UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02628
Fidelity Municipal Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | December 31 |
|
|
Date of reporting period: | June 30, 2011 |
Item 1. Reports to Stockholders
Fidelity®
Michigan Municipal
Income Fund
and
Fidelity
Michigan Municipal Money Market Fund
Semiannual Report
June 30, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders | |
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity Michigan Municipal Income Fund | ||
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Fidelity Michigan Municipal Money Market Fund | ||
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the Financial Statements |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Michigan Municipal Income Fund | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,033.70 | $ 2.47 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.36 | $ 2.46 |
Fidelity Michigan Municipal Money Market Fund | .27% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.05 | $ 1.34** |
HypotheticalA |
| $ 1,000.00 | $ 1,023.46 | $ 1.35** |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio for Michigan Municipal Money Market Fund would have been .55% and the expenses paid in the actual and hypothetical examples above would have been $2.73 and $2.76, respectively.
Semiannual Report
Fidelity Michigan Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 45.8 | 44.5 |
Water & Sewer | 20.7 | 20.5 |
Health Care | 15.8 | 13.6 |
Special Tax | 6.0 | 6.3 |
Education | 5.0 | 6.0 |
Weighted Average Maturity as of June 30, 2011 | ||
|
| 6 months ago |
Years | 6.3 | 7.7 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of June 30, 2011 | ||
|
| 6 months ago |
Years | 6.9 | 6.9 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | AAA 7.7% |
| ![]() | AAA 9.2% |
| ||
![]() | AA,A 85.8% |
| ![]() | AA,A 83.4% |
| ||
![]() | BBB 2.7% |
| ![]() | BBB 3.0% |
| ||
![]() | BB and Below 1.3% |
| ![]() | BB and Below 1.9% |
| ||
![]() | Not Rated 1.7% |
| ![]() | Not Rated 1.5% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Fidelity Michigan Municipal Income Fund
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.2% | ||||
| Principal Amount | Value | ||
Guam - 0.3% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn.: | ||||
(Guam Pub. School Facilities Proj.) Series 2006 A, 5% 10/1/16 | $ 1,045,000 | $ 1,084,856 | ||
Series 2006 A, 5% 10/1/23 | 1,000,000 | 952,390 | ||
| 2,037,246 | |||
Michigan - 96.4% | ||||
Algonac Cmnty. Schools Series 2008, 5.25% 5/1/28 (FSA Insured) | 1,575,000 | 1,645,481 | ||
Allegan Pub. School District Series 2008: | ||||
5% 5/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,570,000 | 1,729,810 | ||
5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,545,000 | 1,767,604 | ||
Ann Arbor Bldg. Auth. Series 2005 A: | ||||
5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,405,000 | 1,550,642 | ||
5% 3/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,440,000 | 1,581,797 | ||
Ann Arbor Econ. Dev. Corp. Ltd. Oblig. Rev. (Glacier Hills, Inc. Proj.) 8.375% 1/15/19 (Escrowed to Maturity) (c) | 2,220,000 | 2,763,878 | ||
Bay City Gen. Oblig. Series 1991, 0% 6/1/15 (AMBAC Insured) | 1,725,000 | 1,530,437 | ||
Brighton Area School District Livingston County Series II, 0% 5/1/15 (AMBAC Insured) | 10,000,000 | 8,938,400 | ||
Caledonia Cmnty. Schools Counties of Kent, Allegan and Barry Series 2003: | ||||
5.25% 5/1/17 | 1,370,000 | 1,452,419 | ||
5.25% 5/1/18 | 1,100,000 | 1,162,106 | ||
Carman-Ainsworth Cmnty. School District Series 2005: | ||||
5% 5/1/16 (FSA Insured) | 1,000,000 | 1,108,200 | ||
5% 5/1/17 (FSA Insured) | 2,065,000 | 2,252,667 | ||
Carrier Creek Drainage District #326 Series 2005: | ||||
5% 6/1/16 (AMBAC Insured) | 1,620,000 | 1,809,313 | ||
5% 6/1/25 (AMBAC Insured) | 1,775,000 | 1,869,288 | ||
Charles Stewart Mott Cmnty. College Series 2005, 5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675,000 | 1,829,134 | ||
Charter Township of Commerce Gen. Oblig. Series 2009 B, 5.125% 12/1/38 | 970,000 | 986,985 | ||
Chelsea School District Series 2008: | ||||
5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,720,000 | 1,916,166 | ||
5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675,000 | 1,890,053 | ||
Clarkston Cmnty. Schools Series 2008: | ||||
5% 5/1/15 (FSA Insured) | 1,905,000 | 2,084,680 | ||
5% 5/1/16 (FSA Insured) | 1,855,000 | 2,051,834 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Comstock Park Pub. Schools Series 2005, 5% 5/1/16 (FSA Insured) | $ 1,000,000 | $ 1,099,310 | ||
Constantine Pub. Schools Series 2002, 5% 5/1/25 | 1,130,000 | 1,171,042 | ||
Detroit City School District: | ||||
(School Bldg. & Site Impt. Proj.) Series 2003, 5% 5/1/33 | 1,800,000 | 1,677,726 | ||
Series 2003 B, 5% 5/1/24 (FGIC Insured) | 5,000,000 | 5,011,700 | ||
Series 2003, 5.25% 5/1/15 (FGIC Insured) | 3,085,000 | 3,173,694 | ||
Series 2005 A, 5.25% 5/1/30 | 5,000,000 | 4,820,150 | ||
Detroit Convention Facilities Rev. (Cobo Hall Expansion Proj.) Series 2003: | ||||
5% 9/30/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,022,650 | ||
5% 9/30/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,765,000 | 4,922,769 | ||
Detroit Gen. Oblig.: | ||||
Series 2004 B1, 5% 4/1/13 (AMBAC Insured) | 2,000,000 | 1,958,540 | ||
Series 2004, 5% 4/1/15 (AMBAC Insured) | 3,800,000 | 3,583,210 | ||
Series 2005 B, 5% 4/1/13 (FSA Insured) | 1,830,000 | 1,875,128 | ||
Series 2005 C, 5% 4/1/13 (FSA Insured) | 1,995,000 | 2,044,197 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 1998, 5.5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,050,000 | 3,345,789 | ||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 2,700,000 | 2,798,820 | ||
Series 2003 B, 7.5% 7/1/33 (FSA Insured) | 2,600,000 | 2,994,082 | ||
Series 2003, 5% 7/1/32 (FSA Insured) | 535,000 | 501,220 | ||
Series 2006: | ||||
5% 7/1/15 (FGIC Insured) | 1,085,000 | 1,161,319 | ||
5% 7/1/36 | 7,800,000 | 6,769,542 | ||
Series A, 0% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,730,000 | 6,060,500 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 1993, 6.5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,340,000 | 7,085,838 | ||
Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,626,900 | ||
Series 2004: | ||||
5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 5,191,900 | ||
5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,068,100 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Detroit Wtr. Supply Sys. Rev.: - continued | ||||
Series 2004: | ||||
5.25% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,000,000 | $ 2,098,160 | ||
5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,035,000 | 6,140,733 | ||
Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 2,800,000 | 2,819,320 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 2,700,000 | 3,012,444 | ||
Series 2006, 5% 7/1/33 (FSA Insured) | 5,000,000 | 4,512,250 | ||
DeWitt Pub. Schools Gen. Oblig. Series 2008: | ||||
5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,475,000 | 1,653,077 | ||
5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,550,000 | 1,763,110 | ||
Dexter Cmnty. Schools: | ||||
(School Bldg. and Site Proj.) Series 1998, 5.1% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,095,000 | ||
Series 2003, 5% 5/1/18 (Liquidity Facility Sumitomo Bank Lease Fin., Inc. (SBLF)) | 1,955,000 | 2,068,253 | ||
Durand Area Schools Gen. Oblig. Series 2006: | ||||
5% 5/1/27 (FSA Insured) | 1,225,000 | 1,286,360 | ||
5% 5/1/28 (FSA Insured) | 1,250,000 | 1,307,013 | ||
5% 5/1/29 (FSA Insured) | 1,275,000 | 1,326,344 | ||
East Grand Rapids Pub. School District Gen. Oblig. Series 2004: | ||||
5% 5/1/16 (FSA Insured) | 1,425,000 | 1,547,308 | ||
5% 5/1/17 (FSA Insured) | 1,985,000 | 2,133,260 | ||
East Lansing School District Gen. Oblig. Series 2005, 5% 5/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,530,000 | 3,592,305 | ||
Farmington Pub. School District Gen. Oblig. Series 2005, 5% 5/1/18 (FSA Insured) | 4,500,000 | 4,908,960 | ||
Fenton Area Pub. Schools Gen. Oblig. Series 2005, 5% 5/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,775,000 | 1,937,590 | ||
Ferris State Univ. Rev. Series 2005: | ||||
5% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,255,000 | 1,351,911 | ||
5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,320,000 | 1,399,530 | ||
Fraser Pub. School District Series 2005: | ||||
5% 5/1/16 (FSA Insured) | 1,055,000 | 1,165,469 | ||
5% 5/1/17 (FSA Insured) | 1,615,000 | 1,761,158 | ||
Garden City School District: | ||||
Series 2005: | ||||
5% 5/1/14 (FSA Insured) | 1,210,000 | 1,325,059 | ||
5% 5/1/17 (FSA Insured) | 1,390,000 | 1,504,175 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Garden City School District: - continued | ||||
Series 2006, 5% 5/1/19 (FSA Insured) | $ 1,205,000 | $ 1,288,880 | ||
Genesee County Gen. Oblig. Series 2005: | ||||
5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,355,000 | 1,470,405 | ||
5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,505,000 | 1,616,174 | ||
Gibraltar School District Series 2005: | ||||
5% 5/1/16 (FSA Insured) | 1,230,000 | 1,338,498 | ||
5% 5/1/17 (FSA Insured) | 1,230,000 | 1,319,483 | ||
Grand Ledge Pub. Schools District (School Bldg. & Site Proj.) Series 2007: | ||||
5% 5/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,175,000 | 1,231,670 | ||
5% 5/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,353,807 | ||
5% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,300,000 | 4,380,066 | ||
Grand Rapids Cmnty. College Series 2008: | ||||
5% 5/1/17 (FSA Insured) | 1,315,000 | 1,489,685 | ||
5% 5/1/19 (FSA Insured) | 1,315,000 | 1,471,748 | ||
Grand Rapids San. Swr. Sys. Rev.: | ||||
Series 2004, 5% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,566,150 | ||
Series 2005: | ||||
5% 1/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,039,960 | ||
5.125% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,139,900 | ||
Series 2008, 5% 1/1/38 | 3,320,000 | 3,369,534 | ||
Series 2010, 5% 1/1/28 | 3,000,000 | 3,283,440 | ||
Grand Rapids Wtr. Supply Sys. Series 2005, 5% 1/1/35 (FGIC Insured) | 5,000,000 | 5,062,000 | ||
Grand Valley Michigan State Univ. Rev.: | ||||
Series 2007, 5% 12/1/19 (AMBAC Insured) | 500,000 | 548,080 | ||
Series 2008, 5% 12/1/33 (FSA Insured) | 5,000,000 | 5,028,750 | ||
Series 2009, 5.625% 12/1/29 | 2,400,000 | 2,535,168 | ||
Grosse Ile Township School District Unltd. Tax Gen. Oblig. Series 2006: | ||||
5% 5/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,950,000 | 2,015,598 | ||
5% 5/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,950,000 | 1,992,549 | ||
Harper Creek Cmnty. School District (School Bldg. & Site Proj.) Series 2008: | ||||
4.75% 5/1/27 (FSA Insured) | 500,000 | 515,535 | ||
5.25% 5/1/21 (FSA Insured) | 2,000,000 | 2,236,320 | ||
5.25% 5/1/24 (FSA Insured) | 2,100,000 | 2,279,991 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Haslett Pub. Schools Series 2005, 5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,100,000 | $ 1,219,020 | ||
Hudsonville Pub. Schools: | ||||
Series 2005, 5% 5/1/16 (FSA Insured) | 1,000,000 | 1,111,710 | ||
5.25% 5/1/41 | 1,750,000 | 1,756,528 | ||
Huron Valley School District: | ||||
Series 2003, 5.25% 5/1/16 | 2,450,000 | 2,613,317 | ||
0% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,420,000 | 1,402,719 | ||
Jackson County Hosp. Fin. Auth. Hosp. Rev. (Allegiance Health Proj.) Series 2010 A, 5% 6/1/37 (FSA Insured) | 2,250,000 | 2,140,178 | ||
Kalamazoo Hosp. Fin. Auth. Hosp. Facilities Rev. (Bronson Methodist Hosp. Proj.): | ||||
Series 2003 A, 5% 5/15/13 (FSA Insured) | 2,125,000 | 2,241,471 | ||
Series 2003 B: | ||||
4% 5/15/12 (FSA Insured) | 2,125,000 | 2,165,524 | ||
5% 5/15/13 (FSA Insured) | 2,125,000 | 2,241,471 | ||
5.25% 5/15/14 (FSA Insured) | 1,200,000 | 1,298,736 | ||
Kalamazoo Pub. Schools Series 2006: | ||||
5% 5/1/17 (FSA Insured) | 3,165,000 | 3,511,409 | ||
5.25% 5/1/16 (FSA Insured) | 1,500,000 | 1,718,415 | ||
Kent County Arpt. Rev. (Gerald R. Ford Int'l. Arpt. Proj.) Series 2007, 5% 1/1/37 | 4,180,000 | 4,229,909 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | ||||
(Butterworth Hosp. Proj.) Series A, 7.25% 1/15/13 (Escrowed to Maturity) (c) | 1,080,000 | 1,135,069 | ||
(Spectrum Health Sys. Proj.): | ||||
Series 1998 A, 5.375% 1/15/12 | 2,505,000 | 2,513,742 | ||
Series 2011 A, 5.5% 11/15/25 | 5,000,000 | 5,333,200 | ||
Bonds (Spectrum Health Sys. Proj.) Series 2008 A, 5.5%, tender 1/15/15 (a) | 3,525,000 | 3,931,433 | ||
L'Anse Creuse Pub. Schools Series 2005, 5% 5/1/24 (FSA Insured) | 1,350,000 | 1,423,724 | ||
Lansing Board Wtr. & Lt. Rev. 5.5% 7/1/41 | 5,000,000 | 5,238,650 | ||
Lansing Bldg. Auth. Rev. Series 2009, 0% 6/1/12 (AMBAC Insured) | 2,170,000 | 2,147,649 | ||
Lapeer Cmnty. Schools Series 2007: | ||||
5% 5/1/19 (FSA Insured) | 1,350,000 | 1,459,080 | ||
5% 5/1/20 (FSA Insured) | 1,425,000 | 1,528,569 | ||
5% 5/1/22 (FSA Insured) | 1,395,000 | 1,484,322 | ||
Lenawee Co. Hosp. Fin. Auth. Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 B, 6% 11/15/35 | 3,000,000 | 3,197,550 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Lincoln Consolidated School District Series 2008: | ||||
5% 5/1/14 (FSA Insured) | $ 1,460,000 | $ 1,592,480 | ||
5% 5/1/16 (FSA Insured) | 1,425,000 | 1,605,077 | ||
Michigan Bldg. Auth. Rev.: | ||||
(Facilities Prog.) Series 2008 I, 6% 10/15/38 | 5,000,000 | 5,348,500 | ||
Series 1, 5.25% 10/15/16 (FSA Insured) | 5,000,000 | 5,400,150 | ||
Series 2009 I, 5.25% 10/15/25 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,118,120 | ||
Michigan Fin. Auth. Rev. (Trinity Health Sys. Proj.) Series 2010 A, 5% 12/1/27 | 1,100,000 | 1,098,724 | ||
Michigan Gen. Oblig.: | ||||
(Envir. Protection Prog.) Series 1992, 6.25% 11/1/12 | 2,840,000 | 2,880,811 | ||
Series 2007, 5.25% 9/15/21 (FSA Insured) | 5,000,000 | 5,462,650 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(Ascension Health Sr. Cr. Group Proj.) Series 2010 F, 5% 11/15/23 | 7,500,000 | 7,967,775 | ||
(Crittenton Hosp. Proj.) Series 2002: | ||||
5.5% 3/1/13 | 455,000 | 466,320 | ||
5.5% 3/1/14 | 1,300,000 | 1,329,536 | ||
5.5% 3/1/15 | 1,985,000 | 2,028,928 | ||
(Genesys Reg'l. Med. Hosp. Proj.) Series 1998, 5.3% 10/1/11 (Escrowed to Maturity) (c) | 350,000 | 351,183 | ||
(Henry Ford Health Sys. Proj.): | ||||
Series 2006 A: | ||||
5% 11/15/12 | 1,485,000 | 1,546,405 | ||
5% 11/15/14 | 1,000,000 | 1,068,690 | ||
5% 11/15/17 | 1,000,000 | 1,066,620 | ||
Series 2009, 5.25% 11/15/24 | 3,000,000 | 3,007,830 | ||
(McLaren Health Care Corp. Proj.) Series 2008 A: | ||||
5.25% 5/15/15 | 1,615,000 | 1,807,653 | ||
5.75% 5/15/38 | 6,880,000 | 6,980,517 | ||
(Mercy Health Svcs. Proj.): | ||||
Series 1996 R, 5.375% 8/15/26 (Escrowed to Maturity) (c) | 2,500,000 | 2,504,850 | ||
Series 1996: | ||||
5.375% 8/15/16 (Escrowed to Maturity) (c) | 2,500,000 | 2,507,200 | ||
5.375% 8/15/26 (Escrowed to Maturity) (c) | 2,450,000 | 2,454,753 | ||
(MidMichigan Obligated Group Proj.): | ||||
Series 2002 A, 5.5% 4/15/18 (AMBAC Insured) | 2,000,000 | 2,023,300 | ||
Series 2009 A, 6.125% 6/1/39 | 3,740,000 | 3,832,602 | ||
(Oakwood Hosp. Proj.) Series 2007, 5% 7/15/17 | 1,000,000 | 1,064,070 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: - continued | ||||
(Oakwood Obligated Group Proj.) Series 2003, 5.5% 11/1/11 | $ 3,000,000 | $ 3,038,310 | ||
(Sisters of Mercy Health Corp. Proj.) Series 1993, 5.375% 8/15/14 (Escrowed to Maturity) (c) | 260,000 | 276,047 | ||
(Sparrow Hosp. Obligated Group Proj.) Series 2007: | ||||
5% 11/15/17 | 535,000 | 580,368 | ||
5% 11/15/18 | 725,000 | 765,731 | ||
5% 11/15/19 | 1,000,000 | 1,038,530 | ||
5% 11/15/20 | 2,000,000 | 2,053,540 | ||
5% 11/15/31 | 5,000,000 | 4,630,650 | ||
(Trinity Health Sys. Proj.): | ||||
Series 2002 C, 5.375% 12/1/30 | 1,095,000 | 1,097,059 | ||
Series 2006 A, 5% 12/1/26 | 4,555,000 | 4,569,758 | ||
Series 2008 A, 6.5% 12/1/33 | 5,000,000 | 5,382,150 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010, 5% 10/1/30 | 4,850,000 | 5,106,226 | ||
(Clean Wtr. Proj.) Series 2004, 5% 10/1/26 | 4,925,000 | 5,136,627 | ||
(Detroit School District Proj.) Series B, 5% 6/1/12 (FSA Insured) | 7,300,000 | 7,525,497 | ||
(Local Govt. Ln. Prog.): | ||||
Series 2007, 5% 12/1/21 (AMBAC Insured) | 1,155,000 | 1,084,557 | ||
Series G, 0% 5/1/19 (AMBAC Insured) | 1,865,000 | 1,281,180 | ||
(State Clean Wtr. Revolving Fund Proj.) Series 2006, 5% 10/1/27 | 4,225,000 | 4,440,898 | ||
Series 2001, 5% 10/1/23 | 5,000,000 | 5,044,300 | ||
Series 2002, 5.375% 10/1/19 | 2,005,000 | 2,115,014 | ||
Series 2005, 5% 10/1/23 | 385,000 | 428,324 | ||
Series 2009, 5% 10/1/26 | 5,000,000 | 5,409,600 | ||
Series C, 0% 6/15/15 (FSA Insured) | 3,000,000 | 2,768,250 | ||
Michigan Strategic Fund Ltd. Oblig. Rev.: | ||||
(Cadillac Place Office Bldg. Proj.) Series 2011, 5.25% 10/15/26 | 3,585,000 | 3,627,303 | ||
(Detroit Edison Co. Proj.): | ||||
Series 1999 A, 5.55% 9/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 1,000,000 | 998,790 | ||
Series BB, 7% 5/1/21 (AMBAC Insured) | 8,520,000 | 9,951,353 | ||
Michigan Technological Univ. Series 2008, 5.25% 10/1/17 (Assured Guaranty Corp. Insured) | 1,875,000 | 2,180,363 | ||
Michigan Tobacco Settlement Fin. Auth. Tobacco Settlement Asset Rev. Series 2007, 6% 6/1/34 | 3,000,000 | 2,374,140 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Michigan Trunk Line Fund Rev.: | ||||
Series 1998 A, 5.5% 11/1/16 | $ 3,000,000 | $ 3,538,890 | ||
Series 2002 B, 5.25% 10/1/16 (FSA Insured) | 3,000,000 | 3,149,340 | ||
Series 2005, 5.5% 11/1/20 (FSA Insured) | 2,500,000 | 2,940,225 | ||
Series 2006, 5.25% 11/1/15 (FGIC Insured) | 5,000,000 | 5,760,900 | ||
Montague Pub. School District Series 2001: | ||||
5.5% 5/1/16 | 430,000 | 434,696 | ||
5.5% 5/1/17 | 430,000 | 434,193 | ||
5.5% 5/1/19 | 430,000 | 433,169 | ||
North Kent Swr. Auth. Wtr. & Swr. Rev. Series 2006: | ||||
5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 420,000 | 458,837 | ||
5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 490,000 | 532,307 | ||
5% 11/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,645,000 | 1,762,914 | ||
5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,290,000 | 1,372,805 | ||
Northview Pub. Schools District Series 2008, 5% 5/1/21 (FSA Insured) | 1,070,000 | 1,159,816 | ||
Northville Pub. Schools Series 2005: | ||||
5% 5/1/15 (FSA Insured) | 1,525,000 | 1,723,601 | ||
5% 5/1/16 (FSA Insured) | 1,475,000 | 1,636,321 | ||
5% 5/1/17 (FSA Insured) | 3,675,000 | 3,992,704 | ||
Okemos Pub. School District Series 1993: | ||||
0% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,468,975 | ||
0% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700,000 | 1,643,101 | ||
Olivet Cmnty. School District (School Bldg. & Site Proj.) Series 2008: | ||||
5.25% 5/1/23 (FSA Insured) | 1,010,000 | 1,104,172 | ||
5.25% 5/1/27 (FSA Insured) | 1,135,000 | 1,211,896 | ||
Ottawa County Wtr. Supply Sys. Rev. Series 2010: | ||||
4.5% 5/1/33 | 2,680,000 | 2,712,964 | ||
5% 5/1/37 | 1,100,000 | 1,133,946 | ||
Petoskey Pub. School District Series 2005: | ||||
5% 5/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,430,000 | 1,563,891 | ||
5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,175,000 | 1,306,259 | ||
Plainwell Cmnty. School District: | ||||
(School Bldg. & Site Proj.): | ||||
Series 2002, 5.5% 5/1/14 | 1,000,000 | 1,062,240 | ||
Series 2008: | ||||
5% 5/1/23 (Assured Guaranty Corp. Insured) | 1,885,000 | 2,022,002 | ||
Municipal Bonds - continued | ||||
| Principal | Value | ||
Michigan - continued | ||||
Plainwell Cmnty. School District: - continued | ||||
(School Bldg. & Site Proj.): | ||||
Series 2008: | ||||
5% 5/1/28 (Assured Guaranty Corp. Insured) | $ 1,000,000 | $ 1,045,750 | ||
Series 2005: | ||||
5% 5/1/15 (FSA Insured) | 1,030,000 | 1,150,706 | ||
5% 5/1/16 (FSA Insured) | 1,025,000 | 1,117,363 | ||
Plymouth-Canton Cmnty. School District Series 2008, 5% 5/1/20 (FSA Insured) | 5,000,000 | 5,400,850 | ||
Portage Pub. Schools Series 2008, 5% 5/1/22 (FSA Insured) | 4,300,000 | 4,585,907 | ||
Ravenna Pub. Schools Gen. Oblig. (2008 School Bldg. and Site Proj.) Series 2008: | ||||
5% 5/1/31 (FSA Insured) | 2,080,000 | 2,126,862 | ||
5% 5/1/38 (FSA Insured) | 1,000,000 | 1,000,500 | ||
Riverview Cmnty. School District Series 2004: | ||||
5% 5/1/14 | 630,000 | 688,987 | ||
5% 5/1/15 | 955,000 | 1,045,524 | ||
5% 5/1/17 | 1,000,000 | 1,081,240 | ||
5% 5/1/18 | 1,000,000 | 1,074,970 | ||
Rochester Cmnty. School District 5% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,475,000 | 1,617,736 | ||
Rockford Pub. Schools Gen. Oblig. (2008 School Bldg. and Site Proj.) 5% 5/1/30 (FSA Insured) | 3,975,000 | 4,078,628 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.) Series 2009 V: | ||||
8% 9/1/29 | 1,750,000 | 2,019,063 | ||
8.25% 9/1/39 | 3,100,000 | 3,562,613 | ||
Saginaw Hosp. Fin. Auth. Hosp. Rev. (Covenant Med. Ctr., Inc.) Series 2010 H, 5% 7/1/30 | 5,000,000 | 4,579,100 | ||
Saint Clair County Gen. Oblig. Series 2004: | ||||
5% 4/1/17 (AMBAC Insured) | 1,380,000 | 1,495,810 | ||
5% 4/1/19 (AMBAC Insured) | 1,475,000 | 1,577,940 | ||
Shepherd Pub. Schools Series 2008, 5% 5/1/17 (FSA Insured) | 1,025,000 | 1,165,927 | ||
South Haven Gen. Oblig. Series 2009: | ||||
4.875% 12/1/28 (Assured Guaranty Corp. Insured) | 2,500,000 | 2,636,450 | ||
5.125% 12/1/33 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,043,290 | ||
South Redford School District Series 2005, 5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125,000 | 1,251,551 | ||
Taylor City Bldg. Auth. County of Wayne Bldg. Auth. Pub. Facilities Series 2003, 5% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,635,000 | 1,514,680 | ||
Three Rivers Cmnty. Schools Series 2008: | ||||
5% 5/1/14 (FSA Insured) | 1,765,000 | 1,930,257 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Three Rivers Cmnty. Schools Series 2008: - continued | ||||
5% 5/1/16 (FSA Insured) | $ 1,750,000 | $ 1,974,560 | ||
Troy School District: | ||||
Series 2006: | ||||
5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,123,880 | ||
5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,140,120 | ||
5% 5/1/15 | 2,135,000 | 2,328,111 | ||
Univ. of Michigan Univ. Rev. Series 2010 C, 5% 4/1/26 | 6,085,000 | 6,684,859 | ||
Utica Cmnty. Schools: | ||||
Series 2004, 5% 5/1/17 | 3,000,000 | 3,233,400 | ||
Series 2007: | ||||
5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,131,020 | ||
5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,278,260 | ||
Waverly Cmnty. School District Series 2005, 5% 5/1/17 (FSA Insured) | 3,090,000 | 3,452,117 | ||
Wayne Charter County Gen. Oblig. Series 2001 A, 5.5% 12/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,014,730 | ||
Western Michigan Univ. Rev.: | ||||
Series 2005, 5% 11/15/35 (FGIC Insured) | 5,435,000 | 5,234,612 | ||
Series 2008, 5% 11/15/20 (FSA Insured) | 5,280,000 | 5,603,453 | ||
Williamston Cmnty. Schools Gen. Oblig. Series 2005, 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,089,350 | ||
Willow Run Cmnty. Schools County of Washtenaw Series 2005, 5% 5/1/17 (FSA Insured) | 1,875,000 | 2,033,269 | ||
Wyoming Sewage Disp. Sys. Rev. Series 2005, 5% 6/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000,000 | 4,063,520 | ||
Zeeland Pub. Schools: | ||||
Series 2004, 5.25% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,050,000 | 1,143,975 | ||
Series 2005: | ||||
5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,035,000 | 2,238,663 | ||
5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 365,000 | 398,033 | ||
| 571,147,704 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Puerto Rico - 2.0% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series 1996 Z, 6.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,280,000 | $ 1,410,394 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ, 5.5% 7/1/18 (XL Cap. Assurance, Inc. Insured) | 1,000,000 | 1,102,160 | ||
Puerto Rico Pub. Bldg. Auth. Rev. Bonds Series M2, 5.75%, tender 7/1/17 (a) | 2,000,000 | 2,146,160 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A: | ||||
0% 8/1/41 (FGIC Insured) | 12,000,000 | 1,649,280 | ||
0% 8/1/47 (AMBAC Insured) | 1,000,000 | 90,270 | ||
Series 2009 A: | ||||
6% 8/1/42 | 4,000,000 | 4,134,000 | ||
6.5% 8/1/44 | 1,500,000 | 1,592,610 | ||
| 12,124,874 | |||
Virgin Islands - 0.5% | ||||
Virgin Islands Pub. Fin. Auth.: | ||||
(Cruzan Proj.) Series 2009 A, 6% 10/1/39 | 1,500,000 | 1,505,625 | ||
Series 2009 B, 5% 10/1/25 | 1,200,000 | 1,196,280 | ||
| 2,701,905 | |||
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $574,898,052) | 588,011,729 | |||
NET OTHER ASSETS (LIABILITIES) - 0.8% | 4,609,548 | |||
NET ASSETS - 100% | $ 592,621,277 |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 45.8% |
Water & Sewer | 20.7% |
Health Care | 15.8% |
Special Tax | 6.0% |
Education | 5.0% |
Others* (Individually Less Than 5%) | 6.7% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $574,898,052) |
| $ 588,011,729 |
Receivable for investments sold | 50,718 | |
Receivable for fund shares sold | 72,245 | |
Interest receivable | 6,561,292 | |
Other receivables | 768 | |
Total assets | 594,696,752 | |
|
|
|
Liabilities | ||
Payable to custodian bank | $ 971,355 | |
Payable for fund shares redeemed | 96,253 | |
Distributions payable | 700,841 | |
Accrued management fee | 180,321 | |
Other affiliated payables | 104,109 | |
Other payables and accrued expenses | 22,596 | |
Total liabilities | 2,075,475 | |
|
|
|
Net Assets | $ 592,621,277 | |
Net Assets consist of: |
| |
Paid in capital | $ 580,437,113 | |
Undistributed net investment income | 81,673 | |
Accumulated undistributed net realized gain (loss) on investments | (1,011,186) | |
Net unrealized appreciation (depreciation) on investments | 13,113,677 | |
Net Assets, for 50,167,567 shares outstanding | $ 592,621,277 | |
Net Asset Value, offering price and redemption price per share ($592,621,277 ÷ 50,167,567 shares) | $ 11.81 |
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, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 13,068,810 |
|
|
|
Expenses | ||
Management fee | $ 1,068,925 | |
Transfer agent fees | 236,319 | |
Accounting fees and expenses | 71,472 | |
Custodian fees and expenses | 3,513 | |
Independent trustees' compensation | 1,110 | |
Registration fees | 15,657 | |
Audit | 22,597 | |
Legal | 5,704 | |
Miscellaneous | 3,928 | |
Total expenses before reductions | 1,429,225 | |
Expense reductions | (1,169) | 1,428,056 |
Net investment income (loss) | 11,640,754 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (872,771) |
Change in net unrealized appreciation (depreciation) on investment securities | 8,185,357 | |
Net gain (loss) | 7,312,586 | |
Net increase (decrease) in net assets resulting from operations | $ 18,953,340 |
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) | $ 11,640,754 | $ 25,546,192 |
Net realized gain (loss) | (872,771) | 814,536 |
Change in net unrealized appreciation (depreciation) | 8,185,357 | (11,101,701) |
Net increase (decrease) in net assets resulting | 18,953,340 | 15,259,027 |
Distributions to shareholders from net investment income | (11,630,535) | (25,524,718) |
Distributions to shareholders from net realized gain | (352,543) | (378,580) |
Total distributions | (11,983,078) | (25,903,298) |
Share transactions | 39,197,544 | 98,472,500 |
Reinvestment of distributions | 7,494,802 | 16,035,129 |
Cost of shares redeemed | (87,796,175) | (122,308,020) |
Net increase (decrease) in net assets resulting from share transactions | (41,103,829) | (7,800,391) |
Redemption fees | 2,582 | 2,123 |
Total increase (decrease) in net assets | (34,130,985) | (18,442,539) |
|
|
|
Net Assets | ||
Beginning of period | 626,752,262 | 645,194,801 |
End of period (including undistributed net investment income of $81,673 and undistributed net investment income of $71,454, respectively) | $ 592,621,277 | $ 626,752,262 |
Other Information Shares | ||
Sold | 3,353,706 | 8,226,552 |
Issued in reinvestment of distributions | 640,995 | 1,340,660 |
Redeemed | (7,568,742) | (10,280,828) |
Net increase (decrease) | (3,574,041) | (713,616) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.66 | $ 11.85 | $ 11.29 | $ 11.76 | $ 11.82 | $ 11.84 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .232 | .462 | .460 | .457 | .461 | .469 |
Net realized and unrealized gain (loss) | .157 | (.184) | .575 | (.465) | (.031) | .041 |
Total from investment operations | .389 | .278 | 1.035 | (.008) | .430 | .510 |
Distributions from net investment income | (.232) | (.461) | (.460) | (.457) | (.462) | (.470) |
Distributions from net realized gain | (.007) | (.007) | (.015) | (.005) | (.028) | (.060) |
Total distributions | (.239) | (.468) | (.475) | (.462) | (.490) | (.530) |
Redemption fees added to paid in capital D,F | - | - | - | - | - | - |
Net asset value, end of period | $ 11.81 | $ 11.66 | $ 11.85 | $ 11.29 | $ 11.76 | $ 11.82 |
Total Return B,C | 3.37% | 2.32% | 9.30% | (.06)% | 3.73% | 4.41% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .49% A | .49% | .50% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .49% A | .49% | .50% | .49% | .49% | .49% |
Expenses net of all reductions | .49% A | .49% | .50% | .47% | .44% | .44% |
Net investment income (loss) | 4.00% A | 3.86% | 3.94% | 3.96% | 3.94% | 3.98% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 592,621 | $ 626,752 | $ 645,195 | $ 568,852 | $ 592,633 | $ 571,869 |
Portfolio turnover rate | 8% A | 7% | 6% | 19% | 15% | 17% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Investment Changes (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 79.2 | 83.2 | 83.4 |
31 - 90 | 10.4 | 7.6 | 10.9 |
91 - 180 | 4.5 | 2.0 | 2.1 |
181 - 397 | 5.9 | 7.2 | 3.6 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 6/30/11 | 12/31/10 | 6/30/10 |
Fidelity Michigan Municipal Money Market Fund | 29 Days | 28 Days | 21 Days |
All Tax-Free Money Market Funds Average* | 26 Days | 31 Days | 26 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life | |||
| 6/30/11 | 12/31/10 | 6/30/10 |
Fidelity Michigan Municipal Money Market Fund | 29 Days | 28 Days | 21 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | Variable Rate Demand Notes (VRDNs) 63.7% |
| ![]() | Variable Rate Demand Notes (VRDNs) 72.8% |
| ||
![]() | Commercial |
| ![]() | Commercial |
| ||
![]() | Tender Bonds 5.3% |
| ![]() | Tender Bonds 2.8% |
| ||
![]() | Municipal Notes 4.0% |
| ![]() | Municipal Notes 3.1% |
| ||
![]() | Fidelity Municipal |
| ![]() | Fidelity Municipal |
| ||
![]() | Other Investments 3.6% |
| ![]() | Other Investments 1.9% |
| ||
![]() | Net Other Assets 4.4% |
| ![]() | Net Other Assets 1.0% |
|
* Source: iMoneyNet, Inc. |
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 95.6% | |||
Principal Amount | Value | ||
Arizona - 0.2% | |||
Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Paradise Lakes Apt. Proj.) Series 2007 A, 0.07% 7/7/11, LOC Wells Fargo Bank NA, VRDN (a) | $ 1,500,000 | $ 1,500,000 | |
Colorado - 0.1% | |||
Colorado Hsg. & Fin. Auth. Series 2003 A2, 0.12% 7/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a) | 1,000,000 | 1,000,000 | |
Delaware - 0.3% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1987, 0.37% 7/1/11, VRDN (a)(d) | 2,300,000 | 2,300,000 | |
District Of Columbia - 0.5% | |||
District of Columbia Univ. Rev. (American Univ. Proj.) Series 2006 A, 0.05% 7/7/11, LOC Bank of America NA, VRDN (a) | 4,300,000 | 4,300,000 | |
Georgia - 0.2% | |||
Athens-Clarke County Unified Govt. Dev. Auth. Rev. (Univ. of Georgia Athletic Assoc. Proj.) Series 2005 B, 0.08% 7/1/11, LOC Bank of America NA, VRDN (a) | 1,460,000 | 1,460,000 | |
Idaho - 0.1% | |||
Idaho Hsg. & Fin. Assoc. Single Family Mtg. Series C, 0.08% 7/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a) | 945,000 | 945,000 | |
Indiana - 0.1% | |||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 H, 0.08% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | 700,000 | 700,000 | |
Kentucky - 0.1% | |||
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series A2, 0.9% tender 7/21/11, CP mode (d) | 1,200,000 | 1,200,000 | |
Louisiana - 0.9% | |||
Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.): | |||
Series 2002, 0.12% 7/7/11, VRDN (a)(d) | 3,300,000 | 3,300,000 | |
Series 2010, 0.06% 7/7/11, VRDN (a) | 1,700,000 | 1,700,000 | |
0.12% 7/7/11, VRDN (a)(d) | 3,000,000 | 3,000,000 | |
| 8,000,000 | ||
Massachusetts - 0.2% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1993 B, 0.75% tender 7/1/11, CP mode | 2,000,000 | 2,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Michigan - 90.3% | |||
Central Michigan Univ. Rev. Series 2008 A, 0.05% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | $ 2,405,000 | $ 2,405,000 | |
Detroit City School District Participating VRDN Series Solar 06 01, 0.08% 7/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f) | 14,835,000 | 14,835,000 | |
Detroit Econ. Dev. Corp. Rev. (Michigan Opera Theatre Proj.) Series 1999, 0.2% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | 2,100,000 | 2,100,000 | |
Eastern Michigan Univ. Revs.: | |||
Series 2009 A, 0.1% 7/1/11, LOC JPMorgan Chase Bank, VRDN (a) | 5,225,000 | 5,225,000 | |
Series 2009 B, 0.1% 7/1/11, LOC JPMorgan Chase Bank, VRDN (a) | 1,800,000 | 1,800,000 | |
Grand Rapids Econ. Dev. Corp. (Cornerstone Univ. Proj.) 0.1% 7/7/11, LOC PNC Bank NA, VRDN (a) | 6,785,000 | 6,785,000 | |
Grand Valley Michigan State Univ. Rev.: | |||
Series 2005, 0.08% 7/7/11, LOC PNC Bank NA, VRDN (a) | 21,300,000 | 21,300,000 | |
Series 2008 B, 0.05% 7/7/11, LOC U.S. Bank NA, Minnesota, VRDN (a) | 13,940,000 | 13,940,000 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | |||
(Spectrum Health Sys. Proj.): | |||
Series 2008 B3, 0.07% 7/7/11 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | 11,900,000 | 11,900,000 | |
Series 2008 C, 0.07% 7/7/11, LOC Bank of New York, New York, VRDN (a) | 30,200,000 | 30,200,000 | |
Bonds: | |||
(Spectrum Health Proj.) Series 2005 B, 5% 7/15/11 | 8,995,000 | 9,010,696 | |
Series 2011 A, 1% 11/15/11 | 2,000,000 | 2,004,898 | |
Michigan Bldg. Auth. Rev.: | |||
Bonds Series I, 5.5% 10/15/11 | 3,175,000 | 3,223,295 | |
Participating VRDN Series Solar 06 21, 0.08% 7/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f) | 3,800,000 | 3,800,000 | |
Series 6, 0.12% 8/4/11, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Minnesota, CP | 63,480,000 | 63,480,000 | |
Michigan Fin. Auth. Rev. RAN: | |||
Series 2010 D2, 2% 8/22/11, LOC JPMorgan Chase Bank | 9,695,000 | 9,717,052 | |
Series 2010 D3, 2% 8/22/11, LOC Bank of Nova Scotia New York Branch | 10,900,000 | 10,924,948 | |
Michigan Gen. Oblig. TRAN Series A, 2% 9/30/11 | 13,300,000 | 13,352,151 | |
Michigan Higher Ed. Rev. (Thomas M. Cooley Law School Proj.) Series 2008 A, 0.06% 7/7/11, LOC Wells Fargo Bank NA, VRDN (a) | 5,700,000 | 5,700,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Michigan Hosp. Fin. Auth. Rev.: | |||
(Henry Ford Health Sys. Proj.) Series 2007, 0.08% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | $ 7,270,000 | $ 7,270,000 | |
(Hosp. Equip. Ln. Prog.) Series B, 0.09% 7/6/11, LOC Bank of America NA, VRDN (a) | 4,100,000 | 4,100,000 | |
(McLaren Health Care Corp. Proj.): | |||
Series 2008 B1, 0.08% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | 8,210,000 | 8,210,000 | |
Series 2008 B2, 0.08% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | 13,285,000 | 13,285,000 | |
Bonds: | |||
(Ascension Health Cr. Group Proj.): | |||
Series 1999 B, 3.75%, tender 3/15/12 (a) | 8,700,000 | 8,903,026 | |
Series 2010 F1, 1.5%, tender 6/1/12 (a) | 5,000,000 | 5,053,499 | |
Series 2010 F5, 0.45%, tender 3/15/12 (a) | 8,000,000 | 8,000,000 | |
(Ascension Health Sr. Cr. Group Proj.) Series 2010 F: | |||
0.18%, tender 1/26/12 (a) | 8,800,000 | 8,800,000 | |
0.18%, tender 1/26/12 (a) | 8,800,000 | 8,800,000 | |
0.18%, tender 1/26/12 (a) | 7,100,000 | 7,100,000 | |
(Sparrow Hosp. Obligated Group Proj.) Series 2001, 5.625% 11/15/11 (Pre-Refunded to 11/15/11 @ 101) (e) | 4,500,000 | 4,631,032 | |
(Trinity Health Sys. Proj.): | |||
Series 2008 C: | |||
0.15% tender 7/6/11, CP mode | 20,000,000 | 20,000,000 | |
0.15% tender 7/11/11, CP mode | 24,000,000 | 24,000,000 | |
0.3% tender 7/8/11, CP mode | 16,000,000 | 16,000,000 | |
Series B, 0.15% tender 7/11/11, CP mode | 3,000,000 | 3,000,000 | |
Series C: | |||
0.27% tender 7/21/11, CP mode | 17,000,000 | 17,000,000 | |
0.31% tender 10/4/11, CP mode | 5,000,000 | 5,000,000 | |
Michigan Hsg. Dev. Auth. Ltd.: | |||
(Sand Creek Apts., Phase I Proj.) Series 2007 A, 0.11% 7/7/11, LOC Citibank NA, VRDN (a)(d) | 3,700,000 | 3,700,000 | |
(Sand Creek II Apts. Proj.) Series 2007 A, 0.11% 7/7/11, LOC Citibank NA, VRDN (a)(d) | 5,495,000 | 5,495,000 | |
(Teal Run I Apts. Proj.) Series 2007 A, 0.11% 7/7/11, LOC Citibank NA, VRDN (a)(d) | 6,350,000 | 6,350,000 | |
Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Canton Club East Apts. Proj.) Series 1998 A, 0.09% 7/7/11, LOC Fannie Mae, VRDN (a)(d) | 1,075,000 | 1,075,000 | |
(Hunt Club Apts. Proj.) 0.13% 7/7/11, LOC Fannie Mae, VRDN (a)(d) | 6,795,000 | 6,795,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.: | |||
Series 2007 B, 0.08% 7/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(d) | $ 65,000,000 | $ 65,000,000 | |
Series 2009 D, 0.08% 7/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a) | 34,500,000 | 34,500,000 | |
Michigan Hsg. Dev. Ltd. Oblig. Rev. (JAS Non-Profit Hsg. Corp. VI Proj.) Series 2000, 0.1% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | 6,300,000 | 6,300,000 | |
Michigan Muni. Bond Auth. Rev. Bonds: | |||
Series 2002, 5.25% 10/1/11 | 2,310,000 | 2,338,394 | |
Series 2003 A, 5.25% 6/1/12 | 2,000,000 | 2,088,160 | |
Michigan State Univ. Revs. Participating VRDN Series WF 11 33 C, 0.1% 7/7/11 (Liquidity Facility Wells Fargo Bank NA) (a)(f) | 5,500,000 | 5,500,000 | |
Michigan Strategic Fund Indl. Dev. Rev. (Lapeer Industries, Inc. Proj.) Series 2007, 0.3% 7/7/11, LOC Bank of America NA, VRDN (a)(d) | 1,300,000 | 1,300,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Almond Products, Inc. Proj.) 0.25% 7/7/11, LOC Bank of America NA, VRDN (a)(d) | 7,235,000 | 7,235,000 | |
(BC&C Proj.) 0.24% 7/7/11, LOC Comerica Bank, VRDN (a)(d) | 790,000 | 790,000 | |
(Bosal Ind. Proj.) Series 1998, 0.12% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a)(d) | 7,500,000 | 7,500,000 | |
(Consumers Energy Co. Proj.): | |||
0.06% 7/7/11, LOC Bank of Nova Scotia New York Branch, VRDN (a) | 7,000,000 | 7,000,000 | |
0.08% 7/7/11, LOC Bank of Nova Scotia New York Branch, VRDN (a)(d) | 35,000,000 | 35,000,000 | |
(Evangelical Homes of Michigan Proj.) Series 2008, 0.09% 7/7/11, LOC JPMorgan Chase & Co., VRDN (a) | 6,900,000 | 6,900,000 | |
(Greenpath, Inc. Proj.) Series 2011, 0.1% 7/7/11, LOC PNC Bank NA, VRDN (a) | 6,000,000 | 6,000,000 | |
(Henry Ford Museum & Greenfield Village Projs.) Series 2002, 0.06% 7/1/11, LOC Comerica Bank, VRDN (a) | 10,550,000 | 10,550,000 | |
(John H. Dekker & Sons Proj.) Series 1998, 0.26% 7/7/11, LOC Bank of America NA, VRDN (a)(d) | 450,000 | 450,000 | |
(Pioneer Laboratories, Inc. Proj.) 0.2% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a)(d) | 1,400,000 | 1,400,000 | |
(S&S LLC Proj.) Series 2000, 0.38% 7/7/11, LOC U.S. Bank NA, Minnesota, VRDN (a)(d) | 1,205,000 | 1,205,000 | |
(The Kroger Co. Recovery Zone Facilities Bond Proj.) Series 2010, 0.15% 7/7/11, LOC Bank of Tokyo-Mitsubishi, VRDN (a) | 9,500,000 | 9,500,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Michigan Strategic Fund Ltd. Oblig. Rev.: - continued | |||
(The YMCA of Greater Grand Rapids Proj.) Series 2010, 0.1% 7/7/11, LOC Comerica Bank, VRDN (a) | $ 11,350,000 | $ 11,350,000 | |
(Van Andel Research Institute Proj.) Series 2008, 0.09% 7/7/11, LOC Bank of America NA, VRDN (a) | 62,200,000 | 62,200,000 | |
(W.H. Porter, Inc. Proj.) Series 2001, 0.6% 7/7/11, LOC Bank of America NA, VRDN (a)(d) | 1,850,000 | 1,850,000 | |
(YMCA Metropolitan Detroit Proj.) Series 2001, 0.09% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | 10,715,000 | 10,715,000 | |
(YMCA Metropolitan Lansing Proj.) Series 2002, 0.1% 7/7/11, LOC Bank of America NA, VRDN (a) | 8,125,000 | 8,125,000 | |
Michigan Strategic Fund Solid Waste Disp. Rev. (Grayling Gen. Station Proj.) Series 1990, 0.11% 7/7/11, LOC Barclays Bank PLC, VRDN (a)(d) | 5,686,000 | 5,686,000 | |
Michigan Trunk Line Fund Rev. Bonds: | |||
Series 1998 A, 5.25% 11/1/11 | 3,000,000 | 3,049,218 | |
Series A, 0% 10/1/11 | 3,630,000 | 3,622,660 | |
Series B, 5% 9/1/11 | 1,000,000 | 1,007,549 | |
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev.: | |||
(Osmic, Inc. Proj.) Series 2001 A, 0.15% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a)(d) | 5,300,000 | 5,300,000 | |
(Pratt & Miller Engineering & Fabrication, Inc. Proj.) Series 2004, 0.25% 7/7/11, LOC Bank of America NA, VRDN (a)(d) | 2,540,000 | 2,540,000 | |
(Progressive Metal Manufacturing Co. Proj.) 0.24% 7/7/11, LOC Comerica Bank, VRDN (a)(d) | 440,000 | 440,000 | |
Waterford Econ. Dev. Corp. Ltd. Oblig. Rev. (Canterbury Health Care, Inc. Proj.) Series 2009, 0.1% 7/7/11, LOC Fed. Home Ln. Bank of Boston, VRDN (a) | 5,970,000 | 5,970,000 | |
Wayne County Arpt. Auth. Rev.: | |||
0.09% 7/7/11, LOC PNC Bank NA, VRDN (a)(d) | 9,000,000 | 9,000,000 | |
0.1% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a)(d) | 9,000,000 | 9,000,000 | |
| 774,682,578 | ||
Minnesota - 0.1% | |||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (Allina Health Sys. Proj.) Series 2009 C, 0.06% 7/7/11, LOC Wells Fargo Bank NA, VRDN (a) | 1,000,000 | 1,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
New Hampshire - 0.2% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series A1: | |||
0.7% tender 7/7/11, CP mode (d) | $ 1,500,000 | $ 1,500,000 | |
0.7% tender 7/7/11, CP mode (d) | 300,000 | 300,000 | |
| 1,800,000 | ||
New Jersey - 0.3% | |||
Mercer County Impt. Auth. Rev. (The Atlantic Foundation Proj.) Series 2008, 0.06% 7/1/11, LOC Bank of America NA, VRDN (a) | 1,000,000 | 1,000,000 | |
New Jersey Trans. Trust Fund Auth. Series 2009 C, 0.06% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | 2,000,000 | 2,000,000 | |
| 3,000,000 | ||
New York - 0.2% | |||
New York City Health & Hosp. Corp. Rev. Series 2008 E, 0.06% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | 1,675,000 | 1,675,000 | |
Ohio - 0.1% | |||
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2008 B, 0.09% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d) | 1,000,000 | 1,000,000 | |
Pennsylvania - 0.3% | |||
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series B, 0.06% 7/7/11, LOC Wells Fargo Bank NA, VRDN (a) | 2,500,000 | 2,500,000 | |
Texas - 0.1% | |||
Houston Util. Sys. Rev. Series 2004 B4, 0.09% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a) | 600,000 | 600,000 | |
Utah - 0.2% | |||
Riverton Hosp. Rev. Participating VRDN Series Putters 1762, 0.06% 7/1/11 (Liquidity Facility JPMorgan Chase & Co.) (a)(f) | 1,300,000 | 1,300,000 | |
Virginia - 0.4% | |||
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 1.3% tender 7/15/11, CP mode (d) | 3,300,000 | 3,300,000 | |
Municipal Securities - continued | |||
Shares | Value | ||
Other - 0.7% | |||
Fidelity Municipal Cash Central Fund, 0.09% (b)(c) | 6,269,000 | $ 6,269,000 | |
TOTAL INVESTMENT PORTFOLIO - 95.6% (Cost $820,531,578) | 820,531,578 | ||
NET OTHER ASSETS (LIABILITIES) - 4.4% | 37,546,078 | ||
NET ASSETS - 100% | $ 858,077,656 |
Security Type Abbreviations | ||
CP | - | COMMERCIAL PAPER |
RAN | - | REVENUE ANTICIPATION NOTE |
TRAN | - | TAX AND REVENUE ANTICIPATION N |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Security collateralized by an amount sufficient to pay interest and principal. |
(f) Provides evidence of ownership in one or more underlying municipal bonds. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 43,049 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At December 31, 2010, the Fund had a capital loss carryforward of approximately $39 all of which will expire in fiscal 2018. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $814,262,578) | $ 814,262,578 |
|
Fidelity Central Funds (cost $6,269,000) | 6,269,000 |
|
Total Investments (cost $820,531,578) |
| $ 820,531,578 |
Cash | 587,254 | |
Receivable for investments sold | 41,366,621 | |
Receivable for fund shares sold | 8,072,555 | |
Interest receivable | 1,059,572 | |
Distributions receivable from Fidelity Central Funds | 644 | |
Receivable from investment adviser for expense reductions | 5,257 | |
Other receivables | 178 | |
Total assets | 871,623,659 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 1,000,000 | |
Payable for fund shares redeemed | 12,287,652 | |
Distributions payable | 74 | |
Accrued management fee | 108,896 | |
Other affiliated payables | 130,320 | |
Other payables and accrued expenses | 19,061 | |
Total liabilities | 13,546,003 | |
|
|
|
Net Assets | $ 858,077,656 | |
Net Assets consist of: |
| |
Paid in capital | $ 858,058,994 | |
Undistributed net investment income | 373 | |
Accumulated undistributed net realized gain (loss) on investments | 18,289 | |
Net Assets, for 857,120,569 shares outstanding | $ 858,077,656 | |
Net Asset Value, offering price and redemption price per share ($858,077,656 ÷ 857,120,569 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 1,146,665 |
Income from Fidelity Central Funds |
| 43,049 |
Total income |
| 1,189,714 |
|
|
|
Expenses | ||
Management fee | $ 1,583,621 | |
Transfer agent fees | 680,931 | |
Accounting fees and expenses | 53,386 | |
Custodian fees and expenses | 6,382 | |
Independent trustees' compensation | 1,599 | |
Registration fees | 23,019 | |
Audit | 18,566 | |
Legal | 8,295 | |
Miscellaneous | 4,166 | |
Total expenses before reductions | 2,379,965 | |
Expense reductions | (1,233,609) | 1,146,356 |
Net investment income (loss) | 43,358 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 2 |
Net increase in net assets resulting from operations | $ 43,360 |
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) | $ 43,358 | $ 87,907 |
Net realized gain (loss) | 2 | (49) |
Net increase in net assets resulting | 43,360 | 87,858 |
Distributions to shareholders from net investment income | (42,985) | (88,062) |
Share transactions at net asset value of $1.00 per share | 1,271,730,491 | 2,466,684,976 |
Reinvestment of distributions | 42,560 | 87,186 |
Cost of shares redeemed | (1,303,951,087) | (2,479,002,606) |
Net increase (decrease) in net assets and shares resulting from share transactions | (32,178,036) | (12,230,444) |
Total increase (decrease) in net assets | (32,177,661) | (12,230,648) |
|
|
|
Net Assets | ||
Beginning of period | 890,255,317 | 902,485,965 |
End of period (including undistributed net investment income of $373 and $0, respectively) | $ 858,077,656 | $ 890,255,317 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
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 (loss) | - F | - F | - F | .017 | .032 | .030 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | - F | - F | - F | .017 | .032 | .030 |
Distributions from net investment income | - F | - F | - F | (.017) | (.032) | (.030) |
Distributions from net realized gain | - | - | - F | - | - F | - |
Total distributions | - F | - F | - F | (.017) | (.032) | (.030) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | -% | .01% | .02% | 1.68% | 3.21% | 3.01% |
Ratios to Average Net Assets D,E |
|
|
|
|
| |
Expenses before reductions | .55% A | .55% | .60% | .54% | .54% | .56% |
Expenses net of fee waivers, if any | .27% A | .30% | .48% | .54% | .54% | .55% |
Expenses net of all reductions | .27% A | .30% | .48% | .48% | .42% | .41% |
Net investment income (loss) | .01% A | .01% | .02% | 1.66% | 3.15% | 2.97% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 858,078 | $ 890,255 | $ 902,486 | $ 1,121,825 | $ 1,087,587 | $ 864,963 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2011 (Unaudited)
1. Organization.
Fidelity Michigan Municipal Income Fund (the Income Fund) is a fund of Fidelity Municipal Trust. Fidelity Michigan Municipal Money Market Fund(the Money Market Fund) is a fund of Fidelity Municipal Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Each Fund may be affected by economic and political developments in the state of Michigan.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Income Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each Fund's investments by major category are as follows:
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to futures transactions and excise tax regulations.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross | Gross | Net unrealized |
Fidelity Michigan Municipal Income Fund | $ 574,841,333 | $ 20,346,068 | $ (7,175,672) | $ 13,170,396 |
Fidelity Michigan Municipal Money Market Fund | 820,531,578 | - | - | - |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), The Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Funds' first fiscal year end subject to the Act will be December 31, 2011.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days are subject to a redemption fee equal to ..50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $23,787,770 and $63,176,625, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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 |
Fidelity Michigan Municipal Income Fund | .25% | .11% | .37% |
Fidelity Michigan Municipal Money Market Fund | .25% | .11% | .37% |
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and servicing agent for the Funds. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer agency, dividend disbursing and shareholder servicing functions. The Funds pay account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Fidelity Michigan Municipal Income Fund | .08% |
Fidelity Michigan Municipal Money Market Fund | .16% |
During the period, FMR or its affiliates waived a portion of these fees for the Money Market Fund.
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Committed Line of Credit.
The Income Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Michigan Municipal Income Fund | $ 1,090 |
During the period, there were no borrowings on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Expense Reductions.
FMR voluntarily agreed to reimburse Funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
| Expense | Reimbursement |
Fidelity Michigan Municipal Money Market Fund | .55% | $ 11,115 |
FMR or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver was $1,222,138.
