6,138 | ||
Texas Pub. Fin. Auth. Bldg. Rev. Series 2007, 5% 2/1/11 (AMBAC Insured) | 1,550 | 1,591 | ||
Texas Tech Univ. Revs. Ninth Series, 5% 2/15/11 (AMBAC Insured) | 1,250 | 1,285 | ||
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Series 2009, 5%, tender 2/15/11 (c) | 3,200 | 3,266 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007, 5% 4/1/12 | 4,000 | 4,296 | ||
Texas Wtr. Dev. Board Rev. Series 2007 B, 5% 7/15/11 | 2,780 | 2,912 | ||
Titus County Fresh Wtr. Supply District #1 Poll. Cont. Rev. (Southwestern Elec. Pwr. Co. Proj.) Series 2008, 4.5% 7/1/11 | 3,000 | 3,061 | ||
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,246 | ||
Travis County Gen. Oblig. 5.25% 3/1/12 | 4,125 | 4,451 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev. Series 2008, 5% 8/1/13 | 6,135 | 6,830 | ||
Univ. of North Texas Univ. Rev. Series A, 5% 4/15/14 | 1,000 | 1,122 | ||
Univ. of Texas Board of Regents Sys. Rev. Series 2003 B, 5% 8/15/33 (Pre-Refunded to 8/15/13 @ 100) (g) | 15,000 | 16,812 | ||
| 266,328 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Utah - 0.9% | ||||
Salt Lake County Wtr. Conservancy District Rev. Series A: | ||||
0% 10/1/11 (AMBAC Insured) | $ 3,800 | $ 3,726 | ||
0% 10/1/12 (AMBAC Insured) | 3,800 | 3,657 | ||
0% 10/1/13 (AMBAC Insured) | 3,760 | 3,516 | ||
Utah Bldg. Ownership Auth. Lease Rev. (State Facilities Master Lease Prog.) Series A, 5% 5/15/11 | 1,700 | 1,761 | ||
Utah Gen. Oblig. Series 2009 C, 5% 7/1/16 | 20,000 | 23,381 | ||
| 36,041 | |||
Vermont - 0.1% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (Fletcher Allen Health Care Proj.) Series 2004 B, 5% 12/1/15 (FSA Insured) | 2,225 | 2,420 | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/15 | 5,000 | 5,530 | ||
Virginia - 0.5% | ||||
Amelia County Indl. Dev. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 3.375%, tender 4/1/13 (c)(f) | 5,900 | 5,884 | ||
Chesapeake Econ. Dev. Auth. Poll. Cont. Rev. (Elec. & Pwr. Co. Proj.) Series 2008 A, 3.6%, tender 2/1/13 (c) | 1,800 | 1,868 | ||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (c) | 8,000 | 8,807 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 4.05%, tender 5/1/14 (c) | 1,800 | 1,916 | ||
| 18,475 | |||
Washington - 0.9% | ||||
Chelan County Pub. Util. District #1 Rev. Series 2004 B, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,190 | 1,238 | ||
Clark County Pub. Util. District #1 Elec. Rev.: | ||||
5% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,680 | 1,716 | ||
5.25% 1/1/11 (FSA Insured) | 1,935 | 1,979 | ||
Energy Northwest Elec. Rev. (#3 Proj.) Series 2009 A, 5% 7/1/14 | 4,000 | 4,551 | ||
King County Highline School District # 401 Series 2009: | ||||
5% 12/1/16 | 6,350 | 7,349 | ||
5% 12/1/17 | 2,950 | 3,422 | ||
King County School District #409, Tahoma 5% 6/1/11 (FSA Insured) | 1,740 | 1,808 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Washington - continued | ||||
Port of Seattle Rev. Series 2001 D, 5.75% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | $ 3,640 | $ 3,862 | ||
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,297 | ||
Spokane County Wastewtr. Sys. Rev. Series 2009 A, 5% 12/1/15 | 1,710 | 1,952 | ||
Vancouver Wtr. & Swr. Rev. 5.25% 6/1/11 (FSA Insured) | 1,000 | 1,044 | ||
Washington Gen. Oblig. Series A, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,045 | ||
Washington Health Care Facilities Auth. Rev. (MultiCare Health Sys. Proj.) Series 2010 A: | ||||
5% 8/15/13 | 2,000 | 2,162 | ||
5% 8/15/14 | 2,000 | 2,179 | ||
| 36,604 | |||
Wisconsin - 1.4% | ||||
Milwaukee County Gen. Oblig. Series A, 0% 12/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,370 | 3,358 | ||
Wisconsin Gen. Oblig.: | ||||
Series 2005 1, 5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,325 | 7,246 | ||
Series 2009 C, 4% 5/1/14 | 3,365 | 3,684 | ||
Series 2010 1: | ||||
5% 5/1/14 | 5,750 | 6,508 | ||
5% 5/1/15 | 8,005 | 9,170 | ||
5% 5/1/16 | 10,000 | 11,492 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,572 | ||
(Marshfield Clinic Proj.) Series 2006 A, 5% 2/15/13 | 875 | 905 | ||
(Mercy Alliance, Inc. Proj.) Series 2010 A, 3% 6/1/11 | 1,250 | 1,265 | ||
