UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811- 2720
Fidelity Municipal Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | December 31 |
Date of reporting period: | June 30, 2004 |
Item 1. Reports to Stockholders
Spartan®
Pennsylvania Municipal
Income Fund
and
Fidelity®
Pennsylvania Municipal
Money Market Fund
Semiannual Report
June 30, 2004
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders |
Spartan Pennsylvania Municipal Income Fund | ||
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 12 | Statements of assets and liabilities, operations, and changes in net assets, |
Fidelity Pennsylvania Municipal Money Market Fund | ||
Investment Changes | 16 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 17 | A complete list of the fund's investments. |
Financial Statements | 24 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 28 | Notes to the Financial Statements |
Proxy Voting Results | 32 | |
For a free copy of the funds' proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the funds nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Spartan Pennsylvania Municipal Income Fund
Investment Changes
Top Five Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
General Obligations | 44.5 | 42.6 |
Transportation | 12.4 | 12.0 |
Education | 10.9 | 10.9 |
Health Care | 10.4 | 11.6 |
Water & Sewer | 10.2 | 11.1 |
Average Years to Maturity as of June 30, 2004 | ||
6 months ago | ||
Years | 13.8 | 13.9 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of June 30, 2004 | ||
6 months ago | ||
Years | 6.9 | 7.0 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2004 | As of December 31, 2003 | ||||||
![]() | AAA 81.4% | ![]() | AAA 79.2% | ||||
![]() | AA,A 13.6% | ![]() | AA,A 14.9% | ||||
![]() | BBB 3.1% | ![]() | BBB 3.2% | ||||
![]() | Not Rated 1.0% | ![]() | Not Rated 1.0% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ratings. |
Semiannual Report
Spartan Pennsylvania Municipal Income Fund
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.1% | ||||
Principal | Value (Note 1) | |||
New Jersey/Pennsylvania - 1.4% | ||||
Delaware River Joint Toll Bridge Commission Bridge Rev. 5.25% 7/1/19 | $ 1,000,000 | $ 1,040,170 | ||
Delaware River Port Auth. Pennsylvania & New Jersey Rev.: | ||||
(Port District Proj.) Series A, 5.5% 1/1/18 (FSA Insured) | 2,000,000 | 2,160,360 | ||
Series 1999, 6% 1/1/18 (FSA Insured) | 700,000 | 782,082 | ||
3,982,612 | ||||
Pennsylvania - 96.7% | ||||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1: | ||||
5.75% 1/1/07 (MBIA Insured) (b) | 1,500,000 | 1,592,175 | ||
5.75% 1/1/08 (MBIA Insured) (b) | 1,000,000 | 1,069,510 | ||
5.75% 1/1/11 (MBIA Insured) (b) | 2,000,000 | 2,139,100 | ||
5.75% 1/1/14 (MBIA Insured) (b) | 3,000,000 | 3,206,640 | ||
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev. (Duquesne Univ. Proj.) 6.5% 3/1/10 (AMBAC Insured) | 400,000 | 459,876 | ||
Allegheny County Hosp. Dev. Auth. Rev. (Health Ctr.-UPMC Health Sys. Proj.) Series A: | ||||
4.625% 8/1/12 (MBIA Insured) | 1,000,000 | 1,035,510 | ||
4.625% 8/1/14 (MBIA Insured) | 3,560,000 | 3,628,779 | ||
5.55% 4/1/12 (MBIA Insured) | 2,845,000 | 3,045,174 | ||
Allegheny County San. Auth. Swr. Rev.: | ||||
0% 12/1/12 (Escrowed to Maturity) (c) | 2,260,000 | 1,589,684 | ||
5.5% 12/1/30 (MBIA Insured) | 2,000,000 | 2,066,700 | ||
Bucks County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania Suburban Wtr. Co. Proj.) Series 2002, 5.55% 9/1/32 (FGIC Insured) (b) | 1,870,000 | 1,911,963 | ||
Butler Area School District: | ||||
Series A: | ||||
0% 10/1/27 (FGIC Insured) | 1,500,000 | 412,860 | ||
0% 9/15/28 (FGIC Insured) | 1,000,000 | 257,930 | ||
0% 9/15/29 (FGIC Insured) | 2,705,000 | 659,641 | ||
0% 11/15/19 (Pre-Refunded to 11/15/07 @ 50.177) (c) | 5,650,000 | 2,559,337 | ||
Canon McMillan School District: | ||||
Series 2001 B, 5.75% 12/1/33 (FGIC Insured) | 8,995,000 | 9,541,176 | ||
Series 2002 B, 5.75% 12/1/35 (FGIC Insured) | 2,500,000 | 2,643,450 | ||
Central York School District 5.5% 6/1/16 (FGIC Insured) | 2,000,000 | 2,180,560 | ||
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. (Jefferson Health Sys. Proj.) Series B: | ||||
5% 5/15/08 (AMBAC Insured) | 600,000 | 641,136 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Pennsylvania - continued | ||||
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. (Jefferson Health Sys. Proj.) Series B: - continued | ||||
5.25% 5/15/22 (AMBAC Insured) | $ 1,450,000 | $ 1,497,647 | ||
Cumberland County Muni. Auth. College Rev. (Dickerson College Proj.) Series A, 5.5% 11/1/30 (AMBAC Insured) | 4,200,000 | 4,320,792 | ||
Delaware County Auth. College Rev. (Haverford College Proj.): | ||||
5.75% 11/15/29 | 5,000,000 | 5,272,300 | ||
6% 11/15/30 | 3,620,000 | 3,939,899 | ||
Delaware County Auth. Hosp. Rev. (Crozer-Chester Med. Ctr. Proj.): | ||||
6% 12/15/09 | 1,500,000 | 1,534,125 | ||
6% 12/15/20 | 2,300,000 | 2,304,278 | ||
Delaware County Indl. Dev. Auth. Rev. (Philadelphia Suburban Wtr. Co. Proj.) 6% 6/1/29 (FGIC Insured) (b) | 2,500,000 | 2,676,775 | ||
Delaware County Reg'l. Wtr. Quality Cont. Auth. Swr. Rev. Series 2001, 5.25% 5/1/12 (FGIC Insured) | 2,165,000 | 2,372,732 | ||
Erie School District 0% 9/1/30 (AMBAC Insured) | 4,000,000 | 936,120 | ||
Harrisburg Auth. Dauphin County School Rev. (Harrisburg School District Rfdg. Proj.) 5.5% 4/1/14 (FGIC Insured) | 1,655,000 | 1,814,294 | ||
Harrisburg Auth. Rev. (Pooled Bond Prog.) Series I, 5.625% 4/1/15 (Pre-Refunded to 4/1/06 @ 102) (c) | 445,000 | 480,894 | ||
Harrisburg Auth. Wtr. Rev. 5.75% 7/15/12 (FGIC Insured) | 1,115,000 | 1,248,008 | ||
Indiana County Indl. Dev. Auth. Poll. Cont. Rev. (PSEG Pwr. LLC Proj.) 5.85% 6/1/27 (b) | 2,000,000 | 1,994,860 | ||
Kennett Consolidated School District Series A, 5.25% 2/15/15 (FGIC Insured) | 1,310,000 | 1,410,739 | ||
Meadville Gen. Oblig. Series B, 6% 10/1/05 (Escrowed to Maturity) (c) | 1,395,000 | 1,433,837 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A: | ||||
6% 6/1/09 (AMBAC Insured) | 2,365,000 | 2,646,553 | ||
6% 6/1/16 (AMBAC Insured) | 1,000,000 | 1,142,730 | ||
Montgomery County Higher Ed. & Health Auth. Rev. (Health Care-Holy Redeemer Health Proj.) Series A: | ||||
5.5% 10/1/05 (AMBAC Insured) | 2,240,000 | 2,336,589 | ||
5.5% 10/1/08 (AMBAC Insured) | 1,000,000 | 1,083,650 | ||
Muhlenberg School District Series AA, 5.375% 9/1/15 (FGIC Insured) | 1,055,000 | 1,149,095 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Pennsylvania - continued | ||||
Northumberland County Auth. Commonwealth Lease Rev. (State Correctional Facilities Proj.) 0% 10/15/10 (Escrowed to Maturity) (c) | $ 1,000,000 | $ 793,510 | ||
Owen J. Roberts School District 5.5% 8/15/19 (FSA Insured) | 1,525,000 | 1,640,687 | ||
Pennsbury School District 5.5% 1/15/17 (FGIC Insured) | 2,160,000 | 2,343,838 | ||
Pennsylvania Convention Ctr. Auth. Rev. Series A: | ||||
6.6% 9/1/09 (MBIA Insured) | 9,150,000 | 9,405,468 | ||
6.7% 9/1/14 (MBIA Insured) | 3,965,000 | 4,076,298 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Amtrak Proj.) Series 2001 A: | ||||
6.25% 11/1/31 (b) | 3,300,000 | 3,346,398 | ||
6.375% 11/1/41 (b) | 1,300,000 | 1,320,189 | ||
Pennsylvania Gen. Oblig.: | ||||
First Series: | ||||
5% 6/1/13 (MBIA Insured) | 750,000 | 802,140 | ||
5% 6/1/14 (MBIA Insured) | 1,280,000 | 1,364,224 | ||
5% 6/1/19 (MBIA Insured) | 7,275,000 | 7,488,085 | ||
5.25% 2/1/14 | 125,000 | 135,468 | ||
5.25% 2/1/16 (MBIA Insured) | 2,100,000 | 2,244,648 | ||
5.25% 2/1/18 | 1,250,000 | 1,319,463 | ||
Second Series: | ||||
0% 7/1/07 (AMBAC Insured) | 1,770,000 | 1,618,931 | ||
5% 8/1/17 | 2,450,000 | 2,539,891 | ||
5% 5/1/20 (FSA Insured) | 1,175,000 | 1,207,136 | ||
5.25% 10/15/13 (MBIA Insured) | 1,000,000 | 1,092,730 | ||
5.5% 5/1/17 (FSA Insured) | 6,000,000 | 6,524,100 | ||
5.75% 10/1/16 (MBIA Insured) | 475,000 | 526,419 | ||
5.25% 2/1/11 | 1,000,000 | 1,096,330 | ||
Pennsylvania Higher Edl. Facilities Auth. College & Univ. Revs.: | ||||
(RIDC Reg'l. Growth-Carnegie Mellon Univ. Proj.) 6% 11/1/05 | 1,000,000 | 1,050,990 | ||
(Trustees Univ. Proj.) 5.5% 7/15/38 | 4,380,000 | 4,453,409 | ||
(Univ. of Pennsylvania Proj.) Series A, 5.9% 9/1/15 | 1,200,000 | 1,252,044 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev.: | ||||
(Drexel Univ. Proj.): | ||||
6% 5/1/24 | 1,000,000 | 1,069,270 | ||
6% 5/1/29 | 3,470,000 | 3,651,793 | ||
(Lafayette College Proj.) 6% 5/1/30 | 2,500,000 | 2,713,450 | ||
(Temple Univ. Proj.) 5.375% 7/15/19 (MBIA Insured) | 1,000,000 | 1,063,370 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Pennsylvania - continued | ||||
Pennsylvania Higher Edl. Facilities Auth. Rev.: - continued | ||||
(UPMC Health Sys. Proj.) Series 1999 A: | ||||
5.25% 8/1/10 (FSA Insured) | $ 1,000,000 | $ 1,083,870 | ||
5.25% 8/1/11 (FSA Insured) | 1,000,000 | 1,089,220 | ||
Series 2000 S, 5.5% 6/15/15 (AMBAC Insured) | 500,000 | 543,915 | ||
Pennsylvania Hsg. Fin. Agcy.: | ||||
Series 52B, 5.55% 10/1/12 (b) | 390,000 | 394,832 | ||
Series 54A, 5.375% 10/1/28 (b) | 660,000 | 670,474 | ||
Pennsylvania Indl. Dev. Auth. Rev. 7% 1/1/07 (AMBAC Insured) | 1,000,000 | 1,102,460 | ||
Pennsylvania Pub. School Bldg. Auth. School Rev. (Northwestern School District Proj.) Series E, 5.75% 1/15/19 (FGIC Insured) | 500,000 | 543,020 | ||
Pennsylvania Tpk. Commission Registration Fee Rev.: | ||||
Series 2001, 5.5% 7/15/33 (AMBAC Insured) | 1,000,000 | 1,034,700 | ||
5% 7/15/41 (AMBAC Insured) | 4,500,000 | 4,368,690 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series S, 5.625% 6/1/12 (FGIC Insured) | 2,000,000 | 2,243,000 | ||
Philadelphia Arpt. Rev.: | ||||
Series 1998, 5.375% 6/15/10 (FGIC Insured) (b) | 2,000,000 | 2,140,360 | ||
5.375% 6/15/11 (FGIC Insured) (b) | 3,770,000 | 4,015,993 | ||
6% 6/15/08 (FGIC Insured) (b) | 3,000,000 | 3,284,250 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) 17th Series, 5% 7/1/07 (FSA Insured) | 4,000,000 | 4,255,120 | ||
Third Series: | ||||
5% 8/1/05 (FSA Insured) | 1,000,000 | 1,034,600 | ||
5% 8/1/06 (FSA Insured) | 1,000,000 | 1,051,960 | ||
Philadelphia Gen. Oblig. 5.25% 9/15/12 (FSA Insured) | 2,455,000 | 2,664,927 | ||
Philadelphia Hosp. & Higher Ed. Facilities Auth. Health Sys. Rev. (Jefferson Health Sys. Proj.) Series A: | ||||
5% 5/15/09 | 1,000,000 | 1,061,290 | ||
5.5% 5/15/08 | 1,000,000 | 1,082,440 | ||
Philadelphia Hosps. & Higher Ed. Facilities Auth. Hosp. Rev. (Pennsylvania Hosp. Proj.) 6.25% 7/1/06 (Escrowed to Maturity) (c) | 2,600,000 | 2,808,286 | ||
Philadelphia Muni. Auth. Rev.: | ||||
(Muni. Svcs. Bldg. Lease Prog.) 0% 3/15/11 (FSA Insured) | 1,000,000 | 762,420 | ||
Series B, 5.25% 11/15/11 (FSA Insured) | 2,000,000 | 2,199,560 | ||
Philadelphia School District: | ||||
Series 2000 A, 5.75% 2/1/13 (FSA Insured) | 365,000 | 404,898 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Pennsylvania - continued | ||||
Philadelphia School District: - continued | ||||
Series 2002 A: | ||||
5.5% 2/1/26 (FSA Insured) | $ 3,565,000 | $ 3,696,620 | ||
5.5% 2/1/31 (FSA Insured) | 1,000,000 | 1,038,840 | ||
Series A, 5.75% 2/1/16 (FSA Insured) | 500,000 | 549,170 | ||
Series B: | ||||
5.375% 4/1/27 (AMBAC Insured) | 4,000,000 | 4,070,920 | ||
5.625% 8/1/15 (FGIC Insured) | 1,500,000 | 1,642,020 | ||
Series C, 5.75% 3/1/29 (MBIA Insured) | 5,000,000 | 5,279,300 | ||
Philadelphia Wtr. & Wastewtr. Rev.: | ||||
Series 14, 0% 10/1/08 (MBIA Insured) | 5,300,000 | 4,599,499 | ||
Series A, 5.375% 11/1/19 (FGIC Insured) | 3,000,000 | 3,195,840 | ||
Pittsburgh Gen. Oblig.: | ||||
Series 2003 A: | ||||
5.5% 9/1/16 (AMBAC Insured) | 5,000,000 | 5,387,950 | ||
5.75% 9/1/22 (Pre-Refunded to 9/1/09 @ 100) (c) | 800,000 | 894,552 | ||
Series 2003 D, 5% 9/1/06 (FGIC Insured) | 250,000 | 263,228 | ||
5.5% 9/1/12 (AMBAC Insured) | 1,065,000 | 1,138,187 | ||
Pittsburgh School District Series C: | ||||
0% 8/1/07 (AMBAC Insured) | 2,610,000 | 2,381,312 | ||
0% 8/1/08 (AMBAC Insured) | 2,000,000 | 1,745,280 | ||
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Series A, 6.5% 9/1/13 (FGIC Insured) | 10,000,000 | 11,673,196 | ||
Quaker Valley School District 5.5% 4/1/25 (FSA Insured) | 1,020,000 | 1,070,419 | ||
Scranton-Lackawanna Health & Welfare Auth. Rev. (Cmnty. Med. Ctr. Proj.) 5.5% 7/1/12 (MBIA Insured) | 3,375,000 | 3,656,104 | ||
Spring-Ford Area School District: | ||||
5.375% 4/1/16 (FSA Insured) | 790,000 | 853,524 | ||
5.375% 4/1/17 (FSA Insured) | 830,000 | 888,789 | ||
5.375% 4/1/18 (FSA Insured) | 875,000 | 934,001 | ||
Tredyffrin-Easttown School District: | ||||
5.5% 2/15/13 | 1,015,000 | 1,101,772 | ||
5.5% 2/15/16 | 2,140,000 | 2,303,667 | ||
Upper Saint Clair Township School District 5.375% 7/15/16 (FSA Insured) | 1,855,000 | 2,009,058 | ||
West Allegheny School District Series B: | ||||
5% 2/1/11 (FGIC Insured) | 1,225,000 | 1,325,217 | ||
5.25% 2/1/12 (FGIC Insured) | 1,850,000 | 2,026,490 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Pennsylvania - continued | ||||
Westmoreland County Indl. Dev. Auth. Rev. (Nat'l. Waste & Energy Corp./Valley Landfill Expansion Proj.) 5.1%, tender 5/1/09 (a)(b) | $ 2,700,000 | $ 2,786,211 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev.: | ||||
Series A: | ||||
0% 8/15/19 (FGIC Insured) | 5,000,000 | 2,357,750 | ||
0% 8/15/20 (FGIC Insured) | 2,500,000 | 1,102,425 | ||
Series C, 0% 8/15/17 (Escrowed to Maturity) (c) | 2,500,000 | 1,316,950 | ||
Wyomissing Area School District Series B: | ||||
5.35% 5/1/09 (FGIC Insured) | 1,130,000 | 1,237,836 | ||
5.35% 5/1/10 (FGIC Insured) | 1,190,000 | 1,308,060 | ||
York City Swr. Auth. Swr. Rev. 0% 12/1/12 (MBIA Insured) | 3,235,000 | 2,262,333 | ||
York County Solid Waste & Refuse Auth. Solid Waste Sys. Rev. 5.25% 12/1/05 (FGIC Insured) | 2,500,000 | 2,611,800 | ||
266,926,002 | ||||
Puerto Rico - 1.0% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series Y, 5.5% 7/1/36 (FSA Insured) | 400,000 | 422,176 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/32 (Escrowed to Maturity) (c) | 2,100,000 | 2,215,080 | ||
Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04 | 100,000 | 100,346 | ||
2,737,602 |
TOTAL INVESTMENT PORTFOLIO - 99.1% (Cost $264,754,839) | 273,646,216 |
NET OTHER ASSETS - 0.9% | 2,459,903 | ||
NET ASSETS - 100% | $ 276,106,119 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 44.5% |
Transportation | 12.4% |
Education | 10.9% |
Health Care | 10.4% |
Water & Sewer | 10.2% |
Escrowed/Pre-Refunded | 5.1% |
Others* (individually less than 5%) | 6.5% |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $21,680,576 and $25,607,871, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Pennsylvania Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
June 30, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $264,754,839) | $ 273,646,216 | |
Cash | 228,559 | |
Receivable for fund shares sold | 1,858 | |
Interest receivable | 3,442,798 | |
Prepaid expenses | 714 | |
Other receivables | 1,575 | |
Total assets | 277,321,720 | |
Liabilities | ||
Payable for investments purchased | $ 560,709 | |
Payable for fund shares redeemed | 262,548 | |
Distributions payable | 259,004 | |
Accrued management fee | 86,859 | |
Other affiliated payables | 24,967 | |
Other payables and accrued expenses | 21,514 | |
Total liabilities | 1,215,601 | |
Net Assets | $ 276,106,119 | |
Net Assets consist of: | ||
Paid in capital | $ 267,675,384 | |
Undistributed net investment income | 47,462 | |
Accumulated undistributed net realized gain (loss) on investments | (508,104) | |
Net unrealized appreciation (depreciation) on investments | 8,891,377 | |
Net Assets, for 25,800,453 shares outstanding | $ 276,106,119 | |
Net Asset Value, offering price and redemption price per share ($276,106,119 ÷ 25,800,453 shares) | $ 10.70 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Pennsylvania Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $ 6,672,403 | |
Expenses | ||
Management fee | $ 544,717 | |
Transfer agent fees | 107,816 | |
Accounting fees and expenses | 38,141 | |
Non-interested trustees' compensation | 749 | |
Custodian fees and expenses | 3,411 | |
Registration fees | 20,013 | |
Audit | 19,421 | |
Legal | 3,242 | |
Miscellaneous | 4,480 | |
Total expenses before reductions | 741,990 | |
Expense reductions | (9,470) | 732,520 |
Net investment income (loss) | 5,939,883 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 261,105 | |
Change in net unrealized appreciation (depreciation) on investment securities | (9,737,312) | |
Net gain (loss) | (9,476,207) | |
Net increase (decrease) in net assets resulting from operations | $ (3,536,324) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 5,939,883 | $ 12,411,615 |
Net realized gain (loss) | 261,105 | 3,115,200 |
Change in net unrealized appreciation (depreciation) | (9,737,312) | (684,686) |
Net increase (decrease) in net assets resulting | (3,536,324) | 14,842,129 |
Distributions to shareholders from net investment income | (5,906,698) | (12,386,124) |
Distributions to shareholders from net realized gain | (264,865) | (2,676,206) |
Total distributions | (6,171,563) | (15,062,330) |
Share transactions | 19,094,551 | 33,102,566 |
Reinvestment of distributions | 4,527,761 | 11,095,137 |
Cost of shares redeemed | (29,827,954) | (51,986,017) |
Net increase (decrease) in net assets resulting from share transactions | (6,205,642) | (7,788,314) |
Redemption fees | 874 | 1,591 |
Total increase (decrease) in net assets | (15,912,655) | (8,006,924) |
Net Assets | ||
Beginning of period | 292,018,774 | 300,025,698 |
End of period (including undistributed net investment income of $47,462 and undistributed net investment income of $23,804, respectively) | $ 276,106,119 | $ 292,018,774 |
Other Information Shares | ||
Sold | 1,728,847 | 2,987,477 |
Issued in reinvestment of distributions | 413,685 | 1,001,950 |
Redeemed | (2,739,011) | (4,706,471) |
Net increase (decrease) | (596,479) | (717,044) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 11.06 | $ 11.07 | $ 10.64 | $ 10.64 | $ 10.06 | $ 10.83 |
Income from Investment Operations | ||||||
Net investment income (loss) | .225D | .463D | .482D | .494D,F | .494D | .482 |
Net realized and | (.352) | .091 | .471 | .030F | .581 | (.709) |
Total from investment operations | (.127) | .554 | .953 | .524 | 1.075 | (.227) |
Distributions from net investment income | (.223) | (.462) | (.482) | (.493) | (.495) | (.482) |
Distributions from net realized gain | (.010) | (.102) | (.041) | (.031) | - | (.042) |
Distributions in excess of net realized gain | - | - | - | - | - | (.020) |
Total distributions | (.233) | (.564) | (.523) | (.524) | (.495) | (.544) |
Redemption fees added to paid in capital | -D,G | -D,G | -D,G | -D,G | -D,G | .001 |
Net asset value, end of period | $ 10.70 | $ 11.06 | $ 11.07 | $ 10.64 | $ 10.64 | $ 10.06 |
Total ReturnB,C | (1.17)% | 5.11% | 9.14% | 4.97% | 10.99% | (2.16)% |
Ratios to Average Net AssetsE | ||||||
Expenses before | .51%A | .51% | .51% | .51% | .52% | .51% |
Expenses net of voluntary waivers, if any | .51%A | .51% | .51% | .51% | .52% | .51% |
Expenses net of all | .51%A | .50% | .49% | .45% | .44% | .51% |
Net investment | 4.12%A | 4.18% | 4.42% | 4.59%F | 4.84% | 4.58% |
Supplemental Data | ||||||
Net assets, end of | $ 276,106 | $ 292,019 | $ 300,026 | $ 269,262 | $ 243,369 | $ 242,001 |
Portfolio turnover rate | 15%A | 18% | 9% | 22% | 26% | 28% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
F Effective January 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Investment Changes
Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 79.2 | 74.0 | 78.8 |
31 - 90 | 13.2 | 2.2 | 9.6 |
91 - 180 | 3.0 | 17.5 | 3.4 |
181 - 397 | 4.6 | 6.3 | 8.2 |
Weighted Average Maturity | |||
6/30/04 | 12/31/03 | 6/30/03 | |
Fidelity Pennsylvania Municipal Money Market Fund | 30 Days | 41 Days | 43 Days |
Pennsylvania Tax-Free Money Market Funds Average* | 32 Days | 36 Days | 34 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2004 | As of December 31, 2003 | ||||||
![]() | Variable Rate | ![]() | Variable Rate | ||||
![]() | Commercial | ![]() | Commercial | ||||
![]() | Tender Bonds 3.9% | ![]() | Tender Bonds 7.9% | ||||
![]() | Municipal Notes 1.3% | ![]() | Municipal Notes 2.0% | ||||
![]() | Fidelity Municipal | ![]() | Fidelity Municipal | ||||
![]() | Other Investments 10.9% | ![]() | Other Investments 5.7% | ||||
![]() | Net Other Assets 3.8% | ![]() | Net Other Assets 0.9% |
*Source: iMoneyNet, Inc.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 96.2% | |||
Principal | Value (Note 1) | ||
Pennsylvania - 96.1% | |||
Allegheny County Arpt. Rev.: | |||
Bonds (Pittsburgh Int'l. Arpt. Proj.) 5.5% 1/1/05 (MBIA Insured) (d) | $ 3,000,000 | $ 3,056,606 | |
Participating VRDN Series PA 567, 1.18% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 2,000,000 | 2,000,000 | |
Allegheny County Hosp. Dev. Auth. Rev. Bonds: | |||
(South Hills Health Sys. Proj.) Series 2000 A, 1.71%, tender 6/1/05, LOC PNC Bank NA, Pittsburgh (a) | 3,900,000 | 3,900,000 | |
Series PT 762, 1.25%, tender 8/26/04 (Liquidity Facility Landesbank Hessen-Thuringen) (a)(f)(g) | 2,800,000 | 2,800,000 | |
Allegheny County Indl. Dev. Auth. Econ. Dev. Rev. (Glassport Realty Ltd. Proj.) 1.25%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)(d) | 1,890,000 | 1,890,000 | |
Allegheny County Indl. Dev. Auth. Rev.: | |||
Bonds (Children's Museum of Pittsburgh Proj.) 2%, tender 10/1/04, LOC PNC Bank NA, Pittsburgh (a) | 3,000,000 | 3,006,877 | |
Participating VRDN Series Merlots A48, 1.12% (Liquidity Facility Wachovia Bank NA) (a)(f) | 3,000,000 | 3,000,000 | |
(Doren, Inc. Proj.) Series 1997 C, 1.2%, LOC Nat'l. City Bank, PA, VRDN (a)(d) | 1,700,000 | 1,700,000 | |
(North Versailles Shopping Ctr. Proj.) Series 1992, 1.23%, LOC Bank One NA, VRDN (a) | 1,540,000 | 1,540,000 | |
(R.I. Lampus Co. Proj.) Series 1997 A, 1.2%, LOC Nat'l. City Bank, PA, VRDN (a)(d) | 2,560,000 | 2,560,000 | |
(Sacred Heart High School Proj.) 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 1,000,000 | 1,000,000 | |
(Union Elec. Steel Co. Proj.) Series 1996 A, 1.16%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 3,120,000 | 3,120,000 | |
(UPMC Health Sys. Proj.) Series 2002 C, 1.1%, LOC Comerica Bank, Detroit, VRDN (a) | 1,740,000 | 1,740,000 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Participating VRDN Series EGL 95 3503, 1.14% (Liquidity Facility Citibank NA, New York) (a)(f) | 2,700,000 | 2,700,000 | |
Berks County Indl. Dev. Auth. Rev. (Grafika Commercial Printing, Inc. Proj.) Series 1995, 1.19%, LOC Wachovia Bank NA, VRDN (a)(d) | 850,000 | 850,000 | |
Bucks County Indl. Dev. Auth. Rev.: | |||
(Double H Plastics, Inc. Proj.) Series 1993, 1.19%, LOC Wachovia Bank NA, VRDN (a)(d) | 1,020,000 | 1,020,000 | |
(Snowball Real Estate LP Proj.) 1.27%, LOC Wachovia Bank NA, VRDN (a)(d) | 2,500,000 | 2,500,000 | |
Butler County Indl. Dev. Auth. Rev. (Armco, Inc. Proj.) | 1,500,000 | 1,500,000 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
Pennsylvania - continued | |||
Cambria County Ind. Dev. Auth. (Cambria Cogen Co. Proj.) Series 1998 A1, 1.15%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (a)(d) | $ 2,525,000 | $ 2,525,000 | |
Central Bucks School District Series 2000 A, 1.13% (FGIC Insured), VRDN (a) | 4,330,000 | 4,330,000 | |
Chester County Inter Unit 1.18%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 2,500,000 | 2,500,000 | |
Cumberland County Indl. Dev. Auth. Rev. (Lane Enterprises, Inc. Proj.) Series 1994, 1.19%, LOC Wachovia Bank NA, VRDN (a)(d) | 400,000 | 400,000 | |
Delaware County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Philadelphia Elec. Co. Proj.) Series A, 1.12% tender 10/5/04, LOC Bank One NA, Chicago, CP mode | 2,900,000 | 2,900,000 | |
Harrisburg Auth. Wtr. Rev. Series A, 1.13% (FGIC Insured), VRDN (a) | 2,800,000 | 2,800,000 | |
Hatfield Township Indl. Dev. Auth. Exempt Facilities Rev. (Hatfield Quality Meats Proj.) 1.15%, LOC Bank of America NA, VRDN (a)(d) | 2,500,000 | 2,500,000 | |
Indiana County Indl. Dev. Auth. Poll. Cont. Rev.: | |||
(Conemaught Proj.) Series 1997 A, 1.15%, LOC Bank One NA, Chicago, VRDN (a)(d) | 4,115,000 | 4,115,000 | |
(Exelon Generation Co. LLC Proj.) Series A, 1.06%, LOC Bank One NA, Chicago, VRDN (a)(d) | 3,475,000 | 3,475,000 | |
Lancaster County Hosp. Auth. Rev. (Health Ctr. Willow Valley Proj.) Series B, 1.18% (MBIA Insured), VRDN (a) | 2,400,000 | 2,400,000 | |
Lancaster Higher Ed. Auth. College Rev. (Franklin & Marshall College Proj.) Series 1997, 1.18% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 2,880,000 | 2,880,000 | |
Lawrence County Indl. Dev. Auth. Indl. Dev. Rev. (Atlantic States Materials Proj.) Series 1999, 1.22%, LOC Wachovia Bank NA, VRDN (a)(d) | 1,600,000 | 1,600,000 | |
Lehigh County Gen. Purp. Auth. Bonds (Muhlenberg Reg'l. Med. Ctr. Proj.) Series A, 6.6% 7/15/22 (Pre-Refunded to 7/15/04 @ 100) (e) | 2,000,000 | 2,003,953 | |
Montgomery Co. Gen. Oblig. Bonds 5% 10/15/04 | 1,800,000 | 1,819,691 | |
Montgomery County Indl. Dev. Auth. Poll. Cont. Rev.: | |||
Bonds: | |||
(Exelon Generation Co. LLC Proj.) Series B, 1.09% tender 7/23/04, LOC Bank One NA, Chicago, CP mode | 5,000,000 | 5,000,000 | |
(Peco Energy Co. Proj.) Series 1994 A, 1.08% tender 8/19/04, LOC Wachovia Bank NA, CP mode | 3,000,000 | 3,000,000 | |
(H.P. Cadwallader, Inc. Proj.) Series 1995, 1.24%, LOC Wachovia Bank NA, VRDN (a)(d) | 280,000 | 280,000 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
Pennsylvania - continued | |||
Montgomery County Indl. Dev. Auth. Poll. Cont. Rev.: - continued | |||
(RJI LP Proj.) Series 1992, 1.15%, LOC Nat'l. City Bank, VRDN (a)(d) | $ 190,000 | $ 190,000 | |
Northampton County Higher Ed. Auth. Rev. Bonds (Lehigh Univ. Proj.) 5.25% 8/15/04 (MBIA Insured) | 1,900,000 | 1,909,752 | |
Northampton County Indl. Dev. Auth. Rev.: | |||
Bonds (American Wtr. Cap. Corp. Proj.) Series 1991, 1.15% tender 7/16/04, CP mode (d) | 2,500,000 | 2,500,000 | |
(Binney & Smith, Inc. Proj.) Series 1997 A, 1.14%, LOC Bank One NA, Chicago, VRDN (a)(d) | 2,350,000 | 2,350,000 | |
Northampton Indl. Dev. Auth. Rev. (Ultra-Poly Corp./Portland Ind. Park Proj.) 1.13%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 2,900,000 | 2,900,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.: | |||
(Merck & Co. Proj.) Series 2000, 1.15%, VRDN (a)(d) | 4,000,000 | 4,000,000 | |
(Reliant Energy Seward LLC Proj.): | |||
Series 2002 A, 1.13%, LOC WestLB AG, VRDN (a)(d) | 9,600,000 | 9,600,000 | |
Series 2002 B, 1.1%, LOC WestLB AG, VRDN (a)(d) | 5,700,000 | 5,700,000 | |
Series A: | |||
1.08%, LOC Barclays Bank PLC, VRDN (a)(d) | 6,925,000 | 6,925,000 | |
1.13%, LOC WestLB AG, VRDN (a)(d) | 12,000,000 | 12,000,001 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | |||
(Dodge-Regupol, Inc. Proj.) Series D4, 1.16%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 400,000 | 400,000 | |
(Respironics, Inc. Proj.) Series 1989 F, 1.16%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 100,000 | 100,000 | |
Series 1996 A2, 1.16%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 700,000 | 700,000 | |
Series 1996 A7, 1.16%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 425,000 | 425,000 | |
Series 1999 C4, 1.16%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 1,000,000 | 1,000,000 | |
Series 2002 B6, 1.16%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 1,000,000 | 1,000,000 | |
Series B3, 1.16%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 1,900,000 | 1,900,000 | |
Series B5, 1.16%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 1,200,000 | 1,200,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Rev. (Westrum Hanover, L.P. Proj.) 1.14%, VRDN (a)(d) | 2,500,000 | 2,500,000 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
Pennsylvania - continued | |||
Pennsylvania Gen. Oblig. Participating VRDN: | |||
Series Merlots 04 B15, 1.12% (Liquidity Facility Wachovia Bank NA) (a)(f) | $ 3,100,000 | $ 3,100,000 | |
Series MS 01 465, 1.13% (Liquidity Facility Morgan Stanley) (a)(f) | 6,995,000 | 6,995,000 | |
Pennsylvania Higher Ed. Assistance Agcy. Student Ln. Rev.: | |||
Series 1988 C, 1.05%, LOC Sallie Mae, VRDN (a)(d) | 1,400,000 | 1,400,000 | |
Series 1997 A, 1.13% (AMBAC Insured), VRDN (a)(d) | 2,900,000 | 2,900,000 | |
Series 2001 B, 1.1% (FSA Insured), VRDN (a)(d) | 800,000 | 800,000 | |
Series 2002 B, 1.13% (FSA Insured), VRDN (a)(d) | 2,800,000 | 2,800,000 | |
Series A, 1.13% (FSA Insured), VRDN (a)(d) | 5,600,000 | 5,600,000 | |
Series A1, 1.13% (AMBAC Insured), VRDN (a)(d) | 5,600,000 | 5,600,000 | |
Pennsylvania Higher Edl. Facilities Auth. College & Univ. Revs. Bonds (Univ. of Pennsylvania Proj.): | |||
Series A, 6.5% 9/1/04 | 2,650,000 | 2,674,430 | |
Series B, 6.5% 9/1/04 | 2,100,000 | 2,119,360 | |
Pennsylvania Higher Edl. Facilities Auth. Health Svcs. Rev. Bonds Series 1996 A, 6% 1/1/05 | 1,000,000 | 1,023,481 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Mount Aloysius College Proj.) Series L3, 1.12%, LOC Allied Irish Banks PLC, VRDN (a) | 2,600,000 | 2,600,000 | |
(Saint Joseph's Univ. Proj.) Series 1997 A7, 1.12%, LOC Allied Irish Banks PLC, VRDN (a) | 2,800,000 | 2,800,000 | |
Pennsylvania Hsg. Fin. Agcy.: | |||
Bonds Series 2004 81A, 1.25% 4/1/05 (d) | 510,000 | 510,000 | |
Participating VRDN: | |||
Series PA 1235, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 2,280,000 | 2,280,000 | |
Series PA 930, 1.13% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 5,995,000 | 5,995,000 | |
Series PT 2068, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 1,820,000 | 1,820,000 | |
Series PT 2190, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 5,440,000 | 5,440,000 | |
Series PT 890, 1.15% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 1,795,000 | 1,795,000 | |
Series 2004 82B, 1.08% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a)(d) | 4,110,000 | 4,110,000 | |
Pennsylvania Pub. School Bldg. Auth. School Rev. Participating VRDN Series Merlots 03 A42, 1.12% (Liquidity Facility Wachovia Bank NA) (a)(f) | 2,900,000 | 2,900,000 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
Pennsylvania - continued | |||
Pennsylvania Tpk. Commission Oil Franchise Tax Rev.: | |||
Bonds Series A, 6% 12/1/19 (Pre-Refunded to 12/1/04 @ 102) (e) | $ 1,200,000 | $ 1,248,614 | |
Participating VRDN Series ROC II R1005, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f) | 2,470,000 | 2,470,000 | |
Philadelphia Arpt. Rev. Participating VRDN Series SG 118, 1.18% (Liquidity Facility Societe Generale) (a)(d)(f) | 2,600,000 | 2,600,000 | |
Philadelphia Auth. for Indl. Dev. Arpt. Rev. Participating VRDN: | |||
Series LB 04 L17, 1.16% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)(f) | 3,385,000 | 3,385,000 | |
Series PA 882, 1.18% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f) | 2,200,000 | 2,200,000 | |
Series Putters 217, 1.13% (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) | 2,000,000 | 2,000,000 | |
Philadelphia Auth. for Indl. Dev. Revs.: | |||
(Saint Josephs Preparatory School Proj.) 1.13%, LOC Allied Irish Banks PLC, VRDN (a) | 4,500,000 | 4,500,000 | |
(Settlement Music School of Philadelphia Proj.) 1.13%, LOC Allied Irish Banks PLC, VRDN (a) | 1,800,000 | 1,800,000 | |
Philadelphia Auth. Indl. Dev. Lease Rev. Participating VRDN Series PA 1222, 1.1% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f) | 4,275,000 | 4,275,000 | |
Philadelphia Gas Works Rev.: | |||
Participating VRDN Series 1998 104, 1.13% (Liquidity Facility Morgan Stanley) (a)(f) | 2,195,000 | 2,195,000 | |
Series 2002 D, 1.08% 7/6/04, LOC JPMorgan Chase Bank, CP | 5,750,000 | 5,750,000 | |
Philadelphia School District Bonds Series A: | |||
5.55% 7/1/05 (Pre-Refunded to 7/1/04 @ 100.25) (e) | 3,000,000 | 3,007,500 | |
5.8% 7/1/08 (Pre-Refunded to 7/1/04 @ 101) (e) | 1,910,000 | 1,929,100 | |
5.85% 7/1/09 (Pre-Refunded to 7/1/04 @ 101.25) (e) | 1,710,000 | 1,731,375 | |
Philadelphia Wtr. & Wastewtr. Rev. Bonds Series MS 773, 1.1%, tender 3/31/05 (Liquidity Facility Morgan Stanley) (a)(f)(g) | 2,000,000 | 2,000,000 | |
Pittsburgh Gen. Oblig. Bonds Series A, 6% 3/1/05 (MBIA Insured) | 3,000,000 | 3,095,527 | |
Pittsburgh School District Bonds 2% 9/1/04 (FGIC Insured) | 1,220,000 | 1,221,941 | |
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Bonds 1.15% 9/1/04 (FSA Insured) | 4,280,000 | 4,280,000 | |
Ringgold School District Bonds 0% 7/15/04 (MBIA Insured) | 1,460,000 | 1,459,439 | |
Schuylkill County Indl. Dev. Auth. Resource Recovery Rev. (Northeastern Pwr. Co. Proj.) Series 1997 B, 1.18%, LOC Dexia Cr. Local de France, VRDN (a)(d) | 7,235,000 | 7,235,000 | |
Municipal Securities - continued | |||
Principal | Value (Note 1) | ||
Pennsylvania - continued | |||
Schuylkill County Indl. Dev. Auth. Rev. (Metal Sales Manufacturing Corp.) Series 1995, 1.26%, LOC U.S. Bank NA, Minnesota, VRDN (a)(d) | $ 150,000 | $ 150,000 | |
Scranton-Lackawanna Health & Welfare Auth. Rev. Participating VRDN Series Merlots 02 A18, 1.12% (Liquidity Facility Wachovia Bank NA) (a)(f) | 2,900,000 | 2,900,000 | |
Upper Dauphin Indl. Dev. Auth. Rev. (United Church Christ Homes Proj.) Series 2001, 1.18%, LOC First Tennessee Bank NA, Memphis, VRDN (a) | 2,500,000 | 2,500,000 | |
Venango Indl. Dev. Auth. Resource Recovery Rev. Bonds (Scrubgrass Generating Co. LP Proj.): | |||
Series 1990 A, 1.08% tender 9/15/04, LOC Dexia Cr. Local de France, CP mode (d) | 7,750,000 | 7,750,000 | |
Series 1990 B, 1.08% tender 9/15/04, LOC Dexia Cr. Local de France, CP mode (d) | 5,000,000 | 5,000,000 | |
Series 1993, 1.08% tender 9/15/04, LOC Dexia Cr. Local de France, CP mode (d) | 8,515,000 | 8,515,000 | |
York County Gen. Oblig. TRAN 1.75% 7/30/04 | 4,000,000 | 4,002,215 | |
296,174,862 | |||
Shares | |||
Other - 0.1% | |||
Fidelity Municipal Cash Central Fund, 1.10% (b)(c) | 409,100 | 409,100 | |
TOTAL INVESTMENT PORTFOLIO - 96.2% | 296,583,962 | ||
NET OTHER ASSETS - 3.8% | 11,668,540 | ||
NET ASSETS - 100% | $ 308,252,502 |
Total Cost for Federal Income Tax Purposes $ 296,583,962 |
Security Type Abbreviations |
CP - COMMERCIAL PAPER |
TRAN - TAX AND 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Security collateralized by an amount sufficient to pay interest and principal. |
(f) Provides evidence of ownership in one or more underlying municipal bonds. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,800,000 or 1.6% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Cost |
Allegheny County Hosp. Dev. Auth. Rev. Bonds Series PT 762, 1.25%, tender 8/26/04 (Liquidity Facility Landesbank Hessen- | 9/4/03 | $ 2,800,000 |
Philadelphia Wtr. & Wastewtr. Rev. Bonds Series MS 773, 1.1%, tender 3/31/05 (Liquidity Facility Morgan Stanley) | 4/2/03 | $ 2,000,000 |
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, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value - See accompanying schedule | $ 296,583,962 | |
Cash | 10,080,282 | |
Receivable for fund shares sold | 1,723,876 | |
Interest receivable | 1,104,921 | |
Other receivables | 819 | |
Total assets | 309,493,860 | |
Liabilities | ||
Payable for fund shares redeemed | $ 1,110,151 | |
Distributions payable | 1,534 | |
Accrued management fee | 128,150 | |
Other affiliated payables | 1,523 | |
Total liabilities | 1,241,358 | |
Net Assets | $ 308,252,502 | |
Net Assets consist of: | ||
Paid in capital | $ 308,273,008 | |
Accumulated net realized gain (loss) on investments | (20,506) | |
Net Assets, for 308,237,445 shares outstanding | $ 308,252,502 | |
Net Asset Value, offering price and redemption price per share ($308,252,502 ÷ 308,237,445 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $ 1,614,891 | |
Expenses | ||
Management fee | $ 747,163 | |
Non-interested trustees' compensation | 728 | |
Total expenses before reductions | 747,891 | |
Expense reductions | (5,214) | 742,677 |
Net investment income | 872,214 | |
Net realized gain (loss) on investment securities | (20,506) | |
Net increase in net assets resulting from operations | $ 851,708 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 872,214 | $ 1,887,328 |
Net realized gain (loss) | (20,506) | 34,964 |
Net increase (decrease) in net assets resulting | 851,708 | 1,922,292 |
Distributions to shareholders from net investment income | (872,214) | (1,887,328) |
Share transactions at net asset value of $1.00 per share | 294,001,294 | 400,930,209 |
Reinvestment of distributions | 872,214 | 1,808,695 |
Cost of shares redeemed | (280,912,236) | (386,784,374) |
Net increase (decrease) in net assets and shares | 13,961,272 | 15,954,530 |
Total increase (decrease) in net assets | 13,940,766 | 15,989,494 |
Net Assets | ||
Beginning of period | 294,311,736 | 278,322,242 |
End of period | $ 308,252,502 | $ 294,311,736 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | ||||||
Net investment | .003 | .006 | .011 | .025 | .037 | .029 |
Distributions from net investment income | (.003) | (.006) | (.011) | (.025) | (.037) | (.029) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB,C,D | .30% | .65% | 1.09% | 2.50% | 3.80% | 2.91% |
Ratios to Average Net AssetsE | ||||||
Expenses | .50%A | .50% | .50% | .50% | .50% | .50% |
Expenses net of voluntary waivers, if any | .50%A | .50% | .50% | .50% | .50% | .50% |
Expenses net of all reductions | .50%A | .49% | .46% | .47% | .50% | .50% |
Net investment | .59%A | .66% | 1.09% | 2.45% | 3.74% | 2.87% |
Supplemental Data | ||||||
Net assets, end | $ 308,253 | $ 294,312 | $ 278,322 | $ 240,705 | $ 213,847 | $ 201,291 |
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 former account closeout fee.
E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2004 (Unaudited)
1. Significant Accounting Policies.
Spartan Pennsylvania Municipal Income Fund (the income fund) is a fund of Fidelity Municipal Trust. Fidelity Pennsylvania Municipal Money Market Fund (the money market fund) is a fund of Fidelity Municipal Trust II. Each trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each fund is authorized to issue an unlimited number of shares. Each fund may be affected by economic and political developments in the state of Pennsylvania. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the income fund and the money market fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities, including restricted securities, are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities owned by the money market fund are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Expenses. Most expenses of each trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, each fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. There were no significant book-to-tax differences during the period for the money market fund.
Capital accounts within the income fund's 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 and losses deferred due to wash sales and futures transactions.
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 Internal Revenue Service (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 investments and unrealized appreciation (depreciation) for the income fund as of period end were as follows:
Unrealized appreciation | $ 10,660,005 | |
Unrealized depreciation | (1,711,684) | |
Net unrealized appreciation (depreciation) | $ 8,948,321 | |
Cost for federal income tax purposes | $ 264,697,895 |
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 Fidelity Management & Research Company (FMR), are retained by the fund and accounted for as an addition to paid in capital.
Semiannual Report
2. Operating Policies.
Restricted Securities. Certain funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the income fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
FMR and its affiliates provide the money market fund with investment management related services for which the fund pays a monthly management fee that is based on an annual rate of .50% of the fund's average net assets. FMR pays all other expenses, except the compensation of the non-interested Trustees and certain exceptions such as interest expense. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the income fund. Citibank has entered into a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the activities associated with the fund's transfer and shareholder servicing agent and accounting functions. The fund pays account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Spartan Pennsylvania Municipal Income Fund | .07% | | |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:
Income Distributions | |
Fidelity Pennsylvania Municipal Money Market Fund | $ 39,805 |
5. Committed Line of Credit.
Certain funds participate with other funds managed by FMR in a $4.2 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. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
Through arrangements with the income fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.
Custody | Transfer | |
Spartan Pennsylvania Municipal Income Fund | $ 2,999 | $ 6,471 |
In addition, through an arrangement with Fidelity Pennsylvania Municipal Money Market Fund's custodian and transfer agent, $5,214 of credits realized as a result of uninvested cash balances were used to reduce the fund's expenses.
Semiannual Report
Spartan Pennsylvania Municipal Income Fund
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 3,415,899,540.41 | 73.098 |
Against | 857,186,718.73 | 18.343 |
Abstain | 194,806,370.40 | 4.169 |
Broker | 205,155,704.48 | 4.390 |
TOTAL | 4,673,048,334.02 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 4,338,349,812.56 | 92.838 |
Withheld | 334,698,521.46 | 7.162 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ralph F. Cox | ||
Affirmative | 4,334,671,421.01 | 92.759 |
Withheld | 338,376,913.01 | 7.241 |
TOTAL | 4,673,048,334.02 | 100.000 |
Laura B. Cronin | ||
Affirmative | 4,332,816,177.06 | 92.719 |
Withheld | 340,232,156.96 | 7.281 |
TOTAL | 4,673,048,334.02 | 100.000 |
Robert M. Gates | ||
Affirmative | 4,336,851,658.96 | 92.806 |
Withheld | 336,196,675.06 | 7.194 |
TOTAL | 4,673,048,334.02 | 100.000 |
George H. Heilmeier | ||
Affirmative | 4,334,549,149.07 | 92.756 |
Withheld | 338,499,184.95 | 7.244 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
Abigail P. Johnson | ||
Affirmative | 4,327,320,608.55 | 92.602 |
Withheld | 345,727,725.47 | 7.398 |
TOTAL | 4,673,048,334.02 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 4,322,104,507.32 | 92.490 |
Withheld | 350,943,826.70 | 7.510 |
TOTAL | 4,673,048,334.02 | 100.000 |
Donald J. Kirk | ||
Affirmative | 4,335,814,201.97 | 92.783 |
Withheld | 337,234,132.05 | 7.217 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marie L. Knowles | ||
Affirmative | 4,333,892,089.64 | 92.742 |
Withheld | 339,156,244.38 | 7.258 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 4,340,856,926.26 | 92.891 |
Withheld | 332,191,407.76 | 7.109 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marvin L. Mann | ||
Affirmative | 4,336,736,818.96 | 92.803 |
Withheld | 336,311,515.06 | 7.197 |
TOTAL | 4,673,048,334.02 | 100.000 |
William O. McCoy | ||
Affirmative | 4,338,426,324.60 | 92.839 |
Withheld | 334,622,009.42 | 7.161 |
TOTAL | 4,673,048,334.02 | 100.000 |
Robert L. Reynolds | ||
Affirmative | 4,339,017,198.22 | 92.852 |
Withheld | 334,031,135.80 | 7.148 |
TOTAL | 4,673,048,334.02 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 4,338,546,239.15 | 92.842 |
Withheld | 334,502,094.87 | 7.158 |
TOTAL | 4,673,048,334.02 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Trust Instrument to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 636,855,022.09 | 76.849 |
Against | 150,887,633.15 | 18.208 |
Abstain | 40,713,763.86 | 4.912 |
Broker | 253,332.00 | .031 |
TOTAL | 828,709,751.10 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 767,157,627.90 | 92.573 |
Withheld | 61,552,123.20 | 7.427 |
TOTAL | 828,709,751.10 | 100.000 |
Ralph F. Cox | ||
Affirmative | 766,126,728.93 | 92.448 |
Withheld | 62,583,022.17 | 7.552 |
TOTAL | 828,709,751.10 | 100.000 |
Laura B. Cronin | ||
Affirmative | 767,351,050.02 | 92.596 |
Withheld | 61,358,701.08 | 7.404 |
TOTAL | 828,709,751.10 | 100.000 |
Robert M. Gates | ||
Affirmative | 767,532,295.68 | 92.618 |
Withheld | 61,177,455.42 | 7.382 |
TOTAL | 828,709,751.10 | 100.000 |
George H. Heilmeier | ||
Affirmative | 766,078,246.56 | 92.442 |
Withheld | 62,631,504.54 | 7.558 |
TOTAL | 828,709,751.10 | 100.000 |
# of | % of | |
Abigail P. Johnson | ||
Affirmative | 765,060,384.36 | 92.319 |
Withheld | 63,649,366.74 | 7.681 |
TOTAL | 828,709,751.10 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 764,319,910.03 | 92.230 |
Withheld | 64,389,841.07 | 7.770 |
TOTAL | 828,709,751.10 | 100.000 |
Donald J. Kirk | ||
Affirmative | 765,953,858.04 | 92.427 |
Withheld | 62,755,893.06 | 7.573 |
TOTAL | 828,709,751.10 | 100.000 |
Marie L. Knowles | ||
Affirmative | 767,230,609.26 | 92.581 |
Withheld | 61,479,141.84 | 7.419 |
TOTAL | 828,709,751.10 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 767,065,754.21 | 92.561 |
Withheld | 61,643,996.89 | 7.439 |
TOTAL | 828,709,751.10 | 100.000 |
Marvin L. Mann | ||
Affirmative | 765,939,293.51 | 92.426 |
Withheld | 62,770,457.59 | 7.574 |
TOTAL | 828,709,751.10 | 100.000 |
William O. McCoy | ||
Affirmative | 765,995,462.29 | 92.432 |
Withheld | 62,714,288.81 | 7.568 |
TOTAL | 828,709,751.10 | 100.000 |
Robert L. Reynolds | ||
Affirmative | 767,275,847.55 | 92.587 |
Withheld | 61,433,903.55 | 7.413 |
TOTAL | 828,709,751.10 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 766,682,881.97 | 92.515 |
Withheld | 62,026,869.13 | 7.485 |
TOTAL | 828,709,751.10 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To 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
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P.O. Box 770001
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Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
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Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
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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
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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
Sub-Adviser
Fidelity Investments Money
Management, Inc.
Fidelity International Investment
Advisors
Fidelity International Investment
Advisors (U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Citibank, N.A.