In addition, through arrangements with each applicable Fund's custodian, 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 | Accounting |
Fidelity Michigan Municipal Income Fund | $ 1,169 | $ - |
Fidelity Michigan Municipal Money Market Fund | 343 | 13 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 1-800-544-5555
Automated line for quickest service
MIR-USAN-0811
1.787785.108
Fidelity®
Municipal Income
Fund
Semiannual Report
June 30, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Actual | .47% | $ 1,000.00 | $ 1,042.80 | $ 2.38 |
Hypothetical (5% return per year before expenses) |
| $ 1,000.00 | $ 1,022.46 | $ 2.36 |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five States as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
California | 16.2 | 15.5 |
Illinois | 12.3 | 11.7 |
New York | 11.4 | 11.4 |
Texas | 11.1 | 11.6 |
Florida | 8.6 | 8.6 |
Top Five Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 35.7 | 36.0 |
Health Care | 17.6 | 17.7 |
Transportation | 10.1 | 10.3 |
Water & Sewer | 10.0 | 9.8 |
Special Tax | 9.1 | 9.1 |
Weighted Average Maturity as of June 30, 2011 | ||
|
| 6 months ago |
Years | 8.1 | 10.6 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of June 30, 2011 | ||
|
| 6 months ago |
Years | 8.2 | 8.4 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | AAA 9.8% |
| ![]() | AAA 10.3% |
| ||
![]() | AA,A 79.2% |
| ![]() | AA,A 78.6% |
| ||
![]() | BBB 7.8% |
| ![]() | BBB 8.1% |
| ||
![]() | BB and Below 0.3% |
| ![]() | BB and Below 0.3% |
| ||
![]() | Not Rated 2.1% |
| ![]() | Not Rated 2.1% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.1% | ||||
| Principal Amount (000s) | Value (000s) | ||
Alabama - 0.3% | ||||
Health Care Auth. for Baptist Health Bonds Series 2009 A, 6.125%, tender 5/15/12 (d) | $ 8,500 | $ 8,699 | ||
Jefferson County Ltd. Oblig. School Warrants Series 2004 A, 5.5% 1/1/22 | 5,500 | 4,817 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 3,000 | 3,212 | ||
| 16,728 | |||
Alaska - 0.1% | ||||
Alaska Student Ln. Corp. Ed. Ln. Rev.: | ||||
Series 2007 A2, 5% 6/1/12 (g) | 1,000 | 1,036 | ||
Series 2007 A3, 5% 6/1/12 (g) | 5,000 | 5,180 | ||
| 6,216 | |||
Arizona - 2.0% | ||||
Arizona Ctfs. of Prtn. Series 2010 A: | ||||
5% 10/1/18 (FSA Insured) | 2,670 | 2,965 | ||
5.25% 10/1/20 (FSA Insured) | 8,000 | 8,801 | ||
5.25% 10/1/26 (FSA Insured) | 2,570 | 2,653 | ||
5.25% 10/1/28 (FSA Insured) | 8,345 | 8,552 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.): | ||||
Series 2007 A, 5% 1/1/21 | 2,000 | 2,104 | ||
Series 2007 B, 1.014% 1/1/37 (d) | 3,000 | 2,111 | ||
Series 2008 D: | ||||
5.5% 1/1/38 | 12,000 | 12,156 | ||
6% 1/1/27 | 2,600 | 2,786 | ||
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 5,800 | 6,318 | ||
Arizona State Univ. Ctfs. of Prtn. (Research Infrastructure Proj.) Series 2004: | ||||
5.25% 9/1/21 | 2,545 | 2,637 | ||
5.25% 9/1/22 | 1,000 | 1,031 | ||
Glendale Western Loop 101 Pub. Facilities Corp. Series 2008 A: | ||||
6.25% 7/1/38 | 6,900 | 7,006 | ||
7% 7/1/28 | 1,500 | 1,590 | ||
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/18 (AMBAC Insured) | 1,660 | 1,803 | ||
Marana Muni. Property Corp. Facilities Rev. Series 2008 A, 5% 7/1/21 | 1,580 | 1,699 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Arizona - continued | ||||
Maricopa County Indl. Dev. Auth. Hosp. Facilities Rev. (Samaritan Health Svcs. Proj.) Series 1990 A, 7% 12/1/16 (Escrowed to Maturity) (h) | $ 2,000 | $ 2,394 | ||
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 8,500 | 8,360 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 4,800 | 4,772 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 0% 7/1/38 (a) | 12,000 | 10,561 | ||
Phoenix Civic Impt. Corp. Excise Tax Rev. Series 2011 C: | ||||
5% 7/1/22 | 1,000 | 1,135 | ||
5% 7/1/23 | 2,000 | 2,240 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2002, 5.5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,554 | ||
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | ||||
5.25% 12/1/21 | 3,500 | 3,469 | ||
5.5% 12/1/29 | 7,900 | 7,774 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 2,145 | 2,080 | ||
Univ. of Arizona Univ. Revs. Series 2005 A: | ||||
5% 6/1/18 (AMBAC Insured) | 1,000 | 1,092 | ||
5% 6/1/31 (AMBAC Insured) | 2,025 | 2,065 | ||
| 111,708 | |||
California - 16.2% | ||||
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Sharp HealthCare Proj.) Series 2009 B, 6.25% 8/1/39 | 2,800 | 2,878 | ||
ABC Unified School District Series 1997 C, 0% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,925 | 1,322 | ||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 | 6,350 | 6,597 | ||
Cabrillo Unified School District Series A, 0% 8/1/20 (AMBAC Insured) | 4,275 | 2,637 | ||
California Dept. of Wtr. Resources Central Valley Proj. Rev. Series AI: | ||||
5% 12/1/15 (c) | 14,590 | 16,924 | ||
5% 12/1/16 (c) | 2,195 | 2,575 | ||
5% 12/1/18 (c) | 10,315 | 12,108 | ||
5% 12/1/19 (c) | 1,000 | 1,139 | ||
California Econ. Recovery: | ||||
Series 2009 A, 5% 7/1/22 | 7,500 | 8,078 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Econ. Recovery: - continued | ||||
Series A, 5% 7/1/18 | $ 5,700 | $ 6,660 | ||
California Edl. Facilities Auth. Rev. (Loyola Marymount Univ. Proj.): | ||||
Series 2001 A, 0% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,140 | 1,788 | ||
0% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,050 | 1,601 | ||
0% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675 | 1,222 | ||
0% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 2,706 | ||
California Gen. Oblig.: | ||||
Series 2007, 5.625% 5/1/20 | 210 | 210 | ||
5% 3/1/19 | 1,800 | 2,001 | ||
5% 8/1/19 | 16,310 | 17,875 | ||
5% 8/1/20 | 5,355 | 5,753 | ||
5% 10/1/22 | 2,300 | 2,478 | ||
5% 11/1/22 | 3,100 | 3,291 | ||
5% 12/1/22 | 6,800 | 7,224 | ||
5% 11/1/24 | 1,600 | 1,668 | ||
5% 3/1/26 | 5,100 | 5,229 | ||
5% 6/1/27 (AMBAC Insured) | 4,100 | 4,200 | ||
5% 9/1/27 | 10,500 | 10,680 | ||
5% 2/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,500 | 4,517 | ||
5% 9/1/31 | 22,500 | 22,539 | ||
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,595 | 5,617 | ||
5% 9/1/32 | 24,995 | 24,832 | ||
5% 9/1/33 | 19,115 | 18,887 | ||
5% 9/1/35 | 4,050 | 3,923 | ||
5.125% 11/1/24 | 4,300 | 4,446 | ||
5.125% 2/1/26 | 2,500 | 2,566 | ||
5.25% 2/1/16 | 3,800 | 4,066 | ||
5.25% 2/1/19 | 5,620 | 5,911 | ||
5.25% 2/1/20 | 2,000 | 2,095 | ||
5.25% 2/1/24 | 4,000 | 4,135 | ||
5.25% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700 | 3,763 | ||
5.25% 2/1/28 | 4,800 | 4,903 | ||
5.25% 11/1/28 | 4,485 | 4,578 | ||
5.25% 2/1/33 | 16,300 | 16,350 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5.25% 12/1/33 | $ 160 | $ 161 | ||
5.25% 3/1/38 | 1,800 | 1,779 | ||
5.25% 11/1/40 | 3,200 | 3,153 | ||
5.5% 8/1/27 | 14,700 | 15,563 | ||
5.5% 4/1/28 | 10 | 10 | ||
5.5% 8/1/29 | 9,850 | 10,325 | ||
5.5% 4/1/30 | 5 | 5 | ||
5.5% 11/1/33 | 39,350 | 39,738 | ||
5.5% 3/1/40 | 5,900 | 6,063 | ||
5.6% 3/1/36 | 2,550 | 2,627 | ||
5.75% 4/1/31 | 5,020 | 5,288 | ||
6% 3/1/33 | 23,800 | 25,819 | ||
6% 4/1/38 | 19,600 | 20,804 | ||
6% 11/1/39 | 10,020 | 10,666 | ||
6.5% 4/1/33 | 7,900 | 8,764 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Adventist Health Sys. West Proj.) Series 2009 C, 5% 3/1/12 | 2,250 | 2,305 | ||
(Catholic Healthcare West Proj.): | ||||
Series 2008 H, 5.125% 7/1/22 | 3,150 | 3,266 | ||
Series 2008 L, 5.125% 7/1/22 | 4,850 | 5,029 | ||
Series 2009 E, 5.625% 7/1/25 | 10,000 | 10,569 | ||
(Cedars-Sinai Med. Ctr. Proj.) Series 2005, 5% 11/15/13 | 1,000 | 1,080 | ||
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 | 6,800 | 6,809 | ||
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31 | 12,500 | 13,098 | ||
Bonds (Catholic Healthcare West Proj.) Series 2009 D, 5%, tender 7/1/14 (d) | 5,900 | 6,398 | ||
California Hsg. Fin. Agcy. Rev. (Home Mtg. Prog.) Series 1983 A, 0% 2/1/15 | 92 | 65 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2005 A1, 4.7%, tender 4/1/12 (d)(g) | 1,000 | 1,020 | ||
California Pub. Works Board Lease Rev.: | ||||
(Butterfield State Office Complex Proj.) Series 2005 A, 5.25% 6/1/30 | 14,000 | 13,867 | ||
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23 | 4,575 | 4,612 | ||
(Madera County, Valley State Prison for Women Proj.) Series 2005 H, 5% 6/1/16 | 6,000 | 6,566 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Monterey Bay Campus Library Proj.) Series 2009 D, 6.25% 4/1/34 | $ 7,280 | $ 7,564 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A: | ||||
5% 3/1/21 | 3,515 | 3,623 | ||
5% 3/1/22 | 1,695 | 1,725 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 2,825 | 2,937 | ||
(Various California State Univ. Projs.) Series 1993 A, 5.25% 12/1/13 | 2,685 | 2,694 | ||
Series 2005 B, 5.25% 11/1/24 (XL Cap. Assurance, Inc. Insured) | 1,575 | 1,615 | ||
Series 2005 H: | ||||
5% 6/1/17 | 5,000 | 5,318 | ||
5% 6/1/18 | 10,300 | 10,840 | ||
Series 2005 J, 5% 1/1/17 | 6,000 | 6,422 | ||
Series 2009 G1, 5.75% 10/1/30 | 2,500 | 2,541 | ||
Series 2009 I: | ||||
6.125% 11/1/29 | 1,600 | 1,691 | ||
6.375% 11/1/34 | 4,600 | 4,847 | ||
Series 2010 A, 5.75% 3/1/30 | 4,900 | 4,983 | ||
Series B, 5.25% 11/1/26 (XL Cap. Assurance, Inc. Insured) | 2,860 | 2,892 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 5,000 | 5,254 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 5,000 | 4,947 | ||
(State of California Proposition 1A Receivables Prog.) Series 2009, 5% 6/15/13 | 26,800 | 28,829 | ||
(Sutter Health Proj.) Series 2011 A, 6% 8/15/42 | 11,700 | 12,406 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,400 | 9,056 | ||
Encinitas Union School District: | ||||
Series 1996, 0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,810 | 1,692 | ||
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,500 | 2,280 | ||
Fontana Unified School District Gen. Oblig. 5% 5/1/19 (Assured Guaranty Corp. Insured) | 1,300 | 1,450 | ||
Foothill-De Anza Cmnty. College District Series C, 5% 8/1/40 | 5,000 | 5,107 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: | ||||
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 5,070 | $ 4,062 | ||
Series 1999: | ||||
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,800 | 2,806 | ||
5.75% 1/15/40 | 6,300 | 5,493 | ||
5.875% 1/15/27 | 2,500 | 2,415 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2005 A: | ||||
5% 6/1/45 | 27,395 | 23,699 | ||
5% 6/1/45 | 5,305 | 4,602 | ||
Series 2007 A1, 5% 6/1/33 | 3,005 | 2,208 | ||
5% 6/1/45 (FSA Insured) | 445 | 392 | ||
Long Beach Unified School District Series A: | ||||
5.5% 8/1/28 | 3,810 | 4,184 | ||
5.5% 8/1/29 | 2,000 | 2,192 | ||
Los Angeles Cmnty. College District Series 2008 A, 6% 8/1/33 | 7,000 | 7,774 | ||
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005: | ||||
5% 9/1/18 (AMBAC Insured) | 1,000 | 1,031 | ||
5% 9/1/19 (AMBAC Insured) | 2,545 | 2,596 | ||
Los Angeles Dept. of Wtr. & Pwr. Rev.: | ||||
Series 2005 A1, 5% 7/1/35 | 4,000 | 4,013 | ||
Series A2, 5% 7/1/25 (FSA Insured) | 1,800 | 1,883 | ||
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2001 A: | ||||
5.125% 7/1/41 | 5,000 | 5,000 | ||
5.125% 7/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,985 | 9,985 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 | 9,715 | 10,401 | ||
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 3,000 | 2,807 | ||
Monrovia Unified School District Series B, 0% 8/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,525 | 1,501 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | 2,320 | 2,455 | ||
Newport Beach Rev.: | ||||
Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (d) | 5,100 | 5,426 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Newport Beach Rev.: - continued | ||||
Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2011 A, 6% 12/1/40 | $ 2,000 | $ 2,152 | ||
North City West School Facilities Fing. Auth. Spl. Tax Series C, 5% 9/1/19 (AMBAC Insured) | 3,015 | 3,146 | ||
Oakland Gen. Oblig. Series 2009 B, 6% 1/15/34 | 2,500 | 2,647 | ||
Oakland Unified School District Alameda County Series 2009 A, 6.5% 8/1/22 | 2,320 | 2,550 | ||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series 2004 A, 5% 6/1/29 (FGIC Insured) | 2,795 | 2,842 | ||
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A, 3.75% 7/1/12 | 770 | 777 | ||
Port of Oakland Rev.: | ||||
Series 2007 B, 5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,000 | 7,459 | ||
Series C, 5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,650 | 7,203 | ||
Poway Unified School District (District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | 4,900 | 1,240 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (d) | 5,980 | 5,495 | ||
San Bernardino Cmnty. College District Series A: | ||||
6.25% 8/1/33 | 2,200 | 2,413 | ||
6.375% 8/1/26 | 4,080 | 4,663 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 2,800 | 2,751 | ||
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.) Series 2007, 5% 11/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,495 | 3,716 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) | 6,375 | 6,900 | ||
San Marcos Calif Unified School District Series A, 5% 8/1/38 (c) | 5,150 | 4,994 | ||
San Mateo County Cmnty. College District Series A, 0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,430 | 2,440 | ||
Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.) Series 2007 C, 5.75% 2/1/41 (AMBAC Insured) | 10,000 | 9,943 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,815 | 1,850 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Sonoma County Jr. College District Rev. Series 2002 B, 5% 8/1/28 (FSA Insured) | $ 2,200 | $ 2,240 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 45,225 | 46,590 | ||
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) Series B, 5.25% 6/1/34 (AMBAC Insured) | 4,475 | 4,274 | ||
Union Elementary School District: | ||||
Series A, 0% 9/1/19 (FGIC Insured) | 1,750 | 1,216 | ||
Series B, 0% 9/1/22 (FGIC Insured) | 1,500 | 832 | ||
Univ. of California Revs.: | ||||
(UCLA Med. Ctr. Proj.): | ||||
Series A: | ||||
5.5% 5/15/15 (AMBAC Insured) | 1,110 | 1,149 | ||
5.5% 5/15/16 (AMBAC Insured) | 1,170 | 1,202 | ||
5.5% 5/15/17 (AMBAC Insured) | 1,235 | 1,265 | ||
5.5% 5/15/19 (AMBAC Insured) | 1,375 | 1,402 | ||
5.5% 5/15/22 (AMBAC Insured) | 370 | 375 | ||
5.5% 5/15/23 (AMBAC Insured) | 380 | 385 | ||
Series B: | ||||
5.5% 5/15/15 (AMBAC Insured) | 1,890 | 2,018 | ||
5.5% 5/15/17 (AMBAC Insured) | 2,545 | 2,662 | ||
Series 2009 O: | ||||
5.25% 5/15/39 | 2,400 | 2,448 | ||
5.75% 5/15/30 | 12,000 | 13,116 | ||
Val Verde Unified School District Ctfs. of Prtn. Series B, 5% 1/1/30 (FGIC Insured) | 1,495 | 1,304 | ||
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 | 5,100 | 5,309 | ||
Washington Township Health Care District Rev.: | ||||
Series 2007 A: | ||||
5% 7/1/18 | 1,185 | 1,205 | ||
5% 7/1/27 | 1,840 | 1,701 | ||
Series 2009 A, 5.75% 7/1/24 | 1,705 | 1,744 | ||
Series 2010 A, 5.5% 7/1/38 | 3,815 | 3,542 | ||
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 3,850 | 3,999 | ||
| 900,218 | |||
Colorado - 1.5% | ||||
Aurora Hosp. Rev. (Children's Hosp. Assoc. Proj.) Series 2010 A, 5% 12/1/40 | 4,000 | 3,771 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Colorado - continued | ||||
Colorado Ctfs. of Prtn. (UCDHSC Fitzsimons Academic Proj.) Series 2005 B: | ||||
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,475 | $ 2,655 | ||
5.25% 11/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,600 | 2,659 | ||
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.): | ||||
Series B, 0% 7/15/20 (Escrowed to Maturity) (h) | 5,800 | 4,347 | ||
0% 7/15/22 (Escrowed to Maturity) (h) | 15,700 | 10,548 | ||
Colorado Health Facilities Auth. Rev.: | ||||
(Parkview Episcopal Med. Ctr. Proj.) Series B: | ||||
5% 9/1/19 | 1,115 | 1,145 | ||
5% 9/1/22 | 1,500 | 1,513 | ||
(Volunteers of America Care Proj.) Series 2007 A, 5.3% 7/1/37 | 1,380 | 1,054 | ||
Colorado Wtr. Resources and Pwr. Dev. Auth. Wtr. Resources Rev. (Parker Wtr. and Sanitation District Proj.) Series 2004 D, 5.25% 9/1/43 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 33,385 | 31,840 | ||
Denver City & County Arpt. Rev.: | ||||
Series 2007 E, 5% 11/15/32 (AMBAC Insured) | 2,500 | 2,513 | ||
5% 11/15/15 (g) | 3,000 | 3,308 | ||
Denver Health & Hosp. Auth. Healthcare Rev. Series 2007 A, 5% 12/1/13 | 3,005 | 3,125 | ||
Douglas and Elbert Counties School District #RE1 Series 2004: | ||||
5.75% 12/15/20 (Pre-Refunded to 12/15/14 @ 100) (h) | 1,500 | 1,753 | ||
5.75% 12/15/22 (Pre-Refunded to 12/15/14 @ 100) (h) | 1,000 | 1,168 | ||
E-470 Pub. Hwy. Auth. Rev.: | ||||
Series 1997 B, 0% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,500 | 2,927 | ||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,075 | 7,054 | ||
Series 2010 A, 0% 9/1/41 | 9,600 | 1,013 | ||
Series 2010 C, 5.375% 9/1/26 | 1,000 | 947 | ||
| 83,340 | |||
District Of Columbia - 1.3% | ||||
District of Columbia Gen. Oblig. Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,800 | 8,701 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
District Of Columbia - continued | ||||
District of Columbia Hosp. Rev. (Sibley Memorial Hosp. Proj.) Series 2009, 6.375% 10/1/39 | $ 8,140 | $ 8,431 | ||
District of Columbia Rev.: | ||||
(Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/17 (FSA Insured) | 1,700 | 1,844 | ||
Series B, 4.75% 6/1/32 | 2,200 | 2,040 | ||
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2007 A, 5.5% 10/1/41 | 23,535 | 24,618 | ||
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B: | ||||
0% 10/1/33 (Assured Guaranty Corp. Insured) | 15,000 | 3,641 | ||
0% 10/1/34 (Assured Guaranty Corp. Insured) | 15,000 | 3,355 | ||
0% 10/1/35 (Assured Guaranty Corp. Insured) | 33,975 | 7,025 | ||
0% 10/1/39 (Assured Guaranty Corp. Insured) | 5,030 | 787 | ||
Metropolitan Washington DC Arpts. Auth. Sys. Rev. Series 2010 A, 5% 10/1/39 | 3,200 | 3,226 | ||
Washington DC Metropolitan Transit Auth. Rev. Series 2009 A: | ||||
5.125% 7/1/32 | 1,000 | 1,039 | ||
5.25% 7/1/27 | 4,390 | 4,718 | ||
5.25% 7/1/28 | 3,000 | 3,208 | ||
| 72,633 | |||
Florida - 8.5% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Avmed/Santa Fe Health Care Sys. Proj.) Series 1993, 6.05% 11/15/16 (Escrowed to Maturity) (h) | 5,490 | 6,062 | ||
Boynton Beach Util. Sys. Rev. Series 2002, 5.5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,300 | 3,589 | ||
Brevard County School Board Ctfs. of Prtn. Series 2007 B: | ||||
5% 7/1/24 (AMBAC Insured) | 1,365 | 1,384 | ||
5% 7/1/25 (AMBAC Insured) | 3,540 | 3,565 | ||
Broward County Arpt. Sys. Rev. Series 2001 I, 5.75% 10/1/12 (AMBAC Insured) (g) | 1,210 | 1,231 | ||
Broward County Gen. Oblig. (Parks & Land Preservation Proj.) Series 2005: | ||||
5% 1/1/24 | 1,000 | 1,048 | ||
5% 1/1/25 | 1,000 | 1,044 | ||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2003 A: | ||||
5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,060 | 6,499 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Broward County School Board Ctfs. of Prtn.: - continued | ||||
Series 2003 A: | ||||
5.25% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,000 | $ 3,165 | ||
Series 2007 A: | ||||
5% 7/1/17 (FGIC Insured) | 3,660 | 4,004 | ||
5% 7/1/19 (FGIC Insured) | 3,700 | 3,979 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 | 8,500 | 8,895 | ||
Cap. Projs. Fin. Auth. Student Hsg. Rev. Series 2000 F1: | ||||
5.5% 10/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,275 | 2,268 | ||
5.5% 10/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,460 | 1,435 | ||
5.5% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,265 | 1,226 | ||
Citizens Property Ins. Corp.: | ||||
Series 2010 A1: | ||||
5% 6/1/15 (FSA Insured) | 5,000 | 5,358 | ||
5% 6/1/16 (FSA Insured) | 7,500 | 8,080 | ||
Series 2011 A1, 5% 6/1/20 (c) | 3,000 | 3,047 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 24,285 | 24,636 | ||
Emerald Coast Utils. Auth. Rev.: | ||||
5.25% 1/1/26 (FGIC Insured) | 1,000 | 1,031 | ||
5.25% 1/1/36 (FGIC Insured) | 1,310 | 1,313 | ||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2002 C, 5.75% 11/15/32 | 6,900 | 7,098 | ||
Escambia County Utils. Auth. Util. Sys. Rev. Series 1992 B, 6.25% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,050 | 3,293 | ||
Florida Board of Ed.: | ||||
Series 2000 B: | ||||
5.5% 6/1/15 (Pre-Refunded to 6/1/12 @ 101) (h) | 3,655 | 3,866 | ||
5.5% 6/1/16 (Pre-Refunded to 6/1/12 @ 101) (h) | 2,825 | 2,988 | ||
Series 2001 F, 5% 6/1/32 | 5,040 | 5,096 | ||
Series 2003 J, 5% 6/1/31 | 2,500 | 2,544 | ||
Series 2006 A, 5% 6/1/32 | 1,100 | 1,111 | ||
Florida Board of Ed. Lottery Rev. Series 2002 A, 5.375% 7/1/17 (Pre-Refunded to 7/1/12 @ 101) (h) | 1,000 | 1,059 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2004 A, 5% 6/1/31 | 1,240 | 1,274 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Florida Board of Ed. Pub. Ed. Cap. Outlay: - continued | ||||
Series 2006 E, 5% 6/1/35 | $ 3,200 | $ 3,292 | ||
Series A, 5.5% 6/1/38 | 2,000 | 2,132 | ||
Florida Dept. of Children and Family Svcs. Ctfs. of Prtn. (South Florida Evaluation Treatment Ctr. Proj.): | ||||
5% 10/1/16 | 2,025 | 2,200 | ||
5% 10/1/17 | 2,130 | 2,288 | ||
Florida Dept. of Envir. Protection Rev. Series 2002 A, 5.375% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,000 | 6,268 | ||
Florida Dept. of Trans. Rev. Series 2005 A: | ||||
5% 7/1/17 | 3,360 | 3,671 | ||
5% 7/1/18 | 3,320 | 3,591 | ||
Florida Gen. Oblig.: | ||||
(Dept. of Trans. Right-of-Way and Bridge Construction Proj.) Series 2003 A, 5% 7/1/33 | 395 | 400 | ||
Series 2008 A, 5.25% 7/1/37 | 3,000 | 3,112 | ||
Florida Muni. Pwr. Agcy. Rev. Series A, 6.25% 10/1/31 | 3,000 | 3,295 | ||
Florida Wtr. Poll. Cont. Fing. Corp. Rev. Series 2003, 5.25% 1/15/20 | 1,950 | 2,146 | ||
Gulf Breeze Util. Sys. Rev. Series 2004, 5% 10/1/16 (AMBAC Insured) | 1,010 | 1,090 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
Series 2006 A: | ||||
5% 6/1/38 | 5,400 | 4,729 | ||
5.25% 6/1/19 | 2,375 | 2,437 | ||
Series 2006 B1, 5.5% 6/1/38 (FSA Insured) | 5,100 | 5,114 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2005 A: | ||||
5% 11/15/15 | 1,000 | 1,126 | ||
5% 11/15/17 | 1,200 | 1,312 | ||
5% 11/15/22 | 1,000 | 1,039 | ||
Series 2005 B: | ||||
5% 11/15/15 | 875 | 985 | ||
5% 11/15/15 (Escrowed to Maturity) (h) | 125 | 145 | ||
5% 11/15/16 | 1,040 | 1,155 | ||
5% 11/15/16 (Pre-Refunded to 11/15/15 @ 100) (h) | 150 | 174 | ||
5% 11/15/30 | 3,565 | 3,543 | ||
5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) (h) | 485 | 562 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): - continued | ||||
Series 2006 G: | ||||
5% 11/15/14 | $ 1,285 | $ 1,426 | ||
5% 11/15/14 (Escrowed to Maturity) (h) | 45 | 51 | ||
5% 11/15/15 | 965 | 1,087 | ||
5% 11/15/15 (Escrowed to Maturity) (h) | 35 | 41 | ||
5% 11/15/16 | 1,020 | 1,157 | ||
5% 11/15/16 (Escrowed to Maturity) (h) | 30 | 35 | ||
5.125% 11/15/17 | 2,750 | 3,079 | ||
5.125% 11/15/17 (Pre-Refunded to 11/15/16 @ 100) (h) | 95 | 113 | ||
5.125% 11/15/18 | 965 | 1,063 | ||
5.125% 11/15/18 (Pre-Refunded to 11/15/16 @ 100) (h) | 35 | 41 | ||
5.125% 11/15/19 | 1,930 | 2,097 | ||
5.125% 11/15/19 (Pre-Refunded to 11/15/16 @ 100) (h) | 70 | 83 | ||
Series 2008 B, 6% 11/15/37 | 11,000 | 11,393 | ||
Hillsborough County Indl. Dev.: | ||||
(H Lee Moffitt Cancer Ctr. Proj.) Series A: | ||||
5% 7/1/17 | 1,930 | 2,084 | ||
5% 7/1/18 | 2,125 | 2,258 | ||
(Tampa Gen. Hosp. Proj.) Series 2006, 5.25% 10/1/41 | 3,730 | 3,254 | ||
Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev.: | ||||
(Health Facilities/Univ. Cmnty. Hosp. Proj.) Series 2008 B, 8% 8/15/32 (Pre-Refunded to 8/15/19 @ 101) (h) | 4,900 | 6,771 | ||
(Univ. Cmnty. Hosp. Proj.) Series 2008 A, 5.625% 8/15/29 (Pre-Refunded to 8/15/18 @ 100) (h) | 2,270 | 2,796 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev.: | ||||
(Tampa Elec. Co. Proj.) 5.1% 10/1/13 | 3,005 | 3,118 | ||
Bonds (Tampa Elec. Co. Proj.) Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (d) | 4,500 | 4,627 | ||
Jacksonville Econ. Dev. Commission Healthcare Rev. (Mayo Clinic Foundation Proj.): | ||||
Series B, 5.5% 11/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,026 | ||
Series C, 5.5% 11/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,250 | 12,356 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Jacksonville Elec. Auth. Elec. Sys. Rev.: | ||||
(Third Installment Proj.) Series 73, 6.8% 7/1/12 (Escrowed to Maturity) (h) | $ 860 | $ 885 | ||
Series 2006 A, 5% 10/1/41 (FSA Insured) | 18,800 | 18,926 | ||
Series 2009 B, 5% 10/1/18 | 7,500 | 7,995 | ||
Series Three 2010 D, 5% 10/1/38 | 8,100 | 8,191 | ||
Jacksonville Sales Tax Rev. Series 2003, 5.25% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,574 | ||
Marco Island Util. Sys. Rev. 5% 10/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,025 | 5,046 | ||
Melbourne Wtr. & Swr. Rev. 5% 10/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 4,952 | ||
Miami Beach Health Facilities Auth. Hosp. Rev. (Mount Sinai Med. Ctr. of Florida Proj.) Series A, 6.8% 11/15/31 | 2,545 | 2,547 | ||
Miami Beach Stormwater Rev. 5.375% 9/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,002 | ||
Miami Beach Wtr. & Swr. Rev. 5.5% 9/1/27 (AMBAC Insured) | 6,000 | 6,068 | ||
Miami-Dade County Aviation Rev.: | ||||
Series 2010 A, 5.375% 10/1/41 | 5,800 | 5,685 | ||
Series 2010 A1, 5.5% 10/1/30 | 3,000 | 3,065 | ||
Series 2010 B, 5% 10/1/35 (FSA Insured) | 13,610 | 13,291 | ||
Miami-Dade County Expressway Auth.: | ||||
Series 2010 A, 5% 7/1/40 | 9,500 | 9,189 | ||
Series B, 5.25% 7/1/25 (FGIC Insured) | 5,000 | 5,099 | ||
Miami-Dade County Gen. Oblig. (Bldg. Better Cmntys. Prog.) 5% 7/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,565 | 4,515 | ||
Miami-Dade County School Board Ctfs. of Prtn.: | ||||
Series 2008 A: | ||||
5% 8/1/17 (AMBAC Insured) | 3,500 | 3,815 | ||
5% 8/1/18 (AMBAC Insured) | 4,000 | 4,326 | ||
5% 8/1/20 (AMBAC Insured) | 2,500 | 2,694 | ||
5% 8/1/21 (AMBAC Insured) | 5,095 | 5,441 | ||
5% 8/1/22 (AMBAC Insured) | 3,325 | 3,484 | ||
Series 2011 B, 5.625% 5/1/31 | 6,600 | 6,752 | ||
Ocala Util. Sys. Rev. Series B, 5.25% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,041 | ||
Orange County Edl. Facilities Auth. Ed. Rev. (Rollins College Proj.): | ||||
5.25% 12/1/32 (AMBAC Insured) | 1,350 | 1,360 | ||
5.25% 12/1/37 (AMBAC Insured) | 1,365 | 1,350 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009, 5.125% 10/1/26 | $ 5,000 | $ 4,878 | ||
Orange County Health Facilities Auth. Rev. (Orlando Reg'l. Health Care Sys. Proj.) Series 1996 A, 6.25% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,500 | 5,082 | ||
Orange County Sales Tax Rev. Series 2002 B, 5% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,800 | 2,869 | ||
Orange County School Board Ctfs. of Prtn.: | ||||
Series 1997 A, 0% 8/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,275 | 2,203 | ||
Series A, 5% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,940 | 3,219 | ||
Orlando Utils. Commission Util. Sys. Rev. Series 2009 B, 5% 10/1/33 | 3,700 | 3,817 | ||
Osceola County Infrastructure Sales Surtax Rev. 5.375% 10/1/17 (AMBAC Insured) | 1,000 | 1,044 | ||
Osceola County Tourist Dev. Tax Rev. Series A, 5.5% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,190 | 1,227 | ||
Palm Beach County School Board Ctfs. of Prtn. Series D, 5.25% 8/1/17 (FSA Insured) | 2,025 | 2,106 | ||
Pasco County School Board Ctfs. of Prtn. Series A, 5% 8/1/30 (AMBAC Insured) | 4,000 | 3,848 | ||
Peace River/Manasota Reg'l. Wtr. Supply Auth. Rev. Series A: | ||||
5% 10/1/30 (FSA Insured) | 3,105 | 3,157 | ||
5% 10/1/35 (FSA Insured) | 5,000 | 5,034 | ||
Plant City Util. Sys. Rev. 6% 10/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,200 | 2,297 | ||
Polk County Pub. Facilities Rev. 5% 12/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,003 | ||
Port Orange Gen. Oblig. 5% 4/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,015 | 2,093 | ||
Reedy Creek Impt. District Utils. Rev. Series 1, 5.25% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,700 | 3,878 | ||
Seminole County School Board Ctfs. of Prtn.: | ||||
Series 2005 A, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,645 | 1,806 | ||
Series A, 5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,745 | 1,837 | ||
South Lake County Hosp. District (South Lake Hosp., Inc.): | ||||
Series 2009 A, 6.25% 4/1/39 | 3,300 | 3,223 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
South Lake County Hosp. District (South Lake Hosp., Inc.): - continued | ||||
Series 2010: | ||||
5% 10/1/25 | $ 4,140 | $ 4,078 | ||
5.25% 10/1/34 | 3,500 | 3,302 | ||
St. Johns County School Board 5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,400 | 1,544 | ||
St. Petersburg Pub. Util. Rev. Series 2009 A, 5.5% 10/1/37 | 7,000 | 7,532 | ||
Sumter County School District Rev. (Multi-District Ln. Prog.) 7.15% 11/1/15 (Escrowed to Maturity) (h) | 985 | 1,240 | ||
Tallahassee Energy Sys. Rev. 5% 10/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,065 | 3,068 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010, 5% 11/15/23 | 8,080 | 8,432 | ||
Tampa Rev. (Catholic Health East Proj.) Series A1, 5.5% 11/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,045 | 1,110 | ||
Univ. of Central Florida Athletics Assoc., Inc. Ctfs. of Prtn. Series A: | ||||
5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,805 | 1,832 | ||
5% 10/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,275 | 2,774 | ||
5.25% 10/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 1,810 | ||
USF Fing. Corp. Ctfs. of Prtn. (Master Lease Prog.) Series A: | ||||
5.25% 7/1/15 (AMBAC Insured) | 2,690 | 2,974 | ||
5.25% 7/1/16 (AMBAC Insured) | 2,830 | 3,104 | ||
Volusia County Edl. Facilities Auth. Rev.: | ||||
5% 10/15/11 (Radian Asset Assurance, Inc. Insured) | 1,000 | 1,009 | ||
5% 10/15/12 (Radian Asset Assurance, Inc. Insured) | 1,260 | 1,305 | ||
Walton County School Board Ctfs. of Prtn. 5.25% 7/1/18 (FSA Insured) | 1,865 | 2,045 | ||
Winter Park Gen. Oblig. 5.25% 7/1/18 | 1,000 | 1,001 | ||
| 471,024 | |||
Georgia - 2.7% | ||||
Atlanta Tax Allocation (Atlantic Station Proj.) Series 2007, 5.25% 12/1/20 (Assured Guaranty Corp. Insured) | 2,000 | 2,106 | ||
Atlanta Wtr. & Wastewtr. Rev.: | ||||
Series 2004, 5% 11/1/43 | 52,475 | 50,598 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Georgia - continued | ||||
Atlanta Wtr. & Wastewtr. Rev.: - continued | ||||
Series 2009 A: | ||||
6% 11/1/25 | $ 9,785 | $ 10,793 | ||
6.25% 11/1/39 | 10,800 | 11,467 | ||
Augusta Wtr. & Swr. Rev. Series 2004, 5.25% 10/1/39 (FSA Insured) | 11,600 | 11,918 | ||
Colquitt County Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) (h) | 10,200 | 7,279 | ||
Georgia Gen. Oblig. Series 2007 E, 5% 8/1/22 | 575 | 649 | ||
Houston County Hosp. Auth. Rev. (Houston Healthcare Proj.) 5.25% 10/1/19 | 1,450 | 1,521 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.25% 9/15/19 | 1,915 | 1,953 | ||
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36 | 8,500 | 8,627 | ||
Richmond County Dev. Auth. Rev. (Southern Care Corp. Facility Proj.): | ||||
Series A, 0% 12/1/21 (Escrowed to Maturity) (h) | 5,615 | 3,986 | ||
Series C, 0% 12/1/21 (Escrowed to Maturity) (h) | 19,400 | 13,773 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36 | 13,550 | 13,073 | ||
Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (h) | 18,045 | 12,877 | ||
Valdosta & Lowndes County Hosp. (South Georgia Med. Ctr. Proj.) 5% 10/1/20 | 1,570 | 1,620 | ||
| 152,240 | |||
Hawaii - 0.2% | ||||
Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B: | ||||
5% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,690 | 1,753 | ||
5% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,000 | 1,065 | ||
5% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,140 | 1,239 | ||
5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,430 | 1,582 | ||
5.25% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 3,205 | 3,489 | ||
| 9,128 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Idaho - 0.2% | ||||
Idaho Health Facilities Auth. Rev. (St. Luke's Health Sys. Proj.) Series 2008 A: | ||||
6.5% 11/1/28 | $ 4,340 | $ 4,625 | ||
6.75% 11/1/37 | 4,300 | 4,612 | ||
| 9,237 | |||
Illinois - 12.3% | ||||
Boone & Winnebago County Cmnty. Unit School District 200: | ||||
0% 1/1/21 (FGIC Insured) | 1,810 | 1,123 | ||
0% 1/1/22 (FGIC Insured) | 1,950 | 1,129 | ||
Chicago Board of Ed. Series 1999 A, 0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,200 | 2,664 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.): | ||||
0% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 17,000 | 15,962 | ||
0% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 20,000 | 18,022 | ||
(Neighborhoods Alive 21 Prog.): | ||||
Series 2003, 5% 1/1/33 (AMBAC Insured) | 2,100 | 2,102 | ||
5% 1/1/28 (Pre-Refunded to 1/1/14 @ 100) (h) | 2,000 | 2,209 | ||
Series 2001 A, 5.25% 1/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,150 | 2,150 | ||
Series 2003 A, 5.25% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 740 | 752 | ||
Series 2003 C, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,445 | 1,372 | ||
Series 2004 A: | ||||
5% 1/1/34 (FSA Insured) | 12,510 | 12,004 | ||
5.25% 1/1/29 (FSA Insured) | 435 | 437 | ||
Series A: | ||||
5% 1/1/42 (AMBAC Insured) | 55 | 51 | ||
5.5% 1/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,620 | 5,623 | ||
Series C: | ||||
5.5% 1/1/40 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,520 | 5,520 | ||
5.7% 1/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,760 | 5,762 | ||
Chicago Midway Arpt. Rev. Series B: | ||||
5.25% 1/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 2,910 | 2,918 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Chicago Midway Arpt. Rev. Series B: - continued | ||||
5.25% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | $ 3,060 | $ 3,067 | ||
Chicago Motor Fuel Tax Rev. Series A: | ||||
5% 1/1/33 (AMBAC Insured) | 3,810 | 3,852 | ||
5.25% 1/1/19 (AMBAC Insured) | 1,780 | 1,895 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2001 B, 5.75% 1/1/30 (AMBAC Insured) | 13,420 | 13,458 | ||
Series 2008 A, 5% 1/1/16 (FSA Insured) | 6,800 | 7,514 | ||
Series 2011 C, 6.5% 1/1/41 | 19,400 | 21,254 | ||
Series A, 5.5% 1/1/16 (AMBAC Insured) (g) | 3,650 | 3,659 | ||
Chicago Park District Gen. Oblig.: | ||||
Series 2010 C, 5.25% 1/1/40 | 7,000 | 7,104 | ||
Series A: | ||||
5.25% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,690 | 4,978 | ||
5.25% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,170 | ||
5.25% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,195 | 2,312 | ||
5.5% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 475 | 476 | ||
5.5% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 490 | 491 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
(Fed. Transit Administration Section 5307 Proj.) Series 2008 A: | ||||
5.25% 6/1/23 (Assured Guaranty Corp. Insured) | 2,425 | 2,461 | ||
5.25% 6/1/25 (Assured Guaranty Corp. Insured) | 3,495 | 3,515 | ||
5% 6/1/20 (AMBAC Insured) | 7,000 | 7,132 | ||
5% 6/1/21 | 2,600 | 2,627 | ||
Chicago Wtr. Rev. Series 2000, 0% 11/1/16 (AMBAC Insured) | 7,555 | 6,318 | ||
Cicero Gen. Oblig. 5.25% 12/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,010 | 3,012 | ||
Cook County Gen. Oblig.: | ||||
Series 2002 C, 5% 11/15/25 | 8,400 | 8,448 | ||
Series 2004 B: | ||||
5.25% 11/15/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,700 | 2,746 | ||
5.25% 11/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,400 | 1,421 | ||
Series 2010 A, 5.25% 11/15/33 | 15,150 | 15,395 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Cook County Gen. Oblig.: - continued | ||||
Series B, 5% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,600 | $ 2,776 | ||
DuPage County Forest Preserve District Rev. Series 2000, 0% 11/1/17 | 6,665 | 5,647 | ||
Evanston Gen. Oblig. Series C: | ||||
5.25% 1/1/16 | 185 | 189 | ||
5.25% 1/1/22 | 380 | 385 | ||
Franklin Park Village Cook County Gen. Oblig. Series B, 5% 7/1/18 (AMBAC Insured) | 1,450 | 1,449 | ||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series 2006 A: | ||||
5.25% 5/1/25 | 5,000 | 5,200 | ||
5.5% 5/1/23 | 3,000 | 3,194 | ||
Illinois Dedicated Tax Rev. Series B, 0% 12/15/18 (AMBAC Insured) | 4,500 | 3,253 | ||
Illinois Dev. Fin. Auth. Retirement Hsg. Regency Park Rev. 0% 7/15/23 (Escrowed to Maturity) (h) | 29,680 | 18,852 | ||
Illinois Dev. Fin. Auth. Rev.: | ||||
(DePaul Univ. Proj.) Series 2004 C, 5.625% 10/1/17 | 2,800 | 3,069 | ||
(Revolving Fund-Master Trust Prog.): | ||||
5.5% 9/1/18 | 5,365 | 5,595 | ||
5.5% 9/1/19 | 4,405 | 4,586 | ||
Illinois Edl. Facilities Auth. Revs. (Univ. of Chicago Proj.) Series 2005 A, 5.25% 7/1/41 | 55 | 55 | ||
Illinois Fin. Auth. Gas Supply Rev. Bonds (Peoples Gas Lt. and Coke Co. Proj.) Series 2005 A, 4.3%, tender 6/1/16 (AMBAC Insured) (d) | 3,860 | 4,075 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.) Series 2010 A, 5.5% 4/1/44 | 3,000 | 3,034 | ||
(Advocate Heath Care Proj.) Series 2008 D, 6.5% 11/1/38 | 4,300 | 4,617 | ||
(Alexian Brothers Health Sys. Proj.): | ||||
Series 2008, 5.5% 2/15/38 | 7,000 | 6,599 | ||
Series 2010: | ||||
5.125% 2/15/25 | 4,000 | 3,846 | ||
5.25% 2/15/30 | 5,500 | 5,188 | ||
(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39 | 6,500 | 6,554 | ||
(Children's Memorial Hosp. Proj.) Series 2008 A: | ||||
5.25% 8/15/33 (Assured Guaranty Corp. Insured) | 7,800 | 7,640 | ||
5.25% 8/15/47 (Assured Guaranty Corp. Insured) | 2,000 | 1,804 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Edward Hosp. Obligated Group Proj.) Series 2008 A: | ||||
5.5% 2/1/40 (AMBAC Insured) | $ 2,850 | $ 2,701 | ||
6% 2/1/28 (AMBAC Insured) | 1,000 | 1,019 | ||
(Newman Foundation Proj.): | ||||
5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,300 | 1,063 | ||
5% 2/1/37 (Radian Asset Assurance, Inc. Insured) | 10,000 | 7,892 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 12,580 | 12,218 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 4,000 | 4,215 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C, 5.375% 5/15/25 | 25,230 | 25,736 | ||
(Provena Health Proj.) Series 2010 A, 6% 5/1/28 | 12,800 | 12,758 | ||
(Rush Univ. Med. Ctr. Proj.): | ||||
Series 2009 C, 6.625% 11/1/39 | 8,200 | 8,599 | ||
Series 2009 D, 6.625% 11/1/39 | 8,000 | 8,425 | ||
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 | 5,900 | 5,957 | ||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/16 (Assured Guaranty Corp. Insured) | 5,385 | 5,936 | ||
(The Univ. of Chicago Med. Ctr. Proj.) Series 2009 B, 5% 8/15/23 | 5,550 | 5,726 | ||
5.25% 5/1/25 | 7,000 | 7,153 | ||
Illinois Gen. Oblig.: | ||||
First Series: | ||||
5.25% 12/1/20 | 2,000 | 2,044 | ||
5.5% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 13,000 | 13,414 | ||
5.5% 8/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,500 | 7,721 | ||
5.5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,129 | ||
Series 2002, 5.25% 12/1/17 (FSA Insured) | 2,260 | 2,341 | ||
Series 2006: | ||||
5% 1/1/19 | 4,200 | 4,489 | ||
5.5% 1/1/31 | 3,000 | 3,021 | ||
Series 2010, 5% 1/1/23 (FSA Insured) | 6,600 | 6,705 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2002 D, 5.25% 5/15/32 (FSA Insured) | 3,000 | 2,868 | ||
(Lake Forest Hosp. Proj.): | ||||
Series A, 6.25% 7/1/22 | 4,200 | 4,328 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Health Facilities Auth. Rev.: - continued | ||||
(Lake Forest Hosp. Proj.): | ||||
Series A, 6% 7/1/33 | $ 3,775 | $ 3,908 | ||
(Lutheran Gen. Health Care Sys. Proj.) Series C: | ||||
6% 4/1/18 | 3,000 | 3,424 | ||
7% 4/1/14 | 1,415 | 1,527 | ||
(Sherman Hosp. Proj.) 5.25% 8/1/27 (AMBAC Insured) | 3,000 | 2,758 | ||
Illinois Reg'l. Trans. Auth. Series A, 8% 6/1/17 (AMBAC Insured) | 4,500 | 5,682 | ||
Illinois Sales Tax Rev. Series 2010, 5% 6/15/17 | 13,500 | 15,060 | ||
Kane & DeKalb Counties Cmnty. Unit School District #302 5.5% 2/1/25 (FSA Insured) | 3,000 | 3,206 | ||
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | ||||
Series 2001, 0% 12/1/17 (AMBAC Insured) | 3,700 | 2,897 | ||
Series 2007, 6.5% 1/1/20 (AMBAC Insured) | 7,865 | 9,305 | ||
0% 12/1/21 | 5,000 | 3,010 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/14 (Escrowed to Maturity) (h) | 630 | 608 | ||
0% 12/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,370 | 1,236 | ||
0% 12/1/16 (Escrowed to Maturity) (h) | 585 | 536 | ||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,905 | 1,573 | ||
Lake County Cmnty. High School District #117, Antioch Series B, 0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,240 | 5,111 | ||
Lake County Forest Preservation District Series 2007 A, 0.516% 12/15/13 (d) | 1,950 | 1,917 | ||
Lake County Warren Township High School District #121, Gurnee Series C: | ||||
5.5% 3/1/24 (AMBAC Insured) | 2,945 | 3,135 | ||
5.625% 3/1/21 (AMBAC Insured) | 2,505 | 2,702 | ||
5.75% 3/1/19 (AMBAC Insured) | 2,240 | 2,445 | ||
McHenry & Kane Counties Cmnty. Consolidated School District #158 Series 2003, 0% 1/1/19 (FGIC Insured) | 3,000 | 1,996 | ||
Metropolitan Pier & Exposition: | ||||
(McCormick Place Expansion Proj.): | ||||
Series 1992 A, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,610 | 2,366 | ||
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,300 | 2,786 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Metropolitan Pier & Exposition: - continued | ||||
(McCormick Place Expansion Proj.): | ||||
Series 2002 A: | ||||
5% 12/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,000 | $ 2,044 | ||
5.75% 6/15/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 26,420 | 26,549 | ||
Series 2002 B, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) | 2,000 | 2,029 | ||
Series 2010 B1, 0% 6/15/44 | 19,300 | 2,302 | ||
Series A: | ||||
0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,305 | 2,310 | ||
0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,935 | 2,048 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 805 | ||
Series 1996 A, 0% 6/15/24 | 3,060 | 1,486 | ||
Series 2002, 0% 6/15/13 (Escrowed to Maturity) (h) | 4,155 | 4,096 | ||
Series 2010 B1: | ||||
0% 6/15/43 (FSA Insured) | 24,300 | 3,101 | ||
0% 6/15/47 (FSA Insured) | 11,570 | 1,133 | ||
Series A: | ||||
0% 6/15/13 (Escrowed to Maturity) (h) | 5,415 | 5,343 | ||
0% 12/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,115 | 1,445 | ||
0% 6/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 210 | 199 | ||
0% 6/15/15 (Escrowed to Maturity) (h) | 5,355 | 5,098 | ||
0% 6/15/15 (FGIC Insured) (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,645 | 8,406 | ||
Moline Gen. Oblig. Series A, 5.5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,019 | ||
Quincy Hosp. Rev.: | ||||
(Blessing Hosp. Proj.) 5% 11/15/16 | 1,200 | 1,273 | ||
Series 2007, 5% 11/15/14 | 1,000 | 1,058 | ||
5% 11/15/18 | 1,000 | 1,031 | ||
Schaumburg Village Gen. Oblig. Series B, 5% 12/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,350 | 11,406 | ||
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A: | ||||
5% 10/1/17 | 1,300 | 1,411 | ||
5% 10/1/18 | 1,435 | 1,525 | ||
5% 10/1/20 | 1,290 | 1,332 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1991: | ||||
0% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 16,270 | $ 13,125 | ||
0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,000 | 5,074 | ||
Series 1999 A, 0% 4/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,965 | 2,984 | ||
Series 2009 A, 5.75% 4/1/38 | 7,805 | 7,985 | ||
Series 2010 A: | ||||
5% 4/1/25 | 5,125 | 5,249 | ||
5.25% 4/1/30 | 3,200 | 3,258 | ||
Will County Cmnty. Unit School District #365-U: | ||||
(Valley View Proj.) Series 2002, 0% 11/1/19 (FSA Insured) | 5,000 | 3,356 | ||
Series 2002, 0% 11/1/16 (FSA Insured) | 6,500 | 5,393 | ||
0% 11/1/14 (Escrowed to Maturity) (h) | 2,305 | 2,237 | ||
0% 11/1/14 (FSA Insured) | 1,995 | 1,821 | ||
0% 11/1/17 (FSA Insured) | 3,200 | 2,484 | ||
| 683,773 | |||
Indiana - 2.9% | ||||
Avon 2000 Cmnty. School Bldg. Corp. Series 2005, 5% 7/15/17 (FSA Insured) | 2,835 | 3,063 | ||
Clark-Pleasant 2004 School Bldg. Corp.: | ||||
5.25% 7/15/23 (FSA Insured) | 1,545 | 1,630 | ||
5.25% 7/15/25 (FSA Insured) | 1,720 | 1,796 | ||
Crown Point Multi-School Bldg. Corp. 0% 1/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,480 | 4,770 | ||
Franklin Township Independent School Bldg. Corp., Marion County: | ||||
5% 7/15/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,365 | 1,402 | ||
5.25% 7/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,885 | 2,050 | ||
GCS School Bldg. Corp. One 5% 7/15/22 (FSA Insured) | 1,545 | 1,631 | ||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (FGIC Insured) | 25,900 | 30,334 | ||
Indiana Bond Bank Series B: | ||||
5% 2/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,940 | 2,001 | ||
5% 2/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,635 | 1,680 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Indiana Dev. Fin. Auth. Rev. 5.95% 8/1/30 (g) | $ 7,350 | $ 7,394 | ||
Indiana Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2001, 4.7%, tender 10/1/15 (d)(g) | 3,500 | 3,739 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.): | ||||
Series 2008 C, 5.375% 11/1/32 | 7,815 | 8,011 | ||
Series 2009 A, 5.25% 11/1/39 | 5,300 | 5,284 | ||
Indiana Fin. Auth. Rev. (Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38 | 8,000 | 8,081 | ||
Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. Series B: | ||||
5% 2/15/14 | 1,060 | 1,134 | ||
5% 2/15/15 | 1,500 | 1,620 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (d) | 11,200 | 12,370 | ||
Indiana Health Facilities Fing. Auth. Hosp. Rev. (Columbus Reg'l. Hosp. Proj.) Series 1993, 7% 8/15/15 (FSA Insured) | 1,905 | 2,115 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Subordinate Cr. Proj.) Series 2005 A1, 5%, tender 5/1/13 (d) | 3,000 | 3,218 | ||
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series A, 5% 1/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500 | 2,536 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A: | ||||
0% 6/1/16 (AMBAC Insured) | 6,470 | 5,673 | ||
0% 6/1/18 (AMBAC Insured) | 1,700 | 1,356 | ||
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F: | ||||
5% 1/1/16 (AMBAC Insured) (g) | 1,525 | 1,668 | ||
5% 1/1/17 (AMBAC Insured) (g) | 1,700 | 1,825 | ||
5.25% 1/1/14 (AMBAC Insured) (g) | 2,675 | 2,875 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 C, 5.6% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000 | 4,441 | ||
Petersburg Poll. Cont. Rev. (Indianapolis Pwr. & Lt. Co. Proj.): | ||||
Series 1994, 5.9% 12/1/24 (g) | 10,000 | 10,204 | ||
Series 1995 C, 5.95% 12/1/29 (g) | 2,000 | 2,026 | ||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | ||||
5% 7/1/24 | 1,150 | 1,261 | ||
5% 7/1/25 | 1,000 | 1,086 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: - continued | ||||
5% 7/1/26 | $ 1,325 | $ 1,434 | ||
5% 7/1/29 | 670 | 713 | ||
5% 7/1/35 | 3,000 | 3,098 | ||
Rockport Poll. Cont. Rev. Bonds (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (d) | 4,400 | 4,403 | ||
Southmont School Bldg. Corp. Series 2004, 5% 7/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,103 | ||
Vigo County Hosp. Auth. Rev. (Union Hosp., Inc. Proj.) Series 2007: | ||||
5.7% 9/1/37 | 2,000 | 1,667 | ||
5.75% 9/1/42 | 1,000 | 826 | ||
Wayne Township Marion County School Bldg. Corp. Series 2007, 5.5% 1/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,560 | 5,832 | ||
Westfield Washington Multi-School Bldg. Corp. Series A, 5% 7/15/18 (FSA Insured) | 1,500 | 1,577 | ||
Zionsville Cmnty. Schools Bldg. Series 2005, 5% 7/15/20 (FSA Insured) | 1,945 | 2,183 | ||
| 162,110 | |||
Iowa - 0.1% | ||||
Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured) | 4,800 | 4,921 | ||
Kansas - 0.6% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.): | ||||
Series 2009 C, 5.75% 11/15/38 | 10,600 | 11,130 | ||
Series 2009 D, 5% 11/15/29 | 4,600 | 4,657 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hayes Med. Ctr., Inc. Proj.) Series 2010 Q, 5% 5/15/35 | 4,000 | 3,629 | ||
Leavenworth County Unified School District #453 general obligation Series 2009 A, 5.25% 9/1/24 (Assured Guaranty Corp. Insured) | 1,575 | 1,748 | ||
Olathe Health Facilities Rev. Bonds (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (d) | 4,400 | 4,472 | ||
Topeka Combined Util. Impt. Rev. Series 2005 A: | ||||
6% 8/1/20 (XL Cap. Assurance, Inc. Insured) | 1,200 | 1,340 | ||
6% 8/1/25 (XL Cap. Assurance, Inc. Insured) | 1,100 | 1,207 | ||
6% 8/1/27 (XL Cap. Assurance, Inc. Insured) | 1,235 | 1,346 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Kansas - continued | ||||
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X: | ||||
4% 11/15/18 | $ 1,300 | $ 1,326 | ||
5% 11/15/17 | 2,500 | 2,737 | ||
| 33,592 | |||
Kentucky - 1.3% | ||||
Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 B, 5% 2/1/22 | 1,355 | 1,403 | ||
Jefferson County Cap. Projs. Corp. Rev. (Lease Prog.) Series A, 0% 8/15/11 | 5,250 | 5,243 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: | ||||
(Baptist Healthcare Sys. Proj.) Series A: | ||||
5% 8/15/16 | 9,410 | 10,613 | ||
5% 8/15/17 | 3,650 | 4,115 | ||
(St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39 | 4,000 | 4,063 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 A, 5% 2/1/30 | 5,000 | 4,876 | ||
Louisville & Jefferson County Metropolitan Govt. Health Facilities Rev. (Jewish Hosp. & St. Mary's HealthCare Proj.) Series 2008, 6.125% 2/1/37 | 22,180 | 22,108 | ||
Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 15,750 | 16,171 | ||
Pikeville Hosp. Rev. (Pikeville Med. Ctr., Inc. Proj.) Series 2011, 6.5% 3/1/41 | 3,000 | 3,077 | ||
| 71,669 | |||
Louisiana - 0.9% | ||||
Louisiana Gas & Fuel Tax Rev. Series A, 5.375% 6/1/20 (AMBAC Insured) | 3,000 | 3,089 | ||
Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007: | ||||
5.375% 6/1/19 (FGIC Insured) | 1,000 | 1,082 | ||
5.375% 6/1/32 (FGIC Insured) | 1,900 | 1,935 | ||
5.5% 6/1/41 (FGIC Insured) | 15,500 | 15,780 | ||
Monroe-West Monroe Pub. Trust Fing. Auth. Mtg. Rev. Series C, 0% 8/20/14 | 8,625 | 7,766 | ||
New Orleans Aviation Board Rev.: | ||||
Series 2007 A, 5% 1/1/17 (FSA Insured) (g) | 1,420 | 1,515 | ||
Series 2007 B2, 5% 1/1/16 (FSA Insured) (g) | 1,000 | 1,072 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Louisiana - continued | ||||
New Orleans Gen. Oblig.: | ||||
Series 2005: | ||||
5% 12/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 4,690 | $ 4,510 | ||
5.25% 12/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,450 | 3,512 | ||
0% 9/1/11 (AMBAC Insured) | 3,080 | 3,074 | ||
0% 9/1/13 (AMBAC Insured) | 3,350 | 3,147 | ||
0% 9/1/14 (AMBAC Insured) | 3,165 | 2,858 | ||
Tobacco Settlement Fing. Corp. Series 2001 B, 5.875% 5/15/39 | 1,000 | 962 | ||
| 50,302 | |||
Maine - 0.3% | ||||
Maine Tpk. Auth. Tpk. Rev.: | ||||
Series 2004, 5.25% 7/1/30 | 3,000 | 3,085 | ||
Series 2007, 5.25% 7/1/37 (AMBAC Insured) | 9,060 | 9,317 | ||
6% 7/1/38 | 2,700 | 2,930 | ||
| 15,332 | |||
Maryland - 0.6% | ||||
Baltimore Convention Ctr. Hotel Rev. Series A, 5.25% 9/1/39 (XL Cap. Assurance, Inc. Insured) | 4,710 | 3,932 | ||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2009 A, 5.75% 7/1/39 | 1,250 | 1,331 | ||
Maryland Econ. Dev. Corp. Student Hsg. Rev. (Univ. of Maryland, Baltimore County Student Hsg. Proj.) Series 2006: | ||||
5% 6/1/14 (CIFG North America Insured) | 1,020 | 1,090 | ||
5% 6/1/16 (CIFG North America Insured) | 1,000 | 1,068 | ||
5% 6/1/19 (CIFG North America Insured) | 1,500 | 1,541 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Anne Arundel Health Sys. Proj.) Series 2010, 5% 7/1/40 | 2,000 | 1,895 | ||
(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38 | 2,245 | 1,892 | ||
(Good Samaritan Hosp. Proj.) Series 1993: | ||||
5.75% 7/1/13 (Escrowed to Maturity) (h) | 1,605 | 1,678 | ||
5.75% 7/1/13 (Escrowed to Maturity) (h) | 395 | 413 | ||
(Johns Hopkins Med. Institutions Utils. Proj.) Series 2005 B, 5% 5/15/35 | 2,700 | 2,759 | ||
(Univ. of Maryland Med. Sys. Proj.) Series 2010, 5.125% 7/1/39 | 4,400 | 4,326 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Maryland - continued | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: - continued | ||||
(Upper Chesapeake Hosp. Proj.) Series 2008 C, 6% 1/1/38 | $ 3,000 | $ 3,089 | ||
(Washington County Health Sys. Proj.) Series 2008: | ||||
6% 1/1/28 | 5,000 | 5,032 | ||
6% 1/1/43 | 1,500 | 1,433 | ||
| 31,479 | |||
Massachusetts - 2.8% | ||||
Massachusetts Bay Trans. Auth. Series 1992 B, 6.2% 3/1/16 | 3,800 | 4,289 | ||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston Univ. Proj.) Series U4, 5.7% 10/1/40 | 7,500 | 7,743 | ||
Series I, 6.75% 1/1/36 | 3,000 | 3,059 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2007 A, 0.753% 5/1/37 (d) | 7,000 | 5,552 | ||
Series 2007 C: | ||||
5.25% 8/1/22 | 7,700 | 8,614 | ||
5.25% 8/1/23 | 3,600 | 4,004 | ||
5.25% 8/1/24 | 9,000 | 9,932 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (i) | 3,015 | 3,024 | ||
(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 (Escrowed to Maturity) (h) | 670 | 688 | ||
(South Shore Hosp. Proj.) Series F, 5.75% 7/1/29 | 4,455 | 4,386 | ||
Bonds (Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (d) | 4,000 | 4,284 | ||
Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series 2001 A: | ||||