(Thedacare, Inc. Proj.) Series 2010: | ||||
4% 12/15/13 | 1,035 | 1,085 | ||
5% 12/15/15 | 1,105 | 1,200 | ||
5% 12/15/16 | 1,440 | 1,549 | ||
5% 12/15/17 | 1,540 | 1,641 | ||
(Wheaton Franciscan Healthcare Sys. Proj.): | ||||
Series 2002, 5.75% 8/15/11 | 1,000 | 1,037 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: - continued | ||||
(Wheaton Franciscan Healthcare Sys. Proj.): | ||||
Series 2003 A, 5% 8/15/10 | $ 1,870 | $ 1,874 | ||
Series 2006 A, 5% 8/15/11 | 1,315 | 1,353 | ||
| 54,939 | |||
TOTAL MUNICIPAL BONDS (Cost $3,269,588) | 3,359,273 |
Municipal Notes - 6.8% | |||
|
|
|
|
Arizona - 0.4% | |||
Yuma Indl. Dev. Auth. Hosp. Rev. (Yuma Reg'l. Med. Ctr. Proj.) Series 2008, 0.22%, LOC JPMorgan Chase Bank, VRDN (c) | 17,200 | 17,200 | |
Florida - 0.7% | |||
Cape Coral Wtr. & Swr. Rev. BAN Series 2009, 6% 10/1/11 | 7,600 | 7,847 | |
North Broward Hosp. District Rev. Series 2005 A, 0.25%, LOC Wells Fargo Bank NA, VRDN (c) | 18,500 | 18,500 | |
| 26,347 | ||
Illinois - 0.4% | |||
Illinois Fin. Auth. Rev. (Edward Hosp. Obligated Group Proj.) Series 2008 B1, 0.22%, LOC JPMorgan Chase Bank, VRDN (c) | 17,620 | 17,620 | |
Michigan - 1.5% | |||
Michigan Hosp. Fin. Auth. Rev. (Henry Ford Health Sys. Proj.) Series 2007, 0.22%, LOC JPMorgan Chase Bank, VRDN (c) | 60,810 | 60,810 | |
Missouri - 0.6% | |||
Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series Putters 3605, 0.31% (Liquidity Facility JPMorgan Chase Bank) (c)(h) | 22,495 | 22,495 | |
New Jersey - 0.3% | |||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev. Series 2008 V3, 0.18%, LOC Bank of Nova Scotia New York Branch, VRDN (c) | 11,000 | 11,000 | |
Trenton Gen. Oblig. BAN 3% 7/15/10 | 1,710 | 1,711 | |
| 12,711 | ||
New York - 2.3% | |||
Nassau Health Care Corp. Rev. Series 2009 B1, 0.24%, LOC TD Banknorth, NA, VRDN (c) | 13,000 | 13,000 | |
Municipal Notes - continued | |||
Principal Amount (000s) | Value | ||
New York - continued | |||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2008 B1, 0.25% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | $ 15,235 | $ 15,235 | |
New York Local Govt. Assistance Corp.: | |||
Series 2008 B, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 17,355 | 17,355 | |
Series 2008 B7V, 0.22% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 12,600 | 12,600 | |
Series 2008 BAV, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (c) | 22,730 | 22,730 | |
Suffolk County Wtr. Auth. Series 2008, 0.18% (Liquidity Facility Bank of Nova Scotia New York Branch), VRDN (c) | 11,300 | 11,300 | |
| 92,220 | ||
Pennsylvania - 0.6% | |||
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series E, 0.27%, LOC JPMorgan Chase Bank, VRDN (c) | 22,500 | 22,500 | |
TOTAL MUNICIPAL NOTES (Cost $271,654) | 271,903 | ||
Money Market Funds - 3.7% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.27% (d)(e) | 149,517,900 | 149,518 | |
TOTAL INVESTMENT PORTFOLIO - 94.1% (Cost $3,690,760) | 3,780,694 | ||
NET OTHER ASSETS (LIABILITIES) - 5.9% | 239,006 | ||
NET ASSETS - 100% | $ 4,019,700 |
Security Type Abbreviations |
BAN BOND ANTICIPATION NOTE |
VRDN VARIABLE RATE DEMAND NOTE |
Legend |
(a) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(f) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(g) Security collateralized by an amount sufficient to pay interest and principal. |
(h) Provides evidence of ownership in one or more underlying municipal bonds. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 159 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2010, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Municipal Securities | $ 3,631,176 | $ - | $ 3,631,176 | $ - |
Money Market Funds | 149,518 | 149,518 | - | - |
Total Investments in Securities: | $ 3,780,694 | $ 149,518 | $ 3,631,176 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 36.6% |
Health Care | 13.2% |
Special Tax | 12.7% |
Electric Utilities | 8.1% |
Escrowed/Pre-Refunded | 5.4% |
Others* (Individually Less Than 5%) | 24.0% |
| 100.0% |
* Includes cash equivalents and net other assets |
Income Tax Information |