New York, NY
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
PFR-USAN-0804
1.787788.101
Spartan®
Michigan Municipal Income
Fund
and
Fidelity ®
Michigan Municipal Money
Market Fund
Semiannual Report
June 30, 2004
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders |
Spartan Michigan Municipal Income Fund | ||
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 14 | Statements of assets and liabilities, operations, and changes in net assets, |
Fidelity Michigan Municipal Money Market Fund | ||
Investment Changes | 18 | A summary of major shifts in the fund's investments over the past six months and one year. |
Investments | 19 | A complete list of the fund's investments. |
Financial Statements | 27 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 31 | Notes to the Financial Statements |
Proxy Voting Results | 35 | |
For a free copy of the funds' proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the funds nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Spartan Michigan Municipal Income Fund
Investment Changes
Top Five Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
General Obligations | 49.2 | 45.4 |
Water & Sewer | 11.1 | 11.5 |
Escrowed/Pre-Refunded | 10.3 | 13.6 |
Health Care | 9.1 | 10.2 |
Special Tax | 5.7 | 4.9 |
Average Years to Maturity as of June 30, 2004 | ||
6 months ago | ||
Years | 12.5 | 12.7 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of June 30, 2004 | ||
6 months ago | ||
Years | 7.0 | 7.1 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2004 | As of December 31, 2003 | ||||||
![]() | AAA 68.7% | ![]() | AAA 75.8% | ||||
![]() | AA,A 28.5% | ![]() | AA,A 22.0% | ||||
![]() | BBB 1.0% | ![]() | BBB 0.9% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. |
Semiannual Report
Spartan Michigan Municipal Income Fund
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.2% | ||||
Principal | Value | |||
Michigan - 97.7% | ||||
Anchor Bay School District 2000 School Bldg. & Site Series III, 5.25% 5/1/31 | $ 9,300,000 | $ 9,335,061 | ||
Ann Arbor Econ. Dev. Corp. Ltd. Oblig. Rev. (Glacier Hills, Inc. Proj.) 8.375% 1/15/19 (Escrowed to Maturity) (d) | 3,106,000 | 4,019,723 | ||
Bay City Gen. Oblig. 0% 6/1/15 (AMBAC Insured) | 1,725,000 | 1,043,987 | ||
Birmingham County School District Series II, 5.25% 11/1/19 | 1,200,000 | 1,269,780 | ||
Brighton Area School District Livingston County Series II, 0% 5/1/15 (AMBAC Insured) | 10,000,000 | 6,075,400 | ||
Byron Ctr. Pub. Schools 5.5% 5/1/16 | 1,055,000 | 1,136,509 | ||
Caladonia Cmnty. Schools Counties of Kent, Allegan and Barry: | ||||
5.25% 5/1/17 | 1,370,000 | 1,468,092 | ||
5.25% 5/1/18 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,100,000 | 1,168,772 | ||
5.5% 5/1/26 (FGIC Insured) | 3,000,000 | 3,093,870 | ||
Carman-Ainsworth Cmnty. School District: | ||||
5.5% 5/1/14 (FGIC Insured) | 1,755,000 | 1,937,889 | ||
5.5% 5/1/15 (FGIC Insured) | 1,850,000 | 2,037,553 | ||
5.5% 5/1/16 (FGIC Insured) | 1,000,000 | 1,092,940 | ||
5.5% 5/1/17 (FGIC Insured) | 2,060,000 | 2,245,688 | ||
5.5% 5/1/20 (FGIC Insured) | 2,000,000 | 2,142,960 | ||
Chippewa Valley Schools: | ||||
Series I, 5.375% 5/1/17 | 1,000,000 | 1,073,870 | ||
5.5% 5/1/17 | 1,125,000 | 1,227,983 | ||
Clarkston Cmnty. Schools: | ||||
5.375% 5/1/21 | 1,950,000 | 2,083,692 | ||
5.375% 5/1/22 | 1,150,000 | 1,223,658 | ||
Clintondale Cmnty. Schools 5.5% 5/1/15 | 2,205,000 | 2,302,659 | ||
Constantine Pub. Schools: | ||||
5% 5/1/25 | 2,250,000 | 2,253,105 | ||
5.5% 5/1/18 | 1,220,000 | 1,331,471 | ||
5.5% 5/1/19 | 1,245,000 | 1,357,847 | ||
5.5% 5/1/20 | 1,245,000 | 1,352,369 | ||
5.5% 5/1/21 | 1,250,000 | 1,349,613 | ||
Crawford Ausable School District (School Bldg. & Site Proj.) Series 2001, 5.625% 5/1/18 | 1,100,000 | 1,196,107 | ||
Davison Cmnty. School District 5.375% 5/1/16 | 1,000,000 | 1,065,380 | ||
Detroit City School District: | ||||
Series A: | ||||
5.5% 5/1/16 (FSA Insured) | 1,500,000 | 1,634,160 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Detroit City School District: - continued | ||||
Series A: | ||||
5.5% 5/1/18 (FGIC Insured) | $ 2,000,000 | $ 2,161,300 | ||
5.5% 5/1/18 (FSA Insured) | 1,000,000 | 1,083,190 | ||
5.5% 5/1/20 (FSA Insured) | 3,000,000 | 3,214,440 | ||
Series B, 5.25% 5/1/15 (FGIC Insured) | 3,085,000 | 3,327,080 | ||
Detroit Convention Facilities Rev. (Cobo Hall Expansion Proj.): | ||||
5% 9/30/10 (MBIA Insured) | 4,000,000 | 4,332,840 | ||
5% 9/30/11 (MBIA Insured) | 3,000,000 | 3,257,490 | ||
5% 9/30/12 (MBIA Insured) | 3,000,000 | 3,244,140 | ||
Detroit Gen. Oblig.: | ||||
(Distributable State Aid Proj.) 5.25% 5/1/09 | 4,525,000 | 4,936,730 | ||
Series 2003 A, 5% 4/1/11 (XL Cap. Assurance, Inc. Insured) | 1,430,000 | 1,545,158 | ||
Series A, 5% 4/1/09 (FSA Insured) (a) | 3,000,000 | 3,175,590 | ||
5.5% 4/1/17 (MBIA Insured) | 2,615,000 | 2,818,761 | ||
5.5% 4/1/19 (MBIA Insured) | 1,500,000 | 1,628,820 | ||
5.5% 4/1/20 (MBIA Insured) | 1,250,000 | 1,351,213 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 D1, 5.5%, tender 7/1/08 (MBIA Insured) (b) | 10,000,000 | 10,854,300 | ||
Series A: | ||||
0% 7/1/14 (FGIC Insured) | 6,730,000 | 4,298,518 | ||
5.125% 7/1/31 (FGIC Insured) | 8,020,000 | 8,016,872 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 2001 A, 5.25% 7/1/33 (FGIC Insured) | 6,390,000 | 6,448,916 | ||
Series A: | ||||
5.5% 7/1/15 (FGIC Insured) | 3,675,000 | 3,944,672 | ||
5.875% 7/1/29 (Pre-Refunded to 1/1/10 @ 101) (d) | 3,085,000 | 3,503,110 | ||
Series B, 5.5% 7/1/33 (FGIC Insured) | 10,000,000 | 10,353,100 | ||
6.5% 7/1/15 (FGIC Insured) | 6,025,000 | 7,162,520 | ||
Dexter Cmnty. Schools 5% 5/1/18 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,955,000 | 2,035,957 | ||
Dundee Cmnty. School District: | ||||
Series 2000, 5.375% 5/1/27 | 1,170,000 | 1,209,464 | ||
5.375% 5/1/19 | 1,000,000 | 1,064,110 | ||
East China School District 5.5% 5/1/17 | 1,775,000 | 1,907,522 | ||
East Grand Rapids Pub. School District 5.5% 5/1/17 | 1,690,000 | 1,809,635 | ||
Eastern Michigan Univ. Revs. Series 2000 B: | ||||
5.5% 6/1/20 (FGIC Insured) | 2,230,000 | 2,359,362 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Eastern Michigan Univ. Revs. Series 2000 B: - continued | ||||
5.625% 6/1/30 (FGIC Insured) | $ 1,250,000 | $ 1,307,375 | ||
Ecorse Pub. School District 5.5% 5/1/27 (FGIC Insured) | 430,000 | 448,447 | ||
Flushing Cmnty. Schools 5.25% 5/1/18 | 1,030,000 | 1,090,523 | ||
Gibraltar School District: | ||||
5.5% 5/1/18 | 1,200,000 | 1,309,644 | ||
5.5% 5/1/21 | 1,200,000 | 1,295,628 | ||
Grand Blanc Cmnty. Schools 5.5% 5/1/13 (FGIC Insured) | 1,000,000 | 1,095,720 | ||
Grand Rapids Downtown Dev. Auth. Tax Increment Rev. 0% 6/1/11 (MBIA Insured) | 3,160,000 | 2,385,578 | ||
Grand Rapids Wtr. Supply Sys. 5.75% 1/1/11 | 2,000,000 | 2,247,940 | ||
Hamilton Cmnty. Schools District 5% 5/1/24 | 1,500,000 | 1,513,380 | ||
Howell Pub. Schools: | ||||
0% 5/1/10 (AMBAC Insured) | 1,130,000 | 898,033 | ||
5% 5/1/11 | 2,250,000 | 2,438,888 | ||
Huron School District 5.625% 5/1/16 (FSA Insured) | 1,050,000 | 1,144,343 | ||
Huron Valley School District: | ||||
0% 5/1/10 (FGIC Insured) | 2,500,000 | 1,986,800 | ||
0% 5/1/11 (FGIC Insured) | 5,830,000 | 4,416,166 | ||
0% 5/1/12 (FGIC Insured) | 1,420,000 | 1,014,817 | ||
5.25% 5/1/16 | 2,450,000 | 2,634,755 | ||
5.5% 5/1/18 | 2,525,000 | 2,710,234 | ||
Imlay City Cmnty. School District (School Bldg. and Site Proj.) 0% 5/1/06 (FGIC Insured) | 1,375,000 | 1,319,670 | ||
Ingham, Eaton and Clinton Counties Lansing School District: | ||||
5% 5/1/19 | 4,450,000 | 4,597,740 | ||
5% 5/1/20 | 1,000,000 | 1,027,610 | ||
Jonesville Cmnty. Schools 5.75% 5/1/17 (FGIC Insured) | 1,150,000 | 1,251,683 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | ||||
(Butterworth Hosp. Proj.) Series A, 7.25% 1/15/13 | 3,685,000 | 4,345,426 | ||
(Spectrum Health Proj.) Series A: | ||||
5.375% 1/15/11 | 2,420,000 | 2,553,439 | ||
5.375% 1/15/12 | 2,505,000 | 2,637,389 | ||
L'Anse Creuse Pub. Schools: | ||||
5.375% 5/1/18 | 1,000,000 | 1,079,010 | ||
5.375% 5/1/20 | 1,000,000 | 1,074,650 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Lake Orion Cmnty. School District 5.25% 5/1/27 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | $ 1,150,000 | $ 1,163,179 | ||
Lansing Bldg. Auth. Rev. 0% 6/1/12 (AMBAC Insured) | 3,000,000 | 2,136,330 | ||
Lansing Cmnty. College 5.5% 5/1/14 (FGIC Insured) | 3,400,000 | 3,742,312 | ||
Lansing Swr. Disp. Sys. Rev. 5% 5/1/11 (FGIC Insured) | 1,050,000 | 1,138,809 | ||
Lawton Cmnty. Schools 5.5% 5/1/19 | 1,050,000 | 1,124,981 | ||
Livonia Muni. Bldg. Auth. 5% 5/1/17 (FGIC Insured) | 1,100,000 | 1,130,976 | ||
Livonia Pub. School District 5.875% 5/1/25 | 7,000,000 | 7,938,980 | ||
Marquette City Hosp. Fin. Auth. Rev. (Marquette Gen. Hosp. Proj.) Series D, 5.875% 4/1/11 (FSA Insured) | 2,750,000 | 2,948,028 | ||
Michigan Bldg. Auth. Rev. (Facilities Prog.): | ||||
Series I, 5.25% 10/15/11 (FSA Insured) | 3,000,000 | 3,296,310 | ||
Series III, 5% 10/15/10 (MBIA Insured) | 1,000,000 | 1,080,790 | ||
Michigan Comprehensive Trans. Rev. Series B: | ||||
5.25% 5/15/11 (FSA Insured) | 1,475,000 | 1,622,662 | ||
5.25% 5/15/16 (FSA Insured) | 3,850,000 | 4,131,859 | ||
Michigan Ctfs. of Prtn. 5.75% 6/1/17 (AMBAC Insured) | 3,000,000 | 3,289,560 | ||
Michigan Gen. Oblig. (Envir. Protection Prog.) 6.25% 11/1/12 | 2,015,000 | 2,300,646 | ||
Michigan Higher Ed. Student Ln. Auth. Rev. Series XII W, 4.875% 9/1/10 (AMBAC Insured) (c) | 3,000,000 | 3,109,380 | ||
Michigan Hosp. Fin. Auth. Hosp. Rev.: | ||||
(Ascension Health Cr. Group Proj.) Series A: | ||||
6% 11/15/19 (Pre-Refunded to 11/15/09 @ 101) (d) | 17,145,000 | 19,553,691 | ||
6.125% 11/15/26 (Pre-Refunded to 11/15/09 @ 101) (d) | 3,070,000 | 3,520,001 | ||
(Crittenton Hosp. Proj.) Series A: | ||||
5.5% 3/1/13 | 455,000 | 478,146 | ||
5.5% 3/1/14 | 1,300,000 | 1,356,732 | ||
5.5% 3/1/15 | 1,985,000 | 2,050,326 | ||
(Daughters of Charity Health Sys. Proj.) 5.5% 11/1/05 (Escrowed to Maturity) (d) | 1,015,000 | 1,041,197 | ||
(Genesys Reg'l. Med. Hosp. Proj.) Series A, 5.3% 10/1/11 (Escrowed to Maturity) (d) | 1,000,000 | 1,078,860 | ||
(Henry Ford Health Sys. Proj.): | ||||
Series 2003 A, 5.5% 3/1/14 | 2,000,000 | 2,095,940 | ||
Series A, 6% 11/15/19 | 1,945,000 | 2,022,080 | ||
(McLaren Oblig. Group Proj.) Series A, 5.375% 10/15/13 | 9,250,000 | 9,448,968 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Hosp. Rev.: - continued | ||||
(Mercy Health Svcs. Proj.): | ||||
Series 1996 R, 5.375% 8/15/26 (Escrowed to Maturity) (d) | $ 2,500,000 | $ 2,587,100 | ||
Series Q: | ||||
5.25% 8/15/10 (Escrowed to Maturity) (d) | 2,195,000 | 2,329,268 | ||
5.375% 8/15/26 (Escrowed to Maturity) (d) | 2,450,000 | 2,535,358 | ||
6% 8/15/08 (Escrowed to Maturity) (d) | 1,130,000 | 1,220,445 | ||
6% 8/15/10 (Escrowed to Maturity) (d) | 1,265,000 | 1,364,075 | ||
Series R, 5.375% 8/15/16 (Escrowed to Maturity) (d) | 2,500,000 | 2,622,300 | ||
(MidMichigan Health Obligated Group Prog.) Series 2002 A, 5.5% 4/15/18 (AMBAC Insured) | 2,000,000 | 2,144,980 | ||
(Oakwood Obligated Group Proj.) 5.5% 11/1/11 | 3,000,000 | 3,231,960 | ||
(Saint John Hosp. & Med. Ctr. Proj.) Series A, 6% 5/15/09 (Escrowed to Maturity) (d) | 1,710,000 | 1,924,588 | ||
(Sisters of Mercy Health Corp. Proj.) Series P, 5.375% 8/15/14 (Escrowed to Maturity) (d) | 570,000 | 613,058 | ||
(Sparrow Hosp. Obligated Group Proj.): | ||||
5.5% 11/15/21 | 1,435,000 | 1,444,701 | ||
5.625% 11/15/31 | 4,500,000 | 4,516,695 | ||
(Trinity Health Sys. Proj.) Series 2000 A, 6% 12/1/27 | 1,535,000 | 1,617,307 | ||
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series B, 5.8% 4/1/19 | 4,150,000 | 4,197,310 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Local Govt. Ln. Prog.): | ||||
Series A: | ||||
0% 12/1/06 (FGIC Insured) | 5,000,000 | 4,699,100 | ||
0% 12/1/07 (FGIC Insured) | 5,340,000 | 4,820,578 | ||
4.75% 12/1/09 (FGIC Insured) | 6,000,000 | 6,011,400 | ||
Series CA: | ||||
0% 6/15/07 (FSA Insured) | 5,165,000 | 4,748,288 | ||
0% 6/15/13 (FSA Insured) | 3,850,000 | 2,601,753 | ||
Series G, 0% 5/1/19 (AMBAC Insured) | 1,865,000 | 896,058 | ||
7.5% 11/1/09 (AMBAC Insured) | 20,000 | 20,064 | ||
Series C: | ||||
5% 5/1/10 | 5,500,000 | 5,953,970 | ||
5% 5/1/11 | 2,000,000 | 2,166,640 | ||
5% 10/1/23 | 5,000,000 | 5,038,700 | ||
5.375% 10/1/19 | 1,950,000 | 2,073,435 | ||
Michigan Pub. Pwr. Agcy. Rev. (Belle River Proj.) | 2,000,000 | 2,170,180 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Michigan Strategic Fund Exempt Facilities Rev. (Waste Mgmt., Inc. Proj.) 4.2%, tender 8/1/04 (b)(c) | $ 3,000,000 | $ 3,003,480 | ||
Michigan Strategic Fund Ltd. Oblig. Rev. (Detroit Edison Co. Proj.): | ||||
Series A, 5.55% 9/1/29 (MBIA Insured) (c) | 1,000,000 | 1,025,970 | ||
Series AA, 6.4% 9/1/25 (MBIA Insured) | 5,000,000 | 5,345,850 | ||
Series BB: | ||||
7% 7/15/08 (MBIA Insured) | 2,000,000 | 2,287,240 | ||
7% 5/1/21 (AMBAC Insured) | 8,515,000 | 10,694,244 | ||
Michigan Strategic Fund Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 4.2%, tender 12/1/05 (b)(c) | 2,045,000 | 2,073,916 | ||
Michigan Trunk Line: | ||||
Series A: | ||||
0% 10/1/11 (AMBAC Insured) | 3,630,000 | 2,694,005 | ||
5.5% 11/1/16 | 3,000,000 | 3,334,530 | ||
5.25% 10/1/16 (FSA Insured) | 3,000,000 | 3,228,630 | ||
Mona Shores School District School Bldg. & Site 6.75% 5/1/10 (FGIC Insured) | 2,220,000 | 2,590,163 | ||
Montague Pub. School District: | ||||
5.5% 5/1/16 | 1,005,000 | 1,082,646 | ||
5.5% 5/1/17 | 1,005,000 | 1,080,687 | ||
5.5% 5/1/19 | 1,090,000 | 1,164,305 | ||
Morenci Area Schools 5.25% 5/1/21 (MBIA Insured) | 1,410,000 | 1,476,256 | ||
Mount Clemens Cmnty. School District: | ||||
0% 5/1/17 | 5,000,000 | 2,338,600 | ||
5.5% 5/1/16 | 1,000,000 | 1,077,260 | ||
Muskegon County Wastewtr. Mgmt. Sys. #1 5% 7/1/06 (FSA Insured) (c) | 1,000,000 | 1,052,920 | ||
Muskegon Heights Wtr. Sys. Rev. Series 2000 A: | ||||
5.625% 11/1/20 (MBIA Insured) | 2,075,000 | 2,217,075 | ||
5.625% 11/1/30 (MBIA Insured) | 1,550,000 | 1,611,799 | ||
New Haven Cmnty. Schools 5.25% 5/1/18 | 1,175,000 | 1,240,730 | ||
Okemos Pub. School District: | ||||
0% 5/1/12 (MBIA Insured) | 2,500,000 | 1,786,650 | ||
0% 5/1/13 (MBIA Insured) | 1,700,000 | 1,154,980 | ||
Ovid-Elsie Area Schools Counties of Clinton, Shawassee, Saginaw and Gratiot 5% 5/1/18 | 1,515,000 | 1,572,555 | ||
Paw Paw Pub. School District 5.25% 5/1/25 | 4,100,000 | 4,166,461 | ||
Pinckney Cmnty. Schools Livingston & Washtenaw Counties: | ||||
5.5% 5/1/10 (FGIC Insured) | 2,175,000 | 2,324,510 | ||
5.5% 5/1/11 (FGIC Insured) | 2,350,000 | 2,511,539 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Pinckney Cmnty. Schools Livingston & Washtenaw Counties: - continued | ||||
5.5% 5/1/14 (FGIC Insured) | $ 3,075,000 | $ 3,286,376 | ||
Plainwell Cmnty. School District: | ||||
5.5% 5/1/14 | 1,000,000 | 1,106,190 | ||
5.5% 5/1/16 | 1,000,000 | 1,097,270 | ||
Port Huron Area School District County of Saint Clair: | ||||
0% 5/1/08 (Liquidity Facility Michigan School Bond Ln. Fund) | 1,975,000 | 1,740,943 | ||
5.25% 5/1/16 | 1,175,000 | 1,260,188 | ||
5.25% 5/1/17 | 2,125,000 | 2,277,511 | ||
5.25% 5/1/18 | 2,175,000 | 2,296,670 | ||
Reese Pub. Schools School District (School Bldg. & Site Proj.) 5.5% 5/1/30 (MBIA Insured) | 2,140,000 | 2,193,864 | ||
River Rouge School District 5% 5/1/19 (FGIC Insured) | 7,690,000 | 7,912,010 | ||
Riverview Cmnty. School District: | ||||
5% 5/1/14 | 905,000 | 969,870 | ||
5% 5/1/15 | 955,000 | 1,014,707 | ||
5% 5/1/17 | 1,000,000 | 1,050,190 | ||
5% 5/1/18 | 1,000,000 | 1,043,680 | ||
Rochester Cmnty. School District: | ||||
Series II, 5.5% 5/1/16 | 1,125,000 | 1,211,918 | ||
5% 5/1/19 (MBIA Insured) | 1,000,000 | 1,056,790 | ||
Romulus Cmnty. Schools Series I, 0% 5/1/06 | 3,610,000 | 3,464,734 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.): | ||||
Series M, 5.25% 11/15/31 (MBIA Insured) | 2,000,000 | 2,014,360 | ||
5.5% 1/1/14 | 4,000,000 | 4,123,800 | ||
Saint Clair County Gen. Oblig.: | ||||
5% 4/1/17 (AMBAC Insured) | 1,380,000 | 1,440,955 | ||
5% 4/1/19 (AMBAC Insured) | 1,475,000 | 1,523,616 | ||
Saint Joseph School District 5.5% 5/1/18 | 1,065,000 | 1,143,128 | ||
South Haven Pub. Schools: | ||||
5% 5/1/20 (FSA Insured) | 1,450,000 | 1,485,525 | ||
5% 5/1/21 (FSA Insured) | 1,450,000 | 1,478,159 | ||
5% 5/1/22 (FSA Insured) | 1,350,000 | 1,368,414 | ||
South Lyon Cmnty. Schools (School Bldg. and Site Prog.) 5.25% 5/1/15 (FGIC Insured) | 1,000,000 | 1,078,330 | ||
Southfield Library Bldg. Auth. 5.5% 5/1/21 (MBIA Insured) | 1,425,000 | 1,506,581 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Southfield Pub. Schools: | ||||
Series A: | ||||
5.25% 5/1/17 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | $ 1,025,000 | $ 1,098,390 | ||
5.25% 5/1/18 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,025,000 | 1,089,083 | ||
5.25% 5/1/19 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,025,000 | 1,090,631 | ||
5.25% 5/1/20 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,025,000 | 1,088,314 | ||
Series B: | ||||
5.125% 5/1/16 (FSA Insured) | 2,780,000 | 2,963,091 | ||
5.25% 5/1/25 (FSA Insured) | 2,000,000 | 2,045,140 | ||
Standish Sterling Cmnty. Schools 5.15% 5/1/28 | 4,900,000 | 4,901,323 | ||
Stockbridge Cmnty. Schools 5.625% 5/1/26 | 1,400,000 | 1,472,142 | ||
Sturgis Pub. School District 5.625% 5/1/30 | 3,000,000 | 3,115,770 | ||
Taylor City Bldg. Auth. County of Wayne Bldg. Auth. Pub. Facilities: | ||||
5% 10/1/21 (MBIA Insured) | 1,735,000 | 1,770,047 | ||
5% 10/1/23 (MBIA Insured) | 1,920,000 | 1,937,261 | ||
Tecumseh Pub. Schools 5.5% 5/1/30 (FGIC Insured) | 1,250,000 | 1,280,825 | ||
Utica Cmnty. Schools: | ||||
5% 5/1/17 | 3,000,000 | 3,148,860 | ||
5.25% 5/1/15 | 725,000 | 789,155 | ||
5.375% 5/1/16 | 2,250,000 | 2,450,610 | ||
5.5% 5/1/17 | 1,000,000 | 1,100,650 | ||
Warren Consolidated School District 5.375% 5/1/16 (FSA Insured) | 2,350,000 | 2,537,812 | ||
Waverly Cmnty. School District: | ||||
5.75% 5/1/14 (FGIC Insured) | 1,000,000 | 1,103,490 | ||
5.75% 5/1/16 (FGIC Insured) | 1,000,000 | 1,099,640 | ||
Wayne Charter County Arpt. Rev. (Detroit Metro. | 2,500,000 | 2,626,225 | ||
Wayne Charter County Gen. Oblig. Series 2001 A, 5.5% 12/1/17 (MBIA Insured) | 1,000,000 | 1,060,840 | ||
West Ottawa Pub. School District 5.25% 5/1/10 | 850,000 | 902,717 | ||
Whitehall District Schools 5.5% 5/1/15 | 1,000,000 | 1,081,840 | ||
Willow Run Cmnty. Schools County of Washtenaw 5.5% 5/1/16 | 1,630,000 | 1,748,387 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Michigan - continued | ||||
Woodhaven-Brownstown School District County of Wayne 5.375% 5/1/18 (FSA Insured) | $ 1,875,000 | $ 2,009,044 | ||
Wyandotte City School District 5.375% 5/1/20 | 1,050,000 | 1,124,351 | ||
Wyandotte Elec. Rev.: | ||||
5.375% 10/1/14 (MBIA Insured) | 3,485,000 | 3,784,396 | ||
5.375% 10/1/15 (MBIA Insured) | 1,670,000 | 1,793,580 | ||
531,236,284 | ||||
Puerto Rico - 0.5% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series 1996 Y, 5% 7/1/36 (MBIA Insured) | 2,500,000 | 2,488,925 | ||
Puerto Rico Commonwealth Urban Renewal & Hsg. Corp. 7.875% 10/1/04 | 290,000 | 291,003 | ||
2,779,928 |
TOTAL INVESTMENT PORTFOLIO - 98.2% (Cost $516,436,770) | 534,016,212 | ||
NET OTHER ASSETS - 1.8% | 9,964,354 | ||
NET ASSETS - 100% | $ 543,980,566 |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 49.2% |
Water & Sewer | 11.1% |
Escrowed/Pre-Refunded | 10.3% |
Health Care | 9.1% |
Special Tax | 5.7% |
Electric Utilities | 5.0% |
Others* (individually less than 5%) | 9.6% |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $36,631,380 and $41,040,089, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Michigan Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
June 30, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $516,436,770) - See accompanying schedule | $ 534,016,212 | |
Cash | 8,582,489 | |
Receivable for fund shares sold | 166,121 | |
Interest receivable | 5,824,977 | |
Prepaid expenses | 1,378 | |
Other receivables | 6,310 | |
Total assets | 548,597,487 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 3,152,730 | |
Payable for fund shares redeemed | 640,204 | |
Distributions payable | 578,842 | |
Accrued management fee | 169,927 | |
Other affiliated payables | 50,332 | |
Other payables and accrued expenses | 24,886 | |
Total liabilities | 4,616,921 | |
Net Assets | $ 543,980,566 | |
Net Assets consist of: | ||
Paid in capital | $ 522,981,263 | |
Undistributed net investment income | 25,225 | |
Accumulated undistributed net realized gain (loss) on investments | 3,394,636 | |
Net unrealized appreciation (depreciation) on investments | 17,579,442 | |
Net Assets, for 45,811,812 shares outstanding | $ 543,980,566 | |
Net Asset Value, offering price and redemption price per share ($543,980,566 ÷ 45,811,812 shares) | $ 11.87 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Michigan Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $ 12,620,112 | |
Expenses | ||
Management fee | $ 1,052,704 | |
Transfer agent fees | 221,611 | |
Accounting fees and expenses | 69,790 | |
Non-interested trustees' compensation | 1,426 | |
Custodian fees and expenses | 5,443 | |
Registration fees | 22,832 | |
Audit | 20,147 | |
Legal | 5,266 | |
Miscellaneous | 9,182 | |
Total expenses before reductions | 1,408,401 | |
Expense reductions | (45,391) | 1,363,010 |
Net investment income (loss) | 11,257,102 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 3,809,410 | |
Change in net unrealized appreciation (depreciation) on investment securities | (19,868,171) | |
Net gain (loss) | (16,058,761) | |
Net increase (decrease) in net assets resulting from operations | $ (4,801,659) |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 11,257,102 | $ 24,192,521 |
Net realized gain (loss) | 3,809,410 | 9,472,392 |
Change in net unrealized appreciation (depreciation) | (19,868,171) | (1,715,675) |
Net increase (decrease) in net assets resulting | (4,801,659) | 31,949,238 |
Distributions to shareholders from net investment income | (11,261,432) | (24,202,901) |
Share transactions | 43,049,927 | 83,885,105 |
Reinvestment of distributions | 7,795,384 | 16,889,514 |
Cost of shares redeemed | (52,197,203) | (119,376,217) |
Net increase (decrease) in net assets resulting from share transactions | (1,351,892) | (18,601,598) |
Redemption fees | 1,309 | 7,727 |
Total increase (decrease) in net assets | (17,413,674) | (10,847,534) |
Net Assets | ||
Beginning of period | 561,394,240 | 572,241,774 |
End of period (including undistributed net investment income of $25,225 and undistributed net investment income of $429,486, respectively) | $ 543,980,566 | $ 561,394,240 |
Other Information Shares | ||
Sold | 3,529,517 | 6,902,116 |
Issued in reinvestment of distributions | 643,757 | 1,391,625 |
Redeemed | (4,314,206) | (9,851,451) |
Net increase (decrease) | (140,932) | (1,557,710) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 12.22 | $ 12.04 | $ 11.47 | $ 11.48 | $ 10.87 | $ 11.72 |
Income from Investment Operations | ||||||
Net investment income (loss) | .244 D | .513 D | .532 D | .552 D, F | .570 D | .551 |
Net realized and unrealized gain (loss) | (.350) | .180 | .568 | (.010) F | .610 | (.850) |
Total from investment operations | (.106) | .693 | 1.100 | .542 | 1.180 | (.299) |
Distributions from net investment income | (.244) | (.513) | (.530) | (.552) | (.570) | (.551) |
Redemption fees added to paid in capital | - D, G | - D, G | - D, G | - D, G | - | - |
Net asset value, | $ 11.87 | $ 12.22 | $ 12.04 | $ 11.47 | $ 11.48 | $ 10.87 |
Total Return B, C | (.89)% | 5.87% | 9.78% | 4.77% | 11.19% | (2.63)% |
Ratios to Average Net Assets E | ||||||
Expenses before expense reductions | .51% A | .50% | .50% | .50% | .51% | .52% |
Expenses net of voluntary waivers, if any | .51% A | .50% | .50% | .50% | .51% | .52% |
Expenses net of all reductions | .49% A | .49% | .48% | .44% | .45% | .52% |
Net investment income (loss) | 4.04% A | 4.22% | 4.51% | 4.76% F | 5.17% | 4.86% |
Supplemental Data | ||||||
Net assets, | $ 543,981 | $ 561,394 | $ 572,242 | $ 505,534 | $ 458,910 | $ 425,130 |
Portfolio turnover rate | 13% A | 23% | 17% | 19% | 18% | 19% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
F Effective January 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change.
G Amount represents less than $.001 per share.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Fidelity Michigan Municipal Money Market Fund
Investment Changes
Maturity Diversification | |||
Days | % of fund's investments 6/30/04 | % of fund's investments 12/31/03 | % of fund's investments 6/30/03 |
0 - 30 | 85.4 | 81.2 | 89.3 |
31 - 90 | 7.9 | 1.9 | 4.2 |
91 - 180 | 5.7 | 2.6 | 4.9 |
181 - 397 | 1.0 | 14.3 | 1.6 |
Weighted Average Maturity | |||
6/30/04 | 12/31/03 | 6/30/03 | |
Fidelity Michigan Municipal | 20 Days | 44 Days | 19 Days |
All Tax-Free Money Market | 33 Days | 45 Days | 44 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2004 | As of December 31, 2003 | ||||||
![]() | Variable Rate Demand Notes (VRDNs) 79.4% | ![]() | Variable Rate Demand Notes (VRDNs) 79.5% | ||||
![]() | Commercial Paper (including CP Mode) 2.2% | ![]() | Commercial Paper (including CP Mode) 3.3% | ||||
![]() | Tender Bonds 8.3% | ![]() | Tender Bonds 7.5% | ||||
![]() | Municipal Notes 3.2% | ![]() | Municipal Notes 3.8% | ||||
![]() | Fidelity Municipal Cash Central Fund 0.0% | ![]() | Fidelity Municipal Cash Central Fund 0.7% | ||||
![]() | Other Investments 6.3% | ![]() | Other Investments 4.7% | ||||
![]() | Net Other Assets 0.6% | ![]() | Net Other Assets 0.5% |
*Source: iMoneyNet, Inc.
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 99.4% | |||
Principal | Value | ||
Michigan - 98.5% | |||
Allen Park Pub. School District Participating VRDN Series ROC II R4007, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e) | $ 5,155,000 | $ 5,155,000 | |
Charlotte Hosp. Fin. Auth. Ltd. Oblig. Rev. (Hayes Green Beach Proj.) 1.16%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 13,675,000 | 13,675,000 | |
Clinton Econ. Dev. Corp. Rev. (Clinton Area Care Ctr. Proj.) 1.18%, LOC Northern Trust Co., Chicago, VRDN (b) | 5,130,000 | 5,130,000 | |
Detroit City School District Participating VRDN: | |||
ROC II R1033, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e) | 3,685,000 | 3,685,000 | |
Series PT 1805, 1.14% (Liquidity Facility WestLB AG) (b)(e) | 1,095,000 | 1,095,000 | |
Series PT 2158, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e) | 2,000,000 | 2,000,000 | |
Series ROC II R4004, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e) | 5,780,000 | 5,780,000 | |
Detroit Econ. Dev. Corp. Resource Recovery Rev. Participating VRDN Series Merlots 01 A90, 1.17% (Liquidity Facility Wachovia Bank NA) (b)(c)(e) | 2,500,000 | 2,500,000 | |
Detroit Swr. Disp. Rev.: | |||
Bonds: | |||
Series 2001 E, 1.05%, tender 9/2/04 (FGIC Insured) (b) | 10,000,000 | 10,000,000 | |
Series 2003 A, 3% 7/1/04 (FSA Insured) | 16,560,000 | 16,560,001 | |
Participating VRDN: | |||
Series 2002 G, 1.16% (Liquidity Facility Bank of America NA) (b)(e) | 8,520,000 | 8,520,000 | |
Series Merlots 00 I, 1.12% (Liquidity Facility Wachovia Bank NA) (b)(e) | 9,300,000 | 9,300,000 | |
Series Merlots 01 A103, 1.12% (Liquidity Facility Wachovia Bank NA) (b)(e) | 10,015,000 | 10,015,000 | |
Series Merlots 01 A112, 1.12% (Liquidity Facility Wachovia Bank NA) (b)(e) | 5,115,000 | 5,115,000 | |
Series Merlots 04 B2, 1.12% (Liquidity Facility Wachovia Bank NA) (b)(e) | 5,800,000 | 5,800,000 | |
Series Merlots B41, 1.12% (Liquidity Facility Wachovia Bank NA) (b)(e) | 2,260,000 | 2,260,000 | |
Series PA 1183, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e) | 6,000,000 | 6,000,000 | |
Series SGB 47, 1.14% (Liquidity Facility Societe Generale) (b)(e) | 5,800,000 | 5,800,000 | |
Detroit Wtr. Supply Sys. Rev.: | |||
Bonds Series Putters 345, 1%, tender 7/15/04 (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 8,495,000 | 8,495,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Detroit Wtr. Supply Sys. Rev.: - continued | |||
Participating VRDN: | |||
Series Merlots 00 D, 1.12% (Liquidity Facility Wachovia Bank NA) (b)(e) | $ 4,500,000 | $ 4,500,000 | |
Series PA 1151, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e) | 5,405,000 | 5,405,000 | |
Series Putters 200, 1.12% (Liquidity Facility JPMorgan Chase Bank) (b)(e) | 5,370,000 | 5,370,000 | |
Series SG 64, 1.12% (Liquidity Facility Societe Generale) (b)(e) | 3,500,000 | 3,500,000 | |
Series SGB 6, 1.14% (Liquidity Facility Societe Generale) (b)(e) | 9,570,000 | 9,570,000 | |
Detroit Wtr. Sys. Rev. Participating VRDN Series EGL 99 2202, 1.14% (Liquidity Facility Citibank NA, New York) (b)(e) | 8,200,000 | 8,200,000 | |
East Lansing School District Participating VRDN Series SGA 114, 1.08% (Liquidity Facility Societe Generale) (b)(e) | 6,000,000 | 6,000,000 | |
Genesee County Econ. Dev. Corp. (Creative Foam Corp. Proj.) Series 1994, 1.28%, LOC Bank One NA, Chicago, VRDN (b)(c) | 1,000,000 | 1,000,000 | |
Grand Rapids Economic Dev. Corp. (Cornerstone Univ. Proj.) 1.12%, LOC Nat'l. City Bank, VRDN (b) | 2,000,000 | 2,000,000 | |
Hartland Consolidated School District Participating VRDN Series MSTC 01 127 Class A, 1.08% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(e) | 6,655,000 | 6,655,000 | |
Holland Charter Township Econ. Dev. Corp. Rev. (Chicago Mission Proj.) 1.19%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 2,500,000 | 2,500,000 | |
Jackson Pub. Schools RAN Series A, 2% 8/24/04, LOC Comerica Bank, Detroit | 2,735,000 | 2,738,827 | |
Kentwood Pub. Schools Participating VRDN Series EGL 03 24, 1.14% (Liquidity Facility Citibank NA, New York) (b)(e) | 3,195,000 | 3,195,000 | |
Michigan Bldg. Auth. Rev.: | |||
Bonds: | |||
(Facilities Prog.): | |||
Series I, 5% 10/15/04 | 2,535,000 | 2,563,436 | |
Series II, 2% 10/15/04 | 1,075,000 | 1,077,938 | |
(State Police Communications Sys. Proj.) 3% 10/1/04 | 3,225,000 | 3,239,368 | |
Series MS 886, 1.25%, tender 12/16/04 (Liquidity Facility Morgan Stanley) (b)(e)(f) | 1,700,000 | 1,700,000 | |
Participating VRDN: | |||
Series EGL 01 2202, 1.14% (Liquidity Facility Citibank NA, New York) (b)(e) | 3,000,000 | 3,000,000 | |
Series Merlots 04 B10, 1.12% (Liquidity Facility Wachovia Bank NA) (b)(e) | 5,120,000 | 5,120,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Michigan Bldg. Auth. Rev.: - continued | |||
Participating VRDN: | |||
Series MS 00 481X, 1.13% (Liquidity Facility Morgan Stanley) (b)(e) | $ 9,670,000 | $ 9,670,000 | |
Series PT 2177, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e) | 6,170,000 | 6,170,000 | |
Series PT 2234, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e) | 5,900,000 | 5,900,000 | |
Series ROC II R 4551, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e) | 5,215,000 | 5,215,000 | |
Series ROC II R2064, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e) | 2,760,000 | 2,760,000 | |
Series ROC II R4057, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e) | 2,215,000 | 2,215,000 | |
Series Stars 101, 1.12% (Liquidity Facility BNP Paribas SA) (b)(e) | 5,900,000 | 5,900,000 | |
Series 4, 1.15% 9/9/04, LOC Bank of New York, New York, LOC State Street Bank & Trust Co., Boston, CP | 5,900,000 | 5,900,000 | |
Michigan Gen. Oblig. Participating VRDN Series Putters 125, 1.12% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(e) | 8,225,000 | 8,225,000 | |
Michigan Higher Ed. Student Ln. Auth. Rev.: | |||
Participating VRDN Series PA 1064, 1.17% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)(e) | 7,420,000 | 7,420,000 | |
1.1% (AMBAC Insured), VRDN (b)(c) | 4,000,000 | 4,000,000 | |
Michigan Hosp. Fin. Auth. Hosp. Rev.: | |||
Bonds: | |||
(Ascension Health Cr. Group Proj.) Series 1999 B1, 5.05%, tender 11/15/04 (b) | 6,000,000 | 6,086,345 | |
(Mercy Health Svcs. Proj.) Series T, 5.75% 8/15/04 | 2,905,000 | 2,921,253 | |
(Health Care Equip. Ln. Prog.): | |||
Series 2003 C: | |||
1.11%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 6,600,000 | 6,600,000 | |
1.11%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 5,000,000 | 5,000,000 | |
Series B, 1.11%, LOC Standard Fed. Bank, VRDN (b) | 4,000,000 | 4,000,000 | |
(United Memorial Hosp. Assoc. Proj.) Series 1999, 1.11%, LOC Fifth Third Bank, Cincinnati, VRDN (b)(c) | 9,335,000 | 9,335,000 | |
Michigan Hosp. Fin. Auth. Rev. Series B, 1.11%, LOC Standard Fed. Bank, VRDN (b) | 3,600,000 | 3,600,000 | |
Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev.: | |||
Bonds Series 1988 A, 1.13% tender 7/6/04, LOC Landesbank Hessen-Thuringen, CP mode (c) | 3,000,000 | 3,000,000 | |
(Hunt Club Apts. Proj.) 1.13%, LOC Fannie Mae, VRDN (b)(c) | 5,600,000 | 5,600,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.: | |||
Bonds Series 2003 C, 1.22%, tender 11/24/04 (FSA Insured) (b)(c) | $ 3,000,000 | $ 3,000,000 | |
Participating VRDN Series PT 01 556, 1.17% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(c)(e) | 3,630,000 | 3,630,000 | |
Series 1999 B2, 1.11% (MBIA Insured), VRDN (b)(c) | 6,000,000 | 6,000,000 | |
Series 2002 A, 1.11% (MBIA Insured), VRDN (b)(c) | 5,000,000 | 5,000,000 | |
Michigan Muni. Bond Auth. Rev.: | |||
Bonds 6.5% 10/1/17 (Pre-Refunded to 10/1/04 @ 102) (d) | 2,750,000 | 2,840,982 | |
Participating VRDN: | |||
Series EGL 00 2201, 1.14% (Liquidity Facility Citibank NA, New York) (b)(e) | 9,500,000 | 9,500,000 | |
Series MS 718, 1.13% (Liquidity Facility Morgan Stanley) (b)(e) | 12,971,000 | 12,971,000 | |
Series MSTC 02 204, 1.08% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(e) | 10,395,000 | 10,395,000 | |
RAN: | |||
Series 2003 B1, 2% 8/20/04 | 3,000,000 | 3,003,975 | |
Series 2003 B2, 2% 8/23/04, LOC JPMorgan Chase Bank | 12,915,000 | 12,932,711 | |
Michigan Strategic Fund Indl. Dev. Rev. (Althaus Family Investors II Proj.) Series 1997, 1.28%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b) | 2,055,000 | 2,055,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
Participating VRDN Series MS 00 382, 1.13% (Liquidity Facility Morgan Stanley) (b)(e) | 2,000,000 | 2,000,000 | |
(BC&C Proj.) 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 1,680,000 | 1,680,000 | |
(Bico Michigan, Inc. Proj.) Series 1999, 1.25%, LOC Bank One NA, VRDN (b)(c) | 3,300,000 | 3,300,000 | |
(Biewer of Lansing LLC Proj.) Series 1999, 1.22%, LOC Standard Fed. Bank, VRDN (b)(c) | 1,335,000 | 1,335,000 | |
(Bosal Ind. Proj.) Series 1998, 1.15%, LOC Bank of New York, New York, VRDN (b)(c) | 7,500,000 | 7,500,000 | |
(CJS Properties LLC Proj.) 1.28%, LOC Bank One NA, Chicago, VRDN (b)(c) | 1,900,000 | 1,900,000 | |
(Conti Properties LLC Proj.) Series 1997, 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 2,740,000 | 2,740,000 | |
(Creative Foam Corp. Proj.) 1.25%, LOC Bank One NA, Chicago, VRDN (b)(c) | 1,000,000 | 1,000,000 | |
(Doss Ind. Dev. Co. Proj.) 1.28%, LOC Bank One NA, Chicago, VRDN (b)(c) | 2,200,000 | 2,200,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Michigan Strategic Fund Ltd. Oblig. Rev.: - continued | |||
(Fintex LLC Proj.) Series 2000, 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | $ 2,330,000 | $ 2,330,000 | |
(Future Fence Co. Proj.) 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 2,500,000 | 2,500,000 | |
(Grandview Plaza Riverview Assoc. One LP Proj.) 1.2%, LOC Nat'l. City Bank, VRDN (b)(c) | 1,910,000 | 1,910,000 | |
(HP Pelzer Automotive Sys. Sterling Heights Proj.) 1.1%, LOC Bank One NA, Chicago, VRDN (b)(c) | 2,250,000 | 2,250,000 | |
(John H. Dekker & Sons Proj.) Series 1998, 1.23%, LOC Standard Fed. Bank, VRDN (b)(c) | 1,110,000 | 1,110,000 | |
(K&M Engineering, Inc. Proj.) 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 1,720,000 | 1,720,000 | |
(LPB LLC Proj.) 1.25%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 3,100,000 | 3,100,000 | |
(Majestic Ind., Inc. Proj.) 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 2,275,000 | 2,275,000 | |
(Mans Proj.) Series 1998, 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 2,260,000 | 2,260,000 | |
(Mid-American Products, Inc. Proj.) Series 1998 1.24%, LOC Standard Fed. Bank, VRDN (b)(c) | 1,635,000 | 1,635,000 | |
(PBL Enterprises, Inc. Proj.) Series 1997, 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 2,175,000 | 2,175,000 | |
(Pioneer Laboratories, Inc. Proj.) 1.13%, LOC Bank One NA, Chicago, VRDN (b)(c) | 1,400,000 | 1,400,000 | |
(S&S LLC Proj.) Series 2000, 1.33%, LOC Standard Fed. Bank, VRDN (b)(c) | 3,400,000 | 3,400,000 | |
(SBC Ventures LLC Proj.) 1.33%, LOC Comerica Bank, Detroit, VRDN (a)(b)(c) | 4,000,000 | 4,000,000 | |
(TEI Invts. LLC Proj.) Series 1997, 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 600,000 | 600,000 | |
(Temperance Enterprise Proj.) Series 1996, 1.2%, LOC Nat'l. City Bank, VRDN (b)(c) | 2,320,000 | 2,320,000 | |
(Templeton Properties LLC Proj.) Series 2000, 1.28%, LOC Bank One NA, Chicago, VRDN (b)(c) | 1,700,000 | 1,700,000 | |
(The Monarch Press, Inc. Proj.) Series 2000, 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 1,900,000 | 1,900,000 | |
(The Spiratex Co. Proj.) Series 1994, 1.28%, LOC Bank One NA, Chicago, VRDN (b)(c) | 1,200,000 | 1,200,000 | |
(Trilan LLC Proj.) 1.25%, LOC Bank One NA, Chicago, VRDN (b)(c) | 3,700,000 | 3,700,000 | |
(Unified-Boring Co., Inc. Proj.) Series 1992, 1.38%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 600,000 | 600,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Michigan Strategic Fund Ltd. Oblig. Rev.: - continued | |||
(Vent-Rite Valve Corp. Proj.) 1.1%, LOC Fleet Nat'l. Bank, VRDN (b)(c) | $ 920,000 | $ 920,000 | |
(W.H. Porter, Inc. Proj.) Series 2001, 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 3,550,000 | 3,550,000 | |
(Whitehall Products LLC Proj.) Series 2000, 1.16%, LOC Lasalle Bank NA, VRDN (b)(c) | 2,515,000 | 2,515,000 | |
(Windcrest Properties LLC Proj.) 1.23%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 4,600,000 | 4,600,000 | |
(YMCA Metro. Detroit Proj.) Series 2001, 1.18%, LOC Bank One NA, Chicago, VRDN (b) | 12,740,000 | 12,740,000 | |
Michigan Strategic Fund Poll. Cont. Rev. (Gen. Motors Corp. Proj.): | |||
Series 1988 A, 1.4%, VRDN (b) | 2,700,000 | 2,700,000 | |
1.68%, VRDN (b) | 2,700,000 | 2,700,000 | |
Michigan Strategic Fund Solid Waste Disp. Rev. (Great Lakes Recovery Proj.) 1.1%, LOC Bank One NA, Chicago, VRDN (b)(c) | 1,100,000 | 1,100,000 | |
Michigan Trunk Line Bonds 4% 10/1/04 | 5,000,000 | 5,035,883 | |
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev. (Osmic, Inc. Proj.) Series 2001 A, 1.23%, LOC Bank One NA, Chicago, VRDN (b)(c) | 6,300,000 | 6,300,000 | |
Rockford Pub. Schools Participating VRDN Series MS 01 589, 1.13% (Liquidity Facility Morgan Stanley) (b)(e) | 2,135,000 | 2,135,000 | |
Saint Clair County Econ. Dev. Corp. Poll. Cont. Rev. Bonds Series MS 00 282, 1.1%, tender 8/5/04 (Liquidity Facility Morgan Stanley) (b)(e)(f) | 8,895,000 | 8,895,000 | |
Sanilac County Econ. Dev. Corp. (Marlette Cmnty. Hosp. Proj.) Series 2001, 1.18%, LOC Bank One NA, Chicago, VRDN (b) | 12,565,000 | 12,565,000 | |
Sterling Heights Econ. Dev. Corp. Ltd. Oblig. Rev. (Cherrywood Ctr. Assoc. Proj.) 1.15%, LOC Comerica Bank, Detroit, VRDN (b)(c) | 2,400,000 | 2,400,000 | |
Univ. of Michigan Univ. Revs. Series 2003 D, 1.08% 7/12/04, CP | 3,900,000 | 3,900,000 | |
Van Buren Township Local Dev. Fin. Auth. Participating VRDN Series ROC 4518, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e) | 7,720,000 | 7,720,000 | |
Walled Lake Consolidated School District Participating VRDN Series Stars 04 95, 1.12% (Liquidity Facility BNP Paribas SA) (b)(e) | 5,525,000 | 5,525,000 | |
Wayne Charter County Arpt. Rev. Participating VRDN Series PT 2128, 1.18% (Liquidity Facility WestLB AG) (b)(c)(e) | 1,275,000 | 1,275,000 | |
Wayne State Univ. Revs Bonds 5% 11/15/04 (FGIC Insured) | 2,550,000 | 2,585,414 | |
Municipal Securities - continued | |||
Principal | Value | ||
Michigan - continued | |||
Wayne-Westland Cmnty. Schools Participating VRDN: | |||
Series MS 98 56, 1.13% (Liquidity Facility Morgan Stanley) (b)(e) | $ 7,465,000 | $ 7,465,000 | |
Series MS 98 67, 1.13% (Liquidity Facility Morgan Stanley) (b)(e) | 10,895,000 | 10,895,000 | |
Western Townships Utils. Auth. County of Wayne Swr. Disp. Sys. Bonds Series Merlots A96, 1.45%, tender 4/27/05 (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 5,700,000 | 5,700,000 | |
Whitmore Lake Pub. School District Participating VRDN Series ROC II R4515, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(e) | 3,900,000 | 3,900,000 | |
Woodhaven-Brownstown School District County of Wayne Bonds Series 2004 B, 1.5%, tender 11/1/04 (Liquidity Facility Fifth Third Bank, Cincinnati) (b) | 5,000,000 | 5,005,777 | |
Zeeland Hosp. Fin. Auth. Rev. (Zeeland Cmnty. Hosp. Proj.) Series 1999, 1.1%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b) | 3,345,000 | 3,345,000 | |
578,277,910 | |||
New York - 0.9% | |||
Bank of New York Muni. Ctfs. trust various states Participating VRDN Series BNY 02 3, 1.22% (Liquidity Facility Bank of New York, New York) (b)(c)(e) | 5,500,000 | 5,500,000 | |
TOTAL INVESTMENT PORTFOLIO - 99.4% | 583,777,910 | ||
NET OTHER ASSETS - 0.6% | 3,631,404 | ||
NET ASSETS - 100% | $ 587,409,314 |
Total Cost for Federal Income Tax Purposes $ 583,777,910 |
Security Type Abbreviations |
CP - COMMERCIAL PAPER |
RAN - REVENUE 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) 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. |
(e) Provides evidence of ownership in one or more underlying municipal bonds. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $24,790,000 or 4.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition | Cost |
Detroit Wtr. Supply Sys. Rev. Bonds Series Putters 345, 1%, tender 7/15/04 (Liquidity Facility JPMorgan Chase Bank) | 4/2/03 - 7/17/03 | $ 8,495,000 |
Michigan Bldg. Auth. Rev. Bonds Series MS 886, 1.25%, tender 12/16/04 (Liquidity Facility Morgan Stanley) | 12/17/03 | $ 1,700,000 |
Security | Acquisition | Cost |
Saint Clair County Econ. Dev. Corp. Poll. Cont. Rev. Bonds Series MS 00 282, 1.1%, tender 8/5/04 (Liquidity Facility Morgan Stanley) | 12/28/00 - - 3/4/02 | $ 8,895,000 |
Western Townships Utils. Auth. County of Wayne Swr. Disp. Sys. Bonds Series Merlots A96, 1.45%, tender 4/27/05 (Liquidity Facility Wachovia Bank NA) | 11/2/01 | $ 5,700,000 |
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, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value - See accompanying schedule | $ 583,777,910 | |
Cash | 3,271,400 | |
Receivable for fund shares sold | 6,912,851 | |
Interest receivable | 2,083,470 | |
Prepaid expenses | 1,408 | |
Other receivables | 1,191 | |
Total assets | 596,048,230 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 4,000,000 | |
Payable for fund shares redeemed | 4,339,696 | |
Distributions payable | 3,255 | |
Accrued management fee | 184,372 | |
Other affiliated payables | 85,556 | |
Other payables and accrued expenses | 26,037 | |
Total liabilities | 8,638,916 | |
Net Assets | $ 587,409,314 | |
Net Assets consist of: | ||
Paid in capital | $ 587,258,010 | |
Accumulated net realized gain (loss) on investments | 151,304 | |
Net Assets, for 586,992,079 shares outstanding | $ 587,409,314 | |
Net Asset Value, offering price and redemption price per share ($587,409,314 ÷ 586,992,079 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, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $ 3,168,900 | |
Expenses | ||
Management fee | $ 1,112,394 | |
Transfer agent fees | 465,415 | |
Accounting fees and expenses | 44,090 | |
Non-interested trustees' compensation | 1,425 | |
Custodian fees and expenses | 5,436 | |
Registration fees | 27,356 | |
Audit | 13,060 | |
Legal | 4,631 | |
Miscellaneous | 18,503 | |
Total expenses before reductions | 1,692,310 | |
Expense reductions | (5,836) | 1,686,474 |
Net investment income | 1,482,426 | |
Net realized gain (loss) on investment securities | 38,781 | |
Net increase in net assets resulting from operations | $ 1,521,207 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 1,482,426 | $ 3,565,354 |
Net realized gain (loss) | 38,781 | 144,635 |
Net increase (decrease) in net assets resulting | 1,521,207 | 3,709,989 |
Distributions to shareholders from net investment income | (1,482,426) | (3,565,354) |
Distributions to shareholders from net realized gain | - | (115,393) |
Total distributions | (1,482,426) | (3,680,747) |
Share transactions at net asset value of $1.00 per share | 783,279,022 | 1,271,889,015 |
Reinvestment of distributions | 1,477,350 | 3,578,138 |
Cost of shares redeemed | (785,678,277) | (1,255,965,674) |
Net increase (decrease) in net assets and shares resulting from share transactions | (921,905) | 19,501,479 |
Total increase (decrease) in net assets | (883,124) | 19,530,721 |
Net Assets | ||
Beginning of period | 588,292,438 | 568,761,717 |
End of period | $ 587,409,314 | $ 588,292,438 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations | ||||||
Net investment income | .003 | .006 | .010 | .023 | .036 | .028 |
Net realized and unrealized gain (loss) E | - | - | - | - | - | - |
Total from investment operations | .003 | .006 | .010 | .023 | .036 | .028 |
Distributions from net investment income | (.003) | (.006) | (.010) | (.023) | (.036) | (.028) |
Distributions from net realized gain | - | - E | - | - | - | - |
Total distributions | (.003) | (.006) | (.010) | (.023) | (.036) | (.028) |
Net asset value, | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .25% | .63% | 1.03% | 2.35% | 3.69% | 2.82% |
Ratios to Average Net Assets D | ||||||
Expenses before expense reductions | .57% A | .56% | .56% | .56% | .57% | .58% |
Expenses net of voluntary waivers, if any | .57% A | .56% | .56% | .56% | .57% | .58% |
Expenses net of all reductions | .57% A | .55% | .52% | .52% | .57% | .58% |
Net investment income | .50% A | .61% | 1.02% | 2.32% | 3.63% | 2.80% |
Supplemental Data | ||||||
Net assets, | $ 587,409 | $ 588,292 | $ 568,762 | $ 542,017 | $ 507,223 | $ 444,679 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
E Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2004 (Unaudited)
1. Significant Accounting Policies.
Spartan Michigan Municipal Income Fund (the income fund) is a fund of Fidelity Municipal Trust. Fidelity Michigan Municipal Money Market Fund (the money market fund) is a fund of Fidelity Municipal Trust II. Each trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each fund is authorized to issue an unlimited number of shares. Each fund may be affected by economic and political developments in the state of Michigan. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the income fund and the money market fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities, including restricted securities, are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities owned by the money market fund are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is 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 among the funds in the trust.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, each fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. There were no significant book-to-tax differences during the period for the money market fund.
Capital accounts within the income fund's 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, capital loss carryforwards and losses deferred due to futures transactions.
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 Internal Revenue Service (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 investments and unrealized appreciation (depreciation) for the income fund as of period end were as follows:
Unrealized appreciation | $ 20,818,759 | |
Unrealized depreciation | (3,088,159) | |
Net unrealized appreciation (depreciation) | $ 17,730,600 | |
Cost for federal income tax purposes | $ 516,285,612 |
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 Fidelity Management & Research Company (FMR), are retained by the fund and accounted for as an addition to paid in capital.
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. Each fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid
Semiannual Report
2. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable fund's Schedule of Investments. Each fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each fund identifies securities as segregated in its records with a value at 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. Certain funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. 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 | Group | Total | |
Spartan Michigan Municipal Income Fund | .25% | .13% | .38% |
Fidelity Michigan Municipal Money Market Fund | .25% | .13% | .38% |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the funds. Citibank has entered into a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the activities associated with the funds' transfer and shareholder servicing agent and accounting functions. The funds pay account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Spartan Michigan Municipal Income Fund | .08% | | |
Fidelity Michigan Municipal Money Market Fund | .16% |
Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:
Income Distributions | |
Fidelity Michigan Municipal Money Market Fund | $ 89,426 |
5. Committed Line of Credit.
Certain funds participate with other funds managed by FMR in a $4.2 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. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
Through arrangements with each applicable fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable fund's expenses. All of the applicable expense reductions are noted in the table below.
Custody | Transfer | |
Spartan Michigan Municipal Income Fund | $ 4,929 | $ 40,462 |
Fidelity Michigan Municipal Money Market Fund | 5,267 | 569 |
Semiannual Report
Proxy Voting Results
Spartan Michigan Municipal Income Fund
A special meeting of Spartan Michigan Municipal Income Fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 3,415,899,540.41 | 73.098 |
Against | 857,186,718.73 | 18.343 |
Abstain | 194,806,370.40 | 4.169 |
Broker | 205,155,704.48 | 4.390 |
TOTAL | 4,673,048,334.02 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 4,338,349,812.56 | 92.838 |
Withheld | 334,698,521.46 | 7.162 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ralph F. Cox | ||
Affirmative | 4,334,671,421.01 | 92.759 |
Withheld | 338,376,913.01 | 7.241 |
TOTAL | 4,673,048,334.02 | 100.000 |
Laura B. Cronin | ||
Affirmative | 4,332,816,177.06 | 92.719 |
Withheld | 340,232,156.96 | 7.281 |
TOTAL | 4,673,048,334.02 | 100.000 |
Robert M. Gates | ||
Affirmative | 4,336,851,658.96 | 92.806 |
Withheld | 336,196,675.06 | 7.194 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 4,334,549,149.07 | 92.756 |
Withheld | 338,499,184.95 | 7.244 |
TOTAL | 4,673,048,334.02 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 4,327,320,608.55 | 92.602 |
Withheld | 345,727,725.47 | 7.398 |
TOTAL | 4,673,048,334.02 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 4,322,104,507.32 | 92.490 |
Withheld | 350,943,826.70 | 7.510 |
TOTAL | 4,673,048,334.02 | 100.000 |
Donald J. Kirk | ||
Affirmative | 4,335,814,201.97 | 92.783 |
Withheld | 337,234,132.05 | 7.217 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marie L. Knowles | ||
Affirmative | 4,333,892,089.64 | 92.742 |
Withheld | 339,156,244.38 | 7.258 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 4,340,856,926.26 | 92.891 |
Withheld | 332,191,407.76 | 7.109 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marvin L. Mann | ||
Affirmative | 4,336,736,818.96 | 92.803 |
Withheld | 336,311,515.06 | 7.197 |
TOTAL | 4,673,048,334.02 | 100.000 |
William O. McCoy | ||
Affirmative | 4,338,426,324.60 | 92.839 |
Withheld | 334,622,009.42 | 7.161 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 4,339,017,198.22 | 92.852 |
Withheld | 334,031,135.80 | 7.148 |
TOTAL | 4,673,048,334.02 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 4,338,546,239.15 | 92.842 |
Withheld | 334,502,094.87 | 7.158 |
TOTAL | 4,673,048,334.02 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Proxy Voting Results
Fidelity Michigan Municipal Money Market Fund
A special meeting of Fidelity Michigan Municipal Money Market Fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Trust Instrument to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 636,855,022.09 | 76.849 |
Against | 150,887,633.15 | 18.208 |
Abstain | 40,713,763.86 | 4.912 |
Broker | 253,332.00 | .031 |
TOTAL | 828,709,751.10 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 767,157,627.90 | 92.573 |
Withheld | 61,552,123.20 | 7.427 |
TOTAL | 828,709,751.10 | 100.000 |
Ralph F. Cox | ||
Affirmative | 766,126,728.93 | 92.448 |
Withheld | 62,583,022.17 | 7.552 |
TOTAL | 828,709,751.10 | 100.000 |
Laura B. Cronin | ||
Affirmative | 767,351,050.02 | 92.596 |
Withheld | 61,358,701.08 | 7.404 |
TOTAL | 828,709,751.10 | 100.000 |
Robert M. Gates | ||
Affirmative | 767,532,295.68 | 92.618 |
Withheld | 61,177,455.42 | 7.382 |
TOTAL | 828,709,751.10 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 766,078,246.56 | 92.442 |
Withheld | 62,631,504.54 | 7.558 |
TOTAL | 828,709,751.10 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 765,060,384.36 | 92.319 |
Withheld | 63,649,366.74 | 7.681 |
TOTAL | 828,709,751.10 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 764,319,910.03 | 92.230 |
Withheld | 64,389,841.07 | 7.770 |
TOTAL | 828,709,751.10 | 100.000 |
Donald J. Kirk | ||
Affirmative | 765,953,858.04 | 92.427 |
Withheld | 62,755,893.06 | 7.573 |
TOTAL | 828,709,751.10 | 100.000 |
Marie L. Knowles | ||
Affirmative | 767,230,609.26 | 92.581 |
Withheld | 61,479,141.84 | 7.419 |
TOTAL | 828,709,751.10 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 767,065,754.21 | 92.561 |
Withheld | 61,643,996.89 | 7.439 |
TOTAL | 828,709,751.10 | 100.000 |
Marvin L. Mann | ||
Affirmative | 765,939,293.51 | 92.426 |
Withheld | 62,770,457.59 | 7.574 |
TOTAL | 828,709,751.10 | 100.000 |
William O. McCoy | ||
Affirmative | 765,995,462.29 | 92.432 |
Withheld | 62,714,288.81 | 7.568 |
TOTAL | 828,709,751.10 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 767,275,847.55 | 92.587 |
Withheld | 61,433,903.55 | 7.413 |
TOTAL | 828,709,751.10 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 766,682,881.97 | 92.515 |
Withheld | 62,026,869.13 | 7.485 |
TOTAL | 828,709,751.10 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
7373 N. Scottsdale Road
Scottsdale, AZ
California
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Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
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Pasadena, CA
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Irvine, CA
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10100 Santa Monica Blvd.
Los Angeles, CA
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San Francisco, CA
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2001 North Main Street
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Colorado
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Denver, CO
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Connecticut
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Illinois
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Maine
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Maryland
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Massachusetts
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Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
405 Cochituate Road
Framingham, MA
416 Belmont Street
Worcester, MA
Semiannual Report
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Michigan
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Birmingham, MI
43420 Grand River Avenue
Novi, MI
29155 Northwestern Hwy.
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Minnesota
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Missouri
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New Jersey
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New York
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North Carolina
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Ohio
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Oregon
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Pennsylvania
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Rhode Island
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Tennessee
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Texas
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Austin, TX
4017 Northwest Parkway
Dallas, TX
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Houston, TX
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Houston, TX
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Irving, TX
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San Antonio, TX
19740 IH 45 North
Spring, TX
6005 West Park Boulevard
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Utah
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Salt Lake City, UT
Virginia
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Washington
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Bellevue, WA
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Washington, DC
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Semiannual Report
To Write Fidelity
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Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
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Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
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Management, Inc.