5.5% 1/1/12 (AMBAC Insured) (g) | 2,000 | 1,989 | ||
5.5% 1/1/14 (AMBAC Insured) (g) | 2,540 | 2,448 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | ||||
Series 2005 A: | ||||
5% 8/15/23 | 29,965 | 32,288 | ||
5% 8/15/26 | 10,000 | 10,538 | ||
5% 8/15/30 | 30,000 | 31,183 | ||
Series 2007 A: | ||||
4.5% 8/15/35 | 14,090 | 13,567 | ||
5% 8/15/22 (AMBAC Insured) | 2,900 | 3,244 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Massachusetts - continued | ||||
Massachusetts Tpk. Auth. Western Tpk. Rev. Series 1997 A, 5.55% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 5,090 | $ 5,108 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series 1998 A, 5.25% 8/1/13 | 90 | 90 | ||
| 156,030 | |||
Michigan - 2.0% | ||||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 8,000 | 8,293 | ||
Series 2003 B, 7.5% 7/1/33 (FSA Insured) | 4,200 | 4,837 | ||
Series 2006, 5% 7/1/36 | 20,700 | 17,965 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 2003 A, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,000 | 11,105 | ||
Series 2004 A, 5.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,380 | 2,533 | ||
Series 2004, 5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,685 | 1,800 | ||
Series 2005 B, 5.5% 7/1/35 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 5,000 | 5,035 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 4,900 | 5,467 | ||
DeWitt Pub. Schools Gen. Oblig. 5% 5/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,650 | 1,809 | ||
Ferris State Univ. Rev. 5% 10/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,165 | 3,283 | ||
Fowlerville Cmnty. School District 5.25% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,425 | 1,541 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2008 A, 5.25%, tender 1/15/14 (d) | 3,300 | 3,589 | ||
Lansing Board Wtr. & Lt. Rev. 5.5% 7/1/41 | 2,500 | 2,619 | ||
Lapeer Cmnty. Schools Series 2007, 5% 5/1/33 (FSA Insured) | 2,600 | 2,612 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/38 | 3,000 | 3,044 | ||
(Mercy Health Svcs. Proj.): | ||||
Series 1996, 5.375% 8/15/26 (Escrowed to Maturity) (h) | 4,750 | 4,759 | ||
Series W, 5.25% 8/15/27 (Escrowed to Maturity) (h) | 4,000 | 4,010 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: - continued | ||||
(Sisters of Mercy Health Corp. Proj.) Series 1993, 5.375% 8/15/14 (Escrowed to Maturity) (h) | $ 195 | $ 207 | ||
(Trinity Health Sys. Proj.): | ||||
Series 2006 A, 5% 12/1/26 | 1,360 | 1,364 | ||
Series 2008 A, 6.5% 12/1/33 | 4,000 | 4,306 | ||
Michigan Tobacco Settlement Fin. Auth. Tobacco Settlement Asset Rev. Series 2007, 6% 6/1/34 | 5,000 | 3,957 | ||
Portage Pub. Schools 5% 5/1/21 (FSA Insured) | 6,300 | 6,789 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.): | ||||
Series 2009 V, 8.25% 9/1/39 | 3,400 | 3,907 | ||
Series M, 5.25% 11/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,000 | 6,803 | ||
Three Rivers Cmnty. Schools 5% 5/1/21 (FSA Insured) | 1,710 | 1,859 | ||
| 113,493 | |||
Minnesota - 1.0% | ||||
Maple Grove Health Care Sys. Rev.: | ||||
Series 2007, 5.25% 5/1/28 | 3,500 | 3,427 | ||
5% 5/1/20 | 1,000 | 1,029 | ||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev. (HealthPartners Obligated Group Proj.) 6% 12/1/18 | 1,000 | 1,045 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | ||||
Series 2005 A, 5% 1/1/35 (AMBAC Insured) | 4,000 | 3,935 | ||
Series A, 5% 1/1/12 (g) | 2,000 | 2,039 | ||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/20 (Assured Guaranty Corp. Insured) | 3,835 | 4,426 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Health Care Sys. Proj.) Series 2000 A, 6.375% 11/15/29 | 210 | 211 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.): | ||||
Series 2006, 5.25% 5/15/36 | 4,250 | 3,934 | ||
5.25% 5/15/18 | 1,650 | 1,714 | ||
5.25% 5/15/23 | 2,000 | 2,019 | ||
Saint Paul Port Auth. Lease Rev. Series 2003 11: | ||||
5.25% 12/1/18 | 1,710 | 1,835 | ||
5.25% 12/1/19 | 2,850 | 3,047 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Minnesota - continued | ||||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): | ||||
Series 2008 C, 5.5% 7/1/18 | $ 5,600 | $ 6,187 | ||
Series 2009, 5.75% 7/1/39 | 20,700 | 20,473 | ||
| 55,321 | |||
Mississippi - 0.1% | ||||
Hinds County Rev. (Mississippi Methodist Hosp. & Rehabilitation Proj.) 5.6% 5/1/12 (AMBAC Insured) | 665 | 675 | ||
Mississippi Hosp. Equip. & Facilities Auth. (Mississippi Baptist Med. Ctr. Proj.) Series 2007 A, 5% 8/15/14 | 2,500 | 2,651 | ||
| 3,326 | |||
Missouri - 0.2% | ||||
Metropolitan St. Louis Swr. District Wastewtr. Sys. Rev. Series 2008 A, 5.75% 5/1/38 | 1,000 | 1,084 | ||
Missouri Dev. Fin. Board Infrastructure Facilities Rev. (City of Branson-Branson Landing Proj.) Series 2005 A, 6% 6/1/20 | 2,125 | 2,354 | ||
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (SSM Health Care Sys. Proj.) Series 2010 B, 4.75% 6/1/34 | 5,000 | 4,877 | ||
Saint Louis Arpt. Rev. Series 2007 B, 5% 7/1/16 (FSA Insured) (g) | 3,500 | 3,778 | ||
| 12,093 | |||
Montana - 0.1% | ||||
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33 | 3,900 | 3,906 | ||
Nebraska - 0.4% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 0.67% 12/1/17 (d) | 7,900 | 6,550 | ||
Douglas County Hosp. Auth. #2 Health Facilities Rev. (Children's Hosp. Proj.): | ||||
6% 8/15/23 | 2,130 | 2,291 | ||
6% 8/15/28 | 3,500 | 3,661 | ||
6.125% 8/15/31 | 2,250 | 2,346 | ||
Lancaster County Hosp. Auth. #1 Health Facilities Rev. (Immanuel Med. Ctr., Inc. Proj.) Series 2010, 5.625% 1/1/40 | 1,500 | 1,491 | ||
Omaha Pub. Pwr. District Elec. Rev. Series A, 5% 2/1/46 | 5,500 | 5,538 | ||
| 21,877 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Nevada - 0.5% | ||||
Clark County Arpt. Rev. Series 2003 C: | ||||
5.375% 7/1/17 (AMBAC Insured) (g) | $ 4,310 | $ 4,473 | ||
5.375% 7/1/19 (AMBAC Insured) (g) | 1,100 | 1,128 | ||
5.375% 7/1/21 (AMBAC Insured) (g) | 1,600 | 1,628 | ||
Clark County Wtr. Reclamation District Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured) | 4,300 | 4,616 | ||
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Series 2003 B, 5.25% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,285 | 6,640 | ||
Washoe County Gen. Oblig. (Reno Sparks Proj.) Series B: | ||||
0% 7/1/12 (FSA Insured) | 4,605 | 4,555 | ||
0% 7/1/13 (FSA Insured) | 4,590 | 4,461 | ||
0% 7/1/14 (FSA Insured) | 3,000 | 2,828 | ||
| 30,329 | |||
New Hampshire - 0.3% | ||||
New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39 | 9,300 | 9,231 | ||
New Hampshire Health & Ed. Facilities Auth. Hosp. Rev. (Catholic Med. Ctr. Proj.) Series 2002 A, 5.75% 7/1/22 | 800 | 807 | ||
New Hampshire Health & Ed. Facilities Auth. Rev.: | ||||
(Dartmouth College Proj.) Series 2009, 5.25% 6/1/39 | 4,000 | 4,189 | ||
(Dartmouth-Hitchcock Obligated Group Proj.) Series 2010, 5% 8/1/40 | 4,700 | 4,587 | ||
| 18,814 | |||
New Jersey - 1.4% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series 2005 A, 5.8% 11/1/19 (FSA Insured) | 5,100 | 5,812 | ||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Series 2005 O: | ||||
5.125% 3/1/28 | 6,000 | 6,052 | ||
5.125% 3/1/30 | 5,000 | 5,037 | ||
5.25% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,800 | 2,941 | ||
5.25% 3/1/23 | 4,500 | 4,654 | ||
5.25% 3/1/25 | 9,900 | 10,170 | ||
5.25% 3/1/26 | 11,305 | 11,576 | ||
Series 2005 P, 5.125% 9/1/28 | 2,445 | 2,490 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: - continued | ||||
Series 2009 AA, 5.5% 12/15/29 | $ 4,000 | $ 4,170 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 2009 E, 5.25% 1/1/40 | 3,000 | 3,044 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2001 A, 6% 6/15/35 | 3,900 | 4,260 | ||
Series B, 5.5% 12/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,536 | ||
North Hudson Swr. Auth. Wtr. & Swr. Rev. Series A: | ||||
5.25% 8/1/18 (FGIC Insured) | 3,235 | 3,313 | ||
5.25% 8/1/19 (FGIC Insured) | 2,735 | 2,796 | ||
Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/28 (FGIC Insured) | 5,560 | 5,715 | ||
| 77,566 | |||
New Mexico - 0.2% | ||||
Albuquerque Arpt. Rev. Series 1997, 6.75% 7/1/12 (AMBAC Insured) (g) | 1,935 | 2,040 | ||
New Mexico Edl. Assistance Foundation Series 2010 A1: | ||||
4% 12/1/17 | 5,000 | 5,304 | ||
5% 12/1/18 | 2,000 | 2,224 | ||
| 9,568 | |||
New York - 11.4% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A: | ||||
5.25% 11/15/16 | 1,955 | 2,103 | ||
5.25% 11/15/17 (St Peters Hosp. Insured) | 1,500 | 1,603 | ||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): | ||||
Series 2003: | ||||
5.75% 5/1/15 (Pre-Refunded to 5/1/13 @ 100) (h) | 7,000 | 7,688 | ||
5.75% 5/1/18 (Pre-Refunded to 5/1/12 @ 100) (h) | 3,460 | 3,617 | ||
5.75% 5/1/21 (Pre-Refunded to 5/1/12 @ 100) (h) | 1,575 | 1,647 | ||
5.75% 5/1/23 (Pre-Refunded to 5/1/12 @ 100) (h) | 1,750 | 1,830 | ||
Series 2004: | ||||
5.75% 5/1/16 (FSA Insured) | 13,120 | 14,592 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Erie County Indl. Dev. Agcy. School Facilities Rev. (Buffalo City School District Proj.): - continued | ||||
Series 2004: | ||||
5.75% 5/1/18 (FSA Insured) | $ 14,720 | $ 15,905 | ||
5.75% 5/1/20 (FSA Insured) | 8,000 | 8,552 | ||
5.75% 5/1/21 (FSA Insured) | 3,845 | 4,090 | ||
5.75% 5/1/22 (FSA Insured) | 1,000 | 1,060 | ||
5.75% 5/1/23 (FSA Insured) | 3,000 | 3,170 | ||
5.75% 5/1/24 (FSA Insured) | 3,000 | 3,158 | ||
5.75% 5/1/25 (FSA Insured) | 3,400 | 3,565 | ||
5.75% 5/1/26 (FSA Insured) | 5,200 | 5,451 | ||
Hudson Yards Infrastructure Corp. New York Rev. Series A: | ||||
5% 2/15/47 | 14,500 | 13,040 | ||
5% 2/15/47 | 13,100 | 11,781 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series A: | ||||
5% 12/1/25 (FGIC Insured) | 5,000 | 5,151 | ||
5% 12/1/26 (XL Cap. Assurance, Inc. Insured) | 2,600 | 2,666 | ||
Metropolitan Trans. Auth. Svc. Contract Rev.: | ||||
Series 2002 A, 5.75% 7/1/31 | 3,800 | 3,842 | ||
Series 2002 B, 5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,078 | ||
New York City Gen. Oblig.: | ||||
Series 2003 A: | ||||
5.5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,990 | 7,532 | ||
5.5% 8/1/20 (Pre-Refunded to 8/1/13 @ 100) (h) | 50 | 55 | ||
Series 2008 A1, 5.25% 8/15/27 | 9,940 | 10,575 | ||
Series 2008 D1, 5.125% 12/1/22 | 5,000 | 5,517 | ||
Series 2009 I-1, 5.625% 4/1/29 | 3,600 | 3,908 | ||
New York City Indl. Dev. Agcy. Rev.: | ||||
(Queens Baseball Stadium Proj.) 5% 1/1/19 (AMBAC Insured) | 3,735 | 3,790 | ||
(Yankee Stadium Proj.) Series 2006, 5% 3/1/31 | 4,725 | 4,400 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2002 A, 5.125% 6/15/34 | 3,300 | 3,323 | ||
Series 2002 G, 5.125% 6/15/32 | 2,000 | 2,005 | ||
Series 2003 A, 5.125% 6/15/34 | 13,800 | 13,896 | ||
Series 2003 E, 5% 6/15/34 | 11,120 | 11,251 | ||
Series 2007 DD: | ||||
4.75% 6/15/35 | 7,400 | 7,411 | ||
4.75% 6/15/36 | 2,900 | 2,896 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: - continued | ||||
Series 2009 A, 5.75% 6/15/40 | $ 1,500 | $ 1,643 | ||
Series 2009 EE, 5.25% 6/15/40 | 10,300 | 10,637 | ||
Series 2009 FF 2, 5.5% 6/15/40 | 17,800 | 18,662 | ||
Series 2011 EE, 5.375% 6/15/43 | 8,835 | 9,340 | ||
Series GG, 5% 6/15/43 | 6,700 | 6,826 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1: | ||||
5.5% 7/15/31 | 4,000 | 4,239 | ||
5.5% 7/15/38 | 1,600 | 1,657 | ||
5.625% 7/15/38 | 2,825 | 2,956 | ||
Series 2009 S3: | ||||
5.25% 1/15/34 | 24,000 | 24,751 | ||
5.375% 1/15/34 | 2,750 | 2,858 | ||
Series 2009 S4: | ||||
5.5% 1/15/39 | 8,800 | 9,157 | ||
5.75% 1/15/39 | 4,100 | 4,343 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (b) | 9,750 | 9,905 | ||
6% 11/1/28 (b) | 8,150 | 8,293 | ||
Series 2003 D, 5% 2/1/31 | 3,500 | 3,540 | ||
Series 2004 B: | ||||
5% 8/1/32 | 14,700 | 14,887 | ||
5% 8/1/32 (Pre-Refunded to 8/1/13 @ 100) (h) | 15 | 16 | ||
Series 2004 C, 5% 2/1/33 (FGIC Insured) | 5,000 | 5,068 | ||
5.25% 8/1/19 (Pre-Refunded to 8/1/13 @ 100) (h) | 1,880 | 2,066 | ||
New York City Trust Cultural Resources Rev. (Museum of Modern Art Proj.) Series 2001 D, 5.125% 7/1/31 | 6,000 | 6,041 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2008 B, 5.75% 3/15/36 | 3,400 | 3,717 | ||
Series 2009 A, 5% 2/15/39 | 4,000 | 4,102 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A, 5.75% 7/1/13 | 7,005 | 7,287 | ||
(New York Univ. Hosp. Ctr. Proj.): | ||||
Series 2006 A: | ||||
5% 7/1/15 | 3,000 | 3,310 | ||
5% 7/1/16 | 1,400 | 1,558 | ||
Series 2007 A, 5% 7/1/14 | 1,895 | 2,062 | ||
Series 2007 B, 5.25% 7/1/24 | 2,200 | 2,292 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Revs.: - continued | ||||
(State Univ. Edl. Facilities Proj.) Series A: | ||||
5.25% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 12,400 | $ 13,772 | ||
5.875% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,865 | 7,992 | ||
(Suffolk County Judicial Facilities Proj.) Series A, 9.5% 4/15/14 (Escrowed to Maturity) (h) | 690 | 835 | ||
Series 2002 A, 5.75% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,152 | ||
Series 2010 A, 5% 7/1/26 | 4,000 | 4,058 | ||
New York Med. Care Facilities Fin. Agcy. Rev. (Homeowner Mtg. Prog.) Series E, 6.2% 2/15/15 | 570 | 572 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series 2009 B, 5% 11/15/34 | 11,800 | 11,993 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2008 A, 5.25% 11/15/36 | 26,700 | 26,971 | ||
Series 2010 D, 5.25% 11/15/40 | 6,600 | 6,668 | ||
New York Sales Tax Asset Receivables Corp. Series 2005 A, 5.25% 10/15/27 (AMBAC Insured) | 10,500 | 10,997 | ||
New York Thruway Auth. Gen. Rev. Series 2005 G: | ||||
5% 1/1/32 (FSA Insured) | 2,900 | 2,958 | ||
5.25% 1/1/27 | 12,500 | 13,236 | ||
New York Thruway Auth. Personal Income Tax Rev. Series 2007 A, 5.25% 3/15/25 | 3,500 | 3,806 | ||
Niagara Falls City Niagara County Pub. Impt. 7.5% 3/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 460 | 563 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (h) | 6,390 | 6,673 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.25% 6/1/21 (AMBAC Insured) | 5,645 | 5,904 | ||
5.25% 6/1/22 (AMBAC Insured) | 9,850 | 10,290 | ||
5.5% 6/1/14 | 1,265 | 1,269 | ||
5.5% 6/1/15 | 16,735 | 16,791 | ||
5.5% 6/1/17 | 8,100 | 8,124 | ||
5.5% 6/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,056 | ||
5.5% 6/1/19 | 4,050 | 4,267 | ||
Series 2003B 1C: | ||||
5.5% 6/1/14 | 2,735 | 2,744 | ||
5.5% 6/1/15 | 11,700 | 11,739 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2003B 1C: | ||||
5.5% 6/1/16 | $ 4,070 | $ 4,082 | ||
5.5% 6/1/17 | 11,500 | 11,534 | ||
5.5% 6/1/18 | 20,000 | 20,564 | ||
5.5% 6/1/19 | 10,800 | 11,380 | ||
5.5% 6/1/20 | 2,700 | 2,841 | ||
5.5% 6/1/20 (FGIC Insured) | 5,050 | 5,313 | ||
5.5% 6/1/22 | 10,065 | 10,561 | ||
Series 2011: | ||||
5% 6/1/17 (c) | 11,700 | 13,378 | ||
5% 6/1/17 (c) | 10,700 | 12,235 | ||
Triborough Bridge & Tunnel Auth. Revs. Series 2001 A, 5% 1/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 470 | 472 | ||
| 634,151 | |||
New York & New Jersey - 0.3% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (g) | 3,400 | 3,408 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 10,275 | 10,780 | ||
| 14,188 | |||
North Carolina - 1.1% | ||||
Catawba County Ctfs. of Prtn. (Pub. School and Cmnty. College Proj.) 5.25% 6/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800 | 1,922 | ||
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2010 B, 5.5% 7/1/23 (g) | 1,200 | 1,264 | ||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series A, 5% 1/15/20 (FSA Insured) | 1,070 | 1,150 | ||
Dare County Ctfs. of Prtn.: | ||||
5.25% 6/1/17 (AMBAC Insured) | 1,620 | 1,755 | ||
5.25% 6/1/18 (AMBAC Insured) | 1,620 | 1,744 | ||
5.25% 6/1/19 (AMBAC Insured) | 1,540 | 1,649 | ||
5.25% 6/1/22 (AMBAC Insured) | 1,620 | 1,720 | ||
5.25% 6/1/23 (AMBAC Insured) | 1,620 | 1,716 | ||
North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A, 5.125% 10/1/41 | 1,195 | 1,196 | ||
North Carolina Ctfs. of Prtn. (Repair and Renovation Proj.) Series 2004 B, 5.25% 6/1/17 | 3,600 | 3,923 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
North Carolina - continued | ||||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26 | $ 10,000 | $ 10,245 | ||
North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. (North Carolina Correctional Facilities Proj.) Series A: | ||||
5% 2/1/19 | 2,945 | 3,153 | ||
5% 2/1/20 | 1,500 | 1,597 | ||
North Carolina Med. Care Cmnty. Health (Memorial Mission Hosp. Proj.): | ||||
Series 2007, 5% 10/1/20 | 1,225 | 1,321 | ||
5% 10/1/21 | 5,690 | 6,072 | ||
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 7,830 | 7,811 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 2009 A, 5% 1/1/30 | 2,300 | 2,356 | ||
Series 2010 B, 5% 1/1/20 | 6,700 | 7,542 | ||
| 58,136 | |||
North Dakota - 0.5% | ||||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.): | ||||
Series 2008 D, 5% 2/15/40 (Assured Guaranty Corp. Insured) | 5,000 | 4,752 | ||
Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured) | 4,600 | 4,507 | ||
Fargo Health Sys. Rev. (Sanford Proj.) Series 2011, 6% 11/1/28 | 1,500 | 1,610 | ||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.): | ||||
5% 12/1/12 (Assured Guaranty Corp. Insured) | 1,475 | 1,533 | ||
5% 12/1/14 (Assured Guaranty Corp. Insured) | 1,675 | 1,798 | ||
Mercer County Poll. Cont. Rev. (Antelope Valley Station/Basin Elec. Pwr. Coop. Proj.) 7.2% 6/30/13 (AMBAC Insured) | 11,520 | 11,930 | ||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.): | ||||
5.125% 7/1/19 | 2,765 | 2,818 | ||
5.25% 7/1/15 | 1,300 | 1,391 | ||
| 30,339 | |||
Ohio - 1.0% | ||||
Buckeye Tobacco Settlement Fing. Auth.: | ||||
Series 2007 A2, 5.75% 6/1/34 | 15,000 | 11,228 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
Buckeye Tobacco Settlement Fing. Auth.: - continued | ||||
Series A-2: | ||||
5.875% 6/1/47 | $ 3,800 | $ 2,766 | ||
6.5% 6/1/47 | 7,535 | 5,967 | ||
Cleveland Parking Facilities Rev. 5.25% 9/15/18 (FSA Insured) | 2,000 | 2,199 | ||
Franklin County Hosp. Rev. (Nationwide Children's Hosp. Proj.) Series 2009, 5.25% 11/1/40 | 1,500 | 1,495 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 6% 8/15/43 | 5,000 | 4,690 | ||
Lucas County Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37 | 6,000 | 6,623 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series A, 6% 12/1/19 | 4,905 | 4,923 | ||
Ohio Higher Edl. Facility Commission Rev. (Cleveland Clinic Foundation Proj.) Series 2008 A, 5.5% 1/1/43 | 1,500 | 1,536 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (d) | 8,500 | 9,553 | ||
Richland County Hosp. Facilities (MedCentral Health Sys. Proj.) Series B, 6.375% 11/15/30 | 1,005 | 1,016 | ||
Univ. of Cincinnati Ctfs. of Prtn. 5.125% 6/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,585 | 1,585 | ||
| 53,581 | |||
Oklahoma - 0.3% | ||||
Oklahoma City Pub. Property Auth. Hotel Tax Rev.: | ||||
5.5% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,845 | 3,050 | ||
5.5% 10/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,005 | 3,218 | ||
5.5% 10/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,175 | 3,384 | ||
Oklahoma City Wtr. Utils. Trust Wtr. and Swr. Rev. Series 2009 A, 5% 7/1/34 | 1,000 | 1,064 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C, 5.5% 8/15/20 | 5,000 | 5,598 | ||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) 5% 2/15/14 | 815 | 864 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/19 | 1,680 | 1,839 | ||
| 19,017 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Oregon - 0.5% | ||||
Clackamas County School District #62C, Oregon City Series 2004, 5% 6/15/19 (FSA Insured) | $ 3,395 | $ 3,691 | ||
Clackamas County School District #7J: | ||||
5.25% 6/1/23 | 2,000 | 2,381 | ||
5.25% 6/1/24 (FSA Insured) | 2,605 | 3,087 | ||
Multnomah County Hosp. Facilities Auth. Rev. (Adventist Health Sys./West Proj.) Series 2009 A, 5.125% 9/1/40 | 2,500 | 2,457 | ||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/30 | 1,000 | 994 | ||
Oregon State Dept. of Administrative Svcs. Lottery Rev. Series 2011 A, 5.25% 4/1/31 | 5,600 | 6,070 | ||
Port Morrow Poll. Cont. Rev.: | ||||
(Pacific Northwest Proj.) Series A, 8% 7/15/11 | 385 | 386 | ||
(Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33 | 5,000 | 5,045 | ||
Washington County School District #15: | ||||
5.5% 6/15/20 (FSA Insured) | 1,770 | 2,092 | ||
5.5% 6/15/21 (FSA Insured) | 1,060 | 1,256 | ||
| 27,459 | |||
Pennsylvania - 1.7% | ||||
Allegheny County Arpt. Auth. Rev. (Pittsburg Int'l. Arpt. Proj.) Series B, 5% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 3,000 | 3,106 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.) Series B, 5% 6/15/16 | 1,365 | 1,535 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5.625% 8/15/39 | 6,225 | 6,275 | ||
Annville-Cleona School District Series 2005: | ||||
5.5% 3/1/24 (FSA Insured) | 1,350 | 1,441 | ||
5.5% 3/1/25 (FSA Insured) | 1,400 | 1,487 | ||
Easton Area School District Series 2006, 7.75% 4/1/25 (FSA Insured) | 4,800 | 5,592 | ||
Mifflin County School District 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 3,400 | 4,040 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | ||||
Series 1993 A, 6% 6/1/22 (AMBAC Insured) | 2,000 | 2,225 | ||
Series A: | ||||
6.1% 6/1/12 (AMBAC Insured) | 1,050 | 1,096 | ||
6.125% 6/1/14 (AMBAC Insured) | 5,230 | 5,853 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Pennsylvania Convention Ctr. Auth. Rev. Series A, 6.7% 9/1/16 (Escrowed to Maturity) (h) | $ 1,595 | $ 1,829 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Amtrak Proj.) Series 2001 A, 6.375% 11/1/41 (g) | 8,700 | 8,738 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev.: | ||||
(The Univ. of Pennsylvania Health Sys. Proj.) Series 2009 A, 5.25% 8/15/21 | 2,900 | 3,195 | ||
(Univ. of Pennsylvania Health Sys. Proj.) Series A, 5% 8/15/16 | 3,600 | 4,013 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 D, 5.5% 12/1/41 | 12,600 | 12,684 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 4,000 | 4,143 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1, 5% 9/1/33 (FSA Insured) | 1,095 | 1,064 | ||
Ninth Series, 5.25% 8/1/40 | 3,750 | 3,552 | ||
Seventh Series, 5% 10/1/37 (AMBAC Insured) | 8,900 | 8,158 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2003 A, 5% 2/15/12 (XL Cap. Assurance, Inc. Insured) | 1,000 | 1,025 | ||
Series 2008 A, 5.25% 12/15/32 (FSA Insured) | 2,500 | 2,517 | ||
Series 2008 B, 7.125% 7/15/38 (Assured Guaranty Corp. Insured) | 3,200 | 3,503 | ||
Philadelphia Redev. Auth. Rev. (Philadelphia Neighborhood Transformation Initiative Proj.) Series 2005 C, 5% 4/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,933 | ||
Philadelphia School District Series 2005 A, 5% 8/1/22 (AMBAC Insured) | 1,675 | 1,728 | ||
| 91,732 | |||
Puerto Rico - 1.0% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.: | ||||
Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | 2,300 | 2,377 | ||
Series 2003, 5.75% 7/1/19 (FGIC Insured) | 3,240 | 3,363 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series C, 5.5% 7/1/21 | 3,000 | 3,158 | ||
Puerto Rico Govt. Dev. Bank: | ||||
Series 2006 B, 5% 12/1/12 | 5,000 | 5,201 | ||
Series 2006 C, 5.25% 1/1/15 (g) | 5,000 | 5,162 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Puerto Rico - continued | ||||
Puerto Rico Pub. Bldg. Auth. Rev.: | ||||
Bonds Series M2: | ||||
5.5%, tender 7/1/17 (AMBAC Insured) (d) | $ 4,600 | $ 4,876 | ||
5.75%, tender 7/1/17 (d) | 8,500 | 9,121 | ||
Series N: | ||||
5.5% 7/1/21 | 5,000 | 5,159 | ||
5.5% 7/1/22 | 3,250 | 3,337 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A, 0% 8/1/41 (FGIC Insured) | 20,300 | 2,790 | ||
Series 2009 A, 6% 8/1/42 | 7,600 | 7,855 | ||
Series A, 0% 8/1/54 (AMBAC Insured) | 6,000 | 316 | ||
| 52,715 | |||
Rhode Island - 0.2% | ||||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev.: | ||||
(Lifespan Corp. Proj.) Series A, 5% 5/15/13 (FSA Insured) | 4,000 | 4,245 | ||
(Univ. of Rhode Island Univ. Revs. Proj.): | ||||
Series 2004 A, 5.5% 9/15/24 (AMBAC Insured) | 3,400 | 3,515 | ||
Series A: | ||||
5.25% 9/15/15 (AMBAC Insured) | 1,725 | 1,876 | ||
5.25% 9/15/16 (AMBAC Insured) | 1,815 | 1,954 | ||
5.25% 9/15/18 (AMBAC Insured) | 1,005 | 1,062 | ||
| 12,652 | |||
South Carolina - 1.0% | ||||
Greenwood Fifty School Facilities Installment: | ||||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 3,930 | 4,308 | ||
5% 12/1/19 (Assured Guaranty Corp. Insured) | 2,375 | 2,564 | ||
Lexington County Health Svcs. District, Inc. Hosp. Rev.: | ||||
5% 11/1/18 | 1,090 | 1,170 | ||
5% 11/1/19 | 1,000 | 1,058 | ||
Lexington One School Facilities Corp. Rev. (Lexington County School District No. 1 Proj.) 5.25% 12/1/18 | 1,540 | 1,681 | ||
Richland County Hosp. Facilities Rev. (Cmnty. Provider Pooled Ln. Prog.) Series A, 7.125% 7/1/17 (Escrowed to Maturity) (h) | 855 | 996 | ||
Rock Hill Util. Sys. Rev. Series 2003 A: | ||||
5.375% 1/1/17 (FSA Insured) | 2,100 | 2,207 | ||
5.375% 1/1/23 (FSA Insured) | 1,025 | 1,060 | ||
South Carolina Jobs-Econ. Dev. Auth. (Palmetto Health Proj.) Series 2009, 5.75% 8/1/39 | 1,435 | 1,335 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
South Carolina - continued | ||||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.): | ||||
5% 4/1/15 | $ 1,000 | $ 1,048 | ||
5% 4/1/24 | 4,000 | 3,797 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
(Santee Cooper Proj.) Series 2009 B: | ||||
5.25% 1/1/34 | 6,000 | 6,252 | ||
5.25% 1/1/39 | 2,800 | 2,878 | ||
Series 2004 A, 5% 1/1/39 | 7,600 | 7,662 | ||
Series 2005 B, 5% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500 | 2,764 | ||
Series A, 5% 1/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,050 | ||
Sumter Two School Facilities, Inc. Rev. 5% 12/1/18 (Assured Guaranty Corp. Insured) | 1,000 | 1,096 | ||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 6,950 | 7,308 | ||
York County Wtr. & Swr. Rev. 5.25% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,120 | 1,135 | ||
| 55,369 | |||
South Dakota - 0.1% | ||||
South Dakota Health & Edl. Facilities Auth. Rev. (Reg'l. Health Proj.) Series 2010: | ||||
4.625% 9/1/27 | 1,000 | 956 | ||
5% 9/1/28 | 3,000 | 2,956 | ||
South Dakota Lease Rev. Series A, 6.625% 9/1/12 (FSA Insured) | 525 | 543 | ||
| 4,455 | |||
Tennessee - 0.9% | ||||
Clarksville Natural Gas Acquisition Corp. Gas Rev.: | ||||
Series 2006, 5% 12/15/13 | 8,000 | 8,378 | ||
5% 12/15/12 | 4,500 | 4,712 | ||
5% 12/15/14 | 3,870 | 4,041 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5.75% 4/1/41 | 6,600 | 6,785 | ||
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev.: | ||||
(Baptist Health Sys. of East Tennessee Proj.) Series 2002, 6.5% 4/15/31 | 5,000 | 5,136 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Tennessee - continued | ||||
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev.: - continued | ||||
(Fort Sanders Alliance Proj.): | ||||
Series 1993, 5.25% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,310 | $ 3,500 | ||
Series C, 5.75% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,127 | ||
Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) 5% 4/1/15 | 5,245 | 5,423 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B: | ||||
5.75% 7/1/23 (g) | 5,820 | 6,193 | ||
5.75% 7/1/24 (g) | 2,400 | 2,545 | ||
Metropolitan Govt. Nashville & Davidson County Wtr. & Swr. Sys. Rev. 7.7% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,555 | 1,606 | ||
| 50,446 | |||
Texas - 11.1% | ||||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 5% 2/15/43 | 6,800 | 6,942 | ||
Argyle Independent School District Series 2005, 5.25% 8/15/40 (FSA Insured) | 1,745 | 1,783 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/33 | 5,000 | 5,136 | ||
Austin Cmnty. College District Rev. (Convention Ctr. Proj.) Series 2002, 0% 2/1/22 (AMBAC Insured) | 2,900 | 1,892 | ||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.) Series B, 5.75% 1/1/24 | 1,405 | 1,334 | ||
Austin Elec. Util. Sys. Rev.: | ||||
0% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,200 | 7,551 | ||
0% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 3,881 | ||
Austin Wtr. & Wastewtr. Sys. Rev.: | ||||
Series 2004 A, 5% 11/15/27 (AMBAC Insured) | 1,780 | 1,858 | ||
Series 2005 A, 5% 5/15/31 (AMBAC Insured) | 4,690 | 4,817 | ||
Bastrop Independent School District Series 2007: | ||||
5.25% 2/15/37 | 2,700 | 2,809 | ||
5.25% 2/15/42 | 5,000 | 5,189 | ||
Beaumont Independent School District 5% 2/15/38 (Assured Guaranty Corp. Insured) | 1,450 | 1,482 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Bexar Metropolitan Wtr. District Wtrwks. Sys. Rev. 5.375% 5/1/20 (FSA Insured) | $ 220 | $ 226 | ||
Boerne Independent School District Series 2004, 5.25% 2/1/35 | 5,100 | 5,166 | ||
Canyon Reg'l. Wtr. Auth. Contract Rev. (Wells Ranch Proj.): | ||||
5% 8/1/19 (AMBAC Insured) | 1,695 | 1,852 | ||
5% 8/1/20 (AMBAC Insured) | 1,780 | 1,914 | ||
Clint Independent School District 5.5% 8/15/20 | 210 | 218 | ||
Coppell Independent School District 0% 8/15/20 | 2,000 | 1,470 | ||
Corpus Christi Util. Sys. Rev.: | ||||
5.25% 7/15/18 (FSA Insured) | 3,305 | 3,857 | ||
5.25% 7/15/19 (FSA Insured) | 4,000 | 4,590 | ||
Cypress-Fairbanks Independent School District Series A: | ||||
0% 2/15/14 | 11,475 | 11,192 | ||
0% 2/15/16 | 9,700 | 8,960 | ||
Dallas Area Rapid Transit Sales Tax Rev. 5.25% 12/1/38 | 21,000 | 21,781 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2009 A, 5% 11/1/23 | 1,250 | 1,306 | ||
Series A: | ||||
5% 11/1/42 | 14,800 | 14,081 | ||
5.25% 11/1/12 (g) | 5,820 | 6,128 | ||
5% 11/1/13 (XL Cap. Assurance, Inc. Insured) (g) | 2,665 | 2,856 | ||
5% 11/1/14 (XL Cap. Assurance, Inc. Insured) (g) | 2,625 | 2,850 | ||
5% 11/1/17 (XL Cap. Assurance, Inc. Insured) (g) | 4,325 | 4,549 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 | 1,800 | 2,080 | ||
Del Mar College District 5.25% 8/15/20 (FGIC Insured) | 2,960 | 3,148 | ||
DeSoto Independent School District 0% 8/15/20 | 3,335 | 2,451 | ||
Duncanville Independent School District 5.65% 2/15/28 | 30 | 31 | ||
Freer Independent School District Series 2007, 5.25% 8/15/37 | 4,215 | 4,384 | ||
Gainesville Independent School District Series 2006, 5.25% 2/15/36 | 1,900 | 1,962 | ||
Garland Wtr. & Swr. Rev. 5.25% 3/1/23 (AMBAC Insured) | 1,315 | 1,386 | ||
Grand Prairie Independent School District 0% 2/15/16 | 3,775 | 3,487 | ||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.): | ||||
5.25% 4/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,570 | 1,680 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Guadalupe-Blanco River Auth. Contract Rev. (Western Canyon Reg'l. Wtr. Supply Proj.): - continued | ||||
5.25% 4/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,680 | $ 1,791 | ||
5.25% 4/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,295 | 2,433 | ||
5.25% 4/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,915 | 2,024 | ||
5.25% 4/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,052 | ||
5.25% 4/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,565 | 1,645 | ||
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt. of Texas, Inc. Denton County Proj.) Series 2003 B, 3.5%, tender 5/1/13 (d)(g) | 2,500 | 2,563 | ||
Harris County Gen. Oblig.: | ||||
(Permanent Impt. Proj.) Series 1996, 0% 10/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,000 | 10,627 | ||
(Road Proj.): | ||||
Series 1996, 0% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,550 | 5,458 | ||
Series 2008 B, 5.25% 8/15/47 | 25,440 | 25,968 | ||
Series 2002: | ||||
0% 8/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 1,730 | ||
0% 8/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 2,456 | ||
5.25% 10/1/24 | 1,700 | 1,822 | ||
5.25% 10/1/24 (Pre-Refunded to 10/1/14 @ 100) (h) | 1,020 | 1,161 | ||
Harris County Health Facilities Dev. Corp. Hosp. Rev. (Memorial Hermann Healthcare Sys. Proj.) Series 2008 B, 7.25% 12/1/35 | 3,200 | 3,528 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A: | ||||
5% 7/1/23 (c)(g) | 3,000 | 3,033 | ||
5% 7/1/25 (c)(g) | 1,500 | 1,491 | ||
Series A: | ||||
5.625% 7/1/20 (FSA Insured) (g) | 2,000 | 2,054 | ||
5.625% 7/1/21 (FSA Insured) (g) | 3,350 | 3,428 | ||
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Series 2010 A, 5% 5/15/35 | 5,900 | 6,144 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Houston Independent School District: | ||||
Series 2005 A, 0% 2/15/16 | $ 5,500 | $ 5,080 | ||
0% 8/15/13 | 9,835 | 9,699 | ||
Humble Independent School District: | ||||
Series 2000: | ||||
0% 2/15/16 | 3,000 | 2,771 | ||
0% 2/15/17 | 3,480 | 3,075 | ||
Series 2005 B, 5.25% 2/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,995 | 2,159 | ||
Series 2009, 5% 2/15/34 | 4,300 | 4,462 | ||
Judson Independent School District Series 2005 B, 5% 2/1/22 (FSA Insured) | 2,250 | 2,370 | ||
Keller Independent School District Series 1996 A, 0% 8/15/17 | 2,000 | 1,739 | ||
Kermit Independent School District 5.25% 2/15/37 | 4,130 | 4,294 | ||
Kingsville Independent School District 5.25% 2/15/37 | 3,650 | 3,795 | ||
Lewisville Independent School District 5% 8/15/16 (Pre-Refunded to 8/15/11 @ 100) (h) | 305 | 307 | ||
Liberty Hill Independent School District (School Bldg. Proj.) Series 2006, 5.25% 8/1/35 | 8,615 | 8,980 | ||
Little Elm Independent School District 5.5% 8/15/21 | 60 | 60 | ||
Longview Independent School District 5% 2/15/34 | 3,000 | 3,122 | ||
Lower Colorado River Auth. Rev.: | ||||
Series 2008, 5.75% 5/15/37 | 6,640 | 6,838 | ||
Series 2010: | ||||
5.25% 5/15/18 (AMBAC Insured) | 1,795 | 1,904 | ||
5.25% 5/15/18 (Pre-Refunded to 5/15/13 @ 100) (h) | 80 | 87 | ||
5% 5/15/31 (AMBAC Insured) | 975 | 975 | ||
5.25% 5/15/18 (Pre-Refunded to 5/15/13 @ 100) (h) | 5 | 5 | ||
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Svcs. Corp. Proj.): | ||||
Series 2003 C, 5% 5/15/33 | 5,495 | 5,506 | ||
Series C: | ||||
5.25% 5/15/18 (AMBAC Insured) | 1,000 | 1,058 | ||
5.25% 5/15/19 (AMBAC Insured) | 1,000 | 1,053 | ||
5.25% 5/15/20 | 2,000 | 2,101 | ||
Mansfield Independent School District 5.5% 2/15/18 | 40 | 41 | ||
Midway Independent School District Series 2000, 0% 8/15/19 | 3,600 | 2,805 | ||
Montgomery County Gen. Oblig. Series A, 5.625% 3/1/20 (FSA Insured) | 495 | 506 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Navasota Independent School District: | ||||
Series 2005, 5.25% 8/15/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,275 | $ 2,290 | ||
5.5% 8/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675 | 1,742 | ||
New Caney Independent School District Series 2007 A, 5.25% 2/15/37 | 2,680 | 2,795 | ||
North Forest Independent School District Series B, 5% 8/15/18 (FSA Insured) | 1,470 | 1,633 | ||
North Texas Muni. Wtr. District Wtr. Sys. Rev. Series 2006, 5% 9/1/35 | 4,000 | 4,102 | ||
North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Series 2003 A, 5% 1/1/28 (AMBAC Insured) | 7,175 | 7,201 | ||
North Texas Tollway Auth. Rev.: | ||||
Bonds Series 2008 E3, 5.75%, tender 1/1/16 (d) | 4,000 | 4,503 | ||
Series 2008 A: | ||||
6% 1/1/23 | 4,800 | 5,286 | ||
6% 1/1/24 | 2,000 | 2,172 | ||
Series 2008 I, 0% 1/1/42 (Assured Guaranty Corp. Insured) (a) | 7,200 | 5,978 | ||
Series 2009 A, 6.25% 1/1/39 | 10,200 | 10,538 | ||
6% 9/1/41 | 4,900 | 5,380 | ||
Pflugerville Gen. Oblig. 5.5% 8/1/22 (AMBAC Insured) | 1,000 | 1,051 | ||
Prosper Independent School District: | ||||
Series 2005, 5.125% 8/15/30 | 3,110 | 3,326 | ||
5.375% 8/15/37 | 15,255 | 16,186 | ||
5.75% 8/15/29 | 1,250 | 1,285 | ||
Robstown Independent School District 5.25% 2/15/29 | 3,165 | 3,328 | ||
Rockdale Independent School District Series 2007, 5.25% 2/15/37 | 5,100 | 5,294 | ||
Rockwall Independent School District: | ||||
5.375% 2/15/19 | 25 | 26 | ||
5.375% 2/15/20 | 25 | 25 | ||
5.375% 2/15/21 | 30 | 31 | ||
San Antonio Arpt. Sys. Rev.: | ||||
5% 7/1/15 (FSA Insured) (g) | 2,510 | 2,715 | ||
5% 7/1/17 (FSA Insured) (g) | 2,765 | 2,981 | ||
5% 7/1/17 (FSA Insured) (g) | 2,385 | 2,545 | ||
5.25% 7/1/19 (FSA Insured) (g) | 2,635 | 2,782 | ||
5.25% 7/1/20 (FSA Insured) (g) | 3,215 | 3,380 | ||
5.25% 7/1/20 (FSA Insured) (g) | 2,775 | 2,902 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
San Antonio Elec. & Gas Sys. Rev. Series 2008, 5% 2/1/24 | $ 2,590 | $ 2,840 | ||
San Antonio Gen. Oblig. Series 2006, 5.5% 2/1/15 | 365 | 375 | ||
San Antonio Wtr. Sys. Rev. Series 2002 A, 5% 5/15/32 (FSA Insured) | 1,550 | 1,576 | ||
San Jacinto Cmnty. College District Series 2009, 5% 2/15/39 | 3,620 | 3,719 | ||
Snyder Independent School District: | ||||
5.25% 2/15/21 (AMBAC Insured) | 1,035 | 1,098 | ||
5.25% 2/15/22 (AMBAC Insured) | 1,090 | 1,150 | ||
5.25% 2/15/30 (AMBAC Insured) | 1,800 | 1,843 | ||
Socorro Independent School District Series 2001, 5.375% 8/15/18 | 60 | 60 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2010: | ||||
5% 10/1/35 | 1,700 | 1,735 | ||
5% 10/1/41 | 8,200 | 8,339 | ||
Spring Branch Independent School District Series 2008, 5.25% 2/1/38 | 2,000 | 2,086 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Baylor Health Care Sys. Proj.) Series 2009, 5.75% 11/15/24 | 6,900 | 7,493 | ||
(Hendrick Med. Ctr. Proj.) Series 2009 B: | ||||
5.25% 9/1/26 (Assured Guaranty Corp. Insured) | 1,785 | 1,843 | ||
5.25% 9/1/27 (Assured Guaranty Corp. Insured) | 2,375 | 2,441 | ||
Texas Gen. Oblig.: | ||||
(College Student Ln. Prog.) 5% 8/1/12 (g) | 6,655 | 6,694 | ||
(Trans. Commission Mobility Fund Proj.): | ||||
Series 2005 A, 4.75% 4/1/35 | 8,380 | 8,428 | ||
Series 2008, 4.75% 4/1/37 | 21,920 | 22,031 | ||
5.75% 8/1/26 | 3,320 | 3,328 | ||
Texas Muni. Pwr. Agcy. Rev. 0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 18,715 | 16,102 | ||
Texas Private Activity Bond Surface Trans. Corp.: | ||||
(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40 | 5,200 | 5,509 | ||
(NTE Mobility Partners LLC North Tarrant Express Managed Lanes Proj.) Series 2009, 6.875% 12/31/39 | 7,300 | 7,760 | ||
Texas Pub. Fin. Auth. Bldg. Rev. Series 1990: | ||||
0% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,400 | 4,371 | ||
0% 2/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,910 | 6,541 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Texas Tpk. Auth. Central Texas Tpk. Sys. Rev. Series 2002 A: | ||||
5.5% 8/15/39 | $ 37,550 | $ 37,552 | ||
5.75% 8/15/38 (AMBAC Insured) | 15,900 | 15,714 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007, 5% 4/1/23 | 2,320 | 2,555 | ||
Texas Wtr. Dev. Board Rev.: | ||||
Series B, 5.375% 7/15/16 | 5,000 | 5,014 | ||
5.625% 7/15/21 | 2,460 | 2,466 | ||
Trinity River Auth. Rev. (Tarrant County Wtr. Proj.) 5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,930 | 5,520 | ||
Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.) 5.75% 7/1/27 (Pre-Refunded to 7/1/13 @ 100) (h) | 1,000 | 1,100 | ||
Waller Independent School District 5.5% 2/15/37 | 4,920 | 5,187 | ||
Weatherford Independent School District 0% 2/15/33 | 6,985 | 2,470 | ||
White Settlement Independent School District: | ||||
5.75% 8/15/30 | 2,890 | 2,962 | ||
5.75% 8/15/34 | 140 | 143 | ||
5.75% 8/15/34 (Pre-Refunded to 8/15/12 @ 100) (h) | 2,860 | 3,036 | ||
Wylie Independent School District Series 2001, 0% 8/15/20 | 1,790 | 1,316 | ||
| 617,353 | |||
Utah - 0.5% | ||||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series A, 6% 7/1/16 (Escrowed to Maturity) (h) | 9,205 | 9,236 | ||
Salt Lake City Hosp. Rev. (Intermountain Health Care Hosp., Inc. Proj.) Series A, 8.125% 5/15/15 (Escrowed to Maturity) (h) | 1,505 | 1,674 | ||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) Series A: | ||||
5.25% 4/1/16 (FSA Insured) | 3,590 | 3,770 | ||
5.25% 4/1/17 (FSA Insured) | 4,335 | 4,523 | ||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 | 9,070 | 9,428 | ||
| 28,631 | |||
Vermont - 0.3% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev.: | ||||
(Fletcher Allen Health Care, Inc. Proj.) Series 2000 A: | ||||
5.75% 12/1/18 (AMBAC Insured) | 3,100 | 3,113 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Vermont - continued | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev.: - continued | ||||
(Fletcher Allen Health Care, Inc. Proj.) Series 2000 A: | ||||
6.125% 12/1/27 (AMBAC Insured) | $ 8,600 | $ 8,711 | ||
(Middlebury College Proj.) Series 2006 A, 5% 10/31/46 | 4,075 | 4,132 | ||
| 15,956 | |||
Virginia - 0.2% | ||||
King George County Indl. Dev. Auth. Solid Waste Disp. Fac. Rev. Bonds (King George Landfill, Inc. Proj.) Series 2003 A, 3.5%, tender 5/1/13 (d)(g) | 4,050 | 4,142 | ||
Virginia Beach Dev. Auth. Hosp. Facilities Rev. (Virginia Beach Gen. Hosp. Proj.): | ||||
6% 2/15/12 (AMBAC Insured) | 2,150 | 2,220 | ||
6% 2/15/13 (AMBAC Insured) | 1,460 | 1,577 | ||
Winchester Indl. Dev. Auth. Hosp. Rev. (Valley Health Sys. Proj.) Series 2009 E, 5.625% 1/1/44 | 1,800 | 1,809 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 4.05%, tender 5/1/14 (d) | 3,700 | 3,924 | ||
| 13,672 | |||
Washington - 5.2% | ||||
Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Series 2007 A, 5% 11/1/27 | 3,500 | 3,680 | ||
Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series 1997 A, 0% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 5,914 | ||
Chelan County Pub. Util. District #1 Rev. Bonds Series 2005 A, 5.125%, tender 7/1/15 (FGIC Insured) (d)(g) | 2,430 | 2,539 | ||
Clark County School District #37, Vancouver Series 2001 C, 0% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,030 | 1,504 | ||
Energy Northwest Elec. Rev.: | ||||
(#3 Proj.) Series 2002 B, 6% 7/1/16 (AMBAC Insured) | 20,000 | 21,011 | ||
Series 2012 A, 5% 7/1/21 (c) | 20,000 | 21,774 | ||
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B: | ||||
5.25% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,590 | 1,699 | ||
5.25% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,760 | 1,847 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Washington - continued | ||||
Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series B: - continued | ||||
5.25% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | $ 2,055 | $ 2,124 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev.: | ||||
5.25% 12/1/25 (FSA Insured) | 2,575 | 2,753 | ||
5.25% 12/1/36 (FSA Insured) | 9,180 | 9,339 | ||
King County Gen. Oblig.: | ||||
(Pub. Trans. Proj.) Series 2004, 5.125% 6/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,750 | 4,867 | ||
(Swr. Proj.) Series 2005, 5% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,221 | ||
King County Swr. Rev.: | ||||
Series 2002 B, 5.125% 1/1/33 (FSA Insured) | 22,390 | 22,464 | ||
Series 2008, 5.75% 1/1/43 | 22,700 | 24,241 | ||
Series 2009, 5.25% 1/1/42 | 2,600 | 2,686 | ||
5% 1/1/50 | 6,500 | 6,467 | ||
Pierce County School District #10 Tacoma Series A, 5% 12/1/18 (FSA Insured) | 4,000 | 4,446 | ||
Port of Seattle Rev. Series D: | ||||
5.75% 11/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,500 | 1,579 | ||
5.75% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 3,055 | 3,197 | ||
5.75% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 2,250 | 2,339 | ||
Snohomish County School District #4, Lake Stevens 5.125% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,875 | 2,035 | ||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev.: | ||||
5.75% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,141 | ||
5.75% 12/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,126 | ||
Washington Gen. Oblig.: | ||||
Series 2008 D, 5% 1/1/24 | 2,975 | 3,246 | ||
Series B, 5% 7/1/28 | 395 | 414 | ||
Series R 97A: | ||||
0% 7/1/17 (Escrowed to Maturity) (h) | 7,045 | 6,269 | ||
0% 7/1/19 (Escrowed to Maturity) (h) | 9,100 | 7,369 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Washington - continued | ||||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Heath Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | $ 5,000 | $ 5,397 | ||
(Childrens Hosp. Reg'l. Med. Ctr. Proj.) Series 2008 C, 5.5% 10/1/35 | 10,000 | 10,227 | ||
(MultiCare Health Sys. Proj.) Series 2010 A: | ||||
5.25% 8/15/19 | 3,850 | 4,125 | ||
5.25% 8/15/20 | 2,000 | 2,119 | ||
(Providence Health Systems Proj.): | ||||
Series 2001 A, 5.5% 10/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,455 | 5,517 | ||
Series 2006 D, 5.25% 10/1/33 | 2,000 | 2,052 | ||
(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38 | 7,550 | 7,788 | ||
5.7% 7/1/38 | 11,300 | 10,982 | ||
7% 7/1/39 | 3,000 | 3,057 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. 5.4% 7/1/12 | 56,550 | 59,381 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev. Series A, 0% 7/1/12 | 4,000 | 3,959 | ||
| 289,895 | |||
West Virginia - 0.1% | ||||
West Virginia Hosp. Fin. Auth. Hosp. Rev.: | ||||
(West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 700 | 707 | ||
(West Virginia Univ. Hospitals, Inc. Proj.) Series 2003 D, 5.5% 6/1/33 (FSA Insured) | 2,600 | 2,646 | ||
| 3,353 | |||
Wisconsin - 0.5% | ||||
Badger Tobacco Asset Securitization Corp. 6.125% 6/1/27 (Pre-Refunded to 6/1/12 @ 100) (h) | 2,270 | 2,387 | ||
Douglas County Gen. Oblig. 5.5% 2/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,035 | 1,054 | ||
Wisconsin Gen. Oblig. Series 2008 D, 5.5% 5/1/26 | 1,245 | 1,384 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.) Series 2010: | ||||
5.5% 7/1/40 | 2,375 | 2,207 | ||
5.75% 7/1/30 | 2,655 | 2,652 | ||
(Children's Hosp. of Wisconsin Proj.) 5.25% 8/15/22 | 2,000 | 2,155 | ||
(Children's Hosp. Proj.) Series 2008 B, 5.375% 8/15/37 | 8,045 | 8,097 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: - continued | ||||
(Marshfield Clinic Proj.) Series A, 5.375% 2/15/34 | $ 3,250 | $ 2,981 | ||
(Saint John's Cmntys., Inc. Proj.) Series 2009 C2, 5.4% 9/15/14 | 2,450 | 2,438 | ||
(Wheaton Franciscan Healthcare Sys. Proj.) Series 2003 A: | ||||
5.5% 8/15/15 | 1,480 | 1,545 | ||
5.5% 8/15/16 | 1,105 | 1,147 | ||
| 28,047 | |||
Wyoming - 0.2% | ||||
Campbell County Solid Waste Facilities Rev. (Basin Elec. Pwr. Coop. - Dry Fork Station Facilities Proj.) Series 2009 A, 5.75% 7/15/39 | 8,600 | 8,771 | ||
TOTAL MUNICIPAL BONDS (Cost $5,429,219) | 5,497,892 |
Municipal Notes - 0.1% | |||
|
|
|
|
Florida - 0.1% | |||
Cape Coral Wtr. & Swr. Rev. BAN Series 2009, 6% 10/1/11 | 6,500 | 6,559 | |
Money Market Funds - 0.0% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.09% (e)(f) | 100,000 | 100 | |
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $5,435,819) | 5,504,551 | ||
NET OTHER ASSETS (LIABILITIES) - 0.8% | 42,905 | ||
NET ASSETS - 100% | $ 5,547,456 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(e) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(h) Security collateralized by an amount sufficient to pay interest and principal. |
(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,024,000 or 0.1% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 | 9/3/92 | $ 2,842 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 0* |
*Amount represents less than $1,000. |
Other Information |
The following is a summary of the inputs used, as of June 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Municipal Securities | $ 5,504,451 | $ - | $ 5,504,451 | $ - |
Money Market Funds | 100 | 100 | - | - |
Total Investments in Securities: | $ 5,504,551 | $ 100 | $ 5,504,451 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 35.7% |
Health Care | 17.6% |
Transportation | 10.1% |
Water & Sewer | 10.0% |
Special Tax | 9.1% |
Electric Utilities | 8.1% |
Others* (Individually Less Than 5%) | 9.4% |
| 100.0% |
*Includes cash equivalents and net other assets |
Income Tax Information |
At December 31, 2010, the Fund had a capital loss carryforward of approximately $11,049,000 of which $8,010,000 and $3,039,000 will expire in fiscal 2016 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $5,435,719) | $ 5,504,451 |
|
Fidelity Central Funds (cost $100) | 100 |
|
Total Investments (cost $5,435,819) |
| $ 5,504,551 |
Cash | 76,315 | |
Receivable for investments sold | 3,187 | |
Receivable for fund shares sold | 3,394 | |
Interest receivable | 73,817 | |
Other receivables | 6 | |
Total assets | 5,661,270 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 8,015 | |
Delayed delivery | 92,240 | |
Payable for fund shares redeemed | 4,084 | |
Distributions payable | 6,891 | |
Accrued management fee | 1,697 | |
Other affiliated payables | 848 | |
Other payables and accrued expenses | 39 | |
Total liabilities | 113,814 | |
|
|
|
Net Assets | $ 5,547,456 | |
Net Assets consist of: |
| |
Paid in capital | $ 5,497,989 | |
Undistributed net investment income | 1,905 | |
Accumulated undistributed net realized gain (loss) on investments | (21,170) | |
Net unrealized appreciation (depreciation) on investments | 68,732 | |
Net Assets, for 442,643 shares outstanding | $ 5,547,456 | |
Net Asset Value, offering price and redemption price per share ($5,547,456 ÷ 442,643 shares) | $ 12.53 |
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, 2011 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 126,464 |
|
|
|
Expenses | ||
Management fee | $ 9,884 | |
Transfer agent fees | 2,151 | |
Accounting fees and expenses | 338 | |
Custodian fees and expenses | 32 | |
Independent trustees' compensation | 10 | |
Registration fees | 76 | |
Audit | 34 | |
Legal | 7 | |
Miscellaneous | 35 | |
Total expenses before reductions | 12,567 | |
Expense reductions | (12) | 12,555 |
Net investment income (loss) | 113,909 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (5,695) |
Change in net unrealized appreciation (depreciation) on investment securities | 114,526 | |
Net gain (loss) | 108,831 | |
Net increase (decrease) in net assets resulting from operations | $ 222,740 |
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 June 30, 2011 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 113,909 | $ 243,841 |
Net realized gain (loss) | (5,695) | (5,712) |
Change in net unrealized appreciation (depreciation) | 114,526 | (88,189) |
Net increase (decrease) in net assets resulting | 222,740 | 149,940 |
Distributions to shareholders from net investment income | (113,809) | (243,604) |
Distributions to shareholders from net realized gain | - | (466) |
Total distributions | (113,809) | (244,070) |
Share transactions | 706,998 | 1,246,482 |
Reinvestment of distributions | 72,688 | 152,825 |
Cost of shares redeemed | (996,220) | (1,290,967) |
Net increase (decrease) in net assets resulting from share transactions | (216,534) | 108,340 |
Redemption fees | 20 | 69 |
Total increase (decrease) in net assets | (107,583) | 14,279 |
|
|
|
Net Assets | ||
Beginning of period | 5,655,039 | 5,640,760 |
End of period (including undistributed net investment income of $1,905 and undistributed net investment income of $1,805, respectively) | $ 5,547,456 | $ 5,655,039 |
Other Information Shares | ||
Sold | 57,649 | 98,667 |
Issued in reinvestment of distributions | 5,899 | 12,083 |
Redeemed | (81,620) | (102,871) |
Net increase (decrease) | (18,072) | 7,879 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.27 | $ 12.46 | $ 11.49 | $ 12.58 | $ 12.77 | $ 12.82 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .258 | .516 | .517 | .515 | .514 | .529 |
Net realized and unrealized gain (loss) | .260 | (.189) | .970 | (1.081) | (.125) | .068 |
Total from investment operations | .518 | .327 | 1.487 | (.566) | .389 | .597 |
Distributions from net investment income | (.258) | (.516) | (.517) | (.513) | (.514) | (.527) |
Distributions from net realized gain | - | (.001) | - I | (.011) | (.065) | (.120) |
Total distributions | (.258) | (.517) | (.517) | (.524) | (.579) | (.647) |
Redemption fees added to paid in capital D, I | - | - | - | - | - | - |
Net asset value, end of period | $ 12.53 | $ 12.27 | $ 12.46 | $ 11.49 | $ 12.58 | $ 12.77 |
Total Return B, C | 4.28% | 2.58% | 13.14% | (4.61)% | 3.13% | 4.78% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .47% A | .46% | .48% | .47% | .47% | .47% |
Expenses net of fee waivers, if any | .47% A | .46% | .48% | .47% | .47% | .47% |
Expenses net of all reductions | .47% A | .46% | .48% | .46% | .44% | .45% |
Net investment income (loss) | 4.23% A | 4.08% | 4.25% | 4.23% | 4.08% | 4.15% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 5,547 | $ 5,655 | $ 5,641 | $ 4,545 | $ 5,141 | $ 4,686 |
Portfolio turnover rate F | 9% A | 10% | 10% | 15% | 22% H | 25% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
H The portfolio turnover rate does not include the assets acquired in the merger.
I Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2011 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2011 for the Fund's investments, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Semiannual Report
3. Significant Accounting Policies - continued
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales, futures transactions and excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 147,297 |
Gross unrealized depreciation | (77,219) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 70,078 |
|
|
Tax cost | $ 5,434,473 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be December, 31, 2011.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to .50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The 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.
Semiannual Report
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $233,784 and $460,192, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer agency, dividend disbursing and shareholder servicing functions. The Fund pays account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annualized rate of .08% of average net assets.