At December 31, 2009, the Fund had a capital loss carryforward of approximately $1,619,000 of which $172,000 and $1,447,000 will expire on December 31, 2014 and 2015, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2010 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,541,242) | $ 3,631,176 |
|
Fidelity Central Funds (cost $149,518) | 149,518 |
|
Total Investments (cost $3,690,760) |
| $ 3,780,694 |
Cash | 215,974 | |
Receivable for fund shares sold | 6,429 | |
Interest receivable | 40,319 | |
Distributions receivable from Fidelity Central Funds | 36 | |
Receivable from investment adviser for expense reductions | 1 | |
Other receivables | 77 | |
Total assets | 4,043,530 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 12,378 | |
Delayed delivery | 1,139 | |
Payable for fund shares redeemed | 5,617 | |
Distributions payable | 1,919 | |
Accrued management fee | 1,218 | |
Distribution fees payable | 113 | |
Other affiliated payables | 1,373 | |
Other payables and accrued expenses | 73 | |
Total liabilities | 23,830 | |
|
|
|
Net Assets | $ 4,019,700 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,928,533 | |
Distributions in excess of net investment income | (58) | |
Accumulated undistributed net realized gain (loss) on investments | 1,291 | |
Net unrealized appreciation (depreciation) on investments | 89,934 | |
Net Assets | $ 4,019,700 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2010 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price Class A: | $ 10.69 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.69) | $ 10.99 | |
Class T: | $ 10.68 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.68) | $ 10.98 | |
Class B: | $ 10.69 | |
|
|
|
Class C: | $ 10.68 | |
|
|
|
Short-Intermediate Municipal Income: | $ 10.68 | |
|
|
|
Institutional Class: | $ 10.68 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
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, 2010 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 53,167 |
Income from Fidelity Central Funds |
| 159 |
Total income |
| 53,326 |
|
|
|
Expenses | ||
Management fee | $ 7,019 | |
Transfer agent fees | 1,746 | |
Distribution fees | 641 | |
Accounting fees and expenses | 306 | |
Custodian fees and expenses | 26 | |
Independent trustees' compensation | 7 | |
Registration fees | 209 | |
Audit | 25 | |
Legal | 5 | |
Miscellaneous | 23 | |
Total expenses before reductions | 10,007 | |
Expense reductions | (137) | 9,870 |
Net investment income | 43,456 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 2,910 |
Change in net unrealized appreciation (depreciation) on investment securities | 13,610 | |
Net gain (loss) | 16,520 | |
Net increase (decrease) in net assets resulting from operations | $ 59,976 |
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 | $ 43,456 | $ 72,308 |
Net realized gain (loss) | 2,910 | 749 |
Change in net unrealized appreciation (depreciation) | 13,610 | 66,473 |
Net increase (decrease) in net assets resulting | 59,976 | 139,530 |
Distributions to shareholders from net investment income | (43,444) | (72,293) |
Share transactions - net increase (decrease) | 507,574 | 1,429,938 |
Redemption fees | 41 | 107 |
Total increase (decrease) in net assets | 524,147 | 1,497,282 |
|
|
|
Net Assets | ||
Beginning of period | 3,495,553 | 1,998,271 |
End of period (including distributions in excess of net investment income of $58 and distributions in excess of net investment income of $70, respectively) | $ 4,019,700 | $ 3,495,553 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 | $ 10.21 | $ 10.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .107 | .254 | .298 | .302 | .292 | .268 |
Net realized and unrealized gain (loss) | .050 | .294 | .021 | .118 | (.001) | (.177) |
Total from investment operations | .157 | .548 | .319 | .420 | .291 | .091 |
Distributions from net investment income | (.107) | (.258) | (.300) | (.300) | (.291) | (.268) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.107) | (.258) | (.300) | (.300) | (.291) | (.271) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.69 | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 | $ 10.21 |