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and
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www.fidelity.com
MIR-USAN-0804
1.787785.101
Fidelity Advisor
Short-Intermediate
Municipal Income
Fund - Institutional Class
Semiannual Report
June 30, 2004
(2_fidelity_logos) (Registered_Trademark)
Institutional Class is a class of Spartan® Short-Intermediate
Municipal Income Fund
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders. |
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 29 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 39 | Notes to the financial statements. |
Proxy Voting Results | 46 | |
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five States as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
Texas | 12.6 | 14.0 |
Illinois | 8.8 | 7.8 |
Washington | 8.6 | 7.7 |
California | 8.5 | 5.4 |
New York | 7.6 | 6.6 |
Top Five Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
General Obligations | 43.2 | 45.3 |
Electric Utilities | 15.5 | 15.1 |
Escrowed/Pre-Refunded | 10.3 | 6.2 |
Transportation | 7.1 | 9.3 |
Health Care | 6.7 | 5.8 |
Average Years to Maturity as of June 30, 2004 | ||
6 months ago | ||
Years | 3.2 | 3.3 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of June 30, 2004 | ||
6 months ago | ||
Years | 2.8 | 2.9 |
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, 2004 | As of December 31, 2003 | ||||||
![]() | AAA 59.6% | ![]() | AAA 58.4% | ||||
![]() | AA,A 31.7% | ![]() | AA,A 31.1% | ||||
![]() | BBB 6.4% | ![]() | BBB 7.0% | ||||
![]() | BB and Below 0.3% | ![]() | BB and Below 0.0% | ||||
![]() | Not Rated 1.5% | ![]() | Not Rated 1.1% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ratings. |
Semiannual Report
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.5% | ||||
Principal | Value (Note 1) | |||
Alabama - 2.6% | ||||
Alabama Agric. & Mechanical Univ. Revs. 6.5% 11/1/25 (Pre-Refunded to 11/1/05 @ 102) (e) | $ 2,000 | $ 2,162 | ||
Alabama Fed. Hwy. Fin. Auth. Series A, 5% 3/1/10 (MBIA Insured) | 5,000 | 5,415 | ||
Huntsville Solid Waste Disp. Auth. & Resource Recovery Rev.: | ||||
5.25% 10/1/07 (MBIA Insured) (d) | 1,750 | 1,855 | ||
5.25% 10/1/08 (MBIA Insured) (d) | 2,900 | 3,078 | ||
5.75% 10/1/09 (MBIA Insured) (d) | 4,000 | 4,340 | ||
Jefferson County Gen. Oblig. Series 2003 A: | ||||
5% 4/1/06 (MBIA Insured) | 3,000 | 3,147 | ||
5% 4/1/07 (MBIA Insured) | 3,000 | 3,188 | ||
Jefferson County Swr. Rev. Series A: | ||||
5% 2/1/33 (Pre-Refunded to 2/1/09 @ 101) (e) | 13,025 | 14,144 | ||
5.5% 2/1/40 (Pre-Refunded to 2/1/11 @ 101) (e) | 3,900 | 4,383 | ||
Mobile County Gen. Oblig.: | ||||
5% 2/1/07 (MBIA Insured) | 1,000 | 1,060 | ||
5% 2/1/08 (MBIA Insured) | 1,475 | 1,577 | ||
Opelika Gen. Oblig. Series A, 5% 4/1/05 (MBIA Insured) | 1,225 | 1,256 | ||
45,605 | ||||
Alaska - 1.9% | ||||
Alaska Student Ln. Corp. Student Ln. Rev. Series A: | ||||
5.1% 7/1/04 (AMBAC Insured) (d) | 3,630 | 3,630 | ||
5.15% 7/1/05 (AMBAC Insured) (d) | 1,950 | 2,016 | ||
5.85% 7/1/13 (AMBAC Insured) (d) | 3,285 | 3,534 | ||
Anchorage Gen. Oblig. Series B, 5.75% 12/1/11 (Pre-Refunded to 12/1/10 @ 100) (e) | 2,500 | 2,825 | ||
North Slope Borough Gen. Oblig.: | ||||
Series 1996 B, 0% 6/30/07 (MBIA Insured) | 3,100 | 2,838 | ||
Series A, 0% 6/30/07 (MBIA Insured) | 5,000 | 4,578 | ||
Series B: | ||||
0% 6/30/06 (MBIA Insured) | 3,500 | 3,340 | ||
0% 6/30/07 (MBIA Insured) | 7,050 | 6,454 | ||
0% 6/30/08 (MBIA Insured) | 4,240 | 3,712 | ||
32,927 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Arizona - 0.8% | ||||
Arizona Pwr. Auth. Pwr. Resource Rev. (Hoover Uprating Proj.): | ||||
5% 10/1/05 | $ 2,160 | $ 2,242 | ||
5% 10/1/06 | 2,525 | 2,669 | ||
Maricopa County School District #28 Kyrene Elementary Series B, 0% 7/1/04 (FGIC Insured) | 3,000 | 3,000 | ||
Pima County Gen. Oblig. 4% 7/1/04 (FSA Insured) | 815 | 815 | ||
Salt River Proj. Agric. Impt. & Pwr. District Elec. Sys. Rev. Series B, 7% 1/1/05 | 760 | 780 | ||
Scottsdale Muni. Property Corp. Excise Tax Rev. 5.5% 7/1/05 | 2,285 | 2,373 | ||
Tucson Gen. Oblig. Series 2002, 5% 7/1/05 | 1,000 | 1,033 | ||
Tucson Wtr. Rev. Series 2002, 5.5% 7/1/06 (FGIC Insured) | 980 | 1,043 | ||
13,955 | ||||
Arkansas - 0.3% | ||||
Arkansas Dev. Fin. Auth. Wastewtr. Sys. Rev. Series 2004 A, 4% 6/1/06 (MBIA Insured) | 1,060 | 1,096 | ||
Little Rock Gen. Oblig. 4% 4/1/07 (FSA Insured) | 1,000 | 1,037 | ||
Rogers Sales & Use Tax Rev. Series A: | ||||
4.25% 9/1/06 (FGIC Insured) | 1,000 | 1,041 | ||
4.25% 9/1/07 (FGIC Insured) | 2,175 | 2,277 | ||
5,451 | ||||
California - 8.5% | ||||
California Dept. of Wtr. Resources Central Valley Proj. Wtr. Sys. Rev. Series Y, 5% 12/1/06 (FGIC Insured) | 5,000 | 5,354 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series A: | ||||
5.25% 5/1/07 (MBIA Insured) | 27,455 | 29,544 | ||
5.25% 5/1/10 (MBIA Insured) | 1,100 | 1,207 | ||
California Gen. Oblig.: | ||||
4.4% 8/1/07 | 1,000 | 1,048 | ||
5% 2/1/09 | 1,640 | 1,753 | ||
5% 6/1/09 | 1,000 | 1,071 | ||
5% 2/1/10 | 2,000 | 2,142 | ||
5.125% 9/1/12 | 1,000 | 1,067 | ||
5.25% 11/1/08 | 1,045 | 1,133 | ||
5.25% 2/1/10 (FSA Insured) | 7,265 | 7,963 | ||
5.25% 2/1/11 | 6,425 | 6,950 | ||
5.5% 6/1/05 | 4,725 | 4,881 | ||
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) | 3,525 | 3,909 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5.75% 10/1/08 | $ 1,085 | $ 1,196 | ||
6.4% 9/1/08 | 3,075 | 3,455 | ||
6.5% 9/1/10 | 1,740 | 2,003 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 2004 B, 3.3%, tender 6/1/07 (FGIC Insured) (b)(d) | 15,000 | 15,053 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 3.125%, tender 5/1/06 (b)(d) | 5,000 | 4,985 | ||
California Pub. Works Board Lease Rev.: | ||||
(California State Univ. Proj.) Series 1997 A, 5.5% 10/1/07 | 1,075 | 1,165 | ||
(Coalinga State Hosp. Proj.) Series 2004 A: | ||||
5% 6/1/07 | 4,000 | 4,230 | ||
5% 6/1/08 | 6,000 | 6,373 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.7%, tender 6/1/05 (b) | 10,000 | 10,161 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2004 G, 2.3%, tender 5/1/07 (b) | 8,000 | 7,759 | ||
Commerce Refuse To Energy Auth. Rev.: | ||||
5% 7/1/07 (MBIA Insured) (a) | 1,770 | 1,822 | ||
5.25% 7/1/08 (MBIA Insured) (a) | 855 | 891 | ||
Golden State Tobacco Securitization Corp. Series 2003 B, 5% 6/1/08 | 1,300 | 1,357 | ||
Long Beach Hbr. Rev. Series 2000 A: | ||||
5.5% 5/15/05 (d) | 3,490 | 3,595 | ||
5.5% 5/15/06 (d) | 3,000 | 3,163 | ||
Los Angeles Hbr. Dept. Rev. Series A: | ||||
5.5% 8/1/04 (AMBAC Insured) (d) | 2,000 | 2,006 | ||
5.5% 8/1/06 (AMBAC Insured) (d) | 1,495 | 1,589 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (MBIA Insured) | 3,600 | 2,612 | ||
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (f) | 9,100 | 9,365 | ||
150,802 | ||||
Colorado - 1.0% | ||||
Arapahoe County Cap. Impt. Trust Fund Hwy. Rev.: | ||||
Series C, 0% 8/31/08 (Pre-Refunded to 8/31/05 @ 82.9449) (e) | 4,500 | 3,653 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Colorado - continued | ||||
Arapahoe County Cap. Impt. Trust Fund Hwy. Rev.: - continued | ||||
Series E 470: | ||||
0% 8/31/07 (Pre-Refunded to 8/31/05 @ 89.2392) (e) | $ 2,000 | $ 1,747 | ||
0% 8/31/15 (Pre-Refunded to 8/31/05 @ 48.6181) (e) | 10,075 | 4,795 | ||
Arapahoe County Cherry Creek School District #5 Series B, 6% 12/15/04 | 1,395 | 1,424 | ||
Denver City & County Arpt. Rev. Series 2001 B, 5.25% 11/15/04 (FGIC Insured) (d) | 1,200 | 1,216 | ||
E-470 Pub. Hwy. Auth. Rev. Series 2000 B: | ||||
0% 9/1/06 (MBIA Insured) | 2,200 | 2,080 | ||
0% 9/1/07 (MBIA Insured) | 3,200 | 2,904 | ||
17,819 | ||||
Connecticut - 1.2% | ||||
Connecticut Gen. Oblig. Series 2002 C, 5% 12/15/08 | 1,930 | 2,079 | ||
Connecticut Health & Edl. Facilities Auth. Rev. (Connecticut Children's Med. Ctr. Proj.) Series B: | ||||
4% 7/1/07 (MBIA Insured) | 1,275 | 1,323 | ||
4.5% 7/1/08 (MBIA Insured) | 1,045 | 1,105 | ||
5% 7/1/09 (MBIA Insured) | 1,000 | 1,077 | ||
Connecticut Spl. Oblig. Series 2004 A: | ||||
4% 12/30/05 | 3,205 | 3,301 | ||
5% 12/30/06 | 6,560 | 6,961 | ||
5% 12/30/07 | 4,535 | 4,878 | ||
20,724 | ||||
District Of Columbia - 1.6% | ||||
District of Columbia Ctfs. of Prtn.: | ||||
(District's Pub. Safety and Emergency Preparedness Communications Ctr. and Related Technology Proj.) Series 2003, 3% 1/1/06 (AMBAC Insured) | 1,305 | 1,320 | ||
5% 1/1/06 (AMBAC Insured) | 1,000 | 1,040 | ||
5% 1/1/07 (AMBAC Insured) | 1,000 | 1,054 | ||
5.25% 1/1/08 (AMBAC Insured) | 935 | 1,000 | ||
District of Columbia Gen. Oblig.: | ||||
Series 1993 B2, 5.5% 6/1/07 (FSA Insured) | 1,830 | 1,975 | ||
Series 2001 B, 5.5% 6/1/07 (FSA Insured) | 1,345 | 1,452 | ||
District of Columbia Rev. (Medstar Univ. Hosp. Proj.) Series D, 6.875%, tender 8/15/31 (Pre-Refunded to 2/16/07 @ 100) (b)(e) | 9,000 | 10,011 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
District Of Columbia - continued | ||||
Metro. Washington Arpt. Auth. Sys. Rev. Series D: | ||||
4% 10/1/05 (FSA Insured) (d) | $ 1,000 | $ 1,022 | ||
4% 10/1/06 (FSA Insured) (d) | 1,750 | 1,799 | ||
4% 10/1/07 (FSA Insured) (d) | 1,000 | 1,028 | ||
Metro. Washington Arpts. Auth. Gen. Arpt. Rev. Series B, 5.5% 10/1/08 (FGIC Insured) (d) | 6,460 | 6,893 | ||
28,594 | ||||
Florida - 4.7% | ||||
Brevard County Util. Rev. 5% 3/1/06 (FGIC Insured) | 530 | 555 | ||
Broward County School District Series A, 5% 2/15/08 | 5,810 | 6,219 | ||
Dade County School District: | ||||
5% 8/1/07 (MBIA Insured) | 1,500 | 1,606 | ||
5.2% 7/15/07 (AMBAC Insured) | 8,500 | 9,148 | ||
Florida Board of Ed. Lottery Rev. Series B, 6% 7/1/15 (FGIC Insured) | 1,200 | 1,354 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Proj.) 3.35%, tender 9/1/05 (b) | 20,300 | 20,550 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.): | ||||
4%, tender 8/1/07 (b) | 11,000 | 11,111 | ||
4.25%, tender 8/1/07 (b)(d) | 6,000 | 6,060 | ||
Indian River County School District 4% 4/1/06 (FSA Insured) | 1,470 | 1,517 | ||
Miami-Dade County Cap. Asset Acquisition Fixed Rate Spl. Oblig. Series 2002 A: | ||||
5% 4/1/06 (AMBAC Insured) | 3,365 | 3,529 | ||
5% 4/1/08 (AMBAC Insured) | 2,825 | 3,032 | ||
Miami-Dade County School Board Ctfs. of Prtn. 5%, tender 5/1/11 (MBIA Insured) (b) | 1,500 | 1,597 | ||
Miami-Dade County School District: | ||||
Series 1994 A, 5.65% 6/1/06 (MBIA Insured) | 1,545 | 1,646 | ||
Series 1995, 5.1% 8/1/06 (MBIA Insured) (a) | 1,935 | 2,048 | ||
Palm Beach County Rev. (Cmnty. Foundation Palm Beach Proj.) 2%, tender 9/1/05, LOC Northern Trust Co., Chicago (b) | 2,910 | 2,921 | ||
Palm Beach County School District 5% 8/1/05 (MBIA Insured) | 5,000 | 5,175 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev. 5.75% 4/1/06 (AMBAC Insured) (d) | 1,500 | 1,568 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Florida - continued | ||||
Reedy Creek Impt. District Utils. Rev. Series 2, 5% 10/1/05 (MBIA Insured) | $ 1,685 | $ 1,750 | ||
Univ. Athletic Assoc., Inc. Athletic Prog. Rev. Series 2001, 2.8%, tender 10/1/08, LOC Suntrust Banks of Florida, Inc. (b) | 2,000 | 1,950 | ||
83,336 | ||||
Georgia - 1.6% | ||||
Atlanta Arpt. Facilities Rev. 6.5% 1/1/06 (Escrowed to Maturity) (e) | 6,000 | 6,367 | ||
Dalton Bldg. Auth. Rev. Series 2001, 5% 7/1/05 | 6,030 | 6,229 | ||
Fulton DeKalb Hosp. Auth. Hosp. Rev. 5% 1/1/08 (FSA Insured) | 2,250 | 2,399 | ||
Georgia Gen. Oblig.: | ||||
Series B, 6.25% 4/1/06 | 1,750 | 1,874 | ||
Series C, 6.5% 7/1/07 | 2,185 | 2,432 | ||
Georgia Muni. Elec. Auth. Pwr. Rev. Series 1993 CC, 4.8% 1/1/06 (MBIA Insured) | 7,100 | 7,378 | ||
Gwinnett County Gen. Oblig. 4% 1/1/06 | 1,035 | 1,065 | ||
Henry County Wtr. & Swr. Auth. Rev. 5% 2/1/08 (MBIA Insured) | 1,095 | 1,173 | ||
28,917 | ||||
Hawaii - 0.8% | ||||
Hawaii Arpts. Sys. Rev. Series 2000 B, 8% 7/1/10 (FGIC Insured) (d) | 3,850 | 4,642 | ||
Hawaii Gen. Oblig.: | ||||
Series 2001 CV, 5% 8/1/05 (FGIC Insured) | 3,610 | 3,734 | ||
Series CS, 5% 4/1/08 (MBIA Insured) | 2,200 | 2,362 | ||
Series CU, 5.75% 10/1/11 (MBIA Insured) | 3,210 | 3,579 | ||
Honolulu City & County Gen. Oblig. Series B, 5.5% 11/1/04 (FGIC Insured) | 465 | 471 | ||
14,788 | ||||
Illinois - 8.8% | ||||
Chicago Gen. Oblig.: | ||||
(Neighborhoods Alive 21 Prog.): | ||||
5% 1/1/07 (MBIA Insured) | 1,360 | 1,439 | ||
5% 1/1/08 (MBIA Insured) | 1,190 | 1,269 | ||
5% 1/1/07 (FGIC Insured) | 1,000 | 1,058 | ||
Chicago Midway Arpt. Rev. Series 2001 B, 5% 1/1/07 (FSA Insured) | 1,000 | 1,057 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2001 C, 5% 1/1/07 (AMBAC Insured) (d) | $ 2,670 | $ 2,801 | ||
Series A: | ||||
5.5% 1/1/08 (AMBAC Insured) | 5,000 | 5,298 | ||
6% 1/1/05 (AMBAC Insured) | 1,030 | 1,053 | ||
5.5% 1/1/10 (AMBAC Insured) (d) | 5,000 | 5,380 | ||
Chicago Park District Series C, 5% 1/1/11 (AMBAC Insured) | 2,515 | 2,699 | ||
Chicago Tax Increment Rev.: | ||||
Series 2000 A, 0% 12/1/08 (AMBAC Insured) | 10,000 | 8,549 | ||
Series A, 0% 12/1/05 (AMBAC Insured) | 3,000 | 2,912 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. Series A: | ||||
4% 6/1/06 (AMBAC Insured) | 4,810 | 4,821 | ||
4.25% 6/1/08 (AMBAC Insured) | 3,600 | 3,724 | ||
Cook County Gen. Oblig. Series 2003 B: | ||||
5% 11/15/06 (MBIA Insured) | 14,685 | 15,593 | ||
5% 11/15/07 (MBIA Insured) | 5,000 | 5,363 | ||
Du Page Wtr. Commission Wtr. Rev. 5% 5/1/08 (AMBAC Insured) | 4,525 | 4,846 | ||
Illinois Dev. Fin. Auth. Gas Supply Rev. (The Peoples Gas Lt. & Coke Co. Proj.) Series 2003 B, 3.05%, tender 2/1/08 (AMBAC Insured) (b) | 6,000 | 5,937 | ||
Illinois Dev. Fin. Auth. Rev. (DePaul Univ. Proj.) Series 2004 C, 5.5% 10/1/10 (a) | 1,900 | 2,068 | ||
Illinois Edl. Facilities Auth. Revs.: | ||||
(Art Institute of Chicago Proj.) Series 2003, 3.85%, tender 3/1/11 (b) | 12,800 | 12,267 | ||
(Univ. of Chicago Proj.) Series 2004 B1, 3.45%, tender 7/1/36 (b) | 4,700 | 4,705 | ||
Illinois Fin. Auth. Solid Waste Rev. (Republic Services, Inc. Proj.) 3.65%, tender 5/1/07 (b)(d) | 6,100 | 6,066 | ||
Illinois Gen. Oblig.: | ||||
First Series: | ||||
5% 8/1/05 | 1,000 | 1,034 | ||
5% 8/1/06 | 8,160 | 8,609 | ||
5.25% 4/1/08 (MBIA Insured) | 1,035 | 1,120 | ||
5.5% 8/1/10 | 1,405 | 1,556 | ||
6% 1/1/11 (Pre-Refunded to 1/1/10 @ 100) (e) | 7,075 | 8,019 | ||
Series A, 5% 10/1/09 | 2,600 | 2,806 | ||
5% 6/1/07 | 6,265 | 6,675 | ||
5.75% 4/1/12 (Pre-Refunded to 4/1/10 @ 100) (e) | 1,000 | 1,126 | ||
Illinois Sales Tax Rev. 5.375% 6/15/08 | 4,235 | 4,603 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series A, 5.5% 1/1/12 (FSA Insured) | $ 2,270 | $ 2,507 | ||
Kane County School District #129, Aurora West Side Series A, 5.75% 2/1/14 (FGIC Insured) | 1,600 | 1,778 | ||
Kane, McHenry, Cook & DeKalb Counties Cmnty. Unit School District #300, Carpentersville 5.5% 12/1/13 (MBIA Insured) | 5,000 | 5,483 | ||
Kendall, Kane & Will Counties Cmnty. Unit School District #308: | ||||
5% 10/1/04 (FGIC Insured) | 510 | 515 | ||
5.25% 10/1/05 (FGIC Insured) | 560 | 583 | ||
5.25% 10/1/06 (FGIC Insured) | 695 | 740 | ||
Lake County Cmnty. High School District #128, Libertyville Series 2004, 5% 1/1/11 | 2,365 | 2,545 | ||
Rosemont Gen. Oblig. (Tax Increment #3 Proj.) 0% 12/1/07 (FGIC Insured) | 3,000 | 2,693 | ||
Univ. of Illinois Auxiliary Facilities Sys. Rev. Series 2001 A, 5% 4/1/08 (AMBAC Insured) | 2,035 | 2,179 | ||
Will County School District #122 Series B, 0% 11/1/08 (FSA Insured) | 1,500 | 1,287 | ||
154,763 | ||||
Indiana - 1.6% | ||||
Hamilton Southeastern Consolidated School Bldg. Corp.: | ||||
5% 1/15/10 (FSA Insured) | 1,835 | 1,972 | ||
5% 1/15/11 (FSA Insured) | 1,910 | 2,050 | ||
5% 1/15/12 (FSA Insured) | 1,990 | 2,133 | ||
Indiana Health Facility Fing. Auth. Rev. (Ascension Health Cr. Group Prog.) Series 2002 F: | ||||
5% 11/15/04 | 1,300 | 1,317 | ||
5.5% 11/15/05 | 1,000 | 1,047 | ||
5.5% 11/15/06 | 1,000 | 1,065 | ||
Indiana Univ. Revs. (Student Fee Proj.) Series H, 0% 8/1/05 (AMBAC Insured) | 5,500 | 5,386 | ||
Rockport Poll. Cont. Rev. 4.9%, tender 6/1/07 (b) | 4,000 | 4,134 | ||
Saint Joseph County Ind. Edl. Facilities Rev. (Univ. of Notre Dame Du Lac Proj.) 2.5%, tender 12/3/07 (b) | 10,000 | 9,763 | ||
28,867 | ||||
Kansas - 0.8% | ||||
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.): | ||||
Series A, 4.75%, tender 10/1/07 (b) | 2,400 | 2,478 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Kansas - continued | ||||
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.): - continued | ||||
Series C, 2.25%, tender 9/1/04 (b) | $ 7,000 | $ 6,997 | ||
La Cygne Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) Series 1994, 3.9%, tender 9/1/04 (b) | 3,700 | 3,714 | ||
13,189 | ||||
Kentucky - 0.6% | ||||
Kenton County Arpt. Board Arpt. Rev. Series B, 5% 3/1/09 (MBIA Insured) (d) | 1,185 | 1,252 | ||
Owensboro Elec. Lt. & Pwr. Rev. Series B, 0% 1/1/07 (AMBAC Insured) | 10,000 | 9,323 | ||
10,575 | ||||
Louisiana - 0.4% | ||||
New Orleans Audubon Commission Series A: | ||||
3% 10/1/05 (FSA Insured) | 1,930 | 1,956 | ||
4% 10/1/06 (FSA Insured) | 1,990 | 2,064 | ||
New Orleans Gen. Oblig. 5% 3/1/07 (MBIA Insured) | 3,500 | 3,707 | ||
7,727 | ||||
Maryland - 0.8% | ||||
Maryland Gen. Oblig. (State & Local Facilities Ln. Prog.) First Series, 5.5% 3/1/09 | 10,615 | 11,741 | ||
Prince Georges County Ctfs. of Prtn. (Equip. Acquisition Prog.) 5.25% 5/15/10 (MBIA Insured) | 1,535 | 1,676 | ||
13,417 | ||||
Massachusetts - 5.5% | ||||
Massachusetts Dev. Fin. Agcy. Rev. (Massachusetts Biomedical Research Corp. Proj.) Series C: | ||||
5.75% 8/1/06 | 1,200 | 1,266 | ||
5.875% 8/1/08 | 1,630 | 1,765 | ||
Massachusetts Gen. Oblig.: | ||||
Series 1999 C, 5.625% 9/1/12 (Pre-Refunded to 9/1/09 @ 101) (e) | 2,570 | 2,874 | ||
Series 2001 A, 5.5% 1/1/11 | 5,000 | 5,524 | ||
Series 2002 B, 5% 2/1/06 | 40,000 | 41,785 | ||
Series 2003 A, 5.375% 8/1/08 | 5,165 | 5,615 | ||
Series 2003 C: | ||||
5% 12/1/06 (XL Cap. Assurance, Inc. Insured) | 13,975 | 14,835 | ||
5.5% 10/1/10 (MBIA Insured) | 1,130 | 1,257 | ||
Series A, 5.5% 2/1/07 (MBIA Insured) | 7,500 | 8,058 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Caritas Christi Oblig. Group Proj.): | ||||
5% 7/1/04 | $ 1,805 | $ 1,805 | ||
5.5% 7/1/05 | 1,000 | 1,015 | ||
(Dana Farber Cancer Proj.) Series G1, 6.25% 12/1/14 (Pre-Refunded to 12/1/05 @ 102) (e) | 3,000 | 3,236 | ||
New England Ed. Ln. Marketing Corp.: | ||||
Series A, 5.7% 7/1/05 (d) | 2,800 | 2,902 | ||
Series F, 5.625% 7/1/04 (d) | 3,500 | 3,500 | ||
Springfield Gen. Oblig. 5% 1/15/06 (MBIA Insured) | 1,000 | 1,044 | ||
96,481 | ||||
Michigan - 4.3% | ||||
Battle Creek Downtown Dev. Auth. 6% 5/1/06 (MBIA Insured) | 2,000 | 2,138 | ||
Chippewa Valley Schools: | ||||
4% 5/1/06 | 1,000 | 1,034 | ||
4% 5/1/07 | 2,610 | 2,704 | ||
5% 5/1/08 | 1,260 | 1,352 | ||
Detroit City School District 5.05% 5/1/06 | 4,845 | 5,089 | ||
Detroit Gen. Oblig.: | ||||
Series 2004 A, 5% 4/1/08 (FSA Insured) | 7,275 | 7,799 | ||
Series 2004 B, 5% 4/1/07 (FSA Insured) | 4,055 | 4,309 | ||
Series A: | ||||
5% 4/1/06 (FSA Insured) (a) | 2,200 | 2,265 | ||
5% 4/1/07 (FSA Insured) (a) | 6,910 | 7,221 | ||
5% 4/1/08 (MBIA Insured) | 14,545 | 15,592 | ||
Detroit Swr. Disp. Rev. Series A, 5.75% 7/1/26 (Pre-Refunded to 1/1/10 @ 101) (e) | 2,000 | 2,259 | ||
Ferndale Gen. Oblig. 3.5% 4/1/06 (FGIC Insured) | 1,960 | 2,006 | ||
Holly Area School District Series 1999, 5.375% 5/1/11 (Pre-Refunded to 5/1/05 @ 101) (e) | 1,275 | 1,327 | ||
Michigan Gen. Oblig. Series 1995, 5.7% 12/1/12 (Pre-Refunded to 12/1/05 @ 102) (e) | 11,985 | 12,854 | ||
Michigan Hosp. Fin. Auth. Hosp. Rev. (Sparrow Hosp. Obligated Group Proj.) 5% 11/15/04 | 1,500 | 1,518 | ||
Michigan Strategic Fund Exempt Facilities Rev. (Waste Mgmt., Inc. Proj.) 4.2%, tender 8/1/04 (b)(d) | 7,000 | 7,008 | ||
76,475 | ||||
Minnesota - 1.0% | ||||
Hopkins Independent School District #270 Series B, 4% 2/1/06 | 2,575 | 2,652 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Minnesota - continued | ||||
Mankato Independent School District #77 Series A, 4% 2/1/06 (FSA Insured) | $ 1,420 | $ 1,462 | ||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Health Partners Oblig. Group Proj.): | ||||
5.25% 12/1/08 | 1,200 | 1,259 | ||
5.25% 12/1/10 | 500 | 516 | ||
Minnesota Pub. Facilities Auth. Wtr. Poll. Cont. Rev. Series A, 4.5% 3/1/07 | 2,240 | 2,352 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | ||||
5% 1/1/06 (AMBAC Insured) | 4,875 | 5,081 | ||
5% 1/1/08 (AMBAC Insured) | 2,410 | 2,574 | ||
Waconia Independent School District #110 Series A, 5% 2/1/11 (FSA Insured) | 940 | 1,017 | ||
16,913 | ||||
Mississippi - 0.9% | ||||
Jackson Wtr. & Swr. Sys. Rev. Series 2003: | ||||
5% 9/1/05 (FSA Insured) | 5,285 | 5,477 | ||
5% 9/1/07 (FSA Insured) | 5,825 | 6,216 | ||
5% 9/1/08 (FSA Insured) | 2,620 | 2,810 | ||
Mississippi Higher Ed. Student Ln. Series 2000 B3, 5.3% 9/1/08 (d) | 1,190 | 1,254 | ||
15,757 | ||||
Missouri - 0.5% | ||||
Kansas City School District Bldg. Corp. Rev.: | ||||
(School District Elementary School Proj.) Series 2003 B, 5% 2/1/12 (FGIC Insured) | 3,100 | 3,345 | ||
Series A: | ||||
5% 2/1/07 (FGIC Insured) | 1,020 | 1,081 | ||
5% 2/1/08 (FGIC Insured) | 2,000 | 2,138 | ||
Saint Louis Muni. Fin. Corp. Leasehold Rev.: | ||||
(Callahan Courthouse Proj.) Series A, 5.75% 2/15/14 (FGIC Insured) | 1,050 | 1,163 | ||
(Civil Courts Bldg. Proj.) Series 2003 A, 5% 8/1/06 (FSA Insured) | 1,635 | 1,725 | ||
9,452 | ||||
Montana - 0.2% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Projs.) Series A, 5.2%, tender 5/1/09 (b) | 2,900 | 2,962 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Nebraska - 2.2% | ||||
Lancaster County School District #1 (Lincoln Pub. Schools Proj.): | ||||
3% 1/15/05 | $ 1,870 | $ 1,886 | ||
4% 1/15/06 | 1,000 | 1,029 | ||
Lincoln Wtrwks. Rev. Series 2003, 5% 8/15/05 | 3,265 | 3,382 | ||
Nebraska Pub. Pwr. District Rev.: | ||||
Series 1998 A, 5.25% 1/1/06 (MBIA Insured) | 5,000 | 5,228 | ||
Series A: | ||||
0% 1/1/06 (MBIA Insured) | 24,465 | 23,658 | ||
0% 1/1/07 (MBIA Insured) | 4,000 | 3,727 | ||
38,910 | ||||
Nevada - 1.0% | ||||
Clark County Arpt. Rev. Series C: | ||||
5% 7/1/05 (AMBAC Insured) (d) | 800 | 825 | ||
5% 7/1/06 (AMBAC Insured) (d) | 800 | 838 | ||
5% 7/1/08 (AMBAC Insured) (d) | 2,215 | 2,338 | ||
5% 7/1/09 (AMBAC Insured) (d) | 2,700 | 2,854 | ||
5% 7/1/10 (AMBAC Insured) (d) | 1,225 | 1,287 | ||
5% 7/1/11 (AMBAC Insured) (d) | 1,790 | 1,867 | ||
Clark County Gen. Oblig. 6% 7/1/06 | 1,000 | 1,074 | ||
Clark County School District: | ||||
Series 2000 A, 5.75% 6/15/17 (Pre-Refunded to 6/15/10 @ 100) (e) | 1,600 | 1,803 | ||
5.75% 6/15/10 (Pre-Refunded to 6/15/06 @ 101) (e) | 2,200 | 2,377 | ||
Washoe County Gen. Oblig. 4% 9/1/05 (FSA Insured) | 2,170 | 2,224 | ||
17,487 | ||||
New Jersey - 0.8% | ||||
New Jersey Economic Dev. Auth. Solid Waste Rev. (Waste Mgmt. of New Jersey, Inc. Proj.) Series 2004 A, 2.85%, tender 6/1/05 (b)(d) | 5,000 | 4,999 | ||
New Jersey Trans. Trust Fund Auth. Series 2001 A, 5% 6/15/06 | 6,300 | 6,630 | ||
New Jersey Transit Corp. Series 2000 B, 5.5% 2/1/08 (AMBAC Insured) | 1,000 | 1,081 | ||
North Jersey District Wtr. Supply Commission (Wanaque South Proj.) Series A, 5% 7/1/05 (MBIA Insured) | 1,680 | 1,735 | ||
14,445 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New Jersey/Pennsylvania - 0.4% | ||||
Delaware River Joint Toll Bridge Commission Bridge Rev.: | ||||
3% 7/1/04 | $ 1,630 | $ 1,630 | ||
5% 7/1/09 | 5,170 | 5,496 | ||
7,126 | ||||
New Mexico - 1.2% | ||||
Farmington Poll. Cont. Rev. (Pub. Svc. Co. of New Mexico San Juan and Four Corners Projs.) Series 2003 B, 2.1%, tender 4/1/06 (b) | 7,000 | 6,955 | ||
San Juan County Gross Receipts Tax Rev. Series B, 2.5% 8/15/05 | 13,600 | 13,669 | ||
20,624 | ||||
New York - 7.6% | ||||
Grand Central District Mgmt. Assoc., Inc.: | ||||
5% 1/1/10 | 1,200 | 1,285 | ||
5% 1/1/12 | 1,175 | 1,259 | ||
Metro. Trans. Auth. Commuter Facilities Rev. Series A: | ||||
5% 7/1/06 (Escrowed to Maturity) (e) | 1,520 | 1,610 | ||
5.375% 7/1/09 (Escrowed to Maturity) (e) | 3,635 | 4,016 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series B: | ||||
4% 1/1/05 | 4,265 | 4,318 | ||
5% 1/1/06 | 10,110 | 10,549 | ||
Nassau County Gen. Oblig. Series Z: | ||||
5% 9/1/11 (FGIC Insured) | 800 | 857 | ||
5% 9/1/12 (FGIC Insured) | 1,500 | 1,597 | ||
New York City Gen. Oblig.: | ||||
Series 2000 A, 6.5% 5/15/11 | 2,450 | 2,793 | ||
Series 2004 G, 5% 8/1/09 | 8,000 | 8,531 | ||
Series A, 5.25% 11/1/14 (MBIA Insured) | 600 | 648 | ||
Series E, 6% 8/1/11 | 1,250 | 1,351 | ||
Series G, 5.25% 8/1/14 (AMBAC Insured) | 1,000 | 1,074 | ||
Series H, 5.75% 3/15/11 (FGIC Insured) | 1,700 | 1,903 | ||
New York State Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) | 5,540 | 6,325 | ||
Series 2003 A: | ||||
5% 1/1/06 | 1,250 | 1,300 | ||
5% 1/1/07 | 10,855 | 11,411 | ||
5% 3/15/08 | 2,000 | 2,132 | ||
New York State Urban Dev. Corp. Rev. (Correctional Facilities-Svc. Contract Proj.) Series B, 4.75% 1/1/28 (Pre-Refunded to 1/1/09 @ 101) (e) | 2,615 | 2,826 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York Transitional Fin. Auth. Rev. Series 2003 E: | ||||
4.5% 2/1/07 | $ 1,750 | $ 1,831 | ||
4.5% 2/1/08 | 1,500 | 1,578 | ||
5% 2/1/09 | 2,035 | 2,184 | ||
Suffolk County Gen. Oblig. Series 2004 B, 5% 5/1/06 (FSA Insured) (a) | 2,200 | 2,312 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2004 B1, 5% 6/1/09 | 3,800 | 4,018 | ||
Series A1: | ||||
5.25% 6/1/12 | 5,000 | 5,194 | ||
5.25% 6/1/13 | 17,500 | 18,129 | ||
Series B1, 5% 6/1/06 | 17,815 | 18,590 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
Series A, 5.5% 1/1/14 (Pre-Refunded to 1/1/12 @ 100) (e) | 3,745 | 4,193 | ||
Series Y, 5.9% 1/1/08 (Escrowed to Maturity) (e) | 10,000 | 11,016 | ||
134,830 | ||||
New York & New Jersey - 0.3% | ||||
Port Auth. of New York & New Jersey: | ||||
124th Series, 5% 8/1/13 (FGIC Insured) (d) | 1,200 | 1,245 | ||
127th Series, 5% 12/15/08 (AMBAC Insured) (d) | 3,510 | 3,752 | ||
4,997 | ||||
North Carolina - 1.1% | ||||
Charlotte Ctfs. of Prtn. (FY 2004 Equip. Acquisition Proj.) Series 2004 C, 4% 3/1/08 | 4,940 | 5,115 | ||
North Carolina Ctfs. of Prtn. (Repair and Renovation Proj.) Series 2004 B, 4% 6/1/06 | 1,300 | 1,343 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: | ||||
Series 1993 B, 7% 1/1/08 (MBIA Insured) | 1,500 | 1,697 | ||
Series A, 5.5% 1/1/10 | 3,000 | 3,214 | ||
Series B, 6% 1/1/05 | 2,000 | 2,025 | ||
Series C, 5% 1/1/08 | 1,190 | 1,245 | ||
Series D, 5.375% 1/1/10 | 3,700 | 3,942 | ||
18,581 | ||||
North Dakota - 0.1% | ||||
North Dakota Bldg. Auth. Lease Rev. Series A, 5.25% 6/1/05 (FGIC Insured) | 2,060 | 2,128 | ||
Ohio - 2.8% | ||||
Cleveland Pub. Pwr. Sys. Rev. (First Mtg. Prog.) Series 1994 A, 0% 11/15/09 (MBIA Insured) | 2,250 | 1,848 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Ohio - continued | ||||
Franklin County Rev. (OCLC Online Computer Library Ctr., Inc. Proj.) 5% 4/15/07 | $ 1,960 | $ 2,053 | ||
Lakewood Hosp. Impt. Rev. (Lakewood Hosp. Assoc. Proj.) 5.5% 2/15/07 | 1,420 | 1,496 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) 4% 9/1/04 | 1,695 | 1,702 | ||
Ohio Air Quality Dev. Auth. Rev. (Pennsylvania Pwr. Co. Proj.) 2.5%, tender 7/1/04 (b) | 4,700 | 4,700 | ||
Ohio Bldg. Auth. (Adult Correctional Bldg. Fund Prog.) Series A: | ||||
5.75% 4/1/08 | 3,555 | 3,905 | ||
6% 10/1/05 | 5,600 | 5,882 | ||
Ohio Gen. Oblig. Series IIA, 5.25% 12/1/05 | 5,000 | 5,223 | ||
Ohio Rev. Series 2003 1, 5% 6/15/08 | 5,000 | 5,369 | ||
Ohio Univ. Gen. Receipts Athens: | ||||
5% 12/1/05 (FSA Insured) | 1,650 | 1,718 | ||
5% 12/1/06 (FSA Insured) | 3,600 | 3,821 | ||
5% 12/1/07 (FSA Insured) | 1,285 | 1,378 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev.: | ||||
(Cleveland Elec. Illuminating Co. Proj.) Series A, 3.4%, tender 10/1/04 (b) | 2,350 | 2,354 | ||
(Toledo Edison Co. Proj.) Series B, 4.5%, tender 9/1/05 (b) | 7,000 | 7,099 | ||
Ohio Wtr. Dev. Auth. Rev. (Fresh Wtr. Proj.) Series A, 5.4% 6/1/05 (AMBAC Insured) | 1,000 | 1,034 | ||
49,582 | ||||
Oklahoma - 0.6% | ||||
Oklahoma Dev. Fin. Auth. Rev. (Samuel Roberts Noble, Inc. Proj.): | ||||
Series 2001, 5% 5/1/05 | 7,615 | 7,828 | ||
5% 5/1/06 | 3,200 | 3,366 | ||
11,194 | ||||
Oregon - 0.8% | ||||
Deschutes & Jefferson Counties School District #2J Redmond 5.5% 6/1/06 (FGIC Insured) | 2,610 | 2,772 | ||
Eugene Elec. Util. Rev. Series A: | ||||
5.25% 8/1/05 (FSA Insured) | 1,210 | 1,254 | ||
5.25% 8/1/06 (FSA Insured) | 1,280 | 1,357 | ||
5.25% 8/1/07 (FSA Insured) | 1,350 | 1,452 | ||
5.25% 8/1/08 (FSA Insured) | 1,425 | 1,546 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Oregon - continued | ||||
Oregon Dept. of Trans. Hwy. User Tax Rev. 5.5% 11/15/13 (Pre-Refunded to 11/15/12 @ 100) (e) | $ 3,365 | $ 3,769 | ||
Oregon Gen. Oblig. 8.25% 1/1/07 | 1,000 | 1,135 | ||
Portland Gen. Oblig. Series 2004 B, 4% 6/1/06 | 1,340 | 1,386 | ||
14,671 | ||||
Pennsylvania - 2.2% | ||||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series B: | ||||
5.5% 6/15/05 | 2,545 | 2,625 | ||
5.5% 6/15/06 | 3,065 | 3,221 | ||
5.5% 6/15/07 | 2,000 | 2,132 | ||
Allegheny County San. Auth. Swr. Rev. 6% 12/1/11 (MBIA Insured) | 1,495 | 1,707 | ||
Hazleton Area School District 6.5% 3/1/06 (FSA Insured) | 1,155 | 1,237 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A, 5% 6/1/06 (AMBAC Insured) | 3,750 | 3,930 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Shippingport Proj.) Series A, 5%, tender 6/1/05 (b)(d) | 6,200 | 6,261 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev. (UPMC Health Sys. Proj.) Series 2001 A, 5.75% 1/15/09 | 1,750 | 1,870 | ||
Philadelphia Muni. Auth. Rev. Series A: | ||||
4% 5/15/05 (FSA Insured) | 2,500 | 2,552 | ||
5% 5/15/07 (FSA Insured) | 5,500 | 5,852 | ||
5% 5/15/08 (FSA Insured) | 5,000 | 5,362 | ||
Wyoming Valley San. Auth. Swr. Rev. 5% 11/15/06 (MBIA Insured) | 1,865 | 1,977 | ||
38,726 | ||||
Puerto Rico - 0.2% | ||||
Puerto Rico Pub. Bldgs Auth. Rev. Series K, 4%, tender 7/1/07 (MBIA Insured) (b) | 2,500 | 2,590 | ||
Rhode Island - 0.3% | ||||
Rhode Island Health & Edl. Bldg. Corp. Rev. (Johnson & Wales Univ. Proj.): | ||||
4% 4/1/05 (XL Cap. Assurance, Inc. Insured) | 1,270 | 1,293 | ||
5% 4/1/06 (XL Cap. Assurance, Inc. Insured) | 2,225 | 2,330 | ||
5% 4/1/08 (XL Cap. Assurance, Inc. Insured) | 1,700 | 1,819 | ||
5,442 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
South Carolina - 1.9% | ||||
Berkeley County School District 7% 4/1/07 | $ 2,615 | $ 2,910 | ||
Charleston County Hosp. Facilities (Care Alliance Health Services Proj.) Series A: | ||||
5% 8/15/06 (a) | 1,000 | 1,044 | ||
5% 8/15/07 (a) | 1,700 | 1,791 | ||
5% 8/15/08 (a) | 1,690 | 1,781 | ||
Piedmont Muni. Pwr. Agcy. Elec. Rev. 5.6% 1/1/09 (MBIA Insured) | 2,345 | 2,584 | ||
Richland County School District #2 Series B, 5% 2/1/05 (FGIC Insured) | 1,000 | 1,020 | ||
Rock Hill Util. Sys. Rev. Series 2003 A: | ||||
5% 1/1/08 (FSA Insured) | 1,850 | 1,978 | ||
5% 1/1/09 (FSA Insured) | 1,945 | 2,095 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
Series 2002 A: | ||||
5% 1/1/06 (FSA Insured) | 1,705 | 1,777 | ||
5% 1/1/07 (FSA Insured) | 4,105 | 4,345 | ||
Series A, 5.5% 1/1/11 (MBIA Insured) | 3,000 | 3,309 | ||
Series D: | ||||
5% 1/1/06 | 2,750 | 2,869 | ||
5% 1/1/07 | 5,000 | 5,295 | ||
32,798 | ||||
Tennessee - 1.9% | ||||
Elizabethton Health & Edl. Facilities Board Rev. (First Mtg. Prog.) 6% 7/1/11 (MBIA Insured) | 2,005 | 2,275 | ||
Memphis Gen. Oblig. 6% 11/1/06 | 1,585 | 1,714 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series A: | ||||
4% 9/1/05 (MBIA Insured) | 1,445 | 1,478 | ||
4% 9/1/06 (MBIA Insured) | 1,500 | 1,553 | ||
4.5% 9/1/08 (MBIA Insured) | 1,620 | 1,710 | ||
4.5% 9/1/09 (MBIA Insured) | 1,685 | 1,775 | ||
Metro. Nashville Arpt. Auth. Rev. Series C, 5% 7/1/06 (FGIC Insured) (d) | 1,675 | 1,755 | ||
Shelby County Gen. Oblig. Series A: | ||||
0% 5/1/10 (Pre-Refunded to 5/1/05 @ 74.444) (e) | 15,750 | 11,554 | ||
0% 5/1/12 (Pre-Refunded to 5/1/05 @ 65.1568) (e) | 15,130 | 9,715 | ||
33,529 | ||||
Texas - 12.6% | ||||
Arlington Independent School District 0% 2/15/16 (Pre-Refunded to 2/15/05 @ 51.4017) (e) | 6,820 | 3,474 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Austin Arpt. Sys. Rev. Series A: | ||||
6.5% 11/15/05 (Escrowed to Maturity) (d)(e) | $ 940 | $ 996 | ||
6.5% 11/15/05 (MBIA Insured) (d) | 6,870 | 7,263 | ||
Austin Gen. Oblig. 5.5% 9/1/15 (Pre-Refunded to 9/1/05 @ 100) (e) | 3,380 | 3,528 | ||
Austin Util. Sys. Rev.: | ||||
Series 1992 A, 0% 11/15/09 (MBIA Insured) | 4,130 | 3,379 | ||
Series A: | ||||
0% 11/15/10 (MBIA Insured) | 5,300 | 4,111 | ||
5.5% 11/15/06 | 5,000 | 5,130 | ||
Birdville Independent School District 5% 2/15/10 | 1,300 | 1,400 | ||
Brazos River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series 1995 B, 5.05%, tender 6/19/06 (b)(d) | 6,500 | 6,731 | ||
Corpus Christi Gen. Oblig.: | ||||
4% 3/1/05 (FSA Insured) | 1,200 | 1,220 | ||
4% 3/1/06 (FSA Insured) | 1,285 | 1,324 | ||
5% 3/1/07 (FSA Insured) | 2,735 | 2,899 | ||
Cypress-Fairbanks Independent School District: | ||||
Series B, 0% 8/1/07 (AMBAC Insured) | 10,000 | 9,135 | ||
4.5% 2/15/06 | 2,245 | 2,329 | ||
5% 2/15/08 | 2,000 | 2,135 | ||
Deer Park Independent School District 6% 2/15/05 | 2,000 | 2,055 | ||
Del Valle Independent School District 5.5% 2/1/09 | 1,205 | 1,319 | ||
El Paso Wtr. & Swr. Rev.: | ||||
5% 3/1/06 (AMBAC Insured) | 1,000 | 1,046 | ||
5% 3/1/07 (AMBAC Insured) | 2,000 | 2,119 | ||
5% 3/1/08 (AMBAC Insured) | 2,770 | 2,960 | ||
Fort Worth Gen. Oblig. Series A: | ||||
5% 3/1/05 | 1,000 | 1,023 | ||
5% 3/1/06 | 1,000 | 1,047 | ||
Frisco Gen. Oblig.: | ||||
Series 2003 A: | ||||
4% 2/15/07 (FSA Insured) | 1,320 | 1,365 | ||
4% 2/15/08 (FSA Insured) | 1,145 | 1,183 | ||
5% 2/15/10 (FSA Insured) | 1,710 | 1,841 | ||
4% 2/15/06 (FSA Insured) | 2,975 | 3,063 | ||
4% 2/15/07 (FSA Insured) | 3,115 | 3,221 | ||
Garland Independent School District: | ||||
Series A: | ||||
4% 2/15/05 | 1,000 | 1,016 | ||
4% 2/15/06 | 500 | 515 | ||
0% 2/15/07 | 1,610 | 1,494 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Harris County Gen. Oblig.: | ||||
Series 2004 B1, 5% 8/15/06 (FGIC Insured) | $ 3,300 | $ 3,482 | ||
Series A, 0% 8/15/07 (FGIC Insured) | 4,400 | 4,015 | ||
Harris County Health Facilities Dev. Corp. Rev. (Saint Luke's Episcopal Hosp. Proj.) Series 2001 A, 5.5% 2/15/09 | 3,710 | 3,976 | ||
Houston Gen. Oblig.: | ||||
5.5% 3/1/06 | 2,580 | 2,721 | ||
5.5% 3/1/06 (Escrowed to Maturity) (e) | 420 | 444 | ||
Houston Wtr. & Swr. Sys. Rev. Series B, 5.5% 12/1/08 (Escrowed to Maturity) (e) | 6,000 | 6,599 | ||
Katy Independent School District Series A, 4% 2/15/06 | 1,335 | 1,374 | ||
Killeen Independent School District 4% 2/15/08 | 1,200 | 1,240 | ||
La Porte Independent School District 4% 2/15/08 | 2,000 | 2,067 | ||
Lewisville Gen. Oblig. 4% 2/15/06 (FSA Insured) | 1,300 | 1,339 | ||
Lower Colorado River Auth. Rev. 5.25% 1/1/15 (Pre-Refunded to 1/1/11 @ 100) (e) | 5,000 | 5,486 | ||
Mesquite Independent School District Series A: | ||||
0% 8/15/06 | 1,115 | 1,056 | ||
5% 8/15/06 | 1,000 | 1,055 | ||
New Braunfels Independent School District 0% 2/1/07 | 2,000 | 1,857 | ||
North East Texas Independent School District: | ||||
5% 8/1/06 | 5,600 | 5,901 | ||
7% 2/1/11 (Pre-Refunded to 2/1/10 @ 100) (e) | 3,600 | 4,268 | ||
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Series C: | ||||
5% 1/1/09 (FSA Insured) | 2,000 | 2,145 | ||
5%, tender 7/1/08 (FSA Insured) (b) | 2,650 | 2,832 | ||
Northside Independent School District Series B, 2.45%, tender 8/1/06 (Liquidity Facility Dexia Cr. Local de France) (b) | 7,500 | 7,501 | ||
Plano Independent School District 5.5% 2/15/13 (Pre-Refunded to 2/15/06 @ 100) (e) | 1,900 | 2,004 | ||
Port Houston Auth. Harris County 6% 10/1/06 (FGIC Insured) (d) | 2,000 | 2,148 | ||
Rockwall Independent School District: | ||||
4% 2/15/06 | 2,370 | 2,440 | ||
5% 2/15/07 | 3,510 | 3,717 | ||
5% 2/15/08 | 3,825 | 4,083 | ||
5% 2/15/09 | 4,690 | 5,037 | ||
San Antonio Elec. & Gas Systems Rev.: | ||||
Series 1991 A, 0% 2/1/05 (Escrowed to Maturity) (e) | 1,000 | 992 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
San Antonio Elec. & Gas Systems Rev.: - continued | ||||
Series 2000 A, 5.75% 2/1/15 (Pre-Refunded to 2/1/10 @ 100) (e) | $ 5,000 | $ 5,586 | ||
5.25% 2/1/07 | 2,500 | 2,662 | ||
5.25% 2/1/08 | 1,000 | 1,077 | ||
Spring Independent School District 5% 2/15/08 | 1,875 | 2,002 | ||
Texas Gen. Oblig.: | ||||
(College Student Ln. Prog.) 5% 8/1/11 (d) | 3,000 | 3,136 | ||
Series C, 0% 4/1/08 (Escrowed to Maturity) (e) | 3,100 | 2,756 | ||
Texas Pub. Fin. Auth. Bldg. Rev.: | ||||
(Dept. of Criminal Justice Prog.) Series A, 5% 2/1/07 (FSA Insured) | 2,000 | 2,115 | ||
0% 2/1/05 (MBIA Insured) | 3,725 | 3,692 | ||
Texas State Univ. Sys. Fing. Rev. 3% 3/15/05 (FSA Insured) | 1,830 | 1,849 | ||
Texas Tech Univ. Revs. Ninth Series: | ||||
4% 2/15/09 (AMBAC Insured) | 1,460 | 1,507 | ||
5% 2/15/11 (AMBAC Insured) | 1,250 | 1,349 | ||
Trinity River Auth. Red Oak Creek Sys. Rev. 3.5% 2/1/06 (FSA Insured) | 1,270 | 1,297 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev.: | ||||
5% 8/1/06 (MBIA Insured) | 4,000 | 4,212 | ||
5% 8/1/07 (MBIA Insured) | 1,595 | 1,699 | ||
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.): | ||||
4% 7/1/05 | 1,800 | 1,828 | ||
4.5% 7/1/06 | 1,220 | 1,248 | ||
5% 7/1/07 | 1,000 | 1,036 | ||
Univ. of Houston Univ. Revs. Series A: | ||||
3.5% 2/15/06 (FSA Insured) | 4,955 | 5,058 | ||
3.75% 2/15/07 (FSA Insured) | 5,100 | 5,239 | ||
4% 2/15/08 (FSA Insured) | 5,265 | 5,444 | ||
Univ. of Texas Univ. Revs. (Fing. Sys. Proj.) Series A, 5.5% 8/15/09 | 1,115 | 1,228 | ||
Webb County Gen. Oblig.: | ||||
5% 2/15/05 (FGIC Insured) | 1,005 | 1,027 | ||
5% 2/15/06 (FGIC Insured) | 1,055 | 1,103 | ||
5% 2/15/07 (FGIC Insured) | 1,110 | 1,176 | ||
5% 2/15/08 (FGIC Insured) | 1,170 | 1,249 | ||
Wichita Falls Independent School District 0% 2/1/10 | 2,325 | 1,869 | ||
222,544 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Utah - 0.5% | ||||
Salt Lake County Wtr. Conservancy District Rev. Series A: | ||||
0% 10/1/11 (AMBAC Insured) | $ 3,800 | $ 2,816 | ||
0% 10/1/12 (AMBAC Insured) | 3,800 | 2,670 | ||
0% 10/1/13 (AMBAC Insured) | 3,760 | 2,506 | ||
Utah Muni. Pwr. Agcy. Elec. Sys. Rev. Series A, 4% 7/1/05 (AMBAC Insured) | 1,000 | 1,023 | ||
9,015 | ||||
Virginia - 0.1% | ||||
Virginia Commonwealth Trans. Board Trans. Rev. (U.S. Route 58 Corridor Dev. Prog.) Series B, 5.375% 5/15/12 | 1,800 | 1,969 | ||
Washington - 8.6% | ||||
Chelan County Pub. Util. District #1 Rev. Series B, 5% 7/1/11 (FGIC Insured) (a) | 1,190 | 1,242 | ||
Clark County Pub. Util. District #1 Elec. Rev.: | ||||
Series B: | ||||
5% 1/1/06 (FSA Insured) | 1,375 | 1,432 | ||
5% 1/1/07 (FSA Insured) | 1,395 | 1,473 | ||
5.25% 1/1/08 (FSA Insured) | 1,515 | 1,627 | ||
5.25% 1/1/09 (FSA Insured) | 1,595 | 1,727 | ||
5% 1/1/11 (MBIA Insured) | 1,680 | 1,811 | ||
Energy Northwest Elec. Rev. (#3 Proj.) Series B, 6% 7/1/16 (AMBAC Insured) | 5,000 | 5,606 | ||
King & Snohomish Counties School District #417 Northshore: | ||||
5.5% 12/1/14 (FSA Insured) | 6,300 | 6,895 | ||
5.75% 12/1/15 (FSA Insured) | 2,500 | 2,773 | ||
King County Rural Library District 5% 12/1/06 (FSA Insured) (a) | 1,045 | 1,094 | ||
King County School District #409, Tahoma 5% 6/1/11 (FSA Insured) | 1,740 | 1,883 | ||
King County Swr. Rev. Series B: | ||||
5% 1/1/06 (FSA Insured) | 3,000 | 3,127 | ||
5% 1/1/07 (FSA Insured) | 5,000 | 5,280 | ||
5.25% 1/1/08 (FSA Insured) | 3,500 | 3,759 | ||
Port of Seattle Rev.: | ||||
Series B: | ||||
5.25% 9/1/06 (FGIC Insured) (d) | 2,330 | 2,461 | ||
5.5% 2/1/07 (MBIA Insured) (d) | 5,775 | 6,143 | ||
Series D, 5.75% 11/1/15 (FGIC Insured) (d) | 3,640 | 3,904 | ||
Seattle Gen. Oblig. Series A, 5.75% 1/15/20 (Pre-Refunded to 1/15/06 @ 100) (e) | 10,000 | 10,551 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Washington - continued | ||||
Seattle Muni. Lt. & Pwr. Rev. 5.25% 3/1/07 (FSA Insured) | $ 1,690 | $ 1,801 | ||
Snohomish County Pub. Hosp. District #2 (Stevens Health Care Proj.): | ||||
4% 12/1/05 (FGIC Insured) | 1,570 | 1,611 | ||
4.5% 12/1/09 (FGIC Insured) | 1,000 | 1,052 | ||
Snohomish County School District #2, Everett: | ||||
5% 6/1/09 (FSA Insured) | 1,045 | 1,127 | ||
5% 6/1/10 (FSA Insured) | 1,000 | 1,079 | ||
5% 6/1/12 (FSA Insured) | 2,000 | 2,157 | ||
Washington Gen. Oblig.: | ||||
Series 2001 RA, 5.25% 9/1/06 | 11,750 | 12,471 | ||
Series A: | ||||
3.5% 1/1/06 (MBIA Insured) | 12,500 | 12,758 | ||
4% 1/1/08 (MBIA Insured) | 33,175 | 34,365 | ||
5.5% 7/1/11 | 3,500 | 3,848 | ||
Series C, 5% 1/1/08 (FSA Insured) | 8,320 | 8,892 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. Series A, 5.75% 7/1/08 | 3,000 | 3,295 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev. Series C, 5% 7/1/06 (FSA Insured) | 5,000 | 5,261 | ||
152,505 | ||||
West Virginia - 0.2% | ||||
West Virginia School Bldg. Auth. 4% 1/1/06 (MBIA Insured) (a) | 2,500 | 2,568 | ||
Wisconsin - 1.7% | ||||
Franklin Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 2.5%, tender 5/1/05 (b)(d) | 5,000 | 4,987 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Hosp. Sisters Svcs., Inc. Proj.) Series 2003 B, 4%, tender 12/1/06 (FSA Insured) (b) | 15,000 | 15,429 | ||
(Wheaton Franciscan Svcs., Inc. Proj.) Series A: | ||||
5% 8/15/09 | 1,000 | 1,055 | ||
5% 8/15/10 | 1,870 | 1,958 | ||
Wisconsin Trans. Rev. Series A: | ||||
5.7% 7/1/14 (Pre-Refunded to 7/1/06 @ 100) (e) | 2,230 | 2,389 | ||
5.75% 7/1/15 (Pre-Refunded to 7/1/06 @ 100) (e) | 4,000 | 4,290 | ||
30,108 | ||||
TOTAL MUNICIPAL BONDS (Cost $1,748,503) | 1,755,865 |
Municipal Notes - 0.8% | |||
Principal | Value (Note 1) | ||
Kansas - 0.3% | |||
Wichita Solid Waste Disp. Rev. (Weyerhaeuser Co. Proj.) 1.7%, VRDN (b)(d) | 4,950 | $ 4,950 | |
Oklahoma - 0.3% | |||
Southeastern Oklahoma Indl. Auth. Solid Waste Disp. Rev. (Weyerhaeuser Co. Proj.) Series 2000 A, 1.65%, VRDN (b)(d) | 6,000 | 6,000 | |
Oregon - 0.2% | |||
Lane County Swr. Disp. Rev. (Weyerhauser Co. Proj.) 1.7%, VRDN (b)(d) | 4,200 | 4,200 | |
TOTAL MUNICIPAL NOTES (Cost $15,150) | 15,150 |
Money Market Funds - 0.6% | ||||
Shares | ||||
Fidelity Municipal Cash Central Fund, 1.10% (c) | 10,878,500 | 10,879 |
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $1,774,532) | 1,781,894 | ||
NET OTHER ASSETS - (0.9)% | (16,732) | ||
NET ASSETS - 100% | $ 1,765,162 |
Security Type Abbreviations |
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) 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) 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 $9,365,000 or 0.5% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 | 3/6/02 | $ 9,100 |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 43.2% |
Electric Utilities | 15.5% |
Escrowed/Pre-Refunded | 10.3% |
Transportation | 7.1% |
Health Care | 6.7% |
Others* (individually less than 5%) | 17.2% |
100.0% |
*Includes cash equivalents and net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $404,969,000 and $453,660,000, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2004 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $1,774,532) - See accompanying schedule | $ 1,781,894 | |
Cash | 176 | |
Receivable for fund shares sold | 1,523 | |
Interest receivable | 21,763 | |
Prepaid expenses | 4 | |
Total assets | 1,805,360 | |
Liabilities | ||
Payable for investments purchased | $ 8,694 | |
Delayed delivery | 28,120 | |
Payable for fund shares redeemed | 1,740 | |
Distributions payable | 887 | |
Accrued management fee | 556 | |
Distribution fees payable | 17 | |
Other affiliated payables | 147 | |
Other payables and accrued expenses | 37 | |
Total liabilities | 40,198 | |
Net Assets | $ 1,765,162 | |
Net Assets consist of: | ||
Paid in capital | $ 1,755,427 | |
Undistributed net investment income | 347 | |
Accumulated undistributed net realized gain (loss) on investments | 2,026 | |
Net unrealized appreciation (depreciation) on investments | 7,362 | |
Net Assets | $ 1,765,162 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2004 (Unaudited) | |
Calculation of Maximum Offering Price | ||
Class A: | $ 10.31 | |
Maximum offering price per share (100/96.25 of $10.31) | $ 10.71 | |
Class T: | $ 10.30 | |
Maximum offering price per share (100/97.25 of $10.30) | $ 10.59 | |
Class B: | $ 10.31 | |
Class C: | $ 10.30 | |
Spartan Short-Intermediate Municipal Income: | $ 10.30 | |
Institutional Class: | $ 10.30 |
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
Statement of Operations
Amounts in thousands | Six months ended June 30, 2004 (Unaudited) | |
Investment Income | ||
Interest | $ 28,221 | |
Expenses | ||
Management fee | $ 3,507 | |
Transfer agent fees | 696 | |
Distribution fees | 90 | |
Accounting fees and expenses | 188 | |
Non-interested trustees' compensation | 5 | |
Custodian fees and expenses | 16 | |
Registration fees | 101 | |
Audit | 24 | |
Legal | 3 | |
Miscellaneous | 26 | |
Total expenses before reductions | 4,656 | |
Expense reductions | (33) | 4,623 |
Net investment income (loss) | 23,598 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 2,026 | |
Change in net unrealized appreciation (depreciation) on investment securities | (36,243) | |
Net gain (loss) | (34,217) | |
Net increase (decrease) in net assets resulting from operations | $ (10,619) |
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 | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 23,598 | $ 48,400 |
Net realized gain (loss) | 2,026 | 12,717 |
Change in net unrealized appreciation (depreciation) | (36,243) | (8,571) |
Net increase (decrease) in net assets resulting | (10,619) | 52,546 |
Distributions to shareholders from net investment income | (23,602) | (48,268) |
Distributions to shareholders from net realized gain | - | (12,396) |
Total distributions | (23,602) | (60,664) |
Share transactions - net increase (decrease) | (75,024) | 199,628 |
Redemption fees | 55 | 43 |
Total increase (decrease) in net assets | (109,190) | 191,553 |
Net Assets | ||
Beginning of period | 1,874,352 | 1,682,799 |
End of period (including undistributed net investment income of $347 and undistributed net investment income of $351, respectively) | $ 1,765,162 | $ 1,874,352 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.50 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .123 | .115 |
Net realized and unrealized gain (loss) | (.189) | .071 |
Total from investment operations | (.066) | .186 |
Distributions from net investment income | (.124) | (.111) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.124) | (.176) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.31 | $ 10.50 |
Total ReturnB,C,D | (.64)% | 1.78% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | .65%A | .65%A |
Expenses net of voluntary waivers, if any | .65%A | .65%A |
Expenses net of all reductions | .65%A | .64%A |
Net investment income (loss) | 2.39%A | 2.52%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 12 | $ 9 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Class T
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.48 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .117 | .110 |
Net realized and unrealized gain (loss) | (.179) | .050 |
Total from investment operations | (.062) | .160 |
Distributions from net investment income | (.118) | (.105) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.118) | (.170) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.30 | $ 10.48 |
Total ReturnB,C,D | (.60)% | 1.54% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | .77%A | .77%A |
Expenses net of voluntary waivers, if any | .77%A | .77%A |
Expenses net of all reductions | .77%A | .76%A |
Net investment income (loss) | 2.27%A | 2.41%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 18 | $ 12 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Class B
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.49 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .084 | .081 |
Net realized and unrealized gain (loss) | (.180) | .059 |
Total from investment operations | (.096) | .140 |
Distributions from net investment income | (.084) | (.075) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.084) | (.140) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.31 | $ 10.49 |
Total ReturnB,C,D | (.92)% | 1.34% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.41%A | 1.40%A |
Expenses net of voluntary waivers, if any | 1.41%A | 1.40%A |
Expenses net of all reductions | 1.41%A | 1.39%A |
Net investment income (loss) | 1.63%A | 1.78%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 4 | $ 2 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Class C
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.48 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .078 | .077 |
Net realized and unrealized gain (loss) | (.180) | .048 |
Total from investment operations | (.102) | .125 |
Distributions from net investment income | (.078) | (.070) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.078) | (.135) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.30 | $ 10.48 |
Total ReturnB,C,D | (.98)% | 1.20% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.53%A | 1.50%A |
Expenses net of voluntary waivers, if any | 1.53%A | 1.50%A |
Expenses net of all reductions | 1.53%A | 1.49%A |
Net investment income (loss) | 1.51%A | 1.67%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 11 | $ 8 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Spartan Short-Intermediate Municipal Income
Six months ended | Years ended December 31, | ||||||
(Unaudited) | 2003 | 2002 | 2001 | 2000H | 2000F | 1999F | |
Selected Per-Share Data | |||||||
Net asset value, beginning of period | $ 10.48 | $ 10.52 | $ 10.27 | $ 10.12 | $ 10.03 | $ 10.00 | $ 10.15 |
Income from Investment Operations | |||||||
Net investment | .133D | .283D | .336D | .396D,G | .139D | .399D | .395 |
Net realized and unrealized gain (loss) | (.180) | .030 | .317 | .173G | .092 | .034 | (.150) |
Total from investment operations | (.047) | .313 | .653 | .569 | .231 | .433 | .245 |
Distributions from net investment income | (.133) | (.283) | (.339) | (.396) | (.140) | (.400) | (.395) |
Distributions from net realized gain | - | (.070) | (.064) | (.023) | (.001) | - | - |
Distributions in excess of net realized gain | - | - | - | - | - | (.003) | - |
Total distributions | (.133) | (.353) | (.403) | (.419) | (.141) | (.403) | (.395) |
Redemption fees added to paid | -D,I | -D,I | -D,I | -D,I | - | - | - |
Net asset value, | $ 10.30 | $ 10.48 | $ 10.52 | $ 10.27 | $ 10.12 | $ 10.03 | $ 10.00 |
Total ReturnB,C | (.46)% | 3.01% | 6.47% | 5.70% | 2.32% | 4.45% | 2.44% |
Ratios to Average Net AssetsE | |||||||
Expenses | .49%A | .49% | .49% | .49% | .49%A | .55% | .55% |
Expenses net of voluntary waivers, | .49%A | .49% | .49% | .49% | .49%A | .54% | .55% |
Expenses net of all reductions | .49%A | .47% | .45% | .41% | .45%A | .54% | .55% |
Net investment | 2.55%A | 2.69% | 3.23% | 3.85%G | 4.17%A | 4.02% | 3.89% |
Supplemental Data | |||||||
Net assets, | $ 1,719 | $ 1,843 | $ 1,683 | $ 1,183 | $ 965 | $ 904 | $ 698 |
Portfolio | 45%A | 34% | 38% | 43% | 106%A | 53% | 66% |
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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F For the year ended August 31.
G Effective January 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change.
H For the four months ended December 31.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2003E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.49 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss) D | .130 | .125 |
Net realized and unrealized gain (loss) | (.188) | .059 |
Total from investment operations | (.058) | .184 |
Distributions from net investment income | (.132) | (.119) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.132) | (.184) |
Redemption fees added to paid in capital D, G | - | - |
Net asset value, end of period | $ 10.30 | $ 10.49 |
Total ReturnB,C | (.56)% | 1.77% |
Ratios to Average Net AssetsF | ||
Expenses before expense reductions | .50%A | .48%A |
Expenses net of voluntary waivers, if any | .50%A | .48%A |
Expenses net of all reductions | .50%A | .47%A |
Net investment income (loss) | 2.54%A | 2.69%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 967 | $ 414 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
F 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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
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, 2004 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Spartan Short-Intermediate Municipal Income Fund (the fund) is a fund of Fidelity Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The fund offers Class A, Class T, Class B, Class C, Spartan Short-Intermediate Municipal Income, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. 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.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities, including restricted securities, are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income 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 generally accepted accounting principles.
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 short-term capital gains and market discount.
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 Internal Revenue Service (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 investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 18,738 | |
Unrealized depreciation | (11,025) | |
Net unrealized appreciation (depreciation) | $ 7,713 | |
Cost for federal income tax purposes | $ 1,774,181 |
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.
Semiannual Report
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract'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.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
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 | 0% | .15% | $ 10 | $ - |
Class T | 0% | .25% | 19 | - |
Class B | .65% | .25% | 14 | 10 |
Class C | .75% | .25% | 47 | 42 |
$ 90 | $ 52 |
Sales Load. FDC receives a front-end sales charge of up to 3.75% for selling Class A shares, and 2.75% for selling 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, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 16 |
Class T | 5 |
Class B* | 2 |
Class C* | 12 |
$ 35 |
* 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.
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, Spartan 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, except for Spartan Short-Intermediate Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
entered into a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, with respect to Spartan Short-Intermediate Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive 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 and FSC pay 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 | $ 6 | .09* |
Class T | 7 | .10* |
Class B | 1 | .09* |
Class C | 5 | .11* |
Spartan Short-Intermediate Municipal Income | 676 | .07* |
Institutional Class | 1 | .08* |
$ 696 |
* Annualized
Citibank also has a sub-arrangement with FSC to maintain the fund's accounting records. The fee is based on the level of average net assets for the month.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $231 for the period.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Spartan Short-Intermediate Municipal Income operating expenses. During the period, this reimbursement reduced the class' expenses by $31.