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $10 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
Through arrangements with the Fund's custodian, 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 $12.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
9. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains distributions, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
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Glendale, AZ
5330 E. Broadway Blvd
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California
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Colorado
281 East Flatiron Circle
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Denver, CO
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Connecticut
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Greenwich, CT
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Stamford, CT
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Fairfield, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
1400 Glades Road
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2465 State Road 7
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Georgia
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Atlanta, GA
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Illinois
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Chicago, IL
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Indiana
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Kansas
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Maine
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Maryland
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Massachusetts
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Burlington, MA
238 Main Street
Cambridge, MA
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Semiannual Report
405 Cochituate Road
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551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 N. Old Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
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43420 Grand River Avenue
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3480 28th Street
Grand Rapids, MI
2425 S. Linden Road STE E
Flint, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
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Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
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150 Essex Street
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35 Morris Street
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396 Route 17, North
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3518 Route 1 North
Princeton, NJ
530 Broad Street
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New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
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37 West Jericho Turnpike
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980 Madison Avenue
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200 Fifth Avenue
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733 Third Avenue
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2070 Broadway
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1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
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3349 Monroe Avenue
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North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
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Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
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2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
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6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
1576 East Southlake Blvd.
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15600 Southwest Freeway
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139 N. Loop 1604 East
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Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
11957 Democracy Drive
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Washington
10500 NE 8th Street
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1518 6th Avenue
Seattle, WA
304 Strander Blvd
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Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone(FAST®) 1-800-544-5555
Automated line for quickest service
HIY-USAN-0811
1.787789.108
Fidelity®
Minnesota Municipal Income
Fund
Semiannual Report
June 30, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Actual | .50% | $ 1,000.00 | $ 1,037.40 | $ 2.53 |
Hypothetical (5% return per year before expenses) |
| $ 1,000.00 | $ 1,022.32 | $ 2.51 |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 31.0 | 32.2 |
Health Care | 18.4 | 17.1 |
Escrowed/Pre-Refunded | 15.8 | 19.1 |
Electric Utilities | 12.2 | 12.6 |
Education | 8.4 | 5.7 |
Weighted Average Maturity as of June 30, 2011 | ||
|
| 6 months ago |
Years | 6.4 | 7.5 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of June 30, 2011 | ||
|
| 6 months ago |
Years | 6.3 | 6.6 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | AAA 7.9% |
| ![]() | AAA 8.3% |
| ||
![]() | AA,A 83.5% |
| ![]() | AA,A 82.7% |
| ||
![]() | BBB 3.6% |
| ![]() | BBB 3.7% |
| ||
![]() | BB and Below 0.6% |
| ![]() | BB and Below 0.4% |
| ||
![]() | Not Rated 2.6% |
| ![]() | Not Rated 3.9% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.2% | ||||
| Principal Amount | Value | ||
Guam - 0.3% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/23 | $ 1,500,000 | $ 1,428,585 | ||
Minnesota - 96.3% | ||||
Alexandria Independent School District #206 Gen. Oblig. (Minnesota School District Cr. Enhancement Prog.) Series 2008 A, 5% 2/1/17 (FSA Insured) | 1,000,000 | 1,158,500 | ||
Anoka-Hennepin Independent School District #11 Series 2004 B, 5% 2/1/20 | 1,880,000 | 1,908,952 | ||
Brainerd Independent School District #181 Series 2002 A: | ||||
5.375% 2/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 8/1/12 @ 100) (c) | 3,285,000 | 3,440,348 | ||
5.375% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 8/1/12 @ 100) (c) | 4,100,000 | 4,293,889 | ||
5.375% 2/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 8/1/12 @ 100) (c) | 2,200,000 | 2,304,038 | ||
Breckenridge Gen. Oblig. (Catholic Health Initiatives Proj.) Series 2004 A, 5% 5/1/30 | 4,575,000 | 4,609,358 | ||
Brooklyn Ctr. Independent School District #286 Series 2002, 5.1% 2/1/31 (FGIC Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 6,000,000 | 6,149,040 | ||
Burnsville-Eagan-Savage Independent School District #191 Gen. Oblig. (Minnesota School Distric Cr. Enhancement Prog.) Series 2007 A, 5% 2/1/17 (FSA Insured) | 525,000 | 600,170 | ||
Cambridge Independent School District #911 Gen. Oblig. (Minnesota School District Prog.) Series 2005 C, 5% 4/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,200,000 | 1,323,036 | ||
Centennial Independent School District #12 Series 2002 A, 5% 2/1/19 (FSA Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 230,000 | 235,582 | ||
Chaska Elec. Rev. (Generating Facilities Proj.) Series 2005 A: | ||||
5.25% 10/1/20 | 2,000,000 | 2,121,200 | ||
5.25% 10/1/25 | 1,955,000 | 2,028,391 | ||
Chaska Independent School District #112 Gen. Oblig.: | ||||
(School Bldg. Proj.) Series 2007 A, 5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 750,000 | 863,318 | ||
Series 2009 A: | ||||
4% 2/1/16 | 1,000,000 | 1,113,280 | ||
5% 2/1/17 | 1,000,000 | 1,167,110 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Duluth Econ. Dev. Auth. Health Care Facilities Rev. (Benedictine Health Sys. Saint Mary's) Series 2004, 5.25% 2/15/28 (Pre-Refunded to 2/15/14 @ 100) (c) | $ 2,350,000 | $ 2,622,624 | ||
Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B: | ||||
4% 3/1/16 | 1,445,000 | 1,573,432 | ||
4% 3/1/17 | 1,495,000 | 1,622,344 | ||
4% 3/1/18 | 1,235,000 | 1,330,577 | ||
5% 3/1/30 | 2,770,000 | 2,864,097 | ||
Elk River Independent School District #728: | ||||
Series 2002 A: | ||||
5% 2/1/16 (FSA Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 3,000,000 | 3,173,790 | ||
5.25% 2/1/18 (FSA Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 3,600,000 | 3,822,480 | ||
Series 2004 A, 5% 2/1/17 (FGIC Insured) (Pre-Refunded to 8/1/14 @ 100) (c) | 1,000,000 | 1,109,060 | ||
Series 2006 A, 5% 2/1/19 (FSA Insured) | 3,500,000 | 3,824,905 | ||
Hennepin County Gen. Oblig. Series 2010 E, 5% 12/15/20 | 4,945,000 | 5,794,304 | ||
Hennepin County Sales Tax Rev. (Ballpark Proj.) Series 2007 A, 5% 12/15/24 | 1,000,000 | 1,090,030 | ||
Hopkins Independent School District #270 Series 2002: | ||||
5% 2/1/16 (FGIC Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 1,350,000 | 1,382,765 | ||
5.125% 2/1/17 (FGIC Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 1,015,000 | 1,040,355 | ||
Jackson County Central Independent School District #2895 5% 2/1/21 (FSA Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 1,220,000 | 1,249,609 | ||
Lake Superior Independent School District #381 Series 2002 A: | ||||
5% 4/1/15 (FSA Insured) (Pre-Refunded to 4/1/13 @ 100) (c) | 1,970,000 | 2,096,100 | ||
5% 4/1/16 (FSA Insured) (Pre-Refunded to 4/1/13 @ 100) (c) | 2,065,000 | 2,197,181 | ||
5% 4/1/17 (FSA Insured) (Pre-Refunded to 4/1/13 @ 100) (c) | 2,165,000 | 2,303,582 | ||
5% 4/1/18 (FSA Insured) (Pre-Refunded to 4/1/13 @ 100) (c) | 1,260,000 | 1,340,653 | ||
Lakeville Independent School District #194 Series 2002 A, 5% 2/1/22 (FGIC Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 1,000,000 | 1,057,930 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Maple Grove Health Care Sys. Rev.: | ||||
(Maple Grove Hosp. Corp. Proj.) Series 2007, 5% 5/1/16 | $ 1,000,000 | $ 1,089,550 | ||
Series 2007: | ||||
5.25% 5/1/24 | 1,500,000 | 1,512,600 | ||
5.25% 5/1/25 | 2,000,000 | 2,004,820 | ||
5.25% 5/1/28 | 3,720,000 | 3,642,438 | ||
Metropolitan Council Gen. Oblig. Rev. (Wastewtr. Proj.) Series 2008 C, 5% 3/1/21 | 5,000,000 | 5,460,600 | ||
Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev.: | ||||
(Children's Health Care Proj.): | ||||
Series 1995 B, 5% 8/15/25 (FSA Insured) | 3,000,000 | 3,198,690 | ||
Series 2010 A, 5.25% 8/15/25 | 1,000,000 | 1,073,270 | ||
(Children's Hospitals and Clinics Proj.) Series 2004 A1, 5% 8/15/34 (FSA Insured) | 500,000 | 504,710 | ||
(HealthPartners Obligated Group Proj.) Series 2003: | ||||
5.875% 12/1/29 | 800,000 | 801,272 | ||
6% 12/1/19 | 2,815,000 | 2,921,689 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | ||||
Series 2005 A: | ||||
5% 1/1/15 (AMBAC Insured) | 2,000,000 | 2,222,480 | ||
5% 1/1/35 (AMBAC Insured) | 8,500,000 | 8,361,450 | ||
Series 2005 C, 5% 1/1/31 (FGIC Insured) | 2,090,000 | 2,093,950 | ||
Series 2007 A, 5% 1/1/21 | 5,000,000 | 5,381,750 | ||
Series 2007 B, 5% 1/1/18 (FGIC Insured) | 2,000,000 | 2,213,740 | ||
Series 2008 A: | ||||
5% 1/1/13 (b) | 655,000 | 692,649 | ||
5% 1/1/14 (b) | 3,000,000 | 3,228,570 | ||
Series B, 5% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,830,000 | 3,044,599 | ||
Series D, 5% 1/1/17 (b) | 4,155,000 | 4,574,655 | ||
Minneapolis Art Ctr. Facilities Rev. (Walker Art Ctr. Proj.) Series 2001, 5.125% 7/1/21 | 1,250,000 | 1,250,000 | ||
Minneapolis Gen. Oblig. Series 2009: | ||||
4% 12/1/20 | 2,800,000 | 2,980,348 | ||
4% 12/1/21 | 2,330,000 | 2,464,441 | ||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.): | ||||
Series 2005 D, 5% 11/15/34 (AMBAC Insured) | 5,120,000 | 4,849,664 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.): - continued | ||||
Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | $ 3,500,000 | $ 3,786,090 | ||
Minneapolis Spl. School District #1: | ||||
Series 2005 A, 5% 2/1/17 (FSA Insured) | 2,000,000 | 2,170,480 | ||
5% 2/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 1,020,000 | 1,044,755 | ||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/21 (Assured Guaranty Corp. Insured) | 2,220,000 | 2,540,346 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.): | ||||
Series 2008 C1: | ||||
5% 2/15/16 (Assured Guaranty Corp. Insured) | 415,000 | 461,605 | ||
5% 2/15/30 (Assured Guaranty Corp. Insured) | 3,750,000 | 3,773,288 | ||
5.25% 2/15/23 (Assured Guaranty Corp. Insured) | 1,660,000 | 1,794,709 | ||
5.5% 2/15/25 (Assured Guaranty Corp. Insured) | 2,500,000 | 2,698,900 | ||
Series 2008, 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,975,000 | 2,176,371 | ||
Minnesota Gen. Oblig.: | ||||
Series 2008 A, 5% 6/1/21 | 3,300,000 | 3,761,604 | ||
Series 2009 A, 5% 12/1/23 | 15,540,000 | 17,709,063 | ||
Series 2009 H, 5% 11/1/21 | 4,590,000 | 5,353,133 | ||
Series 2010 D: | ||||
5% 8/1/21 | 1,000,000 | 1,173,360 | ||
5% 8/1/22 | 5,000,000 | 5,793,100 | ||
5% 8/1/23 | 10,000,000 | 11,517,500 | ||
5% 11/1/15 | 5,135,000 | 5,820,112 | ||
5% 11/1/15 (Pre-Refunded to 11/1/14 @ 100) (c) | 4,865,000 | 5,524,402 | ||
5% 6/1/16 | 2,015,000 | 2,367,988 | ||
5% 6/1/21 | 8,585,000 | 9,539,995 | ||
5% 8/1/22 | 2,600,000 | 2,897,206 | ||
5% 11/1/24 (Pre-Refunded to 11/1/14 @ 100) (c) | 9,155,000 | 10,395,869 | ||
5% 11/1/26 | 4,270,000 | 4,616,980 | ||
Minnesota Higher Ed. Facilities Auth. Rev.: | ||||
(College of St. Scholastica, Inc. Proj.) Series Seven-H, 5.25% 12/1/35 | 1,000,000 | 942,280 | ||
(Gustovus Adolphus College Proj.) Series Seven-B: | ||||
5% 10/1/22 | 2,250,000 | 2,427,728 | ||
5% 10/1/23 | 1,000,000 | 1,068,800 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Minnesota Higher Ed. Facilities Auth. Rev.: - continued | ||||
(Hamline Univ. Proj.) Series Seven-E: | ||||
5% 10/1/17 | $ 1,565,000 | $ 1,688,134 | ||
5% 10/1/19 | 1,000,000 | 1,060,160 | ||
(Macalester College Proj.) Series Six-P: | ||||
5% 3/1/21 | 2,315,000 | 2,532,587 | ||
5% 3/1/22 | 2,535,000 | 2,750,019 | ||
(St. Olaf College Proj.) Series Six-O, 5% 10/1/15 | 1,000,000 | 1,124,270 | ||
(Univ. of St. Thomas Proj.): | ||||
Series Seven-A, 5% 10/1/39 | 1,650,000 | 1,655,396 | ||
Series Six-I, 5% 4/1/23 | 1,000,000 | 1,045,330 | ||
Series Six-X, 5.25% 4/1/39 | 1,500,000 | 1,522,110 | ||
Minnesota Muni. Pwr. Agcy. Elec. Rev.: | ||||
Series 2005, 5.25% 10/1/21 | 8,450,000 | 8,992,744 | ||
Series 2007, 5.25% 10/1/22 | 1,000,000 | 1,080,930 | ||
Minnesota Pub. Facilities Auth. Drinking Wtr. Rev. Series 2005 A, 5% 3/1/21 | 5,060,000 | 5,485,900 | ||
Minnesota Pub. Facilities Auth. Wtr. Poll. Cont. Rev. Series 2004 B, 5.25% 3/1/15 | 2,000,000 | 2,304,880 | ||
Minnesota Retirement Sys. Bldg. Rev.: | ||||
5.55% 6/1/14 | 590,000 | 591,906 | ||
5.6% 6/1/15 | 615,000 | 617,017 | ||
5.65% 6/1/16 | 625,000 | 626,969 | ||
5.7% 6/1/17 | 900,000 | 902,700 | ||
5.75% 6/1/18 | 975,000 | 977,779 | ||
5.75% 6/1/19 | 1,050,000 | 1,052,856 | ||
5.8% 6/1/20 | 1,000,000 | 1,002,690 | ||
5.875% 6/1/22 | 2,425,000 | 2,431,305 | ||
Minnesota State Colleges & Univs. Board of Trustees Rev.: | ||||
Series 2005 A, 5% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,465,000 | 1,615,631 | ||
Series 2009 A: | ||||
4% 10/1/17 | 1,445,000 | 1,604,658 | ||
4% 10/1/18 | 1,490,000 | 1,644,319 | ||
4% 10/1/19 | 1,550,000 | 1,693,065 | ||
4% 10/1/20 | 1,580,000 | 1,700,459 | ||
Series 2011 A, 5% 10/1/30 | 1,495,000 | 1,589,738 | ||
North Saint Paul-Maplewood-Oakdale Independent School District 622 Series 2006 B: | ||||
5% 2/1/17 (FSA Insured) | 1,525,000 | 1,778,089 | ||
5% 8/1/17 (FSA Insured) | 1,575,000 | 1,790,791 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Northeast Metropolitan Intermediate School District #916 Ctfs. of Prtn. Series 2004, 5% 1/1/13 | $ 1,000,000 | $ 1,049,280 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev.: | ||||
Series 2009 A, 5% 1/1/16 (Assured Guaranty Corp. Insured) | 3,000,000 | 3,362,400 | ||
Series 2010 A1, 5% 1/1/19 | 3,000,000 | 3,333,720 | ||
Series A, 5% 1/1/18 (Assured Guaranty Corp. Insured) | 3,000,000 | 3,379,500 | ||
Northfield Hosp. Rev. Series 2006: | ||||
5.375% 11/1/26 | 1,000,000 | 975,970 | ||
5.5% 11/1/16 | 1,025,000 | 1,082,861 | ||
Osseo Independent School District #279 Series A, 5.25% 2/1/14 (FSA Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 2,100,000 | 2,153,949 | ||
Owatonna Pub. Utils. Commission Pub. Utils. Rev. Series 2003: | ||||
5% 1/1/13 (AMBAC Insured) | 800,000 | 849,784 | ||
5% 1/1/15 (AMBAC Insured) | 715,000 | 751,644 | ||
Ramsey County Gen. Oblig. Series 2003 A, 5% 2/1/18 | 1,530,000 | 1,618,143 | ||
Robbinsdale Independent School District #281 Series 2002: | ||||
5% 2/1/16 (FSA Insured) | 2,410,000 | 2,475,383 | ||
5% 2/1/16 (FSA Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 1,015,000 | 1,039,634 | ||
5% 2/1/17 (FSA Insured) | 2,535,000 | 2,600,961 | ||
5% 2/1/18 (FSA Insured) | 2,520,000 | 2,582,496 | ||
Rochester Elec. Util. Rev. Series 2007 C, 5% 12/1/30 | 2,000,000 | 2,083,420 | ||
Rochester Health Care Facilities Rev.: | ||||
(Mayo Clinic Proj.) Series 2008 E, 5% 11/15/38 | 4,000,000 | 4,112,160 | ||
(Mayo Foundation Proj.) Series 2006, 5% 11/15/36 | 2,000,000 | 2,035,240 | ||
Bonds (Mayo Clinic Proj.) Series B, 4%, tender 11/15/38 | 3,000,000 | 3,208,950 | ||
Saint Cloud Health Care Rev. (CentraCare Health Sys. Proj.) Series 2010 A, 5.125% 5/1/30 | 5,000,000 | 5,011,950 | ||
Saint Michael Independent School District #885 Series 2002, 5% 2/1/27 (FSA Insured) (Pre-Refunded to 2/1/12 @ 100) (c) | 5,500,000 | 5,633,485 | ||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev.: | ||||
(Allina Health Sys. Proj.): | ||||
Series 2007 A: | ||||
5% 11/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 240,000 | 270,437 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev.: - continued | ||||
(Allina Health Sys. Proj.): | ||||
Series 2007 A: | ||||
5% 11/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,100,000 | $ 2,182,089 | ||
Series 2009 A1, 5.25% 11/15/29 | 3,000,000 | 3,056,700 | ||
(Gillette Children's Speciality Healthcare Proj.) 5% 2/1/16 | 1,460,000 | 1,529,073 | ||
(HealthPartners Oblig. Group Proj.) Series 2006: | ||||
5% 5/15/15 | 250,000 | 264,063 | ||
5% 5/15/16 | 345,000 | 362,257 | ||
5.25% 5/15/17 | 590,000 | 619,417 | ||
5.25% 5/15/36 | 1,000,000 | 925,760 | ||
(Regions Hosp. Proj.) 5.3% 5/15/28 | 1,250,000 | 1,185,825 | ||
Series 2007 A, 5% 11/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,276,120 | ||
Saint Paul Hsg. & Redev. Auth. Hosp. Rev. (HealthEast Proj.) Series 2005, 5.25% 11/15/14 | 1,000,000 | 1,014,010 | ||
Saint Paul Independent School District #625: | ||||
Series 2001 C, 5% 2/1/21 (Pre-Refunded to 2/1/12 @ 100) (c) | 1,000,000 | 1,024,270 | ||
Series 2002 A: | ||||
5% 2/1/17 (FSA Insured) | 220,000 | 230,668 | ||
5% 2/1/18 (FSA Insured) | 395,000 | 412,712 | ||
Series 2004 B, 5% 2/1/17 (FSA Insured) | 1,300,000 | 1,412,619 | ||
Series 2004 C, 5% 2/1/16 (FSA Insured) | 1,025,000 | 1,131,908 | ||
Saint Paul Port Auth. Series 2007-2, 5% 3/1/37 | 1,500,000 | 1,525,740 | ||
Saint Paul Port Auth. Lease Rev.: | ||||
(HealthEast Midway Campus Proj.) Series 2003 A, 5.75% 5/1/25 | 2,000,000 | 1,867,820 | ||
(Regions Hosp. Package Proj.): | ||||
Series 1: | ||||
5% 8/1/12 | 410,000 | 416,089 | ||
5% 8/1/15 | 480,000 | 492,946 | ||
Series 2007-1: | ||||
5% 8/1/13 | 430,000 | 439,993 | ||
5% 8/1/14 | 455,000 | 467,745 | ||
5% 8/1/16 | 500,000 | 509,615 | ||
Series 2003 11, 5.25% 12/1/20 | 3,000,000 | 3,190,440 | ||
Series 2003 12: | ||||
5.125% 12/1/27 | 5,000,000 | 5,149,400 | ||
5.25% 12/1/18 | 3,685,000 | 3,954,631 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Shakopee Health Care Facilities Rev. (Saint Francis Reg'l. Med. Ctr. Proj.) Series 2004, 5.25% 9/1/34 | $ 2,520,000 | $ 2,320,366 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.: | ||||
(Cap. Appreciation) Series 1994 A: | ||||
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,210,000 | 4,719,538 | ||
0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,670,000 | 9,963,717 | ||
Series 2002 A: | ||||
5.25% 1/1/15 (AMBAC Insured) | 1,125,000 | 1,267,763 | ||
5.25% 1/1/16 (AMBAC Insured) | 4,490,000 | 5,152,634 | ||
Series 2009 A: | ||||
5% 1/1/13 | 2,500,000 | 2,658,275 | ||
5% 1/1/14 | 960,000 | 1,047,600 | ||
5.25% 1/1/30 | 2,000,000 | 2,111,340 | ||
5.5% 1/1/24 | 500,000 | 556,650 | ||
Spring Lake Park Independent School District #16: | ||||
Series 2004 B: | ||||
5% 2/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 2,085,000 | 2,205,784 | ||
5% 2/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 2,230,000 | 2,359,184 | ||
5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (Pre-Refunded to 2/1/13 @ 100) (c) | 2,400,000 | 2,539,032 | ||
Series 2006 A, 5% 2/1/29 (FSA Insured) | 4,000,000 | 4,194,360 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): | ||||
Series 2003 B, 5.5% 7/1/25 (Pre-Refunded to 7/1/14 @ 100) (c) | 2,000,000 | 2,270,460 | ||
Series 2008 C, 5.75% 7/1/30 | 3,355,000 | 3,430,387 | ||
Series 2009, 5.75% 7/1/39 | 9,000,000 | 8,901,090 | ||
Univ. of Minnesota: | ||||
Series 2009 C: | ||||
5% 12/1/17 | 1,000,000 | 1,177,460 | ||
5% 12/1/21 | 1,000,000 | 1,140,520 | ||
Series A: | ||||
5% 4/1/23 | 200,000 | 222,748 | ||
5.125% 4/1/34 | 1,000,000 | 1,053,070 | ||
5.25% 4/1/29 | 1,000,000 | 1,090,040 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Univ. of Minnesota Spl. Purp. Rev.: | ||||
(State Supported Stadium Proj.) Series 2006: | ||||
5% 8/1/20 | $ 6,625,000 | $ 7,282,929 | ||
5% 8/1/29 | 4,000,000 | 4,161,320 | ||
Series 2010 A, 5% 8/1/25 | 1,800,000 | 1,975,932 | ||
Virginia Hsg. & Redev. Auth. Health Care Facility Lease Rev. Series 2005, 5.25% 10/1/25 | 440,000 | 423,320 | ||
Watertown Independent School District #111 Series 2005 A, 5% 2/1/22 (FSA Insured) | 1,495,000 | 1,607,529 | ||
Wayzata Independent School District #284 Series 2004 B, 5% 2/1/16 (FSA Insured) | 1,005,000 | 1,119,751 | ||
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev.: | ||||
Series 1977 A, 6.375% 1/1/16 (Escrowed to Maturity) (c) | 760,000 | 860,160 | ||
Series 2003 A, 5% 1/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,022,590 | ||
Series 2006 A, 5% 1/1/16 (FSA Insured) | 2,000,000 | 2,235,260 | ||
White Bear Lake Independent School District #624 Gen. Oblig. (Alternative Facilities Proj.) Series 2006 A, 4.25% 2/1/12 | 1,300,000 | 1,330,095 | ||
| 474,252,242 | |||
Puerto Rico - 1.4% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series 1996 Z, 6.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,101,870 | ||
Puerto Rico Govt. Dev. Bank Series 2006 B, 5% 12/1/12 | 1,000,000 | 1,040,140 | ||
Puerto Rico Pub. Bldg. Auth. Rev. Bonds Series M2, 5.75%, tender 7/1/17 (a) | 600,000 | 643,848 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A, 0% 8/1/41 (FGIC Insured) | 9,300,000 | 1,278,192 | ||
Series 2009 A, 6% 8/1/42 | 1,000,000 | 1,033,500 | ||
Series 2010 A: | ||||
0% 8/1/31 | 6,745,000 | 1,879,224 | ||
0% 8/1/33 | 950,000 | 222,329 | ||
| 7,199,103 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Virgin Islands - 0.2% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/25 | $ 1,000,000 | $ 996,900 |
TOTAL INVESTMENT PORTFOLIO - 98.2% (Cost $470,370,563) | 483,876,830 | ||
NET OTHER ASSETS (LIABILITIES) - 1.8% | 8,651,858 | ||
NET ASSETS - 100% | $ 492,528,688 |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 31.0% |
Health Care | 18.4% |
Escrowed/Pre-Refunded | 15.8% |
Electric Utilities | 12.2% |
Education | 8.4% |
Transportation | 6.5% |
Others* (Individually Less Than 5%) | 7.7% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $470,370,563) |
| $ 483,876,830 |
Cash | 4,756,853 | |
Receivable for fund shares sold | 290,758 | |
Interest receivable | 6,679,727 | |
Other receivables | 278 | |
Total assets | 495,604,446 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 1,198,388 | |
Payable for fund shares redeemed | 1,207,522 | |
Distributions payable | 410,911 | |
Accrued management fee | 149,872 | |
Other affiliated payables | 86,653 | |
Other payables and accrued expenses | 22,412 | |
Total liabilities | 3,075,758 | |
|
|
|
Net Assets | $ 492,528,688 | |
Net Assets consist of: |
| |
Paid in capital | $ 478,377,648 | |
Undistributed net investment income | 53,493 | |
Accumulated undistributed net realized gain (loss) on investments | 591,280 | |
Net unrealized appreciation (depreciation) on investments | 13,506,267 | |
Net Assets, for 42,972,002 shares outstanding | $ 492,528,688 | |
Net Asset Value, offering price and redemption price per share ($492,528,688 ÷ 42,972,002 shares) | $ 11.46 |
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, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 9,796,443 |
|
|
|
Expenses | ||
Management fee | $ 882,963 | |
Transfer agent fees | 192,856 | |
Accounting fees and expenses | 62,710 | |
Custodian fees and expenses | 2,901 | |
Independent trustees' compensation | 903 | |
Registration fees | 26,820 | |
Audit | 22,509 | |
Legal | 5,051 | |
Miscellaneous | 3,182 | |
Total expenses before reductions | 1,199,895 | |
Expense reductions | (1,121) | 1,198,774 |
Net investment income (loss) | 8,597,669 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 650,394 |
Change in net unrealized appreciation (depreciation) on investment securities | 8,410,142 | |
Net gain (loss) | 9,060,536 | |
Net increase (decrease) in net assets resulting from operations | $ 17,658,205 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended June 30, 2011 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 8,597,669 | $ 17,489,087 |
Net realized gain (loss) | 650,394 | 950,925 |
Change in net unrealized appreciation (depreciation) | 8,410,142 | (6,975,524) |
Net increase (decrease) in net assets resulting | 17,658,205 | 11,464,488 |
Distributions to shareholders from net investment income | (8,599,898) | (17,490,902) |
Distributions to shareholders from net realized gain | (257,469) | (626,088) |
Total distributions | (8,857,367) | (18,116,990) |
Share transactions | 42,003,982 | 112,746,948 |
Reinvestment of distributions | 6,291,102 | 13,183,841 |
Cost of shares redeemed | (62,242,185) | (95,046,498) |
Net increase (decrease) in net assets resulting from share transactions | (13,947,101) | 30,884,291 |
Redemption fees | 2,253 | 3,343 |
Total increase (decrease) in net assets | (5,144,010) | 24,235,132 |
|
|
|
Net Assets | ||
Beginning of period | 497,672,698 | 473,437,566 |
End of period (including undistributed net investment income of $53,493 and undistributed net investment income of $55,722, respectively) | $ 492,528,688 | $ 497,672,698 |
Other Information Shares | ||
Sold | 3,709,100 | 9,792,602 |
Issued in reinvestment of distributions | 555,165 | 1,145,262 |
Redeemed | (5,529,738) | (8,306,716) |
Net increase (decrease) | (1,265,473) | 2,631,148 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 11.25 | $ 11.38 | $ 10.74 | $ 11.22 | $ 11.36 | $ 11.42 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss)D | .201 | .393 | .403 | .430 | .444 | .459 |
Net realized and unrealized gain (loss) | .216 | (.115) | .648 | (.460) | (.090) | .004 |
Total from investment operations | .417 | .278 | 1.051 | (.030) | .354 | .463 |
Distributions from net investment income | (.201) | (.394) | (.404) | (.430) | (.444) | (.458) |
Distributions from net realized gain | (.006) | (.014) | (.007) | (.020) | (.050) | (.065) |
Total distributions | (.207) | (.408) | (.411) | (.450) | (.494) | (.523) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 11.46 | $ 11.25 | $ 11.38 | $ 10.74 | $ 11.22 | $ 11.36 |
Total ReturnB,C | 3.74% | 2.42% | 9.89% | (.28)% | 3.19% | 4.15% |
Ratios to Average Net AssetsE |
|
|
|
|
| |
Expenses before | .50%A | .50% | .51% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .50%A | .50% | .51% | .50% | .50% | .50% |
Expenses net of all | .50%A | .49% | .51% | .47% | .44% | .47% |
Net investment income (loss) | 3.58%A | 3.41% | 3.59% | 3.91% | 3.95% | 4.04% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of | $ 492,529 | $ 497,673 | $ 473,438 | $ 372,276 | $ 349,886 | $ 335,955 |
Portfolio turnover rate | 4%A | 13% | 7% | 9% | 11% | 15% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2011 (Unaudited)
1. Organization.
Fidelity Minnesota Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of Minnesota.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to futures transactions.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 16,340,824 |
Gross unrealized depreciation | (2,846,224) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 13,494,600 |
|
|
Tax cost | $ 470,382,230 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be December 31, 2011.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to .50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $8,820,848 and $25,433,411, respectively.
Semiannual Report
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer agency, dividend disbursing and shareholder servicing functions. The Fund pays account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annualized rate of .08% of average net assets.
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
5. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $881 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
Through arrangements with the Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,121.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
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Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
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fund activity.
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By PC
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(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 distributions, and the effects of any sales charges.
Semiannual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
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Semiannual Report
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Semiannual Report
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530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
3349 Monroe Avenue
Rochester, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
1576 East Southlake Blvd.
Southlake, TX
15600 Southwest Freeway
Sugar Land, TX
139 N. Loop 1604 East
San Antonio, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
11957 Democracy Drive
Reston, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
304 Strander Blvd
Tukwila, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
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The Fidelity Telephone Connection
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MNF-USAN-0811
1.787786.108
Fidelity®
Ohio Municipal Income Fund
and
Fidelity
Ohio Municipal Money Market
Fund
Semiannual Report
June 30, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders | |
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity Ohio Municipal Income Fund | ||
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Fidelity Ohio Municipal Money Market Fund | ||
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Fidelity Ohio Municipal Income Fund | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,039.10 | $ 2.48 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.36 | $ 2.46 |
Fidelity Ohio Municipal Money Market Fund | .29% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.05 | $ 1.44** |
HypotheticalA |
| $ 1,000.00 | $ 1,023.36 | $ 1.45** |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio for the Fidelity Ohio Municipal Money Market Fund would have been .53% and the expenses paid in the actual and hypothetical examples above would have been $2.63 and $2.66, respectively.
Semiannual Report
Fidelity Ohio Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 37.1 | 37.1 |
Health Care | 17.4 | 16.2 |
Education | 13.7 | 14.0 |
Water & Sewer | 12.0 | 12.3 |
Special Tax | 4.5 | 4.5 |
Weighted Average Maturity as of June 30, 2011 | ||
|
| 6 months ago |
Years | 7.1 | 8.6 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of June 30, 2011 | ||
|
| 6 months ago |
Years | 7.8 | 7.9 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | AAA 9.7% |
| ![]() | AAA 8.4% |
| ||
![]() | AA,A 78.1% |
| ![]() | AA,A 79.9% |
| ||
![]() | BBB 6.6% |
| ![]() | BBB 7.7% |
| ||
![]() | Not Rated 1.2% |
| ![]() | Not Rated 2.9% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Fidelity Ohio Municipal Income Fund
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 95.6% | ||||
| Principal Amount | Value | ||
Guam - 0.3% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/23 | $ 1,600,000 | $ 1,523,824 | ||
Ohio - 92.6% | ||||
Akron Bath Copley Hosp. District Rev. (Akron Gen. Health Systems Proj.) Series A: | ||||
5% 1/1/14 | 1,500,000 | 1,575,030 | ||
5% 1/1/15 | 1,275,000 | 1,344,959 | ||
Akron City Non-tax Rev. Econ. Dev. Series 1997, 6% 12/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 860,000 | 877,578 | ||
Akron Ctfs. of Prtn. Series 2005, 5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,475,000 | 1,633,872 | ||
Akron Wtrwks. Rev. Series 2002, 5.25% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,630,000 | 1,666,642 | ||
Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2010 B, 5.25% 9/1/27 | 5,000,000 | 5,094,250 | ||
American Muni. Pwr.-Ohio, Inc. Rev. (Prairie State Energy Campus Proj.): | ||||
Series 2008 A, 5% 2/15/38 | 4,075,000 | 4,004,136 | ||
Series 2009 A, 5.75% 2/15/39 (Assured Guaranty Corp. Insured) | 3,000,000 | 3,134,970 | ||
Avon Gen. Oblig. Series 2009 B: | ||||
5% 12/1/36 | 1,040,000 | 1,065,147 | ||
5% 12/1/37 | 1,095,000 | 1,120,097 | ||
Beavercreek City School District Series 2009, 5% 12/1/36 | 2,250,000 | 2,307,465 | ||
Bowling Green City School District 5% 12/1/34 (FSA Insured) | 2,000,000 | 2,023,340 | ||
Buckeye Tobacco Settlement Fing. Auth. Series A-2, 6.5% 6/1/47 | 3,600,000 | 2,850,984 | ||
Buckeye Valley Local School District Delaware County Series A, 6.85% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,430,000 | 1,583,368 | ||
Bucyrus City School District 5% 12/1/30 (FSA Insured) | 5,120,000 | 5,268,582 | ||
Butler County Hosp. Facilities Rev.: | ||||
(Kettering Health Network Obligated Group Proj.) Series 2011, 6.375% 4/1/36 (a) | 5,000,000 | 5,222,400 | ||
(UC Health Proj.) Series 2010, 5.5% 11/1/40 | 3,000,000 | 2,655,150 | ||
Butler County Sales Tax (Govt. Svcs. Ctr. Proj.) Series A, 5% 12/15/16 (AMBAC Insured) | 2,455,000 | 2,713,143 | ||
Butler County Trans. Impt. District Series 2007, 5% 12/1/18 (XL Cap. Assurance, Inc. Insured) | 1,015,000 | 1,138,079 | ||
Canal Winchester Local School District Series B, 5% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,030,000 | 1,098,650 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Chagrin Falls Exempted Village School District Series 2005, 5.25% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,915,000 | $ 2,067,511 | ||
Cincinnati City School District 5.25% 12/1/18 (FGIC Insured) | 3,000,000 | 3,499,170 | ||
Cincinnati City School District Ctfs. of Prtn. (School Impt. Proj.) 5% 12/15/28 (FSA Insured) | 1,000,000 | 1,038,530 | ||
Cincinnati Gen. Oblig. Series 2009 A: | ||||
4.5% 12/1/29 | 500,000 | 509,305 | ||
5% 12/1/20 | 1,240,000 | 1,407,698 | ||
Cincinnati Wtr. Sys. Rev. Series B, 5% 12/1/32 | 6,500,000 | 6,729,970 | ||
Cleveland Arpt. Sys. Rev. Series 2000 C, 5% 1/1/20 (FSA Insured) | 3,500,000 | 3,615,115 | ||
Cleveland Gen. Oblig. Series C: | ||||
5.25% 11/15/20 (FGIC Insured) | 1,100,000 | 1,230,086 | ||
5.25% 11/15/21 (FGIC Insured) | 1,145,000 | 1,271,511 | ||
5.25% 11/15/22 (FGIC Insured) | 1,210,000 | 1,330,661 | ||
5.25% 11/15/23 (FGIC Insured) | 1,885,000 | 2,055,178 | ||
Cleveland Muni. School District Series 2004: | ||||
5.25% 12/1/17 (FSA Insured) | 2,215,000 | 2,406,531 | ||
5.25% 12/1/19 (FSA Insured) | 1,045,000 | 1,119,498 | ||
5.25% 12/1/23 (FSA Insured) | 1,000,000 | 1,055,800 | ||
Cleveland Parking Facilities Rev. 5.25% 9/15/17 (FSA Insured) | 4,480,000 | 4,960,122 | ||
Cleveland Pub. Pwr. Sys. Rev.: | ||||
Series 2010: | ||||
5% 11/15/15 | 2,335,000 | 2,610,390 | ||
5% 11/15/16 | 1,820,000 | 2,050,685 | ||
Series A, 0% 11/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,395,000 | 2,381,516 | ||
Cleveland State Univ. Gen. Receipts: | ||||
Series 2003 A, 5% 6/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,490,000 | 2,595,003 | ||
Series 2004, 5% 6/1/34 (FGIC Insured) | 4,750,000 | 4,762,493 | ||
Cleveland Wtrwks. Rev.: | ||||
(First Mtg. Prog.): | ||||
Series G, 5.5% 1/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 875,000 | 896,271 | ||
Series H, 5.75% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 45,000 | 45,158 | ||
Series 2007 O, 5% 1/1/37 | 3,200,000 | 3,264,512 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Columbus City School District (School Facilities Construction and Impt. Proj.): | ||||
Series 2006, 5% 12/1/18 (FSA Insured) | $ 5,000,000 | $ 5,668,500 | ||
Series 2009 B: | ||||
5% 12/1/26 | 1,805,000 | 1,934,003 | ||
5% 12/1/28 | 3,105,000 | 3,290,493 | ||
5% 12/1/29 | 1,000,000 | 1,054,660 | ||
Columbus Swr. Sys. Rev. Series 2008 A, 5% 6/1/24 | 1,515,000 | 1,632,579 | ||
Cuyahoga Cmnty. College District Gen. Oblig. Series 2009 C: | ||||
5% 8/1/25 | 1,140,000 | 1,210,087 | ||
5% 8/1/27 | 1,200,000 | 1,257,888 | ||
Cuyahoga County Gen. Oblig. Series A, 0% 10/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,405,000 | 1,384,206 | ||
Cuyahoga County Rev. (Cleveland Clinic Health Sys. Obligated Group Prog.) Series 2003 A, 5.5% 1/1/13 | 1,070,000 | 1,142,664 | ||
Dayton School District (School Facility Construction & Impt. Proj.) Series 2003 A, 5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,975,000 | 5,012,462 | ||
Dublin City School District 5% 12/1/21 | 1,200,000 | 1,358,232 | ||
Erie County Gen. Oblig. 5.5% 12/1/18 (FSA Insured) | 1,265,000 | 1,366,896 | ||
Fairfield City School District 7.45% 12/1/14 (FGIC Insured) | 800,000 | 879,256 | ||
Fairless Local School District 5% 12/1/32 (FSA Insured) | 3,300,000 | 3,345,144 | ||
Fairview Park City School District 5% 12/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,350,000 | 4,397,372 | ||
Fairview Park Gen. Oblig. 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,955,000 | 6,067,728 | ||
Franklin County Convention Facilities Auth. Tax & Lease Rev. 5.25% 12/1/19 (AMBAC Insured) | 4,000,000 | 4,171,480 | ||
Franklin County Hosp. Rev. (Nationwide Children's Hosp. Proj.): | ||||
Series 2009, 5.25% 11/1/40 | 5,000,000 | 4,984,750 | ||
Series A: | ||||
5% 11/1/15 | 260,000 | 295,350 | ||
5% 11/1/16 | 265,000 | 303,913 | ||
Franklin County Rev. (OCLC Online Computer Library Ctr., Inc. Proj.) 5% 4/15/12 | 1,845,000 | 1,895,977 | ||
Gallia County Hosp. Facilities Rev. (Holzer Med. Ctr. Proj.) 5.125% 10/1/13 (AMBAC Insured) | 3,000,000 | 3,008,250 | ||
Gallia County Local School District (School Impt. Proj.) 5% 12/1/33 (FSA Insured) | 3,000,000 | 2,952,180 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Hamilton County Convention Facilities Auth. Rev.: | ||||
5% 12/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,985,000 | $ 2,124,804 | ||
5% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,075,000 | 1,149,777 | ||
5% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,190,000 | 2,310,209 | ||
5% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,130,000 | 1,199,461 | ||
Hamilton County Econ. Dev. Rev. (King Highland Cmnty. Urban Redev. Corp. Proj.) Series A, 5% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,070,000 | 1,170,955 | ||
Hamilton County Hosp. Facilities Rev. (Childrens Hosp. Med. Ctr. Proj.) Series 2004 J: | ||||
5.25% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,835,000 | 1,942,054 | ||
5.25% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,585,000 | 2,679,818 | ||
5.25% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,720,000 | 2,796,758 | ||
Hamilton County Sales Tax Rev. Series B, 5.25% 12/1/32 (AMBAC Insured) | 960,000 | 960,029 | ||
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010, 5% 6/1/30 (FSA Insured) | 2,500,000 | 2,555,775 | ||
Hamilton County Swr. Sys. Rev.: | ||||
(Metropolitan Swr. District Proj.) Series 2005 B, 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000,000 | 4,133,760 | ||
Series 06A, 5% 12/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,050,000 | 2,334,130 | ||
Hamilton Wtrwks. Rev. 5% 10/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,058,160 | ||
Hancock County Hosp. Facilities Rev. (Blanchard Valley Reg'l. Health Ctr. Proj.) Series 2011 A, 6.25% 12/1/34 | 4,100,000 | 4,237,227 | ||
Hilliard Gen. Oblig. 5% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,112,420 | ||
Huber Heights City School District Unltd. Tax School Impt. Gen. Oblig. Series 2009, 5% 12/1/36 | 1,500,000 | 1,524,630 | ||
Huber Heights Wtr. Sys. Rev. 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,285,000 | 2,344,753 | ||
Kent City School District Series 2004, 5% 12/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,400,000 | 1,499,274 | ||
Kent State Univ. Revs. Series 2009 B: | ||||
5% 5/1/26 (Assured Guaranty Corp. Insured) | 4,100,000 | 4,255,513 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Kent State Univ. Revs. Series 2009 B: - continued | ||||
5% 5/1/28 (Assured Guaranty Corp. Insured) | $ 5,000,000 | $ 5,136,400 | ||
5% 5/1/29 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,022,660 | ||
5% 5/1/30 (Assured Guaranty Corp. Insured) | 1,115,000 | 1,133,687 | ||
Kings Local School District 5% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,365,000 | 1,486,185 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C: | ||||
5% 8/15/14 | 2,055,000 | 2,152,386 | ||
5% 8/15/15 | 1,160,000 | 1,199,939 | ||
5% 8/15/16 | 1,260,000 | 1,314,092 | ||
5% 8/15/17 | 1,000,000 | 1,028,550 | ||
Lakewood City School District: | ||||
0% 12/1/15 (FSA Insured) | 1,500,000 | 1,351,605 | ||
0% 12/1/16 (FSA Insured) | 1,200,000 | 1,044,792 | ||
Lakewood Hosp. Impt. Rev. (Lakewood Hosp. Assoc. Proj.) 5.5% 2/15/12 | 150,000 | 153,036 | ||
Licking Heights Local School District (Facilities Construction & Impt. Proj.) Series A, 5% 12/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,745,000 | 3,850,309 | ||
Lucas County Hosp. Rev.: | ||||
(Promedia Health Care Oblig. Group Proj.): | ||||
5% 11/15/13 (AMBAC Insured) | 1,135,000 | 1,234,698 | ||
5% 11/15/38 | 1,090,000 | 1,006,059 | ||
5.375% 11/15/23 (AMBAC Insured) | 5,250,000 | 5,293,838 | ||
(ProMedica Heathcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37 | 2,800,000 | 3,090,836 | ||
Lucas-Plaza Hsg. Dev. Corp. Mtg. Rev. (The Plaza Section 8 Assisted Proj.) Series 1991 A, 0% 6/1/24 (Escrowed to Maturity) (d) | 9,000,000 | 5,467,680 | ||
Marysville Village School District 5% 12/1/29 (FSA Insured) | 4,000,000 | 4,127,240 | ||
Marysville Wastewtr. Treatment Sys. Rev.: | ||||
4% 12/1/20 (XL Cap. Assurance, Inc. Insured) | 115,000 | 116,033 | ||
4.125% 12/1/21 (XL Cap. Assurance, Inc. Insured) | 85,000 | 85,401 | ||
4.15% 12/1/22 (XL Cap. Assurance, Inc. Insured) | 25,000 | 24,909 | ||
Miamisburg City School District: | ||||
Series 2008, 5% 12/1/33 | 1,340,000 | 1,357,299 | ||
Series 2009, 5% 12/1/23 (Assured Guaranty Corp. Insured) | 1,405,000 | 1,510,979 | ||
Milford Exempt Village School District 5.25% 12/1/33 | 5,000,000 | 5,163,700 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Montgomery County Rev.: | ||||
(Catholic Health Initiatives Proj.): | ||||
Series 2008 D, 6.25% 10/1/33 | $ 2,500,000 | $ 2,675,025 | ||
Series A, 6% 12/1/19 | 1,470,000 | 1,475,248 | ||
Series C1, 5% 10/1/41 (FSA Insured) | 5,000,000 | 4,796,550 | ||
(Miami Valley Hosp. Proj.) Series 2009 A, 6% 11/15/28 | 2,000,000 | 2,060,980 | ||
Bonds (Catholic Health Initiatives Proj.) Series 2008 D2, 5.25%, tender 11/12/13 (b) | 2,000,000 | 2,189,060 | ||
Series A, 6.25% 11/15/39 | 2,250,000 | 2,314,103 | ||
Montgomery County Wtr. Sys. Rev. Series 2002, 5.375% 11/15/16 (AMBAC Insured) | 2,200,000 | 2,262,722 | ||
North Olmsted Gen. Oblig. Series D, 5.25% 12/1/20 (AMBAC Insured) | 2,075,000 | 2,290,945 | ||
Oak Hills Local School District Facilities Construction and Impt. Series B, 6.9% 12/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500,000 | 541,205 | ||
Ohio Air Quality Dev. Auth. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 C, 7.25%, tender 11/1/12 (b)(c) | 2,000,000 | 2,127,840 | ||
Ohio Bldg. Auth. (Adult Correctional Bldg. Fund Proj.): | ||||
Series 2009 B, 5% 10/1/24 | 1,790,000 | 1,917,036 | ||
Series 2010 A, 5% 10/1/24 | 6,030,000 | 6,501,124 | ||
Ohio Gen. Oblig.: | ||||
(College Savings Prog.) 0% 8/1/14 | 1,375,000 | 1,281,019 | ||
(Common Schools Proj.) Series 2006 D, 5% 9/15/21 | 500,000 | 545,270 | ||
(Higher Ed. Cap. Facilities Proj.): | ||||
Series 2002 B, 5.25% 11/1/20 | 7,020,000 | 7,354,924 | ||
Series 2005 B, 5% 5/1/16 | 1,000,000 | 1,159,090 | ||
(Infrastructure Impt. Proj.): | ||||
Series A, 5% 3/1/26 | 1,850,000 | 1,946,182 | ||
Series D, 5% 3/1/24 | 3,415,000 | 3,593,126 | ||
Series 2006 D, 5% 9/15/20 | 5,000,000 | 5,475,650 | ||
Series 2008 A: | ||||
5.375% 9/1/23 | 1,165,000 | 1,295,049 | ||
5.375% 9/1/28 | 7,210,000 | 7,801,146 | ||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Case Western Reserve Univ. Proj.): | ||||
Series 1990 B, 6.5% 10/1/20 | 2,335,000 | 2,827,475 | ||
Series 1994: | ||||
6.125% 10/1/15 | 2,000,000 | 2,332,520 | ||
6.25% 10/1/16 | 2,500,000 | 2,981,700 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Ohio Higher Edl. Facility Commission Rev.: - continued | ||||
(Cleveland Clinic Foundation Proj.) Series 2008 A: | ||||
5.25% 1/1/33 | $ 1,635,000 | $ 1,672,834 | ||
5.5% 1/1/43 | 3,500,000 | 3,584,210 | ||
(John Carroll Univ. Proj.) 5% 4/1/17 | 1,000,000 | 1,091,340 | ||
(Kenyon College Proj.) Series 2010, 5.25% 7/1/44 | 2,750,000 | 2,703,388 | ||
(Univ. Hosp. Health Sys. Proj.): | ||||
Series 2007 A, 5.25% 1/15/46 | 4,000,000 | 3,605,480 | ||
Series 2010 A, 5.25% 1/15/23 | 2,500,000 | 2,553,350 | ||
(Univ. of Dayton Proj.): | ||||
Series 2004, 5% 12/1/17 (AMBAC Insured) | 2,170,000 | 2,329,712 | ||
Series 2009, 5.5% 12/1/36 | 5,000,000 | 5,094,000 | ||
Ohio Hosp. Facilities Rev. (Cleveland Clinic Proj.) Series 2009 A, 5.5% 1/1/39 | 7,000,000 | 7,211,890 | ||
Ohio Muni. Elec. Gen. Agcy. (Belleville Hydroelectric Proj.) 5% 2/15/17 (AMBAC Insured) | 1,215,000 | 1,279,553 | ||
Ohio Solid Waste Disp. Rev. (Cargill, Inc. Proj.) 4.95% 9/1/20 (c) | 3,000,000 | 3,040,110 | ||
Ohio State Univ. Gen. Receipts: | ||||
Series 2008 A, 5% 12/1/26 | 2,225,000 | 2,375,076 | ||
Series B, 5.25% 6/1/16 | 915,000 | 987,743 | ||
Ohio Tpk. Commission Tpk. Rev.: | ||||
Series 1998 A, 5.5% 2/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,517,980 | ||
Series 2010 A, 5% 2/15/31 | 5,000,000 | 5,183,800 | ||
Ohio Univ. Gen. Receipts Athens: | ||||
Series 2004, 5% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,980,000 | 2,108,561 | ||
Series A, 5% 12/1/33 (FSA Insured) | 1,190,000 | 1,216,418 | ||
Series B, 5% 12/1/31 (FSA Insured) | 3,540,000 | 3,635,863 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (b) | 1,000,000 | 1,123,830 | ||
Ohio Wtr. Dev. Auth. Rev.: | ||||
(Drinking Wtr. Fund Prog.): | ||||
Series 2004, 5% 12/1/17 | 80,000 | 87,184 | ||
Series 2005: | ||||
5.25% 6/1/18 | 2,610,000 | 3,120,855 | ||
5.25% 12/1/18 | 2,610,000 | 3,135,210 | ||
(Fresh Wtr. Impt. Proj.): | ||||
Series 2005, 5.5% 6/1/17 | 4,710,000 | 5,678,753 | ||
Series 2009 B, 5% 12/1/24 | 1,025,000 | 1,184,757 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Ohio Wtr. Dev. Auth. Rev.: - continued | ||||
(Fresh Wtr. Impt. Proj.): | ||||
Series B, 5.5% 6/1/16 (FSA Insured) | $ 1,560,000 | $ 1,864,465 | ||
(Fresh Wtr. Proj.) Series 2009 B, 5% 12/1/25 | 1,950,000 | 2,240,433 | ||
(Pure Wtr. Proj.) Series I, 6% 12/1/16 (Escrowed to Maturity) (d) | 1,220,000 | 1,378,978 | ||
5.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,180,000 | 1,372,753 | ||
5.25% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,160,000 | 1,368,185 | ||
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev.: | ||||
(Wtr. Quality Proj.): | ||||
Series 2010 A: | ||||
5% 12/1/29 | 2,000,000 | 2,138,520 | ||
5% 6/1/30 | 1,000,000 | 1,062,660 | ||
Series 2010, 5% 12/1/22 | 3,000,000 | 3,418,740 | ||
Series 2005 B, 0% 12/1/14 | 1,500,000 | 1,414,605 | ||
5% 6/1/18 | 2,000,000 | 2,192,100 | ||
5.25% 12/1/19 | 1,975,000 | 2,364,431 | ||
Olentangy Local School District: | ||||
5% 12/1/30 (FSA Insured) | 4,025,000 | 4,155,370 | ||
5% 12/1/36 | 2,700,000 | 2,745,576 | ||
Penta Career Ctr. Ctfs. of Prtn.: | ||||
(Ohio School Facilities Proj.) 5.25% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,755,000 | 1,866,460 | ||
(Wood, Lucas, Sandusky, Fulton, Ottawa, Henry and Hancock Counties, Ohio School Facilities Proj.) 5.25% 4/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,940,000 | 2,033,430 | ||
Reynoldsburg City School District (School Facilities Construction & Impt. Proj.): | ||||
0% 12/1/16 | 1,250,000 | 1,076,213 | ||
0% 12/1/17 | 1,250,000 | 1,024,588 | ||
5% 12/1/32 | 1,500,000 | 1,547,610 | ||
Richland County Hosp. Facilities (MedCentral Health Sys. Proj.) Series B: | ||||
6.375% 11/15/22 | 500,000 | 505,485 | ||
6.375% 11/15/30 | 330,000 | 333,485 | ||
RiverSouth Auth. Rev. Series 2005 A, 5.25% 12/1/15 | 1,000,000 | 1,151,800 | ||
Rocky River Gen. Oblig. 5% 12/1/19 (AMBAC Insured) | 2,125,000 | 2,269,266 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 2,600,000 | 2,607,592 | ||
Scioto County Marine Term. Facilities Rev. (Norfolk Southern Corp. Proj.) 5.3% 8/15/13 | 3,000,000 | 3,004,140 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Sharonville Gen. Oblig. 5.25% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,410,000 | $ 1,501,114 | ||
Springboro Cmnty. City School District 5.25% 12/1/20 (FSA Insured) | 2,780,000 | 3,181,210 | ||
St. Marys City School District: | ||||
5% 12/1/27 (FSA Insured) | 470,000 | 486,610 | ||
5% 12/1/35 (FSA Insured) | 2,500,000 | 2,468,650 | ||
Strongsville Gen. Oblig. (Street Impt. Proj.) Series 2009, 5% 12/1/27 | 1,680,000 | 1,840,255 | ||
Summit County Gen. Oblig.: | ||||
5.25% 12/1/20 | 1,645,000 | 1,753,389 | ||
5.25% 12/1/21 | 1,740,000 | 1,846,679 | ||
Sylvania City School District Series 2009, 5.25% 12/1/36 (Assured Guaranty Corp. Insured) | 7,055,000 | 7,212,538 | ||
Tallmadge School District Gen. Oblig. 5% 12/1/31 (FSA Insured) | 4,000,000 | 4,102,360 | ||
Toledo City School District (School Facilities Impt. Proj.) Series 2009, 5.375% 12/1/35 | 1,000,000 | 1,030,400 | ||
Toledo Wtrwks. Rev.: | ||||
5% 11/15/16 (AMBAC Insured) | 1,110,000 | 1,192,429 | ||
5% 11/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,500,000 | 3,597,650 | ||
Univ. of Akron Gen. Receipts: | ||||
Series A, 5.25% 1/1/30 (FSA Insured) | 3,000,000 | 3,127,050 | ||
Series B, 5% 1/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,405,000 | 1,422,984 | ||
Univ. of Cincinnati Gen. Receipts: | ||||
Series 2004 A: | ||||
5% 6/1/18 (AMBAC Insured) | 1,445,000 | 1,547,190 | ||
5% 6/1/19 (AMBAC Insured) | 1,520,000 | 1,615,182 | ||
Series 2008 C: | ||||
5% 6/1/22 (FSA Insured) | 1,000,000 | 1,082,320 | ||
5% 6/1/23 (FSA Insured) | 2,000,000 | 2,144,440 | ||
5% 6/1/24 (FSA Insured) | 2,000,000 | 2,118,280 | ||
Series 2010 F, 5% 6/1/32 | 2,000,000 | 2,001,400 | ||
Vandalia-Butler City School District Series 2010, 5% 12/1/38 | 2,170,000 | 2,226,355 | ||
Warren County Gen. Oblig.: | ||||
6.1% 12/1/12 | 170,000 | 173,764 | ||
6.65% 12/1/11 | 60,000 | 61,550 | ||
West Muskingum Local School District School Facilities Construction and Impt. 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,060,000 | 960,805 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Wright State Univ. Gen. Receipts: | ||||
5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,375,000 | $ 1,457,940 | ||
5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,440,000 | 1,517,242 | ||
5% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,515,000 | 1,585,387 | ||
| 486,295,390 | |||
Puerto Rico - 2.1% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series 1996 Z, 6.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,101,870 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.: | ||||
Series KK, 5.5% 7/1/15 | 1,800,000 | 2,030,634 | ||
Series QQ, 5.5% 7/1/17 (XL Cap. Assurance, Inc. Insured) | 1,300,000 | 1,448,967 | ||
Puerto Rico Pub. Bldg. Auth. Rev.: | ||||
Bonds Series M2, 5.75%, tender 7/1/17 (b) | 1,000,000 | 1,073,080 | ||
Series G, 5.25% 7/1/13 | 1,000,000 | 1,028,400 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | ||||
Series 2007 A: | ||||
0% 8/1/41 (FGIC Insured) | 9,300,000 | 1,278,192 | ||
0% 8/1/45 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100,000 | 114,587 | ||
0% 8/1/47 (AMBAC Insured) | 1,000,000 | 90,270 | ||
Series 2009 A, 6% 8/1/42 | 1,000,000 | 1,033,500 | ||
Series 2010 C, 6% 8/1/39 | 1,800,000 | 1,870,020 | ||
| 11,069,520 | |||
Virgin Islands - 0.6% | ||||
Virgin Islands Pub. Fin. Auth.: | ||||
(Cruzan Proj.) Series 2009 A, 6% 10/1/39 | 1,000,000 | 1,003,750 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Virgin Islands - continued | ||||
Virgin Islands Pub. Fin. Auth.: - continued | ||||
Series 2009 A, 6.75% 10/1/37 | $ 1,000,000 | $ 1,044,760 | ||
Series 2009 B, 5% 10/1/25 | 1,000,000 | 996,900 | ||
| 3,045,410 |
TOTAL INVESTMENT PORTFOLIO - 95.6% (Cost $490,369,887) | 501,934,144 | ||
NET OTHER ASSETS (LIABILITIES) - 4.4% | 23,015,188 | ||
NET ASSETS - 100% | $ 524,949,332 |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 37.1% |
Health Care | 17.4% |
Education | 13.7% |
Water & Sewer | 12.0% |
Others* (Individually Less Than 5%) | 19.8% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $490,369,887) |
| $ 501,934,144 |
Cash | 24,985,538 | |
Receivable for fund shares sold | 195,554 | |
Interest receivable | 4,292,172 | |
Other receivables | 1,482 | |
Total assets | 531,408,890 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 5,210,700 | |
Payable for fund shares redeemed | 366,502 | |
Distributions payable | 606,241 | |
Accrued management fee | 159,730 | |
Other affiliated payables | 93,939 | |
Other payables and accrued expenses | 22,446 | |
Total liabilities | 6,459,558 | |
|
|
|
Net Assets | $ 524,949,332 | |
Net Assets consist of: |
| |
Paid in capital | $ 513,645,523 | |
Undistributed net investment income | 9,959 | |
Accumulated undistributed net realized gain (loss) on investments | (270,407) | |
Net unrealized appreciation (depreciation) on investments | 11,564,257 | |
Net Assets, for 45,259,667 shares outstanding | $ 524,949,332 | |
Net Asset Value, offering price and redemption price per share ($524,949,332 ÷ 45,259,667 shares) | $ 11.60 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 11,210,529 |
|
|
|
Expenses | ||
Management fee | $ 938,957 | |
Transfer agent fees | 208,336 | |
Accounting fees and expenses | 65,913 | |
Custodian fees and expenses | 3,066 | |
Independent trustees' compensation | 963 | |
Registration fees | 14,653 | |
Audit | 22,534 | |
Legal | 1,926 | |
Miscellaneous | 3,336 | |
Total expenses before reductions | 1,259,684 | |
Expense reductions | (2,417) | 1,257,267 |
Net investment income (loss) | 9,953,262 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 616,113 | |
Change in net unrealized appreciation (depreciation) on investment securities | 8,730,436 | |
Net gain (loss) | 9,346,549 | |
Net increase (decrease) in net assets resulting from operations | $ 19,299,811 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended June 30, 2011 (Unaudited) | Year ended December 31, 2010 |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 9,953,262 | $ 21,124,468 |
Net realized gain (loss) | 616,113 | (594,300) |
Change in net unrealized appreciation (depreciation) | 8,730,436 | (9,928,963) |
Net increase (decrease) in net assets resulting | 19,299,811 | 10,601,205 |
Distributions to shareholders from net investment income | (9,954,811) | (21,124,642) |
Distributions to shareholders from net realized gain | - | (188,729) |
Total distributions | (9,954,811) | (21,313,371) |
Share transactions | 43,383,053 | 102,460,893 |
Reinvestment of distributions | 6,235,979 | 13,933,919 |
Cost of shares redeemed | (67,040,158) | (96,159,122) |
Net increase (decrease) in net assets resulting from share transactions | (17,421,126) | 20,235,690 |
Redemption fees | 986 | 2,198 |
Total increase (decrease) in net assets | (8,075,140) | 9,525,722 |
|
|
|
Net Assets | ||
Beginning of period | 533,024,472 | 523,498,750 |
End of period (including undistributed net investment income of $9,959 and undistributed net investment income of $11,508, respectively) | $ 524,949,332 | $ 533,024,472 |
Other Information Shares | ||
Sold | 3,804,792 | 8,766,597 |
Issued in reinvestment of distributions | 544,773 | 1,190,981 |
Redeemed | (5,909,702) | (8,278,123) |
Net increase (decrease) | (1,560,137) | 1,679,455 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended June 30, 2011 | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.38 | $ 11.60 | $ 10.87 | $ 11.51 | $ 11.60 | $ 11.66 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .221 | .447 | .455 | .449 | .444 | .459 |
Net realized and unrealized gain (loss) | .220 | (.216) | .737 | (.632) | (.040) | .050 |
Total from investment operations | .441 | .231 | 1.192 | (.183) | .404 | .509 |
Distributions from net investment income | (.221) | (.447) | (.455) | (.449) | (.444) | (.459) |
Distributions from net realized gain | - | (.004) | (.007) | (.008) | (.050) | (.110) |
Total distributions | (.221) | (.451) | (.462) | (.457) | (.494) | (.569) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 11.60 | $ 11.38 | $ 11.60 | $ 10.87 | $ 11.51 | $ 11.60 |
Total Return B, C | 3.91% | 1.95% | 11.11% | (1.62)% | 3.59% | 4.47% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .49% A | .49% | .50% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .49% A | .49% | .50% | .49% | .49% | .49% |
Expenses net of all reductions | .49% A | .48% | .50% | .47% | .45% | .45% |
Net investment income (loss) | 3.90% A | 3.82% | 3.99% | 4.01% | 3.88% | 3.96% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 524,949 | $ 533,024 | $ 523,499 | $ 429,831 | $ 424,400 | $ 421,878 |
Portfolio turnover rate | 5% A | 7% | 10% | 11% | 22% | 19% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Investment Changes (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's investments 6/30/11 | % of fund's investments 12/31/10 | % of fund's investments 6/30/10 |
0 - 30 | 78.0 | 79.4 | 80.6 |
31 - 90 | 3.4 | 6.0 | 5.8 |
91 - 180 | 9.7 | 10.2 | 8.1 |
181 - 397 | 8.9 | 4.4 | 5.5 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 6/30/11 | 12/31/10 | 6/30/10 |
Fidelity Ohio Municipal Money Market Fund | 48 Days | 38 Days | 39 Days |
Ohio Tax-Free Money Market Average* | 38 Days | 38 Days | 35 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life | |||
| 6/30/11 | 12/31/10 | 6/30/10 |
Fidelity Ohio Municipal Money Market Fund | 48 Days | 38 Days | 39 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
| ||
![]() | Commercial Paper (including CP Mode) 8.5% |
| ![]() | Commercial Paper (including CP Mode) 7.4% |
| ||
![]() | Tender Bonds 1.4% |
| ![]() | Tender Bonds 0.5% |
| ||
![]() | Municipal Notes 9.2% |
| ![]() | Municipal Notes 8.4% |
| ||
![]() | Fidelity Municipal |
| ![]() | Fidelity Municipal |
| ||
![]() | Other Investments 4.8% |
| ![]() | Other Investments 4.7% |
| ||
![]() | Net Other Assets** (0.1)% |
| ![]() | Net Other Assets 0.3% |
|
* Source: iMoneyNet, Inc.