Total Return B, C, D | 1.48% | 5.34% | 3.13% | 4.19% | 2.89% | .89% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .79% A | .79% | .75% | .71% | .65% | .65% |
Expenses net of fee waivers, if any | .78% A | .78% | .75% | .71% | .65% | .65% |
Expenses net of all reductions | .78% A | .78% | .72% | .64% | .56% | .58% |
Net investment income | 2.03% A | 2.41% | 2.90% | 2.95% | 2.86% | 2.61% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 216 | $ 169 | $ 58 | $ 12 | $ 10 | $ 14 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 | $ 10.37 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .108 | .255 | .300 | .297 | .281 | .257 |
Net realized and unrealized gain (loss) | .051 | .294 | .029 | .120 | (.011) | (.167) |
Total from investment operations | .159 | .549 | .329 | .417 | .270 | .090 |
Distributions from net investment income | (.109) | (.259) | (.300) | (.297) | (.280) | (.257) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.109) | (.259) | (.300) | (.297) | (.280) | (.260) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Total Return B, C, D | 1.50% | 5.36% | 3.24% | 4.17% | 2.69% | .88% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .76% A | .77% | .74% | .74% | .75% | .76% |
Expenses net of fee waivers, if any | .76% A | .77% | .74% | .74% | .75% | .76% |
Expenses net of all reductions | .75% A | .77% | .72% | .69% | .66% | .69% |
Net investment income | 2.05% A | 2.42% | 2.90% | 2.91% | 2.76% | 2.50% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 23 | $ 23 | $ 15 | $ 10 | $ 13 | $ 15 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the sales charges.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 | $ 10.21 | $ 10.39 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .073 | .186 | .230 | .228 | .215 | .190 |
Net realized and unrealized gain (loss) | .050 | .293 | .029 | .121 | (.012) | (.177) |
Total from investment operations | .123 | .479 | .259 | .349 | .203 | .013 |
Distributions from net investment income | (.073) | (.189) | (.230) | (.229) | (.213) | (.190) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.073) | (.189) | (.230) | (.229) | (.213) | (.193) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.69 | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 | $ 10.21 |
Total Return B, C, D | 1.16% | 4.66% | 2.54% | 3.47% | 2.02% | .13% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.45% A | 1.46% | 1.43% | 1.41% | 1.41% | 1.41% |
Expenses net of fee waivers, if any | 1.43% A | 1.43% | 1.43% | 1.41% | 1.41% | 1.41% |
Expenses net of all reductions | 1.42% A | 1.43% | 1.40% | 1.36% | 1.31% | 1.34% |
Net investment income | 1.38% A | 1.77% | 2.22% | 2.23% | 2.11% | 1.85% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3 | $ 3 | $ 2 | $ 1 | $ 2 | $ 3 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 | $ 10.20 | $ 10.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E | .067 | .175 | .220 | .219 | .204 | .178 |
Net realized and unrealized gain (loss) | .050 | .303 | .020 | .120 | (.011) | (.176) |
Total from investment operations | .117 | .478 | .240 | .339 | .193 | .002 |
Distributions from net investment income | (.067) | (.178) | (.221) | (.219) | (.203) | (.179) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.067) | (.178) | (.221) | (.219) | (.203) | (.182) |
Redemption fees added to paid in capital E | - I | - I | .001 | - I | - I | - I |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 | $ 10.20 |
Total Return B, C, D | 1.11% | 4.66% | 2.35% | 3.37% | 1.92% | .02% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.54% A | 1.53% | 1.50% | 1.51% | 1.51% | 1.52% |
Expenses net of fee waivers, if any | 1.53% A | 1.53% | 1.50% | 1.51% | 1.51% | 1.52% |
Expenses net of all reductions | 1.53% A | 1.53% | 1.48% | 1.45% | 1.41% | 1.45% |
Net investment income | 1.28% A | 1.67% | 2.14% | 2.14% | 2.01% | 1.74% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 74 | $ 56 | $ 20 | $ 6 | $ 7 | $ 10 |
Portfolio turnover rate G | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Total returns do not include the effect of the contingent deferred sales charge.