In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $2.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $ 151 | $ 41 |
Class T | 169 | 55 |
Class B | 25 | 11 |
Class C | 71 | 31 |
Spartan Short-Intermediate Municipal Income | 23,179 | 48,127 |
Institutional Class | 7 | 3 |
Total | $ 23,602 | $ 48,268 |
From net realized gain | ||
Class A | $ - | $ 38 |
Class T | - | 64 |
Class B | - | 14 |
Class C | - | 44 |
Spartan Short-Intermediate Municipal Income | - | 12,233 |
Institutional Class | - | 3 |
Total | $ - | $ 12,396 |
A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
Semiannual Report
8. 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 | 839 | 946 | $ 8,807 | $ 9,927 |
Reinvestment of distributions | 11 | 5 | 112 | 55 |
Shares redeemed | (555) | (84) | (5,728) | (882) |
Net increase (decrease) | 295 | 867 | $ 3,191 | $ 9,100 |
Class T | ||||
Shares sold | 972 | 1,169 | $ 10,170 | $ 12,269 |
Reinvestment of distributions | 12 | 8 | 125 | 80 |
Shares redeemed | (389) | (22) | (4,078) | (231) |
Net increase (decrease) | 595 | 1,155 | $ 6,217 | $ 12,118 |
Class B | ||||
Shares sold | 174 | 234 | $ 1,827 | $ 2,454 |
Reinvestment of distributions | 2 | 2 | 16 | 17 |
Shares redeemed | (41) | (2) | (430) | (16) |
Net increase (decrease) | 135 | 234 | $ 1,413 | $ 2,455 |
Class C | ||||
Shares sold | 510 | 777 | $ 5,308 | $ 8,150 |
Reinvestment of distributions | 4 | 3 | 40 | 36 |
Shares redeemed | (151) | (57) | (1,560) | (598) |
Net increase (decrease) | 363 | 723 | $ 3,788 | $ 7,588 |
Spartan Short-Intermediate Municipal Income | ||||
Shares sold | 37,757 | 89,461 | $ 395,317 | $ 942,790 |
Reinvestment of distributions | 1,721 | 4,591 | 17,938 | 48,317 |
Shares redeemed | (48,295) | (78,187) | (503,452) | (823,154) |
Net increase (decrease) | (8,817) | 15,865 | $ (90,197) | $ 167,953 |
Institutional Class | ||||
Shares sold | 83 | 41 | $ 860 | $ 434 |
Reinvestment of distributions | - | 1 | 3 | 4 |
Shares redeemed | (29) | (2) | (299) | (24) |
Net increase (decrease) | 54 | 40 | $ 564 | $ 414 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period July 23, 2003 (commencement of sale of shares)
to December 31, 2003.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 3,415,899,540.41 | 73.098 |
Against | 857,186,718.73 | 18.343 |
Abstain | 194,806,370.40 | 4.169 |
Broker | 205,155,704.48 | 4.390 |
TOTAL | 4,673,048,334.02 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 4,338,349,812.56 | 92.838 |
Withheld | 334,698,521.46 | 7.162 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ralph F. Cox | ||
Affirmative | 4,334,671,421.01 | 92.759 |
Withheld | 338,376,913.01 | 7.241 |
TOTAL | 4,673,048,334.02 | 100.000 |
Laura B. Cronin | ||
Affirmative | 4,332,816,177.06 | 92.719 |
Withheld | 340,232,156.96 | 7.281 |
TOTAL | 4,673,048,334.02 | 100.000 |
Robert M. Gates | ||
Affirmative | 4,336,851,658.96 | 92.806 |
Withheld | 336,196,675.06 | 7.194 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 4,334,549,149.07 | 92.756 |
Withheld | 338,499,184.95 | 7.244 |
TOTAL | 4,673,048,334.02 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 4,327,320,608.55 | 92.602 |
Withheld | 345,727,725.47 | 7.398 |
TOTAL | 4,673,048,334.02 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 4,322,104,507.32 | 92.490 |
Withheld | 350,943,826.70 | 7.510 |
TOTAL | 4,673,048,334.02 | 100.000 |
Donald J. Kirk | ||
Affirmative | 4,335,814,201.97 | 92.783 |
Withheld | 337,234,132.05 | 7.217 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marie L. Knowles | ||
Affirmative | 4,333,892,089.64 | 92.742 |
Withheld | 339,156,244.38 | 7.258 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 4,340,856,926.26 | 92.891 |
Withheld | 332,191,407.76 | 7.109 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marvin L. Mann | ||
Affirmative | 4,336,736,818.96 | 92.803 |
Withheld | 336,311,515.06 | 7.197 |
TOTAL | 4,673,048,334.02 | 100.000 |
William O. McCoy | ||
Affirmative | 4,338,426,324.60 | 92.839 |
Withheld | 334,622,009.42 | 7.161 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 4,339,017,198.22 | 92.852 |
Withheld | 334,031,135.80 | 7.148 |
TOTAL | 4,673,048,334.02 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 4,338,546,239.15 | 92.842 |
Withheld | 334,502,094.87 | 7.158 |
TOTAL | 4,673,048,334.02 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
Semiannual Report
Fidelity Advisor Aggressive Growth Fund |
Fidelity Advisor Asset Allocation Fund |
Fidelity Advisor Balanced Fund |
Fidelity Advisor Biotechnology Fund |
Fidelity Advisor California Municipal Income Fund |
Fidelity Advisor Consumer Industries Fund |
Fidelity Advisor Cyclical Industries Fund |
Fidelity Advisor Developing Communications Fund |
Fidelity Advisor Diversified International Fund |
Fidelity Advisor Dividend Growth Fund |
Fidelity Advisor Dynamic Capital |
Fidelity Advisor Electronics Fund |
Fidelity Advisor Emerging Asia Fund |
Fidelity Advisor Emerging Markets Fund |
Fidelity Advisor Emerging Markets Income Fund |
Fidelity Advisor Equity Growth Fund |
Fidelity Advisor Equity Income Fund |
Fidelity Advisor Equity Value Fund |
Fidelity Advisor Europe Capital |
Fidelity Advisor Fifty Fund |
Fidelity Advisor Financial Services Fund |
Fidelity Advisor Floating Rate High Income Fund |
Fidelity Advisor Freedom Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040 FundsSM |
Fidelity Advisor Global Equity Fund |
Fidelity Advisor Government Investment Fund |
Fidelity Advisor Growth & Income Fund |
Fidelity Advisor Growth Opportunities Fund |
Fidelity Advisor Health Care Fund |
Fidelity Advisor High Income Advantage Fund |
Fidelity Advisor High Income Fund |
Fidelity Advisor Inflation-Protected Bond Fund |
Fidelity Advisor Intermediate Bond Fund |
Fidelity Advisor International Capital Appreciation Fund |
Fidelity Advisor International |
Fidelity Advisor Investment Grade Bond Fund |
Fidelity Advisor Japan Fund |
Fidelity Advisor Korea Fund |
Fidelity Advisor Large Cap Fund |
Fidelity Advisor Latin America Fund |
Fidelity Advisor Leveraged Company Stock Fund |
Fidelity Advisor Mid Cap Fund |
Fidelity Advisor Mortgage Securities Fund |
Fidelity Advisor Municipal Income Fund |
Fidelity Advisor Natural Resources Fund |
Fidelity Advisor New Insights Fund |
Fidelity Advisor New York Municipal |
Fidelity Advisor Overseas Fund |
Fidelity Advisor Real Estate Fund |
Fidelity Advisor Short Fixed-Income Fund |
Fidelity Advisor Short Intermediate Municipal Income Fund |
Fidelity Advisor Small Cap Fund |
Fidelity Advisor Strategic Dividend & |
Fidelity Advisor Strategic Growth Fund |
Fidelity Advisor Strategic Income Fund |
Fidelity Advisor Tax Managed Stock Fund |
Fidelity Advisor Technology Fund |
Fidelity Advisor Telecommunications & |
Fidelity Advisor Total Bond Fund |
Fidelity Advisor Ultra-Short Bond Fund |
Fidelity Advisor Value Fund |
Fidelity Advisor Value Leaders Fund |
Fidelity Advisor Value Strategies Fund |
Prime Fund |
Tax-Exempt Fund |
Treasury Fund |
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
ASTMI-USAN-0804
1.803550.100
Spartan®
Short-Intermediate
Municipal Income
Fund
Semiannual Report
June 30, 2004
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders. |
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 29 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 39 | Notes to the financial statements. |
Proxy Voting Results | 46 | |
For a free copy of the fund's proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the funds nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five States as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
Texas | 12.6 | 14.0 |
Illinois | 8.8 | 7.8 |
Washington | 8.6 | 7.7 |
California | 8.5 | 5.4 |
New York | 7.6 | 6.6 |
Top Five Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
General Obligations | 43.2 | 45.3 |
Electric Utilities | 15.5 | 15.1 |
Escrowed/Pre-Refunded | 10.3 | 6.2 |
Transportation | 7.1 | 9.3 |
Health Care | 6.7 | 5.8 |
Average Years to Maturity as of June 30, 2004 | ||
6 months ago | ||
Years | 3.2 | 3.3 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of June 30, 2004 | ||
6 months ago | ||
Years | 2.8 | 2.9 |
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, 2004 | As of December 31, 2003 | ||||||
![]() | AAA 59.6% | ![]() | AAA 58.4% | ||||
![]() | AA,A 31.7% | ![]() | AA,A 31.1% | ||||
![]() | BBB 6.4% | ![]() | BBB 7.0% | ||||
![]() | BB and Below 0.3% | ![]() | BB and Below 0.0% | ||||
![]() | Not Rated 1.5% | ![]() | Not Rated 1.1% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ratings. |
Semiannual Report
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.5% | ||||
Principal | Value (Note 1) | |||
Alabama - 2.6% | ||||
Alabama Agric. & Mechanical Univ. Revs. 6.5% 11/1/25 (Pre-Refunded to 11/1/05 @ 102) (e) | $ 2,000 | $ 2,162 | ||
Alabama Fed. Hwy. Fin. Auth. Series A, 5% 3/1/10 (MBIA Insured) | 5,000 | 5,415 | ||
Huntsville Solid Waste Disp. Auth. & Resource Recovery Rev.: | ||||
5.25% 10/1/07 (MBIA Insured) (d) | 1,750 | 1,855 | ||
5.25% 10/1/08 (MBIA Insured) (d) | 2,900 | 3,078 | ||
5.75% 10/1/09 (MBIA Insured) (d) | 4,000 | 4,340 | ||
Jefferson County Gen. Oblig. Series 2003 A: | ||||
5% 4/1/06 (MBIA Insured) | 3,000 | 3,147 | ||
5% 4/1/07 (MBIA Insured) | 3,000 | 3,188 | ||
Jefferson County Swr. Rev. Series A: | ||||
5% 2/1/33 (Pre-Refunded to 2/1/09 @ 101) (e) | 13,025 | 14,144 | ||
5.5% 2/1/40 (Pre-Refunded to 2/1/11 @ 101) (e) | 3,900 | 4,383 | ||
Mobile County Gen. Oblig.: | ||||
5% 2/1/07 (MBIA Insured) | 1,000 | 1,060 | ||
5% 2/1/08 (MBIA Insured) | 1,475 | 1,577 | ||
Opelika Gen. Oblig. Series A, 5% 4/1/05 (MBIA Insured) | 1,225 | 1,256 | ||
45,605 | ||||
Alaska - 1.9% | ||||
Alaska Student Ln. Corp. Student Ln. Rev. Series A: | ||||
5.1% 7/1/04 (AMBAC Insured) (d) | 3,630 | 3,630 | ||
5.15% 7/1/05 (AMBAC Insured) (d) | 1,950 | 2,016 | ||
5.85% 7/1/13 (AMBAC Insured) (d) | 3,285 | 3,534 | ||
Anchorage Gen. Oblig. Series B, 5.75% 12/1/11 (Pre-Refunded to 12/1/10 @ 100) (e) | 2,500 | 2,825 | ||
North Slope Borough Gen. Oblig.: | ||||
Series 1996 B, 0% 6/30/07 (MBIA Insured) | 3,100 | 2,838 | ||
Series A, 0% 6/30/07 (MBIA Insured) | 5,000 | 4,578 | ||
Series B: | ||||
0% 6/30/06 (MBIA Insured) | 3,500 | 3,340 | ||
0% 6/30/07 (MBIA Insured) | 7,050 | 6,454 | ||
0% 6/30/08 (MBIA Insured) | 4,240 | 3,712 | ||
32,927 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Arizona - 0.8% | ||||
Arizona Pwr. Auth. Pwr. Resource Rev. (Hoover Uprating Proj.): | ||||
5% 10/1/05 | $ 2,160 | $ 2,242 | ||
5% 10/1/06 | 2,525 | 2,669 | ||
Maricopa County School District #28 Kyrene Elementary Series B, 0% 7/1/04 (FGIC Insured) | 3,000 | 3,000 | ||
Pima County Gen. Oblig. 4% 7/1/04 (FSA Insured) | 815 | 815 | ||
Salt River Proj. Agric. Impt. & Pwr. District Elec. Sys. Rev. Series B, 7% 1/1/05 | 760 | 780 | ||
Scottsdale Muni. Property Corp. Excise Tax Rev. 5.5% 7/1/05 | 2,285 | 2,373 | ||
Tucson Gen. Oblig. Series 2002, 5% 7/1/05 | 1,000 | 1,033 | ||
Tucson Wtr. Rev. Series 2002, 5.5% 7/1/06 (FGIC Insured) | 980 | 1,043 | ||
13,955 | ||||
Arkansas - 0.3% | ||||
Arkansas Dev. Fin. Auth. Wastewtr. Sys. Rev. Series 2004 A, 4% 6/1/06 (MBIA Insured) | 1,060 | 1,096 | ||
Little Rock Gen. Oblig. 4% 4/1/07 (FSA Insured) | 1,000 | 1,037 | ||
Rogers Sales & Use Tax Rev. Series A: | ||||
4.25% 9/1/06 (FGIC Insured) | 1,000 | 1,041 | ||
4.25% 9/1/07 (FGIC Insured) | 2,175 | 2,277 | ||
5,451 | ||||
California - 8.5% | ||||
California Dept. of Wtr. Resources Central Valley Proj. Wtr. Sys. Rev. Series Y, 5% 12/1/06 (FGIC Insured) | 5,000 | 5,354 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series A: | ||||
5.25% 5/1/07 (MBIA Insured) | 27,455 | 29,544 | ||
5.25% 5/1/10 (MBIA Insured) | 1,100 | 1,207 | ||
California Gen. Oblig.: | ||||
4.4% 8/1/07 | 1,000 | 1,048 | ||
5% 2/1/09 | 1,640 | 1,753 | ||
5% 6/1/09 | 1,000 | 1,071 | ||
5% 2/1/10 | 2,000 | 2,142 | ||
5.125% 9/1/12 | 1,000 | 1,067 | ||
5.25% 11/1/08 | 1,045 | 1,133 | ||
5.25% 2/1/10 (FSA Insured) | 7,265 | 7,963 | ||
5.25% 2/1/11 | 6,425 | 6,950 | ||
5.5% 6/1/05 | 4,725 | 4,881 | ||
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) | 3,525 | 3,909 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5.75% 10/1/08 | $ 1,085 | $ 1,196 | ||
6.4% 9/1/08 | 3,075 | 3,455 | ||
6.5% 9/1/10 | 1,740 | 2,003 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 2004 B, 3.3%, tender 6/1/07 (FGIC Insured) (b)(d) | 15,000 | 15,053 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 3.125%, tender 5/1/06 (b)(d) | 5,000 | 4,985 | ||
California Pub. Works Board Lease Rev.: | ||||
(California State Univ. Proj.) Series 1997 A, 5.5% 10/1/07 | 1,075 | 1,165 | ||
(Coalinga State Hosp. Proj.) Series 2004 A: | ||||
5% 6/1/07 | 4,000 | 4,230 | ||
5% 6/1/08 | 6,000 | 6,373 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.7%, tender 6/1/05 (b) | 10,000 | 10,161 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2004 G, 2.3%, tender 5/1/07 (b) | 8,000 | 7,759 | ||
Commerce Refuse To Energy Auth. Rev.: | ||||
5% 7/1/07 (MBIA Insured) (a) | 1,770 | 1,822 | ||
5.25% 7/1/08 (MBIA Insured) (a) | 855 | 891 | ||
Golden State Tobacco Securitization Corp. Series 2003 B, 5% 6/1/08 | 1,300 | 1,357 | ||
Long Beach Hbr. Rev. Series 2000 A: | ||||
5.5% 5/15/05 (d) | 3,490 | 3,595 | ||
5.5% 5/15/06 (d) | 3,000 | 3,163 | ||
Los Angeles Hbr. Dept. Rev. Series A: | ||||
5.5% 8/1/04 (AMBAC Insured) (d) | 2,000 | 2,006 | ||
5.5% 8/1/06 (AMBAC Insured) (d) | 1,495 | 1,589 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (MBIA Insured) | 3,600 | 2,612 | ||
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (f) | 9,100 | 9,365 | ||
150,802 | ||||
Colorado - 1.0% | ||||
Arapahoe County Cap. Impt. Trust Fund Hwy. Rev.: | ||||
Series C, 0% 8/31/08 (Pre-Refunded to 8/31/05 @ 82.9449) (e) | 4,500 | 3,653 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Colorado - continued | ||||
Arapahoe County Cap. Impt. Trust Fund Hwy. Rev.: - continued | ||||
Series E 470: | ||||
0% 8/31/07 (Pre-Refunded to 8/31/05 @ 89.2392) (e) | $ 2,000 | $ 1,747 | ||
0% 8/31/15 (Pre-Refunded to 8/31/05 @ 48.6181) (e) | 10,075 | 4,795 | ||
Arapahoe County Cherry Creek School District #5 Series B, 6% 12/15/04 | 1,395 | 1,424 | ||
Denver City & County Arpt. Rev. Series 2001 B, 5.25% 11/15/04 (FGIC Insured) (d) | 1,200 | 1,216 | ||
E-470 Pub. Hwy. Auth. Rev. Series 2000 B: | ||||
0% 9/1/06 (MBIA Insured) | 2,200 | 2,080 | ||
0% 9/1/07 (MBIA Insured) | 3,200 | 2,904 | ||
17,819 | ||||
Connecticut - 1.2% | ||||
Connecticut Gen. Oblig. Series 2002 C, 5% 12/15/08 | 1,930 | 2,079 | ||
Connecticut Health & Edl. Facilities Auth. Rev. (Connecticut Children's Med. Ctr. Proj.) Series B: | ||||
4% 7/1/07 (MBIA Insured) | 1,275 | 1,323 | ||
4.5% 7/1/08 (MBIA Insured) | 1,045 | 1,105 | ||
5% 7/1/09 (MBIA Insured) | 1,000 | 1,077 | ||
Connecticut Spl. Oblig. Series 2004 A: | ||||
4% 12/30/05 | 3,205 | 3,301 | ||
5% 12/30/06 | 6,560 | 6,961 | ||
5% 12/30/07 | 4,535 | 4,878 | ||
20,724 | ||||
District Of Columbia - 1.6% | ||||
District of Columbia Ctfs. of Prtn.: | ||||
(District's Pub. Safety and Emergency Preparedness Communications Ctr. and Related Technology Proj.) Series 2003, 3% 1/1/06 (AMBAC Insured) | 1,305 | 1,320 | ||
5% 1/1/06 (AMBAC Insured) | 1,000 | 1,040 | ||
5% 1/1/07 (AMBAC Insured) | 1,000 | 1,054 | ||
5.25% 1/1/08 (AMBAC Insured) | 935 | 1,000 | ||
District of Columbia Gen. Oblig.: | ||||
Series 1993 B2, 5.5% 6/1/07 (FSA Insured) | 1,830 | 1,975 | ||
Series 2001 B, 5.5% 6/1/07 (FSA Insured) | 1,345 | 1,452 | ||
District of Columbia Rev. (Medstar Univ. Hosp. Proj.) Series D, 6.875%, tender 8/15/31 (Pre-Refunded to 2/16/07 @ 100) (b)(e) | 9,000 | 10,011 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
District Of Columbia - continued | ||||
Metro. Washington Arpt. Auth. Sys. Rev. Series D: | ||||
4% 10/1/05 (FSA Insured) (d) | $ 1,000 | $ 1,022 | ||
4% 10/1/06 (FSA Insured) (d) | 1,750 | 1,799 | ||
4% 10/1/07 (FSA Insured) (d) | 1,000 | 1,028 | ||
Metro. Washington Arpts. Auth. Gen. Arpt. Rev. Series B, 5.5% 10/1/08 (FGIC Insured) (d) | 6,460 | 6,893 | ||
28,594 | ||||
Florida - 4.7% | ||||
Brevard County Util. Rev. 5% 3/1/06 (FGIC Insured) | 530 | 555 | ||
Broward County School District Series A, 5% 2/15/08 | 5,810 | 6,219 | ||
Dade County School District: | ||||
5% 8/1/07 (MBIA Insured) | 1,500 | 1,606 | ||
5.2% 7/15/07 (AMBAC Insured) | 8,500 | 9,148 | ||
Florida Board of Ed. Lottery Rev. Series B, 6% 7/1/15 (FGIC Insured) | 1,200 | 1,354 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Proj.) 3.35%, tender 9/1/05 (b) | 20,300 | 20,550 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.): | ||||
4%, tender 8/1/07 (b) | 11,000 | 11,111 | ||
4.25%, tender 8/1/07 (b)(d) | 6,000 | 6,060 | ||
Indian River County School District 4% 4/1/06 (FSA Insured) | 1,470 | 1,517 | ||
Miami-Dade County Cap. Asset Acquisition Fixed Rate Spl. Oblig. Series 2002 A: | ||||
5% 4/1/06 (AMBAC Insured) | 3,365 | 3,529 | ||
5% 4/1/08 (AMBAC Insured) | 2,825 | 3,032 | ||
Miami-Dade County School Board Ctfs. of Prtn. 5%, tender 5/1/11 (MBIA Insured) (b) | 1,500 | 1,597 | ||
Miami-Dade County School District: | ||||
Series 1994 A, 5.65% 6/1/06 (MBIA Insured) | 1,545 | 1,646 | ||
Series 1995, 5.1% 8/1/06 (MBIA Insured) (a) | 1,935 | 2,048 | ||
Palm Beach County Rev. (Cmnty. Foundation Palm Beach Proj.) 2%, tender 9/1/05, LOC Northern Trust Co., Chicago (b) | 2,910 | 2,921 | ||
Palm Beach County School District 5% 8/1/05 (MBIA Insured) | 5,000 | 5,175 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev. 5.75% 4/1/06 (AMBAC Insured) (d) | 1,500 | 1,568 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Florida - continued | ||||
Reedy Creek Impt. District Utils. Rev. Series 2, 5% 10/1/05 (MBIA Insured) | $ 1,685 | $ 1,750 | ||
Univ. Athletic Assoc., Inc. Athletic Prog. Rev. Series 2001, 2.8%, tender 10/1/08, LOC Suntrust Banks of Florida, Inc. (b) | 2,000 | 1,950 | ||
83,336 | ||||
Georgia - 1.6% | ||||
Atlanta Arpt. Facilities Rev. 6.5% 1/1/06 (Escrowed to Maturity) (e) | 6,000 | 6,367 | ||
Dalton Bldg. Auth. Rev. Series 2001, 5% 7/1/05 | 6,030 | 6,229 | ||
Fulton DeKalb Hosp. Auth. Hosp. Rev. 5% 1/1/08 (FSA Insured) | 2,250 | 2,399 | ||
Georgia Gen. Oblig.: | ||||
Series B, 6.25% 4/1/06 | 1,750 | 1,874 | ||
Series C, 6.5% 7/1/07 | 2,185 | 2,432 | ||
Georgia Muni. Elec. Auth. Pwr. Rev. Series 1993 CC, 4.8% 1/1/06 (MBIA Insured) | 7,100 | 7,378 | ||
Gwinnett County Gen. Oblig. 4% 1/1/06 | 1,035 | 1,065 | ||
Henry County Wtr. & Swr. Auth. Rev. 5% 2/1/08 (MBIA Insured) | 1,095 | 1,173 | ||
28,917 | ||||
Hawaii - 0.8% | ||||
Hawaii Arpts. Sys. Rev. Series 2000 B, 8% 7/1/10 (FGIC Insured) (d) | 3,850 | 4,642 | ||
Hawaii Gen. Oblig.: | ||||
Series 2001 CV, 5% 8/1/05 (FGIC Insured) | 3,610 | 3,734 | ||
Series CS, 5% 4/1/08 (MBIA Insured) | 2,200 | 2,362 | ||
Series CU, 5.75% 10/1/11 (MBIA Insured) | 3,210 | 3,579 | ||
Honolulu City & County Gen. Oblig. Series B, 5.5% 11/1/04 (FGIC Insured) | 465 | 471 | ||
14,788 | ||||
Illinois - 8.8% | ||||
Chicago Gen. Oblig.: | ||||
(Neighborhoods Alive 21 Prog.): | ||||
5% 1/1/07 (MBIA Insured) | 1,360 | 1,439 | ||
5% 1/1/08 (MBIA Insured) | 1,190 | 1,269 | ||
5% 1/1/07 (FGIC Insured) | 1,000 | 1,058 | ||
Chicago Midway Arpt. Rev. Series 2001 B, 5% 1/1/07 (FSA Insured) | 1,000 | 1,057 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2001 C, 5% 1/1/07 (AMBAC Insured) (d) | $ 2,670 | $ 2,801 | ||
Series A: | ||||
5.5% 1/1/08 (AMBAC Insured) | 5,000 | 5,298 | ||
6% 1/1/05 (AMBAC Insured) | 1,030 | 1,053 | ||
5.5% 1/1/10 (AMBAC Insured) (d) | 5,000 | 5,380 | ||
Chicago Park District Series C, 5% 1/1/11 (AMBAC Insured) | 2,515 | 2,699 | ||
Chicago Tax Increment Rev.: | ||||
Series 2000 A, 0% 12/1/08 (AMBAC Insured) | 10,000 | 8,549 | ||
Series A, 0% 12/1/05 (AMBAC Insured) | 3,000 | 2,912 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. Series A: | ||||
4% 6/1/06 (AMBAC Insured) | 4,810 | 4,821 | ||
4.25% 6/1/08 (AMBAC Insured) | 3,600 | 3,724 | ||
Cook County Gen. Oblig. Series 2003 B: | ||||
5% 11/15/06 (MBIA Insured) | 14,685 | 15,593 | ||
5% 11/15/07 (MBIA Insured) | 5,000 | 5,363 | ||
Du Page Wtr. Commission Wtr. Rev. 5% 5/1/08 (AMBAC Insured) | 4,525 | 4,846 | ||
Illinois Dev. Fin. Auth. Gas Supply Rev. (The Peoples Gas Lt. & Coke Co. Proj.) Series 2003 B, 3.05%, tender 2/1/08 (AMBAC Insured) (b) | 6,000 | 5,937 | ||
Illinois Dev. Fin. Auth. Rev. (DePaul Univ. Proj.) Series 2004 C, 5.5% 10/1/10 (a) | 1,900 | 2,068 | ||
Illinois Edl. Facilities Auth. Revs.: | ||||
(Art Institute of Chicago Proj.) Series 2003, 3.85%, tender 3/1/11 (b) | 12,800 | 12,267 | ||
(Univ. of Chicago Proj.) Series 2004 B1, 3.45%, tender 7/1/36 (b) | 4,700 | 4,705 | ||
Illinois Fin. Auth. Solid Waste Rev. (Republic Services, Inc. Proj.) 3.65%, tender 5/1/07 (b)(d) | 6,100 | 6,066 | ||
Illinois Gen. Oblig.: | ||||
First Series: | ||||
5% 8/1/05 | 1,000 | 1,034 | ||
5% 8/1/06 | 8,160 | 8,609 | ||
5.25% 4/1/08 (MBIA Insured) | 1,035 | 1,120 | ||
5.5% 8/1/10 | 1,405 | 1,556 | ||
6% 1/1/11 (Pre-Refunded to 1/1/10 @ 100) (e) | 7,075 | 8,019 | ||
Series A, 5% 10/1/09 | 2,600 | 2,806 | ||
5% 6/1/07 | 6,265 | 6,675 | ||
5.75% 4/1/12 (Pre-Refunded to 4/1/10 @ 100) (e) | 1,000 | 1,126 | ||
Illinois Sales Tax Rev. 5.375% 6/15/08 | 4,235 | 4,603 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series A, 5.5% 1/1/12 (FSA Insured) | $ 2,270 | $ 2,507 | ||
Kane County School District #129, Aurora West Side Series A, 5.75% 2/1/14 (FGIC Insured) | 1,600 | 1,778 | ||
Kane, McHenry, Cook & DeKalb Counties Cmnty. Unit School District #300, Carpentersville 5.5% 12/1/13 (MBIA Insured) | 5,000 | 5,483 | ||
Kendall, Kane & Will Counties Cmnty. Unit School District #308: | ||||
5% 10/1/04 (FGIC Insured) | 510 | 515 | ||
5.25% 10/1/05 (FGIC Insured) | 560 | 583 | ||
5.25% 10/1/06 (FGIC Insured) | 695 | 740 | ||
Lake County Cmnty. High School District #128, Libertyville Series 2004, 5% 1/1/11 | 2,365 | 2,545 | ||
Rosemont Gen. Oblig. (Tax Increment #3 Proj.) 0% 12/1/07 (FGIC Insured) | 3,000 | 2,693 | ||
Univ. of Illinois Auxiliary Facilities Sys. Rev. Series 2001 A, 5% 4/1/08 (AMBAC Insured) | 2,035 | 2,179 | ||
Will County School District #122 Series B, 0% 11/1/08 (FSA Insured) | 1,500 | 1,287 | ||
154,763 | ||||
Indiana - 1.6% | ||||
Hamilton Southeastern Consolidated School Bldg. Corp.: | ||||
5% 1/15/10 (FSA Insured) | 1,835 | 1,972 | ||
5% 1/15/11 (FSA Insured) | 1,910 | 2,050 | ||
5% 1/15/12 (FSA Insured) | 1,990 | 2,133 | ||
Indiana Health Facility Fing. Auth. Rev. (Ascension Health Cr. Group Prog.) Series 2002 F: | ||||
5% 11/15/04 | 1,300 | 1,317 | ||
5.5% 11/15/05 | 1,000 | 1,047 | ||
5.5% 11/15/06 | 1,000 | 1,065 | ||
Indiana Univ. Revs. (Student Fee Proj.) Series H, 0% 8/1/05 (AMBAC Insured) | 5,500 | 5,386 | ||
Rockport Poll. Cont. Rev. 4.9%, tender 6/1/07 (b) | 4,000 | 4,134 | ||
Saint Joseph County Ind. Edl. Facilities Rev. (Univ. of Notre Dame Du Lac Proj.) 2.5%, tender 12/3/07 (b) | 10,000 | 9,763 | ||
28,867 | ||||
Kansas - 0.8% | ||||
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.): | ||||
Series A, 4.75%, tender 10/1/07 (b) | 2,400 | 2,478 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Kansas - continued | ||||
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.): - continued | ||||
Series C, 2.25%, tender 9/1/04 (b) | $ 7,000 | $ 6,997 | ||
La Cygne Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) Series 1994, 3.9%, tender 9/1/04 (b) | 3,700 | 3,714 | ||
13,189 | ||||
Kentucky - 0.6% | ||||
Kenton County Arpt. Board Arpt. Rev. Series B, 5% 3/1/09 (MBIA Insured) (d) | 1,185 | 1,252 | ||
Owensboro Elec. Lt. & Pwr. Rev. Series B, 0% 1/1/07 (AMBAC Insured) | 10,000 | 9,323 | ||
10,575 | ||||
Louisiana - 0.4% | ||||
New Orleans Audubon Commission Series A: | ||||
3% 10/1/05 (FSA Insured) | 1,930 | 1,956 | ||
4% 10/1/06 (FSA Insured) | 1,990 | 2,064 | ||
New Orleans Gen. Oblig. 5% 3/1/07 (MBIA Insured) | 3,500 | 3,707 | ||
7,727 | ||||
Maryland - 0.8% | ||||
Maryland Gen. Oblig. (State & Local Facilities Ln. Prog.) First Series, 5.5% 3/1/09 | 10,615 | 11,741 | ||
Prince Georges County Ctfs. of Prtn. (Equip. Acquisition Prog.) 5.25% 5/15/10 (MBIA Insured) | 1,535 | 1,676 | ||
13,417 | ||||
Massachusetts - 5.5% | ||||
Massachusetts Dev. Fin. Agcy. Rev. (Massachusetts Biomedical Research Corp. Proj.) Series C: | ||||
5.75% 8/1/06 | 1,200 | 1,266 | ||
5.875% 8/1/08 | 1,630 | 1,765 | ||
Massachusetts Gen. Oblig.: | ||||
Series 1999 C, 5.625% 9/1/12 (Pre-Refunded to 9/1/09 @ 101) (e) | 2,570 | 2,874 | ||
Series 2001 A, 5.5% 1/1/11 | 5,000 | 5,524 | ||
Series 2002 B, 5% 2/1/06 | 40,000 | 41,785 | ||
Series 2003 A, 5.375% 8/1/08 | 5,165 | 5,615 | ||
Series 2003 C: | ||||
5% 12/1/06 (XL Cap. Assurance, Inc. Insured) | 13,975 | 14,835 | ||
5.5% 10/1/10 (MBIA Insured) | 1,130 | 1,257 | ||
Series A, 5.5% 2/1/07 (MBIA Insured) | 7,500 | 8,058 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Caritas Christi Oblig. Group Proj.): | ||||
5% 7/1/04 | $ 1,805 | $ 1,805 | ||
5.5% 7/1/05 | 1,000 | 1,015 | ||
(Dana Farber Cancer Proj.) Series G1, 6.25% 12/1/14 (Pre-Refunded to 12/1/05 @ 102) (e) | 3,000 | 3,236 | ||
New England Ed. Ln. Marketing Corp.: | ||||
Series A, 5.7% 7/1/05 (d) | 2,800 | 2,902 | ||
Series F, 5.625% 7/1/04 (d) | 3,500 | 3,500 | ||
Springfield Gen. Oblig. 5% 1/15/06 (MBIA Insured) | 1,000 | 1,044 | ||
96,481 | ||||
Michigan - 4.3% | ||||
Battle Creek Downtown Dev. Auth. 6% 5/1/06 (MBIA Insured) | 2,000 | 2,138 | ||
Chippewa Valley Schools: | ||||
4% 5/1/06 | 1,000 | 1,034 | ||
4% 5/1/07 | 2,610 | 2,704 | ||
5% 5/1/08 | 1,260 | 1,352 | ||
Detroit City School District 5.05% 5/1/06 | 4,845 | 5,089 | ||
Detroit Gen. Oblig.: | ||||
Series 2004 A, 5% 4/1/08 (FSA Insured) | 7,275 | 7,799 | ||
Series 2004 B, 5% 4/1/07 (FSA Insured) | 4,055 | 4,309 | ||
Series A: | ||||
5% 4/1/06 (FSA Insured) (a) | 2,200 | 2,265 | ||
5% 4/1/07 (FSA Insured) (a) | 6,910 | 7,221 | ||
5% 4/1/08 (MBIA Insured) | 14,545 | 15,592 | ||
Detroit Swr. Disp. Rev. Series A, 5.75% 7/1/26 (Pre-Refunded to 1/1/10 @ 101) (e) | 2,000 | 2,259 | ||
Ferndale Gen. Oblig. 3.5% 4/1/06 (FGIC Insured) | 1,960 | 2,006 | ||
Holly Area School District Series 1999, 5.375% 5/1/11 (Pre-Refunded to 5/1/05 @ 101) (e) | 1,275 | 1,327 | ||
Michigan Gen. Oblig. Series 1995, 5.7% 12/1/12 (Pre-Refunded to 12/1/05 @ 102) (e) | 11,985 | 12,854 | ||
Michigan Hosp. Fin. Auth. Hosp. Rev. (Sparrow Hosp. Obligated Group Proj.) 5% 11/15/04 | 1,500 | 1,518 | ||
Michigan Strategic Fund Exempt Facilities Rev. (Waste Mgmt., Inc. Proj.) 4.2%, tender 8/1/04 (b)(d) | 7,000 | 7,008 | ||
76,475 | ||||
Minnesota - 1.0% | ||||
Hopkins Independent School District #270 Series B, 4% 2/1/06 | 2,575 | 2,652 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Minnesota - continued | ||||
Mankato Independent School District #77 Series A, 4% 2/1/06 (FSA Insured) | $ 1,420 | $ 1,462 | ||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Health Partners Oblig. Group Proj.): | ||||
5.25% 12/1/08 | 1,200 | 1,259 | ||
5.25% 12/1/10 | 500 | 516 | ||
Minnesota Pub. Facilities Auth. Wtr. Poll. Cont. Rev. Series A, 4.5% 3/1/07 | 2,240 | 2,352 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | ||||
5% 1/1/06 (AMBAC Insured) | 4,875 | 5,081 | ||
5% 1/1/08 (AMBAC Insured) | 2,410 | 2,574 | ||
Waconia Independent School District #110 Series A, 5% 2/1/11 (FSA Insured) | 940 | 1,017 | ||
16,913 | ||||
Mississippi - 0.9% | ||||
Jackson Wtr. & Swr. Sys. Rev. Series 2003: | ||||
5% 9/1/05 (FSA Insured) | 5,285 | 5,477 | ||
5% 9/1/07 (FSA Insured) | 5,825 | 6,216 | ||
5% 9/1/08 (FSA Insured) | 2,620 | 2,810 | ||
Mississippi Higher Ed. Student Ln. Series 2000 B3, 5.3% 9/1/08 (d) | 1,190 | 1,254 | ||
15,757 | ||||
Missouri - 0.5% | ||||
Kansas City School District Bldg. Corp. Rev.: | ||||
(School District Elementary School Proj.) Series 2003 B, 5% 2/1/12 (FGIC Insured) | 3,100 | 3,345 | ||
Series A: | ||||
5% 2/1/07 (FGIC Insured) | 1,020 | 1,081 | ||
5% 2/1/08 (FGIC Insured) | 2,000 | 2,138 | ||
Saint Louis Muni. Fin. Corp. Leasehold Rev.: | ||||
(Callahan Courthouse Proj.) Series A, 5.75% 2/15/14 (FGIC Insured) | 1,050 | 1,163 | ||
(Civil Courts Bldg. Proj.) Series 2003 A, 5% 8/1/06 (FSA Insured) | 1,635 | 1,725 | ||
9,452 | ||||
Montana - 0.2% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Projs.) Series A, 5.2%, tender 5/1/09 (b) | 2,900 | 2,962 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Nebraska - 2.2% | ||||
Lancaster County School District #1 (Lincoln Pub. Schools Proj.): | ||||
3% 1/15/05 | $ 1,870 | $ 1,886 | ||
4% 1/15/06 | 1,000 | 1,029 | ||
Lincoln Wtrwks. Rev. Series 2003, 5% 8/15/05 | 3,265 | 3,382 | ||
Nebraska Pub. Pwr. District Rev.: | ||||
Series 1998 A, 5.25% 1/1/06 (MBIA Insured) | 5,000 | 5,228 | ||
Series A: | ||||
0% 1/1/06 (MBIA Insured) | 24,465 | 23,658 | ||
0% 1/1/07 (MBIA Insured) | 4,000 | 3,727 | ||
38,910 | ||||
Nevada - 1.0% | ||||
Clark County Arpt. Rev. Series C: | ||||
5% 7/1/05 (AMBAC Insured) (d) | 800 | 825 | ||
5% 7/1/06 (AMBAC Insured) (d) | 800 | 838 | ||
5% 7/1/08 (AMBAC Insured) (d) | 2,215 | 2,338 | ||
5% 7/1/09 (AMBAC Insured) (d) | 2,700 | 2,854 | ||
5% 7/1/10 (AMBAC Insured) (d) | 1,225 | 1,287 | ||
5% 7/1/11 (AMBAC Insured) (d) | 1,790 | 1,867 | ||
Clark County Gen. Oblig. 6% 7/1/06 | 1,000 | 1,074 | ||
Clark County School District: | ||||
Series 2000 A, 5.75% 6/15/17 (Pre-Refunded to 6/15/10 @ 100) (e) | 1,600 | 1,803 | ||
5.75% 6/15/10 (Pre-Refunded to 6/15/06 @ 101) (e) | 2,200 | 2,377 | ||
Washoe County Gen. Oblig. 4% 9/1/05 (FSA Insured) | 2,170 | 2,224 | ||
17,487 | ||||
New Jersey - 0.8% | ||||
New Jersey Economic Dev. Auth. Solid Waste Rev. (Waste Mgmt. of New Jersey, Inc. Proj.) Series 2004 A, 2.85%, tender 6/1/05 (b)(d) | 5,000 | 4,999 | ||
New Jersey Trans. Trust Fund Auth. Series 2001 A, 5% 6/15/06 | 6,300 | 6,630 | ||
New Jersey Transit Corp. Series 2000 B, 5.5% 2/1/08 (AMBAC Insured) | 1,000 | 1,081 | ||
North Jersey District Wtr. Supply Commission (Wanaque South Proj.) Series A, 5% 7/1/05 (MBIA Insured) | 1,680 | 1,735 | ||
14,445 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New Jersey/Pennsylvania - 0.4% | ||||
Delaware River Joint Toll Bridge Commission Bridge Rev.: | ||||
3% 7/1/04 | $ 1,630 | $ 1,630 | ||
5% 7/1/09 | 5,170 | 5,496 | ||
7,126 | ||||
New Mexico - 1.2% | ||||
Farmington Poll. Cont. Rev. (Pub. Svc. Co. of New Mexico San Juan and Four Corners Projs.) Series 2003 B, 2.1%, tender 4/1/06 (b) | 7,000 | 6,955 | ||
San Juan County Gross Receipts Tax Rev. Series B, 2.5% 8/15/05 | 13,600 | 13,669 | ||
20,624 | ||||
New York - 7.6% | ||||
Grand Central District Mgmt. Assoc., Inc.: | ||||
5% 1/1/10 | 1,200 | 1,285 | ||
5% 1/1/12 | 1,175 | 1,259 | ||
Metro. Trans. Auth. Commuter Facilities Rev. Series A: | ||||
5% 7/1/06 (Escrowed to Maturity) (e) | 1,520 | 1,610 | ||
5.375% 7/1/09 (Escrowed to Maturity) (e) | 3,635 | 4,016 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series B: | ||||
4% 1/1/05 | 4,265 | 4,318 | ||
5% 1/1/06 | 10,110 | 10,549 | ||
Nassau County Gen. Oblig. Series Z: | ||||
5% 9/1/11 (FGIC Insured) | 800 | 857 | ||
5% 9/1/12 (FGIC Insured) | 1,500 | 1,597 | ||
New York City Gen. Oblig.: | ||||
Series 2000 A, 6.5% 5/15/11 | 2,450 | 2,793 | ||
Series 2004 G, 5% 8/1/09 | 8,000 | 8,531 | ||
Series A, 5.25% 11/1/14 (MBIA Insured) | 600 | 648 | ||
Series E, 6% 8/1/11 | 1,250 | 1,351 | ||
Series G, 5.25% 8/1/14 (AMBAC Insured) | 1,000 | 1,074 | ||
Series H, 5.75% 3/15/11 (FGIC Insured) | 1,700 | 1,903 | ||
New York State Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) | 5,540 | 6,325 | ||
Series 2003 A: | ||||
5% 1/1/06 | 1,250 | 1,300 | ||
5% 1/1/07 | 10,855 | 11,411 | ||
5% 3/15/08 | 2,000 | 2,132 | ||
New York State Urban Dev. Corp. Rev. (Correctional Facilities-Svc. Contract Proj.) Series B, 4.75% 1/1/28 (Pre-Refunded to 1/1/09 @ 101) (e) | 2,615 | 2,826 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York Transitional Fin. Auth. Rev. Series 2003 E: | ||||
4.5% 2/1/07 | $ 1,750 | $ 1,831 | ||
4.5% 2/1/08 | 1,500 | 1,578 | ||
5% 2/1/09 | 2,035 | 2,184 | ||
Suffolk County Gen. Oblig. Series 2004 B, 5% 5/1/06 (FSA Insured) (a) | 2,200 | 2,312 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2004 B1, 5% 6/1/09 | 3,800 | 4,018 | ||
Series A1: | ||||
5.25% 6/1/12 | 5,000 | 5,194 | ||
5.25% 6/1/13 | 17,500 | 18,129 | ||
Series B1, 5% 6/1/06 | 17,815 | 18,590 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
Series A, 5.5% 1/1/14 (Pre-Refunded to 1/1/12 @ 100) (e) | 3,745 | 4,193 | ||
Series Y, 5.9% 1/1/08 (Escrowed to Maturity) (e) | 10,000 | 11,016 | ||
134,830 | ||||
New York & New Jersey - 0.3% | ||||
Port Auth. of New York & New Jersey: | ||||
124th Series, 5% 8/1/13 (FGIC Insured) (d) | 1,200 | 1,245 | ||
127th Series, 5% 12/15/08 (AMBAC Insured) (d) | 3,510 | 3,752 | ||
4,997 | ||||
North Carolina - 1.1% | ||||
Charlotte Ctfs. of Prtn. (FY 2004 Equip. Acquisition Proj.) Series 2004 C, 4% 3/1/08 | 4,940 | 5,115 | ||
North Carolina Ctfs. of Prtn. (Repair and Renovation Proj.) Series 2004 B, 4% 6/1/06 | 1,300 | 1,343 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: | ||||
Series 1993 B, 7% 1/1/08 (MBIA Insured) | 1,500 | 1,697 | ||
Series A, 5.5% 1/1/10 | 3,000 | 3,214 | ||
Series B, 6% 1/1/05 | 2,000 | 2,025 | ||
Series C, 5% 1/1/08 | 1,190 | 1,245 | ||
Series D, 5.375% 1/1/10 | 3,700 | 3,942 | ||
18,581 | ||||
North Dakota - 0.1% | ||||
North Dakota Bldg. Auth. Lease Rev. Series A, 5.25% 6/1/05 (FGIC Insured) | 2,060 | 2,128 | ||
Ohio - 2.8% | ||||
Cleveland Pub. Pwr. Sys. Rev. (First Mtg. Prog.) Series 1994 A, 0% 11/15/09 (MBIA Insured) | 2,250 | 1,848 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Ohio - continued | ||||
Franklin County Rev. (OCLC Online Computer Library Ctr., Inc. Proj.) 5% 4/15/07 | $ 1,960 | $ 2,053 | ||
Lakewood Hosp. Impt. Rev. (Lakewood Hosp. Assoc. Proj.) 5.5% 2/15/07 | 1,420 | 1,496 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) 4% 9/1/04 | 1,695 | 1,702 | ||
Ohio Air Quality Dev. Auth. Rev. (Pennsylvania Pwr. Co. Proj.) 2.5%, tender 7/1/04 (b) | 4,700 | 4,700 | ||
Ohio Bldg. Auth. (Adult Correctional Bldg. Fund Prog.) Series A: | ||||
5.75% 4/1/08 | 3,555 | 3,905 | ||
6% 10/1/05 | 5,600 | 5,882 | ||
Ohio Gen. Oblig. Series IIA, 5.25% 12/1/05 | 5,000 | 5,223 | ||
Ohio Rev. Series 2003 1, 5% 6/15/08 | 5,000 | 5,369 | ||
Ohio Univ. Gen. Receipts Athens: | ||||
5% 12/1/05 (FSA Insured) | 1,650 | 1,718 | ||
5% 12/1/06 (FSA Insured) | 3,600 | 3,821 | ||
5% 12/1/07 (FSA Insured) | 1,285 | 1,378 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev.: | ||||
(Cleveland Elec. Illuminating Co. Proj.) Series A, 3.4%, tender 10/1/04 (b) | 2,350 | 2,354 | ||
(Toledo Edison Co. Proj.) Series B, 4.5%, tender 9/1/05 (b) | 7,000 | 7,099 | ||
Ohio Wtr. Dev. Auth. Rev. (Fresh Wtr. Proj.) Series A, 5.4% 6/1/05 (AMBAC Insured) | 1,000 | 1,034 | ||
49,582 | ||||
Oklahoma - 0.6% | ||||
Oklahoma Dev. Fin. Auth. Rev. (Samuel Roberts Noble, Inc. Proj.): | ||||
Series 2001, 5% 5/1/05 | 7,615 | 7,828 | ||
5% 5/1/06 | 3,200 | 3,366 | ||
11,194 | ||||
Oregon - 0.8% | ||||
Deschutes & Jefferson Counties School District #2J Redmond 5.5% 6/1/06 (FGIC Insured) | 2,610 | 2,772 | ||
Eugene Elec. Util. Rev. Series A: | ||||
5.25% 8/1/05 (FSA Insured) | 1,210 | 1,254 | ||
5.25% 8/1/06 (FSA Insured) | 1,280 | 1,357 | ||
5.25% 8/1/07 (FSA Insured) | 1,350 | 1,452 | ||
5.25% 8/1/08 (FSA Insured) | 1,425 | 1,546 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Oregon - continued | ||||
Oregon Dept. of Trans. Hwy. User Tax Rev. 5.5% 11/15/13 (Pre-Refunded to 11/15/12 @ 100) (e) | $ 3,365 | $ 3,769 | ||
Oregon Gen. Oblig. 8.25% 1/1/07 | 1,000 | 1,135 | ||
Portland Gen. Oblig. Series 2004 B, 4% 6/1/06 | 1,340 | 1,386 | ||
14,671 | ||||
Pennsylvania - 2.2% | ||||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series B: | ||||
5.5% 6/15/05 | 2,545 | 2,625 | ||
5.5% 6/15/06 | 3,065 | 3,221 | ||
5.5% 6/15/07 | 2,000 | 2,132 | ||
Allegheny County San. Auth. Swr. Rev. 6% 12/1/11 (MBIA Insured) | 1,495 | 1,707 | ||
Hazleton Area School District 6.5% 3/1/06 (FSA Insured) | 1,155 | 1,237 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A, 5% 6/1/06 (AMBAC Insured) | 3,750 | 3,930 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Shippingport Proj.) Series A, 5%, tender 6/1/05 (b)(d) | 6,200 | 6,261 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev. (UPMC Health Sys. Proj.) Series 2001 A, 5.75% 1/15/09 | 1,750 | 1,870 | ||
Philadelphia Muni. Auth. Rev. Series A: | ||||
4% 5/15/05 (FSA Insured) | 2,500 | 2,552 | ||
5% 5/15/07 (FSA Insured) | 5,500 | 5,852 | ||
5% 5/15/08 (FSA Insured) | 5,000 | 5,362 | ||
Wyoming Valley San. Auth. Swr. Rev. 5% 11/15/06 (MBIA Insured) | 1,865 | 1,977 | ||
38,726 | ||||
Puerto Rico - 0.2% | ||||
Puerto Rico Pub. Bldgs Auth. Rev. Series K, 4%, tender 7/1/07 (MBIA Insured) (b) | 2,500 | 2,590 | ||
Rhode Island - 0.3% | ||||
Rhode Island Health & Edl. Bldg. Corp. Rev. (Johnson & Wales Univ. Proj.): | ||||
4% 4/1/05 (XL Cap. Assurance, Inc. Insured) | 1,270 | 1,293 | ||
5% 4/1/06 (XL Cap. Assurance, Inc. Insured) | 2,225 | 2,330 | ||
5% 4/1/08 (XL Cap. Assurance, Inc. Insured) | 1,700 | 1,819 | ||
5,442 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
South Carolina - 1.9% | ||||
Berkeley County School District 7% 4/1/07 | $ 2,615 | $ 2,910 | ||
Charleston County Hosp. Facilities (Care Alliance Health Services Proj.) Series A: | ||||
5% 8/15/06 (a) | 1,000 | 1,044 | ||
5% 8/15/07 (a) | 1,700 | 1,791 | ||
5% 8/15/08 (a) | 1,690 | 1,781 | ||
Piedmont Muni. Pwr. Agcy. Elec. Rev. 5.6% 1/1/09 (MBIA Insured) | 2,345 | 2,584 | ||
Richland County School District #2 Series B, 5% 2/1/05 (FGIC Insured) | 1,000 | 1,020 | ||
Rock Hill Util. Sys. Rev. Series 2003 A: | ||||
5% 1/1/08 (FSA Insured) | 1,850 | 1,978 | ||
5% 1/1/09 (FSA Insured) | 1,945 | 2,095 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
Series 2002 A: | ||||
5% 1/1/06 (FSA Insured) | 1,705 | 1,777 | ||
5% 1/1/07 (FSA Insured) | 4,105 | 4,345 | ||
Series A, 5.5% 1/1/11 (MBIA Insured) | 3,000 | 3,309 | ||
Series D: | ||||
5% 1/1/06 | 2,750 | 2,869 | ||
5% 1/1/07 | 5,000 | 5,295 | ||
32,798 | ||||
Tennessee - 1.9% | ||||
Elizabethton Health & Edl. Facilities Board Rev. (First Mtg. Prog.) 6% 7/1/11 (MBIA Insured) | 2,005 | 2,275 | ||
Memphis Gen. Oblig. 6% 11/1/06 | 1,585 | 1,714 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series A: | ||||
4% 9/1/05 (MBIA Insured) | 1,445 | 1,478 | ||
4% 9/1/06 (MBIA Insured) | 1,500 | 1,553 | ||
4.5% 9/1/08 (MBIA Insured) | 1,620 | 1,710 | ||
4.5% 9/1/09 (MBIA Insured) | 1,685 | 1,775 | ||
Metro. Nashville Arpt. Auth. Rev. Series C, 5% 7/1/06 (FGIC Insured) (d) | 1,675 | 1,755 | ||
Shelby County Gen. Oblig. Series A: | ||||
0% 5/1/10 (Pre-Refunded to 5/1/05 @ 74.444) (e) | 15,750 | 11,554 | ||
0% 5/1/12 (Pre-Refunded to 5/1/05 @ 65.1568) (e) | 15,130 | 9,715 | ||
33,529 | ||||
Texas - 12.6% | ||||
Arlington Independent School District 0% 2/15/16 (Pre-Refunded to 2/15/05 @ 51.4017) (e) | 6,820 | 3,474 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Austin Arpt. Sys. Rev. Series A: | ||||
6.5% 11/15/05 (Escrowed to Maturity) (d)(e) | $ 940 | $ 996 | ||
6.5% 11/15/05 (MBIA Insured) (d) | 6,870 | 7,263 | ||
Austin Gen. Oblig. 5.5% 9/1/15 (Pre-Refunded to 9/1/05 @ 100) (e) | 3,380 | 3,528 | ||
Austin Util. Sys. Rev.: | ||||
Series 1992 A, 0% 11/15/09 (MBIA Insured) | 4,130 | 3,379 | ||
Series A: | ||||
0% 11/15/10 (MBIA Insured) | 5,300 | 4,111 | ||
5.5% 11/15/06 | 5,000 | 5,130 | ||
Birdville Independent School District 5% 2/15/10 | 1,300 | 1,400 | ||
Brazos River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series 1995 B, 5.05%, tender 6/19/06 (b)(d) | 6,500 | 6,731 | ||
Corpus Christi Gen. Oblig.: | ||||
4% 3/1/05 (FSA Insured) | 1,200 | 1,220 | ||
4% 3/1/06 (FSA Insured) | 1,285 | 1,324 | ||
5% 3/1/07 (FSA Insured) | 2,735 | 2,899 | ||
Cypress-Fairbanks Independent School District: | ||||
Series B, 0% 8/1/07 (AMBAC Insured) | 10,000 | 9,135 | ||
4.5% 2/15/06 | 2,245 | 2,329 | ||
5% 2/15/08 | 2,000 | 2,135 | ||
Deer Park Independent School District 6% 2/15/05 | 2,000 | 2,055 | ||
Del Valle Independent School District 5.5% 2/1/09 | 1,205 | 1,319 | ||
El Paso Wtr. & Swr. Rev.: | ||||
5% 3/1/06 (AMBAC Insured) | 1,000 | 1,046 | ||
5% 3/1/07 (AMBAC Insured) | 2,000 | 2,119 | ||
5% 3/1/08 (AMBAC Insured) | 2,770 | 2,960 | ||
Fort Worth Gen. Oblig. Series A: | ||||
5% 3/1/05 | 1,000 | 1,023 | ||
5% 3/1/06 | 1,000 | 1,047 | ||
Frisco Gen. Oblig.: | ||||
Series 2003 A: | ||||
4% 2/15/07 (FSA Insured) | 1,320 | 1,365 | ||
4% 2/15/08 (FSA Insured) | 1,145 | 1,183 | ||
5% 2/15/10 (FSA Insured) | 1,710 | 1,841 | ||
4% 2/15/06 (FSA Insured) | 2,975 | 3,063 | ||
4% 2/15/07 (FSA Insured) | 3,115 | 3,221 | ||
Garland Independent School District: | ||||
Series A: | ||||
4% 2/15/05 | 1,000 | 1,016 | ||
4% 2/15/06 | 500 | 515 | ||
0% 2/15/07 | 1,610 | 1,494 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Harris County Gen. Oblig.: | ||||
Series 2004 B1, 5% 8/15/06 (FGIC Insured) | $ 3,300 | $ 3,482 | ||
Series A, 0% 8/15/07 (FGIC Insured) | 4,400 | 4,015 | ||
Harris County Health Facilities Dev. Corp. Rev. (Saint Luke's Episcopal Hosp. Proj.) Series 2001 A, 5.5% 2/15/09 | 3,710 | 3,976 | ||
Houston Gen. Oblig.: | ||||
5.5% 3/1/06 | 2,580 | 2,721 | ||
5.5% 3/1/06 (Escrowed to Maturity) (e) | 420 | 444 | ||
Houston Wtr. & Swr. Sys. Rev. Series B, 5.5% 12/1/08 (Escrowed to Maturity) (e) | 6,000 | 6,599 | ||
Katy Independent School District Series A, 4% 2/15/06 | 1,335 | 1,374 | ||
Killeen Independent School District 4% 2/15/08 | 1,200 | 1,240 | ||
La Porte Independent School District 4% 2/15/08 | 2,000 | 2,067 | ||
Lewisville Gen. Oblig. 4% 2/15/06 (FSA Insured) | 1,300 | 1,339 | ||
Lower Colorado River Auth. Rev. 5.25% 1/1/15 (Pre-Refunded to 1/1/11 @ 100) (e) | 5,000 | 5,486 | ||
Mesquite Independent School District Series A: | ||||
0% 8/15/06 | 1,115 | 1,056 | ||
5% 8/15/06 | 1,000 | 1,055 | ||
New Braunfels Independent School District 0% 2/1/07 | 2,000 | 1,857 | ||
North East Texas Independent School District: | ||||
5% 8/1/06 | 5,600 | 5,901 | ||
7% 2/1/11 (Pre-Refunded to 2/1/10 @ 100) (e) | 3,600 | 4,268 | ||
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Series C: | ||||
5% 1/1/09 (FSA Insured) | 2,000 | 2,145 | ||
5%, tender 7/1/08 (FSA Insured) (b) | 2,650 | 2,832 | ||
Northside Independent School District Series B, 2.45%, tender 8/1/06 (Liquidity Facility Dexia Cr. Local de France) (b) | 7,500 | 7,501 | ||
Plano Independent School District 5.5% 2/15/13 (Pre-Refunded to 2/15/06 @ 100) (e) | 1,900 | 2,004 | ||
Port Houston Auth. Harris County 6% 10/1/06 (FGIC Insured) (d) | 2,000 | 2,148 | ||
Rockwall Independent School District: | ||||
4% 2/15/06 | 2,370 | 2,440 | ||
5% 2/15/07 | 3,510 | 3,717 | ||
5% 2/15/08 | 3,825 | 4,083 | ||
5% 2/15/09 | 4,690 | 5,037 | ||
San Antonio Elec. & Gas Systems Rev.: | ||||
Series 1991 A, 0% 2/1/05 (Escrowed to Maturity) (e) | 1,000 | 992 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
San Antonio Elec. & Gas Systems Rev.: - continued | ||||
Series 2000 A, 5.75% 2/1/15 (Pre-Refunded to 2/1/10 @ 100) (e) | $ 5,000 | $ 5,586 | ||
5.25% 2/1/07 | 2,500 | 2,662 | ||
5.25% 2/1/08 | 1,000 | 1,077 | ||
Spring Independent School District 5% 2/15/08 | 1,875 | 2,002 | ||
Texas Gen. Oblig.: | ||||
(College Student Ln. Prog.) 5% 8/1/11 (d) | 3,000 | 3,136 | ||
Series C, 0% 4/1/08 (Escrowed to Maturity) (e) | 3,100 | 2,756 | ||
Texas Pub. Fin. Auth. Bldg. Rev.: | ||||
(Dept. of Criminal Justice Prog.) Series A, 5% 2/1/07 (FSA Insured) | 2,000 | 2,115 | ||
0% 2/1/05 (MBIA Insured) | 3,725 | 3,692 | ||
Texas State Univ. Sys. Fing. Rev. 3% 3/15/05 (FSA Insured) | 1,830 | 1,849 | ||
Texas Tech Univ. Revs. Ninth Series: | ||||
4% 2/15/09 (AMBAC Insured) | 1,460 | 1,507 | ||
5% 2/15/11 (AMBAC Insured) | 1,250 | 1,349 | ||
Trinity River Auth. Red Oak Creek Sys. Rev. 3.5% 2/1/06 (FSA Insured) | 1,270 | 1,297 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev.: | ||||
5% 8/1/06 (MBIA Insured) | 4,000 | 4,212 | ||
5% 8/1/07 (MBIA Insured) | 1,595 | 1,699 | ||
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.): | ||||
4% 7/1/05 | 1,800 | 1,828 | ||
4.5% 7/1/06 | 1,220 | 1,248 | ||
5% 7/1/07 | 1,000 | 1,036 | ||
Univ. of Houston Univ. Revs. Series A: | ||||
3.5% 2/15/06 (FSA Insured) | 4,955 | 5,058 | ||
3.75% 2/15/07 (FSA Insured) | 5,100 | 5,239 | ||
4% 2/15/08 (FSA Insured) | 5,265 | 5,444 | ||
Univ. of Texas Univ. Revs. (Fing. Sys. Proj.) Series A, 5.5% 8/15/09 | 1,115 | 1,228 | ||
Webb County Gen. Oblig.: | ||||
5% 2/15/05 (FGIC Insured) | 1,005 | 1,027 | ||
5% 2/15/06 (FGIC Insured) | 1,055 | 1,103 | ||
5% 2/15/07 (FGIC Insured) | 1,110 | 1,176 | ||
5% 2/15/08 (FGIC Insured) | 1,170 | 1,249 | ||
Wichita Falls Independent School District 0% 2/1/10 | 2,325 | 1,869 | ||
222,544 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Utah - 0.5% | ||||
Salt Lake County Wtr. Conservancy District Rev. Series A: | ||||
0% 10/1/11 (AMBAC Insured) | $ 3,800 | $ 2,816 | ||
0% 10/1/12 (AMBAC Insured) | 3,800 | 2,670 | ||
0% 10/1/13 (AMBAC Insured) | 3,760 | 2,506 | ||
Utah Muni. Pwr. Agcy. Elec. Sys. Rev. Series A, 4% 7/1/05 (AMBAC Insured) | 1,000 | 1,023 | ||
9,015 | ||||
Virginia - 0.1% | ||||
Virginia Commonwealth Trans. Board Trans. Rev. (U.S. Route 58 Corridor Dev. Prog.) Series B, 5.375% 5/15/12 | 1,800 | 1,969 | ||
Washington - 8.6% | ||||
Chelan County Pub. Util. District #1 Rev. Series B, 5% 7/1/11 (FGIC Insured) (a) | 1,190 | 1,242 | ||
Clark County Pub. Util. District #1 Elec. Rev.: | ||||
Series B: | ||||
5% 1/1/06 (FSA Insured) | 1,375 | 1,432 | ||
5% 1/1/07 (FSA Insured) | 1,395 | 1,473 | ||
5.25% 1/1/08 (FSA Insured) | 1,515 | 1,627 | ||
5.25% 1/1/09 (FSA Insured) | 1,595 | 1,727 | ||
5% 1/1/11 (MBIA Insured) | 1,680 | 1,811 | ||
Energy Northwest Elec. Rev. (#3 Proj.) Series B, 6% 7/1/16 (AMBAC Insured) | 5,000 | 5,606 | ||
King & Snohomish Counties School District #417 Northshore: | ||||
5.5% 12/1/14 (FSA Insured) | 6,300 | 6,895 | ||
5.75% 12/1/15 (FSA Insured) | 2,500 | 2,773 | ||
King County Rural Library District 5% 12/1/06 (FSA Insured) (a) | 1,045 | 1,094 | ||
King County School District #409, Tahoma 5% 6/1/11 (FSA Insured) | 1,740 | 1,883 | ||
King County Swr. Rev. Series B: | ||||
5% 1/1/06 (FSA Insured) | 3,000 | 3,127 | ||
5% 1/1/07 (FSA Insured) | 5,000 | 5,280 | ||
5.25% 1/1/08 (FSA Insured) | 3,500 | 3,759 | ||
Port of Seattle Rev.: | ||||
Series B: | ||||
5.25% 9/1/06 (FGIC Insured) (d) | 2,330 | 2,461 | ||
5.5% 2/1/07 (MBIA Insured) (d) | 5,775 | 6,143 | ||
Series D, 5.75% 11/1/15 (FGIC Insured) (d) | 3,640 | 3,904 | ||
Seattle Gen. Oblig. Series A, 5.75% 1/15/20 (Pre-Refunded to 1/15/06 @ 100) (e) | 10,000 | 10,551 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Washington - continued | ||||
Seattle Muni. Lt. & Pwr. Rev. 5.25% 3/1/07 (FSA Insured) | $ 1,690 | $ 1,801 | ||
Snohomish County Pub. Hosp. District #2 (Stevens Health Care Proj.): | ||||
4% 12/1/05 (FGIC Insured) | 1,570 | 1,611 | ||
4.5% 12/1/09 (FGIC Insured) | 1,000 | 1,052 | ||
Snohomish County School District #2, Everett: | ||||
5% 6/1/09 (FSA Insured) | 1,045 | 1,127 | ||
5% 6/1/10 (FSA Insured) | 1,000 | 1,079 | ||
5% 6/1/12 (FSA Insured) | 2,000 | 2,157 | ||
Washington Gen. Oblig.: | ||||
Series 2001 RA, 5.25% 9/1/06 | 11,750 | 12,471 | ||
Series A: | ||||
3.5% 1/1/06 (MBIA Insured) | 12,500 | 12,758 | ||
4% 1/1/08 (MBIA Insured) | 33,175 | 34,365 | ||
5.5% 7/1/11 | 3,500 | 3,848 | ||
Series C, 5% 1/1/08 (FSA Insured) | 8,320 | 8,892 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. Series A, 5.75% 7/1/08 | 3,000 | 3,295 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev. Series C, 5% 7/1/06 (FSA Insured) | 5,000 | 5,261 | ||
152,505 | ||||
West Virginia - 0.2% | ||||
West Virginia School Bldg. Auth. 4% 1/1/06 (MBIA Insured) (a) | 2,500 | 2,568 | ||
Wisconsin - 1.7% | ||||
Franklin Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 2.5%, tender 5/1/05 (b)(d) | 5,000 | 4,987 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Hosp. Sisters Svcs., Inc. Proj.) Series 2003 B, 4%, tender 12/1/06 (FSA Insured) (b) | 15,000 | 15,429 | ||
(Wheaton Franciscan Svcs., Inc. Proj.) Series A: | ||||
5% 8/15/09 | 1,000 | 1,055 | ||
5% 8/15/10 | 1,870 | 1,958 | ||
Wisconsin Trans. Rev. Series A: | ||||
5.7% 7/1/14 (Pre-Refunded to 7/1/06 @ 100) (e) | 2,230 | 2,389 | ||
5.75% 7/1/15 (Pre-Refunded to 7/1/06 @ 100) (e) | 4,000 | 4,290 | ||
30,108 | ||||
TOTAL MUNICIPAL BONDS (Cost $1,748,503) | 1,755,865 |
Municipal Notes - 0.8% | |||
Principal | Value (Note 1) | ||
Kansas - 0.3% | |||
Wichita Solid Waste Disp. Rev. (Weyerhaeuser Co. Proj.) 1.7%, VRDN (b)(d) | 4,950 | $ 4,950 | |
Oklahoma - 0.3% | |||
Southeastern Oklahoma Indl. Auth. Solid Waste Disp. Rev. (Weyerhaeuser Co. Proj.) Series 2000 A, 1.65%, VRDN (b)(d) | 6,000 | 6,000 | |
Oregon - 0.2% | |||
Lane County Swr. Disp. Rev. (Weyerhauser Co. Proj.) 1.7%, VRDN (b)(d) | 4,200 | 4,200 | |
TOTAL MUNICIPAL NOTES (Cost $15,150) | 15,150 |
Money Market Funds - 0.6% | ||||
Shares | ||||
Fidelity Municipal Cash Central Fund, 1.10% (c) | 10,878,500 | 10,879 |
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $1,774,532) | 1,781,894 | ||
NET OTHER ASSETS - (0.9)% | (16,732) | ||
NET ASSETS - 100% | $ 1,765,162 |
Security Type Abbreviations |
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) 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) 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 $9,365,000 or 0.5% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 | 3/6/02 | $ 9,100 |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 43.2% |
Electric Utilities | 15.5% |
Escrowed/Pre-Refunded | 10.3% |
Transportation | 7.1% |
Health Care | 6.7% |
Others* (individually less than 5%) | 17.2% |
100.0% |
*Includes cash equivalents and net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $404,969,000 and $453,660,000, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) J | June 30, 2004 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $1,774,532) - See accompanying schedule | $ 1,781,894 | |
Cash | 176 | |
Receivable for fund shares sold | 1,523 | |
Interest receivable | 21,763 | |
Prepaid expenses | 4 | |
Total assets | 1,805,360 | |
Liabilities | ||
Payable for investments purchased | $ 8,694 | |
Delayed delivery | 28,120 | |
Payable for fund shares redeemed | 1,740 | |
Distributions payable | 887 | |
Accrued management fee | 556 | |
Distribution fees payable | 17 | |
Other affiliated payables | 147 | |
Other payables and accrued expenses | 37 | |
Total liabilities | 40,198 | |
Net Assets | $ 1,765,162 | |
Net Assets consist of: | ||
Paid in capital | $ 1,755,427 | |
Undistributed net investment income | 347 | |
Accumulated undistributed net realized gain (loss) on investments | 2,026 | |
Net unrealized appreciation (depreciation) on investments | 7,362 | |
Net Assets | $ 1,765,162 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2004 (Unaudited) | |
Calculation of Maximum Offering Price | ||
Class A: | $ 10.31 | |
Maximum offering price per share (100/96.25 of $10.31) | $ 10.71 | |
Class T: | $ 10.30 | |
Maximum offering price per share (100/97.25 of $10.30) | $ 10.59 | |
Class B: | $ 10.31 | |
Class C: | $ 10.30 | |
Spartan Short-Intermediate Municipal Income: | $ 10.30 | |
Institutional Class: | $ 10.30 |
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
Statement of Operations
Amounts in thousands | Six months ended June 30, 2004 (Unaudited) | |
Investment Income | ||
Interest | $ 28,221 | |
Expenses | ||
Management fee | $ 3,507 | |
Transfer agent fees | 696 | |
Distribution fees | 90 | |
Accounting fees and expenses | 188 | |
Non-interested trustees' compensation | 5 | |
Custodian fees and expenses | 16 | |
Registration fees | 101 | |
Audit | 24 | |
Legal | 3 | |
Miscellaneous | 26 | |
Total expenses before reductions | 4,656 | |
Expense reductions | (33) | 4,623 |
Net investment income (loss) | 23,598 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 2,026 | |
Change in net unrealized appreciation (depreciation) on investment securities | (36,243) | |
Net gain (loss) | (34,217) | |
Net increase (decrease) in net assets resulting from operations | $ (10,619) |
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 | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 23,598 | $ 48,400 |
Net realized gain (loss) | 2,026 | 12,717 |
Change in net unrealized appreciation (depreciation) | (36,243) | (8,571) |
Net increase (decrease) in net assets resulting | (10,619) | 52,546 |
Distributions to shareholders from net investment income | (23,602) | (48,268) |
Distributions to shareholders from net realized gain | - | (12,396) |
Total distributions | (23,602) | (60,664) |
Share transactions - net increase (decrease) | (75,024) | 199,628 |
Redemption fees | 55 | 43 |
Total increase (decrease) in net assets | (109,190) | 191,553 |
Net Assets | ||
Beginning of period | 1,874,352 | 1,682,799 |
End of period (including undistributed net investment income of $347 and undistributed net investment income of $351, respectively) | $ 1,765,162 | $ 1,874,352 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.50 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .123 | .115 |
Net realized and unrealized gain (loss) | (.189) | .071 |
Total from investment operations | (.066) | .186 |
Distributions from net investment income | (.124) | (.111) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.124) | (.176) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.31 | $ 10.50 |
Total ReturnB,C,D | (.64)% | 1.78% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | .65%A | .65%A |
Expenses net of voluntary waivers, if any | .65%A | .65%A |
Expenses net of all reductions | .65%A | .64%A |
Net investment income (loss) | 2.39%A | 2.52%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 12 | $ 9 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Class T
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.48 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .117 | .110 |
Net realized and unrealized gain (loss) | (.179) | .050 |
Total from investment operations | (.062) | .160 |
Distributions from net investment income | (.118) | (.105) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.118) | (.170) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.30 | $ 10.48 |
Total ReturnB,C,D | (.60)% | 1.54% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | .77%A | .77%A |
Expenses net of voluntary waivers, if any | .77%A | .77%A |
Expenses net of all reductions | .77%A | .76%A |
Net investment income (loss) | 2.27%A | 2.41%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 18 | $ 12 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Class B
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.49 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .084 | .081 |
Net realized and unrealized gain (loss) | (.180) | .059 |
Total from investment operations | (.096) | .140 |
Distributions from net investment income | (.084) | (.075) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.084) | (.140) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.31 | $ 10.49 |
Total ReturnB,C,D | (.92)% | 1.34% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.41%A | 1.40%A |
Expenses net of voluntary waivers, if any | 1.41%A | 1.40%A |
Expenses net of all reductions | 1.41%A | 1.39%A |
Net investment income (loss) | 1.63%A | 1.78%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 4 | $ 2 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Class C
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.48 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .078 | .077 |
Net realized and unrealized gain (loss) | (.180) | .048 |
Total from investment operations | (.102) | .125 |
Distributions from net investment income | (.078) | (.070) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.078) | (.135) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.30 | $ 10.48 |
Total ReturnB,C,D | (.98)% | 1.20% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.53%A | 1.50%A |
Expenses net of voluntary waivers, if any | 1.53%A | 1.50%A |
Expenses net of all reductions | 1.53%A | 1.49%A |
Net investment income (loss) | 1.51%A | 1.67%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 11 | $ 8 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Spartan Short-Intermediate Municipal Income
Six months ended | Years ended December 31, | ||||||
(Unaudited) | 2003 | 2002 | 2001 | 2000H | 2000F | 1999F | |
Selected Per-Share Data | |||||||
Net asset value, beginning of period | $ 10.48 | $ 10.52 | $ 10.27 | $ 10.12 | $ 10.03 | $ 10.00 | $ 10.15 |
Income from Investment Operations | |||||||
Net investment | .133D | .283D | .336D | .396D,G | .139D | .399D | .395 |
Net realized and unrealized gain (loss) | (.180) | .030 | .317 | .173G | .092 | .034 | (.150) |
Total from investment operations | (.047) | .313 | .653 | .569 | .231 | .433 | .245 |
Distributions from net investment income | (.133) | (.283) | (.339) | (.396) | (.140) | (.400) | (.395) |
Distributions from net realized gain | - | (.070) | (.064) | (.023) | (.001) | - | - |
Distributions in excess of net realized gain | - | - | - | - | - | (.003) | - |
Total distributions | (.133) | (.353) | (.403) | (.419) | (.141) | (.403) | (.395) |
Redemption fees added to paid | -D,I | -D,I | -D,I | -D,I | - | - | - |
Net asset value, | $ 10.30 | $ 10.48 | $ 10.52 | $ 10.27 | $ 10.12 | $ 10.03 | $ 10.00 |
Total ReturnB,C | (.46)% | 3.01% | 6.47% | 5.70% | 2.32% | 4.45% | 2.44% |
Ratios to Average Net AssetsE | |||||||
Expenses | .49%A | .49% | .49% | .49% | .49%A | .55% | .55% |
Expenses net of voluntary waivers, | .49%A | .49% | .49% | .49% | .49%A | .54% | .55% |
Expenses net of all reductions | .49%A | .47% | .45% | .41% | .45%A | .54% | .55% |
Net investment | 2.55%A | 2.69% | 3.23% | 3.85%G | 4.17%A | 4.02% | 3.89% |
Supplemental Data | |||||||
Net assets, | $ 1,719 | $ 1,843 | $ 1,683 | $ 1,183 | $ 965 | $ 904 | $ 698 |
Portfolio | 45%A | 34% | 38% | 43% | 106%A | 53% | 66% |
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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F For the year ended August 31.
G Effective January 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change.
H For the four months ended December 31.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2003E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.49 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss) D | .130 | .125 |
Net realized and unrealized gain (loss) | (.188) | .059 |
Total from investment operations | (.058) | .184 |
Distributions from net investment income | (.132) | (.119) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.132) | (.184) |
Redemption fees added to paid in capital D, G | - | - |
Net asset value, end of period | $ 10.30 | $ 10.49 |
Total ReturnB,C | (.56)% | 1.77% |
Ratios to Average Net AssetsF | ||
Expenses before expense reductions | .50%A | .48%A |
Expenses net of voluntary waivers, if any | .50%A | .48%A |
Expenses net of all reductions | .50%A | .47%A |
Net investment income (loss) | 2.54%A | 2.69%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 967 | $ 414 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
F 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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
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, 2004 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Spartan Short-Intermediate Municipal Income Fund (the fund) is a fund of Fidelity Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The fund offers Class A, Class T, Class B, Class C, Spartan Short-Intermediate Municipal Income, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. 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.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities, including restricted securities, are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income 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 generally accepted accounting principles.
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 short-term capital gains and market discount.
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 Internal Revenue Service (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 investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 18,738 | |
Unrealized depreciation | (11,025) | |
Net unrealized appreciation (depreciation) | $ 7,713 | |
Cost for federal income tax purposes | $ 1,774,181 |
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.
Semiannual Report
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract'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.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
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 | 0% | .15% | $ 10 | $ - |
Class T | 0% | .25% | 19 | - |
Class B | .65% | .25% | 14 | 10 |
Class C | .75% | .25% | 47 | 42 |
$ 90 | $ 52 |
Sales Load. FDC receives a front-end sales charge of up to 3.75% for selling Class A shares, and 2.75% for selling 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, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 16 |
Class T | 5 |
Class B* | 2 |
Class C* | 12 |
$ 35 |
* 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.
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, Spartan 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, except for Spartan Short-Intermediate Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
entered into a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, with respect to Spartan Short-Intermediate Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive 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 and FSC pay 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 | $ 6 | .09* |
Class T | 7 | .10* |
Class B | 1 | .09* |
Class C | 5 | .11* |
Spartan Short-Intermediate Municipal Income | 676 | .07* |
Institutional Class | 1 | .08* |
$ 696 |
* Annualized
Citibank also has a sub-arrangement with FSC to maintain the fund's accounting records. The fee is based on the level of average net assets for the month.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $231 for the period.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Spartan Short-Intermediate Municipal Income operating expenses. During the period, this reimbursement reduced the class' expenses by $31.
In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $2.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $ 151 | $ 41 |
Class T | 169 | 55 |
Class B | 25 | 11 |
Class C | 71 | 31 |
Spartan Short-Intermediate Municipal Income | 23,179 | 48,127 |
Institutional Class | 7 | 3 |
Total | $ 23,602 | $ 48,268 |
From net realized gain | ||
Class A | $ - | $ 38 |
Class T | - | 64 |
Class B | - | 14 |
Class C | - | 44 |
Spartan Short-Intermediate Municipal Income | - | 12,233 |
Institutional Class | - | 3 |
Total | $ - | $ 12,396 |
A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
Semiannual Report
8. 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 | 839 | 946 | $ 8,807 | $ 9,927 |
Reinvestment of distributions | 11 | 5 | 112 | 55 |
Shares redeemed | (555) | (84) | (5,728) | (882) |
Net increase (decrease) | 295 | 867 | $ 3,191 | $ 9,100 |
Class T | ||||
Shares sold | 972 | 1,169 | $ 10,170 | $ 12,269 |
Reinvestment of distributions | 12 | 8 | 125 | 80 |
Shares redeemed | (389) | (22) | (4,078) | (231) |
Net increase (decrease) | 595 | 1,155 | $ 6,217 | $ 12,118 |
Class B | ||||
Shares sold | 174 | 234 | $ 1,827 | $ 2,454 |
Reinvestment of distributions | 2 | 2 | 16 | 17 |
Shares redeemed | (41) | (2) | (430) | (16) |
Net increase (decrease) | 135 | 234 | $ 1,413 | $ 2,455 |
Class C | ||||
Shares sold | 510 | 777 | $ 5,308 | $ 8,150 |
Reinvestment of distributions | 4 | 3 | 40 | 36 |
Shares redeemed | (151) | (57) | (1,560) | (598) |
Net increase (decrease) | 363 | 723 | $ 3,788 | $ 7,588 |
Spartan Short-Intermediate Municipal Income | ||||
Shares sold | 37,757 | 89,461 | $ 395,317 | $ 942,790 |
Reinvestment of distributions | 1,721 | 4,591 | 17,938 | 48,317 |
Shares redeemed | (48,295) | (78,187) | (503,452) | (823,154) |
Net increase (decrease) | (8,817) | 15,865 | $ (90,197) | $ 167,953 |
Institutional Class | ||||
Shares sold | 83 | 41 | $ 860 | $ 434 |
Reinvestment of distributions | - | 1 | 3 | 4 |
Shares redeemed | (29) | (2) | (299) | (24) |
Net increase (decrease) | 54 | 40 | $ 564 | $ 414 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period July 23, 2003 (commencement of sale of shares)
to December 31, 2003.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 3,415,899,540.41 | 73.098 |
Against | 857,186,718.73 | 18.343 |
Abstain | 194,806,370.40 | 4.169 |
Broker | 205,155,704.48 | 4.390 |
TOTAL | 4,673,048,334.02 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 4,338,349,812.56 | 92.838 |
Withheld | 334,698,521.46 | 7.162 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ralph F. Cox | ||
Affirmative | 4,334,671,421.01 | 92.759 |
Withheld | 338,376,913.01 | 7.241 |
TOTAL | 4,673,048,334.02 | 100.000 |
Laura B. Cronin | ||
Affirmative | 4,332,816,177.06 | 92.719 |
Withheld | 340,232,156.96 | 7.281 |
TOTAL | 4,673,048,334.02 | 100.000 |
Robert M. Gates | ||
Affirmative | 4,336,851,658.96 | 92.806 |
Withheld | 336,196,675.06 | 7.194 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 4,334,549,149.07 | 92.756 |
Withheld | 338,499,184.95 | 7.244 |
TOTAL | 4,673,048,334.02 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 4,327,320,608.55 | 92.602 |
Withheld | 345,727,725.47 | 7.398 |
TOTAL | 4,673,048,334.02 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 4,322,104,507.32 | 92.490 |
Withheld | 350,943,826.70 | 7.510 |
TOTAL | 4,673,048,334.02 | 100.000 |
Donald J. Kirk | ||
Affirmative | 4,335,814,201.97 | 92.783 |
Withheld | 337,234,132.05 | 7.217 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marie L. Knowles | ||
Affirmative | 4,333,892,089.64 | 92.742 |
Withheld | 339,156,244.38 | 7.258 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 4,340,856,926.26 | 92.891 |
Withheld | 332,191,407.76 | 7.109 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marvin L. Mann | ||
Affirmative | 4,336,736,818.96 | 92.803 |
Withheld | 336,311,515.06 | 7.197 |
TOTAL | 4,673,048,334.02 | 100.000 |
William O. McCoy | ||
Affirmative | 4,338,426,324.60 | 92.839 |
Withheld | 334,622,009.42 | 7.161 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 4,339,017,198.22 | 92.852 |
Withheld | 334,031,135.80 | 7.148 |
TOTAL | 4,673,048,334.02 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 4,338,546,239.15 | 92.842 |
Withheld | 334,502,094.87 | 7.158 |
TOTAL | 4,673,048,334.02 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments Money
Management, Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Citibank, N.A.