** Net Other Assets are not included in the pie chart.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 100.1% | |||
Principal Amount | Value | ||
Kentucky - 0.5% | |||
Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.17% 7/7/11, LOC Wells Fargo Bank NA, VRDN (b)(e) | $ 1,000,000 | $ 1,000,000 | |
Kentucky Higher Ed. Student Ln. Corp. Rev. Series 2008 A1, 0.1% 7/7/11, LOC State Street Bank & Trust Co., Boston, LOC Bank of America NA, VRDN (b)(e) | 1,870,000 | 1,870,000 | |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series A2, 0.9% tender 7/21/11, CP mode (e) | 1,400,000 | 1,400,000 | |
| 4,270,000 | ||
Massachusetts - 0.4% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992, 0.65% tender 7/14/11, CP mode | 3,830,000 | 3,830,000 | |
Minnesota - 0.8% | |||
Minnesota Hsg. Fin. Agcy. Series 2009 C, 0.09% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank-Des Moines), VRDN (b)(e) | 8,000,000 | 8,000,000 | |
Mississippi - 0.4% | |||
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.13% 7/7/11, LOC Bank of America NA, VRDN (b)(e) | 4,000,000 | 4,000,000 | |
New Hampshire - 0.1% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1990 A, 0.6% tender 7/7/11, CP mode (e) | 300,000 | 300,000 | |
Series A1: | |||
0.7% tender 7/7/11, CP mode (e) | 600,000 | 600,000 | |
0.7% tender 7/7/11, CP mode (e) | 300,000 | 300,000 | |
| 1,200,000 | ||
New York - 0.7% | |||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2008 BB2, 0.04% 7/7/11 (Liquidity Facility Bank of America NA), VRDN (b) | 7,000,000 | 7,000,000 | |
North Carolina - 0.7% | |||
Sampson County Indl. Facilities & Poll. Cont. Fing. Auth. Envir. Facilities Rev. (Sampson County Disp., Inc. Proj.) 0.23% 7/7/11, LOC Wells Fargo Bank NA, VRDN (b)(e) | 7,000,000 | 7,000,000 | |
Ohio - 90.6% | |||
Akron Bath Copley Hosp. District Rev. (Akron Gen. Health Systems Proj.) Series 2008, 0.07% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 2,200,000 | 2,200,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2010 D, 0.09% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | $ 35,900,000 | $ 35,900,000 | |
American Muni. Pwr. Bonds (Omega Joint Venture 6 Proj.) 0.49%, tender 8/15/11 (b) | 4,437,000 | 4,437,000 | |
Amherst Exempted Village School District Bonds Series 2001, 5.5% 12/1/11 (Pre-Refunded to 12/1/11 @ 100) (f) | 2,000,000 | 2,042,635 | |
Avon Gen. Oblig. BAN: | |||
Series A, 1% 7/3/12 (a) | 5,500,000 | 5,530,965 | |
1.25% 7/21/11 | 3,500,000 | 3,501,277 | |
Avon Local School District BAN 1.125% 12/14/11 | 1,255,000 | 1,257,517 | |
Cambridge Hosp. Facilities Rev. (Southeastern Reg'l. Med. Ctr. Proj.) 0.13% 7/7/11, LOC PNC Bank NA, VRDN (b) | 380,000 | 380,000 | |
Cincinnati Wtr. Sys. Rev. Bonds Series 2005 A, 5% 12/1/11 | 1,000,000 | 1,019,496 | |
Cleveland Arpt. Sys. Rev.: | |||
Series 2008 D, 0.08% 7/7/11, LOC PNC Bank NA, VRDN (b) | 8,075,000 | 8,075,000 | |
Series 2009 A, 0.08% 7/7/11, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 18,405,000 | 18,405,000 | |
Series 2009 D, 0.08% 7/7/11, LOC PNC Bank NA, VRDN (b) | 11,000,000 | 11,000,000 | |
Cleveland Wtrwks. Rev. Series 2008 Q, 0.08% 7/7/11, LOC Bank of America NA, VRDN (b) | 34,380,000 | 34,380,000 | |
Columbus City School District: | |||
BAN 2% 12/1/11 | 4,670,000 | 4,699,794 | |
Participating VRDN Series 1488, 0.12% 7/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 10,945,000 | 10,945,000 | |
Columbus Gen. Oblig. Bonds: | |||
Series 2005 A, 5% 6/15/12 | 3,000,000 | 3,135,425 | |
Series 2005 D, 5% 12/15/11 | 3,000,000 | 3,065,645 | |
Series 2009 A, 5% 7/1/11 | 1,655,000 | 1,655,000 | |
Columbus Muni. Arpt. Auth. Rev. 0.26% 9/16/11, LOC Cr. Agricole CIB, CP | 5,000,000 | 5,000,000 | |
Cuyahoga County Health Care Facilities Rev. (Altenheim Proj.) 0.11% 7/7/11, LOC U.S. Bank NA, Minnesota, VRDN (b) | 11,275,000 | 11,275,000 | |
Cuyahoga County Indl. Dev. Rev. (Pubco Corp. Proj.) Series 2001, 0.23% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 780,000 | 780,000 | |
Cuyahoga Falls Gen. Oblig. BAN 1.25% 12/8/11 | 2,880,000 | 2,885,883 | |
Delaware Gen. Oblig. BAN: | |||
Series 2010, 1.5% 12/15/11 | 4,530,000 | 4,546,876 | |
1.5% 4/26/12 | 9,800,000 | 9,868,627 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Franklin County Hosp. Rev.: | |||
(U.S. Health Corp. of Columbus Proj.) Series 1996 B, 0.06% 7/7/11, LOC U.S. Bank NA, Minnesota, VRDN (b) | $ 9,340,000 | $ 9,340,000 | |
Bonds (U.S. Health Corp. of Columbus Proj.) Series 2011 B, 2%, tender 7/2/12 (b) | 9,900,000 | 10,065,388 | |
Participating VRDN: | |||
Series BC 11 21B, 0.1% 7/7/11 (Liquidity Facility Barclays Bank PLC) (b)(g) | 2,330,000 | 2,330,000 | |
Series WF 11 78C, 0.1% 7/7/11 (Liquidity Facility Wells Fargo Bank NA) (b)(g) | 10,290,000 | 10,290,000 | |
Fulton County Gen. Oblig. Rev. (Fulton County Health Ctr. Proj.) Series 2005, 0.1% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 5,315,000 | 5,315,000 | |
Geauga County Rev. (South Franklin Circle Proj.) Series 2007B, 0.21% 7/1/11, LOC KeyBank NA, VRDN (b) | 2,500,000 | 2,500,000 | |
Greene County Gen. Oblig. BAN Series 2011 A, 1.5% 11/2/11 | 7,950,000 | 7,980,992 | |
Hamilton County Econ. Dev. Rev. Participating VRDN Series Solar 06 158, 0.08% 7/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (b)(g) | 700,000 | 700,000 | |
Hamilton County Health Care Facilities Rev.: | |||
(Deaconess Long Term. Care, Inc. Proj.) Series 2000 A, 0.11% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 8,550,000 | 8,550,000 | |
(The Children's Home of Cincinnati Proj.) Series 2009, 0.09% 7/7/11, LOC U.S. Bank NA, Minnesota, VRDN (b) | 3,450,000 | 3,450,000 | |
Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2006 C, 0.11% 7/7/11, LOC PNC Bank NA, VRDN (b) | 8,620,000 | 8,620,000 | |
Hamilton County Hosp. Facilities Rev. (Children's Hosp. Med. Ctr. Proj.): | |||
Series 1997 A, 0.09% 7/7/11, LOC PNC Bank NA, VRDN (b) | 11,945,000 | 11,945,000 | |
Series 2000, 0.09% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 2,800,000 | 2,800,000 | |
Series 2002 I, 0.09% 7/7/11, LOC U.S. Bank NA, Minnesota, VRDN (b) | 16,620,000 | 16,620,000 | |
Series 2007 M, 0.07% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 1,600,000 | 1,600,000 | |
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.09% 7/7/11, LOC Bank of New York, New York, VRDN (b) | 9,780,000 | 9,780,000 | |
Independence Gen. Oblig. BAN 1.875% 4/20/12 | 7,100,000 | 7,166,511 | |
Kent State Univ. Revs. Series 2008 B, 0.09% 7/7/11, LOC Bank of America NA, VRDN (b) | 37,750,000 | 37,750,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.): | |||
Series 2002, 0.17% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | $ 11,400,000 | $ 11,400,000 | |
Series 2008 B, 0.09% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 5,500,000 | 5,500,000 | |
Lake County Indl. Dev. Rev. (Norshar Co. Proj.) 0.3% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b)(e) | 2,240,000 | 2,240,000 | |
Lancaster Port Auth. Gas Rev. 0.09% 7/7/11 (Liquidity Facility Royal Bank of Canada), VRDN (b) | 44,645,000 | 44,645,000 | |
Lima Hosp. Rev. (Lima Memorial Hosp. Proj.) 0.1% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 990,000 | 990,000 | |
Lorain County Hosp. Rev. (EMH Reg'l. Med. Ctr. Proj.) Series 2008, 0.08% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 8,500,000 | 8,500,000 | |
Lorain County Ohio Port Auth. Rev. (Nat'l. Bronze and Metals, Inc. Proj.) Series 2009, 0.24% 7/7/11, LOC Bank of America NA, VRDN (b) | 8,075,000 | 8,075,000 | |
Lorain County Port Auth. Edl. Facilities Rev. (St. Ignatius High School Proj.) 0.1% 7/7/11, LOC U.S. Bank NA, Minnesota, VRDN (b) | 1,845,000 | 1,845,000 | |
Mahoning County Hsg. Rev. (Univ. Hsg. Corp. at Youngstown State Univ. Proj.) Series 2002, 0.13% 7/7/11, LOC PNC Bank NA, VRDN (b) | 4,870,000 | 4,870,000 | |
Mason City School District BAN Series 2011, 2% 2/1/12 | 3,300,000 | 3,329,004 | |
Mason Gen. Oblig. BAN 1.5% 6/28/12 | 3,500,000 | 3,534,530 | |
Mason Indl. Dev. Rev. (Crane Plastics Co. Proj.) 0.14% 7/1/11, LOC U.S. Bank NA, Minnesota, VRDN (b)(e) | 3,160,000 | 3,160,000 | |
Middletown Dev. Rev. (Bishop Fenwick High School Proj.) 0.15% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 9,880,000 | 9,880,000 | |
Montgomery County Rev.: | |||
Bonds (Miami Valley Hosp. Proj.) Series A, 5% 11/15/11 | 3,545,000 | 3,601,591 | |
Participating VRDN Series Floaters 3260, 0.09% 7/7/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(g) | 7,565,000 | 7,565,000 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
(Cincinnati Gas & Elec. Co. Proj.): | |||
Series A, 0.4% 7/7/11, VRDN (b) | 2,400,000 | 2,400,000 | |
Series B, 0.37% 7/7/11, VRDN (b) | 1,100,000 | 1,100,000 | |
(Dayton Pwr. & Lt. Co. Proj.) Series 2008 A, 0.09% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b)(e) | 12,700,000 | 12,700,000 | |
(FirstEnergy Corp. Proj.) Series 2006 B, 0.08% 7/7/11, LOC Wells Fargo Bank NA, VRDN (b) | 9,150,000 | 9,150,000 | |
(FirstEnergy Generation Corp. Proj.) Series 2009 B, 0.04% 7/7/11, LOC UBS AG, VRDN (b) | 13,000,000 | 13,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Ohio Air Quality Dev. Auth. Rev.: - continued | |||
(Ohio Valley Elec. Corp. Proj.): | |||
Series 2009 C, 0.08% 7/7/11, LOC Bank of Tokyo-Mitsubishi, VRDN (b) | $ 4,600,000 | $ 4,600,000 | |
Series 2009 D, 0.06% 7/7/11, LOC Bank of Tokyo-Mitsubishi, VRDN (b) | 3,680,000 | 3,680,000 | |
Ohio Bldg. Auth. Bonds: | |||
(Administrative Bldg. Fund Proj.) Series 2003 A, 5% 4/1/12 | 4,605,000 | 4,761,796 | |
Series 2002 B, 5% 4/1/12 | 7,105,000 | 7,356,260 | |
Series A, 5% 4/1/12 | 1,125,000 | 1,164,296 | |
Ohio Gen. Oblig.: | |||
(Infrastructure Impt. Proj.) Series 2003 B, 0.04% 7/7/11, VRDN (b) | 11,305,000 | 11,305,000 | |
Bonds: | |||
(Higher Ed. Cap. Facilities Proj.) Series 2004 A, 5% 8/1/11 | 3,500,000 | 3,513,778 | |
Series 2001 B, 4.75% 11/1/11 (Pre-Refunded to 11/1/11 @ 100) (f) | 1,800,000 | 1,826,617 | |
Series 2002 A, 5% 8/1/11 | 1,000,000 | 1,003,943 | |
Series A, 5% 6/15/12 | 1,315,000 | 1,373,342 | |
Series K, 5% 5/1/12 | 1,150,000 | 1,194,110 | |
5% 3/15/12 | 3,145,000 | 3,246,772 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
(Antioch Univ. Proj.) 0.08% 7/7/11, LOC PNC Bank NA, VRDN (b) | 6,300,000 | 6,300,000 | |
(Case Western Reserve Univ. Proj.) Series 2008 A, 0.06% 7/7/11, LOC PNC Bank NA, VRDN (b) | 9,900,000 | 9,900,000 | |
(Marietta College Proj.) 0.12% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 385,000 | 385,000 | |
(Univ. Hosp. Health Sys. Proj.) Series 2008 B, 0.16% 7/7/11, LOC RBS Citizens NA, VRDN (b) | 12,000,000 | 12,000,000 | |
(Xavier Univ. Proj.): | |||
Series 2008 A, 0.06% 7/7/11, LOC U.S. Bank NA, Minnesota, VRDN (b) | 1,400,000 | 1,400,000 | |
Series B, 0.06% 7/7/11, LOC U.S. Bank NA, Minnesota, VRDN (b) | 4,460,000 | 4,460,000 | |
Bonds: | |||
(Cleveland Clinic Foundation Proj.): | |||
Series 2008 A, 4% 1/1/12 | 1,200,000 | 1,220,627 | |
Series 2008 B5: | |||
0.25% tender 12/7/11, CP mode | 10,300,000 | 10,300,000 | |
0.25% tender 2/8/12, CP mode | 10,200,000 | 10,200,000 | |
0.34% tender 10/6/11, CP mode | 2,000,000 | 2,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Ohio Higher Edl. Facility Commission Rev.: - continued | |||
Bonds: | |||
(Cleveland Clinic Foundation Proj.): | |||
Series 2008 B5: | |||
0.35% tender 9/8/11, CP mode | $ 12,700,000 | $ 12,700,000 | |
0.35% tender 9/15/11, CP mode | 7,100,000 | 7,100,000 | |
Series 2008 B6: | |||
0.32% tender 10/17/11, CP mode | 7,300,000 | 7,300,000 | |
0.34% tender 10/6/11, CP mode | 23,900,000 | 23,900,000 | |
(Univ. of Dayton Proj.) Series 2011 A, 2% 12/1/11 | 2,690,000 | 2,704,278 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | |||
(Mtg.-Backed Securities Prog.): | |||
Series 2005 B1, 0.11% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 6,000,000 | 6,000,000 | |
Series 2005 B2, 0.07% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 5,100,000 | 5,100,000 | |
Series 2005 D, 0.1% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 13,900,000 | 13,900,000 | |
Series 2005 F, 0.07% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 11,800,000 | 11,800,000 | |
Series 2006 F, 0.07% 7/7/11 (Liquidity Facility Citibank NA), VRDN (b)(e) | 1,100,000 | 1,100,000 | |
Series B: | |||
0.09% 7/7/11 (Liquidity Facility Citibank NA), VRDN (b)(e) | 10,600,000 | 10,600,000 | |
0.09% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 3,000,000 | 3,000,000 | |
Participating VRDN: | |||
Series Clipper 06 8, 0.21% 7/7/11 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(e)(g) | 1,000,000 | 1,000,000 | |
Series Merlots 01 A78, 0.15% 7/7/11 (Liquidity Facility Wells Fargo Bank NA) (b)(e)(g) | 1,475,000 | 1,475,000 | |
Series Merlots 06 A2, 0.15% 7/7/11 (Liquidity Facility Wells Fargo Bank NA) (b)(e)(g) | 3,080,000 | 3,080,000 | |
Series Putters 1334, 0.21% 7/7/11 (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(g) | 14,535,000 | 14,535,000 | |
Series 2004 D, 0.07% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 10,860,000 | 10,860,000 | |
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Club at Spring Valley Apts. Proj.) Series 1996 A, 0.45% 7/7/11, LOC RBS Citizens NA, VRDN (b)(e) | 700,000 | 700,000 | |
(Pedcor Invts. Willow Lake Apts. Proj.) Series B, 0.23% 7/7/11, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 435,000 | 435,000 | |
(Wingate at Belle Meadows Proj.) 0.11% 7/7/11, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (b)(e) | 7,755,000 | 7,755,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: | |||
(Mtg.-Backed Securities Prog.) Series 2008 D, 0.11% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | $ 10,100,000 | $ 10,100,000 | |
Series 2006 I, 0.09% 7/7/11 (Liquidity Facility Citibank NA), VRDN (b)(e) | 7,225,000 | 7,225,000 | |
Series 2006 J, 0.08% 7/7/11 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(e) | 6,200,000 | 6,200,000 | |
Series 2006 M, 0.07% 7/7/11 (Liquidity Facility Citibank NA), VRDN (b)(e) | 21,925,000 | 21,925,000 | |
Series 2006 N, 0.07% 7/7/11 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b)(e) | 17,095,000 | 17,095,000 | |
Series 2008 B, 0.09% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 2,000,000 | 2,000,000 | |
Series 2008 H, 0.1% 7/7/11 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 5,000,000 | 5,000,000 | |
Ohio Major New State Infrastructure Rev. Bonds Series 2006-1, 5% 12/15/11 | 2,665,000 | 2,720,487 | |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 0.14% 7/7/11, LOC Bank of America NA, VRDN (b)(e) | 5,200,000 | 5,200,000 | |
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. Bonds Series 2009, 4% 6/1/12 | 1,000,000 | 1,033,790 | |
Olentangy Local School District Participating VRDN Series Solar 07-7, 0.08% 7/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (b)(g) | 10,300,000 | 10,300,000 | |
Portage County Hosp. Rev. (Robinson Memorial Hosp. Proj.) Series 2008, 0.1% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 11,410,000 | 11,410,000 | |
Richland County Health Care Facilities Rev. (Wesleyan Sr. Living Proj.) Series 2004 A, 0.1% 7/7/11, LOC JPMorgan Chase Bank, VRDN (a)(b) | 2,220,000 | 2,220,000 | |
Rickenbacker Port Auth. Indl. Dev. (Micro Inds. Corp. Proj.) Series 2000, 0.3% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b)(e) | 1,270,000 | 1,270,000 | |
Stow Gen. Oblig. BAN 1.5% 5/5/12 | 6,475,000 | 6,522,231 | |
Twinsburg Indl. Dev. Rev. (United Stationers Supply Co. Proj.) 0.06% 7/1/11, LOC PNC Bank NA, VRDN (b)(e) | 5,800,000 | 5,800,000 | |
Univ. of Cincinnati Gen. Receipts BAN: | |||
Series 2010 E, 1.5% 7/21/11 | 5,000,000 | 5,002,449 | |
Series 2010 H, 2% 12/16/11 | 14,810,000 | 14,911,710 | |
Series 2011 B, 2% 5/11/12 | 8,345,000 | 8,452,162 | |
Village of Indian Hill Econ. Dev. Rev. (Cincinnati Country Day School Proj.) Series 1999, 0.11% 7/7/11, LOC PNC Bank NA, VRDN (b) | 4,345,000 | 4,345,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Westlake Health Facilities Rev. (Lutheran Home Proj.) Series 2005, 0.28% 7/7/11, LOC RBS Citizens NA, VRDN (b) | $ 2,100,000 | $ 2,100,000 | |
Wood County Indl. Dev. Rev. (CMC Group Proj.) Series 2001, 0.17% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 1,165,000 | 1,165,000 | |
Zanesville-Muskingum Port Auth. Indl. Dev. Rev. (Almana II LLC Proj.) Series 2000, 0.75% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b)(e) | 2,550,000 | 2,550,000 | |
| 903,057,804 | ||
South Carolina - 0.3% | |||
Charleston Wtrwks. & Swr. Rev. Series A, 0.07% 7/7/11 (Liquidity Facility Bank of America NA), VRDN (b) | 2,165,000 | 2,165,000 | |
South Carolina Edl. Facilities Auth. for Private Nonprofit Institutions of Higher Learning Edl. Facilities Rev. (Converse College Proj.) Series 2009, 0.08% 7/7/11, LOC Wells Fargo Bank NA, VRDN (b) | 1,000,000 | 1,000,000 | |
| 3,165,000 | ||
Texas - 0.3% | |||
Greater East Texas Higher Ed. Auth. Student Ln. Rev. Series 1995 B, 0.1% 7/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (b)(e) | 1,000,000 | 1,000,000 | |
Northside Independent School District Participating VRDN Series ROC II R 11965, 0.09% 7/7/11 (Liquidity Facility Citibank NA) (b)(g) | 2,000,000 | 2,000,000 | |
| 3,000,000 | ||
Virginia - 0.2% | |||
Fairfax County Econ. Dev. Auth. Rev. (Smithsonian Institution Proj.) Series A, 0.08% 7/7/11 (Liquidity Facility Bank of America NA), VRDN (a)(b) | 1,700,000 | 1,700,000 | |
Shares |
| ||
Other - 5.1% | |||
Fidelity Municipal Cash Central Fund, 0.09% (c)(d) | 50,966,000 | 50,966,000 | |
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $997,188,804) | 997,188,804 | ||
NET OTHER ASSETS (LIABILITIES) - (0.1)% | (737,908) | ||
NET ASSETS - 100% | $ 996,450,896 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
CP | - | COMMERCIAL PAPER |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Security collateralized by an amount sufficient to pay interest and principal. |
(g) Provides evidence of ownership in one or more underlying municipal bonds. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 63,391 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $946,222,804) | $ 946,222,804 |
|
Fidelity Central Funds (cost $50,966,000) | 50,966,000 |
|
Total Investments (cost $997,188,804) |
| $ 997,188,804 |
Cash | 125,040 | |
Receivable for investments sold | 31,000,614 | |
Receivable for fund shares sold | 8,582,694 | |
Interest receivable | 1,235,241 | |
Distributions receivable from Fidelity Central Funds | 4,854 | |
Other receivables | 142 | |
Total assets | 1,038,137,389 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 22,580,767 | |
Delayed delivery | 8,180,965 | |
Payable for fund shares redeemed | 10,622,471 | |
Distributions payable | 71 | |
Accrued management fee | 151,163 | |
Other affiliated payables | 131,766 | |
Other payables and accrued expenses | 19,290 | |
Total liabilities | 41,686,493 | |
|
|
|
Net Assets | $ 996,450,896 | |
Net Assets consist of: |
| |
Paid in capital | $ 996,407,982 | |
Undistributed net investment income | 423 | |
Accumulated undistributed net realized gain (loss) on investments | 42,491 | |
Net Assets, for 995,970,495 shares outstanding | $ 996,450,896 | |
Net Asset Value, offering price and redemption price per share ($996,450,896 ÷ 995,970,495 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, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 1,395,082 |
Income from Fidelity Central Funds |
| 63,391 |
Total income |
| 1,458,473 |
|
|
|
Expenses | ||
Management fee | $ 1,797,938 | |
Transfer agent fees | 679,680 | |
Accounting fees and expenses | 57,968 | |
Custodian fees and expenses | 7,130 | |
Independent trustees' compensation | 1,800 | |
Registration fees | 26,228 | |
Audit | 18,655 | |
Legal | 3,586 | |
Miscellaneous | 4,566 | |
Total expenses before reductions | 2,597,551 | |
Expense reductions | (1,188,348) | 1,409,203 |
Net investment income (loss) | 49,270 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (38) | |
Net increase in net assets resulting from operations | $ 49,232 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended June 30, 2011 (Unaudited) | Year ended December 31, 2010 |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 49,270 | $ 97,721 |
Net realized gain (loss) | (38) | 50,560 |
Net increase in net assets resulting from operations | 49,232 | 148,281 |
Distributions to shareholders from net investment income | (48,847) | (98,494) |
Share transactions at net asset value of $1.00 per share | 1,581,010,385 | 2,809,374,764 |
Reinvestment of distributions | 48,399 | 97,561 |
Cost of shares redeemed | (1,595,582,181) | (2,828,100,542) |
Net increase (decrease) in net assets and shares resulting from share transactions | (14,523,397) | (18,628,217) |
Total increase (decrease) in net assets | (14,523,012) | (18,578,430) |
|
|
|
Net Assets | ||
Beginning of period | 1,010,973,908 | 1,029,552,338 |
End of period (including undistributed net investment income of $423 and undistributed net investment income of $0, respectively) | $ 996,450,896 | $ 1,010,973,908 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended June 30, 2011 | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
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 (loss) | - F | - F | - F | .018 | .032 | .030 |
Distributions from net investment income | - F | - F | - F | (.018) | (.032) | (.030) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .00% | .01% | .15% | 1.77% | 3.22% | 3.01% |
Ratios to Average Net Assets D, E |
|
|
|
|
| |
Expenses before reductions | .53% A | .52% | .57% | .54% | .52% | .54% |
Expenses net of fee waivers, if any | .29% A | .37% | .55% | .54% | .52% | .54% |
Expenses net of all reductions | .29% A | .37% | .55% | .48% | .41% | .40% |
Net investment income (loss) | .01% A | .01% | .15% | 1.75% | 3.17% | 2.98% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 996,451 | $ 1,010,974 | $ 1,029,552 | $ 1,224,236 | $ 1,217,252 | $ 956,450 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2011 (Unaudited)
1. Organization.
Fidelity Ohio Municipal Income Fund (the Income Fund) is a fund of Fidelity Municipal Trust. Fidelity Ohio Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Municipal Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each Fund is authorized to issue an unlimited number of shares. Each Fund may be affected by economic and political developments in the state of Ohio.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Income Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each Fund's investments by major category are as follows:
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to futures transactions and excise tax regulations.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments |
Fidelity Ohio Municipal Income Fund | $ 490,371,436 | $ 15,081,498 | $ (3,518,790) | $ 11,562,708 |
Fidelity Ohio Municipal Money Market Fund | 997,188,804 | - | - | - |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Funds' first fiscal year end subject to the Act will be December 31, 2011.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days are subject to a redemption fee equal to ..50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Funds may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $12,130,746 and $45,989,067, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
| Individual Rate | Group Rate | Total |
Fidelity Ohio Municipal Income Fund | .25% | .11% | .37% |
Fidelity Ohio Municipal Money Market Fund | .25% | .11% | .37% |
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and servicing agent for the Funds. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Funds' transfer agency, dividend disbursing and shareholder servicing functions. The Funds pay account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Fidelity Ohio Municipal Income Fund | .08% |
Fidelity Ohio Municipal Money Market Fund | .14% |
During the period, FMR or its affiliates waived a portion of these fees for the Money Market Fund.
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
Semiannual Report
7. Committed Line of Credit.
The Income Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Ohio Municipal Income Fund | $ 934 |
During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
FMR or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver was $1,188,188.
In addition, through arrangements with each applicable Fund's custodian, 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 |
Fidelity Ohio Municipal Income Fund | $ 2,417 |
Fidelity Ohio Municipal Money Market Fund | 160 |
9. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Citibank, N.A.
New York, NY
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 1-800-544-5555
Automated lines for quickest service
OFF-USAN-0811
1.787787.108
Fidelity®
Pennsylvania Municipal
Income Fund
and
Fidelity
Pennsylvania Municipal
Money Market Fund
Semiannual Report
June 30, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders | |
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity® Pennsylvania Municipal Income Fund | ||
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Fidelity Pennsylvania Municipal Money Market Fund | ||
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Pennsylvania Municipal Income Fund | .51% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,038.10 | $ 2.58 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.27 | $ 2.56 |
Fidelity Pennsylvania Municipal Money Market Fund | .27% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.05 | $ 1.34** |
HypotheticalA |
| $ 1,000.00 | $ 1,023.46 | $ 1.35** |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio for the Fidelity Pennsylvania Municipal Money Market Fund would have been 0.50% and the expenses paid in the actual and hypothetical examples above would have been $2.48 and $2.51, respectively.
Semiannual Report
Fidelity Pennsylvania Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 32.2 | 37.8 |
Health Care | 14.7 | 12.2 |
Transportation | 12.4 | 14.1 |
Education | 12.3 | 10.8 |
Electric Utilities | 9.6 | 8.7 |
Weighted Average Maturity as of June 30, 2011 | ||
|
| 6 months ago |
Years | 6.5 | 8.5 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of June 30, 2011 | ||
|
| 6 months ago |
Years | 7.7 | 7.8 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | AAA 0.1% |
| ![]() | AAA 0.1% |
| ||
![]() | AA,A 83.2% |
| ![]() | AA,A 84.3% |
| ||
![]() | BBB 13.0% |
| ![]() | BBB 11.9% |
| ||
![]() | Not Rated 1.5% |
| ![]() | Not Rated 2.5% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Fidelity Pennsylvania Municipal Income Fund
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 97.8% | ||||
| Principal Amount | Value | ||
New Jersey/Pennsylvania - 2.0% | ||||
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Series A, 5% 7/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,425,000 | $ 1,465,784 | ||
Delaware River Port Auth. Pennsylvania & New Jersey Rev.: | ||||
(Port District Proj.) Series 2001 A, 5.5% 1/1/18 (FSA Insured) | 3,000,000 | 3,029,940 | ||
Series 2010 D, 5% 1/1/30 | 3,500,000 | 3,550,750 | ||
| 8,046,474 | |||
Pennsylvania - 95.4% | ||||
Adams County Indl. Dev. Auth. Rev. (Gettysburg College Proj.) Series 2010, 5% 8/15/24 | 1,000,000 | 1,051,480 | ||
Allegheny County: | ||||
Series C-55, 5.375% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,535,000 | 3,712,740 | ||
Series C-62, 5% 11/1/29 | 1,420,000 | 1,424,700 | ||
Allegheny County Arpt. Auth. Rev. (Pittsburg Int'l. Arpt. Proj.) Series B, 5% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 2,545,000 | 2,634,813 | ||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1: | ||||
5.75% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 3,000,000 | 3,072,840 | ||
5.75% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 3,000,000 | 3,134,610 | ||
Allegheny County Higher Ed. Bldg. Auth. Univ. Rev. (Carnegie Mellon Univ. Proj.) Series 2002, 5.25% 3/1/32 | 2,000,000 | 2,008,260 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.) Series A, 5% 9/1/14 | 2,525,000 | 2,796,109 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 5% 8/15/21 | 2,000,000 | 2,168,960 | ||
Allegheny County Port Auth. Spl. Rev. 5% 3/1/17 | 2,000,000 | 2,242,940 | ||
Allegheny County Sanitation Auth. Swr. Rev.: | ||||
Series 1991, 0% 12/1/12 (Escrowed to Maturity) (c) | 2,260,000 | 2,228,292 | ||
Series 2010, 5% 6/1/40 (FSA Insured) | 6,690,000 | 6,694,683 | ||
Series A, 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,725,000 | 3,762,921 | ||
Annville-Cleona School District Series 2005: | ||||
6% 3/1/28 (FSA Insured) | 1,500,000 | 1,614,120 | ||
6% 3/1/31 (FSA Insured) | 1,975,000 | 2,114,810 | ||
Berks County Muni. Auth. Rev. (Reading Hosp. & Med. Ctr. Proj.) Series 2009 A3, 5.25% 11/1/18 | 3,000,000 | 3,427,800 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Bethel Park School District Series 2009, 5% 8/1/29 | $ 7,000,000 | $ 7,493,500 | ||
Bucks County Cmnty. College Auth. College Bldg. Rev. 5% 6/15/28 | 250,000 | 265,018 | ||
Bucks County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania Suburban Wtr. Co. Proj.) Series 2002, 5.55% 9/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) | 1,870,000 | 1,880,098 | ||
Bucks County Wtr. & Swr. Auth. Sys. Rev. Series 2006, 5% 6/1/15 (FSA Insured) | 1,785,000 | 2,012,980 | ||
Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.) Series 2009 B, 7.125% 7/1/29 | 1,000,000 | 1,103,200 | ||
Canon McMillan School District Series 2002 B, 5.75% 12/1/35 (FGIC Insured) | 2,500,000 | 2,546,675 | ||
Centennial School District: | ||||
Series 2010 A, 5% 12/15/30 | 3,000,000 | 3,183,000 | ||
Series A, 5.25% 12/15/37 (FSA Insured) | 5,000,000 | 5,209,100 | ||
Centre County Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2011, 7% 11/15/46 | 2,000,000 | 2,157,240 | ||
Chambersburg Area School District: | ||||
5.25% 3/1/26 (FGIC Insured) | 2,000,000 | 2,103,280 | ||
5.25% 3/1/27 (FGIC Insured) | 2,000,000 | 2,097,020 | ||
5.25% 3/1/29 (FGIC Insured) | 3,600,000 | 3,753,612 | ||
Dauphin County Gen. Auth. (Pinnacle Health Sys. Proj.) Series 2009 A, 5.25% 6/1/17 | 3,000,000 | 3,211,590 | ||
Delaware County Auth. College Rev. (Haverford College Proj.) Series 2010 A, 5% 11/15/31 | 4,090,000 | 4,292,373 | ||
Delaware County Auth. Univ. Rev. 5.25% 12/1/31 | 2,450,000 | 2,572,035 | ||
Delaware County Reg'l. Wtr. Quality Cont. Auth. Swr. Rev. Series 2001, 5.25% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,165,000 | 2,194,228 | ||
East Stroudsburg Area School District: | ||||
Series 2007 A: | ||||
7.5% 9/1/22 | 1,000,000 | 1,211,000 | ||
7.75% 9/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,200,000 | 9,714,458 | ||
Series 2007, 7.75% 9/1/28 (Pre-Refunded to 9/1/16 @ 100) (c) | 2,750,000 | 3,637,645 | ||
Easton Area School District Series 2006: | ||||
7.5% 4/1/22 (FSA Insured) | 2,700,000 | 3,173,823 | ||
7.75% 4/1/25 (FSA Insured) | 875,000 | 1,019,323 | ||
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 A, 7% 7/1/27 | 1,750,000 | 1,751,120 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010, 5.3% 7/1/30 | $ 1,770,000 | $ 1,740,866 | ||
Harrisburg Auth. Dauphin County School Rev. (Harrisburg School District Rfdg. Proj.) Series 2002 A, 5.5% 4/1/14 (Pre-Refunded to 4/1/12 @ 100) (c) | 1,655,000 | 1,719,231 | ||
Harrisburg Auth. Wtr. Rev. 5.75% 7/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,115,000 | 1,117,509 | ||
Kennett Consolidated School District Series A, 5.25% 2/15/15 (FGIC Insured) | 705,000 | 748,238 | ||
Lancaster County Hosp. Auth. Health Ctr. Rev. (Masonic Homes Proj.) Series 2006, 5% 11/1/20 | 1,065,000 | 1,106,205 | ||
Luzerne County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania-American Wtr. Co. Proj.) Series 2009, 5.5% 12/1/39 | 2,500,000 | 2,536,800 | ||
Lycoming County Auth. Health Sys. Rev. (Susquehanna Health Sys.) Series 2009 A, 5.5% 7/1/21 | 3,500,000 | 3,549,630 | ||
Mifflin County School District: | ||||
Series 2007, 7.5% 9/1/26 (XL Cap. Assurance, Inc. Insured) | 1,125,000 | 1,336,444 | ||
7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 1,175,000 | 1,396,206 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | ||||
Series 2009 A, 5% 6/1/17 | 2,000,000 | 2,173,120 | ||
Series A, 6% 6/1/16 (AMBAC Insured) | 1,000,000 | 1,145,120 | ||
Montgomery County Higher Ed. & Health Auth. Rev. (Dickinson College Proj.) Series 2006 FF1, 5% 5/1/28 (CDC IXIS Finl. Guaranty Insured) | 900,000 | 910,305 | ||
Mount Lebanon School District Series 2009 A: | ||||
5% 2/15/15 | 500,000 | 560,115 | ||
5% 2/15/34 | 2,250,000 | 2,314,395 | ||
Muhlenberg School District Series AA, 5.375% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,055,000 | 1,092,769 | ||
North Hampton County Gen. Purp. Auth. Hosp. Rev. (St. Luke's Hosp. Proj.) Series 2010 A: | ||||
5.25% 8/15/16 | 1,245,000 | 1,338,823 | ||
5.25% 8/15/18 | 1,450,000 | 1,518,165 | ||
Oxford Area School District 5.375% 2/1/27 (FGIC Insured) | 1,790,000 | 1,886,338 | ||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.: | ||||
(Amtrak Proj.) Series 2001 A: | ||||
6.25% 11/1/31 (b) | 3,300,000 | 3,315,840 | ||
6.375% 11/1/41 (b) | 1,300,000 | 1,305,655 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.: - continued | ||||
Bonds: | ||||
(Exelon Generation Proj.) Series 2009 A, 5%, tender 6/1/12 (a) | $ 3,100,000 | $ 3,184,072 | ||
(PPL Energy Supply LLC Proj.) Series 2009 A, 3%, tender 9/1/15 (a) | 2,000,000 | 1,973,780 | ||
Pennsylvania Econ. Dev. Fing. Auth. Health Sys. Rev. (Albert Einstein Med. Ctr. Proj.) Series 2009 A, 5.25% 10/15/15 | 2,000,000 | 2,129,560 | ||
Pennsylvania Gen. Oblig.: | ||||
First Series 2002, 5.25% 2/1/14 (Pre-Refunded to 2/1/12 @ 100) (c) | 125,000 | 128,576 | ||
First Series 2007 A, 5% 11/1/23 | 9,710,000 | 10,690,701 | ||
First Series 2008, 5% 5/15/27 | 805,000 | 861,302 | ||
First Series 2009, 5% 3/15/27 | 6,000,000 | 6,463,560 | ||
Second Series 2007 A, 5% 8/1/25 | 2,500,000 | 2,700,550 | ||
Second Series 2009: | ||||
5% 4/15/25 | 500,000 | 544,600 | ||
5% 4/15/28 | 5,000,000 | 5,358,600 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev.: | ||||
(Slippery Rock Univ. Proj.) 5% 7/1/39 (XL Cap. Assurance, Inc. Insured) | 2,500,000 | 2,000,425 | ||
(The Univ. of Pennsylvania Health Sys. Proj.) Series 2009 A, 5.25% 8/15/22 | 2,655,000 | 2,877,038 | ||
(Univ. of Pennsylvania Health Sys. Proj.): | ||||
Series 2005 A, 5% 8/15/17 | 3,000,000 | 3,294,720 | ||
Series 2011 A, 5.75% 8/15/41 | 4,980,000 | 5,200,913 | ||
Series 2010 E, 5% 5/15/31 | 2,500,000 | 2,438,375 | ||
Series 2010: | ||||
5% 9/1/30 | 1,150,000 | 1,227,361 | ||
5% 9/1/31 | 1,025,000 | 1,086,726 | ||
Pennsylvania Indl. Dev. Auth. Rev.: | ||||
5.5% 7/1/16 (AMBAC Insured) | 1,035,000 | 1,083,583 | ||
5.5% 7/1/16 (Pre-Refunded to 7/1/12 @ 101) (c) | 45,000 | 47,756 | ||
Pennsylvania State Univ.: | ||||
Series 2005: | ||||
5% 9/1/29 | 1,550,000 | 1,607,490 | ||
5% 9/1/35 | 4,485,000 | 4,572,233 | ||
Series 2008 A, 5% 8/15/29 | 3,945,000 | 4,167,261 | ||
Series 2010, 5% 3/1/40 | 3,635,000 | 3,748,085 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Pennsylvania Tpk. Commission Oil Franchise Tax Rev. Series 2003 C, 5% 12/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,000,000 | $ 3,093,420 | ||
Pennsylvania Tpk. Commission Tpk. Rev.: | ||||
Series 2004 A, 5.25% 12/1/32 (AMBAC Insured) | 2,900,000 | 2,936,743 | ||
Series 2006 A: | ||||
5% 12/1/23 (AMBAC Insured) | 7,695,000 | 8,121,842 | ||
5% 12/1/25 (AMBAC Insured) | 7,345,000 | 7,662,157 | ||
5% 12/1/26 (AMBAC Insured) | 3,500,000 | 3,635,345 | ||
Series 2008 B1, 5.5% 6/1/33 | 4,000,000 | 4,064,000 | ||
Series 2008 C4, 6.25% 6/1/38 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,141,900 | ||
Philadelphia Auth. Indl. Dev. Lease Rev. Series 2007 A, 5% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500,000 | 1,576,650 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.): | ||||
Eighteenth Series: | ||||
5.25% 8/1/17 (Assured Guaranty Corp. Insured) | 1,500,000 | 1,601,865 | ||
5.25% 8/1/19 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,054,960 | ||
5.25% 8/1/20 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,049,300 | ||
Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 2,700,000 | 2,796,822 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1: | ||||
5% 9/1/33 (FSA Insured) | 2,800,000 | 2,719,472 | ||
5.25% 9/1/17 (Assured Guaranty Corp. Insured) | 3,665,000 | 3,920,267 | ||
5.25% 9/1/18 (Assured Guaranty Corp. Insured) | 3,340,000 | 3,547,781 | ||
Ninth Series, 5.25% 8/1/40 | 5,595,000 | 5,299,920 | ||
Seventh Series, 5% 10/1/37 (AMBAC Insured) | 5,245,000 | 4,807,777 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2008 A, 5.25% 12/15/32 (FSA Insured) | 6,000,000 | 6,040,200 | ||
Series 2008 B, 7.125% 7/15/38 (Assured Guaranty Corp. Insured) | 3,550,000 | 3,886,434 | ||
Philadelphia Hospitals & Higher Ed. Facilities Auth. Health Systems Rev. (Jefferson Health Sys. Proj.) Series 2010 B, 5.25% 5/15/30 | 4,000,000 | 4,090,720 | ||
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. (Temple Univ. Health Sys. Proj.) Series B, 5% 7/1/11 | 1,685,000 | 1,685,000 | ||
Philadelphia Redev. Auth. Rev. (Philadelphia Neighborhood Transformation Initiative Proj.): | ||||
Series 2002 A, 5.5% 4/15/13 (FGIC Insured) | 2,810,000 | 2,905,090 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Philadelphia Redev. Auth. Rev. (Philadelphia Neighborhood Transformation Initiative Proj.): - continued | ||||
Series 2005 C, 5% 4/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 977,810 | ||
Philadelphia School District: | ||||
Series 2005 A, 5% 8/1/22 (AMBAC Insured) | 2,900,000 | 2,992,452 | ||
Series 2005 D, 5.5% 6/1/16 (FSA Insured) | 2,030,000 | 2,292,317 | ||
Series 2010 C, 5% 9/1/21 | 4,000,000 | 4,212,880 | ||
Philadelphia Wtr. & Wastewtr. Rev.: | ||||
Series 2010 C, 5% 8/1/40 (FSA Insured) | 4,000,000 | 4,017,240 | ||
Series A: | ||||
5% 11/1/31 (FGIC Insured) | 400,000 | 400,832 | ||
5.375% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,099,660 | ||
Pittsburgh Gen. Oblig.: | ||||
Series 2002 A, 5.5% 9/1/16 (AMBAC Insured) | 2,565,000 | 2,612,401 | ||
Series 2006 B: | ||||
5.25% 9/1/15 (FSA Insured) | 2,000,000 | 2,198,180 | ||
5.25% 9/1/16 (FSA Insured) | 3,000,000 | 3,324,450 | ||
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Series 1993 A: | ||||
6.5% 9/1/13 (Escrowed to Maturity) (c) | 4,455,000 | 4,729,027 | ||
6.5% 9/1/13 (FGIC Insured) | 5,545,000 | 5,814,210 | ||
Scranton-Lackawanna Health & Welfare Auth. Rev. (Cmnty. Med. Ctr. Proj.) 5.5% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,375,000 | 3,381,413 | ||
South Fork Muni. Auth. Hosp. Rev. (Conemaugh Health Sys. Proj.) Series 2010, 5.25% 7/1/23 | 1,000,000 | 945,520 | ||
Southcentral Pennsylvania Gen. Auth. Rev. (WellSpan Health Obligated Group Proj.) Series 2008 A, 6% 6/1/25 | 2,500,000 | 2,717,175 | ||
Southeastern Pennsylvania Trans. Auth. Rev. Series 2010, 5% 3/1/16 | 1,500,000 | 1,693,950 | ||
State Pub. School Bldg. Auth. College Rev.: | ||||
(Delaware County Cmnty. College Proj.) 5% 10/1/20 (FSA Insured) | 1,000,000 | 1,099,340 | ||
(Montgomery County Cmnty. College Proj.): | ||||
5% 5/1/27 (FSA Insured) | 1,775,000 | 1,866,945 | ||
5% 5/1/28 (FSA Insured) | 1,000,000 | 1,046,950 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009 A, 5% 6/1/32 | 3,000,000 | 3,110,820 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed.: | ||||
(Univ. Cap. Proj.): | ||||
Series 2000 B, 5.25% 9/15/34 | $ 2,000,000 | $ 2,098,900 | ||
Series 2000 C, 5% 9/15/35 | 2,000,000 | 2,049,840 | ||
Series 2009 A, 5% 9/15/16 | 1,150,000 | 1,345,903 | ||
Series 2009 B, 5% 9/15/28 | 2,000,000 | 2,124,380 | ||
Series 2007 B, 5.25% 9/15/28 | 2,500,000 | 2,716,300 | ||
Series 2009 B, 5.5% 9/15/24 | 5,250,000 | 5,941,058 | ||
Upper Saint Clair Township School District 5.375% 7/15/16 (Pre-Refunded to 7/15/12 @ 100) (c) | 1,855,000 | 1,952,462 | ||
Westmoreland County Gen. Oblig. 0% 8/1/15 (Escrowed to Maturity) (c) | 4,290,000 | 4,045,041 | ||
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 A, 5% 7/1/25 | 2,490,000 | 2,467,739 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A: | ||||
0% 8/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 3,530,000 | ||
0% 8/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 1,646,225 | ||
0% 8/15/22 | 6,550,000 | 3,833,912 | ||
Wilson School District 5.25% 6/1/25 (XL Cap. Assurance, Inc. Insured) | 5,740,000 | 6,069,533 | ||
York City Swr. Auth. Swr. Rev. 0% 12/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,235,000 | 3,155,581 | ||
| 385,019,548 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Puerto Rico - 0.4% | ||||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.: | ||||
Series II, 5.375% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,035,190 | ||
Series QQ, 5.25% 7/1/13 (XL Cap. Assurance, Inc. Insured) | 500,000 | 531,990 | ||
| 1,567,180 | |||
TOTAL INVESTMENT PORTFOLIO - 97.8% (Cost $387,992,814) | 394,633,202 | |||
NET OTHER ASSETS (LIABILITIES) - 2.2% | 8,853,514 | |||
NET ASSETS - 100% | $ 403,486,716 |
Legend |
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 32.2% |
Health Care | 14.7% |
Transportation | 12.4% |
Education | 12.3% |
Electric Utilities | 9.6% |
Water & Sewer | 9.5% |
Others* (Individually Less Than 5%) | 9.3% |
| 100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $387,992,814) |
| $ 394,633,202 |
Cash | 4,333,181 | |
Receivable for fund shares sold | 125,361 | |
Interest receivable | 5,186,659 | |
Other receivables | 525 | |
Total assets | 404,278,928 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 72,320 | |
Distributions payable | 497,981 | |
Accrued management fee | 123,675 | |
Transfer agent fee payable | 58,150 | |
Other affiliated payables | 17,779 | |
Other payables and accrued expenses | 22,307 | |
Total liabilities | 792,212 | |
|
|
|
Net Assets | $ 403,486,716 | |
Net Assets consist of: |
| |
Paid in capital | $ 398,246,169 | |
Undistributed net investment income | 9,119 | |
Accumulated undistributed net realized gain (loss) on investments | (1,408,960) | |
Net unrealized appreciation (depreciation) on investments | 6,640,388 | |
Net Assets, for 37,718,924 shares outstanding | $ 403,486,716 | |
Net Asset Value, offering price and redemption price per share ($403,486,716 ÷ 37,718,924 shares) | $ 10.70 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended June 30, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 8,941,853 |
|
|
|
Expenses | ||
Management fee | $ 737,921 | |
Transfer agent fees | 177,235 | |
Accounting fees and expenses | 52,397 | |
Custodian fees and expenses | 2,395 | |
Independent trustees' compensation | 762 | |
Registration fees | 17,557 | |
Audit | 22,449 | |
Legal | 2,047 | |
Miscellaneous | 2,753 | |
Total expenses before reductions | 1,015,516 | |
Expense reductions | (1,650) | 1,013,866 |
Net investment income (loss) | 7,927,987 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (1,266,028) | |
Change in net unrealized appreciation (depreciation) on investment securities | 7,865,187 | |
Net gain (loss) | 6,599,159 | |
Net increase (decrease) in net assets resulting from operations | $ 14,527,146 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Income Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 7,927,987 | $ 17,454,333 |
Net realized gain (loss) | (1,266,028) | 3,552,307 |
Change in net unrealized appreciation (depreciation) | 7,865,187 | (12,209,214) |
Net increase (decrease) in net assets resulting | 14,527,146 | 8,797,426 |
Distributions to shareholders from net investment income | (7,927,725) | (17,451,496) |
Distributions to shareholders from net realized gain | - | (3,009,138) |
Total distributions | (7,927,725) | (20,460,634) |
Share transactions | 39,626,961 | 118,061,292 |
Reinvestment of distributions | 4,796,575 | 12,823,852 |
Cost of shares redeemed | (78,499,296) | (116,832,055) |
Net increase (decrease) in net assets resulting from share transactions | (34,075,760) | 14,053,089 |
Redemption fees | 1,895 | 2,582 |
Total increase (decrease) in net assets | (27,474,444) | 2,392,463 |
|
|
|
Net Assets | ||
Beginning of period | 430,961,160 | 428,568,697 |
End of period (including undistributed net investment income of $9,119 and undistributed net investment income of $8,857, respectively) | $ 403,486,716 | $ 430,961,160 |
Other Information Shares | ||
Sold | 3,761,853 | 10,861,145 |
Issued in reinvestment of distributions | 453,549 | 1,186,141 |
Redeemed | (7,486,796) | (10,814,866) |
Net increase (decrease) | (3,271,394) | 1,232,420 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.51 | $ 10.78 | $ 10.21 | $ 10.73 | $ 10.78 | $ 10.80 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .207 | .418 | .407 | .416 | .419 | .433 |
Net realized and unrealized gain (loss) | .190 | (.197) | .569 | (.497) | (.005) | (.009) |
Total from investment operations | .397 | .221 | .976 | (.081) | .414 | .424 |
Distributions from net investment income | (.207) | (.418) | (.407) | (.416) | (.419) | (.433) |
Distributions from net realized gain | - | (.073) | - | (.023) | (.045) | (.011) |
Total distributions | (.207) | (.491) | (.407) | (.439) | (.464) | (.444) |
Redemption fees added to paid in capital D | - F | - F | .001 | - F | - F | - F |
Net asset value, end of period | $ 10.70 | $ 10.51 | $ 10.78 | $ 10.21 | $ 10.73 | $ 10.78 |
Total Return B,C | 3.81% | 2.02% | 9.70% | (.77)% | 3.94% | 4.02% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .51% A | .50% | .51% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .51% A | .50% | .51% | .50% | .50% | .50% |
Expenses net of all reductions | .50% A | .50% | .51% | .46% | .46% | .42% |
Net investment income (loss) | 3.95% A | 3.85% | 3.84% | 3.96% | 3.92% | 4.03% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 403,487 | $ 430,961 | $ 428,569 | $ 326,566 | $ 315,463 | $ 305,673 |
Portfolio turnover rate | 9% A | 19% | 8% | 17% | 19% | 19% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Investment Changes (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 85.8 | 83.2 | 90.6 |
31 - 90 | 6.7 | 5.6 | 1.0 |
91 - 180 | 2.2 | 4.5 | 1.8 |
181 - 397 | 5.3 | 6.7 | 6.6 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 6/30/11 | 12/31/10 | 6/30/10 |
Fidelity Pennsylvania Municipal Money Market Fund | 26 Days | 29 Days | 26 Days |
Pennsylvania Tax-Free Money Market Funds Average* | 26 Days | 27 Days | 31 Days |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Weighted Average Life | |||
| 6/30/11 | 12/31/10 | 6/30/10 |
Fidelity Pennsylvania Municipal Money Market Fund | 29 Days | 29 Days | 26 Days |
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
| ||
![]() | Commercial |
| ![]() | Commercial |
| ||
![]() | Tender Bonds 1.1% |
| ![]() | Tender Bonds 0.9% |
| ||
![]() | Municipal Notes 1.0% |
| ![]() | Municipal Notes 3.1% |
| ||
![]() | Fidelity Municipal |
| ![]() | Fidelity Municipal |
| ||
![]() | Other Investments 12.4% |
| ![]() | Other Investments 10.6% |
| ||
![]() | Net Other Assets 6.3% |
| ![]() | Net Other Assets 0.4% |
|
* Source: iMoneyNet, Inc. |
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 93.7% | |||
Principal Amount | Value | ||
Alabama - 0.2% | |||
Wilsonville Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Proj.) Series D, 0.05% 7/1/11, VRDN (b) | $ 1,500,000 | $ 1,500,000 | |
California - 0.0% | |||
Stanislaus County Cap. Impts. Fing. Auth. Rev. Series 2004, 0.09% 7/7/11, LOC Bank of America NA, VRDN (b) | 400,000 | 400,000 | |
District Of Columbia - 0.1% | |||
District of Columbia Rev. (American Psychological Assoc. Proj.) Series 2003, 0.16% 7/7/11, LOC Bank of America NA, VRDN (b) | 855,000 | 855,000 | |
Florida - 0.7% | |||
Collier County Hsg. Fin. Auth. Multi-family Rev. (George Washington Carver Apts. Proj.) Series 2005, 0.18% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 3,130,000 | 3,130,000 | |
Orange County Indl. Dev. Auth. Indl. Dev. Rev. (Central Florida YMCA Proj.) Series 2002 A, 0.11% 7/7/11, LOC Bank of America NA, VRDN (a)(b) | 1,305,000 | 1,305,000 | |
| 4,435,000 | ||
Georgia - 0.4% | |||
Coweta County Dev. Auth. Rev. (W.Y. Industries, Inc. Proj.) Series 2007, 0.23% 7/7/11, LOC Wells Fargo Bank NA, VRDN (b)(e) | 2,475,000 | 2,475,000 | |
Illinois - 0.1% | |||
Illinois Fin. Auth. Rev. (Chicago Historical Society Proj.) Series 2006, 0.1% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 400,000 | 400,000 | |
Iowa - 0.5% | |||
Iowa Fin. Auth. Poll. Cont. Facility Rev. (MidAmerican Energy Proj.) Series 2008 B, 0.19% 7/7/11, VRDN (b) | 3,100,000 | 3,100,000 | |
Kentucky - 0.4% | |||
Kentucky Higher Ed. Student Ln. Corp. Rev. Series 2008 A1, 0.1% 7/7/11, LOC State Street Bank & Trust Co., Boston, LOC Bank of America NA, VRDN (b)(e) | 1,400,000 | 1,400,000 | |
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series A2, 0.9% tender 7/21/11, CP mode (e) | 1,000,000 | 1,000,000 | |
| 2,400,000 | ||
Massachusetts - 0.2% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1993 A, 0.65% tender 7/15/11, CP mode | 1,100,000 | 1,100,000 | |
Minnesota - 0.1% | |||
St. Paul City Port Auth. District Heating Rev. Series 2009 8R, 0.13% 7/7/11, LOC Deutsche Bank AG, VRDN (b)(e) | 760,000 | 760,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Missouri - 0.1% | |||
Missouri Health & Edl. Facilities Auth. Health Facilities Rev. (SSM Health Care Sys. Proj.) Series 2010 D, 0.1% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | $ 500,000 | $ 500,000 | |
New Hampshire - 0.3% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1990 B, 0.75% tender 7/22/11, CP mode | 800,000 | 800,000 | |
Series A1: | |||
0.7% tender 7/7/11, CP mode (e) | 1,000,000 | 1,000,000 | |
0.7% tender 7/7/11, CP mode (e) | 200,000 | 200,000 | |
| 2,000,000 | ||
Ohio - 0.1% | |||
Hamilton County Hosp. Facilities Rev. (Children's Hosp. Med. Ctr. Proj.) Series 2000, 0.09% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 1,010,000 | 1,010,000 | |
Pennsylvania - 88.1% | |||
Allegheny County Series C-58 A, 0.1% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 7,400,000 | 7,400,000 | |
Allegheny County Hosp. Dev. Auth. Rev.: | |||
(Children's Institute Pittsburgh Proj.) Series 2005 A, 0.1% 7/7/11, LOC PNC Bank NA, VRDN (b) | 3,265,000 | 3,265,000 | |
(Jefferson Reg'l. Med. Ctr.) Series 2010 A, 0.1% 7/7/11, LOC PNC Bank NA, VRDN (b) | 8,750,000 | 8,750,000 | |
(South Hills Health Sys. Proj.) Series 2000 A, 0.1% 7/7/11, LOC PNC Bank NA, VRDN (b) | 4,800,000 | 4,800,000 | |
Bonds: | |||
(Pittsburgh Med. Ctr. Proj.) Series 2008 A: | |||
4% 9/1/11 | 4,000,000 | 4,023,890 | |
5% 9/1/11 | 5,670,000 | 5,713,281 | |
(UPMC Health Sys. Proj.) Series 1998 B, 5.25% 11/1/11 | 1,950,000 | 1,981,498 | |
Series 2009 A, 4% 8/15/11 | 1,000,000 | 1,004,560 | |
Allegheny County Indl. Dev. Auth. Rev.: | |||
(Doren, Inc. Proj.) Series 1997 C, 0.23% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 300,000 | 300,000 | |
(R.I. Lampus Co. Proj.) Series 1997 A, 0.23% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 710,000 | 710,000 | |
(The Neighborhood Academy Proj.) 0.1% 7/7/11, LOC PNC Bank NA, VRDN (b) | 4,500,000 | 4,500,000 | |
(Union Elec. Steel Co. Proj.) Series 1996 A, 0.14% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 3,120,000 | 3,120,000 | |
(United Jewish Federation Proj.) Series 1996 A, 0.1% 7/7/11, LOC PNC Bank NA, VRDN (b) | 200,000 | 200,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Allegheny County Port Auth. Spl. Rev. Bonds 2% 3/1/12 | $ 6,600,000 | $ 6,655,132 | |
Allegheny County Sanitation Auth. Swr. Rev. Bonds Series 2001, 5.25% 12/1/11 | 1,000,000 | 1,019,238 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev.: | |||
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2006 B, 0.09% 7/7/11, LOC Royal Bank of Scotland PLC, VRDN (b) | 8,000,000 | 8,000,000 | |
Series 2005 A, 0.08% 7/7/11, LOC Bank of Nova Scotia New York Branch, VRDN (b) | 6,700,000 | 6,700,000 | |
Berks County Indl. Dev. Auth. Rev. (Kutztown Univ. Foundation, Inc. Proj.) Series 2004, 0.08% 7/7/11, LOC Wells Fargo Bank NA, VRDN (b) | 9,110,000 | 9,110,000 | |
Berks County Muni. Auth. Rev. Participating VRDN Series Putters 3779 Z, 0.09% 7/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 2,750,000 | 2,750,000 | |
Bucks County Indl. Dev. Auth. Rev. (Snowball Real Estate LP Proj.) 0.28% 7/7/11, LOC Wells Fargo Bank NA, VRDN (b)(e) | 1,485,000 | 1,485,000 | |
Chester County Health & Ed. Auth. Rev. (Jenner's Pond Proj.) Series 2006, 0.18% 7/7/11, LOC Citizens Bank of Pennsylvania, VRDN (b) | 2,840,000 | 2,840,000 | |
Chester County Indl. Dev. Auth. Student Hsg. Rev. (Univ. Student Hsg., LLC Proj. at West Chester Univ.) Series 2003, 0.07% 7/7/11, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b) | 10,700,000 | 10,700,000 | |
Chester County Intermediate Unit Rev. Series 2003, 0.09% 7/7/11, LOC PNC Bank NA, VRDN (b) | 2,235,000 | 2,235,000 | |
Crawford County Indl. Dev. Auth. College Rev. (Allegheny College Proj.) Series 2009 B, 0.1% 7/7/11, LOC PNC Bank NA, VRDN (b) | 2,000,000 | 2,000,000 | |
Cumberland County Muni. Auth. Rev.: | |||
(Messiah Village Proj.) Series 2008 B, 0.28% 7/7/11, LOC Citizens Bank of Pennsylvania, VRDN (b) | 8,000,000 | 8,000,000 | |
(Presbyterian Homes Proj.) Series 2008 B, 0.11% 7/7/11, LOC Bank of America NA, VRDN (b) | 1,000,000 | 1,000,000 | |
Delaware County Auth. Rev. (White Horse Village Proj.): | |||
Series 2006 A, 0.08% 7/1/11, LOC Citizens Bank of Pennsylvania, VRDN (b) | 4,715,000 | 4,715,000 | |
Series 2008, 0.08% 7/1/11, LOC Citizens Bank of Pennsylvania, VRDN (b) | 7,310,000 | 7,310,000 | |
Delaware County Indl. Dev. Auth. Rev.: | |||
(Resource Recovery Facility Proj.) Series 1997 G, 0% 7/7/11, VRDN (b) | 4,910,000 | 4,910,000 | |
(The Agnes Irwin School Proj.) Series 2003, 0.18% 7/7/11, LOC Citizens Bank of Pennsylvania, VRDN (b) | 7,105,000 | 7,105,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Delaware Valley School District Bonds Series 2007, 4% 11/15/11 | $ 2,475,000 | $ 2,508,536 | |
East Penn School District Bonds Series 2011, 2% 11/15/11 | 1,435,000 | 1,443,653 | |
Geisinger Auth. Health Sys. Rev.: | |||
Bonds Series 2011 A, 0.5% 6/1/12 | 2,350,000 | 2,350,000 | |
Participating VRDN: | |||
Series Putters 3446, 0.09% 7/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 6,600,000 | 6,600,000 | |
Series Putters 3915 Z, 0.09% 7/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 5,000,000 | 5,000,000 | |
Series WF 11 69C, 0.1% 7/7/11 (Liquidity Facility Wells Fargo Bank NA) (b)(g) | 1,600,000 | 1,600,000 | |
Haverford Township School District Series 2009, 0.09% 7/7/11, LOC TD Banknorth, NA, VRDN (b) | 4,675,000 | 4,675,000 | |
Lehigh County Gen. Purp. Auth. (Muhlenberg College Proj.) Series 2008, 0.08% 7/7/11, LOC Bank of America NA, VRDN (b) | 15,775,000 | 15,775,000 | |
Lower Merion School District Series 2009 A, 0.09% 7/7/11, LOC State Street Bank & Trust Co., Boston, VRDN (b) | 450,000 | 450,000 | |
Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Kingswood Apts. Proj.) Series 2001 A, 0.09% 7/7/11, LOC Fannie Mae, VRDN (b) | 1,950,000 | 1,950,000 | |
Moon Indl. Dev. Auth. Commercial Dev. Rev. (One Thorn Run Ctr. Proj.) Series 1995 A, 0.14% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 3,030,000 | 3,030,000 | |
Northampton Indl. Dev. Auth. Rev. (Ultra-Poly Corp./Portland Ind. Park Proj.) Series 1997, 0.18% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 1,517,000 | 1,517,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Amtrak Proj.) Series 2001 B, 0.12% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b)(e) | 24,000,000 | 24,000,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | |||
(Leidy's, Inc. Proj.) Series 1995 D7, 0.14% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 500,000 | 500,000 | |
(Westrum Harleysville II, LP Proj.) Series 2005, 0.11% 7/7/11, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b)(e) | 11,535,000 | 11,535,000 | |
Series 2002 B5, 0.14% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 5,000,000 | 5,000,000 | |
Series 2004 D2, 0.14% 7/7/11, LOC PNC Bank NA, VRDN (b)(e) | 1,100,000 | 1,100,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Manufacturing Facility Rev. (Dodge Realty Partners Proj.) 0.11% 7/7/11, LOC Citibank NA, VRDN (b)(e) | 6,500,000 | 6,500,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Pennsylvania Econ. Dev. Fing. Auth. Wastewtr. Treatment Rev. (Sunoco, Inc. (R&M) Proj.) Series 2009 A, 0.08% 7/7/11 (Sunoco, Inc. Guaranteed), LOC JPMorgan Chase Bank, VRDN (b) | $ 6,600,000 | $ 6,600,000 | |
Pennsylvania Gen. Oblig.: | |||
Bonds: | |||
First Series 2003, 5% 1/1/12 | 3,000,000 | 3,069,209 | |
First Series 2006, 5% 10/1/11 | 1,400,000 | 1,416,362 | |
First Series 2007, 5% 8/1/11 | 2,320,000 | 2,329,185 | |
First Series 2009, 5% 7/15/11 | 5,000,000 | 5,009,036 | |
Second Series 2005, 5.25% 1/1/12 | 1,600,000 | 1,638,622 | |
Second Series, 6.25% 7/1/11 | 1,000,000 | 1,000,000 | |
Series 2007 B, 5% 11/1/11 | 1,250,000 | 1,269,838 | |
Series 2009, 3% 7/1/11 | 2,450,000 | 2,450,000 | |
Third Series 2004, 5.25% 7/1/11 | 3,500,000 | 3,500,000 | |
Participating VRDN: | |||
Series Putters 3350, 0.09% 7/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 4,540,000 | 4,540,000 | |
Series Putters 3352Z, 0.09% 7/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 4,435,000 | 4,435,000 | |
Series ROC II R 11505, 0.09% 7/7/11 (Liquidity Facility Citibank NA) (b)(g) | 5,200,000 | 5,200,000 | |
Pennsylvania Higher Edl. Facilities Auth. College & Univ. Revs. (St. Josephs Univ. Proj.) Series 2008 A, 0.07% 7/7/11, LOC TD Banknorth, NA, VRDN (b) | 7,000,000 | 7,000,000 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(La Salle Univ. Proj.) Series 2007 B, 0.12% 7/7/11, LOC Citizens Bank of Pennsylvania, VRDN (b) | 3,890,000 | 3,890,000 | |
(California Univ. of Pennsylvania Student Hsg. Proj.) Series 2006 A1, 0.14% 7/7/11, LOC Citizens Bank of Pennsylvania, VRDN (b) | 7,660,000 | 7,660,000 | |
(Drexel Univ. Proj.) Series B, 0.07% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 9,535,000 | 9,535,000 | |
(Holy Family Univ. Proj.) Series 2008, 0.09% 7/7/11, LOC TD Banknorth, NA, VRDN (b) | 4,540,000 | 4,540,000 | |
(King's College Proj.) Series 2002 J3, 0.1% 7/7/11, LOC PNC Bank NA, VRDN (b) | 140,000 | 140,000 | |
(Univ. of Pennsylvania Health Sys. Proj.) Series 2008 A, 0.06% 7/7/11, LOC Bank of America NA, VRDN (b) | 2,700,000 | 2,700,000 | |
Bonds: | |||
(Bryn Mawr College Proj.) Series 2009, 0.43%, tender 2/11/12 (b) | 7,500,000 | 7,500,000 | |
Series 2010 A, 4% 4/1/12 | 1,700,000 | 1,746,818 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Pennsylvania Higher Edl. Facilities Auth. Rev.: - continued | |||
Participating VRDN: | |||
ROC II R 11721, 0.1% 7/7/11 (Liquidity Facility Citibank NA) (b)(g) | $ 7,500,000 | $ 7,500,000 | |
Series MS 3252, 0.1% 7/7/11 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(g) | 5,840,000 | 5,840,000 | |
Series Putters 3583Z, 0.09% 7/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 6,060,000 | 6,060,000 | |
Series Putters 3912, 0.09% 7/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 4,125,000 | 4,125,000 | |
Series WF 11 26C, 0.1% 7/7/11 (Liquidity Facility Wells Fargo Bank NA) (b)(g) | 5,000,000 | 5,000,000 | |
Pennsylvania Hsg. Fin. Agcy. Single Family Mtg. Rev.: | |||
Bonds Series 2010-111, 0.45% 9/22/11 | 6,500,000 | 6,500,000 | |
Participating VRDN: | |||
Series Merlots 07 C50, 0.15% 7/7/11 (Liquidity Facility Wells Fargo Bank NA) (b)(e)(g) | 1,330,000 | 1,330,000 | |
Series Putters 3786 Z, 0.2% 7/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(e)(g) | 4,965,000 | 4,965,000 | |
Series 2004 86B, 0.09% 7/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 6,320,000 | 6,320,000 | |
Series 2004 86C, 0.09% 7/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 2,250,000 | 2,250,000 | |
Series 2005 90C, 0.07% 7/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 12,500,000 | 12,500,000 | |
Series 2005 97C, 0.07% 7/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 5,450,000 | 5,450,000 | |
Series 2005-87 C, 0.07% 7/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 1,750,000 | 1,750,000 | |
Series 2005-89, 0.09% 7/7/11 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e) | 11,825,000 | 11,825,000 | |
Pennsylvania Infrastructure Invt. Auth. Rev. Series 2010 A, 0.16% 7/6/11, LOC Bank of America NA, CP | 15,000,000 | 15,000,000 | |
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev.: | |||
Bonds Series 2009, 5% 6/15/12 | 2,145,000 | 2,239,734 | |
Participating VRDN Series Putters 3481, 0.09% 7/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(g) | 5,035,000 | 5,035,000 | |
Pennsylvania Pub. School Bldg. Auth. School Rev. (Harrisburg School District Proj.) Series 2009 D, 0.08% 7/7/11, LOC Wells Fargo Bank NA, VRDN (b) | 5,585,000 | 5,585,000 | |
Pennsylvania State Pub. School Bldg. Auth. Bonds (Marple Newtown School District Proj.) Series 2001, 5% 9/1/11 (Pre-Refunded to 9/1/11 @ 100) (f) | 1,530,000 | 1,542,009 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Pennsylvania State Univ. Participating VRDN Series ROC II R 11917, 0.09% 7/7/11 (Liquidity Facility Citibank NA) (b)(g) | $ 1,300,000 | $ 1,300,000 | |
Pennsylvania Tpk. Commission Registration Fee Rev. Bonds Series 2001, 5% 7/15/11 (Pre-Refunded to 7/15/11 @ 101) (f) | 6,800,000 | 6,880,168 | |
Pennsylvania Tpk. Commission Tpk. Rev. Bonds: | |||
Series 2001 T, 5.5% 12/1/11 | 2,510,000 | 2,560,848 | |
Series 2011 B, 0.11% 4/1/12 (b) | 6,700,000 | 6,700,000 | |
Philadelphia Arpt. Rev. Series 2005 C, 0.08% 7/7/11, LOC TD Banknorth, NA, VRDN (b)(e) | 10,705,000 | 10,705,000 | |
Philadelphia Auth. for Indl. Dev. Rev.: | |||
(Spl. People in Northeast, Inc. Proj.) Series 2006, 0.12% 7/7/11, LOC Citizens Bank of Pennsylvania, VRDN (b) | 7,895,000 | 7,895,000 | |
(The Franklin Institute Proj.) Series 2006, 0.09% 7/7/11, LOC Bank of America NA, VRDN (b) | 9,200,000 | 9,200,000 | |
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.): | |||
Eighth Series B, 0.06% 7/7/11, LOC Wells Fargo Bank NA, VRDN (b) | 1,600,000 | 1,600,000 | |
Eighth Series E, 0.07% 7/7/11, LOC JPMorgan Chase Bank, VRDN (b) | 2,000,000 | 2,000,000 | |
Fifth Series A2, 0.07% 7/7/11, LOC Bank of Nova Scotia New York Branch, LOC JPMorgan Chase Bank, VRDN (b) | 5,685,000 | 5,685,000 | |
Philadelphia Hospitals & Higher Ed. Facilities Auth. Health Systems Rev.: | |||
Bonds (Jefferson Health Sys. Proj.) Series B, 2.5% 5/15/12 | 1,000,000 | 1,016,933 | |
Participating VRDN Series ROC II R 11867, 0.1% 7/7/11 (Liquidity Facility Citibank NA) (b)(g) | 5,500,000 | 5,500,000 | |
Philadelphia Wtr. & Wastewtr. Rev.: | |||
Bonds Series 1998, 5.25% 12/15/11 | 1,475,000 | 1,505,483 | |
Series 1997 B, 0.09% 7/7/11, LOC Bank of America NA, VRDN (b) | 2,080,000 | 2,080,000 | |
Series 2005 B, 0.06% 7/7/11, LOC Bank of America NA, VRDN (b) | 13,640,000 | 13,640,000 | |
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev. Series 2008 B2, 0.07% 7/7/11, LOC PNC Bank NA, VRDN (b) | 5,200,000 | 5,200,000 | |
RBC Muni. Prods, Inc. Trust Var States Participating VRDN Series RBC E 22, 0.09% 7/7/11 (Liquidity Facility Royal Bank of Canada) (b)(g) | 6,600,000 | 6,600,000 | |
Ridley School District Series 2009, 0.09% 7/7/11, LOC TD Banknorth, NA, VRDN (b) | 6,720,000 | 6,720,000 | |
Schuylkill County Indl. Dev. Auth. Rev. (KP Tamaqua LP Proj.) Series 2007, 0.25% 7/7/11, LOC Citizens Bank of Pennsylvania, VRDN (b)(e) | 2,090,000 | 2,090,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Somerset County Gen. Oblig.: | |||
Series 2009 A, 0.1% 7/7/11, LOC PNC Bank NA, VRDN (b) | $ 3,475,000 | $ 3,475,000 | |
Series 2009 C, 0.1% 7/7/11, LOC PNC Bank NA, VRDN (b) | 1,200,000 | 1,200,000 | |
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed.: | |||
BAN Series 2011, 2% 6/18/12 | 6,600,000 | 6,706,488 | |
Bonds: | |||
(Univ. Cap. Proj.): | |||
Series B, 0.29% tender 7/8/11, CP mode | 6,700,000 | 6,700,000 | |
Series C, 0.25% tender 8/4/11, CP mode | 8,000,000 | 8,000,000 | |
Series 2009 A, 5% 9/15/11 | 1,045,000 | 1,054,970 | |
0.26% tender 8/3/11, CP mode | 10,805,000 | 10,805,000 | |
Washington County Hosp. Auth. Rev.: | |||
(Monongeahela Valley Hosp. Proj.): | |||
Series 2011 A, 0.08% 7/7/11, LOC PNC Bank NA, VRDN (b) | 2,540,000 | 2,540,000 | |
Series 2011 B, 0.08% 7/7/11, LOC PNC Bank NA, VRDN (b) | 3,395,000 | 3,395,000 | |
(Washington Hosp. Proj.) Series 2007 B, 0.09% 7/7/11, LOC Wells Fargo Bank NA, VRDN (b) | 9,400,000 | 9,400,000 | |
Wilkens Area Indl. Dev. Auth. Rev. (Fairview Extended Care Proj.) Series B, 0.18% 7/7/11, LOC Bank of America NA, VRDN (b) | 750,000 | 750,000 | |
| 578,727,491 | ||
South Carolina - 0.1% | |||
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series 1999 B, 0.15% 7/1/11, VRDN (b)(e) | 500,000 | 500,000 | |
Shares |
| ||
Other - 2.3% | |||
Fidelity Municipal Cash Central Fund, 0.09% (c)(d) | 14,921,000 | 14,921,000 | |
TOTAL INVESTMENT PORTFOLIO - 93.7% (Cost $615,083,491) | 615,083,491 | ||
NET OTHER ASSETS (LIABILITIES) - 6.3% | 41,433,339 | ||
NET ASSETS - 100% | $ 656,516,830 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
CP | - | COMMERCIAL PAPER |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund. |
(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Security collateralized by an amount sufficient to pay interest and principal. |
(g) Provides evidence of ownership in one or more underlying municipal bonds. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 20,271 |
Other Information |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Income Tax Information |
At December 31, 2010, the Fund had a capital loss carryforward of approximately $13,125 of which $11,336 and $1,789 will expire in fiscal 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $600,162,491) | $ 600,162,491 |
|
Fidelity Central Funds (cost $14,921,000) | 14,921,000 |
|
Total Investments (cost $615,083,491) |
| $ 615,083,491 |
Cash | 13,417,998 | |
Receivable for investments sold | 25,098,325 | |
Receivable for fund shares sold | 6,789,130 | |
Interest receivable | 1,085,637 | |
Distributions receivable from Fidelity Central Funds | 1,433 | |
Other receivables | 63 | |
Total assets | 661,476,077 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 300,004 | |
Delayed delivery | 1,305,020 | |
Payable for fund shares redeemed | 3,255,436 | |
Distributions payable | 59 | |
Accrued management fee | 98,498 | |
Other affiliated payables | 230 | |
Total liabilities | 4,959,247 | |
|
|
|
Net Assets | $ 656,516,830 | |
Net Assets consist of: |
| |
Paid in capital | $ 656,526,966 | |
Undistributed net investment income | 33 | |
Accumulated undistributed net realized gain (loss) on investments | (10,169) | |
Net Assets, for 656,395,420 shares outstanding | $ 656,516,830 | |
Net Asset Value, offering price and redemption price per share ($656,516,830 ÷ 656,395,420 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended June 30, 2011 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 899,956 |
Income from Fidelity Central Funds |
| 20,271 |
Total income |
| 920,227 |
|
|
|
Expenses | ||
Management fee | $ 1,658,943 | |
Independent trustees' compensation | 1,204 | |
Total expenses before reductions | 1,660,147 | |
Expense reductions | (772,867) | 887,280 |
Net investment income (loss) | 32,947 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 3,814 |
Net increase in net assets resulting from operations | $ 36,761 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 32,947 | $ 66,633 |
Net realized gain (loss) | 3,814 | (70) |
Net increase in net assets resulting | 36,761 | 66,563 |
Distributions to shareholders from net investment income | (32,914) | (66,616) |
Share transactions at net asset value of $1.00 per share | 915,267,050 | 1,796,141,406 |
Reinvestment of distributions | 32,605 | 66,009 |
Cost of shares redeemed | (929,576,352) | (1,803,565,907) |
Net increase (decrease) in net assets and shares resulting from share transactions | (14,276,697) | (7,358,492) |
Total increase (decrease) in net assets | (14,272,850) | (7,358,545) |
|
|
|
Net Assets | ||
Beginning of period | 670,789,680 | 678,148,225 |
End of period (including undistributed net investment income of $33 and undistributed net investment income of $0, respectively) | $ 656,516,830 | $ 670,789,680 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
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 (loss) | - F | - F | .001 | .018 | .032 | .030 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | - F | - F | .001 | .018 | .032 | .030 |
Distributions from net investment income | - F | - F | (.001) | (.018) | (.032) | (.030) |
Distributions from net realized gain | - | - | - | - F | - | - |
Total distributions | - F | - F | (.001) | (.018) | (.032) | (.030) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B,C | .00% | .01% | .09% | 1.85% | 3.25% | 3.05% |
Ratios to Average Net Assets D,E |
|
|
|
|
| |
Expenses before reductions | .50% A | .50% | .53% | .51% | .50% | .50% |
Expenses net of fee waivers, if any | .27% A | .30% | .49% | .51% | .50% | .50% |
Expenses net of all reductions | .27% A | .30% | .49% | .46% | .40% | .38% |
Net investment income (loss) | .01% A | .01% | .09% | 1.82% | 3.20% | 3.02% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 656,517 | $ 670,790 | $ 678,148 | $ 848,937 | $ 720,414 | $ 539,237 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2011 (Unaudited)