E Calculated based on average shares outstanding during the period.
F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Short-Intermediate Municipal Income
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 | $ 10.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .123 | .284 | .326 | .323 | .307 | .284 |
Net realized and unrealized gain (loss) | .050 | .293 | .029 | .120 | (.010) | (.177) |
Total from investment operations | .173 | .577 | .355 | .443 | .297 | .107 |
Distributions from net investment income | (.123) | (.287) | (.326) | (.323) | (.307) | (.284) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.123) | (.287) | (.326) | (.323) | (.307) | (.287) |
Redemption fees added to paid in capital D | - H | - H | .001 | - H | - H | - H |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Total Return B, C | 1.63% | 5.64% | 3.50% | 4.43% | 2.95% | 1.06% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .49% A | .50% | .49% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .49% A | .50% | .49% | .49% | .49% | .49% |
Expenses net of all reductions | .48% A | .50% | .47% | .43% | .41% | .42% |
Net investment income | 2.32% A | 2.69% | 3.15% | 3.17% | 3.01% | 2.77% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,585 | $ 3,153 | $ 1,870 | $ 1,650 | $ 1,485 | $ 1,665 |
Portfolio turnover rate F | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 | $ 10.20 | $ 10.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .120 | .281 | .321 | .320 | .306 | .283 |
Net realized and unrealized gain (loss) | .051 | .293 | .022 | .120 | - H | (.176) |
Total from investment operations | .171 | .574 | .343 | .440 | .306 | .107 |
Distributions from net investment income | (.121) | (.284) | (.324) | (.320) | (.306) | (.284) |
Distributions from net realized gain | - | - | - | - | - | (.003) |
Total distributions | (.121) | (.284) | (.324) | (.320) | (.306) | (.287) |
Redemption fees added to paid in capital D | - H | - H | .001 | - H | - H | - H |
Net asset value, end of period | $ 10.68 | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 | $ 10.20 |
Total Return B, C | 1.61% | 5.61% | 3.38% | 4.39% | 3.05% | 1.05% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .53% A | .55% | .51% | .52% | .50% | .49% |
Expenses net of fee waivers, if any | .53% A | .53% | .51% | .52% | .50% | .49% |
Expenses net of all reductions | .52% A | .53% | .49% | .45% | .41% | .42% |
Net investment income | 2.28% A | 2.66% | 3.13% | 3.14% | 3.01% | 2.77% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 119 | $ 92 | $ 32 | $ 5 | $ 3 | $ 3 |
Portfolio turnover rate F | 15% A | 8% | 20% | 23% | 28% | 27% |
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 Calculated based on average shares outstanding during the period.
E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
H 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, 2010 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Short-Intermediate Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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 offers Class A, Class T, Class B, Class C, Short-Intermediate Municipal Income and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares will be closed to new accounts and additional purchases by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of four years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below.
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2010, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows.
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the Trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned amongst each fund in the Trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 93,607 |
Gross unrealized depreciation | (3,666) |
Net unrealized appreciation (depreciation) | $ 89,941 |
|
|
Tax cost | $ 3,690,753 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
4. 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's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $628,316 and $248,088, respectively.