New York, NY
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
Fidelity's Municipal Bond Funds
Spartan(automated graphic) Arizona Municipal Income
Spartan California Municipal Income
Spartan Connecticut Municipal Income
Spartan Florida Municipal Income
Spartan Intermediate Municipal Income
Spartan Maryland Municipal Income
Spartan Massachusetts Municipal Income
Spartan Michigan Municipal Income
Spartan Minnesota Municipal Income
Spartan Municipal Income
Spartan New Jersey Municipal Income
Spartan New York Municipal Income
Spartan Ohio Municipal Income
Spartan Pennsylvania Municipal Income
Spartan Short-Intermediate Municipal Income
Spartan Tax-Free Bond Fund
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
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Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
STM-USAN-0804
1.787790.101
Fidelity Advisor
Short-Intermediate
Municipal Income
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
June 30, 2004
(2_fidelity_logos) (Registered_Trademark)
Class A, Class T, Class B, and Class C are classes of Spartan® Short-Intermediate Municipal Income Fund
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders. |
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 29 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 39 | Notes to the financial statements. |
Proxy Voting Results | 46 | |
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity Advisor fund, including charges and expenses, contact your investment professional for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five States as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
Texas | 12.6 | 14.0 |
Illinois | 8.8 | 7.8 |
Washington | 8.6 | 7.7 |
California | 8.5 | 5.4 |
New York | 7.6 | 6.6 |
Top Five Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
General Obligations | 43.2 | 45.3 |
Electric Utilities | 15.5 | 15.1 |
Escrowed/Pre-Refunded | 10.3 | 6.2 |
Transportation | 7.1 | 9.3 |
Health Care | 6.7 | 5.8 |
Average Years to Maturity as of June 30, 2004 | ||
6 months ago | ||
Years | 3.2 | 3.3 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of June 30, 2004 | ||
6 months ago | ||
Years | 2.8 | 2.9 |
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, 2004 | As of December 31, 2003 | ||||||
![]() | AAA 59.6% | ![]() | AAA 58.4% | ||||
![]() | AA,A 31.7% | ![]() | AA,A 31.1% | ||||
![]() | BBB 6.4% | ![]() | BBB 7.0% | ||||
![]() | BB and Below 0.3% | ![]() | BB and Below 0.0% | ||||
![]() | Not Rated 1.5% | ![]() | Not Rated 1.1% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ratings. |
Semiannual Report
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.5% | ||||
Principal | Value (Note 1) | |||
Alabama - 2.6% | ||||
Alabama Agric. & Mechanical Univ. Revs. 6.5% 11/1/25 (Pre-Refunded to 11/1/05 @ 102) (e) | $ 2,000 | $ 2,162 | ||
Alabama Fed. Hwy. Fin. Auth. Series A, 5% 3/1/10 (MBIA Insured) | 5,000 | 5,415 | ||
Huntsville Solid Waste Disp. Auth. & Resource Recovery Rev.: | ||||
5.25% 10/1/07 (MBIA Insured) (d) | 1,750 | 1,855 | ||
5.25% 10/1/08 (MBIA Insured) (d) | 2,900 | 3,078 | ||
5.75% 10/1/09 (MBIA Insured) (d) | 4,000 | 4,340 | ||
Jefferson County Gen. Oblig. Series 2003 A: | ||||
5% 4/1/06 (MBIA Insured) | 3,000 | 3,147 | ||
5% 4/1/07 (MBIA Insured) | 3,000 | 3,188 | ||
Jefferson County Swr. Rev. Series A: | ||||
5% 2/1/33 (Pre-Refunded to 2/1/09 @ 101) (e) | 13,025 | 14,144 | ||
5.5% 2/1/40 (Pre-Refunded to 2/1/11 @ 101) (e) | 3,900 | 4,383 | ||
Mobile County Gen. Oblig.: | ||||
5% 2/1/07 (MBIA Insured) | 1,000 | 1,060 | ||
5% 2/1/08 (MBIA Insured) | 1,475 | 1,577 | ||
Opelika Gen. Oblig. Series A, 5% 4/1/05 (MBIA Insured) | 1,225 | 1,256 | ||
45,605 | ||||
Alaska - 1.9% | ||||
Alaska Student Ln. Corp. Student Ln. Rev. Series A: | ||||
5.1% 7/1/04 (AMBAC Insured) (d) | 3,630 | 3,630 | ||
5.15% 7/1/05 (AMBAC Insured) (d) | 1,950 | 2,016 | ||
5.85% 7/1/13 (AMBAC Insured) (d) | 3,285 | 3,534 | ||
Anchorage Gen. Oblig. Series B, 5.75% 12/1/11 (Pre-Refunded to 12/1/10 @ 100) (e) | 2,500 | 2,825 | ||
North Slope Borough Gen. Oblig.: | ||||
Series 1996 B, 0% 6/30/07 (MBIA Insured) | 3,100 | 2,838 | ||
Series A, 0% 6/30/07 (MBIA Insured) | 5,000 | 4,578 | ||
Series B: | ||||
0% 6/30/06 (MBIA Insured) | 3,500 | 3,340 | ||
0% 6/30/07 (MBIA Insured) | 7,050 | 6,454 | ||
0% 6/30/08 (MBIA Insured) | 4,240 | 3,712 | ||
32,927 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Arizona - 0.8% | ||||
Arizona Pwr. Auth. Pwr. Resource Rev. (Hoover Uprating Proj.): | ||||
5% 10/1/05 | $ 2,160 | $ 2,242 | ||
5% 10/1/06 | 2,525 | 2,669 | ||
Maricopa County School District #28 Kyrene Elementary Series B, 0% 7/1/04 (FGIC Insured) | 3,000 | 3,000 | ||
Pima County Gen. Oblig. 4% 7/1/04 (FSA Insured) | 815 | 815 | ||
Salt River Proj. Agric. Impt. & Pwr. District Elec. Sys. Rev. Series B, 7% 1/1/05 | 760 | 780 | ||
Scottsdale Muni. Property Corp. Excise Tax Rev. 5.5% 7/1/05 | 2,285 | 2,373 | ||
Tucson Gen. Oblig. Series 2002, 5% 7/1/05 | 1,000 | 1,033 | ||
Tucson Wtr. Rev. Series 2002, 5.5% 7/1/06 (FGIC Insured) | 980 | 1,043 | ||
13,955 | ||||
Arkansas - 0.3% | ||||
Arkansas Dev. Fin. Auth. Wastewtr. Sys. Rev. Series 2004 A, 4% 6/1/06 (MBIA Insured) | 1,060 | 1,096 | ||
Little Rock Gen. Oblig. 4% 4/1/07 (FSA Insured) | 1,000 | 1,037 | ||
Rogers Sales & Use Tax Rev. Series A: | ||||
4.25% 9/1/06 (FGIC Insured) | 1,000 | 1,041 | ||
4.25% 9/1/07 (FGIC Insured) | 2,175 | 2,277 | ||
5,451 | ||||
California - 8.5% | ||||
California Dept. of Wtr. Resources Central Valley Proj. Wtr. Sys. Rev. Series Y, 5% 12/1/06 (FGIC Insured) | 5,000 | 5,354 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev. Series A: | ||||
5.25% 5/1/07 (MBIA Insured) | 27,455 | 29,544 | ||
5.25% 5/1/10 (MBIA Insured) | 1,100 | 1,207 | ||
California Gen. Oblig.: | ||||
4.4% 8/1/07 | 1,000 | 1,048 | ||
5% 2/1/09 | 1,640 | 1,753 | ||
5% 6/1/09 | 1,000 | 1,071 | ||
5% 2/1/10 | 2,000 | 2,142 | ||
5.125% 9/1/12 | 1,000 | 1,067 | ||
5.25% 11/1/08 | 1,045 | 1,133 | ||
5.25% 2/1/10 (FSA Insured) | 7,265 | 7,963 | ||
5.25% 2/1/11 | 6,425 | 6,950 | ||
5.5% 6/1/05 | 4,725 | 4,881 | ||
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) | 3,525 | 3,909 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5.75% 10/1/08 | $ 1,085 | $ 1,196 | ||
6.4% 9/1/08 | 3,075 | 3,455 | ||
6.5% 9/1/10 | 1,740 | 2,003 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 2004 B, 3.3%, tender 6/1/07 (FGIC Insured) (b)(d) | 15,000 | 15,053 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 3.125%, tender 5/1/06 (b)(d) | 5,000 | 4,985 | ||
California Pub. Works Board Lease Rev.: | ||||
(California State Univ. Proj.) Series 1997 A, 5.5% 10/1/07 | 1,075 | 1,165 | ||
(Coalinga State Hosp. Proj.) Series 2004 A: | ||||
5% 6/1/07 | 4,000 | 4,230 | ||
5% 6/1/08 | 6,000 | 6,373 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.7%, tender 6/1/05 (b) | 10,000 | 10,161 | ||
(Kaiser Permanente Health Sys. Proj.) Series 2004 G, 2.3%, tender 5/1/07 (b) | 8,000 | 7,759 | ||
Commerce Refuse To Energy Auth. Rev.: | ||||
5% 7/1/07 (MBIA Insured) (a) | 1,770 | 1,822 | ||
5.25% 7/1/08 (MBIA Insured) (a) | 855 | 891 | ||
Golden State Tobacco Securitization Corp. Series 2003 B, 5% 6/1/08 | 1,300 | 1,357 | ||
Long Beach Hbr. Rev. Series 2000 A: | ||||
5.5% 5/15/05 (d) | 3,490 | 3,595 | ||
5.5% 5/15/06 (d) | 3,000 | 3,163 | ||
Los Angeles Hbr. Dept. Rev. Series A: | ||||
5.5% 8/1/04 (AMBAC Insured) (d) | 2,000 | 2,006 | ||
5.5% 8/1/06 (AMBAC Insured) (d) | 1,495 | 1,589 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (MBIA Insured) | 3,600 | 2,612 | ||
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (f) | 9,100 | 9,365 | ||
150,802 | ||||
Colorado - 1.0% | ||||
Arapahoe County Cap. Impt. Trust Fund Hwy. Rev.: | ||||
Series C, 0% 8/31/08 (Pre-Refunded to 8/31/05 @ 82.9449) (e) | 4,500 | 3,653 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Colorado - continued | ||||
Arapahoe County Cap. Impt. Trust Fund Hwy. Rev.: - continued | ||||
Series E 470: | ||||
0% 8/31/07 (Pre-Refunded to 8/31/05 @ 89.2392) (e) | $ 2,000 | $ 1,747 | ||
0% 8/31/15 (Pre-Refunded to 8/31/05 @ 48.6181) (e) | 10,075 | 4,795 | ||
Arapahoe County Cherry Creek School District #5 Series B, 6% 12/15/04 | 1,395 | 1,424 | ||
Denver City & County Arpt. Rev. Series 2001 B, 5.25% 11/15/04 (FGIC Insured) (d) | 1,200 | 1,216 | ||
E-470 Pub. Hwy. Auth. Rev. Series 2000 B: | ||||
0% 9/1/06 (MBIA Insured) | 2,200 | 2,080 | ||
0% 9/1/07 (MBIA Insured) | 3,200 | 2,904 | ||
17,819 | ||||
Connecticut - 1.2% | ||||
Connecticut Gen. Oblig. Series 2002 C, 5% 12/15/08 | 1,930 | 2,079 | ||
Connecticut Health & Edl. Facilities Auth. Rev. (Connecticut Children's Med. Ctr. Proj.) Series B: | ||||
4% 7/1/07 (MBIA Insured) | 1,275 | 1,323 | ||
4.5% 7/1/08 (MBIA Insured) | 1,045 | 1,105 | ||
5% 7/1/09 (MBIA Insured) | 1,000 | 1,077 | ||
Connecticut Spl. Oblig. Series 2004 A: | ||||
4% 12/30/05 | 3,205 | 3,301 | ||
5% 12/30/06 | 6,560 | 6,961 | ||
5% 12/30/07 | 4,535 | 4,878 | ||
20,724 | ||||
District Of Columbia - 1.6% | ||||
District of Columbia Ctfs. of Prtn.: | ||||
(District's Pub. Safety and Emergency Preparedness Communications Ctr. and Related Technology Proj.) Series 2003, 3% 1/1/06 (AMBAC Insured) | 1,305 | 1,320 | ||
5% 1/1/06 (AMBAC Insured) | 1,000 | 1,040 | ||
5% 1/1/07 (AMBAC Insured) | 1,000 | 1,054 | ||
5.25% 1/1/08 (AMBAC Insured) | 935 | 1,000 | ||
District of Columbia Gen. Oblig.: | ||||
Series 1993 B2, 5.5% 6/1/07 (FSA Insured) | 1,830 | 1,975 | ||
Series 2001 B, 5.5% 6/1/07 (FSA Insured) | 1,345 | 1,452 | ||
District of Columbia Rev. (Medstar Univ. Hosp. Proj.) Series D, 6.875%, tender 8/15/31 (Pre-Refunded to 2/16/07 @ 100) (b)(e) | 9,000 | 10,011 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
District Of Columbia - continued | ||||
Metro. Washington Arpt. Auth. Sys. Rev. Series D: | ||||
4% 10/1/05 (FSA Insured) (d) | $ 1,000 | $ 1,022 | ||
4% 10/1/06 (FSA Insured) (d) | 1,750 | 1,799 | ||
4% 10/1/07 (FSA Insured) (d) | 1,000 | 1,028 | ||
Metro. Washington Arpts. Auth. Gen. Arpt. Rev. Series B, 5.5% 10/1/08 (FGIC Insured) (d) | 6,460 | 6,893 | ||
28,594 | ||||
Florida - 4.7% | ||||
Brevard County Util. Rev. 5% 3/1/06 (FGIC Insured) | 530 | 555 | ||
Broward County School District Series A, 5% 2/15/08 | 5,810 | 6,219 | ||
Dade County School District: | ||||
5% 8/1/07 (MBIA Insured) | 1,500 | 1,606 | ||
5.2% 7/15/07 (AMBAC Insured) | 8,500 | 9,148 | ||
Florida Board of Ed. Lottery Rev. Series B, 6% 7/1/15 (FGIC Insured) | 1,200 | 1,354 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Proj.) 3.35%, tender 9/1/05 (b) | 20,300 | 20,550 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.): | ||||
4%, tender 8/1/07 (b) | 11,000 | 11,111 | ||
4.25%, tender 8/1/07 (b)(d) | 6,000 | 6,060 | ||
Indian River County School District 4% 4/1/06 (FSA Insured) | 1,470 | 1,517 | ||
Miami-Dade County Cap. Asset Acquisition Fixed Rate Spl. Oblig. Series 2002 A: | ||||
5% 4/1/06 (AMBAC Insured) | 3,365 | 3,529 | ||
5% 4/1/08 (AMBAC Insured) | 2,825 | 3,032 | ||
Miami-Dade County School Board Ctfs. of Prtn. 5%, tender 5/1/11 (MBIA Insured) (b) | 1,500 | 1,597 | ||
Miami-Dade County School District: | ||||
Series 1994 A, 5.65% 6/1/06 (MBIA Insured) | 1,545 | 1,646 | ||
Series 1995, 5.1% 8/1/06 (MBIA Insured) (a) | 1,935 | 2,048 | ||
Palm Beach County Rev. (Cmnty. Foundation Palm Beach Proj.) 2%, tender 9/1/05, LOC Northern Trust Co., Chicago (b) | 2,910 | 2,921 | ||
Palm Beach County School District 5% 8/1/05 (MBIA Insured) | 5,000 | 5,175 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev. 5.75% 4/1/06 (AMBAC Insured) (d) | 1,500 | 1,568 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Florida - continued | ||||
Reedy Creek Impt. District Utils. Rev. Series 2, 5% 10/1/05 (MBIA Insured) | $ 1,685 | $ 1,750 | ||
Univ. Athletic Assoc., Inc. Athletic Prog. Rev. Series 2001, 2.8%, tender 10/1/08, LOC Suntrust Banks of Florida, Inc. (b) | 2,000 | 1,950 | ||
83,336 | ||||
Georgia - 1.6% | ||||
Atlanta Arpt. Facilities Rev. 6.5% 1/1/06 (Escrowed to Maturity) (e) | 6,000 | 6,367 | ||
Dalton Bldg. Auth. Rev. Series 2001, 5% 7/1/05 | 6,030 | 6,229 | ||
Fulton DeKalb Hosp. Auth. Hosp. Rev. 5% 1/1/08 (FSA Insured) | 2,250 | 2,399 | ||
Georgia Gen. Oblig.: | ||||
Series B, 6.25% 4/1/06 | 1,750 | 1,874 | ||
Series C, 6.5% 7/1/07 | 2,185 | 2,432 | ||
Georgia Muni. Elec. Auth. Pwr. Rev. Series 1993 CC, 4.8% 1/1/06 (MBIA Insured) | 7,100 | 7,378 | ||
Gwinnett County Gen. Oblig. 4% 1/1/06 | 1,035 | 1,065 | ||
Henry County Wtr. & Swr. Auth. Rev. 5% 2/1/08 (MBIA Insured) | 1,095 | 1,173 | ||
28,917 | ||||
Hawaii - 0.8% | ||||
Hawaii Arpts. Sys. Rev. Series 2000 B, 8% 7/1/10 (FGIC Insured) (d) | 3,850 | 4,642 | ||
Hawaii Gen. Oblig.: | ||||
Series 2001 CV, 5% 8/1/05 (FGIC Insured) | 3,610 | 3,734 | ||
Series CS, 5% 4/1/08 (MBIA Insured) | 2,200 | 2,362 | ||
Series CU, 5.75% 10/1/11 (MBIA Insured) | 3,210 | 3,579 | ||
Honolulu City & County Gen. Oblig. Series B, 5.5% 11/1/04 (FGIC Insured) | 465 | 471 | ||
14,788 | ||||
Illinois - 8.8% | ||||
Chicago Gen. Oblig.: | ||||
(Neighborhoods Alive 21 Prog.): | ||||
5% 1/1/07 (MBIA Insured) | 1,360 | 1,439 | ||
5% 1/1/08 (MBIA Insured) | 1,190 | 1,269 | ||
5% 1/1/07 (FGIC Insured) | 1,000 | 1,058 | ||
Chicago Midway Arpt. Rev. Series 2001 B, 5% 1/1/07 (FSA Insured) | 1,000 | 1,057 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2001 C, 5% 1/1/07 (AMBAC Insured) (d) | $ 2,670 | $ 2,801 | ||
Series A: | ||||
5.5% 1/1/08 (AMBAC Insured) | 5,000 | 5,298 | ||
6% 1/1/05 (AMBAC Insured) | 1,030 | 1,053 | ||
5.5% 1/1/10 (AMBAC Insured) (d) | 5,000 | 5,380 | ||
Chicago Park District Series C, 5% 1/1/11 (AMBAC Insured) | 2,515 | 2,699 | ||
Chicago Tax Increment Rev.: | ||||
Series 2000 A, 0% 12/1/08 (AMBAC Insured) | 10,000 | 8,549 | ||
Series A, 0% 12/1/05 (AMBAC Insured) | 3,000 | 2,912 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev. Series A: | ||||
4% 6/1/06 (AMBAC Insured) | 4,810 | 4,821 | ||
4.25% 6/1/08 (AMBAC Insured) | 3,600 | 3,724 | ||
Cook County Gen. Oblig. Series 2003 B: | ||||
5% 11/15/06 (MBIA Insured) | 14,685 | 15,593 | ||
5% 11/15/07 (MBIA Insured) | 5,000 | 5,363 | ||
Du Page Wtr. Commission Wtr. Rev. 5% 5/1/08 (AMBAC Insured) | 4,525 | 4,846 | ||
Illinois Dev. Fin. Auth. Gas Supply Rev. (The Peoples Gas Lt. & Coke Co. Proj.) Series 2003 B, 3.05%, tender 2/1/08 (AMBAC Insured) (b) | 6,000 | 5,937 | ||
Illinois Dev. Fin. Auth. Rev. (DePaul Univ. Proj.) Series 2004 C, 5.5% 10/1/10 (a) | 1,900 | 2,068 | ||
Illinois Edl. Facilities Auth. Revs.: | ||||
(Art Institute of Chicago Proj.) Series 2003, 3.85%, tender 3/1/11 (b) | 12,800 | 12,267 | ||
(Univ. of Chicago Proj.) Series 2004 B1, 3.45%, tender 7/1/36 (b) | 4,700 | 4,705 | ||
Illinois Fin. Auth. Solid Waste Rev. (Republic Services, Inc. Proj.) 3.65%, tender 5/1/07 (b)(d) | 6,100 | 6,066 | ||
Illinois Gen. Oblig.: | ||||
First Series: | ||||
5% 8/1/05 | 1,000 | 1,034 | ||
5% 8/1/06 | 8,160 | 8,609 | ||
5.25% 4/1/08 (MBIA Insured) | 1,035 | 1,120 | ||
5.5% 8/1/10 | 1,405 | 1,556 | ||
6% 1/1/11 (Pre-Refunded to 1/1/10 @ 100) (e) | 7,075 | 8,019 | ||
Series A, 5% 10/1/09 | 2,600 | 2,806 | ||
5% 6/1/07 | 6,265 | 6,675 | ||
5.75% 4/1/12 (Pre-Refunded to 4/1/10 @ 100) (e) | 1,000 | 1,126 | ||
Illinois Sales Tax Rev. 5.375% 6/15/08 | 4,235 | 4,603 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series A, 5.5% 1/1/12 (FSA Insured) | $ 2,270 | $ 2,507 | ||
Kane County School District #129, Aurora West Side Series A, 5.75% 2/1/14 (FGIC Insured) | 1,600 | 1,778 | ||
Kane, McHenry, Cook & DeKalb Counties Cmnty. Unit School District #300, Carpentersville 5.5% 12/1/13 (MBIA Insured) | 5,000 | 5,483 | ||
Kendall, Kane & Will Counties Cmnty. Unit School District #308: | ||||
5% 10/1/04 (FGIC Insured) | 510 | 515 | ||
5.25% 10/1/05 (FGIC Insured) | 560 | 583 | ||
5.25% 10/1/06 (FGIC Insured) | 695 | 740 | ||
Lake County Cmnty. High School District #128, Libertyville Series 2004, 5% 1/1/11 | 2,365 | 2,545 | ||
Rosemont Gen. Oblig. (Tax Increment #3 Proj.) 0% 12/1/07 (FGIC Insured) | 3,000 | 2,693 | ||
Univ. of Illinois Auxiliary Facilities Sys. Rev. Series 2001 A, 5% 4/1/08 (AMBAC Insured) | 2,035 | 2,179 | ||
Will County School District #122 Series B, 0% 11/1/08 (FSA Insured) | 1,500 | 1,287 | ||
154,763 | ||||
Indiana - 1.6% | ||||
Hamilton Southeastern Consolidated School Bldg. Corp.: | ||||
5% 1/15/10 (FSA Insured) | 1,835 | 1,972 | ||
5% 1/15/11 (FSA Insured) | 1,910 | 2,050 | ||
5% 1/15/12 (FSA Insured) | 1,990 | 2,133 | ||
Indiana Health Facility Fing. Auth. Rev. (Ascension Health Cr. Group Prog.) Series 2002 F: | ||||
5% 11/15/04 | 1,300 | 1,317 | ||
5.5% 11/15/05 | 1,000 | 1,047 | ||
5.5% 11/15/06 | 1,000 | 1,065 | ||
Indiana Univ. Revs. (Student Fee Proj.) Series H, 0% 8/1/05 (AMBAC Insured) | 5,500 | 5,386 | ||
Rockport Poll. Cont. Rev. 4.9%, tender 6/1/07 (b) | 4,000 | 4,134 | ||
Saint Joseph County Ind. Edl. Facilities Rev. (Univ. of Notre Dame Du Lac Proj.) 2.5%, tender 12/3/07 (b) | 10,000 | 9,763 | ||
28,867 | ||||
Kansas - 0.8% | ||||
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.): | ||||
Series A, 4.75%, tender 10/1/07 (b) | 2,400 | 2,478 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Kansas - continued | ||||
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.): - continued | ||||
Series C, 2.25%, tender 9/1/04 (b) | $ 7,000 | $ 6,997 | ||
La Cygne Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) Series 1994, 3.9%, tender 9/1/04 (b) | 3,700 | 3,714 | ||
13,189 | ||||
Kentucky - 0.6% | ||||
Kenton County Arpt. Board Arpt. Rev. Series B, 5% 3/1/09 (MBIA Insured) (d) | 1,185 | 1,252 | ||
Owensboro Elec. Lt. & Pwr. Rev. Series B, 0% 1/1/07 (AMBAC Insured) | 10,000 | 9,323 | ||
10,575 | ||||
Louisiana - 0.4% | ||||
New Orleans Audubon Commission Series A: | ||||
3% 10/1/05 (FSA Insured) | 1,930 | 1,956 | ||
4% 10/1/06 (FSA Insured) | 1,990 | 2,064 | ||
New Orleans Gen. Oblig. 5% 3/1/07 (MBIA Insured) | 3,500 | 3,707 | ||
7,727 | ||||
Maryland - 0.8% | ||||
Maryland Gen. Oblig. (State & Local Facilities Ln. Prog.) First Series, 5.5% 3/1/09 | 10,615 | 11,741 | ||
Prince Georges County Ctfs. of Prtn. (Equip. Acquisition Prog.) 5.25% 5/15/10 (MBIA Insured) | 1,535 | 1,676 | ||
13,417 | ||||
Massachusetts - 5.5% | ||||
Massachusetts Dev. Fin. Agcy. Rev. (Massachusetts Biomedical Research Corp. Proj.) Series C: | ||||
5.75% 8/1/06 | 1,200 | 1,266 | ||
5.875% 8/1/08 | 1,630 | 1,765 | ||
Massachusetts Gen. Oblig.: | ||||
Series 1999 C, 5.625% 9/1/12 (Pre-Refunded to 9/1/09 @ 101) (e) | 2,570 | 2,874 | ||
Series 2001 A, 5.5% 1/1/11 | 5,000 | 5,524 | ||
Series 2002 B, 5% 2/1/06 | 40,000 | 41,785 | ||
Series 2003 A, 5.375% 8/1/08 | 5,165 | 5,615 | ||
Series 2003 C: | ||||
5% 12/1/06 (XL Cap. Assurance, Inc. Insured) | 13,975 | 14,835 | ||
5.5% 10/1/10 (MBIA Insured) | 1,130 | 1,257 | ||
Series A, 5.5% 2/1/07 (MBIA Insured) | 7,500 | 8,058 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Caritas Christi Oblig. Group Proj.): | ||||
5% 7/1/04 | $ 1,805 | $ 1,805 | ||
5.5% 7/1/05 | 1,000 | 1,015 | ||
(Dana Farber Cancer Proj.) Series G1, 6.25% 12/1/14 (Pre-Refunded to 12/1/05 @ 102) (e) | 3,000 | 3,236 | ||
New England Ed. Ln. Marketing Corp.: | ||||
Series A, 5.7% 7/1/05 (d) | 2,800 | 2,902 | ||
Series F, 5.625% 7/1/04 (d) | 3,500 | 3,500 | ||
Springfield Gen. Oblig. 5% 1/15/06 (MBIA Insured) | 1,000 | 1,044 | ||
96,481 | ||||
Michigan - 4.3% | ||||
Battle Creek Downtown Dev. Auth. 6% 5/1/06 (MBIA Insured) | 2,000 | 2,138 | ||
Chippewa Valley Schools: | ||||
4% 5/1/06 | 1,000 | 1,034 | ||
4% 5/1/07 | 2,610 | 2,704 | ||
5% 5/1/08 | 1,260 | 1,352 | ||
Detroit City School District 5.05% 5/1/06 | 4,845 | 5,089 | ||
Detroit Gen. Oblig.: | ||||
Series 2004 A, 5% 4/1/08 (FSA Insured) | 7,275 | 7,799 | ||
Series 2004 B, 5% 4/1/07 (FSA Insured) | 4,055 | 4,309 | ||
Series A: | ||||
5% 4/1/06 (FSA Insured) (a) | 2,200 | 2,265 | ||
5% 4/1/07 (FSA Insured) (a) | 6,910 | 7,221 | ||
5% 4/1/08 (MBIA Insured) | 14,545 | 15,592 | ||
Detroit Swr. Disp. Rev. Series A, 5.75% 7/1/26 (Pre-Refunded to 1/1/10 @ 101) (e) | 2,000 | 2,259 | ||
Ferndale Gen. Oblig. 3.5% 4/1/06 (FGIC Insured) | 1,960 | 2,006 | ||
Holly Area School District Series 1999, 5.375% 5/1/11 (Pre-Refunded to 5/1/05 @ 101) (e) | 1,275 | 1,327 | ||
Michigan Gen. Oblig. Series 1995, 5.7% 12/1/12 (Pre-Refunded to 12/1/05 @ 102) (e) | 11,985 | 12,854 | ||
Michigan Hosp. Fin. Auth. Hosp. Rev. (Sparrow Hosp. Obligated Group Proj.) 5% 11/15/04 | 1,500 | 1,518 | ||
Michigan Strategic Fund Exempt Facilities Rev. (Waste Mgmt., Inc. Proj.) 4.2%, tender 8/1/04 (b)(d) | 7,000 | 7,008 | ||
76,475 | ||||
Minnesota - 1.0% | ||||
Hopkins Independent School District #270 Series B, 4% 2/1/06 | 2,575 | 2,652 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Minnesota - continued | ||||
Mankato Independent School District #77 Series A, 4% 2/1/06 (FSA Insured) | $ 1,420 | $ 1,462 | ||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (Health Partners Oblig. Group Proj.): | ||||
5.25% 12/1/08 | 1,200 | 1,259 | ||
5.25% 12/1/10 | 500 | 516 | ||
Minnesota Pub. Facilities Auth. Wtr. Poll. Cont. Rev. Series A, 4.5% 3/1/07 | 2,240 | 2,352 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | ||||
5% 1/1/06 (AMBAC Insured) | 4,875 | 5,081 | ||
5% 1/1/08 (AMBAC Insured) | 2,410 | 2,574 | ||
Waconia Independent School District #110 Series A, 5% 2/1/11 (FSA Insured) | 940 | 1,017 | ||
16,913 | ||||
Mississippi - 0.9% | ||||
Jackson Wtr. & Swr. Sys. Rev. Series 2003: | ||||
5% 9/1/05 (FSA Insured) | 5,285 | 5,477 | ||
5% 9/1/07 (FSA Insured) | 5,825 | 6,216 | ||
5% 9/1/08 (FSA Insured) | 2,620 | 2,810 | ||
Mississippi Higher Ed. Student Ln. Series 2000 B3, 5.3% 9/1/08 (d) | 1,190 | 1,254 | ||
15,757 | ||||
Missouri - 0.5% | ||||
Kansas City School District Bldg. Corp. Rev.: | ||||
(School District Elementary School Proj.) Series 2003 B, 5% 2/1/12 (FGIC Insured) | 3,100 | 3,345 | ||
Series A: | ||||
5% 2/1/07 (FGIC Insured) | 1,020 | 1,081 | ||
5% 2/1/08 (FGIC Insured) | 2,000 | 2,138 | ||
Saint Louis Muni. Fin. Corp. Leasehold Rev.: | ||||
(Callahan Courthouse Proj.) Series A, 5.75% 2/15/14 (FGIC Insured) | 1,050 | 1,163 | ||
(Civil Courts Bldg. Proj.) Series 2003 A, 5% 8/1/06 (FSA Insured) | 1,635 | 1,725 | ||
9,452 | ||||
Montana - 0.2% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Projs.) Series A, 5.2%, tender 5/1/09 (b) | 2,900 | 2,962 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Nebraska - 2.2% | ||||
Lancaster County School District #1 (Lincoln Pub. Schools Proj.): | ||||
3% 1/15/05 | $ 1,870 | $ 1,886 | ||
4% 1/15/06 | 1,000 | 1,029 | ||
Lincoln Wtrwks. Rev. Series 2003, 5% 8/15/05 | 3,265 | 3,382 | ||
Nebraska Pub. Pwr. District Rev.: | ||||
Series 1998 A, 5.25% 1/1/06 (MBIA Insured) | 5,000 | 5,228 | ||
Series A: | ||||
0% 1/1/06 (MBIA Insured) | 24,465 | 23,658 | ||
0% 1/1/07 (MBIA Insured) | 4,000 | 3,727 | ||
38,910 | ||||
Nevada - 1.0% | ||||
Clark County Arpt. Rev. Series C: | ||||
5% 7/1/05 (AMBAC Insured) (d) | 800 | 825 | ||
5% 7/1/06 (AMBAC Insured) (d) | 800 | 838 | ||
5% 7/1/08 (AMBAC Insured) (d) | 2,215 | 2,338 | ||
5% 7/1/09 (AMBAC Insured) (d) | 2,700 | 2,854 | ||
5% 7/1/10 (AMBAC Insured) (d) | 1,225 | 1,287 | ||
5% 7/1/11 (AMBAC Insured) (d) | 1,790 | 1,867 | ||
Clark County Gen. Oblig. 6% 7/1/06 | 1,000 | 1,074 | ||
Clark County School District: | ||||
Series 2000 A, 5.75% 6/15/17 (Pre-Refunded to 6/15/10 @ 100) (e) | 1,600 | 1,803 | ||
5.75% 6/15/10 (Pre-Refunded to 6/15/06 @ 101) (e) | 2,200 | 2,377 | ||
Washoe County Gen. Oblig. 4% 9/1/05 (FSA Insured) | 2,170 | 2,224 | ||
17,487 | ||||
New Jersey - 0.8% | ||||
New Jersey Economic Dev. Auth. Solid Waste Rev. (Waste Mgmt. of New Jersey, Inc. Proj.) Series 2004 A, 2.85%, tender 6/1/05 (b)(d) | 5,000 | 4,999 | ||
New Jersey Trans. Trust Fund Auth. Series 2001 A, 5% 6/15/06 | 6,300 | 6,630 | ||
New Jersey Transit Corp. Series 2000 B, 5.5% 2/1/08 (AMBAC Insured) | 1,000 | 1,081 | ||
North Jersey District Wtr. Supply Commission (Wanaque South Proj.) Series A, 5% 7/1/05 (MBIA Insured) | 1,680 | 1,735 | ||
14,445 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New Jersey/Pennsylvania - 0.4% | ||||
Delaware River Joint Toll Bridge Commission Bridge Rev.: | ||||
3% 7/1/04 | $ 1,630 | $ 1,630 | ||
5% 7/1/09 | 5,170 | 5,496 | ||
7,126 | ||||
New Mexico - 1.2% | ||||
Farmington Poll. Cont. Rev. (Pub. Svc. Co. of New Mexico San Juan and Four Corners Projs.) Series 2003 B, 2.1%, tender 4/1/06 (b) | 7,000 | 6,955 | ||
San Juan County Gross Receipts Tax Rev. Series B, 2.5% 8/15/05 | 13,600 | 13,669 | ||
20,624 | ||||
New York - 7.6% | ||||
Grand Central District Mgmt. Assoc., Inc.: | ||||
5% 1/1/10 | 1,200 | 1,285 | ||
5% 1/1/12 | 1,175 | 1,259 | ||
Metro. Trans. Auth. Commuter Facilities Rev. Series A: | ||||
5% 7/1/06 (Escrowed to Maturity) (e) | 1,520 | 1,610 | ||
5.375% 7/1/09 (Escrowed to Maturity) (e) | 3,635 | 4,016 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series B: | ||||
4% 1/1/05 | 4,265 | 4,318 | ||
5% 1/1/06 | 10,110 | 10,549 | ||
Nassau County Gen. Oblig. Series Z: | ||||
5% 9/1/11 (FGIC Insured) | 800 | 857 | ||
5% 9/1/12 (FGIC Insured) | 1,500 | 1,597 | ||
New York City Gen. Oblig.: | ||||
Series 2000 A, 6.5% 5/15/11 | 2,450 | 2,793 | ||
Series 2004 G, 5% 8/1/09 | 8,000 | 8,531 | ||
Series A, 5.25% 11/1/14 (MBIA Insured) | 600 | 648 | ||
Series E, 6% 8/1/11 | 1,250 | 1,351 | ||
Series G, 5.25% 8/1/14 (AMBAC Insured) | 1,000 | 1,074 | ||
Series H, 5.75% 3/15/11 (FGIC Insured) | 1,700 | 1,903 | ||
New York State Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series 2000 A, 6.125% 7/1/12 (AMBAC Insured) | 5,540 | 6,325 | ||
Series 2003 A: | ||||
5% 1/1/06 | 1,250 | 1,300 | ||
5% 1/1/07 | 10,855 | 11,411 | ||
5% 3/15/08 | 2,000 | 2,132 | ||
New York State Urban Dev. Corp. Rev. (Correctional Facilities-Svc. Contract Proj.) Series B, 4.75% 1/1/28 (Pre-Refunded to 1/1/09 @ 101) (e) | 2,615 | 2,826 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York Transitional Fin. Auth. Rev. Series 2003 E: | ||||
4.5% 2/1/07 | $ 1,750 | $ 1,831 | ||
4.5% 2/1/08 | 1,500 | 1,578 | ||
5% 2/1/09 | 2,035 | 2,184 | ||
Suffolk County Gen. Oblig. Series 2004 B, 5% 5/1/06 (FSA Insured) (a) | 2,200 | 2,312 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2004 B1, 5% 6/1/09 | 3,800 | 4,018 | ||
Series A1: | ||||
5.25% 6/1/12 | 5,000 | 5,194 | ||
5.25% 6/1/13 | 17,500 | 18,129 | ||
Series B1, 5% 6/1/06 | 17,815 | 18,590 | ||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
Series A, 5.5% 1/1/14 (Pre-Refunded to 1/1/12 @ 100) (e) | 3,745 | 4,193 | ||
Series Y, 5.9% 1/1/08 (Escrowed to Maturity) (e) | 10,000 | 11,016 | ||
134,830 | ||||
New York & New Jersey - 0.3% | ||||
Port Auth. of New York & New Jersey: | ||||
124th Series, 5% 8/1/13 (FGIC Insured) (d) | 1,200 | 1,245 | ||
127th Series, 5% 12/15/08 (AMBAC Insured) (d) | 3,510 | 3,752 | ||
4,997 | ||||
North Carolina - 1.1% | ||||
Charlotte Ctfs. of Prtn. (FY 2004 Equip. Acquisition Proj.) Series 2004 C, 4% 3/1/08 | 4,940 | 5,115 | ||
North Carolina Ctfs. of Prtn. (Repair and Renovation Proj.) Series 2004 B, 4% 6/1/06 | 1,300 | 1,343 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: | ||||
Series 1993 B, 7% 1/1/08 (MBIA Insured) | 1,500 | 1,697 | ||
Series A, 5.5% 1/1/10 | 3,000 | 3,214 | ||
Series B, 6% 1/1/05 | 2,000 | 2,025 | ||
Series C, 5% 1/1/08 | 1,190 | 1,245 | ||
Series D, 5.375% 1/1/10 | 3,700 | 3,942 | ||
18,581 | ||||
North Dakota - 0.1% | ||||
North Dakota Bldg. Auth. Lease Rev. Series A, 5.25% 6/1/05 (FGIC Insured) | 2,060 | 2,128 | ||
Ohio - 2.8% | ||||
Cleveland Pub. Pwr. Sys. Rev. (First Mtg. Prog.) Series 1994 A, 0% 11/15/09 (MBIA Insured) | 2,250 | 1,848 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Ohio - continued | ||||
Franklin County Rev. (OCLC Online Computer Library Ctr., Inc. Proj.) 5% 4/15/07 | $ 1,960 | $ 2,053 | ||
Lakewood Hosp. Impt. Rev. (Lakewood Hosp. Assoc. Proj.) 5.5% 2/15/07 | 1,420 | 1,496 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) 4% 9/1/04 | 1,695 | 1,702 | ||
Ohio Air Quality Dev. Auth. Rev. (Pennsylvania Pwr. Co. Proj.) 2.5%, tender 7/1/04 (b) | 4,700 | 4,700 | ||
Ohio Bldg. Auth. (Adult Correctional Bldg. Fund Prog.) Series A: | ||||
5.75% 4/1/08 | 3,555 | 3,905 | ||
6% 10/1/05 | 5,600 | 5,882 | ||
Ohio Gen. Oblig. Series IIA, 5.25% 12/1/05 | 5,000 | 5,223 | ||
Ohio Rev. Series 2003 1, 5% 6/15/08 | 5,000 | 5,369 | ||
Ohio Univ. Gen. Receipts Athens: | ||||
5% 12/1/05 (FSA Insured) | 1,650 | 1,718 | ||
5% 12/1/06 (FSA Insured) | 3,600 | 3,821 | ||
5% 12/1/07 (FSA Insured) | 1,285 | 1,378 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev.: | ||||
(Cleveland Elec. Illuminating Co. Proj.) Series A, 3.4%, tender 10/1/04 (b) | 2,350 | 2,354 | ||
(Toledo Edison Co. Proj.) Series B, 4.5%, tender 9/1/05 (b) | 7,000 | 7,099 | ||
Ohio Wtr. Dev. Auth. Rev. (Fresh Wtr. Proj.) Series A, 5.4% 6/1/05 (AMBAC Insured) | 1,000 | 1,034 | ||
49,582 | ||||
Oklahoma - 0.6% | ||||
Oklahoma Dev. Fin. Auth. Rev. (Samuel Roberts Noble, Inc. Proj.): | ||||
Series 2001, 5% 5/1/05 | 7,615 | 7,828 | ||
5% 5/1/06 | 3,200 | 3,366 | ||
11,194 | ||||
Oregon - 0.8% | ||||
Deschutes & Jefferson Counties School District #2J Redmond 5.5% 6/1/06 (FGIC Insured) | 2,610 | 2,772 | ||
Eugene Elec. Util. Rev. Series A: | ||||
5.25% 8/1/05 (FSA Insured) | 1,210 | 1,254 | ||
5.25% 8/1/06 (FSA Insured) | 1,280 | 1,357 | ||
5.25% 8/1/07 (FSA Insured) | 1,350 | 1,452 | ||
5.25% 8/1/08 (FSA Insured) | 1,425 | 1,546 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Oregon - continued | ||||
Oregon Dept. of Trans. Hwy. User Tax Rev. 5.5% 11/15/13 (Pre-Refunded to 11/15/12 @ 100) (e) | $ 3,365 | $ 3,769 | ||
Oregon Gen. Oblig. 8.25% 1/1/07 | 1,000 | 1,135 | ||
Portland Gen. Oblig. Series 2004 B, 4% 6/1/06 | 1,340 | 1,386 | ||
14,671 | ||||
Pennsylvania - 2.2% | ||||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series B: | ||||
5.5% 6/15/05 | 2,545 | 2,625 | ||
5.5% 6/15/06 | 3,065 | 3,221 | ||
5.5% 6/15/07 | 2,000 | 2,132 | ||
Allegheny County San. Auth. Swr. Rev. 6% 12/1/11 (MBIA Insured) | 1,495 | 1,707 | ||
Hazleton Area School District 6.5% 3/1/06 (FSA Insured) | 1,155 | 1,237 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A, 5% 6/1/06 (AMBAC Insured) | 3,750 | 3,930 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Shippingport Proj.) Series A, 5%, tender 6/1/05 (b)(d) | 6,200 | 6,261 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev. (UPMC Health Sys. Proj.) Series 2001 A, 5.75% 1/15/09 | 1,750 | 1,870 | ||
Philadelphia Muni. Auth. Rev. Series A: | ||||
4% 5/15/05 (FSA Insured) | 2,500 | 2,552 | ||
5% 5/15/07 (FSA Insured) | 5,500 | 5,852 | ||
5% 5/15/08 (FSA Insured) | 5,000 | 5,362 | ||
Wyoming Valley San. Auth. Swr. Rev. 5% 11/15/06 (MBIA Insured) | 1,865 | 1,977 | ||
38,726 | ||||
Puerto Rico - 0.2% | ||||
Puerto Rico Pub. Bldgs Auth. Rev. Series K, 4%, tender 7/1/07 (MBIA Insured) (b) | 2,500 | 2,590 | ||
Rhode Island - 0.3% | ||||
Rhode Island Health & Edl. Bldg. Corp. Rev. (Johnson & Wales Univ. Proj.): | ||||
4% 4/1/05 (XL Cap. Assurance, Inc. Insured) | 1,270 | 1,293 | ||
5% 4/1/06 (XL Cap. Assurance, Inc. Insured) | 2,225 | 2,330 | ||
5% 4/1/08 (XL Cap. Assurance, Inc. Insured) | 1,700 | 1,819 | ||
5,442 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
South Carolina - 1.9% | ||||
Berkeley County School District 7% 4/1/07 | $ 2,615 | $ 2,910 | ||
Charleston County Hosp. Facilities (Care Alliance Health Services Proj.) Series A: | ||||
5% 8/15/06 (a) | 1,000 | 1,044 | ||
5% 8/15/07 (a) | 1,700 | 1,791 | ||
5% 8/15/08 (a) | 1,690 | 1,781 | ||
Piedmont Muni. Pwr. Agcy. Elec. Rev. 5.6% 1/1/09 (MBIA Insured) | 2,345 | 2,584 | ||
Richland County School District #2 Series B, 5% 2/1/05 (FGIC Insured) | 1,000 | 1,020 | ||
Rock Hill Util. Sys. Rev. Series 2003 A: | ||||
5% 1/1/08 (FSA Insured) | 1,850 | 1,978 | ||
5% 1/1/09 (FSA Insured) | 1,945 | 2,095 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
Series 2002 A: | ||||
5% 1/1/06 (FSA Insured) | 1,705 | 1,777 | ||
5% 1/1/07 (FSA Insured) | 4,105 | 4,345 | ||
Series A, 5.5% 1/1/11 (MBIA Insured) | 3,000 | 3,309 | ||
Series D: | ||||
5% 1/1/06 | 2,750 | 2,869 | ||
5% 1/1/07 | 5,000 | 5,295 | ||
32,798 | ||||
Tennessee - 1.9% | ||||
Elizabethton Health & Edl. Facilities Board Rev. (First Mtg. Prog.) 6% 7/1/11 (MBIA Insured) | 2,005 | 2,275 | ||
Memphis Gen. Oblig. 6% 11/1/06 | 1,585 | 1,714 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series A: | ||||
4% 9/1/05 (MBIA Insured) | 1,445 | 1,478 | ||
4% 9/1/06 (MBIA Insured) | 1,500 | 1,553 | ||
4.5% 9/1/08 (MBIA Insured) | 1,620 | 1,710 | ||
4.5% 9/1/09 (MBIA Insured) | 1,685 | 1,775 | ||
Metro. Nashville Arpt. Auth. Rev. Series C, 5% 7/1/06 (FGIC Insured) (d) | 1,675 | 1,755 | ||
Shelby County Gen. Oblig. Series A: | ||||
0% 5/1/10 (Pre-Refunded to 5/1/05 @ 74.444) (e) | 15,750 | 11,554 | ||
0% 5/1/12 (Pre-Refunded to 5/1/05 @ 65.1568) (e) | 15,130 | 9,715 | ||
33,529 | ||||
Texas - 12.6% | ||||
Arlington Independent School District 0% 2/15/16 (Pre-Refunded to 2/15/05 @ 51.4017) (e) | 6,820 | 3,474 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Austin Arpt. Sys. Rev. Series A: | ||||
6.5% 11/15/05 (Escrowed to Maturity) (d)(e) | $ 940 | $ 996 | ||
6.5% 11/15/05 (MBIA Insured) (d) | 6,870 | 7,263 | ||
Austin Gen. Oblig. 5.5% 9/1/15 (Pre-Refunded to 9/1/05 @ 100) (e) | 3,380 | 3,528 | ||
Austin Util. Sys. Rev.: | ||||
Series 1992 A, 0% 11/15/09 (MBIA Insured) | 4,130 | 3,379 | ||
Series A: | ||||
0% 11/15/10 (MBIA Insured) | 5,300 | 4,111 | ||
5.5% 11/15/06 | 5,000 | 5,130 | ||
Birdville Independent School District 5% 2/15/10 | 1,300 | 1,400 | ||
Brazos River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series 1995 B, 5.05%, tender 6/19/06 (b)(d) | 6,500 | 6,731 | ||
Corpus Christi Gen. Oblig.: | ||||
4% 3/1/05 (FSA Insured) | 1,200 | 1,220 | ||
4% 3/1/06 (FSA Insured) | 1,285 | 1,324 | ||
5% 3/1/07 (FSA Insured) | 2,735 | 2,899 | ||
Cypress-Fairbanks Independent School District: | ||||
Series B, 0% 8/1/07 (AMBAC Insured) | 10,000 | 9,135 | ||
4.5% 2/15/06 | 2,245 | 2,329 | ||
5% 2/15/08 | 2,000 | 2,135 | ||
Deer Park Independent School District 6% 2/15/05 | 2,000 | 2,055 | ||
Del Valle Independent School District 5.5% 2/1/09 | 1,205 | 1,319 | ||
El Paso Wtr. & Swr. Rev.: | ||||
5% 3/1/06 (AMBAC Insured) | 1,000 | 1,046 | ||
5% 3/1/07 (AMBAC Insured) | 2,000 | 2,119 | ||
5% 3/1/08 (AMBAC Insured) | 2,770 | 2,960 | ||
Fort Worth Gen. Oblig. Series A: | ||||
5% 3/1/05 | 1,000 | 1,023 | ||
5% 3/1/06 | 1,000 | 1,047 | ||
Frisco Gen. Oblig.: | ||||
Series 2003 A: | ||||
4% 2/15/07 (FSA Insured) | 1,320 | 1,365 | ||
4% 2/15/08 (FSA Insured) | 1,145 | 1,183 | ||
5% 2/15/10 (FSA Insured) | 1,710 | 1,841 | ||
4% 2/15/06 (FSA Insured) | 2,975 | 3,063 | ||
4% 2/15/07 (FSA Insured) | 3,115 | 3,221 | ||
Garland Independent School District: | ||||
Series A: | ||||
4% 2/15/05 | 1,000 | 1,016 | ||
4% 2/15/06 | 500 | 515 | ||
0% 2/15/07 | 1,610 | 1,494 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Harris County Gen. Oblig.: | ||||
Series 2004 B1, 5% 8/15/06 (FGIC Insured) | $ 3,300 | $ 3,482 | ||
Series A, 0% 8/15/07 (FGIC Insured) | 4,400 | 4,015 | ||
Harris County Health Facilities Dev. Corp. Rev. (Saint Luke's Episcopal Hosp. Proj.) Series 2001 A, 5.5% 2/15/09 | 3,710 | 3,976 | ||
Houston Gen. Oblig.: | ||||
5.5% 3/1/06 | 2,580 | 2,721 | ||
5.5% 3/1/06 (Escrowed to Maturity) (e) | 420 | 444 | ||
Houston Wtr. & Swr. Sys. Rev. Series B, 5.5% 12/1/08 (Escrowed to Maturity) (e) | 6,000 | 6,599 | ||
Katy Independent School District Series A, 4% 2/15/06 | 1,335 | 1,374 | ||
Killeen Independent School District 4% 2/15/08 | 1,200 | 1,240 | ||
La Porte Independent School District 4% 2/15/08 | 2,000 | 2,067 | ||
Lewisville Gen. Oblig. 4% 2/15/06 (FSA Insured) | 1,300 | 1,339 | ||
Lower Colorado River Auth. Rev. 5.25% 1/1/15 (Pre-Refunded to 1/1/11 @ 100) (e) | 5,000 | 5,486 | ||
Mesquite Independent School District Series A: | ||||
0% 8/15/06 | 1,115 | 1,056 | ||
5% 8/15/06 | 1,000 | 1,055 | ||
New Braunfels Independent School District 0% 2/1/07 | 2,000 | 1,857 | ||
North East Texas Independent School District: | ||||
5% 8/1/06 | 5,600 | 5,901 | ||
7% 2/1/11 (Pre-Refunded to 2/1/10 @ 100) (e) | 3,600 | 4,268 | ||
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Series C: | ||||
5% 1/1/09 (FSA Insured) | 2,000 | 2,145 | ||
5%, tender 7/1/08 (FSA Insured) (b) | 2,650 | 2,832 | ||
Northside Independent School District Series B, 2.45%, tender 8/1/06 (Liquidity Facility Dexia Cr. Local de France) (b) | 7,500 | 7,501 | ||
Plano Independent School District 5.5% 2/15/13 (Pre-Refunded to 2/15/06 @ 100) (e) | 1,900 | 2,004 | ||
Port Houston Auth. Harris County 6% 10/1/06 (FGIC Insured) (d) | 2,000 | 2,148 | ||
Rockwall Independent School District: | ||||
4% 2/15/06 | 2,370 | 2,440 | ||
5% 2/15/07 | 3,510 | 3,717 | ||
5% 2/15/08 | 3,825 | 4,083 | ||
5% 2/15/09 | 4,690 | 5,037 | ||
San Antonio Elec. & Gas Systems Rev.: | ||||
Series 1991 A, 0% 2/1/05 (Escrowed to Maturity) (e) | 1,000 | 992 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
San Antonio Elec. & Gas Systems Rev.: - continued | ||||
Series 2000 A, 5.75% 2/1/15 (Pre-Refunded to 2/1/10 @ 100) (e) | $ 5,000 | $ 5,586 | ||
5.25% 2/1/07 | 2,500 | 2,662 | ||
5.25% 2/1/08 | 1,000 | 1,077 | ||
Spring Independent School District 5% 2/15/08 | 1,875 | 2,002 | ||
Texas Gen. Oblig.: | ||||
(College Student Ln. Prog.) 5% 8/1/11 (d) | 3,000 | 3,136 | ||
Series C, 0% 4/1/08 (Escrowed to Maturity) (e) | 3,100 | 2,756 | ||
Texas Pub. Fin. Auth. Bldg. Rev.: | ||||
(Dept. of Criminal Justice Prog.) Series A, 5% 2/1/07 (FSA Insured) | 2,000 | 2,115 | ||
0% 2/1/05 (MBIA Insured) | 3,725 | 3,692 | ||
Texas State Univ. Sys. Fing. Rev. 3% 3/15/05 (FSA Insured) | 1,830 | 1,849 | ||
Texas Tech Univ. Revs. Ninth Series: | ||||
4% 2/15/09 (AMBAC Insured) | 1,460 | 1,507 | ||
5% 2/15/11 (AMBAC Insured) | 1,250 | 1,349 | ||
Trinity River Auth. Red Oak Creek Sys. Rev. 3.5% 2/1/06 (FSA Insured) | 1,270 | 1,297 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev.: | ||||
5% 8/1/06 (MBIA Insured) | 4,000 | 4,212 | ||
5% 8/1/07 (MBIA Insured) | 1,595 | 1,699 | ||
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.): | ||||
4% 7/1/05 | 1,800 | 1,828 | ||
4.5% 7/1/06 | 1,220 | 1,248 | ||
5% 7/1/07 | 1,000 | 1,036 | ||
Univ. of Houston Univ. Revs. Series A: | ||||
3.5% 2/15/06 (FSA Insured) | 4,955 | 5,058 | ||
3.75% 2/15/07 (FSA Insured) | 5,100 | 5,239 | ||
4% 2/15/08 (FSA Insured) | 5,265 | 5,444 | ||
Univ. of Texas Univ. Revs. (Fing. Sys. Proj.) Series A, 5.5% 8/15/09 | 1,115 | 1,228 | ||
Webb County Gen. Oblig.: | ||||
5% 2/15/05 (FGIC Insured) | 1,005 | 1,027 | ||
5% 2/15/06 (FGIC Insured) | 1,055 | 1,103 | ||
5% 2/15/07 (FGIC Insured) | 1,110 | 1,176 | ||
5% 2/15/08 (FGIC Insured) | 1,170 | 1,249 | ||
Wichita Falls Independent School District 0% 2/1/10 | 2,325 | 1,869 | ||
222,544 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Utah - 0.5% | ||||
Salt Lake County Wtr. Conservancy District Rev. Series A: | ||||
0% 10/1/11 (AMBAC Insured) | $ 3,800 | $ 2,816 | ||
0% 10/1/12 (AMBAC Insured) | 3,800 | 2,670 | ||
0% 10/1/13 (AMBAC Insured) | 3,760 | 2,506 | ||
Utah Muni. Pwr. Agcy. Elec. Sys. Rev. Series A, 4% 7/1/05 (AMBAC Insured) | 1,000 | 1,023 | ||
9,015 | ||||
Virginia - 0.1% | ||||
Virginia Commonwealth Trans. Board Trans. Rev. (U.S. Route 58 Corridor Dev. Prog.) Series B, 5.375% 5/15/12 | 1,800 | 1,969 | ||
Washington - 8.6% | ||||
Chelan County Pub. Util. District #1 Rev. Series B, 5% 7/1/11 (FGIC Insured) (a) | 1,190 | 1,242 | ||
Clark County Pub. Util. District #1 Elec. Rev.: | ||||
Series B: | ||||
5% 1/1/06 (FSA Insured) | 1,375 | 1,432 | ||
5% 1/1/07 (FSA Insured) | 1,395 | 1,473 | ||
5.25% 1/1/08 (FSA Insured) | 1,515 | 1,627 | ||
5.25% 1/1/09 (FSA Insured) | 1,595 | 1,727 | ||
5% 1/1/11 (MBIA Insured) | 1,680 | 1,811 | ||
Energy Northwest Elec. Rev. (#3 Proj.) Series B, 6% 7/1/16 (AMBAC Insured) | 5,000 | 5,606 | ||
King & Snohomish Counties School District #417 Northshore: | ||||
5.5% 12/1/14 (FSA Insured) | 6,300 | 6,895 | ||
5.75% 12/1/15 (FSA Insured) | 2,500 | 2,773 | ||
King County Rural Library District 5% 12/1/06 (FSA Insured) (a) | 1,045 | 1,094 | ||
King County School District #409, Tahoma 5% 6/1/11 (FSA Insured) | 1,740 | 1,883 | ||
King County Swr. Rev. Series B: | ||||
5% 1/1/06 (FSA Insured) | 3,000 | 3,127 | ||
5% 1/1/07 (FSA Insured) | 5,000 | 5,280 | ||
5.25% 1/1/08 (FSA Insured) | 3,500 | 3,759 | ||
Port of Seattle Rev.: | ||||
Series B: | ||||
5.25% 9/1/06 (FGIC Insured) (d) | 2,330 | 2,461 | ||
5.5% 2/1/07 (MBIA Insured) (d) | 5,775 | 6,143 | ||
Series D, 5.75% 11/1/15 (FGIC Insured) (d) | 3,640 | 3,904 | ||
Seattle Gen. Oblig. Series A, 5.75% 1/15/20 (Pre-Refunded to 1/15/06 @ 100) (e) | 10,000 | 10,551 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Washington - continued | ||||
Seattle Muni. Lt. & Pwr. Rev. 5.25% 3/1/07 (FSA Insured) | $ 1,690 | $ 1,801 | ||
Snohomish County Pub. Hosp. District #2 (Stevens Health Care Proj.): | ||||
4% 12/1/05 (FGIC Insured) | 1,570 | 1,611 | ||
4.5% 12/1/09 (FGIC Insured) | 1,000 | 1,052 | ||
Snohomish County School District #2, Everett: | ||||
5% 6/1/09 (FSA Insured) | 1,045 | 1,127 | ||
5% 6/1/10 (FSA Insured) | 1,000 | 1,079 | ||
5% 6/1/12 (FSA Insured) | 2,000 | 2,157 | ||
Washington Gen. Oblig.: | ||||
Series 2001 RA, 5.25% 9/1/06 | 11,750 | 12,471 | ||
Series A: | ||||
3.5% 1/1/06 (MBIA Insured) | 12,500 | 12,758 | ||
4% 1/1/08 (MBIA Insured) | 33,175 | 34,365 | ||
5.5% 7/1/11 | 3,500 | 3,848 | ||
Series C, 5% 1/1/08 (FSA Insured) | 8,320 | 8,892 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. Series A, 5.75% 7/1/08 | 3,000 | 3,295 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev. Series C, 5% 7/1/06 (FSA Insured) | 5,000 | 5,261 | ||
152,505 | ||||
West Virginia - 0.2% | ||||
West Virginia School Bldg. Auth. 4% 1/1/06 (MBIA Insured) (a) | 2,500 | 2,568 | ||
Wisconsin - 1.7% | ||||
Franklin Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 2.5%, tender 5/1/05 (b)(d) | 5,000 | 4,987 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Hosp. Sisters Svcs., Inc. Proj.) Series 2003 B, 4%, tender 12/1/06 (FSA Insured) (b) | 15,000 | 15,429 | ||
(Wheaton Franciscan Svcs., Inc. Proj.) Series A: | ||||
5% 8/15/09 | 1,000 | 1,055 | ||
5% 8/15/10 | 1,870 | 1,958 | ||
Wisconsin Trans. Rev. Series A: | ||||
5.7% 7/1/14 (Pre-Refunded to 7/1/06 @ 100) (e) | 2,230 | 2,389 | ||
5.75% 7/1/15 (Pre-Refunded to 7/1/06 @ 100) (e) | 4,000 | 4,290 | ||
30,108 | ||||
TOTAL MUNICIPAL BONDS (Cost $1,748,503) | 1,755,865 |
Municipal Notes - 0.8% | |||
Principal | Value (Note 1) | ||
Kansas - 0.3% | |||
Wichita Solid Waste Disp. Rev. (Weyerhaeuser Co. Proj.) 1.7%, VRDN (b)(d) | 4,950 | $ 4,950 | |
Oklahoma - 0.3% | |||
Southeastern Oklahoma Indl. Auth. Solid Waste Disp. Rev. (Weyerhaeuser Co. Proj.) Series 2000 A, 1.65%, VRDN (b)(d) | 6,000 | 6,000 | |
Oregon - 0.2% | |||
Lane County Swr. Disp. Rev. (Weyerhauser Co. Proj.) 1.7%, VRDN (b)(d) | 4,200 | 4,200 | |
TOTAL MUNICIPAL NOTES (Cost $15,150) | 15,150 |
Money Market Funds - 0.6% | ||||
Shares | ||||
Fidelity Municipal Cash Central Fund, 1.10% (c) | 10,878,500 | 10,879 |
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $1,774,532) | 1,781,894 | ||
NET OTHER ASSETS - (0.9)% | (16,732) | ||
NET ASSETS - 100% | $ 1,765,162 |
Security Type Abbreviations |
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) 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) 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 $9,365,000 or 0.5% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 | 3/6/02 | $ 9,100 |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 43.2% |
Electric Utilities | 15.5% |
Escrowed/Pre-Refunded | 10.3% |
Transportation | 7.1% |
Health Care | 6.7% |
Others* (individually less than 5%) | 17.2% |
100.0% |
*Includes cash equivalents and net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $404,969,000 and $453,660,000, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2004 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $1,774,532) - See accompanying schedule | $ 1,781,894 | |
Cash | 176 | |
Receivable for fund shares sold | 1,523 | |
Interest receivable | 21,763 | |
Prepaid expenses | 4 | |
Total assets | 1,805,360 | |
Liabilities | ||
Payable for investments purchased | $ 8,694 | |
Delayed delivery | 28,120 | |
Payable for fund shares redeemed | 1,740 | |
Distributions payable | 887 | |
Accrued management fee | 556 | |
Distribution fees payable | 17 | |
Other affiliated payables | 147 | |
Other payables and accrued expenses | 37 | |
Total liabilities | 40,198 | |
Net Assets | $ 1,765,162 | |
Net Assets consist of: | ||
Paid in capital | $ 1,755,427 | |
Undistributed net investment income | 347 | |
Accumulated undistributed net realized gain (loss) on investments | 2,026 | |
Net unrealized appreciation (depreciation) on investments | 7,362 | |
Net Assets | $ 1,765,162 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2004 (Unaudited) | |
Calculation of Maximum Offering Price | ||
Class A: | $ 10.31 | |
Maximum offering price per share (100/96.25 of $10.31) | $ 10.71 | |
Class T: | $ 10.30 | |
Maximum offering price per share (100/97.25 of $10.30) | $ 10.59 | |
Class B: | $ 10.31 | |
Class C: | $ 10.30 | |
Spartan Short-Intermediate Municipal Income: | $ 10.30 | |
Institutional Class: | $ 10.30 |
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
Statement of Operations
Amounts in thousands | Six months ended June 30, 2004 (Unaudited) | |
Investment Income | ||
Interest | $ 28,221 | |
Expenses | ||
Management fee | $ 3,507 | |
Transfer agent fees | 696 | |
Distribution fees | 90 | |
Accounting fees and expenses | 188 | |
Non-interested trustees' compensation | 5 | |
Custodian fees and expenses | 16 | |
Registration fees | 101 | |
Audit | 24 | |
Legal | 3 | |
Miscellaneous | 26 | |
Total expenses before reductions | 4,656 | |
Expense reductions | (33) | 4,623 |
Net investment income (loss) | 23,598 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 2,026 | |
Change in net unrealized appreciation (depreciation) on investment securities | (36,243) | |
Net gain (loss) | (34,217) | |
Net increase (decrease) in net assets resulting from operations | $ (10,619) |
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 | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 23,598 | $ 48,400 |
Net realized gain (loss) | 2,026 | 12,717 |
Change in net unrealized appreciation (depreciation) | (36,243) | (8,571) |
Net increase (decrease) in net assets resulting | (10,619) | 52,546 |
Distributions to shareholders from net investment income | (23,602) | (48,268) |
Distributions to shareholders from net realized gain | - | (12,396) |
Total distributions | (23,602) | (60,664) |
Share transactions - net increase (decrease) | (75,024) | 199,628 |
Redemption fees | 55 | 43 |
Total increase (decrease) in net assets | (109,190) | 191,553 |
Net Assets | ||
Beginning of period | 1,874,352 | 1,682,799 |
End of period (including undistributed net investment income of $347 and undistributed net investment income of $351, respectively) | $ 1,765,162 | $ 1,874,352 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.50 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .123 | .115 |
Net realized and unrealized gain (loss) | (.189) | .071 |
Total from investment operations | (.066) | .186 |
Distributions from net investment income | (.124) | (.111) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.124) | (.176) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.31 | $ 10.50 |
Total ReturnB,C,D | (.64)% | 1.78% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | .65%A | .65%A |
Expenses net of voluntary waivers, if any | .65%A | .65%A |
Expenses net of all reductions | .65%A | .64%A |
Net investment income (loss) | 2.39%A | 2.52%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 12 | $ 9 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Class T
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.48 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .117 | .110 |
Net realized and unrealized gain (loss) | (.179) | .050 |
Total from investment operations | (.062) | .160 |
Distributions from net investment income | (.118) | (.105) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.118) | (.170) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.30 | $ 10.48 |
Total ReturnB,C,D | (.60)% | 1.54% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | .77%A | .77%A |
Expenses net of voluntary waivers, if any | .77%A | .77%A |
Expenses net of all reductions | .77%A | .76%A |
Net investment income (loss) | 2.27%A | 2.41%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 18 | $ 12 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Class B
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.49 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .084 | .081 |
Net realized and unrealized gain (loss) | (.180) | .059 |
Total from investment operations | (.096) | .140 |
Distributions from net investment income | (.084) | (.075) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.084) | (.140) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.31 | $ 10.49 |
Total ReturnB,C,D | (.92)% | 1.34% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.41%A | 1.40%A |
Expenses net of voluntary waivers, if any | 1.41%A | 1.40%A |
Expenses net of all reductions | 1.41%A | 1.39%A |
Net investment income (loss) | 1.63%A | 1.78%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 4 | $ 2 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Class C
Six months ended | Year ended | |
(Unaudited) | 2003F | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.48 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss)E | .078 | .077 |
Net realized and unrealized gain (loss) | (.180) | .048 |
Total from investment operations | (.102) | .125 |
Distributions from net investment income | (.078) | (.070) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.078) | (.135) |
Redemption fees added to paid in capitalE,H | - | - |
Net asset value, end of period | $ 10.30 | $ 10.48 |
Total ReturnB,C,D | (.98)% | 1.20% |
Ratios to Average Net AssetsG | ||
Expenses before expense reductions | 1.53%A | 1.50%A |
Expenses net of voluntary waivers, if any | 1.53%A | 1.50%A |
Expenses net of all reductions | 1.53%A | 1.49%A |
Net investment income (loss) | 1.51%A | 1.67%A |
Supplemental Data | ||
Net assets, end of period (in millions) | $ 11 | $ 8 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the 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 - Spartan Short-Intermediate Municipal Income
Six months ended | Years ended December 31, | ||||||
(Unaudited) | 2003 | 2002 | 2001 | 2000H | 2000F | 1999F | |
Selected Per-Share Data | |||||||
Net asset value, beginning of period | $ 10.48 | $ 10.52 | $ 10.27 | $ 10.12 | $ 10.03 | $ 10.00 | $ 10.15 |
Income from Investment Operations | |||||||
Net investment | .133D | .283D | .336D | .396D,G | .139D | .399D | .395 |
Net realized and unrealized gain (loss) | (.180) | .030 | .317 | .173G | .092 | .034 | (.150) |
Total from investment operations | (.047) | .313 | .653 | .569 | .231 | .433 | .245 |
Distributions from net investment income | (.133) | (.283) | (.339) | (.396) | (.140) | (.400) | (.395) |
Distributions from net realized gain | - | (.070) | (.064) | (.023) | (.001) | - | - |
Distributions in excess of net realized gain | - | - | - | - | - | (.003) | - |
Total distributions | (.133) | (.353) | (.403) | (.419) | (.141) | (.403) | (.395) |
Redemption fees added to paid | -D,I | -D,I | -D,I | -D,I | - | - | - |
Net asset value, | $ 10.30 | $ 10.48 | $ 10.52 | $ 10.27 | $ 10.12 | $ 10.03 | $ 10.00 |
Total ReturnB,C | (.46)% | 3.01% | 6.47% | 5.70% | 2.32% | 4.45% | 2.44% |
Ratios to Average Net AssetsE | |||||||
Expenses | .49%A | .49% | .49% | .49% | .49%A | .55% | .55% |
Expenses net of voluntary waivers, | .49%A | .49% | .49% | .49% | .49%A | .54% | .55% |
Expenses net of all reductions | .49%A | .47% | .45% | .41% | .45%A | .54% | .55% |
Net investment | 2.55%A | 2.69% | 3.23% | 3.85%G | 4.17%A | 4.02% | 3.89% |
Supplemental Data | |||||||
Net assets, | $ 1,719 | $ 1,843 | $ 1,683 | $ 1,183 | $ 965 | $ 904 | $ 698 |
Portfolio | 45%A | 34% | 38% | 43% | 106%A | 53% | 66% |
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 class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F For the year ended August 31.
G Effective January 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change.
H For the four months ended December 31.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
Six months ended | Year ended | |
(Unaudited) | 2003E | |
Selected Per-Share Data | ||
Net asset value, beginning of period | $ 10.49 | $ 10.49 |
Income from Investment Operations | ||
Net investment income (loss) D | .130 | .125 |
Net realized and unrealized gain (loss) | (.188) | .059 |
Total from investment operations | (.058) | .184 |
Distributions from net investment income | (.132) | (.119) |
Distributions from net realized gain | - | (.065) |
Total distributions | (.132) | (.184) |
Redemption fees added to paid in capital D, G | - | - |
Net asset value, end of period | $ 10.30 | $ 10.49 |
Total ReturnB,C | (.56)% | 1.77% |
Ratios to Average Net AssetsF | ||
Expenses before expense reductions | .50%A | .48%A |
Expenses net of voluntary waivers, if any | .50%A | .48%A |
Expenses net of all reductions | .50%A | .47%A |
Net investment income (loss) | 2.54%A | 2.69%A |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $ 967 | $ 414 |
Portfolio turnover rate | 45%A | 34% |
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 For the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
F 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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
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, 2004 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Spartan Short-Intermediate Municipal Income Fund (the fund) is a fund of Fidelity Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
The fund offers Class A, Class T, Class B, Class C, Spartan Short-Intermediate Municipal Income, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. 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.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities, including restricted securities, are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income 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 generally accepted accounting principles.
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 short-term capital gains and market discount.
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 Internal Revenue Service (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 investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 18,738 | |
Unrealized depreciation | (11,025) | |
Net unrealized appreciation (depreciation) | $ 7,713 | |
Cost for federal income tax purposes | $ 1,774,181 |
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.
Semiannual Report
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract'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.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
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 | 0% | .15% | $ 10 | $ - |
Class T | 0% | .25% | 19 | - |
Class B | .65% | .25% | 14 | 10 |
Class C | .75% | .25% | 47 | 42 |
$ 90 | $ 52 |
Sales Load. FDC receives a front-end sales charge of up to 3.75% for selling Class A shares, and 2.75% for selling 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, and .25% for certain purchases of Class A and Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
Retained | |
Class A | $ 16 |
Class T | 5 |
Class B* | 2 |
Class C* | 12 |
$ 35 |
* 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.