1. Organization.
Fidelity Pennsylvania Municipal Income Fund (the Income Fund) is a fund of Fidelity Municipal Trust. Fidelity Pennsylvania Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Municipal Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Municipal Trust and Fidelity Municipal Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each Fund is authorized to issue an unlimited number of shares. Each Fund may be affected by economic and political developments in the state of Pennsylvania.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Income Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each Fund's investments by major category are as follows:
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards, losses deferred due to wash sales, futures transactions and excise tax regulations.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax | Gross | Gross | Net unrealized |
Fidelity Pennsylvania Municipal Income Fund | $ 387,992,711 | $ 9,697,322 | $ (3,056,831) | $ 6,640,491 |
Fidelity Pennsylvania Municipal Money Market Fund | $ 615,083,491 | - | - | - |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Funds' first fiscal year end subject to the Act will be December 31, 2011.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days are subject to a redemption fee equal to ..50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Funds may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $16,862,861 and $53,935,409, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Income Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
FMR and its affiliates provide 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 independent 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 independent Trustees.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and servicing agent for the Funds. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Funds' transfer agency, dividend disbursing and shareholder servicing functions. Under the terms of the management fee contract, FMR pays transfer agent fees on behalf of the Money Market Fund. The Income Fund pays account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the Income Fund's transfer agent fees were equivalent to the following annualized rate expressed as a percentage of average net assets:
Fidelity Pennsylvania Municipal Income Fund | .09% |
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
7. Committed Line of Credit.
The Income Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Pennsylvania Municipal Income Fund | $ 758 |
During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
FMR or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver was $772,611.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions - continued
Through arrangements with the Income Fund's custodian, 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 |
Fidelity Pennsylvania Municipal Income Fund | $ 1,650 |
In addition, through an arrangement with the Money Market Fund's custodian, $256 of credits realized as a result of uninvested cash balances were used to reduce the Fund's management fee.
9. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains distributions, and the effects of any sales charges.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Management & Research
(U.K.) Inc.
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 1-800-544-5555
Automated line for quickest service
PFR-USAN-0811
1.787788.108
Fidelity®
Short-Intermediate
Municipal Income Fund
Semiannual Report
June 30, 2011
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Class A | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,019.80 | $ 3.86 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.98 | $ 3.86 |
Class T | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,019.90 | $ 3.81 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.03 | $ 3.81 |
Class B | 1.42% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,017.40 | $ 7.10 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.75 | $ 7.10 |
Class C | 1.53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,016.00 | $ 7.65 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.21 | $ 7.65 |
Short-Intermediate Municipal Income | .48% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,021.30 | $ 2.41 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.41 | $ 2.41 |
Institutional Class | .52% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,021.00 | $ 2.61 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.22 | $ 2.61 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five States as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
New York | 16.3 | 18.1 |
California | 8.9 | 9.2 |
Illinois | 7.7 | 8.7 |
Florida | 7.0 | 6.5 |
Texas | 6.1 | 6.6 |
Top Five Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 33.3 | 35.8 |
Electric Utilities | 14.2 | 11.4 |
Special Tax | 12.6 | 13.5 |
Health Care | 10.7 | 12.0 |
Other | 5.6 | 3.9 |
Weighted Average Maturity as of June 30, 2011 | ||
|
| 6 months ago |
Years | 3.1 | 3.3 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of June 30, 2011 | ||
|
| 6 months ago |
Years | 2.7 | 2.7 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | AAA 9.7% |
| ![]() | AAA 10.4% |
| ||
![]() | AA,A 72.5% |
| ![]() | AA,A 71.1% |
| ||
![]() | BBB 5.3% |
| ![]() | BBB 5.1% |
| ||
![]() | BB and Below 0.1% |
| ![]() | BB and Below 0.1% |
| ||
![]() | Not Rated 1.3% |
| ![]() | Not Rated 1.4% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 88.9% | ||||
| Principal Amount (000s) | Value (000s) | ||
Alabama - 0.5% | ||||
Alabama 21st Century Auth. Tobacco Settlement Rev. Series 2001, 5.75% 12/1/15 | $ 1,000 | $ 1,021 | ||
Health Care Auth. for Baptist Health: | ||||
Bonds Series 2009 A, 6.125%, tender 5/15/12 (c) | 4,000 | 4,094 | ||
Series 2006 D, 5% 11/15/11 | 1,540 | 1,557 | ||
Jefferson County Swr. Rev. Series 2002 B, 5% 2/1/41 (Pre-Refunded to 8/1/12 @ 100) (g) | 2,070 | 2,167 | ||
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 A, 4.75%, tender 3/19/12 (c) | 8,240 | 8,459 | ||
Pell City Spl. Care Facilities Rev. (Noland Health Svcs., Inc. Proj.) Series 2007 A, 5% 12/1/12 | 750 | 769 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5% 9/1/13 | 1,175 | 1,245 | ||
| 19,312 | |||
Arizona - 2.8% | ||||
Arizona Ctfs. of Prtn. Series 2010 A: | ||||
5% 10/1/14 (FSA Insured) | 5,000 | 5,476 | ||
5% 10/1/16 (FSA Insured) | 13,000 | 14,558 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.): | ||||
Series 2008 A, 5% 1/1/13 | 2,000 | 2,106 | ||
Series 2008 D: | ||||
5% 1/1/13 | 3,250 | 3,423 | ||
5% 1/1/14 | 2,000 | 2,158 | ||
Arizona School Facilities Board Ctfs. of Prtn.: | ||||
Series 2004 B, 5.25% 9/1/15 (FSA Insured) | 6,470 | 7,026 | ||
Series 2005 A2, 5% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,000 | 11,947 | ||
Series 2008: | ||||
5.5% 9/1/13 | 18,780 | 20,228 | ||
5.5% 9/1/16 | 1,385 | 1,550 | ||
Series A, 5% 9/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,280 | 3,430 | ||
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | ||||
5% 10/1/18 | 1,000 | 1,185 | ||
5% 10/1/20 | 5,180 | 5,963 | ||
Coconino County Poll. Cont. Corp. Rev. Bonds (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 A, 5.5%, tender 6/1/14 (c) | 6,000 | 6,527 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Arizona - continued | ||||
Maricopa County Poll. Cont. Rev. Bonds (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 6%, tender 5/1/14 (c) | $ 4,800 | $ 5,275 | ||
Phoenix Civic Impt. Corp. Excise Tax Rev. Series 2003 A, 5% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 750 | 783 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.: | ||||
Series 2009 A, 5% 7/1/15 | 5,835 | 6,637 | ||
Series 2009 B, 5% 7/1/16 | 5,090 | 5,882 | ||
Tucson Gen. Oblig. Series 2005, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250 | 1,400 | ||
Tucson Wtr. Rev. Series 2001 A: | ||||
5% 7/1/11 | 1,175 | 1,175 | ||
5% 7/1/15 (FGIC Insured) | 1,645 | 1,778 | ||
| 108,507 | |||
California - 8.9% | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A, 5.25% 5/1/12 | 6,000 | 6,243 | ||
Series 2010 L, 5% 5/1/17 | 12,000 | 13,982 | ||
Series 2010 M, 5% 5/1/16 | 8,000 | 9,273 | ||
California Econ. Recovery: | ||||
Bonds Series B, 5%, tender 7/1/14 (c) | 5,000 | 5,598 | ||
Series 2004 A, 5.25% 7/1/12 | 6,010 | 6,294 | ||
Series 2009 A: | ||||
5% 7/1/15 | 3,660 | 4,076 | ||
5% 7/1/15 (Pre-Refunded to 7/1/14 @ 100) (g) | 2,540 | 2,870 | ||
5.25% 7/1/13 (Escrowed to Maturity) (g) | 1,185 | 1,300 | ||
5.25% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,255 | 1,369 | ||
5.25% 7/1/14 | 1,780 | 2,006 | ||
5.25% 7/1/14 (Escrowed to Maturity) (g) | 520 | 591 | ||
California Gen. Oblig.: | ||||
5% 10/1/11 | 1,650 | 1,667 | ||
5% 2/1/12 | 1,650 | 1,691 | ||
5% 3/1/12 | 15,000 | 15,430 | ||
5% 9/1/12 | 1,700 | 1,787 | ||
5% 10/1/12 | 12,600 | 13,270 | ||
5% 11/1/13 | 9,060 | 9,865 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.) Series 2008 H, 5.125% 7/1/22 | 2,850 | 2,955 | ||
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/13 | 1,100 | 1,159 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Health Facilities Fing. Auth. Rev.: - continued | ||||
(Sutter Health Proj.) Series 2008 A, 5% 8/15/12 | $ 1,325 | $ 1,391 | ||
Bonds: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2009 D, 5%, tender 7/1/14 (c) | 2,900 | 3,145 | ||
Series 2009 F, 5%, tender 7/1/14 (c) | 3,200 | 3,470 | ||
(St. Joseph Health Sys. Proj.) Series 2009 C, 5%, tender 10/16/14 (c) | 4,300 | 4,660 | ||
California Infrastructure & Econ. Dev. Bank Rev. Bonds (The J. Paul Getty Trust Proj.): | ||||
Series 2003 C, 3.9%, tender 12/1/11 (c) | 2,100 | 2,131 | ||
Series 2007 A3, 2.25%, tender 4/1/12 (c) | 6,500 | 6,595 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 34,000 | 38,017 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds: | ||||
(Republic Svcs., Inc. Proj.) Series 2010 A, 1.625%, tender 8/1/11 (c)(f) | 10,000 | 10,003 | ||
(Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (c)(f) | 2,300 | 2,424 | ||
California Pub. Works Board Lease Rev.: | ||||
Series 2009 J, 5% 11/1/17 | 2,300 | 2,557 | ||
Series 2010 A: | ||||
5% 3/1/16 | 2,000 | 2,219 | ||
5% 3/1/17 | 5,405 | 5,987 | ||
California State Univ. Rev. Series 2007 C, 5% 11/1/13 (FSA Insured) | 1,335 | 1,459 | ||
California Statewide Cmntys. Dev. Auth. Rev. (State of California Proposition 1A Receivables Prog.) Series 2009: | ||||
4% 6/15/13 | 1,000 | 1,057 | ||
5% 6/15/13 | 16,650 | 17,911 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2003 B: | ||||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (g) | 2,000 | 2,186 | ||
5.625% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (g) | 3,030 | 3,318 | ||
Series 2007 A1, 5% 6/1/12 | 2,570 | 2,621 | ||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.: | ||||
Series 2009 A, 5% 7/1/13 | 4,155 | 4,515 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.: - continued | ||||
Series 2009 B, 5% 7/1/17 | $ 12,905 | $ 15,039 | ||
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2010 A, 5% 8/1/17 | 5,000 | 5,616 | ||
Los Angeles Unified School District: | ||||
Series 2009 KRY, 5% 7/1/13 | 10,740 | 11,652 | ||
Series E, 5% 7/1/11 | 6,075 | 6,075 | ||
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series 2010 A: | ||||
5% 12/1/16 | 2,025 | 2,238 | ||
5% 12/1/17 | 9,790 | 10,643 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5% 6/1/15 | 12,240 | 13,863 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,381 | ||
Newport Beach Rev. Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (c) | 2,500 | 2,660 | ||
Northern California Pwr. Agcy. Rev.: | ||||
(Geothermal #3 Proj.) Series 2009 A: | ||||
5% 7/1/13 | 1,020 | 1,096 | ||
5% 7/1/14 | 1,120 | 1,233 | ||
5% 7/1/15 | 2,170 | 2,439 | ||
(Hydroelectric #1 Proj.) Series 2010 A: | ||||
4% 7/1/15 | 2,000 | 2,167 | ||
5% 7/1/18 | 2,000 | 2,272 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 7,115 | 6,538 | ||
Sacramento Pwr. Auth. Cogeneration Proj. Rev. Series 2005 A, 5% 7/1/18 (AMBAC Insured) | 2,890 | 2,993 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | ||||
5% 8/1/16 | 5,450 | 5,869 | ||
5% 8/1/18 | 8,000 | 8,473 | ||
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 998 | ||
San Diego Pub. Facilities Fing. Auth. Swr. Rev.: | ||||
Series 2009 A: | ||||
5% 5/15/13 | 5,415 | 5,843 | ||
5% 5/15/15 | 1,845 | 2,105 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
San Diego Pub. Facilities Fing. Auth. Swr. Rev.: - continued | ||||
Series 2009 B, 5% 5/15/14 | $ 7,000 | $ 7,766 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,513 | ||
| 340,564 | |||
Colorado - 0.3% | ||||
Colorado Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt Proj.): | ||||
Series 2006 E: | ||||
5% 11/15/11 | 2,110 | 2,143 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 120 | 122 | ||
Series 2006 F: | ||||
5% 11/15/12 | 380 | 401 | ||
5% 11/15/12 (Escrowed to Maturity) (g) | 845 | 898 | ||
Bonds (Catholic Health Initiatives Proj.) Series 2008 C4, 4%, tender 11/12/15 (c) | 4,200 | 4,603 | ||
Denver City & County Arpt. Rev. Series 2001 A, 5.625% 11/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 2,000 | 2,037 | ||
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 584 | ||
| 10,788 | |||
Connecticut - 3.1% | ||||
Connecticut Dev. Auth. Poll. Cont. Rev. Bonds (Connecticut Lt. & Pwr. Co. Proj.) Series 1996 A, 1.25%, tender 4/2/12 (c)(f) | 27,000 | 27,033 | ||
Connecticut Gen. Oblig.: | ||||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/15 | 29,500 | 33,381 | ||
Series 2001 D, 5.125% 11/15/18 (Pre-Refunded to 11/15/11 @ 100) (g) | 5,000 | 5,085 | ||
Series 2006 F, 5% 12/1/11 | 23,100 | 23,550 | ||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | ||||
Series 1998 A, 5.5% 10/1/13 (FGIC Insured) | 4,300 | 4,732 | ||
Series 2009 1: | ||||
5% 2/1/14 | 2,500 | 2,749 | ||
5% 2/1/15 | 11,995 | 13,547 | ||
Connecticut Transmission Muni. Elec. Energy Bonds Series 2011 A, 0.95%, tender 5/15/12 (c) | 5,900 | 5,901 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Connecticut - continued | ||||
Hartford Gen. Oblig. Series A: | ||||
5% 8/15/11 (Assured Guaranty Corp. Insured) | $ 1,870 | $ 1,879 | ||
5% 8/15/12 (Assured Guaranty Corp. Insured) | 1,000 | 1,046 | ||
| 118,903 | |||
Delaware - 0.1% | ||||
Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series 2001 C, 0.75%, tender 6/1/12 (c) | 5,500 | 5,501 | ||
District Of Columbia - 0.7% | ||||
District of Columbia Gen. Oblig.: | ||||
Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 4,074 | ||
Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,559 | ||
District of Columbia Income Tax Rev. Series 2009 C, 5% 12/1/13 | 5,500 | 6,044 | ||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/15 (FSA Insured) | 1,500 | 1,637 | ||
District of Columbia Univ. Rev. Bonds (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (c) | 8,500 | 9,107 | ||
Washington DC Metropolitan Transit Auth. Rev. Series 2009 A, 5% 7/1/14 | 1,000 | 1,107 | ||
| 25,528 | |||
Florida - 6.8% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hospitals & Clinics, Inc. Proj.) Series 2010 B: | ||||
5% 12/1/14 | 4,000 | 4,284 | ||
5% 12/1/15 | 4,395 | 4,730 | ||
Broward County School Board Ctfs. of Prtn. Series 2008 A, 5% 7/1/15 (FSA Insured) | 5,495 | 6,024 | ||
Citizens Property Ins. Corp. Series 2010 A1, 5% 6/1/15 (FSA Insured) | 14,000 | 15,002 | ||
Clay County Infrastructure Sales Surtax Rev. 5% 10/1/15 (Assured Guaranty Corp. Insured) | 7,745 | 8,518 | ||
Clearwater Wtr. and Swr. Rev. Series 2009 B, 5% 12/1/14 | 2,000 | 2,214 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011: | ||||
5% 10/1/14 | 1,355 | 1,465 | ||
5% 10/1/16 | 1,530 | 1,661 | ||
5% 10/1/17 | 1,455 | 1,564 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2003 A, 5.25% 11/15/13 | $ 4,265 | $ 4,696 | ||
Florida Board of Ed. Series 2005 B, 5% 1/1/18 | 21,080 | 23,283 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay Series 2009 D, 5.5% 6/1/16 | 7,910 | 9,343 | ||
Florida Gen. Oblig. (Dept. of Trans. Right-of-Way and Bridge Construction Proj.) Series 2005 B, 6.375% 7/1/13 | 8,020 | 8,889 | ||
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Series 2010 A, 5% 7/1/15 | 20,000 | 22,005 | ||
Highlands County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2001 A, 6% 11/15/31 (Pre-Refunded to 11/15/11 @ 101) (g) | 4,600 | 4,738 | ||
Series 2006 G: | ||||
5% 11/15/11 | 675 | 686 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 25 | 25 | ||
Series 2009 E, 5% 11/15/15 | 2,345 | 2,640 | ||
Bonds (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2002, 3.95%, tender 9/1/12 (c) | 16,650 | 17,231 | ||
Series 2008 A, 6.1%, tender 11/14/13 (c) | 1,000 | 1,113 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series 2007 A, 5% 7/1/12 | 1,310 | 1,351 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Tampa Elec. Co. Proj.): | ||||
Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (c) | 1,500 | 1,542 | ||
Series 2007 B, 5.15%, tender 9/1/13 (c) | 1,750 | 1,866 | ||
Indian River County Wtr. & Swr. Rev.: | ||||
5% 9/1/15 | 1,000 | 1,135 | ||
5% 9/1/17 | 1,000 | 1,151 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2009 B: | ||||
5% 10/1/11 | 2,500 | 2,527 | ||
5% 10/1/12 | 7,350 | 7,736 | ||
Kissimmee Util. Auth. Elec. Sys. Rev.: | ||||
Series 2003: | ||||
5.25% 10/1/14 | 775 | 866 | ||
5.25% 10/1/15 | 3,525 | 4,011 | ||
Series 2011, 2% 10/1/12 (b) | 2,195 | 2,231 | ||
Lakeland Hosp. Sys. Rev. (Reg'l. Health Systems Proj.) 5% 11/15/11 | 2,545 | 2,576 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Lee Memorial Health Sys. Board of Directors Hosp. Rev. Series A, 5.75% 4/1/12 (FSA Insured) | $ 1,980 | $ 2,049 | ||
Miami-Dade County Cap. Asset Acquisition Series 2002 A, 5% 4/1/12 (AMBAC Insured) | 2,800 | 2,885 | ||
Miami-Dade County Health Facilities Auth. Hosp. Rev. Bonds (Miami Children's Hosp. Proj.) Series 2006 A, 4.125%, tender 8/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 2,000 | 2,005 | ||
Miami-Dade County Pub. Facilities Rev. (Jackson Health Sys. Proj.) Series 2005 B: | ||||
5% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,790 | 5,112 | ||
5% 6/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,058 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5% 10/1/14 (FSA Insured) | 4,000 | 4,441 | ||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 4.625% 10/1/12 | 1,110 | 1,145 | ||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009: | ||||
5% 10/1/15 | 2,210 | 2,401 | ||
5% 10/1/16 | 1,000 | 1,087 | ||
Orange County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys. - Sunbelt Proj.) 5.625% 11/15/32 (Pre-Refunded to 11/15/12 @ 101) (g) | 2,500 | 2,691 | ||
(Orlando Reg'l. Healthcare Sys. Proj.) Series 2008 A: | ||||
5% 11/1/13 (FSA Insured) | 1,000 | 1,060 | ||
5% 11/1/15 (FSA Insured) | 1,825 | 1,979 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2010 B, 5% 7/1/15 (FSA Insured) | 1,430 | 1,589 | ||
Orlando Utils. Commission Util. Sys. Rev.: | ||||
Series 2009 C, 5% 10/1/17 | 1,500 | 1,753 | ||
Series 2011 B: | ||||
5% 10/1/18 (b) | 2,250 | 2,620 | ||
5% 10/1/19 (b) | 2,325 | 2,701 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | ||||
5% 10/1/17 (f) | 4,465 | 4,796 | ||
5% 10/1/18 (f) | 2,745 | 2,919 | ||
5% 10/1/19 (f) | 2,025 | 2,124 | ||
Polk County Cap. Impt. Rev. Series 2002, 5.5% 12/1/11 (FGIC Insured) | 3,470 | 3,530 | ||
Polk County School District Sales Tax Rev. Series 2007, 5% 10/1/12 (FSA Insured) | 6,080 | 6,380 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Sarasota County School Board Ctfs. of Prtn. (Master Lease Prog.): | ||||
5% 7/1/13 | $ 3,435 | $ 3,681 | ||
5% 7/1/14 | 2,000 | 2,162 | ||
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev. Series 2011, 5% 10/1/19 (b) | 5,590 | 6,458 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | ||||
5% 11/15/16 | 2,500 | 2,836 | ||
5% 11/15/17 | 1,500 | 1,699 | ||
Tampa Solid Waste Sys. Rev. Series 2010: | ||||
4% 10/1/14 (FSA Insured) (f) | 3,000 | 3,146 | ||
5% 10/1/15 (FSA Insured) (f) | 2,920 | 3,186 | ||
5% 10/1/16 (FSA Insured) (f) | 6,000 | 6,580 | ||
5% 10/1/17 (FSA Insured) (f) | 5,000 | 5,452 | ||
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,289 | ||
| 260,917 | |||
Georgia - 2.9% | ||||
Appling County Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Hatch Proj.) Series 2011 A, 2.5%, tender 3/1/13 (c) | 5,000 | 5,023 | ||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | ||||
(Georgia Pwr. Co. Plant Vogtle Proj.): | ||||
Fifth Series 1994, 2.3%, tender 4/1/14 (c) | 6,600 | 6,720 | ||
Series 2008: | ||||
0.8%, tender 6/21/12 (c) | 13,855 | 13,859 | ||
5.05%, tender 1/12/12 (c) | 1,500 | 1,533 | ||
(Oglethorpe Pwr. Corp. Vogtle Proj.): | ||||
Series 2008 D, 6.75%, tender 4/1/12 (c) | 7,600 | 7,884 | ||
Series 2011 A, 2.5%, tender 3/1/13 (c) | 3,500 | 3,516 | ||
Fulton County Facilities Corp. Ctfs. of Prtn. (Gen. Purp. Proj.) Series 2009: | ||||
5% 11/1/12 | 1,555 | 1,631 | ||
5% 11/1/13 | 7,550 | 8,105 | ||
5% 11/1/14 | 7,490 | 8,195 | ||
Georgia Road & Thruway Auth. Rev. Series 2009 A, 5% 6/1/12 | 8,100 | 8,446 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2007 A, 5% 9/15/12 | 1,195 | 1,227 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Georgia - continued | ||||
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Scherer Proj.) Series 2011 A, 2.5%, tender 3/1/13 (c) | $ 11,500 | $ 11,554 | ||
Muni. Elec. Auth. of Georgia (Proj. One): | ||||
Series 2008 A: | ||||
5% 1/1/13 | 2,000 | 2,118 | ||
5% 1/1/14 | 3,000 | 3,283 | ||
5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 9,159 | ||
Series 2008 D, 5.75% 1/1/19 | 9,000 | 10,439 | ||
Pub. Gas Partners, Inc. Rev. (Gas Supply Pool No. 1 Proj.) Series A: | ||||
5% 10/1/11 | 1,500 | 1,515 | ||
5% 10/1/12 | 1,000 | 1,049 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | ||||
5% 1/1/14 | 1,305 | 1,398 | ||
5% 1/1/15 | 1,040 | 1,117 | ||
5% 1/1/16 | 2,415 | 2,599 | ||
5% 1/1/18 | 1,530 | 1,612 | ||
| 111,982 | |||
Hawaii - 0.7% | ||||
Hawaii Arpts. Sys. Rev. Series 2010 B, 5% 7/1/15 (f) | 3,900 | 4,268 | ||
Hawaii Gen. Oblig.: | ||||
Series DR: | ||||
5% 6/1/16 | 7,645 | 8,878 | ||
5% 6/1/16 (Escrowed to Maturity) (g) | 2,895 | 3,408 | ||
Series DY: | ||||
5% 2/1/15 | 3,500 | 3,961 | ||
5% 2/1/16 | 4,000 | 4,610 | ||
| 25,125 | |||
Illinois - 7.7% | ||||
Chicago Board of Ed. Series 2009 D: | ||||
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,558 | ||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,543 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.) Series 1999, 0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 5,838 | ||
Series A: | ||||
5% 1/1/17 (FSA Insured) | 3,465 | 3,743 | ||
5.25% 1/1/12 (Escrowed to Maturity) (g) | 825 | 845 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Chicago Gen. Oblig.: - continued | ||||
Series A: | ||||
5.25% 1/1/12 (FSA Insured) | $ 175 | $ 178 | ||
Series B: | ||||
5% 1/1/17 (FSA Insured) | 5,115 | 5,449 | ||
5.125% 1/1/15 (AMBAC Insured) | 3,995 | 4,306 | ||
Chicago Hsg. Auth. Rev. (Cap. Prog.) Series 2001, 5.5% 7/1/18 (Pre-Refunded to 7/1/12 @ 100) (g) | 3,300 | 3,423 | ||
Chicago Midway Arpt. Rev. Bonds Series 2010 B, 5%, tender 1/1/15 (c) | 5,000 | 5,415 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2008 A: | ||||
5% 1/1/12 (FSA Insured) | 3,500 | 3,572 | ||
5% 1/1/13 (FSA Insured) | 4,000 | 4,237 | ||
Series 2010 D, 5.25% 1/1/17 (f) | 1,000 | 1,082 | ||
Series 2010 E: | ||||
5% 1/1/15 (f) | 4,000 | 4,332 | ||
5% 1/1/16 (f) | 1,500 | 1,644 | ||
Series 2011 B, 5% 1/1/18 | 6,500 | 7,148 | ||
Series A, 5% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,165 | 1,189 | ||
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,947 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
(Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/19 (AMBAC Insured) (Assured Guaranty Corp. Insured) | 2,500 | 2,582 | ||
(Fed. Transit Administration Section 5309 Proj.) Series 2008 A, 5% 6/1/13 | 3,765 | 3,949 | ||
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,919 | ||
Illinois Edl. Facilities Auth. Revs. Bonds (Field Museum of Natural History Proj.) Series 2002, 4.05%, tender 11/1/11 (c) | 2,785 | 2,806 | ||
Illinois Fin. Auth. Gas Supply Rev. Bonds (The Peoples Gas Lt. and Coke Co. Proj.): | ||||
Series 2010 B, 2.625%, tender 8/1/15 (c) | 9,500 | 9,656 | ||
Series 2010, 2.125%, tender 7/1/14 (c) | 11,500 | 11,488 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.25% 10/1/15 | 2,220 | 2,391 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.) Series 2010 D, 5% 4/1/15 | 550 | 611 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Alexian Brothers Health Sys. Proj.) Series 2010, 4.5% 2/15/16 | $ 3,000 | $ 3,119 | ||
(DePaul Univ. Proj.) Series 2005 A, 5% 10/1/11 | 1,450 | 1,464 | ||
(Memorial Health Sys. Proj.) Series 2009, 5% 4/1/19 | 1,600 | 1,679 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A: | ||||
5% 7/1/12 | 750 | 779 | ||
5% 7/1/13 | 415 | 444 | ||
5% 7/1/15 | 1,000 | 1,107 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5% 5/15/16 | 2,060 | 2,244 | ||
5% 5/15/17 | 3,520 | 3,805 | ||
(Provena Health Proj.) Series 2010 A: | ||||
5% 5/1/13 | 2,000 | 2,081 | ||
5% 5/1/14 | 2,000 | 2,102 | ||
5.75% 5/1/19 | 2,650 | 2,832 | ||
(Rush Univ. Med. Ctr. Proj.) Series 2006 B: | ||||
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,075 | 3,322 | ||
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700 | 1,817 | ||
(The Carle Foundation Proj.) Series 2009 A, 5% 2/15/12 (Assured Guaranty Corp. Insured) | 4,965 | 5,050 | ||
Bonds (Advocate Health Care Proj.): | ||||
Series 2008 A3, 3.875%, tender 5/1/12 (c) | 4,000 | 4,110 | ||
Series 2008 C B3, 4.375%, tender 7/1/14 (c) | 4,000 | 4,252 | ||
Illinois Gen. Oblig.: | ||||
(Illinois FIRST Proj.) Series 2001, 5% 11/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,511 | ||
Series 1, 5.25% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,865 | 2,987 | ||
Series 2002: | ||||
5% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,515 | 3,613 | ||
5.375% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,745 | 6,745 | ||
5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,495 | 1,664 | ||
Series 2004 B, 5% 3/1/14 | 15,500 | 16,666 | ||
Series 2004, 5% 11/1/16 | 11,000 | 12,096 | ||
Series 2005: | ||||
5% 4/1/13 (AMBAC Insured) | 5,000 | 5,289 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2005: | ||||
5% 4/1/17 (AMBAC Insured) | $ 8,050 | $ 8,541 | ||
Series 2007 A, 5.5% 6/1/15 | 1,000 | 1,110 | ||
Series 2007 B, 5% 1/1/17 | 9,835 | 10,678 | ||
Series 2010: | ||||
4% 1/1/13 | 3,695 | 3,827 | ||
5% 1/1/15 (FSA Insured) | 20,000 | 21,701 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A: | ||||
5% 5/15/15 (FSA Insured) | 2,250 | 2,408 | ||
5% 5/15/16 (FSA Insured) | 2,325 | 2,496 | ||
Series 2003 A, 5% 5/15/17 (FSA Insured) | 2,150 | 2,350 | ||
Illinois Sales Tax Rev.: | ||||
Series 2009 B: | ||||
4.5% 6/15/16 | 5,000 | 5,521 | ||
4.5% 6/15/17 | 6,075 | 6,675 | ||
Series 2010, 5% 6/15/15 | 8,800 | 9,690 | ||
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series 2002 B, 5.5% 1/1/12 (FSA Insured) | 2,270 | 2,320 | ||
Kane County School District #129, Aurora West Side Series 2002 A, 5.75% 2/1/14 (Pre-Refunded to 2/1/12 @ 100) (g) | 1,600 | 1,650 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/15 (Escrowed to Maturity) (g) | 580 | 547 | ||
0% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,520 | 1,318 | ||
Madison County Cmnty. United School District #007 Series 2007 A, 5% 12/1/11 (FSA Insured) | 2,965 | 3,016 | ||
Metropolitan Pier & Exposition: | ||||
(McCormick Place Expansion Proj.) Series 1996 A: | ||||
0% 6/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,410 | 1,385 | ||
0% 12/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,725 | 2,561 | ||
Series A, 0% 6/15/14 (Escrowed to Maturity) (g) | 8,625 | 8,388 | ||
0% 6/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 700 | 637 | ||
Rosemont Gen. Oblig. Series 1993 A, 0% 12/1/11 (FGIC Insured) | 3,695 | 3,679 | ||
Univ. of Illinois Ctfs. of Prtn. (Util. Infrastructure Proj.) Series 2003, 5% 8/15/11 (AMBAC Insured) | 1,360 | 1,365 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Univ. of Illinois Rev. 0% 4/1/14 | $ 2,350 | $ 2,211 | ||
Will County Cmnty. Unit School District #365-U: | ||||
Series 2002, 0% 11/1/16 (FSA Insured) | 2,975 | 2,468 | ||
0% 11/1/14 (Escrowed to Maturity) (g) | 1,025 | 995 | ||
0% 11/1/14 (FSA Insured) | 875 | 799 | ||
| 296,965 | |||
Indiana - 2.6% | ||||
Hamilton Southeastern Consolidated School Bldg. Corp.: | ||||
Series 2004, 5% 1/15/12 (FSA Insured) | 1,990 | 2,036 | ||
Series 2005 A: | ||||
5.25% 7/10/11 (FSA Insured) | 2,295 | 2,296 | ||
5.25% 1/10/12 (FSA Insured) | 1,355 | 1,387 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 C, 5% 11/1/13 | 3,000 | 3,264 | ||
Indiana Fin. Auth. Hosp. Rev.: | ||||
(Jackson County Schneck Memorial Hosp. Proj.) Series 2010, 5% 2/15/18 | 1,475 | 1,547 | ||
(Parkview Health Sys. Oblig. Group Proj.) Series 2009 A: | ||||
5% 5/1/14 | 3,500 | 3,751 | ||
5% 5/1/15 | 6,420 | 6,957 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A: | ||||
5% 12/1/14 | 1,250 | 1,400 | ||
5% 12/1/15 | 2,135 | 2,430 | ||
(Wabash Valley Correctional Facilities Proj.) Series 2009 A, 5% 7/1/15 | 8,025 | 8,920 | ||
(Wabash Valley Correctional Facility Proj.) Series 2009 A, 5% 7/1/14 | 2,500 | 2,730 | ||
Series 2010 A, 5% 2/1/17 | 2,800 | 3,250 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (c) | 4,000 | 4,418 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Subordinate Cr. Proj.): | ||||
Series 2005 A3, 5%, tender 7/1/11 (c) | 4,100 | 4,100 | ||
Series A2, 3.75%, tender 2/1/12 (c) | 7,500 | 7,647 | ||
Indiana Port Commission Port Rev. (Cargill, Inc. Proj.) 4.1% 5/1/12 | 4,100 | 4,214 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series 2002 A, 5.5% 7/1/16 (Pre-Refunded to 7/1/12 @ 100) (g) | $ 5,000 | $ 5,259 | ||
Indianapolis Thermal Energy Sys. Series 2010 B: | ||||
5% 10/1/16 | 5,000 | 5,649 | ||
5% 10/1/17 | 5,000 | 5,589 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 B, 5.2% 6/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,171 | ||
Logansport High School Bldg. Corp. Series 2005: | ||||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,020 | 1,021 | ||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,045 | 1,071 | ||
5.25% 7/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,075 | 1,126 | ||
Muncie School Bldg. Corp. Series 2005, 5.25% 7/10/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,585 | 1,659 | ||
Purdue Univ. Rev.: | ||||
(Student Facilities Sys. Proj.) Series 2009 B: | ||||
4% 7/1/17 | 500 | 557 | ||
5% 7/1/15 | 315 | 362 | ||
5% 7/1/16 | 500 | 583 | ||
Series Z-1: | ||||
5% 7/1/16 | 1,215 | 1,416 | ||
5% 7/1/17 | 1,000 | 1,170 | ||
5% 7/1/18 | 1,500 | 1,753 | ||
Rockport Poll. Cont. Rev. Bonds (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (c) | 1,600 | 1,601 | ||
Univ. of Southern Indiana Rev. Series J: | ||||
5% 10/1/14 (Assured Guaranty Corp. Insured) | 1,985 | 2,178 | ||
5% 10/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,113 | ||
5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,308 | ||
West Clark 2000 School Bldg. Corp. Series 2005: | ||||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125 | 1,126 | ||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,150 | 1,178 | ||
| 99,237 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Iowa - 0.2% | ||||
Iowa Fin. Auth. Health Care Facilities Rev. (Genesis Health Sys. Proj.) Series 2010: | ||||
5% 7/1/15 | $ 2,165 | $ 2,363 | ||
5% 7/1/16 | 1,335 | 1,462 | ||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,840 | ||
Iowa Higher Ed. Ln. Auth. Rev. (Grinnell College Proj.) Series 2001, 2.1% 12/1/11 (Escrowed to Maturity) (g) | 3,200 | 3,224 | ||
| 8,889 | |||
Kansas - 0.6% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D: | ||||
5% 11/15/14 | 575 | 639 | ||
5% 11/15/15 | 625 | 705 | ||
5% 11/15/16 | 875 | 998 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L, 5.25% 11/15/12 | 680 | 717 | ||
Lawrence Hosp. Rev. (The Lawrence Memorial Hosp.) Series 2006, 5% 7/1/11 | 560 | 560 | ||
Olathe Health Facilities Rev. Bonds (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (c) | 1,600 | 1,626 | ||
Wichita Hosp. Facilities Rev.: | ||||
(Via Christi Health Sys., Inc. Proj.) Series 2009 X, 5% 11/15/14 | 2,000 | 2,179 | ||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A: | ||||
5% 11/15/14 | 2,405 | 2,620 | ||
5% 11/15/15 | 6,245 | 6,869 | ||
5% 11/15/16 | 5,410 | 5,956 | ||
| 22,869 | |||
Kentucky - 1.1% | ||||
Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 B: | ||||
4% 2/1/14 | 750 | 798 | ||
4% 2/1/15 | 1,495 | 1,599 | ||
Jefferson County School District Fin. Corp. School Bldg. Rev. Series 2009 A, 5.25% 1/1/13 (FSA Insured) | 2,170 | 2,314 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/15 | 4,000 | 4,474 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 A, 4% 2/1/13 | 500 | 525 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Kentucky - continued | ||||
Kentucky Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series B, 1%, tender 9/1/11 (c) | $ 1,700 | $ 1,700 | ||
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,857 | ||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Electronic Co. Proj.): | ||||
Series 2003 A, 1.9%, tender 4/2/12 (c) | 10,900 | 10,978 | ||
Series 2005 A, 5.75%, tender 12/2/13 (c) | 6,000 | 6,504 | ||
Series 2007 B, 1.9%, tender 6/1/12 (c) | 10,900 | 10,992 | ||
| 42,741 | |||
Louisiana - 0.3% | ||||
East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series ST-2005 B, 5% 2/1/12 (AMBAC Insured) | 1,000 | 1,023 | ||
Ernest N. Morial-New Orleans Exhibit Hall Auth. Spl. Tax Series 2003 A, 5.25% 7/15/11 (Escrowed to Maturity) (g) | 2,060 | 2,063 | ||
Louisiana Pub. Facilities Auth. Rev.: | ||||
(Christus Health Proj.) Series 2009 A: | ||||
5% 7/1/13 | 3,500 | 3,694 | ||
5% 7/1/16 | 2,000 | 2,168 | ||
(Entergy Gulf States Louisiana LLC Proj.) Series 2010 B, 2.875% 11/1/15 | 3,000 | 3,031 | ||
Reg'l. Transit Auth. Louisiana Sales Tax Rev. 4% 12/1/16 (FSA Insured) | 1,000 | 1,090 | ||
| 13,069 | |||
Maryland - 0.8% | ||||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2007 D, 5% 7/1/11 (AMBAC Insured) | 1,985 | 1,985 | ||
Maryland Gen. Oblig. Second Series B, 5.25% 8/15/16 | 16,100 | 19,233 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Univ. of Maryland Med. Sys. Proj.) Series 2008 F: | ||||
5% 7/1/13 | 2,400 | 2,555 | ||
5% 7/1/14 | 3,500 | 3,800 | ||
Bonds (Johns Hopkins Health Sys. Obligated Group Proj.) Series 2008 B, 5%, tender 5/15/15 (c) | 2,225 | 2,479 | ||
Montgomery County Gen. Oblig. (Dept. of Liquor Cont. Proj.) Series 2009 A, 5% 4/1/15 | 1,725 | 1,947 | ||
| 31,999 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Massachusetts - 1.9% | ||||
Braintree Gen. Oblig. Series 2009: | ||||
5% 5/15/14 | $ 1,000 | $ 1,117 | ||
5% 5/15/16 | 4,400 | 5,132 | ||
Lynn Gen. Oblig. 5% 12/1/11 | 1,500 | 1,527 | ||
Massachusetts Bay Trans. Auth. Series 1993 A, 5.5% 3/1/12 | 95 | 98 | ||
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B, 5% 1/1/15 | 12,400 | 13,647 | ||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston College Proj.): | ||||
Series Q1: | ||||
4% 7/1/15 | 1,500 | 1,646 | ||
4% 7/1/16 | 1,000 | 1,107 | ||
5% 7/1/13 | 1,000 | 1,082 | ||
Series Q2: | ||||
4% 7/1/15 | 1,170 | 1,284 | ||
4% 7/1/16 | 1,000 | 1,107 | ||
5% 7/1/13 | 1,100 | 1,190 | ||
5% 7/1/14 | 1,080 | 1,199 | ||
5% 7/1/17 | 1,370 | 1,599 | ||
(Tufts Med. Ctr. Proj.) Series I: | ||||
5% 1/1/14 | 1,550 | 1,633 | ||
5% 1/1/16 | 1,300 | 1,378 | ||
Massachusetts Gen. Oblig. Series 2002 C: | ||||
5% 11/1/21 (Pre-Refunded to 11/1/12 @ 100) (g) | 8,100 | 8,591 | ||
5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (g) | 2,495 | 2,654 | ||
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds: | ||||
(Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (c) | 7,000 | 7,496 | ||
(Northeastern Univ. Proj.): | ||||
Series 2008 T2, 4.1%, tender 4/19/12 (c) | 1,200 | 1,236 | ||
Series 2009 T1, 4.125%, tender 2/16/12 (c) | 2,100 | 2,149 | ||
Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series 2001 A, 5.5% 1/1/12 (AMBAC Insured) (f) | 1,000 | 995 | ||
Massachusetts Spl. Oblig. Rev. (Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A: | ||||
5% 12/15/12 (FSA Insured) | 3,300 | 3,520 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Massachusetts - continued | ||||
Massachusetts Spl. Oblig. Rev. (Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A: - continued | ||||
5% 12/15/13 (FSA Insured) | $ 2,000 | $ 2,199 | ||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series B, 5.2% 8/1/22 (Pre-Refunded to 8/1/11 @ 101) (g) | 8,350 | 8,462 | ||
| 72,048 | |||
Michigan - 2.4% | ||||
Allegan Pub. School District Series 2008, 5% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,590 | 1,645 | ||
Big Rapids Pub. School District: | ||||
5% 5/1/13 (Assured Guaranty Corp. Insured) | 1,195 | 1,268 | ||
5% 5/1/14 (Assured Guaranty Corp. Insured) | 1,190 | 1,297 | ||
Chelsea School District 5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,750 | 1,867 | ||
Clarkston Cmnty. Schools Series 2008, 5% 5/1/12 (FSA Insured) | 3,000 | 3,096 | ||
Detroit Swr. Disp. Rev. Series 2006 D, 0.804% 7/1/32 (c) | 4,080 | 2,785 | ||
Grand Haven Area Pub. Schools 5% 5/1/12 (FSA Insured) | 2,965 | 3,070 | ||
Grand Rapids Cmnty. College: | ||||
5% 5/1/12 (FSA Insured) | 1,305 | 1,352 | ||
5% 5/1/13 (FSA Insured) | 1,305 | 1,399 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,499 | ||
Kalamazoo Pub. Schools 5% 5/1/13 (Assured Guaranty Corp. Insured) | 2,940 | 3,118 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | ||||
(Spectrum Health Sys. Proj.) Series 2011 A: | ||||
5% 11/15/18 | 1,250 | 1,410 | ||
5% 11/15/19 | 1,000 | 1,119 | ||
Bonds (Spectrum Health Sys. Proj.) Series 2008 A, 5.25%, tender 1/15/14 (c) | 2,200 | 2,393 | ||
Lincoln Consolidated School District 5% 5/1/12 (FSA Insured) | 1,485 | 1,534 | ||
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series I: | ||||
5.5% 10/15/13 | 2,075 | 2,101 | ||
5.5% 10/15/13 (Pre-Refunded to 10/15/11 @ 100) (g) | 125 | 127 | ||
Michigan Gen. Oblig. (Envir. Protection Prog.) Series 1992, 6.25% 11/1/12 | 1,445 | 1,466 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.25% 5/15/14 | $ 4,160 | $ 4,579 | ||
(Oakwood Hosp. Proj.) Series 2007 A, 5% 7/15/11 | 2,700 | 2,703 | ||
Bonds (Ascension Health Cr. Group Proj.) Series 1999 B3, 2%, tender 8/1/14 (c) | 11,000 | 11,174 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010: | ||||
5% 10/1/14 | 6,045 | 6,766 | ||
5% 10/1/15 | 1,750 | 1,999 | ||
5% 10/1/15 | 3,250 | 3,712 | ||
(Local Govt. Ln. Prog.) Series 2009 C: | ||||
5% 5/1/13 | 1,645 | 1,740 | ||
5% 5/1/14 | 2,140 | 2,296 | ||
5% 5/1/15 | 1,845 | 2,008 | ||
5% 5/1/16 | 1,865 | 2,042 | ||
Michigan Strategic Fund Ltd. Oblig. Rev. Bonds (Detroit Edison Co. Proj.) Series 1995 CC, 4.85%, tender 9/1/11 (AMBAC Insured) (c) | 2,000 | 2,010 | ||
Plymouth-Canton Cmnty. School District 5% 5/1/12 (FSA Insured) | 4,000 | 4,134 | ||
Pontiac Tax Increment Fin. Auth. Series 2002, 6.25% 6/1/22 (Pre-Refunded to 6/1/12 @ 101) (g) | 2,260 | 2,404 | ||
Royal Oak City School District 5% 5/1/12 | 2,000 | 2,068 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Oblig. Group Proj.) Series 2009 W, 5% 8/1/15 | 2,070 | 2,243 | ||
West Bloomfield School District 5% 5/1/15 (Assured Guaranty Corp. Insured) | 1,400 | 1,529 | ||
Western Michigan Univ. Rev.: | ||||
5.25% 11/15/14 (Assured Guaranty Corp. Insured) | 2,135 | 2,372 | ||
5.25% 11/15/15 (Assured Guaranty Corp. Insured) | 3,275 | 3,679 | ||
Western Townships Utils. Auth. Swr. Disp. Sys. Rev. Series 2009, 3% 1/1/12 | 1,000 | 1,010 | ||
| 93,014 | |||
Minnesota - 0.2% | ||||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2008 A, 5% 1/1/13 (f) | 1,000 | 1,057 | ||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/14 (Assured Guaranty Corp. Insured) | 2,225 | 2,474 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Minnesota - continued | ||||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1: | ||||
5% 2/15/15 (Assured Guaranty Corp. Insured) | $ 1,335 | $ 1,471 | ||
5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 628 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2009 A, 5% 1/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,105 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,137 | ||
| 7,872 | |||
Mississippi - 0.2% | ||||
Mississippi Dev. Bank Spl. Oblig. (Marshall County Correctional Facility Proj.) Series 2008 C, 5% 8/1/11 | 1,050 | 1,053 | ||
Mississippi Hosp. Equip. & Facilities Auth. (Mississippi Baptist Med. Ctr. Proj.) Series 2007 A, 5% 8/15/11 | 1,000 | 1,004 | ||
Mississippi Hsg. Fin. Corp. Single Family Mtg. Rev. Series 1983, 0% 6/1/15 (Escrowed to Maturity) (g) | 4,000 | 3,774 | ||
| 5,831 | |||
Missouri - 0.2% | ||||
Lees Summit Indl. Dev. Auth. Sr. Living Facilities Rev. (John Knox Village Proj.) Series 2007 A, 5% 8/15/11 | 1,485 | 1,491 | ||
Saint Louis Arpt. Rev.: | ||||
Series 2003 A, 5.25% 7/1/11 (FSA Insured) | 1,000 | 1,000 | ||
Series 2011 B, 3% 7/1/12 | 1,000 | 1,014 | ||
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series 2007 A, 5% 9/1/11 | 1,000 | 1,002 | ||
Saint Louis Muni. Fin. Corp. Leasehold Rev. (Callahan Courthouse Proj.) Series 2002 A, 5.75% 2/15/14 (Pre-Refunded to 2/15/12 @ 100) (g) | 1,050 | 1,085 | ||
| 5,592 | |||
Nebraska - 0.5% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 A, 5% 12/1/11 | 6,500 | 6,599 | ||
Nebraska Pub. Pwr. District Rev.: | ||||
Series B, 5% 1/1/12 (FSA Insured) | 3,500 | 3,582 | ||
Series C: | ||||
4% 1/1/15 | 2,360 | 2,561 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Nebraska - continued | ||||
Nebraska Pub. Pwr. District Rev.: - continued | ||||
Series C: | ||||
4% 1/1/16 | $ 2,195 | $ 2,402 | ||
Univ. of Nebraska Facilities Corp. Lease Rental Rev. (UNMC Health Professions Futures Proj.) Series 2009, 5% 8/15/13 | 4,000 | 4,311 | ||
| 19,455 | |||
Nevada - 2.0% | ||||
Clark County Arpt. Rev.: | ||||
Series 2003 C, 5% 7/1/11 (AMBAC Insured) (f) | 1,790 | 1,790 | ||
Series 2008 E: | ||||
5% 7/1/14 | 2,905 | 3,161 | ||
5% 7/1/15 | 3,500 | 3,865 | ||
Series A1, 5% 7/1/12 (AMBAC Insured) (f) | 2,000 | 2,078 | ||
Clark County Fuel Tax Series 2008, 5% 6/1/13 | 5,815 | 6,217 | ||
Clark County Hwy. Impt. Rev. (Motor Vehicle Fuel Tax) Series 2003, 5% 7/1/11 (AMBAC Insured) | 3,230 | 3,230 | ||
Clark County School District: | ||||
(Bldg. Proj.) Series 2008 A, 5% 6/15/12 | 10,000 | 10,434 | ||
Series 1998, 5.5% 6/15/13 (FSA Insured) | 5,000 | 5,445 | ||
Series 2005 A, 5% 6/15/16 (FGIC Insured) | 21,215 | 23,751 | ||
Nevada Dept. of Bus. & Industry (Waste Mgmt., Inc. Proj.) Series 2001, 2.75% 10/1/14 (f) | 3,000 | 3,017 | ||
Nevada Gen. Oblig. Series 2010 C, 5% 6/1/19 | 12,140 | 13,574 | ||
| 76,562 | |||
New Hampshire - 0.0% | ||||
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2011, 3% 10/1/12 | 1,050 | 1,067 | ||
New Jersey - 2.6% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series B, 6.375% 11/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,470 | 7,613 | ||
New Jersey Ctfs. of Prtn. Series 2009 A: | ||||
5% 6/15/15 | 11,285 | 12,373 | ||
5% 6/15/16 | 6,500 | 7,121 | ||
New Jersey Econ. Dev. Auth. Exempt Facilities Rev. Bonds (Pub. Svc. Elec. and Gas Co. Proj.) Series 2010 A, 1.2%, tender 12/1/11 (c)(f) | 8,200 | 8,216 | ||
New Jersey Econ. Dev. Auth. Poll. Cont. Rev. (Pub. Svc. Elec. & Gas Pwr. LLC Proj.) 5% 3/1/12 | 3,275 | 3,347 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Bonds Series 2008 J4, 5%, tender 9/1/14 (FSA Insured) (c) | $ 7,000 | $ 7,567 | ||