Semiannual Report
6. Fees and Other Transactions with Affiliates.
Management Fee. 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 .12% 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 .37% of the Fund's average net assets.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
| Distribution | Service | Paid to | Retained |
Class A | -% | .25% | $ 269 | $ 45 |
Class T | -% | .25% | 29 | - |
Class B | .65% | .25% | 14 | 10 |
Class C | .75% | .25% | 329 | 212 |
|
|
| $ 641 | $ 267 |
Sales Load. FDC receives a front-end sales charge of up to 2.75% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 3% to 1% for Class B, 1% for Class C, .75% to ..50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 39 |
Class T | 3 |
Class B* | 3 |
Class C* | 14 |
| $ 59 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. 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 Fund's Class A, Class T, Class B, Class C, Short-Intermediate Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
| Amount | % of |
Class A | $ 151 | .14 |
Class T | 12 | .11 |
Class B | 2 | .14 |
Class C | 42 | .13 |
Short-Intermediate Municipal Income | 1,468 | .09 |
Institutional Class | 71 | .13 |
| $ 1,746 |
|
* Annualized
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.75 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
Semiannual Report
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class A | .78% | $ 13 |
Class B | 1.43% | -* |
Class C | 1.53% | 2 |
Institutional Class | .53% | 1 |
|
| $ 16 |
* Amount of reimbursement totaled Two hundred sixty-three dollars.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $26 and $95, respectively.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Class A | $ 2,153 | $ 2,644 |
Class T | 234 | 507 |
Class B | 21 | 49 |
Class C | 415 | 585 |
Short-Intermediate Municipal Income | 39,396 | 66,990 |
Institutional Class | 1,225 | 1,518 |
Total | $ 43,444 | $ 72,293 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class A |
|
|
|
|
Shares sold | 9,426 | 13,598 | $ 100,674 | $ 143,697 |
Reinvestment of distributions | 153 | 193 | 1,633 | 2,042 |
Shares redeemed | (5,249) | (3,555) | (56,080) | (37,636) |
Net increase (decrease) | 4,330 | 10,236 | $ 46,227 | $ 108,103 |
Class T |
|
|
|
|
Shares sold | 236 | 1,653 | $ 2,513 | $ 17,401 |
Reinvestment of distributions | 15 | 35 | 159 | 369 |
Shares redeemed | (306) | (970) | (3,262) | (10,233) |
Net increase (decrease) | (55) | 718 | $ (590) | $ 7,537 |
Class B |
|
|
|
|
Shares sold | 55 | 196 | $ 586 | $ 2,063 |
Reinvestment of distributions | 1 | 3 | 14 | 33 |
Shares redeemed | (79) | (107) | (842) | (1,133) |
Net increase (decrease) | (23) | 92 | $ (242) | $ 963 |
Class C |
|
|
|
|
Shares sold | 2,304 | 3,929 | $ 24,557 | $ 41,448 |
Reinvestment of distributions | 28 | 38 | 303 | 401 |
Shares redeemed | (686) | (686) | (7,308) | (7,231) |
Net increase (decrease) | 1,646 | 3,281 | $ 17,552 | $ 34,618 |
Short-Intermediate Municipal Income |
|
|
|
|
Shares sold | 85,679 | 190,743 | $ 913,482 | $ 2,011,500 |
Reinvestment of distributions | 2,747 | 4,558 | 29,289 | 48,110 |
Shares redeemed | (49,272) | (79,620) | (524,985) | (839,418) |
Net increase (decrease) | 39,154 | 115,681 | $ 417,786 | $ 1,220,192 |
Institutional Class |
|
|
|
|
Shares sold | 5,202 | 8,441 | $ 55,473 | $ 89,141 |
Reinvestment of distributions | 45 | 72 | 481 | 757 |
Shares redeemed | (2,731) | (2,973) | (29,113) | (31,373) |
Net increase (decrease) | 2,516 | 5,540 | $ 26,841 | $ 58,525 |
Semiannual Report
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
ASTMI-USAN-0810 1.803550.106
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Municipal Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Municipal Trust
By: | /s/ John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | August 26, 2010 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | August 26, 2010 |
By: | /s/ Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | August 26, 2010 |