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, Spartan 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, except for Spartan Short-Intermediate Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. Citibank has also
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
entered into a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, with respect to Spartan Short-Intermediate Municipal Income, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC and FSC receive 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 and FSC pay 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 | $ 6 | .09* |
Class T | 7 | .10* |
Class B | 1 | .09* |
Class C | 5 | .11* |
Spartan Short-Intermediate Municipal Income | 676 | .07* |
Institutional Class | 1 | .08* |
$ 696 |
* Annualized
Citibank also has a sub-arrangement with FSC to maintain the fund's accounting records. The fee is based on the level of average net assets for the month.
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $231 for the period.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Expense Reductions.
FMR voluntarily agreed to reimburse a portion of Spartan Short-Intermediate Municipal Income operating expenses. During the period, this reimbursement reduced the class' expenses by $31.
In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody expenses by $2.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income | ||
Class A | $ 151 | $ 41 |
Class T | 169 | 55 |
Class B | 25 | 11 |
Class C | 71 | 31 |
Spartan Short-Intermediate Municipal Income | 23,179 | 48,127 |
Institutional Class | 7 | 3 |
Total | $ 23,602 | $ 48,268 |
From net realized gain | ||
Class A | $ - | $ 38 |
Class T | - | 64 |
Class B | - | 14 |
Class C | - | 44 |
Spartan Short-Intermediate Municipal Income | - | 12,233 |
Institutional Class | - | 3 |
Total | $ - | $ 12,396 |
A Distributions for Class A, Class T, Class B, Class C and Institutional Class are for the period July 23, 2003 (commencement of sale of shares) to December 31, 2003.
Semiannual Report
8. 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 | 839 | 946 | $ 8,807 | $ 9,927 |
Reinvestment of distributions | 11 | 5 | 112 | 55 |
Shares redeemed | (555) | (84) | (5,728) | (882) |
Net increase (decrease) | 295 | 867 | $ 3,191 | $ 9,100 |
Class T | ||||
Shares sold | 972 | 1,169 | $ 10,170 | $ 12,269 |
Reinvestment of distributions | 12 | 8 | 125 | 80 |
Shares redeemed | (389) | (22) | (4,078) | (231) |
Net increase (decrease) | 595 | 1,155 | $ 6,217 | $ 12,118 |
Class B | ||||
Shares sold | 174 | 234 | $ 1,827 | $ 2,454 |
Reinvestment of distributions | 2 | 2 | 16 | 17 |
Shares redeemed | (41) | (2) | (430) | (16) |
Net increase (decrease) | 135 | 234 | $ 1,413 | $ 2,455 |
Class C | ||||
Shares sold | 510 | 777 | $ 5,308 | $ 8,150 |
Reinvestment of distributions | 4 | 3 | 40 | 36 |
Shares redeemed | (151) | (57) | (1,560) | (598) |
Net increase (decrease) | 363 | 723 | $ 3,788 | $ 7,588 |
Spartan Short-Intermediate Municipal Income | ||||
Shares sold | 37,757 | 89,461 | $ 395,317 | $ 942,790 |
Reinvestment of distributions | 1,721 | 4,591 | 17,938 | 48,317 |
Shares redeemed | (48,295) | (78,187) | (503,452) | (823,154) |
Net increase (decrease) | (8,817) | 15,865 | $ (90,197) | $ 167,953 |
Institutional Class | ||||
Shares sold | 83 | 41 | $ 860 | $ 434 |
Reinvestment of distributions | - | 1 | 3 | 4 |
Shares redeemed | (29) | (2) | (299) | (24) |
Net increase (decrease) | 54 | 40 | $ 564 | $ 414 |
A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period July 23, 2003 (commencement of sale of shares)
to December 31, 2003.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 3,415,899,540.41 | 73.098 |
Against | 857,186,718.73 | 18.343 |
Abstain | 194,806,370.40 | 4.169 |
Broker | 205,155,704.48 | 4.390 |
TOTAL | 4,673,048,334.02 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 4,338,349,812.56 | 92.838 |
Withheld | 334,698,521.46 | 7.162 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ralph F. Cox | ||
Affirmative | 4,334,671,421.01 | 92.759 |
Withheld | 338,376,913.01 | 7.241 |
TOTAL | 4,673,048,334.02 | 100.000 |
Laura B. Cronin | ||
Affirmative | 4,332,816,177.06 | 92.719 |
Withheld | 340,232,156.96 | 7.281 |
TOTAL | 4,673,048,334.02 | 100.000 |
Robert M. Gates | ||
Affirmative | 4,336,851,658.96 | 92.806 |
Withheld | 336,196,675.06 | 7.194 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 4,334,549,149.07 | 92.756 |
Withheld | 338,499,184.95 | 7.244 |
TOTAL | 4,673,048,334.02 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 4,327,320,608.55 | 92.602 |
Withheld | 345,727,725.47 | 7.398 |
TOTAL | 4,673,048,334.02 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 4,322,104,507.32 | 92.490 |
Withheld | 350,943,826.70 | 7.510 |
TOTAL | 4,673,048,334.02 | 100.000 |
Donald J. Kirk | ||
Affirmative | 4,335,814,201.97 | 92.783 |
Withheld | 337,234,132.05 | 7.217 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marie L. Knowles | ||
Affirmative | 4,333,892,089.64 | 92.742 |
Withheld | 339,156,244.38 | 7.258 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 4,340,856,926.26 | 92.891 |
Withheld | 332,191,407.76 | 7.109 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marvin L. Mann | ||
Affirmative | 4,336,736,818.96 | 92.803 |
Withheld | 336,311,515.06 | 7.197 |
TOTAL | 4,673,048,334.02 | 100.000 |
William O. McCoy | ||
Affirmative | 4,338,426,324.60 | 92.839 |
Withheld | 334,622,009.42 | 7.161 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 4,339,017,198.22 | 92.852 |
Withheld | 334,031,135.80 | 7.148 |
TOTAL | 4,673,048,334.02 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 4,338,546,239.15 | 92.842 |
Withheld | 334,502,094.87 | 7.158 |
TOTAL | 4,673,048,334.02 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity International Investment Advisors
Fidelity International Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
ASTM-USAN-0804
1.803547.100
Spartan®
Minnesota Municipal Income
Fund
Semiannual Report
June 30, 2004
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders. |
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 12 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 16 | Notes to the financial statements. |
Proxy Voting Results | 19 | |
For a free copy of the fund's proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
General Obligations | 50.2 | 46.3 |
Electric Utilities | 12.9 | 12.0 |
Health Care | 10.9 | 10.4 |
Water & Sewer | 5.7 | 5.9 |
Education | 4.7 | 6.5 |
Average Years to Maturity as of June 30, 2004 | ||
6 months ago | ||
Years | 13.2 | 13.5 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of June 30, 2004 | ||
6 months ago | ||
Years | 6.7 | 6.6 |
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, 2004 | As of December 31, 2003 | ||||||
![]() | AAA 56.8% | ![]() | AAA 55.2% | ||||
![]() | AA,A 36.3% | ![]() | AA,A 36.9% | ||||
![]() | BBB 2.8% | ![]() | BBB 3.9% | ||||
![]() | BB and Below 1.1% | ![]() | BB and Below 0.0% | ||||
![]() | Not Rated 0.0% | ![]() | Not Rated 1.1% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's Investors Services, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. |
Semiannual Report
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 97.0% | ||||
Principal | Value (Note 1) | |||
Minnesota - 93.3% | ||||
Anoka-Hennepin Independent School District #11: | ||||
Series 2004 B, 5% 2/1/20 | $ 1,880,000 | $ 1,933,674 | ||
Series A, 5.75% 2/1/20 | 3,950,000 | 4,378,496 | ||
Brainerd Independent School District #181 Series A: | ||||
5.375% 2/1/17 (FGIC Insured) | 4,705,000 | 5,084,082 | ||
5.375% 2/1/19 (FGIC Insured) | 2,700,000 | 2,886,975 | ||
Brooklyn Ctr. Independent School District #286 5.1% 2/1/31 (FGIC Insured) | 6,000,000 | 6,010,980 | ||
Centennial Independent School District #12: | ||||
Series 1996 A, 5.625% 2/1/16 | 1,000,000 | 1,076,610 | ||
Series A, 5% 2/1/19 (FSA Insured) | 580,000 | 602,214 | ||
Cloquet Poll. Cont. Rev. (Potlach Corp. Proj.) 5.9% 10/1/26 | 3,995,000 | 3,744,833 | ||
Hastings Independent School District #200 Series A, 5% 2/1/22 | 4,750,000 | 4,783,773 | ||
Hopkins Independent School District #270: | ||||
5% 2/1/11 | 1,250,000 | 1,356,838 | ||
5% 2/1/16 (FGIC Insured) | 1,350,000 | 1,423,062 | ||
5.125% 2/1/17 (FGIC Insured) | 1,015,000 | 1,072,693 | ||
Jackson County Central Independent School District #2895 5% 2/1/21 (FSA Insured) | 1,220,000 | 1,253,257 | ||
Lake Superior Independent School District #381 | ||||
5% 4/1/15 (FSA Insured) | 1,970,000 | 2,097,991 | ||
5% 4/1/16 (FSA Insured) | 2,065,000 | 2,183,593 | ||
5% 4/1/17 (FSA Insured) | 2,165,000 | 2,284,486 | ||
5% 4/1/18 (FSA Insured) | 1,260,000 | 1,322,017 | ||
Lakeville Independent School District #194 Series A, 5% 2/1/22 (FGIC Insured) | 1,000,000 | 1,021,090 | ||
Mankato Independent School District #77 Series A, 5% 2/1/12 (FSA Insured) | 1,605,000 | 1,701,011 | ||
Maple Grove Gen. Oblig. Impt. Series A, 5.2% 2/1/17 | 1,120,000 | 1,157,453 | ||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev.: | ||||
(Health Partners Oblig. Group Proj.): | ||||
5.875% 12/1/29 | 800,000 | 789,104 | ||
6% 12/1/19 | 2,415,000 | 2,494,743 | ||
(Healthspan Corp. Proj.) Series A, 4.75% 11/15/18 (AMBAC Insured) | 4,500,000 | 4,523,850 | ||
Minneapolis & Saint Paul Metro. Arpts. Commission Series 13, 5.25% 1/1/11 (a) | 2,840,000 | 3,037,295 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Minnesota - continued | ||||
Minneapolis & Saint Paul Metro. Arpts. Commission Arpt. Rev.: | ||||
Series 1999 A, 5.125% 1/1/31 (FGIC Insured) | $ 3,375,000 | $ 3,384,619 | ||
Series 2000 A, 5.75% 1/1/32 (FGIC Insured) | 1,000,000 | 1,055,150 | ||
Series 2001 C, 5.25% 1/1/32 (FGIC Insured) | 1,000,000 | 1,009,690 | ||
Series A, 5% 1/1/19 (AMBAC Insured) | 4,000,000 | 4,091,240 | ||
Series B: | ||||
5.25% 1/1/11 (AMBAC Insured) (a) | 3,475,000 | 3,667,376 | ||
5.4% 1/1/09 (FGIC Insured) (a) | 1,375,000 | 1,473,780 | ||
5.625% 1/1/13 (FGIC Insured) (a) | 1,000,000 | 1,062,650 | ||
Minneapolis Art Ctr. Facilities Rev. (Walker Art Ctr. Proj.) 5.125% 7/1/21 | 1,250,000 | 1,282,000 | ||
Minneapolis Cmnty. Dev. Agcy. Tax Increment Rev.: | ||||
0% 9/1/07 (MBIA Insured) | 2,860,000 | 2,607,777 | ||
0% 9/1/08 (MBIA Insured) | 4,600,000 | 4,017,824 | ||
Minneapolis Gen. Oblig.: | ||||
(Sports Arena Proj.) 5.125% 10/1/20 | 2,565,000 | 2,659,546 | ||
Series B, 5.1% 9/1/08 | 2,000,000 | 2,072,120 | ||
Minneapolis Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2002 A, 6% 11/15/18 | 2,655,000 | 2,829,619 | ||
Minneapolis Rev. (Univ. of Minnesota Gateway Proj.) Series 1997 A, 5.25% 12/1/24 | 1,900,000 | 1,920,520 | ||
Minneapolis Spl. School District #1: | ||||
5% 2/1/15 (MBIA Insured) | 1,020,000 | 1,078,599 | ||
5.3% 2/1/14 | 3,275,000 | 3,484,698 | ||
Minneapolis Spl. School District #1 Ctfs. of Prtn.: | ||||
Series B, 5% 2/1/13 | 2,575,000 | 2,689,691 | ||
5.5% 2/1/21 (MBIA Insured) | 1,305,000 | 1,377,636 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Health Care Sys. Proj.) Series A, 6.375% 11/15/29 | 3,000,000 | 3,194,280 | ||
Minnesota Gen. Oblig.: | ||||
(Duluth Arpt. Proj.) Series B, 6.25% 8/1/14 (a) | 1,000,000 | 1,042,990 | ||
5% 8/1/16 | 3,500,000 | 3,705,135 | ||
5% 8/1/18 | 10,775,000 | 11,281,420 | ||
5.2% 5/1/07 | 3,750,000 | 3,926,138 | ||
5.25% 8/1/13 | 745,000 | 805,934 | ||
5.5% 6/1/17 | 2,150,000 | 2,311,788 | ||
Minnesota Higher Ed. Facilities Auth. Rev.: | ||||
(Carleton College Proj.): | ||||
Series 3L 1, 5.75% 11/1/12 | 2,000,000 | 2,112,640 | ||
Series 4N, 5% 11/1/18 | 2,000,000 | 2,052,720 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Minnesota - continued | ||||
Minnesota Higher Ed. Facilities Auth. Rev.: - continued | ||||
(Hamline Univ. Proj.): | ||||
Series 4I, 6% 10/1/12 | $ 2,000,000 | $ 2,096,400 | ||
Series 5B, 5.95% 10/1/19 | 600,000 | 632,232 | ||
(MacAlester College Proj.) Series 4C: | ||||
5.2% 3/1/08 | 1,070,000 | 1,089,260 | ||
5.5% 3/1/12 | 815,000 | 834,193 | ||
(Saint Johns Univ. Proj.) Series 4L, 5.4% 10/1/22 | 3,500,000 | 3,570,385 | ||
(Saint Thomas Univ. Proj.) Series 4M, 5.35% 4/1/17 | 1,500,000 | 1,543,650 | ||
Minnesota Hsg. Fin. Agcy. (Single Family Mtg. Prog.) Series H, 6.5% 1/1/26 (a) | 1,410,000 | 1,416,980 | ||
Minnesota Pub. Facilities Auth. Drinking Wtr. Rev. | ||||
5% 3/1/07 | 2,500,000 | 2,657,400 | ||
5% 3/1/08 | 2,500,000 | 2,682,425 | ||
Minnesota Pub. Facilities Auth. Wtr. Poll. Cont. Rev.: | ||||
Series A: | ||||
5% 3/1/06 | 1,150,000 | 1,204,441 | ||
5% 3/1/16 | 1,000,000 | 1,035,590 | ||
6% 3/1/07 | 2,605,000 | 2,835,412 | ||
Series B: | ||||
5.125% 3/1/13 | 1,000,000 | 1,065,260 | ||
5.125% 3/1/15 | 5,000,000 | 5,260,500 | ||
5% 3/1/06 | 2,500,000 | 2,618,350 | ||
Minnesota Retirement Sys. Bldg. Rev.: | ||||
5.55% 6/1/14 | 590,000 | 645,661 | ||
5.6% 6/1/15 | 590,000 | 643,944 | ||
5.65% 6/1/16 | 625,000 | 681,025 | ||
5.7% 6/1/17 | 900,000 | 984,015 | ||
5.75% 6/1/18 | 975,000 | 1,071,808 | ||
5.75% 6/1/19 | 1,050,000 | 1,151,346 | ||
5.8% 6/1/20 | 1,000,000 | 1,095,270 | ||
5.875% 6/1/22 | 2,425,000 | 2,661,486 | ||
Mounds View Independent School District #621 Series 2000 A, 5.375% 2/1/24 | 3,000,000 | 3,121,500 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev.: | ||||
Series B, 4.75% 1/1/20 (AMBAC Insured) | 3,500,000 | 3,522,505 | ||
5.25% 1/1/13 (FSA Insured) | 1,500,000 | 1,614,975 | ||
5.375% 1/1/14 (FSA Insured) | 8,500,000 | 9,169,290 | ||
Osseo Independent School District #279: | ||||
(School Bldg. Proj.): | ||||
Series 2000 A, 5.25% 2/1/21 | 2,625,000 | 2,742,206 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Minnesota - continued | ||||
Osseo Independent School District #279: - continued | ||||
(School Bldg. Proj.): - continued | ||||
Series A: | ||||
5.75% 2/1/11 | $ 2,420,000 | $ 2,716,547 | ||
5.75% 2/1/12 | 3,100,000 | 3,451,168 | ||
Series A, 5.25% 2/1/14 (FSA Insured) | 2,705,000 | 2,937,062 | ||
Series B, 5% 2/1/13 | 2,000,000 | 2,109,700 | ||
Owatonna Pub. Utils. Commission Pub. Utils. Rev.: | ||||
4% 1/1/06 (AMBAC Insured) | 610,000 | 627,324 | ||
5% 1/1/11 (AMBAC Insured) | 720,000 | 777,809 | ||
5% 1/1/13 (AMBAC Insured) | 800,000 | 861,456 | ||
5% 1/1/15 (AMBAC Insured) | 715,000 | 759,301 | ||
Prior Lake Ind. School District #719 Series 2000, 5.5% 2/1/15 (FSA Insured) | 1,500,000 | 1,620,300 | ||
Ramsey County Gen. Oblig. Series A, 5% 2/1/18 | 1,530,000 | 1,598,544 | ||
Robbinsdale Independent School District #281: | ||||
5% 2/1/09 | 2,035,000 | 2,190,576 | ||
5% 2/1/16 (FSA Insured) | 3,425,000 | 3,610,361 | ||
5% 2/1/17 (FSA Insured) | 2,535,000 | 2,658,733 | ||
5% 2/1/18 (FSA Insured) | 2,520,000 | 2,629,721 | ||
Rochester Health Care Facilities Rev.: | ||||
(Mayo Foundation Proj.) Series A, 5.5% 11/15/27 | 4,750,000 | 4,837,780 | ||
(Mayo Foundation/Mayo Med. Ctr. Proj.) Series I: | ||||
5.875% 11/15/08 | 1,000,000 | 1,118,000 | ||
5.9% 11/15/09 | 1,000,000 | 1,126,290 | ||
Roseville Independent School District #623 (School District Cr. Enhancement Prog.) Series A: | ||||
5% 2/1/14 (FSA Insured) | 1,460,000 | 1,553,907 | ||
5% 2/1/15 (FSA Insured) | 1,015,000 | 1,072,439 | ||
Saint Cloud Health Care Rev. (Saint Cloud Hosp. Group Oblig. Proj.) Series A: | ||||
5.75% 5/1/26 (FSA Insured) | 7,020,000 | 7,406,381 | ||
5.875% 5/1/30 (FSA Insured) | 4,000,000 | 4,268,400 | ||
Saint Cloud Hosp. Facilities Rev. (Saint Cloud Hosp. Proj.): | ||||
Series A, 5.5% 7/1/05 (AMBAC Insured) | 995,000 | 1,033,009 | ||
Series B, 5% 7/1/20 (AMBAC Insured) | 1,000,000 | 1,019,310 | ||
Saint Louis Park Health Care Facilities Rev. (Park Nicollet Health Services Proj.) Series B, 5.5% 7/1/25 | 2,000,000 | 2,019,500 | ||
Saint Louis Park Independent School District #283: | ||||
5.65% 2/1/16 | 2,630,000 | 2,833,536 | ||
5.75% 2/1/20 | 3,765,000 | 4,068,760 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Minnesota - continued | ||||
Saint Michael Independent School District #885 5% 2/1/27 (FSA Insured) | $ 7,000,000 | $ 7,004,130 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (Regions Hosp. Proj.) 5.3% 5/15/28 | 1,250,000 | 1,186,700 | ||
Saint Paul Independent School District #625: | ||||
Series 2000 A, 5.5% 2/1/21 | 1,060,000 | 1,132,960 | ||
Series A, 5% 2/1/17 (FSA Insured) | 220,000 | 231,950 | ||
Series B: | ||||
5% 2/1/18 (FSA Insured) | 395,000 | 414,138 | ||
5.8% 2/1/12 | 1,200,000 | 1,227,744 | ||
Saint Paul Port Auth. Energy Park Tax Increment Rev. 5% 2/1/08 (FSA Insured) | 2,500,000 | 2,661,025 | ||
Saint Paul Port Auth. Lease Rev.: | ||||
Series 2003 11, 5.25% 12/1/20 | 3,000,000 | 3,169,440 | ||
Series 2003 12, 5.25% 12/1/18 | 3,185,000 | 3,407,791 | ||
South Washington County Independent School District #833 Series A: | ||||
5.4% 2/1/15 | 3,925,000 | 4,216,235 | ||
5.5% 2/1/19 (MBIA Insured) | 1,000,000 | 1,064,720 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | ||||
Series 2002 A, 5% 1/1/12 (AMBAC Insured) | 2,660,000 | 2,870,140 | ||
Series A: | ||||
0% 1/1/19 (MBIA Insured) | 5,210,000 | 2,551,962 | ||
5% 1/1/10 (MBIA Insured) | 2,000,000 | 2,158,500 | ||
5.25% 1/1/16 (AMBAC Insured) | 2,360,000 | 2,567,515 | ||
5% 1/1/07 (AMBAC Insured) | 2,815,000 | 2,978,017 | ||
Suburban Hennepin Reg'l. Park District 5% 2/1/12 | 1,000,000 | 1,055,930 | ||
Waconia Independent School District #110 Series A: | ||||
5% 2/1/06 (FSA Insured) | 750,000 | 783,870 | ||
5% 2/1/08 (FSA Insured) | 800,000 | 856,280 | ||
5% 2/1/09 (FSA Insured) | 850,000 | 915,731 | ||
5% 2/1/10 (FSA Insured) | 900,000 | 973,260 | ||
Washington County Gen. Oblig. 5.5% 2/1/21 | 1,450,000 | 1,549,804 | ||
Wayzata Ind. School District #284 Series 2002 A: | ||||
4.5% 2/1/07 | 3,830,000 | 4,013,572 | ||
4.5% 2/1/08 | 1,920,000 | 2,022,758 | ||
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series A: | ||||
5.375% 1/1/08 (AMBAC Insured) | 3,900,000 | 4,144,257 | ||
5.4% 1/1/09 (AMBAC Insured) | 4,325,000 | 4,597,432 | ||
5.5% 1/1/11 (AMBAC Insured) | 1,000,000 | 1,064,440 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Minnesota - continued | ||||
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series A: - continued | ||||
5.5% 1/1/12 (AMBAC Insured) | $ 1,000,000 | $ 1,064,440 | ||
6.375% 1/1/16 (Escrowed to Maturity) (b) | 1,505,000 | 1,716,407 | ||
Western Minnesota Muni. Pwr. Agcy. Transmission Rev.: | ||||
Series 2001 A, 5.5% 1/1/08 (AMBAC Insured) | 1,125,000 | 1,220,153 | ||
Series A, 5.5% 1/1/09 (AMBAC Insured) | 1,000,000 | 1,095,910 | ||
316,888,334 | ||||
Puerto Rico - 3.7% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series Y, 5.5% 7/1/36 (FSA Insured) | 2,680,000 | 2,828,579 | ||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series D, 5.25% 7/1/38 | 2,500,000 | 2,485,075 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A: | ||||
5.5% 10/1/32 (Escrowed to Maturity) (b) | 3,100,000 | 3,269,880 | ||
5.5% 10/1/40 (Escrowed to Maturity) (b) | 1,000,000 | 1,049,770 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series HH, 5.25% 7/1/29 (FSA Insured) | 3,000,000 | 3,059,490 | ||
12,692,794 |
TOTAL INVESTMENT PORTFOLIO - 97.0% (Cost $319,637,190) | 329,581,128 | ||
NET OTHER ASSETS - 3.0% | 10,050,038 | ||
NET ASSETS - 100% | $ 339,631,166 |
Legend |
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(b) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 50.2% |
Electric Utilities | 12.9% |
Health Care | 10.9% |
Water & Sewer | 5.7% |
Others* (individually less than 5%) | 20.3% |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $25,003,436 and $19,655,160, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
June 30, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $319,637,190) - See accompanying schedule | $ 329,581,128 | |
Cash | 5,293,204 | |
Receivable for fund shares sold | 6,230 | |
Interest receivable | 5,759,727 | |
Prepaid expenses | 828 | |
Other receivables | 4,552 | |
Total assets | 340,645,669 | |
Liabilities | ||
Payable for fund shares redeemed | $ 534,102 | |
Distributions payable | 319,647 | |
Accrued management fee | 106,423 | |
Other affiliated payables | 32,086 | |
Other payables and accrued expenses | 22,245 | |
Total liabilities | 1,014,503 | |
Net Assets | $ 339,631,166 | |
Net Assets consist of: | ||
Paid in capital | $ 329,169,462 | |
Undistributed net investment income | 170,735 | |
Accumulated undistributed net realized gain (loss) on investments | 347,031 | |
Net unrealized appreciation (depreciation) on investments | 9,943,938 | |
Net Assets, for 29,909,402 shares outstanding | $ 339,631,166 | |
Net Asset Value, offering price and redemption price per share ($339,631,166 ÷ 29,909,402 shares) | $ 11.36 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $ 7,688,782 | |
Expenses | ||
Management fee | $ 651,755 | |
Transfer agent fees | 137,506 | |
Accounting fees and expenses | 45,447 | |
Non-interested trustees' compensation | 878 | |
Custodian fees and expenses | 3,723 | |
Registration fees | 18,831 | |
Audit | 19,597 | |
Legal | 1,926 | |
Miscellaneous | 5,779 | |
Total expenses before reductions | 885,442 | |
Expense reductions | (32,970) | 852,472 |
Net investment income (loss) | 6,836,310 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on investment securities | 617,021 | |
Change in net unrealized appreciation (depreciation) on investment securities | (10,026,957) | |
Net gain (loss) | (9,409,936) | |
Net increase (decrease) in net assets resulting from operations | $ (2,573,626) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 6,836,310 | $ 13,771,276 |
Net realized gain (loss) | 617,021 | 2,512,792 |
Change in net unrealized appreciation (depreciation) | (10,026,957) | 1,291,690 |
Net increase (decrease) in net assets resulting | (2,573,626) | 17,575,758 |
Distributions to shareholders from net investment income | (6,783,266) | (13,684,949) |
Distributions to shareholders from net realized gain | (889,753) | (1,935,603) |
Total distributions | (7,673,019) | (15,620,552) |
Share transactions | 36,596,866 | 47,539,027 |
Reinvestment of distributions | 5,684,047 | 11,834,902 |
Cost of shares redeemed | (36,285,971) | (61,886,380) |
Net increase (decrease) in net assets resulting from share transactions | 5,994,942 | (2,512,451) |
Redemption fees | 2,469 | 2,193 |
Total increase (decrease) in net assets | (4,249,234) | (555,052) |
Net Assets | ||
Beginning of period | 343,880,400 | 344,435,452 |
End of period (including undistributed net investment income of $170,735 and undistributed net investment income of $247,426, respectively) | $ 339,631,166 | $ 343,880,400 |
Other Information Shares | ||
Sold | 3,158,977 | 4,073,369 |
Issued in reinvestment of distributions | 490,524 | 1,014,251 |
Redeemed | (3,155,238) | (5,316,888) |
Net increase (decrease) | 494,263 | (229,268) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 11.69 | $ 11.62 | $ 11.19 | $ 11.20 | $ 10.63 | $ 11.41 |
Income from Investment Operations | ||||||
Net investment income (loss) | .228D | .467D | .509D | .529D,F | .529D | .511 |
Net realized and unrealized gain (loss) | (.301) | .133 | .431 | (.016)F | .568 | (.780) |
Total from investment operations | (.073) | .600 | .940 | .513 | 1.097 | (.269) |
Distributions from net investment income | (.227) | (.464) | (.510) | (.523) | (.527) | (.511) |
Distributions from net realized gain | (.030) | (.066) | - | - | - | - |
Total distributions | (.257) | (.530) | (.510) | (.523) | (.527) | (.511) |
Redemption fees added to paid in capital | -D,G | -D,G | -D,G | - | - | - |
Net asset value, end of period | $ 11.36 | $ 11.69 | $ 11.62 | $ 11.19 | $ 11.20 | $ 10.63 |
Total ReturnB,C | (.65)% | 5.27% | 8.57% | 4.64% | 10.62% | (2.43)% |
Ratios to Average Net AssetsE | ||||||
Expenses before | .51%A | .51% | .51% | .51% | .52% | .53% |
Expenses net of voluntary waivers, if any | .51%A | .51% | .51% | .51% | .52% | .53% |
Expenses net of all | .49%A | .49% | .49% | .46% | .46% | .51% |
Net investment | 3.96%A | 4.00% | 4.45% | 4.69%F | 4.90% | 4.62% |
Supplemental Data | ||||||
Net assets, end of | $ 339,631 | $ 343,880 | $ 344,435 | $ 316,371 | $ 293,666 | $ 285,029 |
Portfolio turnover rate | 12%A | 15% | 25% | 7% | 18% | 21% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
F Effective January 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2004 (Unaudited)
1. Significant Accounting Policies.
Spartan Minnesota Municipal Income Fund (the fund) is a fund of Fidelity Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The fund may be affected by economic and political developments in the state of Minnesota. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities, including restricted securities, are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income 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 among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent 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 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 Internal Revenue Service (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 investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 11,888,529 | |
Unrealized depreciation | (1,804,594) | |
Net unrealized appreciation (depreciation) | $ 10,083,935 | |
Cost for federal income tax purposes | $ 319,497,193 |
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.
2. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
3. 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 .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds
Semiannual Report
3. 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 .38% of the fund's average net assets.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the fund. Citibank has entered into a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the activities associated with the fund's transfer and shareholder servicing agent and accounting functions. The fund pays account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month. For the period, the transfer agent fees were equivalent to an annualized rate of .08% of average net assets.
4. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
5. Expense Reductions.
Through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. During the period, these credits reduced the fund's custody and transfer agent expenses by $3,266 and $29,704, respectively.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 3,415,899,540.41 | 73.098 |
Against | 857,186,718.73 | 18.343 |
Abstain | 194,806,370.40 | 4.169 |
Broker | 205,155,704.48 | 4.390 |
TOTAL | 4,673,048,334.02 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 4,338,349,812.56 | 92.838 |
Withheld | 334,698,521.46 | 7.162 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ralph F. Cox | ||
Affirmative | 4,334,671,421.01 | 92.759 |
Withheld | 338,376,913.01 | 7.241 |
TOTAL | 4,673,048,334.02 | 100.000 |
Laura B. Cronin | ||
Affirmative | 4,332,816,177.06 | 92.719 |
Withheld | 340,232,156.96 | 7.281 |
TOTAL | 4,673,048,334.02 | 100.000 |
Robert M. Gates | ||
Affirmative | 4,336,851,658.96 | 92.806 |
Withheld | 336,196,675.06 | 7.194 |
TOTAL | 4,673,048,334.02 | 100.000 |
George H. Heilmeier | ||
Affirmative | 4,334,549,149.07 | 92.756 |
Withheld | 338,499,184.95 | 7.244 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
Abigail P. Johnson | ||
Affirmative | 4,327,320,608.55 | 92.602 |
Withheld | 345,727,725.47 | 7.398 |
TOTAL | 4,673,048,334.02 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 4,322,104,507.32 | 92.490 |
Withheld | 350,943,826.70 | 7.510 |
TOTAL | 4,673,048,334.02 | 100.000 |
Donald J. Kirk | ||
Affirmative | 4,335,814,201.97 | 92.783 |
Withheld | 337,234,132.05 | 7.217 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marie L. Knowles | ||
Affirmative | 4,333,892,089.64 | 92.742 |
Withheld | 339,156,244.38 | 7.258 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 4,340,856,926.26 | 92.891 |
Withheld | 332,191,407.76 | 7.109 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marvin L. Mann | ||
Affirmative | 4,336,736,818.96 | 92.803 |
Withheld | 336,311,515.06 | 7.197 |
TOTAL | 4,673,048,334.02 | 100.000 |
William O. McCoy | ||
Affirmative | 4,338,426,324.60 | 92.839 |
Withheld | 334,622,009.42 | 7.161 |
TOTAL | 4,673,048,334.02 | 100.000 |
Robert L. Reynolds | ||
Affirmative | 4,339,017,198.22 | 92.852 |
Withheld | 334,031,135.80 | 7.148 |
TOTAL | 4,673,048,334.02 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 4,338,546,239.15 | 92.842 |
Withheld | 334,502,094.87 | 7.158 |
TOTAL | 4,673,048,334.02 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
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Semiannual Report
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Attn: Distribution Services
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Covington, KY 41015
General Correspondence
Fidelity Investments
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Merrimack, NH 03054-0500
Semiannual Report
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Semiannual Report
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Semiannual Report
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Semiannual Report
June 30, 2004
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Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders. |
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 41 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 45 | Notes to the financial statements. |
Proxy Voting Results | 49 | |
For a free copy of the fund's proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Investment Changes
Top Five States as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
Illinois | 15.8 | 15.5 |
Texas | 12.8 | 14.0 |
New York | 10.4 | 10.6 |
California | 8.7 | 7.5 |
Massachusetts | 7.3 | 7.5 |
Top Five Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
General Obligations | 32.8 | 33.5 |
Electric Utilities | 15.6 | 16.4 |
Health Care | 12.3 | 11.3 |
Transportation | 10.2 | 10.5 |
Water & Sewer | 10.1 | 9.4 |
Average Years to Maturity as of June 30, 2004 | ||
6 months ago | ||
Years | 15.8 | 15.3 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of June 30, 2004 | ||
6 months ago | ||
Years | 7.5 | 7.5 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2004 | As of December 31, 2003 | ||||||
![]() | AAA 69.4% | ![]() | AAA 67.7% | ||||
![]() | AA,A 23.0% | ![]() | AA,A 24.3% | ||||
![]() | BBB 6.8% | ![]() | BBB 7.3% | ||||
![]() | Not Rated 0.3% | ![]() | Not Rated 0.4% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's ® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ® ratings. |
Semiannual Report
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.5% | ||||
Principal | Value (Note 1) | |||
Alabama - 0.1% | ||||
Alabama Pub. School & College Auth. Rev. Series 1999 C, 5.75% 7/1/18 | $ 2,000 | $ 2,186 | ||
Cullman Med. Park South Med. Clinic Board Rev. (Cullman Reg'l. Med. Ctr. Proj.) Series A, 6.5% 2/15/23 | 4,000 | 4,011 | ||
Jefferson County Swr. Rev. Series 1997 D, 5.7% 2/1/18 (Pre-Refunded to 2/1/07 @ 101) (e) | 100 | 109 | ||
6,306 | ||||
Alaska - 0.2% | ||||
North Slope Borough Gen. Oblig. Series 2000 B, 0% 6/30/09 (MBIA Insured) | 10,000 | 8,326 | ||
Arizona - 0.5% | ||||
Arizona School Facilities Board State School Impt. Rev. 5.25% 7/1/20 | 1,000 | 1,048 | ||
Arizona Student Ln. Acquisition Auth. Student Ln. Rev. Sr. Series A1, 5.9% 5/1/24 (d) | 2,000 | 2,066 | ||
Maricopa County Hosp. Rev. (Sun Health Corp. Proj.): | ||||
5.4% 4/1/05 | 2,935 | 2,995 | ||
5.65% 4/1/06 | 3,625 | 3,762 | ||
Maricopa County Indl. Dev. Auth. Hosp. Facilities Rev. (Samaritan Health Svcs. Proj.) Series A, 7% 12/1/16 (Escrowed to Maturity) (e) | 2,000 | 2,469 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Health Care Proj.) 5.8% 12/1/31 | 3,250 | 3,261 | ||
Tucson Gen. Oblig. Series 2002, 5% 7/1/10 | 2,645 | 2,865 | ||
Yavapai County Indl. Dev. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 4.625%, tender 6/1/05 (c)(d) | 5,500 | 5,586 | ||
24,052 | ||||
Arkansas - 0.2% | ||||
Little Rock School District Series 2001 C, 5.25% 2/1/33 (FSA Insured) | 6,500 | 6,593 | ||
North Little Rock Elec. Rev. Series A, 6.5% 7/1/10 (MBIA Insured) | 3,840 | 4,421 | ||
11,014 | ||||
California - 8.7% | ||||
ABC Unified School District 0% 8/1/28 (FGIC Insured) | 3,925 | 991 | ||
Cabrillo Unified School District Series A, 0% 8/1/20 (AMBAC Insured) | 4,275 | 1,859 | ||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A, 5.75% 5/1/17 | 4,900 | 5,342 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: - continued | ||||
Series A: | ||||
5.25% 5/1/10 (MBIA Insured) | $ 22,840 | $ 25,062 | ||
5.5% 5/1/15 (AMBAC Insured) | 8,800 | 9,602 | ||
5.875% 5/1/16 | 7,500 | 8,284 | ||
6% 5/1/15 | 9,300 | 10,349 | ||
California Econ. Recovery: | ||||
Series 2004 A, 5% 7/1/16 | 10,700 | 11,119 | ||
Series A: | ||||
5.25% 7/1/13 (MBIA Insured) | 5,300 | 5,840 | ||
5.25% 7/1/14 (FGIC Insured) | 2,800 | 3,077 | ||
California Edl. Facilities Auth. Rev. (Loyola Marymount Univ. Proj.): | ||||
0% 10/1/16 (MBIA Insured) | 2,140 | 1,186 | ||
0% 10/1/17 (MBIA Insured) | 2,050 | 1,068 | ||
0% 10/1/18 (MBIA Insured) | 1,675 | 822 | ||
0% 10/1/22 (MBIA Insured) | 5,000 | 1,882 | ||
California Gen. Oblig.: | ||||
Series 1999, 5.75% 12/1/12 (FGIC Insured) | 5,000 | 5,619 | ||
4.5% 2/1/09 | 5,825 | 6,104 | ||
5% 2/1/09 | 1,435 | 1,534 | ||
5% 2/1/11 | 8,000 | 8,538 | ||
5.125% 9/1/12 | 2,000 | 2,134 | ||
5.25% 2/1/11 | 1,000 | 1,082 | ||
5.25% 2/1/14 | 7,600 | 8,157 | ||
5.25% 2/1/15 | 18,300 | 19,542 | ||
5.25% 2/1/16 | 4,300 | 4,559 | ||
5.25% 2/1/19 | 5,620 | 5,852 | ||
5.5% 2/1/12 | 8,000 | 8,778 | ||
5.5% 3/1/12 | 2,000 | 2,180 | ||
5.5% 4/1/30 | 3,800 | 3,887 | ||
5.5% 11/1/33 | 7,900 | 8,092 | ||
5.75% 12/1/24 | 4,000 | 4,204 | ||
California Hsg. Fin. Agcy. Home Mtg. Rev.: | ||||
Series 1983 A, 0% 2/1/15 | 187 | 79 | ||
Series B, 5.2% 8/1/26 (MBIA Insured) (d) | 400 | 400 | ||
Series G: | ||||
5.9% 2/1/09 (MBIA Insured) (d) | 1,000 | 1,035 | ||
5.9% 8/1/09 (MBIA Insured) (d) | 2,000 | 2,070 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 2004 B, 3.3%, tender 6/1/07 (FGIC Insured) (c)(d) | $ 8,800 | $ 8,831 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 5%, tender 5/1/13 (c)(d) | 10,000 | 9,786 | ||
California Pub. Works Board Lease Rev. (Various California State Univ. Projs.) Series A, 5.25% 12/1/13 | 5,000 | 5,111 | ||
California State Univ. Rev. & Colleges Series 1999 AY, 5.875% 11/1/30 (FGIC Insured) | 9,775 | 10,541 | ||
California Statewide Cmntys. Dev. Auth. Rev. (Kaiser Permanente Health Sys. Proj.) Series 2004 G, 2.3%, tender 5/1/07 (c) | 4,000 | 3,879 | ||
Compton Cmnty. Redev. Agcy. (Tax Allocation-Compton Redev. Proj.) Series A, 6.5% 8/1/13 (FSA Insured) | 4,000 | 4,272 | ||
Encinitas Union School District 0% 8/1/20 (MBIA Insured) | 3,500 | 1,522 | ||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series A, 5% 1/1/35 (MBIA Insured) | 5,070 | 4,932 | ||
0% 1/15/27 (a) | 2,500 | 1,859 | ||
5% 1/15/16 (MBIA Insured) | 2,800 | 2,911 | ||
5.75% 1/15/40 | 6,300 | 6,172 | ||
Golden State Tobacco Securitization Corp.: | ||||
Series 2003 A1: | ||||
5% 6/1/21 | 1,665 | 1,631 | ||
6.75% 6/1/39 | 8,800 | 7,906 | ||
Series 2003 B: | ||||
5% 6/1/08 | 1,400 | 1,461 | ||
5% 6/1/10 | 2,000 | 2,089 | ||
5% 6/1/12 | 2,255 | 2,326 | ||
5.75% 6/1/21 | 10,000 | 10,195 | ||
5.75% 6/1/23 | 3,400 | 3,441 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2001 A, 5.125% 7/1/41 | 5,000 | 4,892 | ||
Los Angeles Unified School District: | ||||
Series A: | ||||
5.375% 7/1/17 (MBIA Insured) | 9,400 | 10,157 | ||
5.375% 7/1/18 (MBIA Insured) | 14,600 | 15,674 | ||
5.5% 7/1/15 (MBIA Insured) | 4,210 | 4,637 | ||
Series F, 5% 7/1/18 (FSA Insured) | 10,000 | 10,391 | ||
Modesto Irrigation District Elec. Rev. Series A, 9.625% 1/1/11 (Escrowed to Maturity) (e) | 3,460 | 4,238 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
California - continued | ||||
Monrovia Unified School District Series B, 0% 8/1/29 (FGIC Insured) | $ 4,525 | $ 1,077 | ||
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A: | ||||
3.75% 7/1/12 | 5,820 | 5,824 | ||
3.75% 1/1/13 | 1,500 | 1,434 | ||
Sacramento Cogeneration Auth. Cogeneration Proj. Rev. (Procter & Gamble Proj.) 6.375% 7/1/10 | 700 | 736 | ||
Sacramento Pwr. Auth. Cogeneration Proj. Rev.: | ||||
6.5% 7/1/07 | 1,000 | 1,083 | ||
6.5% 7/1/09 | 2,200 | 2,366 | ||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | ||||
Second Series Issue 10A, 5.55% 5/1/14 (MBIA Insured) (d) | 5,875 | 6,240 | ||
Second Series Issue 27A, 5.5% 5/1/09 (MBIA Insured) (d) | 4,330 | 4,715 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A: | ||||
0% 1/15/12 (MBIA Insured) | 9,900 | 7,183 | ||
0% 1/15/34 (MBIA Insured) | 10,000 | 1,828 | ||
5.25% 1/15/30 (MBIA Insured) | 3,600 | 3,603 | ||
San Mateo County Cmnty. College District Series A, 0% 9/1/26 (FGIC Insured) | 5,430 | 1,553 | ||
Univ. of California Revs.: | ||||
(UCLA Med. Ctr. Proj.): | ||||
Series A: | ||||
5.5% 5/15/15 (AMBAC Insured) | 2,990 | 3,282 | ||
5.5% 5/15/16 (AMBAC Insured) | 3,155 | 3,430 | ||
5.5% 5/15/17 (AMBAC Insured) | 3,325 | 3,592 | ||
5.5% 5/15/19 (AMBAC Insured) | 3,700 | 3,969 | ||
5.5% 5/15/22 (AMBAC Insured) | 1,000 | 1,055 | ||
5.5% 5/15/23 (AMBAC Insured) | 1,000 | 1,049 | ||
Series B: | ||||
5.5% 5/15/16 (AMBAC Insured) | 6,500 | 7,102 | ||
5.5% 5/15/17 (AMBAC Insured) | 6,860 | 7,438 | ||
Series B, 5.5% 5/15/15 (AMBAC Insured) | 5,105 | 5,621 | ||
393,363 | ||||
Colorado - 1.1% | ||||
Arapahoe County Cherry Creek School District #5 5.5% 12/15/19 | 3,500 | 3,752 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Colorado - continued | ||||
Colorado Health Facilities Auth. Rev. Series 2001: | ||||
6.5% 11/15/31 | $ 5,040 | $ 5,400 | ||
6.625% 11/15/26 | 2,700 | 2,917 | ||
Colorado Springs Arpt. Rev. Series C: | ||||
0% 1/1/09 (MBIA Insured) | 1,655 | 1,393 | ||
0% 1/1/10 (MBIA Insured) | 1,500 | 1,197 | ||
Denver City & County Arpt. Rev.: | ||||
Series A, 0% 11/15/05 (MBIA Insured) (d) | 4,480 | 4,345 | ||
Series D, 0% 11/15/05 (MBIA Insured) (d) | 3,000 | 2,909 | ||
Denver Health & Hosp. Auth. Health Care Rev. Series A, 6.25% 12/1/33 | 2,000 | 2,005 | ||
Douglas and Elbert Counties School District #RE1 5.75% 12/15/20 (FGIC Insured) | 1,500 | 1,660 | ||
E-470 Pub. Hwy. Auth. Rev. Series 2000 A, 5.75% 9/1/29 (MBIA Insured) | 10,000 | 10,622 | ||
El Paso County School District #20 Series A, 0% 6/15/08 (AMBAC Insured) | 2,600 | 2,270 | ||
Highlands Ranch Metro. District #2 6.5% 6/15/10 (FSA Insured) | 1,000 | 1,157 | ||
Larimer County School District #R1, Poudre 5.5% 12/15/23 (MBIA Insured) | 3,500 | 3,732 | ||
Longmont Sales & Use Tax Rev. 5.7% 11/15/18 (FGIC Insured) | 2,280 | 2,486 | ||
Northwest Pkwy Pub. Hwy. Auth. Sr. Series A: | ||||
5.5% 6/15/15 (AMBAC Insured) | 1,000 | 1,087 | ||
5.5% 6/15/19 (AMBAC Insured) | 1,000 | 1,069 | ||
48,001 | ||||
Connecticut - 0.2% | ||||
Connecticut Gen. Oblig.: | ||||
Series 2002 B, 5.5% 6/15/18 | 4,300 | 4,648 | ||
Series D, 5.375% 11/15/18 | 4,000 | 4,274 | ||
8,922 | ||||
District Of Columbia - 1.3% | ||||
District of Columbia Gen. Oblig. Series 1998 A, 5.25% 6/1/27 (MBIA Insured) | 17,330 | 17,624 | ||
District of Columbia Rev.: | ||||
(American Assoc. of Advancement in Science Proj.) 5.125% 1/1/27 (AMBAC Insured) | 9,250 | 9,171 | ||
(George Washington Univ. Proj.) Series A, 5.75% 9/15/20 (MBIA Insured) | 12,600 | 13,785 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
District Of Columbia - continued | ||||
District of Columbia Rev.: - continued | ||||
(Georgetown Univ. Proj.) Series A: | ||||
5.95% 4/1/14 (MBIA Insured) | $ 2,000 | $ 2,213 | ||
6% 4/1/18 (MBIA Insured) | 13,835 | 15,310 | ||
58,103 | ||||
Florida - 2.0% | ||||
Boynton Beach Util. Sys. Rev. 5.5% 11/1/19 (FGIC Insured) | 3,300 | 3,666 | ||
Dade County Aviation Rev. (Miami Int'l. Arpt. Proj.) Series B, 6% 10/1/24 (MBIA Insured) (d) | 3,750 | 3,952 | ||
Florida Board of Ed. Lottery Rev. Series B, 6% 7/1/15 (FGIC Insured) | 3,300 | 3,723 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Proj.): | ||||
3.35%, tender 9/1/05 (c) | 17,300 | 17,513 | ||
5.25% 11/15/12 | 3,935 | 4,103 | ||
5.25% 11/15/13 | 3,140 | 3,253 | ||
Jacksonville Elec. Auth. Rev.: | ||||
(Saint Johns River Proj.) Series 13 Issue 2, 5.375% 10/1/16 | 4,535 | 4,791 | ||
(Third Installment Proj.) Series 73, 6.8% 7/1/12 (Escrowed to Maturity) (e) | 2,695 | 3,054 | ||
Jacksonville Port Auth. Rev.: | ||||
5.5% 11/1/06 (MBIA Insured) (d) | 4,140 | 4,314 | ||
5.75% 11/1/09 (MBIA Insured) (d) | 1,000 | 1,085 | ||
Miami-Dade County Edl. Facilities Auth. Rev. 5.75% 4/1/29 (AMBAC Insured) | 5,000 | 5,327 | ||
Miami-Dade County School Board Ctfs. of Prtn. 5%, tender 5/1/11 (MBIA Insured) (c) | 3,600 | 3,833 | ||
Palm Beach County School Board Ctfs. of Prtn. Series A: | ||||
5.5% 8/1/21 (AMBAC Insured) | 6,135 | 6,509 | ||
5.5% 8/1/22 (AMBAC Insured) | 8,210 | 8,625 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | ||||
6% 4/1/08 (AMBAC Insured) (d) | 5,000 | 5,360 | ||
6% 4/1/09 (AMBAC Insured) (d) | 8,090 | 8,706 | ||
South Broward Hosp. District Rev. 5.625% 5/1/32 (MBIA Insured) | 2,630 | 2,752 | ||
Tampa Wtr. & Swr. Rev. 6% 10/1/17 (FSA Insured) | 1,000 | 1,167 | ||
91,733 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Georgia - 1.1% | ||||
Atlanta & Fulton County Resource Auth. Rev. (Downtown Area Pub. Impt. Proj.) Series A, 5.375% 12/1/21 (MBIA Insured) | $ 6,000 | $ 6,295 | ||
College Park Bus. & Indl. Dev. Auth. Civic Ctr. Proj. Rev. Series 2000, 5.75% 9/1/20 (AMBAC Insured) | 5,800 | 6,325 | ||
Forsyth County School District 5.75% 2/1/18 | 1,650 | 1,819 | ||
Fulton County Wtr. & Swr. Rev. 6.375% 1/1/14 (FGIC Insured) | 140 | 162 | ||
Fulton DeKalb Hosp. Auth. Hosp. Rev.: | ||||
5% 1/1/09 (FSA Insured) | 3,100 | 3,321 | ||
5% 1/1/11 (FSA Insured) | 3,100 | 3,321 | ||
Gainesville & Hall County Hosp. Auth. Rev. Anticipation Ctfs. (Northeast Georgia Health Sys., Inc. Proj.) 5.5% 5/15/31 | 4,500 | 4,499 | ||
Georgia Gen. Oblig. Series D, 5.8% 11/1/13 | 15,350 | 17,309 | ||
Private Colleges & Univs. Auth. Rev. (Emory Univ. Proj.) Series A, 5.5% 11/1/24 | 5,000 | 5,204 | ||
48,255 | ||||
Hawaii - 0.8% | ||||
Hawaii Arpts. Sys. Rev.: | ||||
Series 2000 A, 5.75% 7/1/21 (FGIC Insured) | 2,640 | 2,834 | ||
Series 2000 B, 8% 7/1/11 (FGIC Insured) (d) | 9,250 | 11,304 | ||
Hawaii Gen. Oblig.: | ||||
Series CN, 5.25% 3/1/12 (FGIC Insured) | 17,300 | 18,595 | ||
Series CU, 5.75% 10/1/12 (MBIA Insured) | 2,130 | 2,342 | ||
Honolulu City and County Wastewtr. Sys. Sr. Series 2001 5.5% 7/1/18 (AMBAC Insured) | 1,090 | 1,160 | ||
36,235 | ||||
Idaho - 0.2% | ||||
Boise City Urban Renewal Agcy. Lease Rev. 5.9% 8/15/29 (AMBAC Insured) | 6,950 | 7,482 | ||
Illinois - 15.8% | ||||
Chicago Board of Ed.: | ||||
Series A: | ||||
0% 12/1/16 (FGIC Insured) | 3,200 | 1,739 | ||
5.5% 12/1/28 (MBIA Insured) | 4,760 | 4,888 | ||
5.75% 12/1/27 (AMBAC Insured) | 50,570 | 56,106 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
0% 1/1/14 (FGIC Insured) | 17,000 | 10,900 | ||
0% 1/1/15 (FGIC Insured) | 20,000 | 12,075 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Chicago Gen. Oblig.: - continued | ||||
(City Colleges Proj.): | ||||
0% 1/1/26 (FGIC Insured) | $ 16,000 | $ 4,813 | ||
0% 1/1/28 (FGIC Insured) | 23,555 | 6,135 | ||
0% 1/1/30 (FGIC Insured) | 15,335 | 3,543 | ||
(Neighborhoods Alive 21 Prog.): | ||||
Series 2000 A, 6% 1/1/28 (FGIC Insured) | 8,400 | 9,086 | ||
Series A, 5.75% 1/1/40 (FGIC Insured) | 18,500 | 19,442 | ||
Series 2000 C, 5.5% 1/1/40 (FGIC Insured) | 14,750 | 15,101 | ||
Series 2000 D, 5.5% 1/1/35 (FGIC Insured) | 15,000 | 15,367 | ||
Series A: | ||||
5% 1/1/41 (MBIA Insured) | 1,300 | 1,244 | ||
5% 1/1/42 (AMBAC Insured) | 18,955 | 18,128 | ||
5.25% 1/1/22 (MBIA Insured) | 2,085 | 2,154 | ||
5.5% 1/1/38 (MBIA Insured) | 21,500 | 22,016 | ||
Series C, 5.7% 1/1/30 (FGIC Insured) | 15,415 | 16,155 | ||
Chicago Midway Arpt. Rev.: | ||||
Series A, 5.5% 1/1/29 (MBIA Insured) | 24,825 | 25,495 | ||
Series B: | ||||
5.25% 1/1/13 (MBIA Insured) (d) | 2,910 | 3,006 | ||
5.25% 1/1/14 (MBIA Insured) (d) | 3,060 | 3,152 | ||
6% 1/1/08 (MBIA Insured) (d) | 2,170 | 2,324 | ||
6% 1/1/10 (MBIA Insured) (d) | 2,435 | 2,615 | ||
6.125% 1/1/11 (MBIA Insured) (d) | 2,580 | 2,778 | ||
Chicago Motor Fuel Tax Rev. Series A, 5.25% 1/1/19 (AMBAC Insured) | 1,780 | 1,874 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 1999, 5.5% 1/1/11 (AMBAC Insured) (d) | 10,000 | 10,698 | ||
Series A: | ||||
5.5% 1/1/16 (AMBAC Insured) (d) | 12,000 | 12,526 | ||
5.6% 1/1/10 (AMBAC Insured) | 4,500 | 4,786 | ||
6.25% 1/1/09 (AMBAC Insured) (d) | 6,730 | 7,329 | ||
6.375% 1/1/12 (MBIA Insured) | 4,500 | 4,688 | ||
6.375% 1/1/15 (MBIA Insured) | 14,900 | 15,524 | ||
Series B, 5.75% 1/1/30 (AMBAC Insured) | 13,420 | 14,008 | ||
Chicago Park District Series A: | ||||
5.25% 1/1/18 (FGIC Insured) | 4,690 | 4,967 | ||
5.25% 1/1/19 (FGIC Insured) | 3,000 | 3,159 | ||
5.25% 1/1/20 (FGIC Insured) | 2,195 | 2,300 | ||
Chicago Spl. Trans. Rev. Series 2001: | ||||
5.25% 1/1/31 (AMBAC Insured) | 11,670 | 11,770 | ||
5.5% 1/1/17 (AMBAC Insured) | 1,135 | 1,221 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Chicago Transit Auth. Cap. Grant Receipts Rev. (Douglas Branch Proj.) Series 2003 B, 5% 6/1/07 (AMBAC Insured) | $ 9,950 | $ 10,227 | ||
Chicago Wtr. Rev.: | ||||
0% 11/1/16 (AMBAC Insured) | 7,555 | 4,122 | ||
5.25% 11/1/27 (FGIC Insured) | 1,300 | 1,307 | ||
Cicero Gen. Oblig. 5.25% 12/1/26 (MBIA Insured) | 3,000 | 3,043 | ||
Cook County Gen. Oblig.: | ||||
Series C, 5.5% 11/15/26 (AMBAC Insured) | 5,010 | 5,228 | ||
0% 11/1/08 (Escrowed to Maturity) (e) | 8,280 | 7,155 | ||
Evanston Gen. Oblig. Series C: | ||||
5.25% 1/1/16 | 1,000 | 1,066 | ||
5.25% 1/1/22 | 2,000 | 2,075 | ||
Franklin Park Village Cook County Gen. Oblig. Series B: | ||||
5% 7/1/17 (AMBAC Insured) | 1,380 | 1,436 | ||
5% 7/1/18 (AMBAC Insured) | 1,450 | 1,506 | ||
Illinois Dev. Fin. Auth. Poll. Cont. Rev. (Commonwealth Edison Co. Proj.) Series D, 6.75% 3/1/15 (AMBAC Insured) | 7,000 | 7,362 | ||
Illinois Dev. Fin. Auth. Rev.: | ||||
(DePaul Univ. Proj.) Series 2004 C, 5.625% 10/1/17 (b) | 2,800 | 2,974 | ||
(Revolving Fund-Master Trust Prog.): | ||||
5.5% 9/1/18 | 5,365 | 5,793 | ||
5.5% 9/1/19 | 4,405 | 4,728 | ||
Illinois Edl. Facilities Auth. Revs. (Univ. of Chicago Proj.) Series A, 5.25% 7/1/41 | 2,000 | 1,981 | ||
Illinois Gen. Oblig.: | ||||
First Series: | ||||
5.25% 12/1/17 (FSA Insured) | 2,260 | 2,396 | ||
5.25% 12/1/20 (FSA Insured) | 2,000 | 2,093 | ||
5.375% 12/1/14 (FSA Insured) | 5,000 | 5,476 | ||
5.375% 7/1/15 (MBIA Insured) | 3,700 | 4,009 | ||
5.5% 8/1/16 (MBIA Insured) | 13,000 | 14,148 | ||
5.5% 8/1/17 (MBIA Insured) | 7,500 | 8,141 | ||
5.5% 2/1/18 (FGIC Insured) | 1,000 | 1,076 | ||
5.5% 8/1/18 (MBIA Insured) | 5,000 | 5,399 | ||
5.75% 12/1/18 (MBIA Insured) | 1,200 | 1,314 | ||
5.5% 4/1/17 (MBIA Insured) | 7,065 | 7,531 | ||
5.6% 4/1/21 (MBIA Insured) | 7,500 | 7,934 | ||
5.7% 4/1/16 (MBIA Insured) | 7,350 | 7,967 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Illinois Health Facilities Auth. Rev.: | ||||
(Condell Med. Ctr. Proj.): | ||||
6.5% 5/15/30 | $ 9,000 | $ 9,334 | ||
7% 5/15/22 | 5,000 | 5,421 | ||
(Lake Forest Hosp. Proj.): | ||||
Series A, 6.25% 7/1/22 | 4,200 | 4,455 | ||
6% 7/1/33 | 3,775 | 3,836 | ||
(Lutheran Gen. Health Care Sys. Proj.) Series C: | ||||
6% 4/1/18 | 3,000 | 3,210 | ||
7% 4/1/14 | 1,500 | 1,754 | ||
(Riverside Health Sys. Proj.) 6.85% 11/15/29 (Pre-Refunded to 11/15/10 @ 101) (e) | 5,025 | 6,011 | ||
(Swedish American Hosp. Proj.): | ||||
5.375% 11/15/13 (AMBAC Insured) | 3,000 | 3,066 | ||
6.875% 11/15/30 | 6,980 | 7,405 | ||
6.75% 2/15/15 | 1,000 | 1,105 | ||
Illinois Reg'l. Trans. Auth. Series A, 8% 6/1/17 (AMBAC Insured) | 4,500 | 5,930 | ||
Illinois Sales Tax Rev. 6% 6/15/20 | 4,600 | 5,094 | ||
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series A: | ||||
5.5% 1/1/15 (FSA Insured) | 5,210 | 5,684 | ||
5.5% 1/1/16 (FSA Insured) | 5,680 | 6,173 | ||
5.5% 1/1/17 (FSA Insured) | 3,230 | 3,493 | ||
Kane County School District #129, Aurora West Side: | ||||
Series A: | ||||
5.75% 2/1/17 (FGIC Insured) | 3,655 | 3,997 | ||
5.75% 2/1/20 (FGIC Insured) | 7,360 | 7,960 | ||
6% 2/1/23 (FGIC Insured) | 1,335 | 1,465 | ||
Kane, Cook & DuPage Counties School District #46 Elgin 6.375% 1/1/18 (FSA Insured) | 1,850 | 2,111 | ||
Kane, McHenry, Cook & DeKalb Counties Cmnty. Unit School District #300, Carpentersville: | ||||
5.5% 12/1/16 (MBIA Insured) | 2,500 | 2,703 | ||
5.5% 12/1/17 (MBIA Insured) | 4,000 | 4,299 | ||
Lake County Cmnty. Consolidated School District #50, Woodland Series 2000 A, 6% 12/1/20 (FGIC Insured) | 6,000 | 6,576 | ||
Lake County Warren Township High School District #121, Gurnee Series C: | ||||
5.5% 3/1/24 (AMBAC Insured) | 2,945 | 3,109 | ||
5.625% 3/1/21 (AMBAC Insured) | 2,505 | 2,724 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Illinois - continued | ||||
Lake County Warren Township High School District #121, Gurnee Series C: - continued | ||||
5.75% 3/1/19 (AMBAC Insured) | $ 2,240 | $ 2,495 | ||
McHenry County Conservation District Series A, 5.625% 2/1/21 (FGIC Insured) | 5,730 | 6,066 | ||
Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev.: | ||||
(McCormick Place Expansion Proj.): | ||||
Series 2002 A: | ||||
0% 12/15/32 (MBIA Insured) | 15,000 | 2,964 | ||
5.75% 6/15/41 (MBIA Insured) | 9,800 | 10,327 | ||
Series 2002 B, 0% 6/15/20 (MBIA Insured) (a) | 2,000 | 1,381 | ||
Series A: | ||||
0% 6/15/08 (Escrowed to Maturity) (e) | 3,335 | 2,946 | ||
0% 6/15/08 (MBIA Insured) | 3,820 | 3,342 | ||
0% 6/15/11 (Escrowed to Maturity) (e) | 6,000 | 4,586 | ||
0% 6/15/15 (FGIC Insured) | 15,000 | 8,861 | ||
0% 6/15/31 (MBIA Insured) | 13,300 | 2,863 | ||
0% 6/15/36 (MBIA Insured) | 25,190 | 4,057 | ||
0% 6/15/37 (MBIA Insured) | 22,500 | 3,411 | ||
0% 12/15/37 (MBIA Insured) | 20,980 | 3,090 | ||
0% 6/15/40 (MBIA Insured) | 42,600 | 5,381 | ||
5.25% 12/15/10 (AMBAC Insured) | 12,950 | 13,855 | ||
6.65% 6/15/12 (FGIC Insured) | 250 | 253 | ||
Series 2002 A: | ||||
0% 6/15/09 (Escrowed to Maturity) (e) | 18,150 | 15,298 | ||
0% 6/15/09 (FGIC Insured) | 460 | 382 | ||
Series 2002: | ||||
0% 6/15/10 (Escrowed to Maturity) (e) | 16,640 | 13,194 | ||
0% 6/15/13 (Escrowed to Maturity) (e) | 4,155 | 2,850 | ||
0% 6/15/13 (FGIC Insured) | 5,430 | 3,612 | ||
Series A, 0% 6/15/09 (Escrowed to Maturity) (e) | 2,325 | 1,960 | ||
0% 6/15/10 (FGIC Insured) | 360 | 283 | ||
Moline Gen. Oblig. Series A, 5.5% 2/1/17 (FGIC Insured) | 1,000 | 1,082 | ||
Univ. of Illinois Auxiliary Facilities Sys. Rev.: | ||||
Series A, 0% 4/1/21 (MBIA Insured) | 4,965 | 2,032 | ||
0% 4/1/17 (MBIA Insured) | 16,270 | 8,621 | ||
0% 4/1/20 (MBIA Insured) | 8,000 | 3,508 | ||
716,214 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Indiana - 1.6% | ||||
Hamilton Southeastern Cumberland Campus School Bldg. Corp. 5.125% 1/15/23 (AMBAC Insured) | $ 1,250 | $ 1,270 | ||
Indiana Bond Bank Rev. Series B: | ||||
5% 2/1/19 (MBIA Insured) | 1,940 | 2,005 | ||
5% 2/1/20 (MBIA Insured) | 1,635 | 1,682 | ||
Indiana Dev. Fin. Auth. Rev. 5.95% 8/1/30 (d) | 7,350 | 7,413 | ||
Indiana Health Facilities Fing. Auth. Hosp. Rev.: | ||||
(Columbus Reg'l. Hosp. Proj.) 7% 8/15/15 (FSA Insured) | 2,500 | 3,024 | ||
5.5% 2/15/30 (MBIA Insured) | 5,295 | 5,364 | ||
Indianapolis Arpt. Auth. Rev. Series A, 5.6% 7/1/15 (FGIC Insured) | 1,000 | 1,076 | ||
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series 2002 A: | ||||
5.25% 7/1/33 (MBIA Insured) | 35,240 | 35,401 | ||
5.5% 1/1/18 (MBIA Insured) | 1,250 | 1,346 | ||
Petersburg Poll. Cont. Rev.: | ||||
(Indianapolis Pwr. & Lt. Co. Proj.) 5.9% 12/1/24 (d) | 10,000 | 10,170 | ||
5.95% 12/1/29 (d) | 2,000 | 2,037 | ||
Southmont School Bldg. Corp. 5% 7/15/15 (FGIC Insured) | 2,000 | 2,127 | ||
72,915 | ||||
Iowa - 0.7% | ||||
Iowa Fin. Auth. Hosp. Facilities Rev.: | ||||
5.875% 2/15/30 (AMBAC Insured) | 15,000 | 15,895 | ||
6.625% 2/15/12 | 2,000 | 2,230 | ||
6.75% 2/15/13 | 1,000 | 1,107 | ||
6.75% 2/15/14 | 1,280 | 1,409 | ||
6.75% 2/15/15 | 1,000 | 1,093 | ||
6.75% 2/15/17 | 1,000 | 1,079 | ||
Tobacco Settlement Auth. Tobacco Settlement Rev. 5.3% 6/1/25 | 10,000 | 8,004 | ||
30,817 | ||||
Kansas - 0.4% | ||||
Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) Series A, 4.75%, tender 10/1/07 (c) | 7,800 | 8,054 | ||
Kansas City Util. Sys. Rev.: | ||||
0% 9/1/10 (AMBAC Insured) | 2,865 | 2,255 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Kansas - continued | ||||
Kansas City Util. Sys. Rev.: - continued | ||||
0% 9/1/10 (Escrowed to Maturity) (e) | $ 3,825 | $ 3,049 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Sisters of Charity of Leavenworth Health Services Corp. Proj.) Series J, 6.25% 12/1/28 | 4,500 | 4,871 | ||
18,229 | ||||
Kentucky - 2.1% | ||||
Jefferson County Cap. Projs. Corp. Rev. (Lease Prog.) Series A, 0% 8/15/11 | 5,250 | 3,895 | ||
Louisville & Jefferson County Metro. Swr. District Swr. & Drain Sys. Rev. Series A: | ||||
5.25% 5/15/37 (FGIC Insured) | 9,450 | 9,537 | ||
5.75% 5/15/33 (FGIC Insured) | 65,000 | 68,581 | ||
Louisville & Jefferson County Reg'l. Arpt. Auth. Arpt. Sys. Rev. Series 2001 A: | ||||
5.25% 7/1/09 (FSA Insured) (d) | 1,545 | 1,650 | ||
5.5% 7/1/10 (FSA Insured) (d) | 3,800 | 4,092 | ||
Owensboro Elec. Lt. & Pwr. Rev. Series B: | ||||
0% 1/1/08 (AMBAC Insured) | 600 | 537 | ||
0% 1/1/09 (AMBAC Insured) | 2,000 | 1,701 | ||
0% 1/1/10 (AMBAC Insured) | 7,440 | 6,017 | ||
96,010 | ||||
Louisiana - 0.8% | ||||
Louisiana Gas & Fuel Tax Rev. Series A, 5.375% 6/1/20 (AMBAC Insured) | 3,000 | 3,171 | ||
Monroe-West Monroe Pub. Trust Fing. Auth. Mtg. Rev. Series C, 0% 8/20/14 | 9,000 | 5,427 | ||
New Orleans Gen. Oblig.: | ||||
0% 9/1/08 (AMBAC Insured) | 10,000 | 8,685 | ||
0% 9/1/09 (AMBAC Insured) | 16,500 | 13,550 | ||
0% 9/1/11 (AMBAC Insured) | 3,665 | 2,710 | ||
0% 9/1/14 (AMBAC Insured) | 3,500 | 2,199 | ||
35,742 | ||||
Maryland - 0.3% | ||||
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. (Residential Proj.) Series B, 5.05% 9/1/19 (d) | 830 | 834 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Good Samaritan Hosp. Proj.): | ||||
5.75% 7/1/13 (Escrowed to Maturity) (e) | 1,605 | 1,796 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Maryland - continued | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: - continued | ||||
(Good Samaritan Hosp. Proj.): | ||||