Series 2001 A, 5.5% 6/15/13 (AMBAC Insured) | 1,090 | 1,197 | ||
Series 2005 K, 5.25% 12/15/14 (FGIC Insured) | 1,790 | 1,980 | ||
Series 2008 W: | ||||
5% 3/1/12 (Escrowed to Maturity) (g) | 5,545 | 5,718 | ||
5% 3/1/15 | 10,400 | 11,428 | ||
Series 2009 BB, 5% 9/1/15 | 3,390 | 3,762 | ||
New Jersey Gen. Oblig. Series H: | ||||
5.25% 7/1/12 (FGIC Insured) | 5,000 | 5,239 | ||
5.25% 7/1/15 (FSA Insured) | 5,000 | 5,738 | ||
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Series 2010 1A, 5% 12/1/15 | 4,500 | 4,943 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) (g) | 4,300 | 4,828 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,701 | ||
Series A, 5.25% 12/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,332 | ||
| 100,103 | |||
New Mexico - 1.2% | ||||
Albuquerque Joint Wtr. & Swr. Sys. Rev. Series 1999 A, 5.25% 7/1/11 | 1,135 | 1,135 | ||
Farmington Poll. Cont. Rev. Bonds (Southern California Edison Co. Four Corners Proj.) Series 2005 B, 2.875%, tender 4/1/15 (c) | 22,100 | 22,672 | ||
New Mexico Edl. Assistance Foundation: | ||||
Series 2009 B, 4% 9/1/16 | 7,000 | 7,543 | ||
Series 2010 A1: | ||||
4% 12/1/15 | 3,700 | 3,997 | ||
4% 12/1/16 | 6,750 | 7,298 | ||
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 5,129 | ||
| 47,774 | |||
New York - 16.3% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.5% 11/15/12 | 1,000 | 1,051 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Dutchess County Local Dev. Corp. Rev. (Health Quest Systems, Inc. Proj.) Series 2010 A: | ||||
5% 7/1/18 (Assured Guaranty Corp. Insured) (FSA Insured) | $ 1,100 | $ 1,156 | ||
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 640 | 663 | ||
Grand Central District Mgmt. Assoc., Inc. Series 2004, 5% 1/1/12 | 1,175 | 1,199 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2010 A, 5% 5/1/15 | 5,000 | 5,627 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,863 | ||
New York City Gen. Oblig.: | ||||
Series 1997 H, 6% 8/1/12 (FGIC Insured) | 1,000 | 1,059 | ||
Series 2002 A1, 5.25% 11/1/14 (Pre-Refunded to 11/1/11 @ 101) (g) | 600 | 616 | ||
Series 2003 F, 5.5% 12/15/11 | 6,725 | 6,880 | ||
Series 2005 C, 5% 8/1/12 | 19,770 | 20,729 | ||
Series 2005 D, 5% 8/1/12 (Escrowed to Maturity) (g) | 4,925 | 5,177 | ||
Series 2005 F1, 5% 9/1/15 | 3,560 | 4,058 | ||
Series 2005 G, 5.625% 8/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,075 | 5,339 | ||
Series 2008 E, 5% 8/1/12 | 5,000 | 5,242 | ||
Series 2010 C, 5% 8/1/13 | 7,000 | 7,617 | ||
Series B: | ||||
5% 8/1/14 | 10,000 | 11,184 | ||
5% 8/1/15 | 10,000 | 11,381 | ||
Series K: | ||||
5% 8/1/11 | 2,150 | 2,157 | ||
5% 8/1/11 (Escrowed to Maturity) (g) | 1,130 | 1,134 | ||
5% 8/1/12 | 2,335 | 2,448 | ||
5% 8/1/12 (Escrowed to Maturity) (g) | 2,025 | 2,129 | ||
Series O: | ||||
5% 6/1/12 | 1,745 | 1,817 | ||
5% 6/1/12 (Escrowed to Maturity) (g) | 5,780 | 6,027 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (a) | 25,445 | 25,850 | ||
6% 11/1/28 (a) | 44,755 | 45,539 | ||
Series 2007 C1, 5% 11/1/15 | 15,200 | 17,589 | ||
Series 2010 B, 5% 11/1/17 | 30,000 | 35,259 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Rev.: - continued | ||||
Series 2010 D: | ||||
5% 11/1/15 | $ 8,300 | $ 9,605 | ||
5% 11/1/17 | 10,115 | 11,888 | ||
Series B: | ||||
5% 11/1/11 | 11,060 | 11,229 | ||
5% 11/1/11 (Escrowed to Maturity) (g) | 1,520 | 1,543 | ||
Series E, 4% 11/1/12 | 6,790 | 7,115 | ||
New York City Trust Cultural Resources Rev. Bonds (The Juilliard School Proj.) Series 2009 B, 2.75%, tender 7/1/12 (c) | 3,500 | 3,560 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2009 A: | ||||
5% 3/15/12 | 3,900 | 4,029 | ||
5% 3/15/13 | 3,545 | 3,816 | ||
5% 3/15/14 | 3,745 | 4,166 | ||
5% 3/15/15 | 4,000 | 4,558 | ||
Series 2009 D: | ||||
5% 6/15/14 | 9,890 | 11,095 | ||
5% 6/15/15 | 16,075 | 18,453 | ||
5% 6/15/16 | 9,330 | 10,884 | ||
Series 2010 A: | ||||
5% 2/15/14 | 9,850 | 10,927 | ||
5% 2/15/15 | 8,780 | 9,981 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A: | ||||
5.75% 7/1/13 | 2,800 | 2,913 | ||
5.75% 7/1/13 (AMBAC Insured) | 795 | 827 | ||
(Mental Health Svcs. Facilities Proj.): | ||||
Series 2008 D: | ||||
5% 2/15/14 | 7,295 | 7,973 | ||
5% 8/15/14 | 7,755 | 8,561 | ||
Series 2009 A1, 5% 2/15/15 | 9,000 | 10,015 | ||
(New York Univ. Hosp. Ctr. Proj.) Series 2011 A, 5% 7/1/18 | 3,240 | 3,598 | ||
(St. Lawrence Univ.) Series 2008, 5% 7/1/14 | 3,700 | 4,026 | ||
Bonds Series 2002 B, 5.25%, tender 5/15/12 (c) | 16,055 | 16,686 | ||
Series 2008 B, 5% 7/1/15 | 30,000 | 33,800 | ||
Series 2009 A: | ||||
5% 7/1/15 | 12,850 | 14,414 | ||
5% 7/1/16 | 8,390 | 9,515 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Local Govt. Assistance Corp. Series 2003 A, 5% 4/1/18 | $ 12,400 | $ 14,503 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B: | ||||
5% 11/15/14 | 1,350 | 1,518 | ||
5% 11/15/15 | 2,325 | 2,634 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Bonds Series 2008 B2, 5%, tender 11/15/12 (c) | 7,300 | 7,717 | ||
Series 2003 B: | ||||
5.25% 11/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,040 | 1,101 | ||
5.25% 11/15/19 (FGIC Insured) | 5,200 | 5,834 | ||
Series 2005 C, 5% 11/15/11 | 2,750 | 2,794 | ||
Series 2010 B2, 4% 11/15/14 | 2,830 | 3,056 | ||
New York State Energy Research & Dev. Auth. Facilities Rev. Bonds (Consolidated Edison Co. of New York, Inc. Proj.) Series 2010 A, 1.45%, tender 11/1/12 (c)(f) | 26,400 | 26,458 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2008 A, 5% 4/1/13 | 2,600 | 2,799 | ||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,154 | ||
Series 2011 A1: | ||||
5% 4/1/17 | 1,500 | 1,736 | ||
5% 4/1/18 | 3,500 | 4,058 | ||
New York Urban Dev. Corp. Rev.: | ||||
Series 2005 A, 5% 1/1/12 | 5,015 | 5,128 | ||
Series 2009 C: | ||||
5% 12/15/15 | 6,500 | 7,553 | ||
5% 12/15/16 | 17,000 | 20,010 | ||
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Bonds Series 2001 C, 5.625%, tender 11/15/14 (c)(f) | 2,450 | 2,486 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (g) | 5,760 | 6,015 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.5% 6/1/14 | 405 | 406 | ||
5.5% 6/1/17 | 6,000 | 6,018 | ||
Series 2003B 1C: | ||||
5.5% 6/1/15 | 1,300 | 1,304 | ||
5.5% 6/1/17 | 4,200 | 4,213 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2011, 5% 6/1/16 (b) | $ 20,000 | $ 22,798 | ||
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) (g) | 6,470 | 7,415 | ||
| 628,675 | |||
New York & New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (f) | 1,200 | 1,203 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 4,100 | 4,301 | ||
| 5,504 | |||
North Carolina - 1.0% | ||||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 A, 5% 1/15/12 | 400 | 410 | ||
Mecklenburg County Pub. Facilities Corp. Series 2009: | ||||
5% 3/1/16 | 5,870 | 6,778 | ||
5% 3/1/18 | 1,500 | 1,734 | ||
Nash Health Care Sys. Health Care Facilities Rev. Series 2003: | ||||
5% 11/1/13 (FSA Insured) | 1,500 | 1,604 | ||
5% 11/1/15 (FSA Insured) | 1,600 | 1,746 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A: | ||||
5% 1/1/15 | 4,000 | 4,445 | ||
5% 1/1/16 | 6,035 | 6,778 | ||
North Carolina Grant Anticipation Rev. Series 2009, 5% 3/1/15 | 1,250 | 1,420 | ||
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | ||||
5% 6/1/15 | 1,500 | 1,670 | ||
5% 6/1/16 | 1,000 | 1,124 | ||
5% 6/1/17 | 3,220 | 3,623 | ||
5% 6/1/18 | 3,820 | 4,280 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 1998 A, 5.5% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,675 | 4,147 | ||
| 39,759 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
North Dakota - 0.1% | ||||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.) Series 2005: | ||||
5% 12/1/11 (Assured Guaranty Corp. Insured) | $ 1,575 | $ 1,594 | ||
5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,825 | 1,976 | ||
| 3,570 | |||
Ohio - 2.9% | ||||
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | 1,000 | 1,104 | ||
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010: | ||||
5% 6/1/15 (FSA Insured) | 760 | 843 | ||
5% 6/1/16 (FSA Insured) | 1,105 | 1,241 | ||
5% 6/1/17 (FSA Insured) | 1,160 | 1,303 | ||
Montgomery County Rev. Bonds (Catholic Health Initiatives Proj.) Series 2008 C2, 4.1%, tender 11/10/11 (c) | 2,700 | 2,735 | ||
Ohio Air Quality Dev. Auth. Rev. Bonds: | ||||
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 C, 7.25%, tender 11/1/12 (c)(f) | 9,000 | 9,575 | ||
(Ohio Pwr. Co. Proj.) Series 2010 A, 3.25%, tender 6/2/14 (c) | 5,500 | 5,567 | ||
Ohio Bldg. Auth.: | ||||
(Administrative Bldg. Fund Proj.): | ||||
Series 2009 B: | ||||
5% 10/1/14 | 5,955 | 6,599 | ||
5% 10/1/15 | 6,505 | 7,333 | ||
Series 2010 C: | ||||
4% 10/1/15 | 3,200 | 3,505 | ||
5% 10/1/16 | 1,250 | 1,434 | ||
(Adult Correctional Bldg. Fund Proj.): | ||||
Series 2009 B: | ||||
5% 10/1/14 | 2,055 | 2,277 | ||
5% 10/1/15 | 4,535 | 5,112 | ||
Series 2010 A, 5% 10/1/15 | 1,185 | 1,346 | ||
Ohio Gen. Oblig.: | ||||
(Common Schools Proj.): | ||||
Series 2010 A, 5% 9/15/17 | 2,600 | 3,047 | ||
Series 2010 B, 5% 9/15/15 | 19,080 | 21,942 | ||
(Higher Ed. Proj.): | ||||
Series 2005 C, 5% 8/1/13 | 4,495 | 4,893 | ||
Series 2010 A, 5% 8/1/17 | 3,290 | 3,849 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Cleveland Clinic Foundation Proj.) Series 2008 A, 5% 1/1/15 | $ 2,000 | $ 2,224 | ||
(Univ. Hosp. Health Sys. Proj.) Series 2010 A: | ||||
5% 1/15/15 | 500 | 539 | ||
5% 1/15/17 | 1,000 | 1,068 | ||
Ohio State Univ. Gen. Receipts Series 2010 A, 5% 12/1/16 | 5,000 | 5,843 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds: | ||||
(First Energy Nuclear Generation Corp. Proj.) Series 2005 B, 3.375%, tender 7/1/15 (c) | 5,000 | 5,131 | ||
(FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c) | 7,225 | 8,120 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008: | ||||
5% 12/1/12 | 1,950 | 2,034 | ||
5% 12/1/13 | 875 | 930 | ||
5% 12/1/14 | 2,275 | 2,450 | ||
| 112,044 | |||
Oklahoma - 0.3% | ||||
Cherokee County Econ. Dev. Auth. Series A, 0% 11/1/11 (Escrowed to Maturity) (g) | 1,000 | 998 | ||
Oklahoma Dev. Fin. Auth. (Pub. Svc. Co. of Oklahoma Proj.) Series 2009, 5.25% 6/1/14 | 2,700 | 2,850 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series 2008 B, 5% 8/15/14 | 1,660 | 1,829 | ||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) Series 2007, 5% 2/15/13 | 315 | 329 | ||
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 6,027 | ||
| 12,033 | |||
Oregon - 0.4% | ||||
Clackamas County Hosp. Facility Auth. Bonds (Legacy Health Sys. Proj.) Series 2009 C, 5%, tender 7/15/14 (c) | 2,500 | 2,708 | ||
Gilliam County Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2000 A, 3.5%, tender 5/1/13 (c)(f) | 5,300 | 5,434 | ||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A: | ||||
5% 3/15/13 | 1,000 | 1,053 | ||
5% 3/15/14 | 595 | 638 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Oregon - continued | ||||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A: - continued | ||||
5% 3/15/15 | $ 2,500 | $ 2,707 | ||
5% 3/15/16 | 1,750 | 1,904 | ||
| 14,444 | |||
Pennsylvania - 5.0% | ||||
Allegheny County Arpt. Auth. Rev. Series A: | ||||
5% 1/1/14 (FSA Insured) (f) | 1,350 | 1,410 | ||
5% 1/1/15 (FSA Insured) (f) | 1,000 | 1,051 | ||
5% 1/1/16 (FSA Insured) (f) | 1,000 | 1,053 | ||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1, 5.75% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 1,300 | 1,332 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.): | ||||
Series 2008 A, 5% 9/1/12 | 6,615 | 6,963 | ||
Series 2008 B, 5% 6/15/14 | 1,385 | 1,524 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A: | ||||
4% 8/15/15 | 1,385 | 1,495 | ||
5% 8/15/14 | 1,955 | 2,162 | ||
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 A, 3.375%, tender 7/1/15 (c) | 2,000 | 1,994 | ||
Delaware County Auth. Hosp. Rev. (Crozer Keystone Oblig. Group Proj.) Series B, 5% 12/15/11 | 2,835 | 2,854 | ||
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | ||||
5% 7/1/16 | 1,000 | 1,088 | ||
5% 7/1/17 | 1,255 | 1,355 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,390 | ||
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. (City of Philadelphia Fdg. Prog.) Series 2009, 5% 6/15/15 | 10,600 | 12,054 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 B, 5% 12/1/17 | 12,500 | 14,282 | ||
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series A, 5% 8/1/15 | 2,100 | 2,252 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2007 A: | ||||
5% 8/1/11 (FSA Insured) | 3,570 | 3,581 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Philadelphia Gen. Oblig.: - continued | ||||
Series 2007 A: | ||||
5% 8/1/12 (FSA Insured) | $ 5,000 | $ 5,229 | ||
Series 2008 A: | ||||
5% 12/15/14 (FSA Insured) | 5,370 | 5,845 | ||
5% 12/15/15 (FSA Insured) | 5,000 | 5,498 | ||
5% 12/15/16 (FSA Insured) | 7,275 | 8,031 | ||
Series 2011: | ||||
4% 8/1/12 | 4,325 | 4,463 | ||
5.25% 8/1/17 | 6,165 | 6,761 | ||
5.25% 8/1/18 | 5,515 | 6,003 | ||
Philadelphia Muni. Auth. Rev. Series 2003 B, 5.25% 11/15/11 (FSA Insured) | 3,400 | 3,458 | ||
Philadelphia School District: | ||||
Series 2005 D, 5.25% 6/1/12 (FSA Insured) | 1,465 | 1,520 | ||
Series 2010 C: | ||||
5% 9/1/15 | 13,200 | 14,559 | ||
5% 9/1/16 | 13,610 | 15,058 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A: | ||||
5% 6/15/15 | 15,000 | 16,697 | ||
5% 6/15/16 | 6,000 | 6,711 | ||
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2010: | ||||
5% 2/1/15 (FSA Insured) | 4,580 | 4,975 | ||
5% 2/1/16 (FSA Insured) | 5,620 | 6,167 | ||
Pittsburgh School District: | ||||
Series 2009 A: | ||||
3% 9/1/12 (Assured Guaranty Corp. Insured) | 1,300 | 1,332 | ||
3% 9/1/14 (Assured Guaranty Corp. Insured) | 1,640 | 1,707 | ||
Series 2010 A: | ||||
4% 9/1/15 (FSA Insured) | 1,450 | 1,570 | ||
5% 9/1/16 (FSA Insured) | 1,685 | 1,912 | ||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B: | ||||
5% 11/15/13 | 2,465 | 2,649 | ||
5% 11/15/14 | 4,690 | 5,129 | ||
5% 11/15/15 | 2,420 | 2,684 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,348 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series K, 0% 7/1/12 (Escrowed to Maturity) (g) | 2,355 | 2,333 | ||
| 190,479 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Puerto Rico - 0.1% | ||||
Puerto Rico Govt. Dev. Bank Series 2006 B: | ||||
5% 12/1/11 | $ 1,040 | $ 1,056 | ||
5% 12/1/12 | 1,000 | 1,040 | ||
| 2,096 | |||
Rhode Island - 0.3% | ||||
Rhode Island & Providence Plantations Series 2010 A, 5% 10/1/12 | 2,250 | 2,373 | ||
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A: | ||||
5% 6/15/15 (Assured Guaranty Corp. Insured) | 2,010 | 2,250 | ||
5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 7,482 | ||
| 12,105 | |||
South Carolina - 0.1% | ||||
South Carolina Jobs-Econ. Dev. Auth. (Anmed Health Proj.) Series 2010: | ||||
5% 2/1/16 | 2,000 | 2,204 | ||
5% 2/1/17 | 2,300 | 2,516 | ||
| 4,720 | |||
South Dakota - 0.1% | ||||
South Dakota Health & Edl. Facilities Auth. Rev. (Reg'l. Health Proj.) Series 2010: | ||||
5% 9/1/14 | 625 | 687 | ||
5% 9/1/15 | 680 | 755 | ||
5% 9/1/16 | 500 | 554 | ||
5% 9/1/17 | 490 | 538 | ||
| 2,534 | |||
Tennessee - 0.5% | ||||
Elizabethton Health & Edl. Facilities Board Rev. (First Mtg. Prog.) Series 2000 B, 6% 7/1/11 (Escrowed to Maturity) (g) | 2,005 | 2,005 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5% 4/1/13 | 1,000 | 1,053 | ||
Memphis Elec. Sys. Rev. 5% 12/1/14 | 5,000 | 5,655 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (f) | 1,730 | 1,888 | ||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | ||||
5% 7/1/16 | 1,815 | 2,039 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Tennessee - continued | ||||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: - continued | ||||
5% 7/1/17 | $ 1,100 | $ 1,236 | ||
Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2004 A, 5% 9/1/15 | 3,125 | 3,498 | ||
| 17,374 | |||
Texas - 6.1% | ||||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/15 | 2,585 | 2,942 | ||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.): | ||||
Series 2006 A, 6% 1/1/14 | 1,420 | 1,465 | ||
Series 2006 B: | ||||
6% 1/1/12 | 500 | 506 | ||
6% 1/1/13 | 1,270 | 1,304 | ||
Austin Elec. Util. Sys. Rev.: | ||||
Series 2007, 5% 11/15/11 (FSA Insured) | 4,000 | 4,068 | ||
Series A, 5% 11/15/15 | 1,000 | 1,143 | ||
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,712 | ||
Austin Wtr. & Wastewtr. Sys. Rev. Series 2009 A, 5% 11/15/15 | 2,250 | 2,591 | ||
Brownsville Independent School District Series 2005, 5% 8/15/11 | 1,430 | 1,437 | ||
Brownsville Util. Sys. Rev. Series 2008 A, 5% 9/1/15 (FSA Insured) | 2,665 | 3,045 | ||
Bryan Wtrwks. & Swr. Sys. Rev. Series 2001, 5.5% 7/1/11 (FSA Insured) | 1,500 | 1,500 | ||
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,192 | ||
Corpus Christi Independent School District 4% 8/15/14 | 10,140 | 11,036 | ||
Dallas Fort Worth Int'l. Arpt. Rev. Series 2009 A: | ||||
5% 11/1/14 | 2,500 | 2,774 | ||
5% 11/1/15 | 5,000 | 5,618 | ||
Denton County Gen. Oblig. Series 2005 A, 5% 7/15/11 (FSA Insured) | 3,065 | 3,069 | ||
Fort Worth Independent School District: | ||||
Series 2005, 5% 2/15/12 | 1,500 | 1,543 | ||
Series 2009, 5% 2/15/16 | 3,690 | 4,290 | ||
Frisco Gen. Oblig. Series 2004, 5.25% 2/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,380 | 1,529 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Grapevine Gen. Oblig.: | ||||
Series 2009 A, 5% 2/15/15 | $ 2,215 | $ 2,486 | ||
Series 2009, 5% 2/15/16 | 1,375 | 1,581 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A: | ||||
5% 11/15/12 | 1,000 | 1,056 | ||
5% 11/15/14 | 1,000 | 1,111 | ||
5% 11/15/16 | 500 | 571 | ||
Harris County Gen. Oblig. (Road Proj.) Series 2008 B: | ||||
5% 8/15/13 | 1,000 | 1,085 | ||
5% 8/15/14 | 1,075 | 1,198 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A, 5% 7/1/17 (b)(f) | 7,380 | 8,040 | ||
Series 2011 B, 3% 7/1/12 (b) | 1,540 | 1,573 | ||
Series A: | ||||
5% 7/1/15 | 2,070 | 2,336 | ||
5% 7/1/16 | 1,080 | 1,238 | ||
Houston Cmnty. College Sys. Rev. Series 2005, 5.25% 4/15/12 (FSA Insured) | 2,000 | 2,077 | ||
Houston Gen. Oblig.: | ||||
Series 2004 A, 5.25% 3/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,855 | 3,181 | ||
Series 2007 B, 5% 3/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,575 | 3,683 | ||
Series A, 5% 3/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,500 | 8,041 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 4,157 | ||
Houston Util. Sys. Rev. Series 2005 A, 5.25% 11/15/11 (FSA Insured) | 4,430 | 4,510 | ||
Humble Independent School District Series 2009, 4% 2/15/13 | 400 | 422 | ||
Katy Independent School District Series A, 5.25% 2/15/12 | 2,000 | 2,061 | ||
Keller Independent School District 5% 2/15/14 | 3,750 | 4,132 | ||
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,578 | ||
Leander Independent School District Series 2001, 6% 8/15/14 | 1,850 | 2,139 | ||
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,368 | ||
Lone Star College Sys. Gen. Oblig. Series 2010 A, 5% 8/15/22 | 2,500 | 2,584 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Lower Colorado River Auth. Rev. Series 2010: | ||||
5% 5/15/15 | $ 2,125 | $ 2,410 | ||
5% 5/15/16 | 2,360 | 2,717 | ||
5% 5/15/17 | 2,805 | 3,234 | ||
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Svcs. Corp. Proj.) Series 2010, 5% 5/15/18 | 3,140 | 3,558 | ||
Lubbock Gen. Oblig. Series 2005, 5% 2/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,850 | 1,984 | ||
Magnolia Independent School District Series 2005, 8% 8/15/11 (FGIC Insured) | 1,210 | 1,219 | ||
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 2,029 | ||
North Texas Tollway Auth. Rev. Bonds Series 2008 H2, 5%, tender 1/1/13 (c) | 5,000 | 5,294 | ||
Northside Independent School District Bonds 1.5%, tender 8/1/12 (c) | 12,500 | 12,618 | ||
San Antonio Muni. Drainage Util. Sys. Rev. Series 2005, 5.25% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,545 | 1,588 | ||
San Jacinto Cmnty. College District Series 2009: | ||||
5% 2/15/15 | 2,500 | 2,802 | ||
5% 2/15/16 | 2,000 | 2,272 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 6,689 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Baylor Health Care Sys. Proj.) Series 2009: | ||||
5% 11/15/11 | 1,665 | 1,692 | ||
5% 11/15/12 | 1,950 | 2,063 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. (Christus Health Proj.) Series 2008 A, 5.75% 7/1/18 (Assured Guaranty Corp. Insured) | 5,000 | 5,471 | ||
Texas Gen. Oblig.: | ||||
Series 2011 B, 2% 8/1/12 (b)(f) | 3,365 | 3,421 | ||
0% 10/1/13 | 6,500 | 6,293 | ||
Texas Muni. Pwr. Agcy. Rev. Series 2010: | ||||
4% 9/1/14 | 1,000 | 1,078 | ||
5% 9/1/15 | 835 | 947 | ||
5% 9/1/16 | 750 | 856 | ||
Texas Pub. Fin. Auth. Rev. Series 2010 A, 5% 1/1/16 | 7,865 | 9,073 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007, 5% 4/1/12 | 4,000 | 4,141 | ||
Texas Wtr. Dev. Board Rev. Series 2007 B, 5% 7/15/11 | 2,780 | 2,783 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Titus County Fresh Wtr. Supply District #1 Poll. Cont. Rev. (Southwestern Elec. Pwr. Co. Proj.) Series 2008, 4.5% 7/1/11 | $ 3,000 | $ 3,000 | ||
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,276 | ||
Travis County Gen. Oblig. 5.25% 3/1/12 | 4,125 | 4,261 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev. Series 2008, 5% 8/1/13 | 6,135 | 6,688 | ||
Univ. of North Texas Univ. Rev. Series A, 5% 4/15/14 | 1,000 | 1,104 | ||
Univ. of Texas Board of Regents Sys. Rev. Series 2003 B, 5% 8/15/33 (Pre-Refunded to 8/15/13 @ 100) (g) | 15,000 | 16,401 | ||
| 234,934 | |||
Utah - 0.3% | ||||
Salt Lake County Wtr. Conservancy District Rev. Series A: | ||||
0% 10/1/11 (AMBAC Insured) | 3,800 | 3,788 | ||
0% 10/1/12 (AMBAC Insured) | 3,800 | 3,735 | ||
0% 10/1/13 (AMBAC Insured) | 3,760 | 3,616 | ||
| 11,139 | |||
Vermont - 0.1% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (Fletcher Allen Health Care Proj.) Series 2004 B, 5% 12/1/15 (FSA Insured) | 2,225 | 2,423 | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/15 | 5,000 | 5,447 | ||
Virginia - 0.5% | ||||
Amelia County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) 3.375%, tender 4/1/13 (c)(f) | 5,900 | 6,030 | ||
Chesapeake Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Elec. & Pwr. Co. Proj.) Series 2008 A, 3.6%, tender 2/1/13 (c) | 1,800 | 1,836 | ||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (c) | 8,000 | 8,588 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 4.05%, tender 5/1/14 (c) | 1,800 | 1,909 | ||
| 18,363 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Washington - 1.8% | ||||
Chelan County Pub. Util. District #1 Rev. Series 2004 B, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,190 | $ 1,190 | ||
Energy Northwest Elec. Rev.: | ||||
(#3 Proj.) Series 2009 A, 5% 7/1/14 | 4,000 | 4,483 | ||
Series 2012 A, 5% 7/1/19 (b) | 30,000 | 32,896 | ||
King County Highline School District # 401 Series 2009: | ||||
5% 12/1/16 | 6,350 | 7,402 | ||
5% 12/1/17 | 2,950 | 3,443 | ||
Port of Seattle Passenger Facilities Charge Rev. Series 2010 B, 5% 12/1/16 (f) | 2,500 | 2,766 | ||
Port of Seattle Rev.: | ||||
Series 2001 D, 5.75% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 3,640 | 3,800 | ||
Series 2010 C: | ||||
5% 2/1/16 (f) | 2,000 | 2,206 | ||
5% 2/1/17 (f) | 2,500 | 2,731 | ||
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,330 | ||
Spokane County Wastewtr. Sys. Rev. Series 2009 A, 5% 12/1/15 | 1,710 | 1,970 | ||
Washington Gen. Oblig. Series A, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,000 | ||
Washington Health Care Facilities Auth. Rev. (MultiCare Health Sys. Proj.) Series 2010 A: | ||||
5% 8/15/13 | 2,000 | 2,127 | ||
5% 8/15/14 | 2,000 | 2,157 | ||
| 70,501 | |||
West Virginia - 0.2% | ||||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds Series 2011 A, 2%, tender 8/1/12 (c)(f) | 9,000 | 9,087 | ||
Wisconsin - 1.3% | ||||
Milwaukee County Arpt. Rev. Series 2010 B, 5% 12/1/15 (f) | 1,720 | 1,879 | ||
Wisconsin Gen. Oblig.: | ||||
Series 2005 1, 5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,325 | 7,230 | ||
Series 2009 C, 4% 5/1/14 | 3,365 | 3,661 | ||
Series 2010 1: | ||||
5% 5/1/14 | 5,750 | 6,415 | ||
5% 5/1/15 | 8,005 | 9,150 | ||
5% 5/1/16 | 10,000 | 11,642 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.) Series 2010, 5% 7/1/16 | $ 1,175 | $ 1,251 | ||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,585 | ||
(Marshfield Clinic Proj.) Series 2006 A, 5% 2/15/13 | 875 | 914 | ||
(Thedacare, Inc. Proj.) Series 2010: | ||||
4% 12/15/13 | 1,035 | 1,083 | ||
5% 12/15/15 | 1,105 | 1,216 | ||
5% 12/15/16 | 1,440 | 1,584 | ||
5% 12/15/17 | 1,540 | 1,673 | ||
(Wheaton Franciscan Healthcare Sys. Proj.): | ||||
Series 2002, 5.75% 8/15/11 | 1,000 | 1,004 | ||
Series 2006 A, 5% 8/15/11 | 1,315 | 1,327 | ||
| 51,614 | |||
TOTAL MUNICIPAL BONDS (Cost $3,327,958) | 3,421,059 |
Municipal Notes - 0.2% | |||
|
|
|
|
Florida - 0.2% | |||
Cape Coral Wtr. & Swr. Rev. BAN Series 2009, 6% 10/1/11 | 7,600 | 7,669 | |
Money Market Funds - 5.3% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.09% (d)(e) | 201,913,900 | 201,914 | |
TOTAL INVESTMENT PORTFOLIO - 94.4% (Cost $3,537,472) | 3,630,642 | ||
NET OTHER ASSETS (LIABILITIES) - 5.6% | 215,986 | ||
NET ASSETS - 100% | $ 3,846,628 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
Legend |
(a) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(g) Security collateralized by an amount sufficient to pay interest and principal. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 184 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Municipal Securities | $ 3,428,728 | $ - | $ 3,428,728 | $ - |
Money Market Funds | 201,914 | 201,914 | - | - |
Total Investments in Securities: | $ 3,630,642 | $ 201,914 | $ 3,428,728 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 33.3% |
Electric Utilities | 14.2% |
Special Tax | 12.6% |
Health Care | 10.7% |
Others* (Individually Less Than 5%) | 29.2% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,335,558) | $ 3,428,728 |
|
Fidelity Central Funds (cost $201,914) | 201,914 |
|
Total Investments (cost $3,537,472) |
| $ 3,630,642 |
Cash | 266,191 | |
Receivable for fund shares sold | 4,760 | |
Interest receivable | 38,235 | |
Distributions receivable from Fidelity Central Funds | 17 | |
Other receivables | 13 | |
Total assets | 3,939,858 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 2,611 | |
Delayed delivery | 83,003 | |
Payable for fund shares redeemed | 3,649 | |
Distributions payable | 1,986 | |
Accrued management fee | 1,160 | |
Distribution and service plan fees payable | 107 | |
Other affiliated payables | 686 | |
Other payables and accrued expenses | 28 | |
Total liabilities | 93,230 | |
|
|
|
Net Assets | $ 3,846,628 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,752,193 | |
Distributions in excess of net investment income | (77) | |
Accumulated undistributed net realized gain (loss) on investments | 1,342 | |
Net unrealized appreciation (depreciation) on investments | 93,170 | |
Net Assets | $ 3,846,628 |
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, 2011 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price |
| |
Class A: | $ 10.72 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.72) | $ 11.02 | |
Class T: | $ 10.70 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.70) | $ 11.00 | |
Class B: | $ 10.72 | |
|
|
|
Class C: | $ 10.70 | |
|
|
|
Short-Intermediate Municipal Income: | $ 10.70 | |
|
|
|
Institutional Class: | $ 10.71 |
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, 2011 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 51,498 |
Income from Fidelity Central Funds |
| 184 |
Total income |
| 51,682 |
|
|
|
Expenses | ||
Management fee | $ 6,789 | |
Transfer agent fees | 1,734 | |
Distribution and service plan fees | 633 | |
Accounting fees and expenses | 303 | |
Custodian fees and expenses | 21 | |
Independent trustees' compensation | 7 | |
Registration fees | 115 | |
Audit | 25 | |
Legal | 5 | |
Miscellaneous | 25 | |
Total expenses before reductions | 9,657 | |
Expense reductions | (49) | 9,608 |
Net investment income (loss) | 42,074 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 1,357 |
Change in net unrealized appreciation (depreciation) on investment securities | 33,416 | |
Net gain (loss) | 34,773 | |
Net increase (decrease) in net assets resulting from operations | $ 76,847 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2011 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 42,074 | $ 87,857 |
Net realized gain (loss) | 1,357 | 4,561 |
Change in net unrealized appreciation (depreciation) | 33,416 | (16,570) |
Net increase (decrease) in net assets resulting | 76,847 | 75,848 |
Distributions to shareholders from net investment income | (42,072) | (87,839) |
Distributions to shareholders from net realized gain | (696) | (1,494) |
Total distributions | (42,768) | (89,333) |
Share transactions - net increase (decrease) | (89,420) | 419,774 |
Redemption fees | 22 | 105 |
Total increase (decrease) in net assets | (55,319) | 406,394 |
|
|
|
Net Assets | ||
Beginning of period | 3,901,947 | 3,495,553 |
End of period (including distributions in excess of net investment income of $77 and distributions in excess of net investment income of $79, respectively) | $ 3,846,628 | $ 3,901,947 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.62 | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 | $ 10.21 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .107 | .209 | .254 | .298 | .302 | .292 |
Net realized and unrealized gain (loss) | .102 | (.016) | .294 | .021 | .118 | (.001) |
Total from investment operations | .209 | .193 | .548 | .319 | .420 | .291 |
Distributions from net investment income | (.107) | (.209) | (.258) | (.300) | (.300) | (.291) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.109) | (.213) | (.258) | (.300) | (.300) | (.291) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.72 | $ 10.62 | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 |
Total Return B, C, D | 1.98% | 1.81% | 5.34% | 3.13% | 4.19% | 2.89% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .77% A | .78% | .79% | .75% | .71% | .65% |
Expenses net of fee waivers, if any | .77% A | .78% | .78% | .75% | .71% | .65% |
Expenses net of all reductions | .77% A | .77% | .78% | .72% | .64% | .56% |
Net investment income (loss) | 2.03% A | 1.95% | 2.41% | 2.90% | 2.95% | 2.86% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 210 | $ 200 | $ 169 | $ 58 | $ 12 | $ 10 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .107 | .211 | .255 | .300 | .297 | .281 |
Net realized and unrealized gain (loss) | .102 | (.026) | .294 | .029 | .120 | (.011) |
Total from investment operations | .209 | .185 | .549 | .329 | .417 | .270 |
Distributions from net investment income | (.107) | (.211) | (.259) | (.300) | (.297) | (.280) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.109) | (.215) | (.259) | (.300) | (.297) | (.280) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.70 | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 |
Total Return B, C, D | 1.99% | 1.74% | 5.36% | 3.24% | 4.17% | 2.69% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .76% A | .76% | .77% | .74% | .74% | .75% |
Expenses net of fee waivers, if any | .76% A | .76% | .77% | .74% | .74% | .75% |
Expenses net of all reductions | .76% A | .75% | .77% | .72% | .69% | .66% |
Net investment income (loss) | 2.04% A | 1.97% | 2.42% | 2.90% | 2.91% | 2.76% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 25 | $ 24 | $ 23 | $ 15 | $ 10 | $ 13 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.61 | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 | $ 10.21 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .073 | .139 | .186 | .230 | .228 | .215 |
Net realized and unrealized gain (loss) | .111 | (.026) | .293 | .029 | .121 | (.012) |
Total from investment operations | .184 | .113 | .479 | .259 | .349 | .203 |
Distributions from net investment income | (.072) | (.139) | (.189) | (.230) | (.229) | (.213) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.074) | (.143) | (.189) | (.230) | (.229) | (.213) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.72 | $ 10.61 | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 |
Total Return B, C, D | 1.74% | 1.06% | 4.66% | 2.54% | 3.47% | 2.02% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.44% A | 1.44% | 1.46% | 1.43% | 1.41% | 1.41% |
Expenses net of fee waivers, if any | 1.42% A | 1.43% | 1.43% | 1.43% | 1.41% | 1.41% |
Expenses net of all reductions | 1.42% A | 1.42% | 1.43% | 1.40% | 1.36% | 1.31% |
Net investment income (loss) | 1.37% A | 1.30% | 1.77% | 2.22% | 2.23% | 2.11% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 2 | $ 2 | $ 3 | $ 2 | $ 1 | $ 2 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.60 | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .067 | .129 | .175 | .220 | .219 | .204 |
Net realized and unrealized gain (loss) | .102 | (.026) | .303 | .020 | .120 | (.011) |
Total from investment operations | .169 | .103 | .478 | .240 | .339 | .193 |
Distributions from net investment income | (.067) | (.129) | (.178) | (.221) | (.219) | (.203) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.069) | (.133) | (.178) | (.221) | (.219) | (.203) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.70 | $ 10.60 | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 |
Total Return B, C, D | 1.60% | .96% | 4.66% | 2.35% | 3.37% | 1.92% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.54% A | 1.52% | 1.53% | 1.50% | 1.51% | 1.51% |
Expenses net of fee waivers, if any | 1.53% A | 1.52% | 1.53% | 1.50% | 1.51% | 1.51% |
Expenses net of all reductions | 1.53% A | 1.52% | 1.53% | 1.48% | 1.45% | 1.41% |
Net investment income (loss) | 1.27% A | 1.20% | 1.67% | 2.14% | 2.14% | 2.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 70 | $ 77 | $ 56 | $ 20 | $ 6 | $ 7 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Short-Intermediate Municipal Income
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .122 | .240 | .284 | .326 | .323 | .307 |
Net realized and unrealized gain (loss) | .102 | (.026) | .293 | .029 | .120 | (.010) |
Total from investment operations | .224 | .214 | .577 | .355 | .443 | .297 |
Distributions from net investment income | (.122) | (.240) | (.287) | (.326) | (.323) | (.307) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.124) | (.244) | (.287) | (.326) | (.323) | (.307) |
Redemption fees added to paid in capital D | - H | - H | - H | .001 | - H | - H |
Net asset value, end of period | $ 10.70 | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 |
Total Return B, C | 2.13% | 2.02% | 5.64% | 3.50% | 4.43% | 2.95% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .48% A | .48% | .50% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .48% A | .48% | .50% | .49% | .49% | .49% |
Expenses net of all reductions | .48% A | .48% | .50% | .47% | .43% | .41% |
Net investment income (loss) | 2.31% A | 2.24% | 2.69% | 3.15% | 3.17% | 3.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,395 | $ 3,456 | $ 3,153 | $ 1,870 | $ 1,650 | $ 1,485 |
Portfolio turnover rate F | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.61 | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .120 | .235 | .281 | .321 | .320 | .306 |
Net realized and unrealized gain (loss) | .102 | (.015) | .293 | .022 | .120 | - H |
Total from investment operations | .222 | .220 | .574 | .343 | .440 | .306 |
Distributions from net investment income | (.120) | (.236) | (.284) | (.324) | (.320) | (.306) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.122) | (.240) | (.284) | (.324) | (.320) | (.306) |
Redemption fees added to paid in capital D | - H | - H | - H | .001 | - H | - H |
Net asset value, end of period | $ 10.71 | $ 10.61 | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 |
Total Return B, C | 2.10% | 2.07% | 5.61% | 3.38% | 4.39% | 3.05% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .53% A | .53% | .55% | .51% | .52% | .50% |
Expenses net of fee waivers, if any | .52% A | .53% | .53% | .51% | .52% | .50% |
Expenses net of all reductions | .52% A | .52% | .53% | .49% | .45% | .41% |
Net investment income (loss) | 2.28% A | 2.20% | 2.66% | 3.13% | 3.14% | 3.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 144 | $ 142 | $ 92 | $ 32 | $ 5 | $ 3 |
Portfolio turnover rate F | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2011 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Short-Intermediate Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 C, Short-Intermediate Municipal Income and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments, by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of four years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.
Semiannual Report
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2011, for the Fund's investments, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to market discount, deferred trustees compensation and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 96,657 |
Gross unrealized depreciation | (3,487) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 93,170 |
|
|
Tax cost | $ 3,537,472 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be December 31, 2011.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to .50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $379,859 and $399,236, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan Fees. 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, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 237 | $ 38 |
Class T | -% | .25% | 28 | -* |
Class B | .65% | .25% | 10 | 7 |
Class C | .75% | .25% | 358 | 118 |
|
|
| $ 633 | $ 163 |
* Amount represents two hundred twelve dollars.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 3% to 1% for Class B, 1% for Class C,.75% or .50% for certain purchases of Class A shares (75% prior to February 18, 2011) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 32 |
Class T | 1 |
Class B* | 3 |
Class C* | 17 |
| $ 53 |
* 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 servicing agent for the Fund's Class A, Class T, Class B, Class C, Short-Intermediate Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 115 | .12 |
Class T | 12 | .11 |
Class B | 2 | .14 |
Class C | 50 | .14 |
Short-Intermediate Municipal Income | 1,464 | .09 |
Institutional Class | 91 | .13 |
| $ 1,734 |
|
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class A | .78% | $ 1 |
Class T | .78% | -* |
Class B | 1.43% | -* |
Class C | 1.53% | 6 |
Institutional Class | .53% | 4 |
|
| $ 11 |
* Amount of reimbursement for Class T totaled twenty-three dollars; Class B totaled one hundred seventy-five dollars
** Effective March 1, 2011 the expense limitations were eliminated.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $19 and $19, respectively.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 1,908 | $ 4,283 |
Class T | 227 | 469 |
Class B | 15 | 37 |
Class C | 452 | 856 |
Short-Intermediate Municipal Income | 37,924 | 79,576 |
Institutional Class | 1,546 | 2,618 |
Total | $ 42,072 | $ 87,839 |
From net realized gain |
|
|
Class A | $ 35 | $ 83 |
Class T | 4 | 9 |
Class B | -* | 1 |
Class C | 14 | 29 |
Short-Intermediate Municipal Income | 618 | 1,318 |
Institutional Class | 25 | 54 |
Total | $ 696 | $ 1,494 |
* Amount represents four hundred forty-three dollars.
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class A |
|
|
|
|
Shares sold | 6,018 | 15,494 | $ 64,177 | $ 165,921 |
Reinvestment of distributions | 127 | 294 | 1,348 | 3,153 |
Shares redeemed | (5,359) | (12,806) | (56,911) | (137,046) |
Net increase (decrease) | 786 | 2,982 | $ 8,614 | $ 32,028 |
Class T |
|
|
|
|
Shares sold | 492 | 579 | $ 5,252 | $ 6,203 |
Reinvestment of distributions | 17 | 32 | 178 | 346 |
Shares redeemed | (490) | (500) | (5,190) | (5,341) |
Net increase (decrease) | 19 | 111 | $ 240 | $ 1,208 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class B |
|
|
|
|
Shares sold | 7 | 66 | $ 68 | $ 702 |
Reinvestment of distributions | 1 | 2 | 10 | 26 |
Shares redeemed | (48) | (117) | (511) | (1,248) |
Net increase (decrease) | (40) | (49) | $ (433) | $ (520) |
Class C |
|
|
|
|
Shares sold | 794 | 3,620 | $ 8,434 | $ 38,700 |
Reinvestment of distributions | 32 | 60 | 338 | 637 |
Shares redeemed | (1,537) | (1,682) | (16,301) | (17,979) |
Net increase (decrease) | (711) | 1,998 | $ (7,529) | $ 21,358 |
Short-Intermediate Municipal Income |
|
|
|
|
Shares sold | 61,025 | 146,127 | $ 648,420 | $ 1,562,445 |
Reinvestment of distributions | 2,626 | 5,652 | 27,897 | 60,463 |
Shares redeemed | (72,455) | (122,431) | (768,011) | (1,307,777) |
Net increase (decrease) | (8,804) | 29,348 | $ (91,694) | $ 315,131 |
Institutional Class |
|
|
|
|
Shares sold | 4,373 | 11,870 | $ 46,463 | $ 126,978 |
Reinvestment of distributions | 55 | 94 | 583 | 1,007 |
Shares redeemed | (4,307) | (7,242) | (45,664) | (77,416) |
Net increase (decrease) | 121 | 4,722 | $ 1,382 | $ 50,569 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains distributions, 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
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(such as changing name, address, bank, etc.)
Fidelity Investments
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Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
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Buying shares
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Overnight Express
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Selling shares
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Fidelity Investments
Attn: Distribution Services
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General Correspondence
Fidelity Investments
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(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
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Campbell, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
2211 Michelson Drive
Irvine, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
1261 Post Road
Fairfield, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
1400 Glades Road
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3242 Peachtree Road
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
1823 Freedom Drive
Naperville, IL
Indiana
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 N. Old Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
3480 28th Street
Grand Rapids, MI
2425 S. Linden Road STE E
Flint, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
3349 Monroe Avenue
Rochester, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
1576 East Southlake Blvd.
Southlake, TX
15600 Southwest Freeway
Sugar Land, TX
139 N. Loop 1604 East
San Antonio, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
11957 Democracy Drive
Reston, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
304 Strander Blvd
Tukwila, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments Money
Management, Inc.
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(U.K.) Inc.
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(Japan) Inc.
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Fidelity Distributors Corporation
Boston, MA
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Citibank, N.A.
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Operations Company, Inc.
Boston, MA
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Boston, MA
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Citibank, N.A.