5.75% 7/1/13 (Escrowed to Maturity) (e) | $ 995 | $ 1,113 | ||
(Univ. of Maryland Med. Sys. Proj.) 6.75% 7/1/30 | 10,415 | 11,594 | ||
15,337 | ||||
Massachusetts - 7.3% | ||||
Massachusetts Bay Trans. Auth.: | ||||
Series 1996 B, 5.25% 3/1/26 (FSA Insured) | 5,465 | 5,512 | ||
Series 2000 A, 5.25% 7/1/30 | 7,105 | 7,176 | ||
Series A: | ||||
5.375% 3/1/19 | 15,000 | 15,787 | ||
5.75% 3/1/26 | 17,795 | 18,864 | ||
Series B, 6.2% 3/1/16 | 3,800 | 4,390 | ||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Sr. Series A, 5.5% 7/1/30 | 3,270 | 3,355 | ||
Massachusetts Ed. Ln. Auth. Ed. Ln. Rev.: | ||||
Series A Issue E, 4.9% 7/1/13 (AMBAC Insured) (d) | 4,200 | 4,250 | ||
Series B Issue E: | ||||
5.75% 7/1/05 (AMBAC Insured) (d) | 1,025 | 1,056 | ||
5.85% 7/1/06 (AMBAC Insured) (d) | 1,225 | 1,256 | ||
5.95% 7/1/07 (AMBAC Insured) (d) | 1,325 | 1,357 | ||
6.05% 7/1/08 (AMBAC Insured) (d) | 1,360 | 1,393 | ||
6.15% 7/1/10 (AMBAC Insured) (d) | 545 | 558 | ||
6.25% 7/1/11 (AMBAC Insured) (d) | 325 | 333 | ||
6.3% 7/1/12 (AMBAC Insured) (d) | 335 | 343 | ||
Massachusetts Fed. Hwy.: | ||||
Series 2000 A: | ||||
5.75% 6/15/11 | 10,000 | 11,122 | ||
5.75% 6/15/12 | 5,000 | 5,483 | ||
5.75% 6/15/13 | 5,000 | 5,534 | ||
Series B, 5.125% 12/15/09 | 2,005 | 2,164 | ||
Massachusetts Gen. Oblig. Series D, 5.25% 10/1/21 (Pre-Refunded to 10/1/13 @ 100) (e) | 9,000 | 9,817 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 | 4,095 | 4,151 | ||
(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 (AMBAC Insured) | 2,000 | 2,249 | ||
(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (MBIA Insured) | 3,800 | 3,906 | ||
(South Shore Hosp. Proj.) Series F, 5.75% 7/1/29 | 11,930 | 12,009 | ||
(Tufts Univ. Proj.) Series I, 5.5% 2/15/36 | 10,000 | 10,220 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | ||||
(Univ. of Massachusetts Proj.) Series A, 5.875% 10/1/29 (FGIC Insured) | $ 10,000 | $ 10,763 | ||
(Wellesley College Proj.) Series F, 5.125% 7/1/39 | 5,705 | 5,638 | ||
Massachusetts Hsg. Fin. Agcy. Hsg. Rev. (Rental Proj.) Series A: | ||||
6.6% 7/1/14 (AMBAC Insured) (d) | 2,190 | 2,236 | ||
6.65% 7/1/19 (AMBAC Insured) (d) | 1,760 | 1,797 | ||
Massachusetts Indl. Fin. Agcy. Resource Recovery Rev. (Ogden Haverhill Proj.): | ||||
Series 1992 A: | ||||
4.8% 12/1/04 | 3,750 | 3,756 | ||
4.95% 12/1/06 | 2,000 | 1,992 | ||
Series A, 4.85% 12/1/05 | 2,200 | 2,213 | ||
Massachusetts Indl. Fin. Agcy. Rev. (Massachusetts Biomedical Research Corp. Proj.) Series A2: | ||||
0% 8/1/06 | 30,800 | 29,113 | ||
0% 8/1/08 | 5,000 | 4,349 | ||
0% 8/1/09 | 21,800 | 17,914 | ||
0% 8/1/10 | 2,000 | 1,556 | ||
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Series A, 5% 7/1/10 (Escrowed to Maturity) (e) | 3,010 | 3,093 | ||
Massachusetts Port Auth. Rev. Series 1999 C, 5.75% 7/1/29 (FSA Insured) | 15,845 | 16,815 | ||
Massachusetts Spl. Oblig. Dedicated Tax Rev. 5.75% 1/1/32 (FGIC Insured) | 15,000 | 16,128 | ||
Massachusetts Tpk. Auth. Metro. Hwy. Sys. Rev.: | ||||
Series 1999 A, 5.25% 1/1/29 (AMBAC Insured) | 14,400 | 14,477 | ||
Sr. Series A, 5.125% 1/1/23 (MBIA Insured) | 7,950 | 8,005 | ||
Massachusetts Tpk. Auth. Western Tpk. Rev. Series A, 5.55% 1/1/17 (MBIA Insured) | 17,365 | 17,430 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series A, 5.25% 8/1/13 | 90 | 96 | ||
Massachusetts Wtr. Resources Auth. Series A, 5.75% 8/1/39 (FGIC Insured) | 33,000 | 34,874 | ||
Route 3 North Trans. Impt. Assoc. Lease Rev. 5.75% 6/15/16 (MBIA Insured) | 4,850 | 5,356 | ||
329,886 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Michigan - 2.3% | ||||
Caladonia Cmnty. Schools Counties of Kent, Allegan and Barry 5.5% 5/1/26 (FGIC Insured) | $ 7,000 | $ 7,219 | ||
Clarkston Cmnty. Schools 5.375% 5/1/20 | 1,775 | 1,907 | ||
Detroit Gen. Oblig. Series A: | ||||
5% 4/1/06 (FSA Insured) (b) | 5,700 | 5,868 | ||
5% 4/1/07 (FSA Insured) (b) | 14,000 | 14,629 | ||
5% 4/1/10 (FSA Insured) (b) | 3,870 | 4,087 | ||
Detroit Wtr. Supply Sys. Rev. Series 2001 A, 5.25% 7/1/33 (FGIC Insured) | 4,520 | 4,562 | ||
Michigan Ctfs. of Prtn. 5.75% 6/1/17 (AMBAC Insured) | 1,460 | 1,601 | ||
Michigan Hosp. Fin. Auth. Hosp. Rev.: | ||||
(Mercy Health Svcs. Proj.): | ||||
Series Q, 5.375% 8/15/26 (Escrowed to Maturity) (e) | 4,750 | 4,915 | ||
Series W, 5.25% 8/15/27 (Escrowed to Maturity) (e) | 4,000 | 4,072 | ||
Series X, 6% 8/15/34 (MBIA Insured) | 10,675 | 11,470 | ||
(Sisters of Mercy Health Corp. Proj.) Series P, 5.375% 8/15/14 (Escrowed to Maturity) (e) | 420 | 452 | ||
(Trinity Health Sys. Proj.) Series 2000 A, 6% 12/1/27 | 2,000 | 2,107 | ||
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series B, 5.7% 4/1/12 | 3,750 | 3,832 | ||
Michigan Muni. Bond Auth. Rev. (State Revolving Fund Prog.) 5.125% 10/1/20 | 18,300 | 18,837 | ||
Michigan Strategic Fund Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 4.2%, tender 12/1/05 (c)(d) | 5,000 | 5,071 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.): | ||||
Series M, 5.25% 11/15/31 (MBIA Insured) | 7,000 | 7,050 | ||
5.5% 1/1/14 | 3,695 | 3,809 | ||
6.25% 1/1/09 | 400 | 442 | ||
101,930 | ||||
Minnesota - 1.0% | ||||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev.: | ||||
(Health Partners Oblig. Group Proj.) 6% 12/1/18 | 1,000 | 1,036 | ||
(Healthspan Corp. Proj.) Series A, 4.75% 11/15/18 (AMBAC Insured) | 9,700 | 9,751 | ||
Minneapolis Health Care Sys. Rev. (Allina Health Sys. Proj.) Series 2002 A, 6% 11/15/23 | 6,000 | 6,236 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Health Care Sys. Proj.) Series A, 6.375% 11/15/29 | 12,000 | 12,777 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Minnesota - continued | ||||
Saint Cloud Health Care Rev. (Saint Cloud Hosp. Group Oblig. Proj.) Series A, 5.875% 5/1/30 (FSA Insured) | $ 8,500 | $ 9,070 | ||
Saint Cloud Hosp. Facilities Rev. (Saint Cloud Hosp. Proj.) Series C, 5.25% 10/1/13 (AMBAC Insured) | 2,000 | 2,039 | ||
Saint Paul Port Auth. Lease Rev. Series 2003 11: | ||||
5.25% 12/1/18 | 1,710 | 1,830 | ||
5.25% 12/1/19 | 2,850 | 3,031 | ||
Waconia Independent School District #110 Series A, 5% 2/1/15 (FSA Insured) | 1,155 | 1,220 | ||
46,990 | ||||
Mississippi - 0.1% | ||||
Hinds County Rev. (Mississippi Methodist Hosp. & Rehabilitation Proj.) 5.6% 5/1/12 (AMBAC Insured) | 4,000 | 4,326 | ||
Missouri - 0.2% | ||||
Missouri Envir. Impt. & Energy Resources Auth. Wtr. Poll. Cont. & Drinking Wtr. Rev. (State Revolving Fund Prog.): | ||||
Series 2002 B, 5.5% 7/1/17 | 1,780 | 1,951 | ||
Series 2003 A: | ||||
5.125% 1/1/19 | 5,000 | 5,216 | ||
5.25% 1/1/18 | 1,280 | 1,359 | ||
Missouri Hsg. Dev. Commission Single Family Mtg. Rev. Series C, 5.5% 3/1/16 (d) | 315 | 315 | ||
8,841 | ||||
Montana - 0.3% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Projs.) Series A, 5.2%, tender 5/1/09 (c) | 7,700 | 7,865 | ||
Montana Board of Invt. (Payroll Tax Workers Compensation Prog.): | ||||
Series 1996: | ||||
6.875% 6/1/20 (Escrowed to Maturity) (e) | 1,255 | 1,394 | ||
6.875% 6/1/20 (Escrowed to Maturity) (e) | 3,870 | 4,298 | ||
6.875% 6/1/20 (Escrowed to Maturity) (e) | 2,005 | 2,227 | ||
15,784 | ||||
Nevada - 1.3% | ||||
Clark County Arpt. Rev. Series C: | ||||
5.375% 7/1/17 (AMBAC Insured) (d) | 4,310 | 4,471 | ||
5.375% 7/1/19 (AMBAC Insured) (d) | 1,100 | 1,131 | ||
5.375% 7/1/21 (AMBAC Insured) (d) | 1,600 | 1,631 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Nevada - continued | ||||
Clark County Gen. Oblig.: | ||||
Series 2000, 5.5% 7/1/30 (MBIA Insured) | $ 4,500 | $ 4,603 | ||
5.5% 7/1/21 (MBIA Insured) | 1,100 | 1,158 | ||
Clark County School District: | ||||
Series B, 0% 3/1/09 (FGIC Insured) | 4,000 | 3,358 | ||
Series F, 5.5% 6/15/16 (FSA Insured) | 3,600 | 3,882 | ||
Las Vegas Valley Wtr. District Series B, 5.25% 6/1/17 (MBIA Insured) | 6,285 | 6,708 | ||
Nevada Gen. Oblig. (Cap. Impt. Proj.) Series B, 5.25% 6/1/11 | 5,025 | 5,392 | ||
Truckee Meadows Wtr. Auth. Wtr. Rev. 5.25% 7/1/34 (FSA Insured) | 18,840 | 19,180 | ||
Washoe County Gen. Oblig. (Reno Sparks Proj.) | ||||
0% 7/1/12 (FSA Insured) | 4,605 | 3,250 | ||
0% 7/1/13 (FSA Insured) | 4,590 | 3,071 | ||
0% 7/1/14 (FSA Insured) | 3,000 | 1,890 | ||
59,725 | ||||
New Hampshire - 0.2% | ||||
Manchester School Facilities Rev.: | ||||
5.5% 6/1/22 (MBIA Insured) | 5,390 | 5,759 | ||
5.5% 6/1/28 (MBIA Insured) | 2,495 | 2,602 | ||
Nashua Gen. Oblig. 5.25% 9/15/18 | 1,000 | 1,055 | ||
9,416 | ||||
New Jersey - 1.4% | ||||
Evesham Township Muni. Utils. Auth. Rev. | 2,440 | 2,613 | ||
New Jersey Health Care Facilities Fing. Auth. Rev. (Christ Hosp. Group Issue Proj.) 7% 7/1/06 (AMBAC Insured) | 1,635 | 1,745 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series A, 5.625% 1/1/15 (MBIA Insured) | 1,475 | 1,583 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 C, 5.5% 6/15/17 | 5,785 | 6,311 | ||
Series B, 5% 6/15/13 (AMBAC Insured) | 11,055 | 11,794 | ||
Series C, 5.5% 6/15/19 | 5,000 | 5,374 | ||
North Hudson Swr. Auth. Swr. Rev. Series A: | ||||
5.25% 8/1/18 (FGIC Insured) | 3,235 | 3,434 | ||
5.25% 8/1/19 (FGIC Insured) | 2,735 | 2,867 | ||
Ocean County Utils. Auth. Wastewtr. Rev. 5.25% 1/1/07 | 1,850 | 1,926 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New Jersey - continued | ||||
Tobacco Settlement Fing. Corp.: | ||||
4.375% 6/1/19 | $ 4,200 | $ 4,078 | ||
5.75% 6/1/32 | 9,415 | 8,121 | ||
6.125% 6/1/24 | 8,500 | 7,756 | ||
6.125% 6/1/42 | 4,500 | 3,603 | ||
Warren County Poll. Cont. Fing. Auth. Resource Recovery Rev. 6.55% 12/1/06 (MBIA Insured) | 1,000 | 1,020 | ||
62,225 | ||||
New Mexico - 0.6% | ||||
Albuquerque Arpt. Rev.: | ||||
6.5% 7/1/08 (AMBAC Insured) (d) | 1,500 | 1,668 | ||
6.7% 7/1/18 (AMBAC Insured) (d) | 2,500 | 2,774 | ||
6.75% 7/1/09 (AMBAC Insured) (d) | 1,150 | 1,310 | ||
6.75% 7/1/10 (AMBAC Insured) (d) | 1,700 | 1,947 | ||
6.75% 7/1/12 (AMBAC Insured) (d) | 1,935 | 2,247 | ||
Bernalillo County Gross Receipt Tax Rev. 5.25% 10/1/26 | 5,790 | 5,840 | ||
New Mexico Edl. Assistance Foundation Sr. Series A3, 4.95% 3/1/09 (d) | 5,000 | 5,250 | ||
Univ. of New Mexico Univ. Revs. Series A, 6% 6/1/21 | 5,340 | 6,117 | ||
27,153 | ||||
New York - 10.4% | ||||
Erie County Indl. Dev. Agcy. School Facility Rev. (Buffalo City School District Proj.): | ||||
5.75% 5/1/14 (FSA Insured) | 3,500 | 3,930 | ||
5.75% 5/1/15 (FSA Insured) | 7,870 | 8,776 | ||
5.75% 5/1/18 (FSA Insured) | 3,460 | 3,793 | ||
5.75% 5/1/21 (FSA Insured) | 1,575 | 1,709 | ||
5.75% 5/1/23 (FSA Insured) | 1,750 | 1,885 | ||
Metro. Trans. Auth. Dedicated Tax Fund Series A, 5.5% 11/15/26 (FSA Insured) | 2,200 | 2,310 | ||
Metro. Trans. Auth. Transit Facilities Rev.: | ||||
Series B2, 5% 7/1/17 (Escrowed to Maturity) (e) | 2,950 | 3,093 | ||
Series C, 5.125% 7/1/14 (Pre-Refunded to 1/1/12 @ 100) (e) | 500 | 548 | ||
Metropolitan Trans. Auth. Rev. Series 2002 A, 5% 11/15/30 (FSA Insured) | 10,000 | 9,843 | ||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||
Series 2002 A, 5.75% 7/1/31 (AMBAC Insured) | 3,800 | 4,040 | ||
Series A, 5.5% 1/1/20 (MBIA Insured) | 4,200 | 4,535 | ||
Series B, 5.5% 7/1/19 (MBIA Insured) | 2,000 | 2,162 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Metropolitan Trans. Auth. Svc. Contract Rev.: - continued | ||||
Series O, 5.75% 7/1/13 (Escrowed to Maturity) (e) | $ 14,250 | $ 15,907 | ||
Nassau County Gen. Oblig. Series Z: | ||||
5% 9/1/11 (FGIC Insured) | 2,300 | 2,464 | ||
5% 9/1/12 (FGIC Insured) | 4,500 | 4,791 | ||
Nassau County Interim Fin. Auth. Series 2000 A, 5.75% 11/15/11 (MBIA Insured) | 1,000 | 1,122 | ||
New York City Gen. Oblig.: | ||||
Series 2000 A, 6.5% 5/15/11 | 6,300 | 7,182 | ||
Series A: | ||||
5.25% 11/1/14 (MBIA Insured) | 1,850 | 1,998 | ||
6% 8/1/18 (Escrowed to Maturity) (e) | 4,900 | 4,912 | ||
Series C, 5.75% 3/15/27 (FSA Insured) | 4,000 | 4,234 | ||
Series E, 6% 8/1/11 | 3,500 | 3,783 | ||
Series G, 5.25% 8/1/14 (AMBAC Insured) | 2,500 | 2,685 | ||
New York City Indl. Dev. Agcy. Indl. Dev. Rev. (Japan Airlines Co. Ltd. Proj.) Series 1991, 6% 11/1/15 (FSA Insured) (d) | 1,575 | 1,622 | ||
New York City Indl. Dev. Agcy. Spl. Facilities Rev. (Term. One Group Assoc. Proj.) 6% 1/1/08 (d) | 500 | 512 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 1996 B: | ||||
5.75% 6/15/26 (MBIA Insured) | 3,870 | 4,151 | ||
5.875% 6/15/26 | 1,125 | 1,209 | ||
Series A: | ||||
5.125% 6/15/34 (MBIA Insured) | 13,800 | 13,787 | ||
5.75% 6/15/31 (FGIC Insured) | 2,725 | 2,882 | ||
6% 6/15/28 | 12,500 | 13,465 | ||
Series B: | ||||
5.125% 6/15/31 | 10,545 | 10,448 | ||
5.75% 6/15/26 | 10,000 | 10,499 | ||
5.75% 6/15/26 (AMBAC Insured) | 10,000 | 10,647 | ||
5.75% 6/15/29 | 56,120 | 58,444 | ||
5.75% 6/15/29 (MBIA Insured) | 15,950 | 16,936 | ||
New York City Trust Cultural Resources Rev.: | ||||
(American Museum of Natural History Proj.) Series A, 5.65% 4/1/27 (MBIA Insured) | 6,500 | 6,772 | ||
(Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 (AMBAC Insured) | 6,000 | 5,998 | ||
New York Local Govt. Assistance Corp. Series C, 5.5% 4/1/17 | 21,915 | 24,150 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
New York State Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.): | ||||
Series A, 5.75% 7/1/09 | $ 4,370 | $ 4,815 | ||
Series C, 7.5% 7/1/10 (FGIC Insured) | 24,650 | 28,166 | ||
(Long Island Jewish Med. Ctr. Proj.) 5.25% 7/1/11 (MBIA Insured) | 3,770 | 4,102 | ||
(State Univ. Edl. Facilities Proj.) Series A, 5.875% 5/15/17 (FGIC Insured) | 6,865 | 7,901 | ||
(Suffolk County Judicial Facilities Proj.) Series A, 9.5% 4/15/14 | 690 | 911 | ||
Series 2002 A, 5.75% 10/1/17 (MBIA Insured) | 3,000 | 3,315 | ||
New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev. Series F: | ||||
4.875% 6/15/18 | 4,205 | 4,324 | ||
4.875% 6/15/20 | 8,500 | 8,672 | ||
5% 6/15/15 | 3,015 | 3,149 | ||
New York State Med. Care Facilities Fin. Agcy. Rev. (Homeowner Mtg. Prog.) Series E, 6.2% 2/15/15 | 1,500 | 1,581 | ||
New York State Thruway Auth. State Personal Income Tax Rev. Series A, 5.5% 3/15/17 | 3,500 | 3,773 | ||
New York State Thruway Auth. Svc. Contract Rev.: | ||||
Series B, 5.375% 4/1/11 (MBIA Insured) | 10,000 | 10,911 | ||
5.5% 4/1/16 | 2,350 | 2,529 | ||
New York State Urban Dev. Corp. Rev. Series C1: | ||||
5.5% 3/15/18 (FGIC Insured) | 1,045 | 1,133 | ||
5.5% 3/15/20 (FGIC Insured) | 2,795 | 3,009 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund Series A, 5.25% 4/1/22 (MBIA Insured) | 2,190 | 2,266 | ||
New York Transitional Fin. Auth. Rev. Series A, 5.75% 2/15/16 | 2,800 | 3,069 | ||
Niagara Falls City Niagara County Pub. Impt. (Pub. Impt. Proj.) 7.5% 3/1/18 (MBIA Insured) | 500 | 657 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 5,645 | 5,845 | ||
5.25% 6/1/22 (AMBAC Insured) | 3,850 | 3,958 | ||
5.5% 6/1/15 | 33,500 | 35,497 | ||
Series C1, 5.5% 6/1/14 | 7,300 | 7,674 | ||
Triborough Bridge & Tunnel Auth. (Convention Ctr. Proj.) Series E, 7.25% 1/1/10 (XL Cap. Assurance, Inc. Insured) | 8,520 | 9,596 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
New York - continued | ||||
Triborough Bridge & Tunnel Auth. Revs.: | ||||
Series A, 5.25% 1/1/28 (Pre-Refunded to 7/1/22 @ 100) (e) | $ 13,315 | $ 14,264 | ||
Series B, 5.2% 1/1/27 (Pre-Refunded to 1/1/22 @ 100) (e) | 2,000 | 2,131 | ||
Series SR, 5.5% 1/1/12 (Escrowed to Maturity) (e) | 10,025 | 10,956 | ||
Series Y, 5.5% 1/1/17 (Escrowed to Maturity) (e) | 9,100 | 10,097 | ||
471,525 | ||||
New York & New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (d) | 3,400 | 3,528 | ||
North Carolina - 4.5% | ||||
North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A: | ||||
5.125% 10/1/41 | 6,380 | 6,272 | ||
5.125% 7/1/42 | 21,500 | 21,137 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: | ||||
Series A: | ||||
5.5% 1/1/11 | 8,675 | 9,299 | ||
5.75% 1/1/26 | 4,000 | 4,027 | ||
Series B: | ||||
5.875% 1/1/21 (MBIA Insured) | 22,725 | 24,741 | ||
6% 1/1/05 | 17,500 | 17,718 | ||
7% 1/1/08 | 9,400 | 10,432 | ||
7.25% 1/1/07 | 8,375 | 9,165 | ||
Series C: | ||||
5.25% 1/1/09 | 2,500 | 2,645 | ||
5.5% 1/1/07 | 5,950 | 6,272 | ||
7% 1/1/07 | 15,715 | 17,104 | ||
Series D: | ||||
5.375% 1/1/10 | 4,500 | 4,794 | ||
6.7% 1/1/19 | 5,000 | 5,450 | ||
6.75% 1/1/26 | 7,000 | 7,556 | ||
North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. (North Carolina Correctional Facilities Proj.) Series A: | ||||
5% 2/1/19 | 2,945 | 3,034 | ||
5% 2/1/20 | 1,500 | 1,536 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 1992, 7.25% 1/1/07 | 5,200 | 5,697 | ||
Series 1999 B, 6.375% 1/1/08 | 7,000 | 7,650 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
North Carolina - continued | ||||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: - - continued | ||||
Series A: | ||||
5.125% 1/1/15 (MBIA Insured) | $ 6,860 | $ 7,179 | ||
5.125% 1/1/17 (MBIA Insured) | 15,350 | 16,022 | ||
5.125% 1/1/17 (MBIA Insured) | 16,000 | 16,814 | ||
204,544 | ||||
North Dakota - 0.8% | ||||
Mercer County Poll. Cont. Rev.: | ||||
(Antelope Valley Station/Basin Elec. Pwr. Coop. Proj.) 7.2% 6/30/13 (AMBAC Insured) | 26,000 | 31,325 | ||
(Montana-Dakota Utils. Co. Proj.) 6.65% 6/1/22 (FGIC Insured) | 3,750 | 3,761 | ||
35,086 | ||||
Ohio - 1.4% | ||||
Cincinnati Gen. Oblig. (Police & Firemen's Disability Proj.) 6% 12/1/35 | 11,000 | 12,061 | ||
Franklin County Hosp. Rev. 5.5% 5/1/28 (AMBAC Insured) | 4,265 | 4,354 | ||
Hilliard School District 5.75% 12/1/24 (FGIC Insured) | 4,725 | 5,047 | ||
Lake Local School District Stark County Series 2000, 5.75% 12/1/26 (FGIC Insured) | 2,760 | 2,929 | ||
Lakewood Hosp. Impt. Rev. (Lakewood Hosp. Assoc. Proj.) 5.5% 2/15/08 | 1,225 | 1,302 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series A: | ||||
6% 12/1/19 | 10,000 | 10,768 | ||
6% 12/1/26 | 10,000 | 10,516 | ||
Ohio Solid Waste Rev. (Waste Mgmt., Inc. Proj.) 4.85%, tender 11/1/07 (c)(d) | 5,000 | 5,170 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. (Buckeye Pwr., Inc. Proj.) 7.8% 11/1/14 (AMBAC Insured) | 2,200 | 2,288 | ||
Richland County Hosp. Facilities (MedCentral Health Sys. Proj.) Series B, 6.375% 11/15/30 | 3,000 | 3,107 | ||
Univ. of Cincinnati Ctfs. of Prtn. 5.125% 6/1/28 (MBIA Insured) | 3,750 | 3,754 | ||
61,296 | ||||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Oklahoma - 0.8% | ||||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) 6% 2/15/29 | $ 15,000 | $ 15,947 | ||
Oklahoma Industries Auth. Rev. (Health Sys. Oblig. Group Proj.) Series A, 5.75% 8/15/29 (MBIA Insured) | 19,750 | 20,629 | ||
36,576 | ||||
Oregon - 0.7% | ||||
Clackamas County School District #62C, Oregon City Series 2004: | ||||
5% 6/15/18 (FSA Insured) | 1,325 | 1,379 | ||
5% 6/15/19 (FSA Insured) | 3,395 | 3,523 | ||
Multnomah County Gen. Oblig. Series 2000 A, 5.5% 4/1/20 | 1,540 | 1,631 | ||
Oregon Health Hsg. Edl. & Cultural Facilities Auth. (Lewis & Clark College Proj.) Series A: | ||||
6% 10/1/13 (MBIA Insured) | 1,750 | 1,802 | ||
6.125% 10/1/24 (MBIA Insured) | 1,000 | 1,030 | ||
Port Morrow Poll. Cont. Rev. (Pacific Northwest Proj.) Series A: | ||||
8% 7/15/06 | 385 | 402 | ||
8% 7/15/07 | 430 | 448 | ||
8% 7/15/08 | 480 | 500 | ||
8% 7/15/09 | 540 | 562 | ||
8% 7/15/10 | 605 | 630 | ||
8% 7/15/11 | 385 | 401 | ||
Portland Swr. Sys. Rev.: | ||||
Series 2000 A, 5.75% 8/1/18 (FGIC Insured) | 3,000 | 3,305 | ||
5.75% 8/1/20 (FGIC Insured) | 14,390 | 15,782 | ||
31,395 | ||||
Pennsylvania - 2.0% | ||||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1, 5.75% 1/1/07 (MBIA Insured) (d) | 6,500 | 6,899 | ||
Canon McMillan School District Series 2001 B, 5.75% 12/1/33 (FGIC Insured) | 3,000 | 3,182 | ||
Chester County Health & Ed. Facilities Auth. Health Sys. Rev. (Jefferson Health Sys. Proj.) Series B, 5.25% 5/15/22 (AMBAC Insured) | 4,400 | 4,545 | ||
Delaware County Auth. Hosp. Rev. (Crozer-Chester Med. Ctr. Proj.) 6% 12/15/20 | 2,900 | 2,905 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Pennsylvania - continued | ||||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series A: | ||||
6% 6/1/22 (AMBAC Insured) | $ 2,000 | $ 2,273 | ||
6.1% 6/1/12 (AMBAC Insured) | 3,000 | 3,437 | ||
6.125% 6/1/14 (AMBAC Insured) | 5,230 | 6,023 | ||
Northumberland County Auth. Commonwealth Lease Rev. (State Correctional Facilities Proj.) 0% 10/15/13 (Escrowed to Maturity) (e) | 11,455 | 7,678 | ||
Pennsylvania Convention Ctr. Auth. Rev. Series A: | ||||
6.6% 9/1/09 (MBIA Insured) | 3,000 | 3,084 | ||
6.7% 9/1/14 (MBIA Insured) | 1,500 | 1,542 | ||
6.7% 9/1/16 (Escrowed to Maturity) (e) | 2,000 | 2,379 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Amtrak Proj.) Series 2001 A, 6.375% 11/1/41 (d) | 8,700 | 8,835 | ||
Pennsylvania Gen. Oblig. Second Series, 5.5% 5/1/17 (FSA Insured) | 4,300 | 4,676 | ||
Pennsylvania Hsg. Fin. Agcy.: | ||||
Series 54A, 5.375% 10/1/28 (d) | 655 | 665 | ||
8.1% 7/1/13 | 2,000 | 2,009 | ||
Philadelphia Arpt. Rev. Series 1998, 5.375% 6/15/10 (FGIC Insured) (d) | 4,425 | 4,736 | ||
Philadelphia Gen. Oblig. Series 2003 A: | ||||
5% 2/15/10 (XL Cap. Assurance, Inc. Insured) | 2,000 | 2,146 | ||
5% 2/15/12 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,076 | ||
Philadelphia School District: | ||||
Series 2002 A, 5.5% 2/1/31 (FSA Insured) | 10,700 | 11,116 | ||
Series C, 5.75% 3/1/29 (MBIA Insured) | 6,500 | 6,863 | ||
Quaker Valley School District 5.5% 4/1/24 (FSA Insured) | 1,405 | 1,487 | ||
West Allegheny School District Series B, 5.25% 2/1/14 (FGIC Insured) | 2,010 | 2,194 | ||
89,750 | ||||
Puerto Rico - 0.3% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.: | ||||
Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | 2,300 | 2,501 | ||
5.75% 7/1/19 (FGIC Insured) | 3,240 | 3,573 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Puerto Rico - continued | ||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A: | ||||
5.5% 10/1/32 (Escrowed to Maturity) (e) | $ 6,900 | $ 7,278 | ||
5.5% 10/1/40 (Escrowed to Maturity) (e) | 1,200 | 1,260 | ||
14,612 | ||||
Rhode Island - 0.2% | ||||
Providence Redev. Agcy. Rev. Series A, 5.75% 4/1/29 (AMBAC Insured) | 6,400 | 6,778 | ||
South Carolina - 0.8% | ||||
Charleston County Gen. Oblig. 6% 6/1/13 (Pre-Refunded to 6/1/06 @ 100) (e) | 2,500 | 2,685 | ||
Lexington County Health Svcs. District, Inc. Hosp. Rev. 6% 11/1/18 | 3,500 | 3,733 | ||
Piedmont Muni. Pwr. Agcy. Elec. Rev. Series B, 5.25% 1/1/11 (MBIA Insured) | 8,625 | 9,233 | ||
Richland County Hosp. Facilities Rev. (Cmnty. Provider Pooled Ln. Prog.) Series A, 7.125% 7/1/17 (Escrowed to Maturity) (e) | 1,500 | 1,823 | ||
Rock Hill Util. Sys. Rev. Series 2003 A: | ||||
5.375% 1/1/17 (FSA Insured) | 2,100 | 2,261 | ||
5.375% 1/1/23 (FSA Insured) | 1,025 | 1,071 | ||
South Carolina Jobs Econ. Dev. Auth. Hosp. Facilities Rev. (Palmetto Health Alliance Proj.) Series A, 7.375% 12/15/21 (Pre-Refunded to 12/15/10 @ 102) (e) | 4,000 | 4,855 | ||
South Carolina Ports Auth. Ports Rev. 5.5% 7/1/08 (FSA Insured) (d) | 3,515 | 3,822 | ||
South Carolina Pub. Svc. Auth. Rev. Series A, 5.75% 1/1/10 (MBIA Insured) | 4,705 | 5,025 | ||
York County Wtr. & Swr. Rev. 5.25% 12/1/30 (MBIA Insured) | 1,120 | 1,144 | ||
35,652 | ||||
South Dakota - 0.1% | ||||
Sioux Falls School District #49-5 5.5% 7/1/20 | 2,735 | 2,965 | ||
South Dakota Lease Rev. Series A, 6.625% 9/1/12 (FSA Insured) | 1,000 | 1,182 | ||
4,147 | ||||
Tennessee - 1.3% | ||||
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev. (Fort Sanders Alliance Proj.) Series C: | ||||
5.25% 1/1/15 (MBIA Insured) | 3,300 | 3,541 | ||
5.75% 1/1/14 (MBIA Insured) | 2,000 | 2,243 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Tennessee - continued | ||||
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev. (Fort Sanders Alliance Proj.) Series C: - continued | ||||
7.25% 1/1/10 (MBIA Insured) | $ 2,660 | $ 3,132 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev.: | ||||
Series A: | ||||
6.25% 2/15/09 (MBIA Insured) (d) | 1,500 | 1,663 | ||
6.25% 2/15/10 (MBIA Insured) (d) | 1,000 | 1,112 | ||
6.25% 2/15/11 (MBIA Insured) (d) | 1,415 | 1,577 | ||
Series B, 6.5% 2/15/09 (MBIA Insured) (d) | 500 | 560 | ||
Metro. Govt. Nashville & Davidson County Health & Edl. Facilities Board Rev. (Ascension Health Cr. Group Proj.) Series A: | ||||
5.875% 11/15/28 (Pre-Refunded to 11/15/09 @ 101) (e) | 3,100 | 3,500 | ||
6% 11/15/30 (Pre-Refunded to 11/15/09 @ 101) (e) | 4,400 | 4,995 | ||
Metro. Govt. Nashville & Davidson County Sports Auth. Rev. (Stadium Proj.) 5.875% 7/1/21 (AMBAC Insured) | 6,455 | 6,927 | ||
Metro. Govt. Nashville & Davidson County Wtr. & Swr. Sys. Rev. 7.7% 1/1/12 (FGIC Insured) | 5,600 | 6,837 | ||
Shelby County Health Edl. & Hsg. Facility Board Hosp. Rev. (Methodist Health Care Proj.) 6.5% 9/1/26 | 22,500 | 24,057 | ||
60,144 | ||||
Texas - 12.8% | ||||
Arlington Gen. Oblig. 5% 8/15/18 (FGIC Insured) | 1,215 | 1,262 | ||
Austin Cmnty. College District 5% 8/1/17 (AMBAC Insured) | 1,095 | 1,144 | ||
Austin Util. Sys. Rev.: | ||||
Series A, 0% 11/15/08 (MBIA Insured) | 3,895 | 3,352 | ||
0% 5/15/10 (MBIA Insured) | 7,970 | 6,342 | ||
Austin Wtr. & Wastewtr. Sys. Rev. 5.5% 5/15/16 (MBIA Insured) | 2,200 | 2,362 | ||
Bexar Metro. Wtr. District Wtrwks. Sys. Rev. 5.375% 5/1/20 (FSA Insured) | 1,660 | 1,754 | ||
Birdville Independent School District: | ||||
0% 2/15/11 | 8,665 | 6,590 | ||
0% 2/15/13 | 13,690 | 9,324 | ||
Brazos River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series 1995 B, 5.05%, tender 6/19/06 (c)(d) | 5,000 | 5,178 | ||
Canyon Independent School District Series A, 5.5% 2/15/21 | 1,855 | 1,969 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Cedar Hill Independent School District 0% 8/15/09 | $ 1,575 | $ 1,299 | ||
Clint Independent School District: | ||||
5.5% 8/15/19 | 1,055 | 1,133 | ||
5.5% 8/15/20 | 1,110 | 1,189 | ||
5.5% 8/15/21 | 1,175 | 1,248 | ||
Conroe Independent School District: | ||||
Lot B: | ||||
0% 2/15/08 | 3,000 | 2,664 | ||
0% 2/15/09 | 1,100 | 929 | ||
Series B, 0% 2/15/10 | 2,805 | 2,251 | ||
0% 2/15/11 | 1,500 | 1,141 | ||
Cypress-Fairbanks Independent School District: | ||||
Series A: | ||||
0% 2/15/12 | 20,900 | 14,982 | ||
0% 2/15/13 | 6,425 | 4,376 | ||
0% 2/15/14 | 11,465 | 7,330 | ||
0% 2/15/16 | 9,700 | 5,512 | ||
5.25% 2/15/22 | 3,500 | 3,591 | ||
5.75% 2/15/19 | 4,400 | 4,772 | ||
5.75% 2/15/21 | 1,000 | 1,077 | ||
Dallas Fort Worth Reg'l. Arpt. Rev. Series A, 7.375% 11/1/12 (FGIC Insured) | 1,000 | 1,020 | ||
Dallas Hsg. Corp. Cap. Prog. Rev. (Section 8 Assorted Projs.): | ||||
7.7% 8/1/05 | 490 | 492 | ||
7.85% 8/1/13 | 1,000 | 1,001 | ||
Denton County Lewisville Independent School District Series 2004, 5% 8/15/16 | 3,465 | 3,618 | ||
Duncanville Independent School District 5.65% 2/15/28 | 5,550 | 5,800 | ||
Edinburg Consolidated Independent School District 5.5% 2/15/30 | 5,025 | 5,142 | ||
El Paso Property Fin. Auth. Single Family Mtg. Rev. Series A, 8.7% 12/1/18 (d) | 200 | 203 | ||
Elgin Independent School District 5.25% 10/1/24 | 2,000 | 2,029 | ||
Frisco Independent School District 5.375% 8/15/17 | 2,715 | 2,904 | ||
Garland Independent School District Series A, 4% 2/15/17 | 5,000 | 4,788 | ||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.): | ||||
5.25% 4/15/15 (MBIA Insured) | 1,570 | 1,687 | ||
5.25% 4/15/16 (MBIA Insured) | 1,680 | 1,796 | ||
5.25% 4/15/17 (MBIA Insured) | 2,295 | 2,438 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.): - continued | ||||
5.25% 4/15/18 (MBIA Insured) | $ 1,915 | $ 2,020 | ||
5.25% 4/15/19 (MBIA Insured) | 1,000 | 1,052 | ||
5.25% 4/15/20 (MBIA Insured) | 1,565 | 1,637 | ||
Harlandale Independent School District: | ||||
5.5% 8/15/35 | 3,625 | 3,709 | ||
5.7% 8/15/30 | 8,290 | 8,643 | ||
6% 8/15/16 | 2,445 | 2,752 | ||
Harris County Gen. Oblig.: | ||||
(Toll Road Proj.) 0% 8/1/08 | 8,005 | 6,958 | ||
0% 10/1/13 (MBIA Insured) | 5,550 | 3,656 | ||
0% 10/1/14 (MBIA Insured) | 11,000 | 6,865 | ||
0% 8/15/25 (MBIA Insured) | 3,000 | 924 | ||
0% 8/15/28 (MBIA Insured) | 5,000 | 1,275 | ||
Harris County Health Facilities Dev. Corp. Rev. (Saint Luke's Episcopal Hosp. Proj.) Series 2001 A: | ||||
5.375% 2/15/26 | 3,000 | 2,998 | ||
5.625% 2/15/13 | 4,625 | 4,953 | ||
Harris County Hosp. District Mtg. Rev.: | ||||
7.4% 2/15/10 (AMBAC Insured) | 1,545 | 1,719 | ||
7.4% 2/15/10 (Escrowed to Maturity) (e) | 1,035 | 1,138 | ||
Houston Arpt. Sys. Rev.: | ||||
Series A: | ||||
5.625% 7/1/20 (FSA Insured) (d) | 2,000 | 2,086 | ||
5.625% 7/1/21 (FSA Insured) (d) | 3,350 | 3,478 | ||
6% 7/1/08 (FGIC Insured) (d) | 1,000 | 1,094 | ||
Series B, 5.5% 7/1/30 (FSA Insured) | 10,645 | 10,965 | ||
Houston Independent School District: | ||||
Series A, 0% 8/15/11 | 6,400 | 4,751 | ||
0% 8/15/13 | 9,835 | 6,499 | ||
Hurst Euless Bedford Independent School District: | ||||
0% 8/15/11 | 3,620 | 2,688 | ||
0% 8/15/12 | 5,105 | 3,569 | ||
0% 8/15/13 | 3,610 | 2,396 | ||
Katy Independent School District: | ||||
Series A, 5% 2/15/16 | 2,500 | 2,612 | ||
0% 8/15/11 | 4,170 | 3,096 | ||
Keller Independent School District Series A, 5.125% 8/15/25 | 3,000 | 3,002 | ||
Killeen Independent School District: | ||||
5.25% 2/15/17 | 2,105 | 2,227 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Killeen Independent School District: - continued | ||||
5.25% 2/15/18 | $ 1,325 | $ 1,395 | ||
La Joya Independent School District 5.5% 2/15/22 | 8,140 | 8,504 | ||
Leander Independent School District 7.5% 8/15/08 | 300 | 350 | ||
Little Elm Independent School District 5.5% 8/15/21 | 2,540 | 2,690 | ||
Lower Colorado River Auth. Rev.: | ||||
0% 1/1/09 (Escrowed to Maturity) (e) | 3,000 | 2,577 | ||
5.25% 1/1/15 (Escrowed to Maturity) (e) | 6,260 | 6,863 | ||
5.25% 5/15/18 (AMBAC Insured) | 2,020 | 2,132 | ||
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Services Corp. Proj.) Series C: | ||||
5.25% 5/15/18 (AMBAC Insured) | 1,000 | 1,055 | ||
5.25% 5/15/19 (AMBAC Insured) | 1,000 | 1,049 | ||
5.25% 5/15/20 (AMBAC Insured) | 2,000 | 2,093 | ||
Mansfield Independent School District 5.5% 2/15/18 | 3,855 | 4,132 | ||
Mesquite Independent School District 5.375% 8/15/11 | 1,385 | 1,495 | ||
Midlothian Independent School District: | ||||
0% 2/15/07 | 1,935 | 1,795 | ||
0% 2/15/09 | 1,970 | 1,664 | ||
0% 2/15/10 | 1,525 | 1,224 | ||
Midway Independent School District 0% 8/15/19 | 3,600 | 1,655 | ||
Montgomery County Gen. Oblig. Series A, 5.625% 3/1/20 (FSA Insured) | 3,800 | 4,087 | ||
North Central Health Facilities Dev. Corp. Rev. Series 1997 B, 5.75% 2/15/14 (MBIA Insured) | 5,215 | 5,833 | ||
Northside Independent School District 5.5% 2/15/12 | 3,715 | 4,078 | ||
Pflugerville Gen. Oblig. 5.5% 8/1/22 (AMBAC Insured) | 1,000 | 1,058 | ||
Prosper Independent School District 5.75% 8/15/29 | 1,250 | 1,315 | ||
Rockwall Independent School District: | ||||
5.375% 2/15/19 | 1,450 | 1,535 | ||
5.375% 2/15/20 | 1,230 | 1,299 | ||
5.375% 2/15/21 | 1,560 | 1,639 | ||
5.625% 2/15/12 | 4,090 | 4,520 | ||
5.625% 2/15/13 | 1,190 | 1,311 | ||
5.625% 2/15/14 | 1,160 | 1,270 | ||
Round Rock Independent School District: | ||||
Series 2001 A, 5.5% 8/1/16 | 2,305 | 2,485 | ||
0% 8/15/09 (MBIA Insured) | 7,430 | 6,155 | ||
0% 8/15/10 (MBIA Insured) | 8,300 | 6,522 | ||
0% 8/15/11 (MBIA Insured) | 4,300 | 3,204 | ||
4.5% 8/1/17 | 5,575 | 5,582 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series B, 5.75%, tender 11/1/11 (c)(d) | $ 16,000 | $ 16,979 | ||
San Antonio Elec. & Gas Systems Rev.: | ||||
Series B: | ||||
0% 2/1/09 (Escrowed to Maturity) (e) | 7,000 | 5,995 | ||
0% 2/1/10 (Escrowed to Maturity) (e) | 19,000 | 15,260 | ||
0% 2/1/12 (Escrowed to Maturity) (e) | 7,000 | 5,102 | ||
5.375% 2/1/18 | 5,000 | 5,324 | ||
5.375% 2/1/19 | 6,000 | 6,354 | ||
San Antonio Gen. Oblig.: | ||||
5.5% 2/1/15 | 1,975 | 2,159 | ||
5.5% 2/1/15 (Pre-Refunded to 2/1/12 @ 100) (e) | 25 | 28 | ||
San Antonio Independent School District Series A, 5.375% 8/15/16 | 1,000 | 1,070 | ||
San Antonio Wtr. Sys. Rev.: | ||||
5.875% 5/15/19 | 3,000 | 3,305 | ||
6.5% 5/15/10 (Escrowed to Maturity) (e) | 440 | 514 | ||
San Benito Consolidated Independent School District 6% 2/15/25 | 6,200 | 6,726 | ||
Socorro Independent School District 5.375% 8/15/18 | 1,090 | 1,159 | ||
South San Antonio Independent School District 5% 8/15/17 | 1,025 | 1,070 | ||
Southlake Gen. Oblig. Series 2000 D, 5.75% 2/15/21 (AMBAC Insured) | 2,345 | 2,531 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) 5.5% 10/1/17 (AMBAC Insured) | 3,825 | 4,158 | ||
Spring Branch Independent School District: | ||||
Series 2001: | ||||
5.375% 2/1/12 | 2,000 | 2,174 | ||
5.375% 2/1/13 | 3,130 | 3,393 | ||
5.375% 2/1/18 | 3,600 | 3,813 | ||
Tarrant County Health Facilities Dev. Corp. Hosp. Rev. 5.375% 11/15/20 | 5,750 | 5,640 | ||
Texas Gen. Oblig.: | ||||
(College Student Ln. Prog.): | ||||
5% 8/1/12 (d) | 6,655 | 6,935 | ||
5.375% 8/1/10 (d) | 6,205 | 6,715 | ||
5.25% 10/1/11 | 7,150 | 7,633 | ||
5.75% 8/1/26 | 5,000 | 5,254 | ||
Texas Pub. Fin. Auth. Bldg. Rev.: | ||||
Series 1990: | ||||
0% 2/1/12 (MBIA Insured) | 4,400 | 3,160 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Texas - continued | ||||
Texas Pub. Fin. Auth. Bldg. Rev.: - continued | ||||
Series 1990: | ||||
0% 2/1/14 (MBIA Insured) | $ 6,900 | $ 4,419 | ||
0% 2/1/09 (MBIA Insured) | 2,000 | 1,692 | ||
Texas Tpk. Auth. Central Tpk. Sys. Rev.: | ||||
5.5% 8/15/39 (AMBAC Insured) | 37,550 | 38,363 | ||
5.75% 8/15/38 (AMBAC Insured) | 27,550 | 28,971 | ||
Texas Tpk. Auth. Dallas North Tollway Rev.: | ||||
0% 1/1/10 (Escrowed to Maturity) (e) | 3,000 | 2,457 | ||
5.25% 1/1/23 (FGIC Insured) | 18,775 | 19,103 | ||
Texas Wtr. Dev. Board Rev. Series B, 5.625% 7/15/21 | 1,000 | 1,054 | ||
Travis County Health Facilities Dev. Corp. Rev. (Ascension Health Cr. Prog.) Series A, 6.25% 11/15/18 (Pre-Refunded to 11/15/09 @ 101) (e) | 15,550 | 17,841 | ||
Trinity River Auth. Rev. (Tarrant Cnty. Wtr. Proj.): | ||||
5.5% 2/1/19 (MBIA Insured) | 1,665 | 1,779 | ||
5.5% 2/1/22 (MBIA Insured) | 2,000 | 2,103 | ||
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.) 6% 7/1/31 | 6,225 | 6,264 | ||
United Independent School District 5.25% 8/15/22 | 4,340 | 4,482 | ||
Weatherford Independent School District: | ||||
Series 2000, 0% 2/15/25 (Pre-Refunded to 2/15/10 @ 36.782) (e) | 6,155 | 1,846 | ||
0% 2/15/22 (Pre-Refunded to 2/15/10 @ 45.084) (e) | 2,980 | 1,096 | ||
0% 2/15/26 (Pre-Refunded to 2/15/10 @ 34.41) (e) | 2,985 | 838 | ||
0% 2/15/33 | 6,985 | 1,333 | ||
White Settlement Independent School District 5.75% 8/15/30 | 2,890 | 3,041 | ||
Wichita Falls Wtr. & Swr. Rev. Series 2001, 5.375% 8/1/24 (AMBAC Insured) | 3,000 | 3,102 | ||
579,252 | ||||
Utah - 2.5% | ||||
Intermountain Pwr. Agcy. Pwr. Supply Rev.: | ||||
Series A: | ||||
6% 7/1/16 (AMBAC Insured) | 5,640 | 6,226 | ||
6% 7/1/16 (Escrowed to Maturity) (e) | 9,205 | 10,040 | ||
6.5% 7/1/10 (AMBAC Insured) | 300 | 346 | ||
Series B: | ||||
5.75% 7/1/16 (MBIA Insured) | 30,260 | 33,192 | ||
6% 7/1/16 (MBIA Insured) | 29,500 | 32,038 | ||
Series D, 5% 7/1/21 (MBIA Insured) | 12,100 | 12,310 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Utah - continued | ||||
Salt Lake City Hosp. Rev. (Intermountain Health Care Hosp., Inc. Proj.) Series A, 8.125% 5/15/15 (Escrowed to Maturity) (e) | $ 2,975 | $ 3,756 | ||
Salt Lake County Hosp. Rev. (IHC Health Svcs., Inc. Proj.) 5.5% 5/15/11 (AMBAC Insured) | 9,100 | 10,061 | ||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) Series A: | ||||
5.25% 4/1/16 (FSA Insured) | 2,590 | 2,766 | ||
5.25% 4/1/17 (FSA Insured) | 2,335 | 2,489 | ||
113,224 | ||||
Vermont - 0.3% | ||||
Vermont Edl. & Health Bldgs. Fing. Agcy. Rev. (Fletcher Allen Health Care, Inc. Proj.): | ||||
Series 2000 A, 6.125% 12/1/27 (AMBAC Insured) | 8,600 | 9,348 | ||
Series A, 5.75% 12/1/18 (AMBAC Insured) | 3,100 | 3,409 | ||
12,757 | ||||
Virginia - 0.5% | ||||
Loudoun County Indl. Dev. Auth. Residential Care Facilities Rev. (Falcons Landing Proj.) Series A, 9.25% 11/1/04 (Escrowed to Maturity) (e) | 300 | 308 | ||
Peninsula Ports Auth. Hosp. Facilities Rev. (Whittaker Memorial Hosp. Proj.) 8.7% 8/1/23 | 1,485 | 1,783 | ||
Virginia Beach Dev. Auth. Hosp. Facilities Rev. (Virginia Beach Gen. Hosp. Proj.): | ||||
6% 2/15/12 (AMBAC Insured) | 2,150 | 2,447 | ||
6% 2/15/13 (AMBAC Insured) | 1,460 | 1,666 | ||
Virginia Commonwealth Trans. Board Trans. Rev. (U.S. Route 58 Corridor Dev. Prog.) Series B: | ||||
5.375% 5/15/12 | 4,700 | 5,142 | ||
5.75% 5/15/21 | 10,000 | 10,914 | ||
Virginia Hsg. Dev. Auth. Multi-family Hsg. Rev. Series I, 5.95% 5/1/09 (d) | 1,890 | 1,973 | ||
24,233 | ||||
Washington - 5.6% | ||||
Chelan County Pub. Util. District #1 Rev. Series 2005 A, 5.125%, tender 7/1/15 (FGIC Insured) (b)(c)(d) | 2,430 | 2,459 | ||
Chelan County School District #246, Wenatchee 5.5% 12/1/19 (FSA Insured) | 3,535 | 3,785 | ||
Clark County School District #37, Vancouver Series C, 0% 12/1/19 (FGIC Insured) | 4,500 | 2,035 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Washington - continued | ||||
Douglas County Pub. Util. District #1 Wells Hydroelectric Rev. Series A, 8.75% 9/1/18 | $ 2,790 | $ 3,300 | ||
Energy Northwest Elec. Rev.: | ||||
(#1 Proj.) Series 2001 A, 5.5% 7/1/12 (FSA Insured) | 5,000 | 5,527 | ||
(#3 Proj.) Series B, 6% 7/1/16 (AMBAC Insured) | 28,000 | 31,395 | ||
King County School District #411 Issaquah 6.25% 12/1/16 (FSA Insured) | 2,000 | 2,274 | ||
King County Swr. Rev. Series B, 5.125% 1/1/33 (FSA Insured) | 22,390 | 22,212 | ||
Port of Seattle Rev.: | ||||
Series B: | ||||
5.5% 9/1/09 (FGIC Insured) (d) | 4,010 | 4,255 | ||
5.6% 9/1/10 (FGIC Insured) (d) | 4,230 | 4,489 | ||
Series D: | ||||
5.75% 11/1/13 (FGIC Insured) (d) | 1,500 | 1,640 | ||
5.75% 11/1/14 (FGIC Insured) (d) | 3,055 | 3,294 | ||
5.75% 11/1/16 (FGIC Insured) (d) | 2,250 | 2,408 | ||
Seattle Wtr. Sys. Rev. Series B, 5.75% 7/1/23 (FGIC Insured) | 3,175 | 3,425 | ||
Snohomish County Pub. Hosp. District #2 (Stevens Health Care Proj.) 4.5% 12/1/11 (FGIC Insured) | 1,155 | 1,204 | ||
Snohomish County School District #2, Everett 5.5% 12/1/16 (FSA Insured) | 1,475 | 1,608 | ||
Spokane Pub. Facilities District Hotel & Motel Tax & Sales Use Tax Rev. 5.75% 12/1/19 (MBIA Insured) | 2,000 | 2,202 | ||
Tacoma Elec. Sys. Rev. Series A, 5.625% 1/1/21 (FSA Insured) | 10,000 | 10,713 | ||
Thurston & Pierce Counties Cmnty. Schools 5.25% 12/1/17 (FSA Insured) | 2,000 | 2,126 | ||
Washington Gen. Oblig.: | ||||
Series 2000 A, 5.625% 7/1/24 | 5,185 | 5,401 | ||
Series 2001 C, 5.25% 1/1/16 | 7,070 | 7,549 | ||
Series C, 5.25% 1/1/26 (FSA Insured) | 10,000 | 10,147 | ||
Series R 97A: | ||||
0% 7/1/17 | 7,015 | 3,648 | ||
0% 7/1/19 (MBIA Insured) | 9,100 | 4,236 | ||
Washington Health Care Facilities Auth. Rev. (Providence Health Systems Proj.) Series A, 5.5% 10/1/12 (MBIA Insured) | 5,455 | 5,965 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #1 Rev.: | ||||
(Bonneville Pwr. Administration Proj.) Series B, 7% 7/1/08 | 1,000 | 1,143 | ||
Series A, 7% 7/1/08 | 310 | 354 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Washington - continued | ||||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #1 Rev.: - - continued | ||||
Series B, 5.125% 7/1/13 | $ 14,600 | $ 15,509 | ||
5.75% 7/1/10 (MBIA Insured) | 5,000 | 5,396 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev.: | ||||
Series A: | ||||
0% 7/1/11 (Escrowed to Maturity) (e) | 1,350 | 1,007 | ||
5.125% 7/1/11 (FSA Insured) | 10,420 | 11,183 | ||
5.9% 7/1/04 | 195 | 195 | ||
6% 7/1/07 | 2,500 | 2,727 | ||
5.4% 7/1/12 | 56,550 | 61,654 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev.: | ||||
Series A, 0% 7/1/12 (MBIA Insured) | 4,000 | 2,792 | ||
0% 7/1/08 (MBIA Insured) | 3,000 | 2,610 | ||
0% 7/1/10 (MBIA Insured) | 2,800 | 2,185 | ||
254,052 | ||||
West Virginia - 0.6% | ||||
Marshall County Poll. Cont. Rev. (Ohio Pwr. Co./Kammer Plant Proj.) Series B, 5.45% 7/1/14 (MBIA Insured) | 22,650 | 23,154 | ||
West Virginia Wtr. Dev. Auth. Infrastructure Rev. Series A, 5.625% 10/1/26 (FSA Insured) | 5,000 | 5,271 | ||
28,425 | ||||
Wisconsin - 0.9% | ||||
Badger Tobacco Asset Securitization Corp. 6.125% 6/1/27 | 6,245 | 5,657 | ||
Douglas County Gen. Oblig. 5.5% 2/1/19 (FGIC Insured) | 3,155 | 3,370 | ||
Menomonee Falls Wtr. Sys. Mtg. Rev. 5.875% 12/1/16 (FSA Insured) | 3,375 | 3,619 | ||
Wisconsin Gen. Oblig. Series 2002 F, 5.5% 5/1/15 (FSA Insured) | 3,755 | 4,093 | ||
Wisconsin Health & Edl. Facilities Auth. Rev. (Wheaton Franciscan Svcs., Inc. Proj.): | ||||
Series A: | ||||
5.5% 8/15/15 | 1,480 | 1,542 | ||
5.5% 8/15/16 | 1,545 | 1,594 | ||
5.75% 8/15/30 | 14,250 | 14,514 | ||
Municipal Bonds - continued | ||||
Principal | Value (Note 1) | |||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev. (Wheaton Franciscan Svcs., Inc. Proj.): - continued | ||||
6.25% 8/15/22 | $ 4,300 | $ 4,559 | ||
Wisconsin Hsg. & Econ. Dev. Auth. Home Ownership Rev. Series F, 5.2% 9/1/26 (d) | 300 | 300 | ||
39,248 | ||||
Wyoming - 0.1% | ||||
Gillette Spl. Purp. Wtr. & Swr. Utils. Sys. Rev. 7.7% 12/1/10 (Escrowed to Maturity) (e) | 5,190 | 6,246 |
TOTAL INVESTMENT PORTFOLIO - 99.5% (Cost $4,335,282) | 4,505,802 | ||
NET OTHER ASSETS - 0.5% | 24,811 | ||
NET ASSETS - 100% | $ 4,530,613 |
Legend |
(a) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security 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) 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. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 32.8% |
Electric Utilities | 15.6% |
Health Care | 12.3% |
Transportation | 10.2% |
Water & Sewer | 10.1% |
Escrowed/Pre-Refunded | 6.0% |
Special Tax | 5.6% |
Others* (individually less than 5%) | 7.4% |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $473,705,000 and $598,879,000, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | une 30, 2004 (Unaudited) | |
Assets | ||
Investment in securities, at value (cost $4,335,282) - See accompanying schedule | $ 4,505,802 | |
Cash | 1,862 | |
Receivable for investments sold | 782 | |
Receivable for fund shares sold | 839 | |
Interest receivable | 65,318 | |
Prepaid expenses | 12 | |
Total assets | 4,574,615 | |
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 29,888 | |
Payable for fund shares redeemed | 6,697 | |
Distributions payable | 5,520 | |
Accrued management fee | 1,429 | |
Other affiliated payables | 386 | |
Other payables and accrued expenses | 82 | |
Total liabilities | 44,002 | |
Net Assets | $ 4,530,613 | |
Net Assets consist of: | ||
Paid in capital | $ 4,344,973 | |
Undistributed net investment income | 2,052 | |
Accumulated undistributed net realized gain (loss) on investments | 13,068 | |
Net unrealized appreciation (depreciation) on investments | 170,520 | |
Net Assets, for 354,732 shares outstanding | $ 4,530,613 | |
Net Asset Value, offering price and redemption price per share ($4,530,613 ÷ 354,732 shares) | $ 12.77 |
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, 2004 (Unaudited) | |
Investment Income | ||
Interest | $ 115,985 | |
Expenses | ||
Management fee | $ 9,001 | |
Transfer agent fees | 1,835 | |
Accounting fees and expenses | 326 | |
Non-interested trustees' compensation | 13 | |
Custodian fees and expenses | 38 | |
Registration fees | 53 | |
Audit | 37 | |
Legal | 9 | |
Miscellaneous | 74 | |
Total expenses before reductions | 11,386 | |
Expense reductions | (3) | 11,383 |
Net investment income (loss) | 104,602 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | 19,431 | |
Futures contracts | 608 | |
Total net realized gain (loss) | 20,039 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (169,090) | |
Futures contracts | (107) | |
Total change in net unrealized appreciation (depreciation) | (169,197) | |
Net gain (loss) | (149,158) | |
Net increase (decrease) in net assets resulting from operations | $ (44,556) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 104,602 | $ 211,567 |
Net realized gain (loss) | 20,039 | 79,676 |
Change in net unrealized appreciation (depreciation) | (169,197) | (23,742) |
Net increase (decrease) in net assets resulting | (44,556) | 267,501 |
Distributions to shareholders from net investment income | (103,608) | (211,728) |
Distributions to shareholders from net realized gain | (5,477) | (72,466) |
Total distributions | (109,085) | (284,194) |
Share transactions | 379,800 | 715,293 |
Reinvestment of distributions | 72,731 | 196,844 |
Cost of shares redeemed | (552,649) | (911,880) |
Net increase (decrease) in net assets resulting from share transactions | (100,118) | 257 |
Redemption fees | 29 | 76 |
Total increase (decrease) in net assets | (253,730) | (16,360) |
Net Assets | ||
Beginning of period | 4,784,343 | 4,800,703 |
End of period (including undistributed net investment income of $2,052 and undistributed net investment income of $2,625, respectively) | $ 4,530,613 | $ 4,784,343 |
Other Information Shares | ||
Sold | 28,804 | 54,068 |
Issued in reinvestment of distributions | 5,566 | 14,891 |
Redeemed | (42,642) | (69,173) |
Net increase (decrease) | (8,272) | (214) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | ||||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 H | 2000 F | 1999 F | |
Selected Per-Share Data | |||||||
Net asset value, beginning of period | $ 13.18 | $ 13.22 | $ 12.68 | $ 12.70 | $ 12.40 | $ 12.07 | $ 12.85 |
Income from Investment Operations | |||||||
Net investment income (loss) | .286 D | .585 D | .603 D | .617 D, G | .053 D | .626 D | .595 |
Net realized and unrealized gain (loss) | (.398) | .162 | .697 | .011 G | .303 | .337 | (.773) |
Total from investment operations | (.112) | .747 | 1.300 | .628 | .356 | .963 | (.178) |
Distributions from net investment income | (.283) | (.585) | (.600) | (.613) | (.053) | (.627) | (.595) |
Distributions from net realized gain | (.015) | (.202) | (.160) | (.035) | (.003) | (.006) | (.007) |
Total distributions | (.298) | (.787) | (.760) | (.648) | (.056) | (.633) | (.602) |
Redemption fees added to paid in capital | - D, I | - D, I | - D, I | - D, I | - | - | - |
Net asset value, | $ 12.77 | $ 13.18 | $ 13.22 | $ 12.68 | $ 12.70 | $ 12.40 | $ 12.07 |
Total Return B, C | (.88)% | 5.80% | 10.48% | 5.00% | 2.87% | 8.24% | (1.44)% |
Ratios to Average Net Assets E | |||||||
Expenses before expense reductions | .48% A | .48% | .48% | .47% | .47% A | .48% | .49% |
Expenses net of voluntary waivers, if any | .48% A | .48% | .48% | .47% | .47% A | .48% | .49% |
Expenses net of all reductions | .48% A | .47% | .46% | .43% | .42% A | .48% | .49% |
Net investment income (loss) | 4.39% A | 4.42% | 4.62% | 4.80% G | 4.98% A | 5.17% | 4.77% |
Supplemental Data | |||||||
Net assets, | $ 4,531 | $ 4,784 | $ 4,801 | $ 4,527 | $ 4,464 | $ 4,313 | $ 4,225 |
Portfolio turnover rate | 20% A | 23% | 23% | 27% | 4% A | 26% | 28% |
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 brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund. F For the year ended November 30. G Effective January 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change. H For the one month ended December 31, 2000. I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2004 (Unaudited)
(Amounts in thousands except ratios)
1. Significant Accounting Policies.
Spartan Municipal Income Fund (the fund) is a fund of Fidelity Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities, including restricted securities, are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income 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 among the funds in the trust.
Income Tax Information and Distributions to Shareholders. Each year, the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent 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 futures transactions, market discount and losses deferred due to wash sales and 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 Internal Revenue Service (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 investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ 205,822 | |
Unrealized depreciation | (30,882) | |
Net unrealized appreciation (depreciation) | $ 174,940 | |
Cost for federal income tax purposes | $ 4,330,862 |
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.
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund
Semiannual Report
2. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
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.
Futures Contracts. The fund may use futures contracts to manage its exposure to the bond market and to fluctuations in interest rates. Buying futures tends to increase the fund's exposure to the underlying instrument, while selling futures tends to decrease the fund's exposure to the underlying instrument or hedge other fund investments. Losses may arise from changes in the value of the underlying instruments or if the counter-parties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the fund. Citibank has entered into a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the activities associated with the fund's transfer and shareholder servicing agent and accounting functions. The fund pays account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month. For the period, the transfer agent fees were equivalent to an annualized rate of .08% of average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Fees and Other Transactions with Affiliates - continued
Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $118 for the period.
5. Committed Line of Credit.
The fund participates with other funds managed by FMR in a $4.2 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 fund has agreed to pay commitment fees on its pro rata portion of the line of credit. 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 expenses by $3.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 3,415,899,540.41 | 73.098 |
Against | 857,186,718.73 | 18.343 |
Abstain | 194,806,370.40 | 4.169 |
Broker | 205,155,704.48 | 4.390 |
TOTAL | 4,673,048,334.02 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 4,338,349,812.56 | 92.838 |
Withheld | 334,698,521.46 | 7.162 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ralph F. Cox | ||
Affirmative | 4,334,671,421.01 | 92.759 |
Withheld | 338,376,913.01 | 7.241 |
TOTAL | 4,673,048,334.02 | 100.000 |
Laura B. Cronin | ||
Affirmative | 4,332,816,177.06 | 92.719 |
Withheld | 340,232,156.96 | 7.281 |
TOTAL | 4,673,048,334.02 | 100.000 |
Robert M. Gates | ||
Affirmative | 4,336,851,658.96 | 92.806 |
Withheld | 336,196,675.06 | 7.194 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 4,334,549,149.07 | 92.756 |
Withheld | 338,499,184.95 | 7.244 |
TOTAL | 4,673,048,334.02 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 4,327,320,608.55 | 92.602 |
Withheld | 345,727,725.47 | 7.398 |
TOTAL | 4,673,048,334.02 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 4,322,104,507.32 | 92.490 |
Withheld | 350,943,826.70 | 7.510 |
TOTAL | 4,673,048,334.02 | 100.000 |
Donald J. Kirk | ||
Affirmative | 4,335,814,201.97 | 92.783 |
Withheld | 337,234,132.05 | 7.217 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marie L. Knowles | ||
Affirmative | 4,333,892,089.64 | 92.742 |
Withheld | 339,156,244.38 | 7.258 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 4,340,856,926.26 | 92.891 |
Withheld | 332,191,407.76 | 7.109 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marvin L. Mann | ||
Affirmative | 4,336,736,818.96 | 92.803 |
Withheld | 336,311,515.06 | 7.197 |
TOTAL | 4,673,048,334.02 | 100.000 |
William O. McCoy | ||
Affirmative | 4,338,426,324.60 | 92.839 |
Withheld | 334,622,009.42 | 7.161 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 4,339,017,198.22 | 92.852 |
Withheld | 334,031,135.80 | 7.148 |
TOTAL | 4,673,048,334.02 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 4,338,546,239.15 | 92.842 |
Withheld | 334,502,094.87 | 7.158 |
TOTAL | 4,673,048,334.02 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Managing Your Investments
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By Phone
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(phone_graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
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(computer_graphic)Fidelity's Web Site
www.fidelity.com
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Semiannual Report
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Fidelity's Municipal Bond Funds
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Spartan®
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Semiannual Report
June 30, 2004
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | 3 | Ned Johnson's message to shareholders |
Spartan Ohio Municipal Income Fund | ||
Investment Changes | 4 | A summary of major shifts in the fund's investments over the past six months. |
Investments | 5 | A complete list of the fund's investments with their market values. |
Financial Statements | 13 | Statements of assets and liabilities, operations, and changes in net assets, |
Fidelity Ohio Municipal Money Market Fund | ||
Investment Changes | 17 | A summary of major shifts in the fund's investments over the past six months and one year. |
Investments | 18 | A complete list of the fund's investments. |
Financial Statements | 27 | Statements of assets and liabilities, operations, and changes in net assets, |
Notes | 31 | Notes to the Financial Statements |
Proxy Voting Results | 36 | |
For a free copy of the funds' proxy voting guidelines visit www.fidelity.com/goto/proxyguidelines, call 1-800-544-8544, or visit the Securities and Exchange Commission (SEC)'s web site at www.sec.gov.
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For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Many of you have read or heard news stories recently that were critical of mutual funds and made allegations that the mutual fund industry has been less than forthright. I find these reports unsettling and not necessarily an accurate picture of the overall industry, and I would like you to know where we at Fidelity stand.
With specific regard to allegations that certain mutual fund companies were violating the Securities and Exchange Commission's forward pricing rules or were involved in so-called "market timing" activities, I want to say two things:
First, Fidelity does not have agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not to say that someone could not deceive the company through fraudulent acts. But I underscore that we have no so-called "agreements" which would permit this illegal practice.
Second, Fidelity has been on record for years opposing predatory short-term trading which adversely affects other shareholders in a mutual fund. In fact, in the 1980s, we began charging a fee - which is returned to the fund and, therefore, to investors - to discourage this activity. What's more, several years ago we took the industry lead in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. It is reasonable to assume that another structure can be developed that would alter the system to make it much more difficult for predatory traders to operate. This, however, will only be achieved through close cooperation among regulators, legislators and the industry.
Certainly no industry is perfect, and there have been instances of unethical and illegal activity from time to time within the mutual fund industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. Clearly, every system can be improved. We applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors' holdings. But we remain concerned about the risk of over-regulation and the quick application of simplistic solutions to intricate problems.
For more than 57 years, Fidelity Investments has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Many of them were family and friends. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
Spartan Ohio Municipal Income Fund
Investment Changes
Top Five Sectors as of June 30, 2004 | ||
% of fund's | % of fund's net assets | |
General Obligations | 49.9 | 55.6 |
Education | 11.6 | 11.0 |
Water & Sewer | 10.9 | 8.6 |
Health Care | 7.6 | 6.5 |
Electric Utilities | 5.9 | 6.7 |
Average Years to Maturity as of June 30, 2004 | ||
6 months ago | ||
Years | 14.0 | 14.0 |
Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount. |
Duration as of June 30, 2004 | ||
6 months ago | ||
Years | 7.5 | 7.5 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2004 | As of December 31, 2003 | ||||||
![]() | AAA 52.3% | ![]() | AAA 49.1% | ||||
![]() | AA,A 42.1% | ![]() | AA,A 44.9% | ||||
![]() | BBB 2.7% | ![]() | BBB 4.2% | ||||
![]() | BB and Below 1.7% | ![]() | BB and Below 0.1% | ||||
![]() | Not Rated 1.5% | ![]() | Not Rated 0.7% | ||||
![]() | Short-Term | ![]() | Short-Term |
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P ® ratings. |
*Net Other Assets are not included in the pie chart.
Semiannual Report
Spartan Ohio Municipal Income Fund
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 100.3% | ||||
Principal | Value | |||
Ohio - 98.5% | ||||
Adams County Valley Local School District (Adams & Highland County Proj.) 5.25% 12/1/21 (MBIA Insured) | $ 2,000,000 | $ 2,071,740 | ||
Akron City Nontax Rev. Econ. Dev. Series 1997, 6% 12/1/12 (MBIA Insured) | 1,250,000 | 1,437,825 | ||
Akron Gen. Oblig. 5.5% 12/1/21 | 2,000,000 | 2,142,240 | ||
Akron Wtrwks. Rev. 5.25% 12/1/19 (MBIA Insured) | 1,630,000 | 1,723,171 | ||
Avon Lake City School District 5.5% 12/1/26 | 2,205,000 | 2,280,676 | ||
Bowling Green Univ. Gen. Receipts: | ||||
5.75% 6/1/11 (FGIC Insured) | 1,455,000 | 1,636,555 | ||
5.75% 6/1/14 (FGIC Insured) | 1,190,000 | 1,324,339 | ||
5.75% 6/1/16 (FGIC Insured) | 1,250,000 | 1,386,200 | ||
Brookville Local School District 5.25% 12/1/20 | 1,875,000 | 1,973,531 | ||
Buckeye Valley Local School District Delaware County Series A, 6.85% 12/1/15 (MBIA Insured) | 2,500,000 | 3,017,625 | ||
Butler County Gen. Oblig. 5.25% 12/1/16 (MBIA Insured) | 1,820,000 | 1,960,431 | ||
Butler County Trans. Impt. District Series 1997 A, 6% 4/1/10 (FSA Insured) | 2,325,000 | 2,593,700 | ||
Cincinnati City School District: | ||||
5.25% 6/1/16 (FSA Insured) | 1,500,000 | 1,610,805 | ||
5.25% 12/1/17 (FSA Insured) | 2,000,000 | 2,131,940 | ||
Cincinnati Gen. Oblig.: | ||||
(Police & Firemen's Disability Proj.) 6% 12/1/35 | 5,000,000 | 5,482,450 | ||
5.375% 12/1/20 | 2,000,000 | 2,127,000 | ||
Cincinnati Student Ln. Fdg. Corp. Student Ln. Rev. | 4,000,000 | 4,016,240 | ||
Cincinnati Wtr. Sys. Rev. Series 2001, 5.5% 12/1/17 | 2,000,000 | 2,149,340 | ||
Cleveland Arpt. Sys. Rev. Series A, 5.5% 1/1/08 | 1,500,000 | 1,608,330 | ||
Cleveland Gen. Oblig.: | ||||
5.25% 12/1/17 (FGIC Insured) | 1,355,000 | 1,432,371 | ||
5.5% 9/1/16 (AMBAC Insured) | 2,000,000 | 2,156,680 | ||
Cleveland Muni. School District: | ||||
5.25% 12/1/17 (FSA Insured) (a) | 2,215,000 | 2,367,458 | ||
5.25% 12/1/19 (FSA Insured) (a) | 1,000,000 | 1,058,110 | ||
Cleveland Pub. Pwr. Sys. Rev. (First Mtg. Prog.) Series A: | ||||
0% 11/15/10 (MBIA Insured) | 2,685,000 | 2,083,909 | ||
0% 11/15/11 (MBIA Insured) | 2,685,000 | 1,979,838 | ||
Cleveland State Univ. Gen. Receipts Series 2003 A, 5% 6/1/18 (FGIC Insured) | 2,490,000 | 2,573,589 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Cleveland Wtrwks. Rev. (First Mtg. Prog.): | ||||
Series G, 5.5% 1/1/13 (MBIA Insured) | $ 2,450,000 | $ 2,708,353 | ||
Series H, 5.75% 1/1/16 (MBIA Insured) | 45,000 | 48,063 | ||
Cuyahoga County Gen. Oblig.: | ||||
Series A: | ||||
0% 10/1/09 (MBIA Insured) | 4,200,000 | 3,473,652 | ||
0% 10/1/11 (MBIA Insured) | 2,400,000 | 1,791,312 | ||
0% 10/1/12 (MBIA Insured) | 1,505,000 | 1,066,834 | ||
5.75% 12/1/11 | 3,600,000 | 4,043,232 | ||
5.75% 12/1/12 | 1,950,000 | 2,168,829 | ||
5.75% 12/1/13 | 2,210,000 | 2,460,658 | ||
5.75% 12/1/14 | 1,460,000 | 1,619,447 | ||
Delaware County Gen. Oblig.: | ||||
6% 12/1/25 | 1,000,000 | 1,094,710 | ||
6.25% 12/1/20 | 1,250,000 | 1,432,350 | ||
Dublin City School District 5% 12/1/21 (FSA Insured) | 1,500,000 | 1,530,795 | ||
Dublin Gen. Oblig. Series 2000 B, 6% 12/1/15 | 3,140,000 | 3,532,877 | ||
Erie County Gen. Oblig. 5.5% 12/1/18 (FSA Insured) | 1,265,000 | 1,371,981 | ||
Fairborn City School District (School Impt. Proj.) 5.75% 12/1/26 (FSA Insured) | 2,200,000 | 2,327,468 | ||
Fairfield City School District 7.45% 12/1/14 (FGIC Insured) | 1,000,000 | 1,248,460 | ||
Franklin County Gen. Oblig.: | ||||
5.375% 12/1/20 | 2,000,000 | 2,149,460 | ||
5.5% 12/1/15 | 1,225,000 | 1,314,241 | ||
5.5% 12/1/16 | 1,290,000 | 1,383,977 | ||
Franklin County Hosp. Rev.: | ||||
(Holy Cross Health Sys. Corp. Proj.) 5.875% 6/1/21 | 1,000,000 | 1,025,640 | ||
5.5% 5/1/13 (AMBAC Insured) | 1,130,000 | 1,233,192 | ||
Franklin County Rev. (OCLC Online Computer Library Ctr., Inc. Proj.) 5% 4/15/12 | 2,505,000 | 2,608,131 | ||
Gallia County Hosp. Facilities Rev. (Holzer Med. Ctr. Proj.) 5.125% 10/1/13 (AMBAC Insured) | 3,000,000 | 3,178,260 | ||
Gateway Econ. Dev. Corp. Greater Cleveland Stadium Rev. Series 1990, 6.5% 9/15/14 (c) | 3,000,000 | 3,060,510 | ||
Greene County Swr. Sys. Rev. 0% 12/1/09 (AMBAC Insured) | 775,000 | 637,135 | ||
Greene County Wtr. Sys. Rev. Series A, 6% 12/1/16 (FGIC Insured) | 2,500,000 | 2,775,650 | ||
Hamilton County Convention Facilities Auth. Rev.: | ||||
5% 12/1/17 (FGIC Insured) | 1,985,000 | 2,073,968 | ||
5% 12/1/18 (FGIC Insured) | 1,075,000 | 1,114,442 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Hamilton County Convention Facilities Auth. Rev.: - continued | ||||
5% 12/1/19 (FGIC Insured) | $ 3,320,000 | $ 3,426,533 | ||
Hamilton County Gen. Oblig.: | ||||
5.25% 12/1/16 | 1,900,000 | 2,010,675 | ||
5.25% 12/1/17 | 2,005,000 | 2,117,841 | ||
Hamilton County Hosp. Facilities Rev. (Childrens Hosp. Med. Ctr. Proj.) Series J, 5.25% 5/15/15 (FGIC Insured) | 1,835,000 | 1,969,964 | ||
Hamilton County Sales Tax Series B, 5.25% 12/1/32 (AMBAC Insured) | 4,745,000 | 4,785,048 | ||
Hamilton County Swr. Sys. Rev. (Metro. Swr. District Proj.) Series A, 5.75% 12/1/25 (MBIA Insured) | 6,000,000 | 6,388,020 | ||
Hamilton Wtrwks. Rev. 5% 10/15/16 (MBIA Insured) | 1,000,000 | 1,053,330 | ||
Hilliard School District: | ||||
Series A, 5% 12/1/20 (FGIC Insured) | 1,000,000 | 1,018,730 | ||
0% 12/1/11 (FGIC Insured) | 3,720,000 | 2,757,971 | ||
5.75% 12/1/28 (FGIC Insured) | 3,005,000 | 3,190,649 | ||
Kent City School District Series 2004, 5% 12/1/20 (FGIC Insured) | 1,400,000 | 1,433,586 | ||
Kings Local School District 6.1% 12/1/25 | 6,800,000 | 7,465,584 | ||
Lake Local School District Stark County Series 2000, 5.75% 12/1/26 (FGIC Insured) | 2,780,000 | 2,950,386 | ||
Lakewood City School District 5.25% 12/1/15 (FSA Insured) (a) | 1,000,000 | 1,085,590 | ||
Lakewood Gen. Oblig. 6.6% 12/1/08 | 1,525,000 | 1,725,019 | ||
Lakewood Hosp. Impt. Rev. (Lakewood Hosp. Assoc. Proj.): | ||||
5.5% 2/15/10 | 1,000,000 | 1,065,420 | ||
5.5% 2/15/11 | 1,875,000 | 1,985,175 | ||
5.5% 2/15/12 | 1,000,000 | 1,055,330 | ||
Licking Heights Local School District (Facilities Construction & Impt. Proj.) Series A, 5.5% 12/1/24 (FGIC Insured) | 2,400,000 | 2,492,568 | ||
Lorain County 5.5% 12/1/22 (FGIC Insured) | 2,985,000 | 3,168,757 | ||
Lowellville San. Swr. Sys. Rev. (Browning-Ferris Industries, Inc. Proj.) 7.25% 6/1/06 (c) | 400,000 | 402,792 | ||
Lucas County Hosp. Rev. (Promedia Health Care Oblig. Group Proj.): | ||||
5.375% 11/15/23 (AMBAC Insured) | 5,000,000 | 5,176,250 | ||
5.625% 11/15/12 (AMBAC Insured) | 2,000,000 | 2,202,500 | ||
5.625% 11/15/13 (AMBAC Insured) | 1,200,000 | 1,317,804 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Marion County Hosp. Impt. Rev. (Cmnty. Hosp. Proj.) 6.1% 5/15/06 | $ 1,000,000 | $ 1,047,070 | ||
Medina City School District 5.25% 12/1/28 (FGIC Insured) | 11,175,000 | 11,275,463 | ||
Middletown City School District: | ||||
5% 12/1/17 (FGIC Insured) | 1,175,000 | 1,220,860 | ||
5% 12/1/19 (FGIC Insured) | 1,110,000 | 1,145,576 | ||
Montgomery County Gen. Oblig. 5.5% 12/1/25 | 2,235,000 | 2,359,959 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series A: | ||||
6% 12/1/19 | 3,000,000 | 3,230,250 | ||
6% 12/1/26 | 3,000,000 | 3,154,920 | ||
Montgomery County Wtr. Sys. Rev. Series 2002, 5.375% 11/15/16 (AMBAC Insured) | 2,200,000 | 2,372,920 | ||
Ohio Air Quality Dev. Auth. Rev.: | ||||
(Columbus & Southern Pwr. Co. Proj.) Series A, 6.375% 12/1/20 (FGIC Insured) | 3,000,000 | 3,038,250 | ||
(Dayton Pwr. & Lt. Co. Proj.) 6.1% 9/1/30 | 500,000 | 487,215 | ||
(Ohio Edison Co. Proj.) Series A, 3.25%, tender 2/1/08 (AMBAC Insured) (b) | 2,000,000 | 1,996,620 | ||
(Pennsylvania Pwr. Co. Proj.) 2.5%, tender 7/1/04 (b) | 6,000,000 | 6,000,000 | ||
Ohio Bldg. Auth.: | ||||
(Administration Bldg. Fund Prog.): | ||||
Series 1999 A, 5.25% 10/1/11 | 2,205,000 | 2,411,432 | ||
Series A, 4.75% 10/1/17 | 1,000,000 | 1,014,900 | ||
(Adult Correctional Bldg. Fund Prog.): | ||||
Series 1999 A, 5.5% 10/1/11 | 3,370,000 | 3,725,535 | ||
Series 2001 A, 5.5% 10/1/12 (FSA Insured) | 1,000,000 | 1,107,360 | ||
Series A: | ||||
5.25% 10/1/17 | 1,000,000 | 1,055,620 | ||
5.75% 4/1/11 | 2,865,000 | 3,204,417 | ||
(Juvenile Correctional Bldg. Fund Prog.) Series A, 5.5% 4/1/12 | 2,960,000 | 3,261,950 | ||
(Sports Facilities Bldg. Fund Prog.) Series 1999 A, 5.25% 10/1/12 | 2,940,000 | 3,197,309 | ||
Series A, 5% 4/1/11 (FSA Insured) | 1,425,000 | 1,544,201 | ||
5% 4/1/17 (MBIA Insured) | 2,485,000 | 2,585,245 | ||
Ohio Gen. Oblig.: | ||||
(College Savings Prog.): | ||||
0% 8/1/09 | 2,290,000 | 1,896,853 | ||
0% 8/1/10 | 2,000,000 | 1,572,020 | ||
0% 8/1/14 | 1,375,000 | 874,954 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Ohio Gen. Oblig.: - continued | ||||
(Higher Ed. Cap. Facilities Proj.) Series A, 5.375% 8/1/16 | $ 5,980,000 | $ 6,439,982 | ||
(Mental Health Cap. Facilities Proj.): | ||||
Series 2001 B, 5% 6/1/09 | 1,925,000 | 2,080,425 | ||
Series IIA, 5.25% 6/1/17 | 2,670,000 | 2,816,663 | ||
Series IIB, 5.5% 6/1/15 | 2,265,000 | 2,441,149 | ||
Series 2001 IIA, 5.5% 12/1/13 | 2,020,000 | 2,203,739 | ||
Series 2002 B, 5.25% 11/1/20 | 2,520,000 | 2,650,208 | ||
Series A, 5.5% 9/15/16 | 11,060,000 | 12,045,886 | ||
6.65% 9/1/09 | 1,000,000 | 1,101,400 | ||
Ohio Higher Edl. Facilities Rev. (Case Western Reserve Univ. 2002 Proj.): | ||||
Series B, 6.5% 10/1/20 | 2,335,000 | 2,767,068 | ||
Series C, 5.125% 10/1/17 | 2,985,000 | 3,091,803 | ||
6.125% 10/1/15 | 2,000,000 | 2,317,960 | ||
6.25% 10/1/16 | 2,500,000 | 2,930,675 | ||
Ohio Higher Edl. Facility Commission Rev. (Denison Univ. Proj.) 5.5% 11/1/14 | 1,000,000 | 1,091,220 | ||
Ohio Hsg. Fin. Agcy. Mtg. Rev. (Residential Proj.): | ||||
Series B2, 5.375% 9/1/19 (c) | 1,005,000 | 1,004,940 | ||
Series C, 4.9% 9/1/26 (c) | 465,000 | 469,241 | ||
Ohio Muni. Elec. Gen. Agcy. (Belleville Hydroelectric Proj.): | ||||
5% 2/15/17 (AMBAC Insured) | 1,215,000 | 1,263,284 | ||
5% 2/15/18 (AMBAC Insured) | 3,235,000 | 3,338,002 | ||
Ohio Poll. Cont. Rev. (Standard Oil Co. Proj.) 6.75% 12/1/15 | 3,100,000 | 3,730,509 | ||
Ohio Pub. Facilities Commission Rev. (Mental Health Cap. Facilities Proj.) Series 2000 IIA, 5.375% 6/1/14 | 2,200,000 | 2,386,120 | ||
Ohio Solid Waste Rev. (Waste Mgmt., Inc. Proj.) 4.85%, tender 11/1/07 (b)(c) | 3,000,000 | 3,101,940 | ||
Ohio State Univ. Gen. Receipts: | ||||
Series 2002 A, 5.125% 12/1/31 | 5,000,000 | 4,998,550 | ||
Series A, 5.8% 12/1/29 | 3,300,000 | 3,500,937 | ||
Series B, 5.25% 6/1/16 | 5,000,000 | 5,360,950 | ||
Ohio Tpk. Commission Tpk. Rev.: | ||||
Series A, 5.5% 2/15/21 (FGIC Insured) | 5,000,000 | 5,505,950 | ||
5.5% 2/15/26 | 3,700,000 | 3,781,474 | ||
Ohio Univ. Gen. Receipts Athens 5% 12/1/18 | 1,980,000 | 2,052,646 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev.: | ||||
(Cleveland Elec. Illuminating Co. Proj.) Series A, 3.4%, tender 10/1/04 (b) | $ 2,000,000 | $ 2,003,560 | ||
(Toledo Edison Co. Proj.) Series B, 4.5%, tender 9/1/05 (b) | 2,000,000 | 2,028,220 | ||
Ohio Wtr. Dev. Auth. Rev.: | ||||
(Drinking Wtr. Fund Prog.) Series 2002, 5.5% 12/1/21 | 4,040,000 | 4,338,233 | ||
(Fresh Wtr. Impt. Proj.): | ||||
Series B, 5.5% 6/1/16 (FSA Insured) | 1,560,000 | 1,734,034 | ||
5.25% 12/1/15 | 2,200,000 | 2,397,978 | ||
5.375% 12/1/17 | 285,000 | 306,954 | ||
5.375% 12/1/19 | 3,000,000 | 3,206,130 | ||
(Pure Wtr. Proj.): | ||||
Series I, 6% 12/1/16 (Escrowed to Maturity) (d) | 1,685,000 | 1,919,687 | ||
5.5% 12/1/18 (AMBAC Insured) | 800,000 | 809,832 | ||
5% 12/1/17 | 3,765,000 | 3,970,870 | ||
Ohio Wtr. Dev. Auth. Solid Waste Disp. Rev. (North Star BHP Steel/Cargill Proj.) 6.3% 9/1/20 (c) | 6,350,000 | 6,544,183 | ||
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. 5% 6/1/18 | 2,000,000 | 2,088,000 | ||
Olentangy Local School District (School Facilities Construction & Impt. Proj.) Series A: | ||||
5.25% 12/1/17 | 1,335,000 | 1,425,807 | ||
5.5% 12/1/15 (FGIC Insured) | 1,055,000 | 1,172,031 | ||
Ottawa County San. Swr. Sys. Rev. (Danbury Proj.) 0% 10/1/06 (AMBAC Insured) | 1,445,000 | 1,365,698 | ||
Penta Career Ctr. Ctfs. of Prtn.: | ||||
(Ohio School Facilities Proj.) 5.25% 4/1/17 | 1,755,000 | 1,866,916 | ||
(Wood, Lucas, Sandusky, Fulton, Ottawa, Henry and Hancock Counties, Ohio School Facilities Proj.) 5.25% 4/1/19 (FGIC Insured) | 1,940,000 | 2,026,194 | ||
Pickerington Local School District: | ||||
5.25% 12/1/20 (FGIC Insured) | 5,000,000 | 5,214,600 | ||
5.8% 12/1/09 (FGIC Insured) | 1,000,000 | 1,087,340 | ||
Plain Local School District 6% 12/1/25 (FGIC Insured) | 990,000 | 1,080,288 | ||
Richland County Hosp. Facilities (MedCentral Health Sys. Proj.) Series B: | ||||
6.375% 11/15/22 | 1,500,000 | 1,557,540 | ||
6.375% 11/15/30 | 1,000,000 | 1,035,660 | ||
Scioto County Marine Term. Facilities Rev. (Norfolk Southern Corp. Proj.) 5.3% 8/15/13 | 3,000,000 | 3,061,770 | ||
Sharonville Gen. Oblig. 5.25% 6/1/16 (FGIC Insured) | 1,410,000 | 1,513,945 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Ohio - continued | ||||
Sugarcreek Local School District 5.25% 12/1/22 | $ 1,800,000 | $ 1,866,672 | ||
Summit County Gen. Oblig.: | ||||
5.25% 12/1/20 | 1,645,000 | 1,739,193 | ||
5.25% 12/1/21 | 1,740,000 | 1,832,812 | ||
Swanton Local School District 5.25% 12/1/21 (FGIC Insured) | 3,415,000 | 3,561,401 | ||
Toledo Swr. Sys. Rev. 5% 11/15/21 (AMBAC Insured) | 1,000,000 | 1,020,440 | ||
Toledo Wtrwks. Rev. 5% 11/15/16 (AMBAC Insured) | 1,110,000 | 1,169,651 | ||
Univ. of Akron Gen. Receipts 5.75% 1/1/12 | 1,000,000 | 1,129,300 | ||
Univ. of Cincinnati Ctfs. of Prtn.: | ||||
5.5% 6/1/11 (MBIA Insured) | 1,045,000 | 1,158,184 | ||
5.5% 6/1/12 (MBIA Insured) | 1,315,000 | 1,445,580 | ||
5.5% 6/1/15 (MBIA Insured) | 1,000,000 | 1,086,820 | ||
Univ. of Cincinnati Gen. Receipts: | ||||
Series 2004 A: | ||||
5% 6/1/18 (AMBAC Insured) | 1,445,000 | 1,503,869 | ||
5% 6/1/19 (AMBAC Insured) | 1,520,000 | 1,570,859 | ||
Series 2004 D, 5% 6/1/19 (AMBAC Insured) | 2,445,000 | 2,526,810 | ||
Warren County Gen. Oblig.: | ||||
Swr. Impt. (P&G Co./Lower Miami Proj.) 5.5% 12/1/16 | 1,455,000 | 1,534,632 | ||
6.1% 12/1/12 | 500,000 | 559,700 | ||
6.65% 12/1/11 | 420,000 | 470,581 | ||
400,230,836 | ||||
Puerto Rico - 1.8% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series Y, 5.5% 7/1/36 (FSA Insured) | 1,000,000 | 1,055,440 | ||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series E, 5.5% 7/1/22 (FSA Insured) | 1,500,000 | 1,654,290 | ||
Municipal Bonds - continued | ||||
Principal | Value | |||
Puerto Rico - continued | ||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A: | ||||
5.5% 10/1/32 (Escrowed to Maturity) (d) | $ 700,000 | $ 738,360 | ||
5.5% 10/1/40 (Escrowed to Maturity) (d) | 3,800,000 | 3,989,126 | ||
7,437,216 |
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $393,359,970) | 407,668,052 | ||
NET OTHER ASSETS - (0.3)% | (1,322,025) | ||
NET ASSETS - 100% | $ 406,346,027 |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 49.9% |
Education | 11.6% |
Water & Sewer | 10.9% |
Health Care | 7.6% |
Electric Utilities | 5.9% |
Others* (individually less than 5%) | 14.1% |
100.0% |
*Includes net other assets |
Purchases and sales of securities, other than short-term securities, aggregated $65,238,197 and $70,821,045, respectively. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Ohio Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
June 30, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value (cost $393,359,970) - See accompanying schedule | $ 407,668,052 | |
Cash | 492,288 | |
Receivable for investments sold | 4,010,670 | |
Receivable for fund shares sold | 74,982 | |
Interest receivable | 3,324,826 | |
Prepaid expenses | 1,049 | |
Other receivables | 2,643 | |
Total assets | 415,574,510 | |
Liabilities | ||
Payable for investments purchased | $ 3,000,000 | |
Delayed delivery | 4,486,467 | |
Payable for fund shares redeemed | 1,147,101 | |
Distributions payable | 406,414 | |
Accrued management fee | 127,395 | |
Other affiliated payables | 37,951 | |
Other payables and accrued expenses | 23,155 | |
Total liabilities | 9,228,483 | |
Net Assets | $ 406,346,027 | |
Net Assets consist of: | ||
Paid in capital | $ 388,764,128 | |
Undistributed net investment income | 63,959 | |
Accumulated undistributed net realized gain (loss) on investments | 3,209,858 | |
Net unrealized appreciation (depreciation) on investments | 14,308,082 | |
Net Assets, for 34,731,396 shares outstanding | $ 406,346,027 | |
Net Asset Value, offering price and redemption price per share ($406,346,027 ÷ 34,731,396 shares) | $ 11.70 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Spartan Ohio Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $ 9,836,631 | |
Expenses | ||
Management fee | $ 801,506 | |
Transfer agent fees | 166,461 | |
Accounting fees and expenses | 56,228 | |
Non-interested trustees' compensation | 1,101 | |
Custodian fees and expenses | 4,613 | |
Registration fees | 19,184 | |
Audit | 19,791 | |
Legal | 7,677 | |
Miscellaneous | 7,003 | |
Total expenses before reductions | 1,083,564 | |
Expense reductions | (9,432) | 1,074,132 |
Net investment income (loss) | 8,762,499 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities | 3,505,293 | |
Futures contracts | 41,851 | |
Swap agreements | 48,000 | |
Total net realized gain (loss) | 3,595,144 | |
Change in net unrealized appreciation (depreciation) on: Investment securities | (16,895,192) | |
Futures contracts | (44,815) | |
Swap agreements | 15,601 | |
Total change in net unrealized appreciation (depreciation) | (16,924,406) | |
Net gain (loss) | (13,329,262) | |
Net increase (decrease) in net assets resulting from operations | $ (4,566,763) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $ 8,762,499 | $ 18,267,673 |
Net realized gain (loss) | 3,595,144 | 4,269,224 |
Change in net unrealized appreciation (depreciation) | (16,924,406) | 1,221,341 |
Net increase (decrease) in net assets resulting | (4,566,763) | 23,758,238 |
Distributions to shareholders from net investment income | (8,759,309) | (18,304,425) |
Distributions to shareholders from net realized gain | (899,587) | (3,358,167) |
Total distributions | (9,658,896) | (21,662,592) |
Share transactions | 21,902,574 | 47,985,138 |
Reinvestment of distributions | 6,960,738 | 15,661,112 |
Cost of shares redeemed | (39,331,759) | (69,763,780) |
Net increase (decrease) in net assets resulting from share transactions | (10,468,447) | (6,117,530) |
Redemption fees | 1,587 | 3,031 |
Total increase (decrease) in net assets | (24,692,519) | (4,018,853) |
Net Assets | ||
Beginning of period | 431,038,546 | 435,057,399 |
End of period (including undistributed net investment income of $63,959 and undistributed net investment income of $196,860, respectively) | $ 406,346,027 | $ 431,038,546 |
Other Information Shares | ||
Sold | 1,811,534 | 3,964,572 |
Issued in reinvestment of distributions | 581,267 | 1,296,316 |
Redeemed | (3,289,184) | (5,793,188) |
Net increase (decrease) | (896,383) | (532,300) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 12.10 | $ 12.03 | $ 11.54 | $ 11.54 | $ 10.86 | $ 11.74 |
Income from Investment | ||||||
Net investment income (loss) | .246 D | .507 D | .527 D | .542 D, F | .552 D | .536 |
Net realized and unrealized gain (loss) | (.375) | .166 | .568 | (.002) F | .681 | (.857) |
Total from investment operations | (.129) | .673 | 1.095 | .540 | 1.233 | (.321) |
Distributions from net investment income | (.246) | (.508) | (.525) | (.540) | (.553) | (.536) |
Distributions from net realized gain | (.025) | (.095) | (.080) | - | - | (.011) |
Distributions in excess of net realized gain | - | - | - | - | - | (.012) |
Total distributions | (.271) | (.603) | (.605) | (.540) | (.553) | (.559) |
Redemption fees added to paid in capital | - D, G | - D, G | - D, G | - D, G | - | - |
Net asset value, | $ 11.70 | $ 12.10 | $ 12.03 | $ 11.54 | $ 11.54 | $ 10.86 |
Total Return B, C | (1.09)% | 5.72% | 9.68% | 4.73% | 11.68% | (2.83)% |
Ratios to Average Net Assets E | ||||||
Expenses before expense reductions | .51% A | .51% | .51% | .51% | .52% | .52% |
Expenses net of voluntary waivers, if any | .51% A | .51% | .51% | .51% | .52% | .52% |
Expenses net of all reductions | .51% A | .50% | .49% | .46% | .46% | .51% |
Net investment income (loss) | 4.13% A | 4.20% | 4.45% | 4.64% F | 4.99% | 4.71% |
Supplemental Data | ||||||
Net assets, | $ 406,346 | $ 431,039 | $ 435,057 | $ 399,353 | $ 381,052 | $ 352,973 |
Portfolio turnover rate | 31% A | 22% | 19% | 17% | 28% | 14% |
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
F Effective January 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities. Per-share data and ratios for periods prior to adoption have not been restated to reflect this change.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Investment Changes
Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 84.8 | 77.0 | 82.5 |
31 - 90 | 6.7 | 3.4 | 4.1 |
91 - 180 | 5.4 | 11.0 | 8.9 |
181 - 397 | 3.1 | 8.6 | 4.5 |
Weighted Average Maturity | |||
6/30/04 | 12/31/03 | 6/30/03 | |
Fidelity Ohio Municipal Money Market Fund | 26 Days | 44 Days | 33 Days |
Ohio Tax-Free Money Market Funds Average* | 41 Days | 53 Days | 42 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2004 | As of December 31, 2003 | ||||||
![]() | Variable Rate | ![]() | Variable Rate | ||||
![]() | Commercial | ![]() | Commercial | ||||
![]() | Tender Bonds 2.1% | ![]() | Tender Bonds 4.1% | ||||
![]() | Municipal Notes 14.7% | ![]() | Municipal Notes 15.9% | ||||
![]() | Fidelity Municipal | ![]() | Fidelity Municipal | ||||
![]() | Other Investments 1.2% | ![]() | Other Investments 3.2% | ||||
![]() | Net Other Assets** (0.9)% | ![]() | Net Other Assets** (1.1)% |
**Net Other Assets are not included in the pie chart.
*Source: iMoneyNet, Inc.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Investments June 30, 2004 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 100.9% | |||
Principal | Value | ||
Ohio - 98.6% | |||
Akron Bath Copley Hosp. District Rev. Series B, 1.1%, LOC Bank One NA, VRDN (b) | $ 7,500,000 | $ 7,500,000 | |
Akron Income Tax Rev. Participating VRDN Series ROC II R259, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(g) | 2,210,000 | 2,210,000 | |
American Muni. Pwr.: | |||
BAN: | |||
1.1% 8/19/04 | 2,660,000 | 2,660,000 | |
1.25% 12/2/04 | 1,641,000 | 1,641,000 | |
RAN 1.2% 10/7/04 | 840,000 | 840,000 | |
Ashtabula County Indl. Dev. Rev. (Plasticolors, Inc. Proj.) Series 1996 A, 1.19%, LOC Key Bank NA, VRDN (b)(e) | 1,870,000 | 1,870,000 | |
Blue Ash Gen. Oblig. BAN 1.25% 2/4/05 | 1,700,000 | 1,700,000 | |
Butler County Gen. Oblig. BAN: | |||
Series C: | |||
2% 9/23/04 | 1,765,000 | 1,768,522 | |
2.5% 6/9/05 | 4,005,000 | 4,035,720 | |
1.12% 10/14/04 | 1,925,000 | 1,925,000 | |
2.5% 3/11/05 | 1,750,000 | 1,762,022 | |
Cambridge Hosp. Facilities Rev. (Southeastern Reg'l. Med. Ctr. Proj.) 1.35%, LOC Nat'l. City Bank, VRDN (b) | 5,080,000 | 5,080,000 | |
Cincinnati City School District: | |||
Participating VRDN Series ROC II R260, 1.14% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (b)(g) | 3,560,000 | 3,560,000 | |
BAN 1.65% 9/10/04 | 2,000,000 | 2,002,111 | |
Cincinnati Student Ln. Fdg. Corp. Student Ln. Rev.: | |||
Series 1998 A1, 1.13% (Liquidity Facility Sallie Mae), VRDN (b)(e) | 7,700,000 | 7,700,000 | |
Series 1998 A2, 1.13% (Liquidity Facility Sallie Mae), VRDN (b)(e) | 19,800,000 | 19,799,998 | |
Clark County Health Care Facilities Rev. (The Ohio Masonic Home Proj.) 1.18% (AMBAC Insured), VRDN (b) | 5,500,000 | 5,500,000 | |
Clermont County Indl. Dev. Rev. (American Micro Products Proj.) 1.22%, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 2,500,000 | 2,500,000 | |
Cleveland Arpt. Sys. Rev. Participating VRDN: | |||
Series PT 799, 1.18% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(g) | 1,500,000 | 1,500,000 | |
Series SGA 126, 1.08% (Liquidity Facility Societe Generale) (b)(g) | 10,685,000 | 10,685,000 | |
Series Stars 81, 1.18% (Liquidity Facility BNP Paribas SA) (b)(e)(g) | 5,645,000 | 5,645,000 | |
Cleveland Gen. Oblig.: | |||
Bonds 2% 8/1/04 (FGIC Insured) | 1,865,000 | 1,866,507 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Cleveland Gen. Oblig.: - continued | |||
Participating VRDN Series PT 2032, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g) | $ 3,065,000 | $ 3,065,000 | |
Cleveland Heights Gen. Oblig. BAN 2% 10/14/04 | 2,580,000 | 2,587,331 | |
Cleveland Pub. Pwr. Sys. Rev. Bonds Series A, 7% 11/15/24 (Pre-Refunded to 11/15/04 @ 102) (f) | 2,000,000 | 2,082,376 | |
Cleveland Wtrwks. Rev. Participating VRDN Series Merlots 01 A24, 1.3% (Liquidity Facility Wachovia Bank NA) (b)(g) | 4,020,000 | 4,020,000 | |
Columbus Gen. Oblig. Participating VRDN Series MS 01 585, 1.13% (Liquidity Facility Morgan Stanley) (b)(g) | 5,175,000 | 5,175,000 | |
Cuyahoga County Civic Facilities Rev. (Fairfax Dev. Corp. Proj.) 1.15%, LOC Key Bank NA, VRDN (b) | 4,635,000 | 4,635,000 | |
Cuyahoga County Econ. Dev. Rev. (Cleveland Botanical Garden Proj.) 1.12%, LOC Allied Irish Banks PLC, VRDN (b) | 10,000,000 | 10,000,000 | |
Cuyahoga County Health Care Facilities Rev. (Althenheim Proj.) 1.23%, LOC U.S. Bank NA, Minnesota, VRDN (b) | 6,700,000 | 6,700,000 | |
Cuyahoga County Indl. Dev. Rev.: | |||
(Progressive Plastics, Inc. Proj.) 1.28%, LOC Bank One NA, VRDN (b)(e) | 1,440,000 | 1,440,000 | |
(Pubco Corp. Proj.) Series 2001, 1.2%, LOC Nat'l. City Bank, VRDN (b)(e) | 3,150,000 | 3,150,000 | |
(The Great Lakes Brewing Co. Proj.) Series 1997, 1.28%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b)(e) | 4,125,000 | 4,125,000 | |
Cuyahoga County Rev. (Cleveland Clinic Health Sys. Obligated Group Prog.) Series 2003 B1, 1.1%, LOC JPMorgan Chase Bank, VRDN (b) | 7,500,000 | 7,500,000 | |
Dayton Gen. Oblig. BAN: | |||
2% 8/25/04 | 1,280,000 | 1,281,826 | |
3% 7/7/05 (a)(e) | 2,650,000 | 2,675,970 | |
Dayton School District Participating VRDN Series SG 173, 1.12% (Liquidity Facility Societe Generale) (b)(g) | 5,500,000 | 5,500,000 | |
Delaware County Health Care Facilities (Willow Brook Christian Cmnty. Proj.) Series 1999, 1.13%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b) | 3,855,000 | 3,855,000 | |
Delaware Gen. Oblig. BAN 2% 8/5/04 | 6,800,000 | 6,806,172 | |
Elyria Gen. Oblig. BAN: | |||
1.35% 7/28/04 | 5,230,000 | 5,231,412 | |
2% 10/21/04 | 2,500,000 | 2,507,035 | |
Erie County Gen. Oblig. BAN 2% 4/13/05 | 3,375,000 | 3,397,214 | |
Erie County Multi-family Hsg. Rev. (Providence Residential Comnty. Corp. Proj.) Series 1999 A, 1.23%, LOC Bank One NA, VRDN (b) | 10,255,000 | 10,255,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Franklin County Multi-family Rev.: | |||
(Golf Pointe Apts. Proj.) Series 2000 A, 1.14%, LOC Lasalle Bank NA, VRDN (b)(e) | $ 6,750,000 | $ 6,750,000 | |
(Hanover Ridge Apts. Proj. 1.13%, LOC Fannie Mae, VRDN (b)(e) | 4,350,000 | 4,350,000 | |
Geauga County Health Care Facilities Rev.: | |||
(Heather Hill Lifecare Proj.) 1.18%, LOC Bank One NA, VRDN (b) | 9,720,000 | 9,720,000 | |
(Montefiore Hsg. Corp. Proj.) Series 2001, 1.15%, LOC Key Bank NA, VRDN (b) | 5,770,000 | 5,770,000 | |
Hamilton County Health Care Facilities Rev. 1.11%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 4,250,000 | 4,250,000 | |
Jackson Local School District Stark & Summit Counties BAN 2% 8/12/04 | 10,000,000 | 10,011,421 | |
Kettering Indl. Dev. Rev. (Millat Industries Corp. Proj.) 1.2%, LOC Nat'l. City Bank, VRDN (b)(e) | 3,120,000 | 3,120,000 | |
Keystone Local School District Lorain County BAN 1.75% 8/4/04 | 3,625,000 | 3,627,067 | |
Lake County Gen. Oblig. BAN 2% 4/14/05 | 2,250,000 | 2,265,392 | |
Lake County Indl. Dev. Rev.: | |||
(American Bus. Co. Proj.) 1.28%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b)(e) | 950,000 | 950,000 | |
(Norshar Co. Proj.) 1.28%, LOC Bank One NA, VRDN (b)(e) | 3,020,000 | 3,020,000 | |
Lakewood City School District BAN 1.75% 9/14/04 | 5,000,000 | 5,006,880 | |
Lima Hosp. Rev. (Lima Memorial Hosp. Proj.) 1.23%, | 2,500,000 | 2,500,000 | |
Lucas County Hosp. Rev. Bonds (Promedica Healthcare Oblig. Group) 6% 11/15/04 (MBIA Insured) | 2,000,000 | 2,034,250 | |
Lucas County Multi-family Rev. (Lakewoods Proj.) 1.19%, | 4,000,000 | 4,000,000 | |
Madeira City School District BAN 1.75% 10/12/04 | 6,600,000 | 6,611,601 | |
Medina County Indl. Dev. Rev.: | |||
(Firedex, Inc. Proj.) Series 1997, 1.19%, LOC Key Bank NA, VRDN (b)(e) | 895,000 | 895,000 | |
(Rembond Proj.) Series 1996, 1.28%, LOC Bank One NA, VRDN (b)(e) | 2,035,000 | 2,035,000 | |
Montgomery County Health Care Facilities Rev.: | |||
(Eastway Corp. & Property Resource Proj.) Series 1997, 1.28%, LOC Huntington Nat'l. Bank, Columbus, VRDN (b)(e) | 2,640,000 | 2,640,000 | |
(Kettering Affiliated Proj.) 1.23%, LOC Bank One NA, VRDN (b) | 2,500,000 | 2,500,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Montgomery County Multi-family Hsg. Dev. Rev. (Pedcor Invts.-Lyons Gate Proj.) 1.13%, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (b)(e) | $ 4,315,000 | $ 4,315,000 | |
Montgomery County Solid Waste Rev. Bonds 5.25% 11/1/04 (MBIA Insured) | 1,750,000 | 1,774,668 | |
North Ridgeville Gen. Oblig. BAN 1.36% 12/16/04 | 5,400,000 | 5,406,375 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
Participating VRDN Series PA 769R, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g) | 4,180,000 | 4,180,000 | |
(AK Steel Corp. Proj.) Series A, 1.11%, LOC ABN-AMRO Bank NV, VRDN (b)(e) | 7,100,000 | 7,100,000 | |
(Cincinnati Gas & Elec. Co. Proj.) Series A, 1.14%, LOC Cr. Lyonnais SA, VRDN (b)(e) | 4,000,000 | 4,000,000 | |
(Ohio Edison Co. Proj.) Series 2000 C, 1.08%, LOC Wachovia Bank NA, VRDN (b) | 4,700,000 | 4,700,000 | |
Ohio Bldg. Auth. Participating VRDN: | |||
Series FRRI 02 L 31J, 1.11% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(g) | 5,375,000 | 5,375,000 | |
Series LB 04 L21J, 1.11% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(g) | 7,100,000 | 7,100,000 | |
Series PT 1824, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g) | 6,400,000 | 6,400,000 | |
Ohio Gen. Oblig. Participating VRDN: | |||
Series PT 1808, 1.12% (Liquidity Facility WestLB AG) (b)(g) | 2,570,000 | 2,570,000 | |
Series PT 1823, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g) | 6,500,000 | 6,500,000 | |
Series PT 1831, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g) | 5,635,000 | 5,635,000 | |
Series PT 2046, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g) | 2,595,000 | 2,595,000 | |
Series PT 2125, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g) | 6,155,000 | 6,155,000 | |
Series PT 2137, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g) | 5,630,000 | 5,630,000 | |
Series PT 2139, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g) | 4,315,000 | 4,315,000 | |
Series Putters 02 306, 1.1% (Liquidity Facility J.P. Morgan Chase & Co.) (b)(g) | 9,345,000 | 9,345,000 | |
Ohio Higher Edl. Facilities Rev.: | |||
(Ashland Univ. Proj.) 1.13%, LOC Key Bank NA, VRDN (b) | 9,000,000 | 9,000,000 | |
(Case Western Reserve Univ. 2002 Proj.) Series A, 1.08%, VRDN (b) | 3,000,000 | 3,000,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Ohio Higher Edl. Facility Commission Rev.: | |||
Bonds (Oberlin College 1999 Proj.) Series MS 98 116, 1.05%, tender 7/8/04 (Liquidity Facility Morgan Stanley) (b)(g)(h) | $ 10,120,000 | $ 10,120,000 | |
(Pooled Fing. Prog.): | |||
Series 1996, 1.18%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 2,285,000 | 2,285,000 | |
Series 1999, 1.18%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 7,700,000 | 7,700,000 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | |||
Bonds Series PT 228, 1.4%, tender 12/9/04 (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(g)(h) | 5,215,000 | 5,215,000 | |
Participating VRDN: | |||
Series BA 00 Q, 1.23% (Liquidity Facility Bank of America NA) (b)(e)(g) | 405,000 | 405,000 | |
Series BA 01 I, 1.2% (Liquidity Facility Bank of America NA) (b)(e)(g) | 4,600,000 | 4,600,000 | |
Series BA 98 B, 1.23% (Liquidity Facility Bank of America NA) (b)(e)(g) | 14,695,000 | 14,695,000 | |
Series BA 98 Q, 1.23% (Liquidity Facility Bank of America NA) (b)(e)(g) | 4,600,000 | 4,600,000 | |
Series BA 99 Q, 1.23% (Liquidity Facility Bank of America NA) (b)(e)(g) | 2,565,000 | 2,565,000 | |
Series FRRI 25, 1.16% (Liquidity Facility Bank of New York, New York) (b)(e)(g) | 1,720,000 | 1,720,000 | |
Series LB 03 L46J, 1.16% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(e)(g) | 6,700,000 | 6,700,000 | |
Series Merlots 00 A1, 1.35% (Liquidity Facility Wachovia Bank NA) (b)(e)(g) | 7,640,000 | 7,640,000 | |
Series Merlots 00 AA, 1.17% (Liquidity Facility Wachovia Bank NA) (b)(e)(g) | 295,000 | 295,000 | |
Series Merlots 01 A78, 1.17% (Liquidity Facility Wachovia Bank NA) (b)(e)(g) | 2,650,000 | 2,650,000 | |
Series Merlots 02 A34, 1.17% (Liquidity Facility Wachovia Bank NA) (b)(e)(g) | 3,055,000 | 3,055,000 | |
Series PT 1334, 1.17% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(g) | 5,100,000 | 5,100,000 | |
Series PT 241, 1.17% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(g) | 4,220,000 | 4,220,000 | |
Series PT 506, 1.17% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(g) | 2,975,000 | 2,975,000 | |
Series PT 567, 1.17% (Liquidity Facility Danske Bank AS) (b)(e)(g) | 4,820,000 | 4,820,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Ohio Hsg. Fin. Agcy. Mtg. Rev.: - continued | |||
Series PT 582, 1.17% (Liquidity Facility Svenska Handelsbanken AB) (b)(e)(g) | $ 2,400,000 | $ 2,400,000 | |
Series B, 1.11% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 8,000,000 | 8,000,000 | |
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Club at Spring Valley Apts. Proj.) Series 1996 A, 1.12%, LOC Key Bank NA, VRDN (b)(e) | 5,700,000 | 5,700,000 | |
(Pedcor Invt. Willowlake Apts. Proj.): | |||
Series A, 1.15%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 2,930,000 | 2,930,000 | |
Series B, 1.25%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 480,000 | 480,000 | |
Series C, 1.25%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 625,000 | 625,000 | |
Series D, 1.25%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 625,000 | 625,000 | |
(Pine Crossing Apts. Proj.) 1.14%, LOC Lasalle Bank NA, VRDN (b)(e) | 5,670,000 | 5,670,000 | |
(Shannon Glenn Apts. Proj.) 1.13%, LOC Fannie Mae, VRDN (b)(e) | 11,800,000 | 11,800,000 | |
Ohio Indl. Dev. Rev.: | |||
(K&S Realty Proj.) Series 1989 I, 1.12%, LOC Nat'l. City Bank, VRDN (b)(e) | 105,000 | 105,000 | |
(K&S Realty/Starr Fabricating, Inc. Proj.) Series 1989 III, 1.12%, LOC Nat'l. City Bank, VRDN (b)(e) | 160,000 | 160,000 | |
(Midwest Acoust-A-Fiber, Inc. Proj.) Series 1989 I, 1.12%, LOC Nat'l. City Bank, VRDN (b)(e) | 50,000 | 50,000 | |
(Plasticos Co. Proj.) Series 1989 IIIA, 1.12%, LOC Nat'l. City Bank, VRDN (b)(e) | 20,000 | 20,000 | |
(Standby Screw & Machine Proj.) Series 1991 IA, 1.12%, LOC Nat'l. City Bank, VRDN (b)(e) | 100,000 | 100,000 | |
Ohio Poll. Cont. Rev. (Gen. Motors Corp. Proj.) Series 1985, 2.07%, VRDN (b) | 4,350,000 | 4,350,000 | |
Ohio Solid Waste Rev.: | |||
(BP Amoco Chemical Co. Proj.) 1.13% (BP PLC Guaranteed), VRDN (b)(e) | 3,950,000 | 3,950,000 | |
(BP Exploration & Oil, Inc. Proj.): | |||
Series 1998, 1.13%, VRDN (b)(e) | 2,300,000 | 2,300,000 | |
Series 1999, 1.13% (BP PLC Guaranteed), VRDN (b)(e) | 1,500,000 | 1,500,000 | |
1.13% (BP PLC Guaranteed), VRDN (b)(e) | 2,600,000 | 2,600,000 | |
Ohio State Univ. Gen. Receipts Participating VRDN Series MS 851, 1.13% (Liquidity Facility Morgan Stanley) (b)(g) | 8,270,000 | 8,270,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Ohio Tpk. Commission Tpk. Rev. Participating VRDN Series MS 98 71, 1.13% (Liquidity Facility Morgan Stanley) (b)(g) | $ 9,090,000 | $ 9,090,000 | |
Ohio Univ. Gen. Receipts Rev. Bonds (Ohio State Univ. Proj.) Series 2003 C, 0.98% tender 9/3/04, CP mode | 6,690,000 | 6,690,000 | |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 1.18%, LOC Fleet Bank NA, VRDN (b)(e) | 4,700,000 | 4,700,000 | |
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev.: | |||
(Cleveland Elec. Illuminating Co. Proj.) Series A, 1.05%, LOC Barclays Bank PLC, VRDN (b)(e) | 6,000,000 | 6,000,000 | |
(Toledo Edison Co. Proj.) Series A, 1.05%, LOC Barclays Bank PLC, VRDN (b)(e) | 3,800,000 | 3,800,000 | |
Ohio Wtr. Dev. Auth. Solid Waste Disp. Rev.: | |||
(American Steel & Wire Corp. Proj.) 1.13%, LOC Lasalle Bank NA, VRDN (b)(e) | 9,100,000 | 9,100,000 | |
(Timken Co. Proj.) Series 1997, 1.07%, LOC Wachovia Bank NA, VRDN (b)(e) | 7,100,000 | 7,100,000 | |
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. Participating VRDN Series PT 2088, 1.12% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g) | 8,255,000 | 8,255,000 | |
Perrysburg Gen. Oblig. BAN: | |||
1.5% 8/12/04 | 3,485,000 | 3,486,661 | |
1.75% 11/11/04 | 2,480,000 | 2,484,016 | |
Port of Greater Cincinnati Dev. Auth. Rev. (Nat'l. Underground Railroad Freedom Ctr., Inc. Proj.) Series 2003 A, 1.1%, LOC Bank One NA, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 6,500,000 | 6,500,000 | |
Portage County Gen. Oblig. BAN 1.75% 10/29/04 | 3,300,000 | 3,307,163 | |
Portage County Indl. Dev. Rev. (Mantaline Corp. Proj.) 1.2%, LOC Nat'l. City Bank, VRDN (b)(e) | 2,935,000 | 2,935,000 | |
Richland County Health Care Facilities Rev. (Mansfield Memorial Homes Proj.) Series 2002, 1.18%, LOC Key Bank NA, VRDN (b) | 5,030,000 | 5,030,000 | |
Richland County Indl. Dev. Rev. (Sabin Robbins Paper Co. Proj.) Series 1997, 1.22%, LOC Fifth Third Bank, Cincinnati, VRDN (b)(e) | 1,800,000 | 1,800,000 | |
Rickenbacker Port Auth. Indl. Dev. (Micro Industries Corp. Proj.) Series 2000, 1.28%, LOC Bank One NA, VRDN (b)(e) | 2,755,000 | 2,755,000 | |
Salem City Hosp. Facilities Rev. Series 2000, 1.15%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 5,800,000 | 5,800,000 | |
Stark County Indl. Dev. Rev.: | |||
(H-P Products, Inc. Proj.) 1.19%, LOC Key Bank NA, VRDN (b)(e) | 2,480,000 | 2,480,000 | |
(Kidd Dev. Proj.) 1.28%, LOC Bank One NA, VRDN (b)(e) | 2,965,000 | 2,965,000 | |
Municipal Securities - continued | |||
Principal | Value | ||
Ohio - continued | |||
Summit County Indl. Dev. Rev.: | |||
(Commercial Alloys Corp. Proj.): | |||
1.25%, LOC Nat'l. City Bank, VRDN (b)(e) | $ 1,800,000 | $ 1,800,000 | |
1.33%, LOC Nat'l. City Bank, VRDN (b)(e) | 2,715,000 | 2,715,000 | |
(Kaiser Dev. Proj.) 1.28%, LOC Nat'l. City Bank, VRDN (b)(e) | 650,000 | 650,000 | |
(Keltec, Inc. Proj.) Series 1987, 1.25%, LOC Nat'l. City Bank, VRDN (b)(e) | 150,000 | 150,000 | |
(Mannix Co. Proj.) Series 1987, 1.25%, LOC Bank One NA, VRDN (b)(e) | 805,000 | 805,000 | |
(Sigma Properties Proj.) Series 2000 B, 1.25%, LOC Nat'l. City Bank, VRDN (b)(e) | 1,995,000 | 1,995,000 | |
(Summit Plastic Co. Proj.) 1.25%, LOC Nat'l. City Bank, VRDN (b)(e) | 1,110,000 | 1,110,000 | |
(Triumph Hldgs. Proj.) 1.25%, LOC Nat'l. City Bank, VRDN (b)(e) | 1,400,000 | 1,400,000 | |
Talawanda City School District BAN 1.75% 8/3/04 | 3,000,000 | 3,001,766 | |
Tallmadge Gen. Oblig. BAN 2% 3/15/05 | 2,100,000 | 2,112,558 | |
Toledo City School District Participating VRDN: | |||
Series Merlots 04 A15, 1.12% (Liquidity Facility Wachovia Bank NA) (b)(g) | 3,545,000 | 3,545,000 | |
Series MS 889, 1.13% (Liquidity Facility Morgan Stanley) (b)(g) | 5,175,000 | 5,175,000 | |
Toledo City Svcs. Spl. Assessment Notes 1.09%, LOC State Street Bank & Trust Co., Boston, VRDN (b) | 13,200,000 | 13,200,000 | |
Toledo-Lucas County Port Auth. Rev. (P&G Industries Proj.) 1.2%, LOC Nat'l. City Bank, VRDN (b)(e) | 2,235,000 | 2,235,000 | |
Twinsburg Indl. Dev. Rev. (United Stationers Supply Co. Proj.) 1.14%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e) | 1,800,000 | 1,800,000 | |
Union County Gen. Oblig. BAN 2.5% 6/9/05 | 4,020,000 | 4,047,842 | |
Warren City School District BAN 2% 7/15/04 | 9,350,000 | 9,353,151 | |
Warren County Health Care Facilities Rev. (Otterbein Homes Proj.) Series 1998 B, 1.11%, LOC Fifth Third Bank, Cincinnati, VRDN (b) | 5,200,000 | 5,200,000 | |
Wood County Indl. Dev. Rev.: | |||
(CMC Group Proj.) Series 2001, 1.2%, LOC Nat'l. City Bank, VRDN (b)(e) | 2,280,000 | 2,280,000 | |
(Dowa THT America, Inc. Proj.) Series 1999, 1.15%, LOC Comerica Bank, Detroit, VRDN (b)(e) | 3,800,000 | 3,800,000 | |
Zanesville-Muskingum Port Auth. Indl. Dev. Rev. (Almana II LLC Proj.) Series 2000, 1.25%, LOC Bank One NA, VRDN (b)(e) | 6,550,000 | 6,550,000 | |
697,091,027 | |||
Municipal Securities - continued | |||
Principal | Value | ||
Other - 2.3% | |||
Fidelity Municipal Cash Central Fund, 1.10% (c)(d) | $ 16,426,300 | $ 16,426,300 | |
TOTAL INVESTMENT PORTFOLIO - 100.9% | 713,517,327 | ||
NET OTHER ASSETS - (0.9)% | (6,450,334) | ||
NET ASSETS - 100% | $ 707,066,993 |
Total Cost for Federal Income Tax Purposes $ 713,517,327 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
CP - COMMERCIAL PAPER |
RAN - REVENUE 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 listing of the fund's holdings as of its most recent fiscal year end is available upon request. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Security collateralized by an amount sufficient to pay interest and principal. |
(g) Provides evidence of ownership in one or more underlying municipal bonds. |
(h) 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 $15,335,000 or 2.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition | Cost |
Ohio Higher Edl. Facility Commission Rev. Bonds (Oberlin College 1999 Proj.) Series MS 98 116, 1.05%, tender 7/8/04 (Liquidity Facility Morgan Stanley) | 11/16/01 - - 7/10/03 | $ 10,120,000 |
Ohio Hsg. Fin. Agcy. Mtg. Rev. Bonds Series PT 228, 1.4%, tender 12/9/04 (Liquidity Facility Merrill Lynch & Co., Inc.) | 8/10/99 | $ 5,215,000 |
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, 2004 (Unaudited) | ||
Assets | ||
Investment in securities, at value - See accompanying schedule | $ 713,517,327 | |
Cash | 3,552,126 | |
Receivable for fund shares sold | 5,271,662 | |
Interest receivable | 1,822,863 | |
Prepaid expenses | 1,589 | |
Other receivables | 2,253 | |
Total assets | 724,167,820 | |
Liabilities | ||
Payable for investments purchased | $ 6,600,000 | |
Delayed delivery | 2,675,970 | |
Payable for fund shares redeemed | 7,476,955 | |
Distributions payable | 5,462 | |
Accrued management fee | 221,969 | |
Other affiliated payables | 89,977 | |
Other payables and accrued expenses | 30,494 | |
Total liabilities | 17,100,827 | |
Net Assets | $ 707,066,993 | |
Net Assets consist of: | ||
Paid in capital | $ 707,070,088 | |
Accumulated net realized gain (loss) on investments | (3,095) | |
Net Assets, for 707,013,778 shares outstanding | $ 707,066,993 | |
Net Asset Value, offering price and redemption price per share ($707,066,993 ÷ 707,013,778 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2004 (Unaudited) | ||
Investment Income | ||
Interest | $ 3,747,941 | |
Expenses | ||
Management fee | $ 1,289,808 | |
Transfer agent fees | 472,505 | |
Accounting fees and expenses | 48,485 | |
Non-interested trustees' compensation | 1,643 | |
Custodian fees and expenses | 6,241 | |
Registration fees | 30,813 | |
Audit | 17,209 | |
Miscellaneous | 5,212 | |
Total expenses before reductions | 1,871,916 | |
Expense reductions | (9,302) | 1,862,614 |
Net investment income | 1,885,327 | |
Net realized gain (loss) on investment securities | (3,095) | |
Net increase in net assets resulting from operations | $ 1,882,232 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
Six months ended | Year ended | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income | $ 1,885,327 | $ 4,187,255 |
Net realized gain (loss) | (3,095) | 101,248 |
Net increase (decrease) in net assets resulting | 1,882,232 | 4,288,503 |
Distributions to shareholders from net investment income | (1,885,327) | (4,187,255) |
Share transactions at net asset value of $1.00 per share | 835,768,365 | 1,299,484,550 |
Reinvestment of distributions | 1,851,126 | 4,082,891 |
Cost of shares redeemed | (818,309,002) | (1,267,981,040) |
Net increase (decrease) in net assets and shares resulting from share transactions | 19,310,489 | 35,586,401 |
Total increase (decrease) in net assets | 19,307,394 | 35,687,649 |
Net Assets | ||
Beginning of period | 687,759,599 | 652,071,950 |
End of period | $ 707,066,993 | $ 687,759,599 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
Six months ended | Years ended December 31, | |||||
(Unaudited) | 2003 | 2002 | 2001 | 2000 | 1999 | |
Selected Per-Share Data | ||||||
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment | ||||||
Net investment income | .003 | .006 | .011 | .025 | .036 | .028 |
Distributions from net investment income | (.003) | (.006) | (.011) | (.025) | (.036) | (.028) |
Net asset value, | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .27% | .64% | 1.13% | 2.52% | 3.71% | 2.86% |
Ratios to Average Net Assets D | ||||||
Expenses | .55% A | .54% | .54% | .55% | .56% | .57% |
Expenses net of voluntary waivers, if any | .55% A | .54% | .54% | .55% | .56% | .57% |
Expenses net of all reductions | .55% A | .53% | .51% | .51% | .55% | .56% |
Net investment income | .55% A | .64% | 1.12% | 2.47% | 3.64% | 2.83% |
Supplemental Data | ||||||
Net assets, | $ 707,067 | $ 687,760 | $ 652,072 | $ 622,602 | $ 516,018 | $ 489,971 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2004 (Unaudited)
1. Significant Accounting Policies.
Spartan Ohio Municipal Income Fund (the income fund) is a fund of Fidelity Municipal Trust. Fidelity Ohio Municipal Money Market Fund (the money market fund) is a fund of Fidelity Municipal Trust II. Each trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each fund is authorized to issue an unlimited number of shares. Each fund may be affected by economic and political developments in the state of Ohio. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the income fund and the money market fund:
Security Valuation. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Debt securities, including restricted securities, are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and valuation models. If prices are not readily available or do not accurately reflect fair value for a security, or if a security's value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, that security may be valued by another method that the Board of Trustees believes accurately reflects fair value. A security's valuation may differ depending on the method used for determining value. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.
As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities owned by the money market fund are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is 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 among the funds in the trust.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
1. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, each fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. There were no significant book-to-tax differences during the period for the money market fund.
Capital accounts within the income fund's 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 futures transactions, market discount, and losses deferred due to futures transactions.
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 Internal Revenue Service (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 investments and unrealized appreciation (depreciation) for the income fund as of period end were as follows:
Unrealized appreciation | $ 17,277,501 |
Unrealized depreciation | (2,881,959) |
Net unrealized appreciation (depreciation) | $ 14,395,542 |
Cost for federal income tax purposes | $ 393,272,510 |
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 Fidelity Management & Research Company (FMR), are retained by the fund and accounted for as an addition to paid in capital.
2. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. Each fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid
Semiannual Report
2. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable fund's Schedule of Investments. Each fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each fund identifies securities as segregated in its records with a value at 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.
Futures Contracts. The income fund may use futures contracts to manage its exposure to the bond market and to fluctuations in interest rates. Buying futures tends to increase the fund's exposure to the underlying instrument, while selling futures tends to decrease the fund's exposure to the underlying instrument or hedge other fund investments. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
Restricted Securities. Certain funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable fund's Schedule of Investments.
Swap Agreements. The income fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.
Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact the fund.
Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the fund's custodian in compliance with swap contracts.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Purchases and Sales of Investments.
Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee. 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 | Group | Total | |
Spartan Ohio Municipal Income Fund | .25% | .13% | .38% |
Fidelity Ohio Municipal Money Market Fund | .25% | .13% | .38% |
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 Service Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the activities associated with the funds' transfer and shareholder servicing agent and accounting functions. The funds pay account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Spartan Ohio Municipal Income Fund | .08% |
Fidelity Ohio Municipal Money Market Fund | .14% |
Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:
Income Distributions | |
Fidelity Ohio Municipal Money Market Fund | $ 93,600 |
Semiannual Report
5. Committed Line of Credit.
The income fund participates with other funds managed by FMR in a $4.2 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. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
Through arrangements with each applicable fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable fund's expenses. All of the applicable expense reductions are noted in the table below.
Custody | Transfer | |
Spartan Ohio Municipal Income Fund | $ 3,839 | $ 5,593 |
Fidelity Ohio Municipal Money Market Fund | 6,155 | 3,147 |
Semiannual Report
Spartan Ohio Municipal Income Fund
Proxy Voting Results
A special meeting of Spartan Ohio Municipal Income Fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Declaration of Trust to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 3,415,899,540.41 | 73.098 |
Against | 857,186,718.73 | 18.343 |
Abstain | 194,806,370.40 | 4.169 |
Broker | 205,155,704.48 | 4.390 |
TOTAL | 4,673,048,334.02 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 4,338,349,812.56 | 92.838 |
Withheld | 334,698,521.46 | 7.162 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ralph F. Cox | ||
Affirmative | 4,334,671,421.01 | 92.759 |
Withheld | 338,376,913.01 | 7.241 |
TOTAL | 4,673,048,334.02 | 100.000 |
Laura B. Cronin | ||
Affirmative | 4,332,816,177.06 | 92.719 |
Withheld | 340,232,156.96 | 7.281 |
TOTAL | 4,673,048,334.02 | 100.000 |
Robert M. Gates | ||
Affirmative | 4,336,851,658.96 | 92.806 |
Withheld | 336,196,675.06 | 7.194 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 4,334,549,149.07 | 92.756 |
Withheld | 338,499,184.95 | 7.244 |
TOTAL | 4,673,048,334.02 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 4,327,320,608.55 | 92.602 |
Withheld | 345,727,725.47 | 7.398 |
TOTAL | 4,673,048,334.02 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 4,322,104,507.32 | 92.490 |
Withheld | 350,943,826.70 | 7.510 |
TOTAL | 4,673,048,334.02 | 100.000 |
Donald J. Kirk | ||
Affirmative | 4,335,814,201.97 | 92.783 |
Withheld | 337,234,132.05 | 7.217 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marie L. Knowles | ||
Affirmative | 4,333,892,089.64 | 92.742 |
Withheld | 339,156,244.38 | 7.258 |
TOTAL | 4,673,048,334.02 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 4,340,856,926.26 | 92.891 |
Withheld | 332,191,407.76 | 7.109 |
TOTAL | 4,673,048,334.02 | 100.000 |
Marvin L. Mann | ||
Affirmative | 4,336,736,818.96 | 92.803 |
Withheld | 336,311,515.06 | 7.197 |
TOTAL | 4,673,048,334.02 | 100.000 |
William O. McCoy | ||
Affirmative | 4,338,426,324.60 | 92.839 |
Withheld | 334,622,009.42 | 7.161 |
TOTAL | 4,673,048,334.02 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 4,339,017,198.22 | 92.852 |
Withheld | 334,031,135.80 | 7.148 |
TOTAL | 4,673,048,334.02 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 4,338,546,239.15 | 92.842 |
Withheld | 334,502,094.87 | 7.158 |
TOTAL | 4,673,048,334.02 | 100.000 |
* Denotes trust-wide proposals and voting results. |
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Proxy Voting Results
A special meeting of Fidelity Ohio Municipal Money Market Fund's shareholders was held on April 14, 2004. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To amend the Trust Instrument to allow the Board of Trustees, if permitted by applicable law, to authorize fund mergers without shareholder approval.* | ||
# of | % of | |
Affirmative | 636,855,022.09 | 76.849 |
Against | 150,887,633.15 | 18.208 |
Abstain | 40,713,763.86 | 4.912 |
Broker | 253,332.00 | .031 |
TOTAL | 828,709,751.10 | 100.000 |
PROPOSAL 2 | ||
To elect a Board of Trustees.* | ||
# of | % of | |
J. Michael Cook | ||
Affirmative | 767,157,627.90 | 92.573 |
Withheld | 61,552,123.20 | 7.427 |
TOTAL | 828,709,751.10 | 100.000 |
Ralph F. Cox | ||
Affirmative | 766,126,728.93 | 92.448 |
Withheld | 62,583,022.17 | 7.552 |
TOTAL | 828,709,751.10 | 100.000 |
Laura B. Cronin | ||
Affirmative | 767,351,050.02 | 92.596 |
Withheld | 61,358,701.08 | 7.404 |
TOTAL | 828,709,751.10 | 100.000 |
Robert M. Gates | ||
Affirmative | 767,532,295.68 | 92.618 |
Withheld | 61,177,455.42 | 7.382 |
TOTAL | 828,709,751.10 | 100.000 |
# of | % of | |
George H. Heilmeier | ||
Affirmative | 766,078,246.56 | 92.442 |
Withheld | 62,631,504.54 | 7.558 |
TOTAL | 828,709,751.10 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 765,060,384.36 | 92.319 |
Withheld | 63,649,366.74 | 7.681 |
TOTAL | 828,709,751.10 | 100.000 |
Edward C. Johnson 3d | ||
Affirmative | 764,319,910.03 | 92.230 |
Withheld | 64,389,841.07 | 7.770 |
TOTAL | 828,709,751.10 | 100.000 |
Donald J. Kirk | ||
Affirmative | 765,953,858.04 | 92.427 |
Withheld | 62,755,893.06 | 7.573 |
TOTAL | 828,709,751.10 | 100.000 |
Marie L. Knowles | ||
Affirmative | 767,230,609.26 | 92.581 |
Withheld | 61,479,141.84 | 7.419 |
TOTAL | 828,709,751.10 | 100.000 |
Ned C. Lautenbach | ||
Affirmative | 767,065,754.21 | 92.561 |
Withheld | 61,643,996.89 | 7.439 |
TOTAL | 828,709,751.10 | 100.000 |
Marvin L. Mann | ||
Affirmative | 765,939,293.51 | 92.426 |
Withheld | 62,770,457.59 | 7.574 |
TOTAL | 828,709,751.10 | 100.000 |
William O. McCoy | ||
Affirmative | 765,995,462.29 | 92.432 |
Withheld | 62,714,288.81 | 7.568 |
TOTAL | 828,709,751.10 | 100.000 |
# of | % of | |
Robert L. Reynolds | ||
Affirmative | 767,275,847.55 | 92.587 |
Withheld | 61,433,903.55 | 7.413 |
TOTAL | 828,709,751.10 | 100.000 |
William S. Stavropoulos | ||
Affirmative | 766,682,881.97 | 92.515 |
Withheld | 62,026,869.13 | 7.485 |
TOTAL | 828,709,751.10 | 100.000 |
* Denotes trust-wide proposals and voting results. |
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.
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By PC
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* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
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OFF-USAN-0804
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Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 9. 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 10. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 11. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(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/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | August 16, 2004 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | August 16, 2004 |
By: | /s/Timothy F. Hayes |
Timothy F. Hayes | |
Chief Financial Officer | |
Date: | August 16, 2004 |