New York, NY
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STM-USAN-0811
1.787790.108
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Short-Intermediate
Municipal Income
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
June 30, 2011
Class A, Class T, Class B,
and Class C are classes of
Fidelity® Short-Intermediate
Municipal Income Fund
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or www.401k.com as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Class A | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,019.80 | $ 3.86 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.98 | $ 3.86 |
Class T | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,019.90 | $ 3.81 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.03 | $ 3.81 |
Class B | 1.42% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,017.40 | $ 7.10 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.75 | $ 7.10 |
Class C | 1.53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,016.00 | $ 7.65 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.21 | $ 7.65 |
Short-Intermediate Municipal Income | .48% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,021.30 | $ 2.41 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.41 | $ 2.41 |
Institutional Class | .52% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,021.00 | $ 2.61 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.22 | $ 2.61 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five States as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
New York | 16.3 | 18.1 |
California | 8.9 | 9.2 |
Illinois | 7.7 | 8.7 |
Florida | 7.0 | 6.5 |
Texas | 6.1 | 6.6 |
Top Five Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 33.3 | 35.8 |
Electric Utilities | 14.2 | 11.4 |
Special Tax | 12.6 | 13.5 |
Health Care | 10.7 | 12.0 |
Other | 5.6 | 3.9 |
Weighted Average Maturity as of June 30, 2011 | ||
|
| 6 months ago |
Years | 3.1 | 3.3 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of June 30, 2011 | ||
|
| 6 months ago |
Years | 2.7 | 2.7 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | AAA 9.7% |
| ![]() | AAA 10.4% |
| ||
![]() | AA,A 72.5% |
| ![]() | AA,A 71.1% |
| ||
![]() | BBB 5.3% |
| ![]() | BBB 5.1% |
| ||
![]() | BB and Below 0.1% |
| ![]() | BB and Below 0.1% |
| ||
![]() | Not Rated 1.3% |
| ![]() | Not Rated 1.4% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 88.9% | ||||
| Principal Amount (000s) | Value (000s) | ||
Alabama - 0.5% | ||||
Alabama 21st Century Auth. Tobacco Settlement Rev. Series 2001, 5.75% 12/1/15 | $ 1,000 | $ 1,021 | ||
Health Care Auth. for Baptist Health: | ||||
Bonds Series 2009 A, 6.125%, tender 5/15/12 (c) | 4,000 | 4,094 | ||
Series 2006 D, 5% 11/15/11 | 1,540 | 1,557 | ||
Jefferson County Swr. Rev. Series 2002 B, 5% 2/1/41 (Pre-Refunded to 8/1/12 @ 100) (g) | 2,070 | 2,167 | ||
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 A, 4.75%, tender 3/19/12 (c) | 8,240 | 8,459 | ||
Pell City Spl. Care Facilities Rev. (Noland Health Svcs., Inc. Proj.) Series 2007 A, 5% 12/1/12 | 750 | 769 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5% 9/1/13 | 1,175 | 1,245 | ||
| 19,312 | |||
Arizona - 2.8% | ||||
Arizona Ctfs. of Prtn. Series 2010 A: | ||||
5% 10/1/14 (FSA Insured) | 5,000 | 5,476 | ||
5% 10/1/16 (FSA Insured) | 13,000 | 14,558 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.): | ||||
Series 2008 A, 5% 1/1/13 | 2,000 | 2,106 | ||
Series 2008 D: | ||||
5% 1/1/13 | 3,250 | 3,423 | ||
5% 1/1/14 | 2,000 | 2,158 | ||
Arizona School Facilities Board Ctfs. of Prtn.: | ||||
Series 2004 B, 5.25% 9/1/15 (FSA Insured) | 6,470 | 7,026 | ||
Series 2005 A2, 5% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,000 | 11,947 | ||
Series 2008: | ||||
5.5% 9/1/13 | 18,780 | 20,228 | ||
5.5% 9/1/16 | 1,385 | 1,550 | ||
Series A, 5% 9/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,280 | 3,430 | ||
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | ||||
5% 10/1/18 | 1,000 | 1,185 | ||
5% 10/1/20 | 5,180 | 5,963 | ||
Coconino County Poll. Cont. Corp. Rev. Bonds (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 A, 5.5%, tender 6/1/14 (c) | 6,000 | 6,527 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Arizona - continued | ||||
Maricopa County Poll. Cont. Rev. Bonds (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 6%, tender 5/1/14 (c) | $ 4,800 | $ 5,275 | ||
Phoenix Civic Impt. Corp. Excise Tax Rev. Series 2003 A, 5% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 750 | 783 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.: | ||||
Series 2009 A, 5% 7/1/15 | 5,835 | 6,637 | ||
Series 2009 B, 5% 7/1/16 | 5,090 | 5,882 | ||
Tucson Gen. Oblig. Series 2005, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250 | 1,400 | ||
Tucson Wtr. Rev. Series 2001 A: | ||||
5% 7/1/11 | 1,175 | 1,175 | ||
5% 7/1/15 (FGIC Insured) | 1,645 | 1,778 | ||
| 108,507 | |||
California - 8.9% | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A, 5.25% 5/1/12 | 6,000 | 6,243 | ||
Series 2010 L, 5% 5/1/17 | 12,000 | 13,982 | ||
Series 2010 M, 5% 5/1/16 | 8,000 | 9,273 | ||
California Econ. Recovery: | ||||
Bonds Series B, 5%, tender 7/1/14 (c) | 5,000 | 5,598 | ||
Series 2004 A, 5.25% 7/1/12 | 6,010 | 6,294 | ||
Series 2009 A: | ||||
5% 7/1/15 | 3,660 | 4,076 | ||
5% 7/1/15 (Pre-Refunded to 7/1/14 @ 100) (g) | 2,540 | 2,870 | ||
5.25% 7/1/13 (Escrowed to Maturity) (g) | 1,185 | 1,300 | ||
5.25% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,255 | 1,369 | ||
5.25% 7/1/14 | 1,780 | 2,006 | ||
5.25% 7/1/14 (Escrowed to Maturity) (g) | 520 | 591 | ||
California Gen. Oblig.: | ||||
5% 10/1/11 | 1,650 | 1,667 | ||
5% 2/1/12 | 1,650 | 1,691 | ||
5% 3/1/12 | 15,000 | 15,430 | ||
5% 9/1/12 | 1,700 | 1,787 | ||
5% 10/1/12 | 12,600 | 13,270 | ||
5% 11/1/13 | 9,060 | 9,865 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.) Series 2008 H, 5.125% 7/1/22 | 2,850 | 2,955 | ||
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/13 | 1,100 | 1,159 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Health Facilities Fing. Auth. Rev.: - continued | ||||
(Sutter Health Proj.) Series 2008 A, 5% 8/15/12 | $ 1,325 | $ 1,391 | ||
Bonds: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2009 D, 5%, tender 7/1/14 (c) | 2,900 | 3,145 | ||
Series 2009 F, 5%, tender 7/1/14 (c) | 3,200 | 3,470 | ||
(St. Joseph Health Sys. Proj.) Series 2009 C, 5%, tender 10/16/14 (c) | 4,300 | 4,660 | ||
California Infrastructure & Econ. Dev. Bank Rev. Bonds (The J. Paul Getty Trust Proj.): | ||||
Series 2003 C, 3.9%, tender 12/1/11 (c) | 2,100 | 2,131 | ||
Series 2007 A3, 2.25%, tender 4/1/12 (c) | 6,500 | 6,595 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 34,000 | 38,017 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds: | ||||
(Republic Svcs., Inc. Proj.) Series 2010 A, 1.625%, tender 8/1/11 (c)(f) | 10,000 | 10,003 | ||
(Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (c)(f) | 2,300 | 2,424 | ||
California Pub. Works Board Lease Rev.: | ||||
Series 2009 J, 5% 11/1/17 | 2,300 | 2,557 | ||
Series 2010 A: | ||||
5% 3/1/16 | 2,000 | 2,219 | ||
5% 3/1/17 | 5,405 | 5,987 | ||
California State Univ. Rev. Series 2007 C, 5% 11/1/13 (FSA Insured) | 1,335 | 1,459 | ||
California Statewide Cmntys. Dev. Auth. Rev. (State of California Proposition 1A Receivables Prog.) Series 2009: | ||||
4% 6/15/13 | 1,000 | 1,057 | ||
5% 6/15/13 | 16,650 | 17,911 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2003 B: | ||||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (g) | 2,000 | 2,186 | ||
5.625% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (g) | 3,030 | 3,318 | ||
Series 2007 A1, 5% 6/1/12 | 2,570 | 2,621 | ||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.: | ||||
Series 2009 A, 5% 7/1/13 | 4,155 | 4,515 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.: - continued | ||||
Series 2009 B, 5% 7/1/17 | $ 12,905 | $ 15,039 | ||
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2010 A, 5% 8/1/17 | 5,000 | 5,616 | ||
Los Angeles Unified School District: | ||||
Series 2009 KRY, 5% 7/1/13 | 10,740 | 11,652 | ||
Series E, 5% 7/1/11 | 6,075 | 6,075 | ||
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series 2010 A: | ||||
5% 12/1/16 | 2,025 | 2,238 | ||
5% 12/1/17 | 9,790 | 10,643 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5% 6/1/15 | 12,240 | 13,863 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,381 | ||
Newport Beach Rev. Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (c) | 2,500 | 2,660 | ||
Northern California Pwr. Agcy. Rev.: | ||||
(Geothermal #3 Proj.) Series 2009 A: | ||||
5% 7/1/13 | 1,020 | 1,096 | ||
5% 7/1/14 | 1,120 | 1,233 | ||
5% 7/1/15 | 2,170 | 2,439 | ||
(Hydroelectric #1 Proj.) Series 2010 A: | ||||
4% 7/1/15 | 2,000 | 2,167 | ||
5% 7/1/18 | 2,000 | 2,272 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 7,115 | 6,538 | ||
Sacramento Pwr. Auth. Cogeneration Proj. Rev. Series 2005 A, 5% 7/1/18 (AMBAC Insured) | 2,890 | 2,993 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | ||||
5% 8/1/16 | 5,450 | 5,869 | ||
5% 8/1/18 | 8,000 | 8,473 | ||
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 998 | ||
San Diego Pub. Facilities Fing. Auth. Swr. Rev.: | ||||
Series 2009 A: | ||||
5% 5/15/13 | 5,415 | 5,843 | ||
5% 5/15/15 | 1,845 | 2,105 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
San Diego Pub. Facilities Fing. Auth. Swr. Rev.: - continued | ||||
Series 2009 B, 5% 5/15/14 | $ 7,000 | $ 7,766 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,513 | ||
| 340,564 | |||
Colorado - 0.3% | ||||
Colorado Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt Proj.): | ||||
Series 2006 E: | ||||
5% 11/15/11 | 2,110 | 2,143 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 120 | 122 | ||
Series 2006 F: | ||||
5% 11/15/12 | 380 | 401 | ||
5% 11/15/12 (Escrowed to Maturity) (g) | 845 | 898 | ||
Bonds (Catholic Health Initiatives Proj.) Series 2008 C4, 4%, tender 11/12/15 (c) | 4,200 | 4,603 | ||
Denver City & County Arpt. Rev. Series 2001 A, 5.625% 11/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 2,000 | 2,037 | ||
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 584 | ||
| 10,788 | |||
Connecticut - 3.1% | ||||
Connecticut Dev. Auth. Poll. Cont. Rev. Bonds (Connecticut Lt. & Pwr. Co. Proj.) Series 1996 A, 1.25%, tender 4/2/12 (c)(f) | 27,000 | 27,033 | ||
Connecticut Gen. Oblig.: | ||||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/15 | 29,500 | 33,381 | ||
Series 2001 D, 5.125% 11/15/18 (Pre-Refunded to 11/15/11 @ 100) (g) | 5,000 | 5,085 | ||
Series 2006 F, 5% 12/1/11 | 23,100 | 23,550 | ||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | ||||
Series 1998 A, 5.5% 10/1/13 (FGIC Insured) | 4,300 | 4,732 | ||
Series 2009 1: | ||||
5% 2/1/14 | 2,500 | 2,749 | ||
5% 2/1/15 | 11,995 | 13,547 | ||
Connecticut Transmission Muni. Elec. Energy Bonds Series 2011 A, 0.95%, tender 5/15/12 (c) | 5,900 | 5,901 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Connecticut - continued | ||||
Hartford Gen. Oblig. Series A: | ||||
5% 8/15/11 (Assured Guaranty Corp. Insured) | $ 1,870 | $ 1,879 | ||
5% 8/15/12 (Assured Guaranty Corp. Insured) | 1,000 | 1,046 | ||
| 118,903 | |||
Delaware - 0.1% | ||||
Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series 2001 C, 0.75%, tender 6/1/12 (c) | 5,500 | 5,501 | ||
District Of Columbia - 0.7% | ||||
District of Columbia Gen. Oblig.: | ||||
Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 4,074 | ||
Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,559 | ||
District of Columbia Income Tax Rev. Series 2009 C, 5% 12/1/13 | 5,500 | 6,044 | ||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/15 (FSA Insured) | 1,500 | 1,637 | ||
District of Columbia Univ. Rev. Bonds (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (c) | 8,500 | 9,107 | ||
Washington DC Metropolitan Transit Auth. Rev. Series 2009 A, 5% 7/1/14 | 1,000 | 1,107 | ||
| 25,528 | |||
Florida - 6.8% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hospitals & Clinics, Inc. Proj.) Series 2010 B: | ||||
5% 12/1/14 | 4,000 | 4,284 | ||
5% 12/1/15 | 4,395 | 4,730 | ||
Broward County School Board Ctfs. of Prtn. Series 2008 A, 5% 7/1/15 (FSA Insured) | 5,495 | 6,024 | ||
Citizens Property Ins. Corp. Series 2010 A1, 5% 6/1/15 (FSA Insured) | 14,000 | 15,002 | ||
Clay County Infrastructure Sales Surtax Rev. 5% 10/1/15 (Assured Guaranty Corp. Insured) | 7,745 | 8,518 | ||
Clearwater Wtr. and Swr. Rev. Series 2009 B, 5% 12/1/14 | 2,000 | 2,214 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011: | ||||
5% 10/1/14 | 1,355 | 1,465 | ||
5% 10/1/16 | 1,530 | 1,661 | ||
5% 10/1/17 | 1,455 | 1,564 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2003 A, 5.25% 11/15/13 | $ 4,265 | $ 4,696 | ||
Florida Board of Ed. Series 2005 B, 5% 1/1/18 | 21,080 | 23,283 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay Series 2009 D, 5.5% 6/1/16 | 7,910 | 9,343 | ||
Florida Gen. Oblig. (Dept. of Trans. Right-of-Way and Bridge Construction Proj.) Series 2005 B, 6.375% 7/1/13 | 8,020 | 8,889 | ||
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Series 2010 A, 5% 7/1/15 | 20,000 | 22,005 | ||
Highlands County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2001 A, 6% 11/15/31 (Pre-Refunded to 11/15/11 @ 101) (g) | 4,600 | 4,738 | ||
Series 2006 G: | ||||
5% 11/15/11 | 675 | 686 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 25 | 25 | ||
Series 2009 E, 5% 11/15/15 | 2,345 | 2,640 | ||
Bonds (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2002, 3.95%, tender 9/1/12 (c) | 16,650 | 17,231 | ||
Series 2008 A, 6.1%, tender 11/14/13 (c) | 1,000 | 1,113 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series 2007 A, 5% 7/1/12 | 1,310 | 1,351 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Tampa Elec. Co. Proj.): | ||||
Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (c) | 1,500 | 1,542 | ||
Series 2007 B, 5.15%, tender 9/1/13 (c) | 1,750 | 1,866 | ||
Indian River County Wtr. & Swr. Rev.: | ||||
5% 9/1/15 | 1,000 | 1,135 | ||
5% 9/1/17 | 1,000 | 1,151 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2009 B: | ||||
5% 10/1/11 | 2,500 | 2,527 | ||
5% 10/1/12 | 7,350 | 7,736 | ||
Kissimmee Util. Auth. Elec. Sys. Rev.: | ||||
Series 2003: | ||||
5.25% 10/1/14 | 775 | 866 | ||
5.25% 10/1/15 | 3,525 | 4,011 | ||
Series 2011, 2% 10/1/12 (b) | 2,195 | 2,231 | ||
Lakeland Hosp. Sys. Rev. (Reg'l. Health Systems Proj.) 5% 11/15/11 | 2,545 | 2,576 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Lee Memorial Health Sys. Board of Directors Hosp. Rev. Series A, 5.75% 4/1/12 (FSA Insured) | $ 1,980 | $ 2,049 | ||
Miami-Dade County Cap. Asset Acquisition Series 2002 A, 5% 4/1/12 (AMBAC Insured) | 2,800 | 2,885 | ||
Miami-Dade County Health Facilities Auth. Hosp. Rev. Bonds (Miami Children's Hosp. Proj.) Series 2006 A, 4.125%, tender 8/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 2,000 | 2,005 | ||
Miami-Dade County Pub. Facilities Rev. (Jackson Health Sys. Proj.) Series 2005 B: | ||||
5% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,790 | 5,112 | ||
5% 6/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,058 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5% 10/1/14 (FSA Insured) | 4,000 | 4,441 | ||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 4.625% 10/1/12 | 1,110 | 1,145 | ||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009: | ||||
5% 10/1/15 | 2,210 | 2,401 | ||
5% 10/1/16 | 1,000 | 1,087 | ||
Orange County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys. - Sunbelt Proj.) 5.625% 11/15/32 (Pre-Refunded to 11/15/12 @ 101) (g) | 2,500 | 2,691 | ||
(Orlando Reg'l. Healthcare Sys. Proj.) Series 2008 A: | ||||
5% 11/1/13 (FSA Insured) | 1,000 | 1,060 | ||
5% 11/1/15 (FSA Insured) | 1,825 | 1,979 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2010 B, 5% 7/1/15 (FSA Insured) | 1,430 | 1,589 | ||
Orlando Utils. Commission Util. Sys. Rev.: | ||||
Series 2009 C, 5% 10/1/17 | 1,500 | 1,753 | ||
Series 2011 B: | ||||
5% 10/1/18 (b) | 2,250 | 2,620 | ||
5% 10/1/19 (b) | 2,325 | 2,701 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | ||||
5% 10/1/17 (f) | 4,465 | 4,796 | ||
5% 10/1/18 (f) | 2,745 | 2,919 | ||
5% 10/1/19 (f) | 2,025 | 2,124 | ||
Polk County Cap. Impt. Rev. Series 2002, 5.5% 12/1/11 (FGIC Insured) | 3,470 | 3,530 | ||
Polk County School District Sales Tax Rev. Series 2007, 5% 10/1/12 (FSA Insured) | 6,080 | 6,380 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Sarasota County School Board Ctfs. of Prtn. (Master Lease Prog.): | ||||
5% 7/1/13 | $ 3,435 | $ 3,681 | ||
5% 7/1/14 | 2,000 | 2,162 | ||
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev. Series 2011, 5% 10/1/19 (b) | 5,590 | 6,458 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | ||||
5% 11/15/16 | 2,500 | 2,836 | ||
5% 11/15/17 | 1,500 | 1,699 | ||
Tampa Solid Waste Sys. Rev. Series 2010: | ||||
4% 10/1/14 (FSA Insured) (f) | 3,000 | 3,146 | ||
5% 10/1/15 (FSA Insured) (f) | 2,920 | 3,186 | ||
5% 10/1/16 (FSA Insured) (f) | 6,000 | 6,580 | ||
5% 10/1/17 (FSA Insured) (f) | 5,000 | 5,452 | ||
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,289 | ||
| 260,917 | |||
Georgia - 2.9% | ||||
Appling County Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Hatch Proj.) Series 2011 A, 2.5%, tender 3/1/13 (c) | 5,000 | 5,023 | ||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | ||||
(Georgia Pwr. Co. Plant Vogtle Proj.): | ||||
Fifth Series 1994, 2.3%, tender 4/1/14 (c) | 6,600 | 6,720 | ||
Series 2008: | ||||
0.8%, tender 6/21/12 (c) | 13,855 | 13,859 | ||
5.05%, tender 1/12/12 (c) | 1,500 | 1,533 | ||
(Oglethorpe Pwr. Corp. Vogtle Proj.): | ||||
Series 2008 D, 6.75%, tender 4/1/12 (c) | 7,600 | 7,884 | ||
Series 2011 A, 2.5%, tender 3/1/13 (c) | 3,500 | 3,516 | ||
Fulton County Facilities Corp. Ctfs. of Prtn. (Gen. Purp. Proj.) Series 2009: | ||||
5% 11/1/12 | 1,555 | 1,631 | ||
5% 11/1/13 | 7,550 | 8,105 | ||
5% 11/1/14 | 7,490 | 8,195 | ||
Georgia Road & Thruway Auth. Rev. Series 2009 A, 5% 6/1/12 | 8,100 | 8,446 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2007 A, 5% 9/15/12 | 1,195 | 1,227 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Georgia - continued | ||||
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Scherer Proj.) Series 2011 A, 2.5%, tender 3/1/13 (c) | $ 11,500 | $ 11,554 | ||
Muni. Elec. Auth. of Georgia (Proj. One): | ||||
Series 2008 A: | ||||
5% 1/1/13 | 2,000 | 2,118 | ||
5% 1/1/14 | 3,000 | 3,283 | ||
5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 9,159 | ||
Series 2008 D, 5.75% 1/1/19 | 9,000 | 10,439 | ||
Pub. Gas Partners, Inc. Rev. (Gas Supply Pool No. 1 Proj.) Series A: | ||||
5% 10/1/11 | 1,500 | 1,515 | ||
5% 10/1/12 | 1,000 | 1,049 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | ||||
5% 1/1/14 | 1,305 | 1,398 | ||
5% 1/1/15 | 1,040 | 1,117 | ||
5% 1/1/16 | 2,415 | 2,599 | ||
5% 1/1/18 | 1,530 | 1,612 | ||
| 111,982 | |||
Hawaii - 0.7% | ||||
Hawaii Arpts. Sys. Rev. Series 2010 B, 5% 7/1/15 (f) | 3,900 | 4,268 | ||
Hawaii Gen. Oblig.: | ||||
Series DR: | ||||
5% 6/1/16 | 7,645 | 8,878 | ||
5% 6/1/16 (Escrowed to Maturity) (g) | 2,895 | 3,408 | ||
Series DY: | ||||
5% 2/1/15 | 3,500 | 3,961 | ||
5% 2/1/16 | 4,000 | 4,610 | ||
| 25,125 | |||
Illinois - 7.7% | ||||
Chicago Board of Ed. Series 2009 D: | ||||
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,558 | ||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,543 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.) Series 1999, 0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 5,838 | ||
Series A: | ||||
5% 1/1/17 (FSA Insured) | 3,465 | 3,743 | ||
5.25% 1/1/12 (Escrowed to Maturity) (g) | 825 | 845 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Chicago Gen. Oblig.: - continued | ||||
Series A: | ||||
5.25% 1/1/12 (FSA Insured) | $ 175 | $ 178 | ||
Series B: | ||||
5% 1/1/17 (FSA Insured) | 5,115 | 5,449 | ||
5.125% 1/1/15 (AMBAC Insured) | 3,995 | 4,306 | ||
Chicago Hsg. Auth. Rev. (Cap. Prog.) Series 2001, 5.5% 7/1/18 (Pre-Refunded to 7/1/12 @ 100) (g) | 3,300 | 3,423 | ||
Chicago Midway Arpt. Rev. Bonds Series 2010 B, 5%, tender 1/1/15 (c) | 5,000 | 5,415 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2008 A: | ||||
5% 1/1/12 (FSA Insured) | 3,500 | 3,572 | ||
5% 1/1/13 (FSA Insured) | 4,000 | 4,237 | ||
Series 2010 D, 5.25% 1/1/17 (f) | 1,000 | 1,082 | ||
Series 2010 E: | ||||
5% 1/1/15 (f) | 4,000 | 4,332 | ||
5% 1/1/16 (f) | 1,500 | 1,644 | ||
Series 2011 B, 5% 1/1/18 | 6,500 | 7,148 | ||
Series A, 5% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,165 | 1,189 | ||
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,947 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
(Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/19 (AMBAC Insured) (Assured Guaranty Corp. Insured) | 2,500 | 2,582 | ||
(Fed. Transit Administration Section 5309 Proj.) Series 2008 A, 5% 6/1/13 | 3,765 | 3,949 | ||
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,919 | ||
Illinois Edl. Facilities Auth. Revs. Bonds (Field Museum of Natural History Proj.) Series 2002, 4.05%, tender 11/1/11 (c) | 2,785 | 2,806 | ||
Illinois Fin. Auth. Gas Supply Rev. Bonds (The Peoples Gas Lt. and Coke Co. Proj.): | ||||
Series 2010 B, 2.625%, tender 8/1/15 (c) | 9,500 | 9,656 | ||
Series 2010, 2.125%, tender 7/1/14 (c) | 11,500 | 11,488 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.25% 10/1/15 | 2,220 | 2,391 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.) Series 2010 D, 5% 4/1/15 | 550 | 611 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Alexian Brothers Health Sys. Proj.) Series 2010, 4.5% 2/15/16 | $ 3,000 | $ 3,119 | ||
(DePaul Univ. Proj.) Series 2005 A, 5% 10/1/11 | 1,450 | 1,464 | ||
(Memorial Health Sys. Proj.) Series 2009, 5% 4/1/19 | 1,600 | 1,679 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A: | ||||
5% 7/1/12 | 750 | 779 | ||
5% 7/1/13 | 415 | 444 | ||
5% 7/1/15 | 1,000 | 1,107 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5% 5/15/16 | 2,060 | 2,244 | ||
5% 5/15/17 | 3,520 | 3,805 | ||
(Provena Health Proj.) Series 2010 A: | ||||
5% 5/1/13 | 2,000 | 2,081 | ||
5% 5/1/14 | 2,000 | 2,102 | ||
5.75% 5/1/19 | 2,650 | 2,832 | ||
(Rush Univ. Med. Ctr. Proj.) Series 2006 B: | ||||
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,075 | 3,322 | ||
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700 | 1,817 | ||
(The Carle Foundation Proj.) Series 2009 A, 5% 2/15/12 (Assured Guaranty Corp. Insured) | 4,965 | 5,050 | ||
Bonds (Advocate Health Care Proj.): | ||||
Series 2008 A3, 3.875%, tender 5/1/12 (c) | 4,000 | 4,110 | ||
Series 2008 C B3, 4.375%, tender 7/1/14 (c) | 4,000 | 4,252 | ||
Illinois Gen. Oblig.: | ||||
(Illinois FIRST Proj.) Series 2001, 5% 11/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,511 | ||
Series 1, 5.25% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,865 | 2,987 | ||
Series 2002: | ||||
5% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,515 | 3,613 | ||
5.375% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,745 | 6,745 | ||
5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,495 | 1,664 | ||
Series 2004 B, 5% 3/1/14 | 15,500 | 16,666 | ||
Series 2004, 5% 11/1/16 | 11,000 | 12,096 | ||
Series 2005: | ||||
5% 4/1/13 (AMBAC Insured) | 5,000 | 5,289 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2005: | ||||
5% 4/1/17 (AMBAC Insured) | $ 8,050 | $ 8,541 | ||
Series 2007 A, 5.5% 6/1/15 | 1,000 | 1,110 | ||
Series 2007 B, 5% 1/1/17 | 9,835 | 10,678 | ||
Series 2010: | ||||
4% 1/1/13 | 3,695 | 3,827 | ||
5% 1/1/15 (FSA Insured) | 20,000 | 21,701 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A: | ||||
5% 5/15/15 (FSA Insured) | 2,250 | 2,408 | ||
5% 5/15/16 (FSA Insured) | 2,325 | 2,496 | ||
Series 2003 A, 5% 5/15/17 (FSA Insured) | 2,150 | 2,350 | ||
Illinois Sales Tax Rev.: | ||||
Series 2009 B: | ||||
4.5% 6/15/16 | 5,000 | 5,521 | ||
4.5% 6/15/17 | 6,075 | 6,675 | ||
Series 2010, 5% 6/15/15 | 8,800 | 9,690 | ||
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series 2002 B, 5.5% 1/1/12 (FSA Insured) | 2,270 | 2,320 | ||
Kane County School District #129, Aurora West Side Series 2002 A, 5.75% 2/1/14 (Pre-Refunded to 2/1/12 @ 100) (g) | 1,600 | 1,650 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/15 (Escrowed to Maturity) (g) | 580 | 547 | ||
0% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,520 | 1,318 | ||
Madison County Cmnty. United School District #007 Series 2007 A, 5% 12/1/11 (FSA Insured) | 2,965 | 3,016 | ||
Metropolitan Pier & Exposition: | ||||
(McCormick Place Expansion Proj.) Series 1996 A: | ||||
0% 6/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,410 | 1,385 | ||
0% 12/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,725 | 2,561 | ||
Series A, 0% 6/15/14 (Escrowed to Maturity) (g) | 8,625 | 8,388 | ||
0% 6/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 700 | 637 | ||
Rosemont Gen. Oblig. Series 1993 A, 0% 12/1/11 (FGIC Insured) | 3,695 | 3,679 | ||
Univ. of Illinois Ctfs. of Prtn. (Util. Infrastructure Proj.) Series 2003, 5% 8/15/11 (AMBAC Insured) | 1,360 | 1,365 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Univ. of Illinois Rev. 0% 4/1/14 | $ 2,350 | $ 2,211 | ||
Will County Cmnty. Unit School District #365-U: | ||||
Series 2002, 0% 11/1/16 (FSA Insured) | 2,975 | 2,468 | ||
0% 11/1/14 (Escrowed to Maturity) (g) | 1,025 | 995 | ||
0% 11/1/14 (FSA Insured) | 875 | 799 | ||
| 296,965 | |||
Indiana - 2.6% | ||||
Hamilton Southeastern Consolidated School Bldg. Corp.: | ||||
Series 2004, 5% 1/15/12 (FSA Insured) | 1,990 | 2,036 | ||
Series 2005 A: | ||||
5.25% 7/10/11 (FSA Insured) | 2,295 | 2,296 | ||
5.25% 1/10/12 (FSA Insured) | 1,355 | 1,387 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 C, 5% 11/1/13 | 3,000 | 3,264 | ||
Indiana Fin. Auth. Hosp. Rev.: | ||||
(Jackson County Schneck Memorial Hosp. Proj.) Series 2010, 5% 2/15/18 | 1,475 | 1,547 | ||
(Parkview Health Sys. Oblig. Group Proj.) Series 2009 A: | ||||
5% 5/1/14 | 3,500 | 3,751 | ||
5% 5/1/15 | 6,420 | 6,957 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A: | ||||
5% 12/1/14 | 1,250 | 1,400 | ||
5% 12/1/15 | 2,135 | 2,430 | ||
(Wabash Valley Correctional Facilities Proj.) Series 2009 A, 5% 7/1/15 | 8,025 | 8,920 | ||
(Wabash Valley Correctional Facility Proj.) Series 2009 A, 5% 7/1/14 | 2,500 | 2,730 | ||
Series 2010 A, 5% 2/1/17 | 2,800 | 3,250 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (c) | 4,000 | 4,418 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Subordinate Cr. Proj.): | ||||
Series 2005 A3, 5%, tender 7/1/11 (c) | 4,100 | 4,100 | ||
Series A2, 3.75%, tender 2/1/12 (c) | 7,500 | 7,647 | ||
Indiana Port Commission Port Rev. (Cargill, Inc. Proj.) 4.1% 5/1/12 | 4,100 | 4,214 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series 2002 A, 5.5% 7/1/16 (Pre-Refunded to 7/1/12 @ 100) (g) | $ 5,000 | $ 5,259 | ||
Indianapolis Thermal Energy Sys. Series 2010 B: | ||||
5% 10/1/16 | 5,000 | 5,649 | ||
5% 10/1/17 | 5,000 | 5,589 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 B, 5.2% 6/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,171 | ||
Logansport High School Bldg. Corp. Series 2005: | ||||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,020 | 1,021 | ||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,045 | 1,071 | ||
5.25% 7/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,075 | 1,126 | ||
Muncie School Bldg. Corp. Series 2005, 5.25% 7/10/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,585 | 1,659 | ||
Purdue Univ. Rev.: | ||||
(Student Facilities Sys. Proj.) Series 2009 B: | ||||
4% 7/1/17 | 500 | 557 | ||
5% 7/1/15 | 315 | 362 | ||
5% 7/1/16 | 500 | 583 | ||
Series Z-1: | ||||
5% 7/1/16 | 1,215 | 1,416 | ||
5% 7/1/17 | 1,000 | 1,170 | ||
5% 7/1/18 | 1,500 | 1,753 | ||
Rockport Poll. Cont. Rev. Bonds (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (c) | 1,600 | 1,601 | ||
Univ. of Southern Indiana Rev. Series J: | ||||
5% 10/1/14 (Assured Guaranty Corp. Insured) | 1,985 | 2,178 | ||
5% 10/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,113 | ||
5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,308 | ||
West Clark 2000 School Bldg. Corp. Series 2005: | ||||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125 | 1,126 | ||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,150 | 1,178 | ||
| 99,237 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Iowa - 0.2% | ||||
Iowa Fin. Auth. Health Care Facilities Rev. (Genesis Health Sys. Proj.) Series 2010: | ||||
5% 7/1/15 | $ 2,165 | $ 2,363 | ||
5% 7/1/16 | 1,335 | 1,462 | ||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,840 | ||
Iowa Higher Ed. Ln. Auth. Rev. (Grinnell College Proj.) Series 2001, 2.1% 12/1/11 (Escrowed to Maturity) (g) | 3,200 | 3,224 | ||
| 8,889 | |||
Kansas - 0.6% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D: | ||||
5% 11/15/14 | 575 | 639 | ||
5% 11/15/15 | 625 | 705 | ||
5% 11/15/16 | 875 | 998 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L, 5.25% 11/15/12 | 680 | 717 | ||
Lawrence Hosp. Rev. (The Lawrence Memorial Hosp.) Series 2006, 5% 7/1/11 | 560 | 560 | ||
Olathe Health Facilities Rev. Bonds (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (c) | 1,600 | 1,626 | ||
Wichita Hosp. Facilities Rev.: | ||||
(Via Christi Health Sys., Inc. Proj.) Series 2009 X, 5% 11/15/14 | 2,000 | 2,179 | ||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A: | ||||
5% 11/15/14 | 2,405 | 2,620 | ||
5% 11/15/15 | 6,245 | 6,869 | ||
5% 11/15/16 | 5,410 | 5,956 | ||
| 22,869 | |||
Kentucky - 1.1% | ||||
Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 B: | ||||
4% 2/1/14 | 750 | 798 | ||
4% 2/1/15 | 1,495 | 1,599 | ||
Jefferson County School District Fin. Corp. School Bldg. Rev. Series 2009 A, 5.25% 1/1/13 (FSA Insured) | 2,170 | 2,314 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/15 | 4,000 | 4,474 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 A, 4% 2/1/13 | 500 | 525 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Kentucky - continued | ||||
Kentucky Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series B, 1%, tender 9/1/11 (c) | $ 1,700 | $ 1,700 | ||
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,857 | ||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Electronic Co. Proj.): | ||||
Series 2003 A, 1.9%, tender 4/2/12 (c) | 10,900 | 10,978 | ||
Series 2005 A, 5.75%, tender 12/2/13 (c) | 6,000 | 6,504 | ||
Series 2007 B, 1.9%, tender 6/1/12 (c) | 10,900 | 10,992 | ||
| 42,741 | |||
Louisiana - 0.3% | ||||
East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series ST-2005 B, 5% 2/1/12 (AMBAC Insured) | 1,000 | 1,023 | ||
Ernest N. Morial-New Orleans Exhibit Hall Auth. Spl. Tax Series 2003 A, 5.25% 7/15/11 (Escrowed to Maturity) (g) | 2,060 | 2,063 | ||
Louisiana Pub. Facilities Auth. Rev.: | ||||
(Christus Health Proj.) Series 2009 A: | ||||
5% 7/1/13 | 3,500 | 3,694 | ||
5% 7/1/16 | 2,000 | 2,168 | ||
(Entergy Gulf States Louisiana LLC Proj.) Series 2010 B, 2.875% 11/1/15 | 3,000 | 3,031 | ||
Reg'l. Transit Auth. Louisiana Sales Tax Rev. 4% 12/1/16 (FSA Insured) | 1,000 | 1,090 | ||
| 13,069 | |||
Maryland - 0.8% | ||||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2007 D, 5% 7/1/11 (AMBAC Insured) | 1,985 | 1,985 | ||
Maryland Gen. Oblig. Second Series B, 5.25% 8/15/16 | 16,100 | 19,233 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Univ. of Maryland Med. Sys. Proj.) Series 2008 F: | ||||
5% 7/1/13 | 2,400 | 2,555 | ||
5% 7/1/14 | 3,500 | 3,800 | ||
Bonds (Johns Hopkins Health Sys. Obligated Group Proj.) Series 2008 B, 5%, tender 5/15/15 (c) | 2,225 | 2,479 | ||
Montgomery County Gen. Oblig. (Dept. of Liquor Cont. Proj.) Series 2009 A, 5% 4/1/15 | 1,725 | 1,947 | ||
| 31,999 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Massachusetts - 1.9% | ||||
Braintree Gen. Oblig. Series 2009: | ||||
5% 5/15/14 | $ 1,000 | $ 1,117 | ||
5% 5/15/16 | 4,400 | 5,132 | ||
Lynn Gen. Oblig. 5% 12/1/11 | 1,500 | 1,527 | ||
Massachusetts Bay Trans. Auth. Series 1993 A, 5.5% 3/1/12 | 95 | 98 | ||
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B, 5% 1/1/15 | 12,400 | 13,647 | ||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston College Proj.): | ||||
Series Q1: | ||||
4% 7/1/15 | 1,500 | 1,646 | ||
4% 7/1/16 | 1,000 | 1,107 | ||
5% 7/1/13 | 1,000 | 1,082 | ||
Series Q2: | ||||
4% 7/1/15 | 1,170 | 1,284 | ||
4% 7/1/16 | 1,000 | 1,107 | ||
5% 7/1/13 | 1,100 | 1,190 | ||
5% 7/1/14 | 1,080 | 1,199 | ||
5% 7/1/17 | 1,370 | 1,599 | ||
(Tufts Med. Ctr. Proj.) Series I: | ||||
5% 1/1/14 | 1,550 | 1,633 | ||
5% 1/1/16 | 1,300 | 1,378 | ||
Massachusetts Gen. Oblig. Series 2002 C: | ||||
5% 11/1/21 (Pre-Refunded to 11/1/12 @ 100) (g) | 8,100 | 8,591 | ||
5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (g) | 2,495 | 2,654 | ||
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds: | ||||
(Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (c) | 7,000 | 7,496 | ||
(Northeastern Univ. Proj.): | ||||
Series 2008 T2, 4.1%, tender 4/19/12 (c) | 1,200 | 1,236 | ||
Series 2009 T1, 4.125%, tender 2/16/12 (c) | 2,100 | 2,149 | ||
Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series 2001 A, 5.5% 1/1/12 (AMBAC Insured) (f) | 1,000 | 995 | ||
Massachusetts Spl. Oblig. Rev. (Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A: | ||||
5% 12/15/12 (FSA Insured) | 3,300 | 3,520 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Massachusetts - continued | ||||
Massachusetts Spl. Oblig. Rev. (Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A: - continued | ||||
5% 12/15/13 (FSA Insured) | $ 2,000 | $ 2,199 | ||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series B, 5.2% 8/1/22 (Pre-Refunded to 8/1/11 @ 101) (g) | 8,350 | 8,462 | ||
| 72,048 | |||
Michigan - 2.4% | ||||
Allegan Pub. School District Series 2008, 5% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,590 | 1,645 | ||
Big Rapids Pub. School District: | ||||
5% 5/1/13 (Assured Guaranty Corp. Insured) | 1,195 | 1,268 | ||
5% 5/1/14 (Assured Guaranty Corp. Insured) | 1,190 | 1,297 | ||
Chelsea School District 5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,750 | 1,867 | ||
Clarkston Cmnty. Schools Series 2008, 5% 5/1/12 (FSA Insured) | 3,000 | 3,096 | ||
Detroit Swr. Disp. Rev. Series 2006 D, 0.804% 7/1/32 (c) | 4,080 | 2,785 | ||
Grand Haven Area Pub. Schools 5% 5/1/12 (FSA Insured) | 2,965 | 3,070 | ||
Grand Rapids Cmnty. College: | ||||
5% 5/1/12 (FSA Insured) | 1,305 | 1,352 | ||
5% 5/1/13 (FSA Insured) | 1,305 | 1,399 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,499 | ||
Kalamazoo Pub. Schools 5% 5/1/13 (Assured Guaranty Corp. Insured) | 2,940 | 3,118 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | ||||
(Spectrum Health Sys. Proj.) Series 2011 A: | ||||
5% 11/15/18 | 1,250 | 1,410 | ||
5% 11/15/19 | 1,000 | 1,119 | ||
Bonds (Spectrum Health Sys. Proj.) Series 2008 A, 5.25%, tender 1/15/14 (c) | 2,200 | 2,393 | ||
Lincoln Consolidated School District 5% 5/1/12 (FSA Insured) | 1,485 | 1,534 | ||
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series I: | ||||
5.5% 10/15/13 | 2,075 | 2,101 | ||
5.5% 10/15/13 (Pre-Refunded to 10/15/11 @ 100) (g) | 125 | 127 | ||
Michigan Gen. Oblig. (Envir. Protection Prog.) Series 1992, 6.25% 11/1/12 | 1,445 | 1,466 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.25% 5/15/14 | $ 4,160 | $ 4,579 | ||
(Oakwood Hosp. Proj.) Series 2007 A, 5% 7/15/11 | 2,700 | 2,703 | ||
Bonds (Ascension Health Cr. Group Proj.) Series 1999 B3, 2%, tender 8/1/14 (c) | 11,000 | 11,174 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010: | ||||
5% 10/1/14 | 6,045 | 6,766 | ||
5% 10/1/15 | 1,750 | 1,999 | ||
5% 10/1/15 | 3,250 | 3,712 | ||
(Local Govt. Ln. Prog.) Series 2009 C: | ||||
5% 5/1/13 | 1,645 | 1,740 | ||
5% 5/1/14 | 2,140 | 2,296 | ||
5% 5/1/15 | 1,845 | 2,008 | ||
5% 5/1/16 | 1,865 | 2,042 | ||
Michigan Strategic Fund Ltd. Oblig. Rev. Bonds (Detroit Edison Co. Proj.) Series 1995 CC, 4.85%, tender 9/1/11 (AMBAC Insured) (c) | 2,000 | 2,010 | ||
Plymouth-Canton Cmnty. School District 5% 5/1/12 (FSA Insured) | 4,000 | 4,134 | ||
Pontiac Tax Increment Fin. Auth. Series 2002, 6.25% 6/1/22 (Pre-Refunded to 6/1/12 @ 101) (g) | 2,260 | 2,404 | ||
Royal Oak City School District 5% 5/1/12 | 2,000 | 2,068 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Oblig. Group Proj.) Series 2009 W, 5% 8/1/15 | 2,070 | 2,243 | ||
West Bloomfield School District 5% 5/1/15 (Assured Guaranty Corp. Insured) | 1,400 | 1,529 | ||
Western Michigan Univ. Rev.: | ||||
5.25% 11/15/14 (Assured Guaranty Corp. Insured) | 2,135 | 2,372 | ||
5.25% 11/15/15 (Assured Guaranty Corp. Insured) | 3,275 | 3,679 | ||
Western Townships Utils. Auth. Swr. Disp. Sys. Rev. Series 2009, 3% 1/1/12 | 1,000 | 1,010 | ||
| 93,014 | |||
Minnesota - 0.2% | ||||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2008 A, 5% 1/1/13 (f) | 1,000 | 1,057 | ||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/14 (Assured Guaranty Corp. Insured) | 2,225 | 2,474 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Minnesota - continued | ||||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1: | ||||
5% 2/15/15 (Assured Guaranty Corp. Insured) | $ 1,335 | $ 1,471 | ||
5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 628 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2009 A, 5% 1/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,105 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,137 | ||
| 7,872 | |||
Mississippi - 0.2% | ||||
Mississippi Dev. Bank Spl. Oblig. (Marshall County Correctional Facility Proj.) Series 2008 C, 5% 8/1/11 | 1,050 | 1,053 | ||
Mississippi Hosp. Equip. & Facilities Auth. (Mississippi Baptist Med. Ctr. Proj.) Series 2007 A, 5% 8/15/11 | 1,000 | 1,004 | ||
Mississippi Hsg. Fin. Corp. Single Family Mtg. Rev. Series 1983, 0% 6/1/15 (Escrowed to Maturity) (g) | 4,000 | 3,774 | ||
| 5,831 | |||
Missouri - 0.2% | ||||
Lees Summit Indl. Dev. Auth. Sr. Living Facilities Rev. (John Knox Village Proj.) Series 2007 A, 5% 8/15/11 | 1,485 | 1,491 | ||
Saint Louis Arpt. Rev.: | ||||
Series 2003 A, 5.25% 7/1/11 (FSA Insured) | 1,000 | 1,000 | ||
Series 2011 B, 3% 7/1/12 | 1,000 | 1,014 | ||
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series 2007 A, 5% 9/1/11 | 1,000 | 1,002 | ||
Saint Louis Muni. Fin. Corp. Leasehold Rev. (Callahan Courthouse Proj.) Series 2002 A, 5.75% 2/15/14 (Pre-Refunded to 2/15/12 @ 100) (g) | 1,050 | 1,085 | ||
| 5,592 | |||
Nebraska - 0.5% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 A, 5% 12/1/11 | 6,500 | 6,599 | ||
Nebraska Pub. Pwr. District Rev.: | ||||
Series B, 5% 1/1/12 (FSA Insured) | 3,500 | 3,582 | ||
Series C: | ||||
4% 1/1/15 | 2,360 | 2,561 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Nebraska - continued | ||||
Nebraska Pub. Pwr. District Rev.: - continued | ||||
Series C: | ||||
4% 1/1/16 | $ 2,195 | $ 2,402 | ||
Univ. of Nebraska Facilities Corp. Lease Rental Rev. (UNMC Health Professions Futures Proj.) Series 2009, 5% 8/15/13 | 4,000 | 4,311 | ||
| 19,455 | |||
Nevada - 2.0% | ||||
Clark County Arpt. Rev.: | ||||
Series 2003 C, 5% 7/1/11 (AMBAC Insured) (f) | 1,790 | 1,790 | ||
Series 2008 E: | ||||
5% 7/1/14 | 2,905 | 3,161 | ||
5% 7/1/15 | 3,500 | 3,865 | ||
Series A1, 5% 7/1/12 (AMBAC Insured) (f) | 2,000 | 2,078 | ||
Clark County Fuel Tax Series 2008, 5% 6/1/13 | 5,815 | 6,217 | ||
Clark County Hwy. Impt. Rev. (Motor Vehicle Fuel Tax) Series 2003, 5% 7/1/11 (AMBAC Insured) | 3,230 | 3,230 | ||
Clark County School District: | ||||
(Bldg. Proj.) Series 2008 A, 5% 6/15/12 | 10,000 | 10,434 | ||
Series 1998, 5.5% 6/15/13 (FSA Insured) | 5,000 | 5,445 | ||
Series 2005 A, 5% 6/15/16 (FGIC Insured) | 21,215 | 23,751 | ||
Nevada Dept. of Bus. & Industry (Waste Mgmt., Inc. Proj.) Series 2001, 2.75% 10/1/14 (f) | 3,000 | 3,017 | ||
Nevada Gen. Oblig. Series 2010 C, 5% 6/1/19 | 12,140 | 13,574 | ||
| 76,562 | |||
New Hampshire - 0.0% | ||||
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2011, 3% 10/1/12 | 1,050 | 1,067 | ||
New Jersey - 2.6% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series B, 6.375% 11/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,470 | 7,613 | ||
New Jersey Ctfs. of Prtn. Series 2009 A: | ||||
5% 6/15/15 | 11,285 | 12,373 | ||
5% 6/15/16 | 6,500 | 7,121 | ||
New Jersey Econ. Dev. Auth. Exempt Facilities Rev. Bonds (Pub. Svc. Elec. and Gas Co. Proj.) Series 2010 A, 1.2%, tender 12/1/11 (c)(f) | 8,200 | 8,216 | ||
New Jersey Econ. Dev. Auth. Poll. Cont. Rev. (Pub. Svc. Elec. & Gas Pwr. LLC Proj.) 5% 3/1/12 | 3,275 | 3,347 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Bonds Series 2008 J4, 5%, tender 9/1/14 (FSA Insured) (c) | $ 7,000 | $ 7,567 | ||
Series 2001 A, 5.5% 6/15/13 (AMBAC Insured) | 1,090 | 1,197 | ||
Series 2005 K, 5.25% 12/15/14 (FGIC Insured) | 1,790 | 1,980 | ||
Series 2008 W: | ||||
5% 3/1/12 (Escrowed to Maturity) (g) | 5,545 | 5,718 | ||
5% 3/1/15 | 10,400 | 11,428 | ||
Series 2009 BB, 5% 9/1/15 | 3,390 | 3,762 | ||
New Jersey Gen. Oblig. Series H: | ||||
5.25% 7/1/12 (FGIC Insured) | 5,000 | 5,239 | ||
5.25% 7/1/15 (FSA Insured) | 5,000 | 5,738 | ||
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Series 2010 1A, 5% 12/1/15 | 4,500 | 4,943 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) (g) | 4,300 | 4,828 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,701 | ||
Series A, 5.25% 12/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,332 | ||
| 100,103 | |||
New Mexico - 1.2% | ||||
Albuquerque Joint Wtr. & Swr. Sys. Rev. Series 1999 A, 5.25% 7/1/11 | 1,135 | 1,135 | ||
Farmington Poll. Cont. Rev. Bonds (Southern California Edison Co. Four Corners Proj.) Series 2005 B, 2.875%, tender 4/1/15 (c) | 22,100 | 22,672 | ||
New Mexico Edl. Assistance Foundation: | ||||
Series 2009 B, 4% 9/1/16 | 7,000 | 7,543 | ||
Series 2010 A1: | ||||
4% 12/1/15 | 3,700 | 3,997 | ||
4% 12/1/16 | 6,750 | 7,298 | ||
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 5,129 | ||
| 47,774 | |||
New York - 16.3% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.5% 11/15/12 | 1,000 | 1,051 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Dutchess County Local Dev. Corp. Rev. (Health Quest Systems, Inc. Proj.) Series 2010 A: | ||||
5% 7/1/18 (Assured Guaranty Corp. Insured) (FSA Insured) | $ 1,100 | $ 1,156 | ||
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 640 | 663 | ||
Grand Central District Mgmt. Assoc., Inc. Series 2004, 5% 1/1/12 | 1,175 | 1,199 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2010 A, 5% 5/1/15 | 5,000 | 5,627 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,863 | ||
New York City Gen. Oblig.: | ||||
Series 1997 H, 6% 8/1/12 (FGIC Insured) | 1,000 | 1,059 | ||
Series 2002 A1, 5.25% 11/1/14 (Pre-Refunded to 11/1/11 @ 101) (g) | 600 | 616 | ||
Series 2003 F, 5.5% 12/15/11 | 6,725 | 6,880 | ||
Series 2005 C, 5% 8/1/12 | 19,770 | 20,729 | ||
Series 2005 D, 5% 8/1/12 (Escrowed to Maturity) (g) | 4,925 | 5,177 | ||
Series 2005 F1, 5% 9/1/15 | 3,560 | 4,058 | ||
Series 2005 G, 5.625% 8/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,075 | 5,339 | ||
Series 2008 E, 5% 8/1/12 | 5,000 | 5,242 | ||
Series 2010 C, 5% 8/1/13 | 7,000 | 7,617 | ||
Series B: | ||||
5% 8/1/14 | 10,000 | 11,184 | ||
5% 8/1/15 | 10,000 | 11,381 | ||
Series K: | ||||
5% 8/1/11 | 2,150 | 2,157 | ||
5% 8/1/11 (Escrowed to Maturity) (g) | 1,130 | 1,134 | ||
5% 8/1/12 | 2,335 | 2,448 | ||
5% 8/1/12 (Escrowed to Maturity) (g) | 2,025 | 2,129 | ||
Series O: | ||||
5% 6/1/12 | 1,745 | 1,817 | ||
5% 6/1/12 (Escrowed to Maturity) (g) | 5,780 | 6,027 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (a) | 25,445 | 25,850 | ||
6% 11/1/28 (a) | 44,755 | 45,539 | ||
Series 2007 C1, 5% 11/1/15 | 15,200 | 17,589 | ||
Series 2010 B, 5% 11/1/17 | 30,000 | 35,259 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Rev.: - continued | ||||
Series 2010 D: | ||||
5% 11/1/15 | $ 8,300 | $ 9,605 | ||
5% 11/1/17 | 10,115 | 11,888 | ||
Series B: | ||||
5% 11/1/11 | 11,060 | 11,229 | ||
5% 11/1/11 (Escrowed to Maturity) (g) | 1,520 | 1,543 | ||
Series E, 4% 11/1/12 | 6,790 | 7,115 | ||
New York City Trust Cultural Resources Rev. Bonds (The Juilliard School Proj.) Series 2009 B, 2.75%, tender 7/1/12 (c) | 3,500 | 3,560 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2009 A: | ||||
5% 3/15/12 | 3,900 | 4,029 | ||
5% 3/15/13 | 3,545 | 3,816 | ||
5% 3/15/14 | 3,745 | 4,166 | ||
5% 3/15/15 | 4,000 | 4,558 | ||
Series 2009 D: | ||||
5% 6/15/14 | 9,890 | 11,095 | ||
5% 6/15/15 | 16,075 | 18,453 | ||
5% 6/15/16 | 9,330 | 10,884 | ||
Series 2010 A: | ||||
5% 2/15/14 | 9,850 | 10,927 | ||
5% 2/15/15 | 8,780 | 9,981 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A: | ||||
5.75% 7/1/13 | 2,800 | 2,913 | ||
5.75% 7/1/13 (AMBAC Insured) | 795 | 827 | ||
(Mental Health Svcs. Facilities Proj.): | ||||
Series 2008 D: | ||||
5% 2/15/14 | 7,295 | 7,973 | ||
5% 8/15/14 | 7,755 | 8,561 | ||
Series 2009 A1, 5% 2/15/15 | 9,000 | 10,015 | ||
(New York Univ. Hosp. Ctr. Proj.) Series 2011 A, 5% 7/1/18 | 3,240 | 3,598 | ||
(St. Lawrence Univ.) Series 2008, 5% 7/1/14 | 3,700 | 4,026 | ||
Bonds Series 2002 B, 5.25%, tender 5/15/12 (c) | 16,055 | 16,686 | ||
Series 2008 B, 5% 7/1/15 | 30,000 | 33,800 | ||
Series 2009 A: | ||||
5% 7/1/15 | 12,850 | 14,414 | ||
5% 7/1/16 | 8,390 | 9,515 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Local Govt. Assistance Corp. Series 2003 A, 5% 4/1/18 | $ 12,400 | $ 14,503 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B: | ||||
5% 11/15/14 | 1,350 | 1,518 | ||
5% 11/15/15 | 2,325 | 2,634 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Bonds Series 2008 B2, 5%, tender 11/15/12 (c) | 7,300 | 7,717 | ||
Series 2003 B: | ||||
5.25% 11/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,040 | 1,101 | ||
5.25% 11/15/19 (FGIC Insured) | 5,200 | 5,834 | ||
Series 2005 C, 5% 11/15/11 | 2,750 | 2,794 | ||
Series 2010 B2, 4% 11/15/14 | 2,830 | 3,056 | ||
New York State Energy Research & Dev. Auth. Facilities Rev. Bonds (Consolidated Edison Co. of New York, Inc. Proj.) Series 2010 A, 1.45%, tender 11/1/12 (c)(f) | 26,400 | 26,458 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2008 A, 5% 4/1/13 | 2,600 | 2,799 | ||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,154 | ||
Series 2011 A1: | ||||
5% 4/1/17 | 1,500 | 1,736 | ||
5% 4/1/18 | 3,500 | 4,058 | ||
New York Urban Dev. Corp. Rev.: | ||||
Series 2005 A, 5% 1/1/12 | 5,015 | 5,128 | ||
Series 2009 C: | ||||
5% 12/15/15 | 6,500 | 7,553 | ||
5% 12/15/16 | 17,000 | 20,010 | ||
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Bonds Series 2001 C, 5.625%, tender 11/15/14 (c)(f) | 2,450 | 2,486 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (g) | 5,760 | 6,015 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.5% 6/1/14 | 405 | 406 | ||
5.5% 6/1/17 | 6,000 | 6,018 | ||
Series 2003B 1C: | ||||
5.5% 6/1/15 | 1,300 | 1,304 | ||
5.5% 6/1/17 | 4,200 | 4,213 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2011, 5% 6/1/16 (b) | $ 20,000 | $ 22,798 | ||
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) (g) | 6,470 | 7,415 | ||
| 628,675 | |||
New York & New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (f) | 1,200 | 1,203 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 4,100 | 4,301 | ||
| 5,504 | |||
North Carolina - 1.0% | ||||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 A, 5% 1/15/12 | 400 | 410 | ||
Mecklenburg County Pub. Facilities Corp. Series 2009: | ||||
5% 3/1/16 | 5,870 | 6,778 | ||
5% 3/1/18 | 1,500 | 1,734 | ||
Nash Health Care Sys. Health Care Facilities Rev. Series 2003: | ||||
5% 11/1/13 (FSA Insured) | 1,500 | 1,604 | ||
5% 11/1/15 (FSA Insured) | 1,600 | 1,746 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A: | ||||
5% 1/1/15 | 4,000 | 4,445 | ||
5% 1/1/16 | 6,035 | 6,778 | ||
North Carolina Grant Anticipation Rev. Series 2009, 5% 3/1/15 | 1,250 | 1,420 | ||
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | ||||
5% 6/1/15 | 1,500 | 1,670 | ||
5% 6/1/16 | 1,000 | 1,124 | ||
5% 6/1/17 | 3,220 | 3,623 | ||
5% 6/1/18 | 3,820 | 4,280 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 1998 A, 5.5% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,675 | 4,147 | ||
| 39,759 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
North Dakota - 0.1% | ||||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.) Series 2005: | ||||
5% 12/1/11 (Assured Guaranty Corp. Insured) | $ 1,575 | $ 1,594 | ||
5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,825 | 1,976 | ||
| 3,570 | |||
Ohio - 2.9% | ||||
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | 1,000 | 1,104 | ||
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010: | ||||
5% 6/1/15 (FSA Insured) | 760 | 843 | ||
5% 6/1/16 (FSA Insured) | 1,105 | 1,241 | ||
5% 6/1/17 (FSA Insured) | 1,160 | 1,303 | ||
Montgomery County Rev. Bonds (Catholic Health Initiatives Proj.) Series 2008 C2, 4.1%, tender 11/10/11 (c) | 2,700 | 2,735 | ||
Ohio Air Quality Dev. Auth. Rev. Bonds: | ||||
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 C, 7.25%, tender 11/1/12 (c)(f) | 9,000 | 9,575 | ||
(Ohio Pwr. Co. Proj.) Series 2010 A, 3.25%, tender 6/2/14 (c) | 5,500 | 5,567 | ||
Ohio Bldg. Auth.: | ||||
(Administrative Bldg. Fund Proj.): | ||||
Series 2009 B: | ||||
5% 10/1/14 | 5,955 | 6,599 | ||
5% 10/1/15 | 6,505 | 7,333 | ||
Series 2010 C: | ||||
4% 10/1/15 | 3,200 | 3,505 | ||
5% 10/1/16 | 1,250 | 1,434 | ||
(Adult Correctional Bldg. Fund Proj.): | ||||
Series 2009 B: | ||||
5% 10/1/14 | 2,055 | 2,277 | ||
5% 10/1/15 | 4,535 | 5,112 | ||
Series 2010 A, 5% 10/1/15 | 1,185 | 1,346 | ||
Ohio Gen. Oblig.: | ||||
(Common Schools Proj.): | ||||
Series 2010 A, 5% 9/15/17 | 2,600 | 3,047 | ||
Series 2010 B, 5% 9/15/15 | 19,080 | 21,942 | ||
(Higher Ed. Proj.): | ||||
Series 2005 C, 5% 8/1/13 | 4,495 | 4,893 | ||
Series 2010 A, 5% 8/1/17 | 3,290 | 3,849 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Cleveland Clinic Foundation Proj.) Series 2008 A, 5% 1/1/15 | $ 2,000 | $ 2,224 | ||
(Univ. Hosp. Health Sys. Proj.) Series 2010 A: | ||||
5% 1/15/15 | 500 | 539 | ||
5% 1/15/17 | 1,000 | 1,068 | ||
Ohio State Univ. Gen. Receipts Series 2010 A, 5% 12/1/16 | 5,000 | 5,843 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds: | ||||
(First Energy Nuclear Generation Corp. Proj.) Series 2005 B, 3.375%, tender 7/1/15 (c) | 5,000 | 5,131 | ||
(FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c) | 7,225 | 8,120 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008: | ||||
5% 12/1/12 | 1,950 | 2,034 | ||
5% 12/1/13 | 875 | 930 | ||
5% 12/1/14 | 2,275 | 2,450 | ||
| 112,044 | |||
Oklahoma - 0.3% | ||||
Cherokee County Econ. Dev. Auth. Series A, 0% 11/1/11 (Escrowed to Maturity) (g) | 1,000 | 998 | ||
Oklahoma Dev. Fin. Auth. (Pub. Svc. Co. of Oklahoma Proj.) Series 2009, 5.25% 6/1/14 | 2,700 | 2,850 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series 2008 B, 5% 8/15/14 | 1,660 | 1,829 | ||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) Series 2007, 5% 2/15/13 | 315 | 329 | ||
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 6,027 | ||
| 12,033 | |||
Oregon - 0.4% | ||||
Clackamas County Hosp. Facility Auth. Bonds (Legacy Health Sys. Proj.) Series 2009 C, 5%, tender 7/15/14 (c) | 2,500 | 2,708 | ||
Gilliam County Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2000 A, 3.5%, tender 5/1/13 (c)(f) | 5,300 | 5,434 | ||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A: | ||||
5% 3/15/13 | 1,000 | 1,053 | ||
5% 3/15/14 | 595 | 638 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Oregon - continued | ||||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A: - continued | ||||
5% 3/15/15 | $ 2,500 | $ 2,707 | ||
5% 3/15/16 | 1,750 | 1,904 | ||
| 14,444 | |||
Pennsylvania - 5.0% | ||||
Allegheny County Arpt. Auth. Rev. Series A: | ||||
5% 1/1/14 (FSA Insured) (f) | 1,350 | 1,410 | ||
5% 1/1/15 (FSA Insured) (f) | 1,000 | 1,051 | ||
5% 1/1/16 (FSA Insured) (f) | 1,000 | 1,053 | ||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1, 5.75% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 1,300 | 1,332 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.): | ||||
Series 2008 A, 5% 9/1/12 | 6,615 | 6,963 | ||
Series 2008 B, 5% 6/15/14 | 1,385 | 1,524 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A: | ||||
4% 8/15/15 | 1,385 | 1,495 | ||
5% 8/15/14 | 1,955 | 2,162 | ||
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 A, 3.375%, tender 7/1/15 (c) | 2,000 | 1,994 | ||
Delaware County Auth. Hosp. Rev. (Crozer Keystone Oblig. Group Proj.) Series B, 5% 12/15/11 | 2,835 | 2,854 | ||
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | ||||
5% 7/1/16 | 1,000 | 1,088 | ||
5% 7/1/17 | 1,255 | 1,355 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,390 | ||
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. (City of Philadelphia Fdg. Prog.) Series 2009, 5% 6/15/15 | 10,600 | 12,054 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 B, 5% 12/1/17 | 12,500 | 14,282 | ||
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series A, 5% 8/1/15 | 2,100 | 2,252 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2007 A: | ||||
5% 8/1/11 (FSA Insured) | 3,570 | 3,581 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Philadelphia Gen. Oblig.: - continued | ||||
Series 2007 A: | ||||
5% 8/1/12 (FSA Insured) | $ 5,000 | $ 5,229 | ||
Series 2008 A: | ||||
5% 12/15/14 (FSA Insured) | 5,370 | 5,845 | ||
5% 12/15/15 (FSA Insured) | 5,000 | 5,498 | ||
5% 12/15/16 (FSA Insured) | 7,275 | 8,031 | ||
Series 2011: | ||||
4% 8/1/12 | 4,325 | 4,463 | ||
5.25% 8/1/17 | 6,165 | 6,761 | ||
5.25% 8/1/18 | 5,515 | 6,003 | ||
Philadelphia Muni. Auth. Rev. Series 2003 B, 5.25% 11/15/11 (FSA Insured) | 3,400 | 3,458 | ||
Philadelphia School District: | ||||
Series 2005 D, 5.25% 6/1/12 (FSA Insured) | 1,465 | 1,520 | ||
Series 2010 C: | ||||
5% 9/1/15 | 13,200 | 14,559 | ||
5% 9/1/16 | 13,610 | 15,058 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A: | ||||
5% 6/15/15 | 15,000 | 16,697 | ||
5% 6/15/16 | 6,000 | 6,711 | ||
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2010: | ||||
5% 2/1/15 (FSA Insured) | 4,580 | 4,975 | ||
5% 2/1/16 (FSA Insured) | 5,620 | 6,167 | ||
Pittsburgh School District: | ||||
Series 2009 A: | ||||
3% 9/1/12 (Assured Guaranty Corp. Insured) | 1,300 | 1,332 | ||
3% 9/1/14 (Assured Guaranty Corp. Insured) | 1,640 | 1,707 | ||
Series 2010 A: | ||||
4% 9/1/15 (FSA Insured) | 1,450 | 1,570 | ||
5% 9/1/16 (FSA Insured) | 1,685 | 1,912 | ||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B: | ||||
5% 11/15/13 | 2,465 | 2,649 | ||
5% 11/15/14 | 4,690 | 5,129 | ||
5% 11/15/15 | 2,420 | 2,684 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,348 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series K, 0% 7/1/12 (Escrowed to Maturity) (g) | 2,355 | 2,333 | ||
| 190,479 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Puerto Rico - 0.1% | ||||
Puerto Rico Govt. Dev. Bank Series 2006 B: | ||||
5% 12/1/11 | $ 1,040 | $ 1,056 | ||
5% 12/1/12 | 1,000 | 1,040 | ||
| 2,096 | |||
Rhode Island - 0.3% | ||||
Rhode Island & Providence Plantations Series 2010 A, 5% 10/1/12 | 2,250 | 2,373 | ||
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A: | ||||
5% 6/15/15 (Assured Guaranty Corp. Insured) | 2,010 | 2,250 | ||
5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 7,482 | ||
| 12,105 | |||
South Carolina - 0.1% | ||||
South Carolina Jobs-Econ. Dev. Auth. (Anmed Health Proj.) Series 2010: | ||||
5% 2/1/16 | 2,000 | 2,204 | ||
5% 2/1/17 | 2,300 | 2,516 | ||
| 4,720 | |||
South Dakota - 0.1% | ||||
South Dakota Health & Edl. Facilities Auth. Rev. (Reg'l. Health Proj.) Series 2010: | ||||
5% 9/1/14 | 625 | 687 | ||
5% 9/1/15 | 680 | 755 | ||
5% 9/1/16 | 500 | 554 | ||
5% 9/1/17 | 490 | 538 | ||
| 2,534 | |||
Tennessee - 0.5% | ||||
Elizabethton Health & Edl. Facilities Board Rev. (First Mtg. Prog.) Series 2000 B, 6% 7/1/11 (Escrowed to Maturity) (g) | 2,005 | 2,005 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5% 4/1/13 | 1,000 | 1,053 | ||
Memphis Elec. Sys. Rev. 5% 12/1/14 | 5,000 | 5,655 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (f) | 1,730 | 1,888 | ||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | ||||
5% 7/1/16 | 1,815 | 2,039 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Tennessee - continued | ||||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: - continued | ||||
5% 7/1/17 | $ 1,100 | $ 1,236 | ||
Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2004 A, 5% 9/1/15 | 3,125 | 3,498 | ||
| 17,374 | |||
Texas - 6.1% | ||||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/15 | 2,585 | 2,942 | ||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.): | ||||
Series 2006 A, 6% 1/1/14 | 1,420 | 1,465 | ||
Series 2006 B: | ||||
6% 1/1/12 | 500 | 506 | ||
6% 1/1/13 | 1,270 | 1,304 | ||
Austin Elec. Util. Sys. Rev.: | ||||
Series 2007, 5% 11/15/11 (FSA Insured) | 4,000 | 4,068 | ||
Series A, 5% 11/15/15 | 1,000 | 1,143 | ||
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,712 | ||
Austin Wtr. & Wastewtr. Sys. Rev. Series 2009 A, 5% 11/15/15 | 2,250 | 2,591 | ||
Brownsville Independent School District Series 2005, 5% 8/15/11 | 1,430 | 1,437 | ||
Brownsville Util. Sys. Rev. Series 2008 A, 5% 9/1/15 (FSA Insured) | 2,665 | 3,045 | ||
Bryan Wtrwks. & Swr. Sys. Rev. Series 2001, 5.5% 7/1/11 (FSA Insured) | 1,500 | 1,500 | ||
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,192 | ||
Corpus Christi Independent School District 4% 8/15/14 | 10,140 | 11,036 | ||
Dallas Fort Worth Int'l. Arpt. Rev. Series 2009 A: | ||||
5% 11/1/14 | 2,500 | 2,774 | ||
5% 11/1/15 | 5,000 | 5,618 | ||
Denton County Gen. Oblig. Series 2005 A, 5% 7/15/11 (FSA Insured) | 3,065 | 3,069 | ||
Fort Worth Independent School District: | ||||
Series 2005, 5% 2/15/12 | 1,500 | 1,543 | ||
Series 2009, 5% 2/15/16 | 3,690 | 4,290 | ||
Frisco Gen. Oblig. Series 2004, 5.25% 2/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,380 | 1,529 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Grapevine Gen. Oblig.: | ||||
Series 2009 A, 5% 2/15/15 | $ 2,215 | $ 2,486 | ||
Series 2009, 5% 2/15/16 | 1,375 | 1,581 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A: | ||||
5% 11/15/12 | 1,000 | 1,056 | ||
5% 11/15/14 | 1,000 | 1,111 | ||
5% 11/15/16 | 500 | 571 | ||
Harris County Gen. Oblig. (Road Proj.) Series 2008 B: | ||||
5% 8/15/13 | 1,000 | 1,085 | ||
5% 8/15/14 | 1,075 | 1,198 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A, 5% 7/1/17 (b)(f) | 7,380 | 8,040 | ||
Series 2011 B, 3% 7/1/12 (b) | 1,540 | 1,573 | ||
Series A: | ||||
5% 7/1/15 | 2,070 | 2,336 | ||
5% 7/1/16 | 1,080 | 1,238 | ||
Houston Cmnty. College Sys. Rev. Series 2005, 5.25% 4/15/12 (FSA Insured) | 2,000 | 2,077 | ||
Houston Gen. Oblig.: | ||||
Series 2004 A, 5.25% 3/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,855 | 3,181 | ||
Series 2007 B, 5% 3/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,575 | 3,683 | ||
Series A, 5% 3/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,500 | 8,041 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 4,157 | ||
Houston Util. Sys. Rev. Series 2005 A, 5.25% 11/15/11 (FSA Insured) | 4,430 | 4,510 | ||
Humble Independent School District Series 2009, 4% 2/15/13 | 400 | 422 | ||
Katy Independent School District Series A, 5.25% 2/15/12 | 2,000 | 2,061 | ||
Keller Independent School District 5% 2/15/14 | 3,750 | 4,132 | ||
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,578 | ||
Leander Independent School District Series 2001, 6% 8/15/14 | 1,850 | 2,139 | ||
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,368 | ||
Lone Star College Sys. Gen. Oblig. Series 2010 A, 5% 8/15/22 | 2,500 | 2,584 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Lower Colorado River Auth. Rev. Series 2010: | ||||
5% 5/15/15 | $ 2,125 | $ 2,410 | ||
5% 5/15/16 | 2,360 | 2,717 | ||
5% 5/15/17 | 2,805 | 3,234 | ||
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Svcs. Corp. Proj.) Series 2010, 5% 5/15/18 | 3,140 | 3,558 | ||
Lubbock Gen. Oblig. Series 2005, 5% 2/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,850 | 1,984 | ||
Magnolia Independent School District Series 2005, 8% 8/15/11 (FGIC Insured) | 1,210 | 1,219 | ||
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 2,029 | ||
North Texas Tollway Auth. Rev. Bonds Series 2008 H2, 5%, tender 1/1/13 (c) | 5,000 | 5,294 | ||
Northside Independent School District Bonds 1.5%, tender 8/1/12 (c) | 12,500 | 12,618 | ||
San Antonio Muni. Drainage Util. Sys. Rev. Series 2005, 5.25% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,545 | 1,588 | ||
San Jacinto Cmnty. College District Series 2009: | ||||
5% 2/15/15 | 2,500 | 2,802 | ||
5% 2/15/16 | 2,000 | 2,272 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 6,689 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Baylor Health Care Sys. Proj.) Series 2009: | ||||
5% 11/15/11 | 1,665 | 1,692 | ||
5% 11/15/12 | 1,950 | 2,063 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. (Christus Health Proj.) Series 2008 A, 5.75% 7/1/18 (Assured Guaranty Corp. Insured) | 5,000 | 5,471 | ||
Texas Gen. Oblig.: | ||||
Series 2011 B, 2% 8/1/12 (b)(f) | 3,365 | 3,421 | ||
0% 10/1/13 | 6,500 | 6,293 | ||
Texas Muni. Pwr. Agcy. Rev. Series 2010: | ||||
4% 9/1/14 | 1,000 | 1,078 | ||
5% 9/1/15 | 835 | 947 | ||
5% 9/1/16 | 750 | 856 | ||
Texas Pub. Fin. Auth. Rev. Series 2010 A, 5% 1/1/16 | 7,865 | 9,073 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007, 5% 4/1/12 | 4,000 | 4,141 | ||
Texas Wtr. Dev. Board Rev. Series 2007 B, 5% 7/15/11 | 2,780 | 2,783 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Titus County Fresh Wtr. Supply District #1 Poll. Cont. Rev. (Southwestern Elec. Pwr. Co. Proj.) Series 2008, 4.5% 7/1/11 | $ 3,000 | $ 3,000 | ||
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,276 | ||
Travis County Gen. Oblig. 5.25% 3/1/12 | 4,125 | 4,261 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev. Series 2008, 5% 8/1/13 | 6,135 | 6,688 | ||
Univ. of North Texas Univ. Rev. Series A, 5% 4/15/14 | 1,000 | 1,104 | ||
Univ. of Texas Board of Regents Sys. Rev. Series 2003 B, 5% 8/15/33 (Pre-Refunded to 8/15/13 @ 100) (g) | 15,000 | 16,401 | ||
| 234,934 | |||
Utah - 0.3% | ||||
Salt Lake County Wtr. Conservancy District Rev. Series A: | ||||
0% 10/1/11 (AMBAC Insured) | 3,800 | 3,788 | ||
0% 10/1/12 (AMBAC Insured) | 3,800 | 3,735 | ||
0% 10/1/13 (AMBAC Insured) | 3,760 | 3,616 | ||
| 11,139 | |||
Vermont - 0.1% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (Fletcher Allen Health Care Proj.) Series 2004 B, 5% 12/1/15 (FSA Insured) | 2,225 | 2,423 | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/15 | 5,000 | 5,447 | ||
Virginia - 0.5% | ||||
Amelia County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) 3.375%, tender 4/1/13 (c)(f) | 5,900 | 6,030 | ||
Chesapeake Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Elec. & Pwr. Co. Proj.) Series 2008 A, 3.6%, tender 2/1/13 (c) | 1,800 | 1,836 | ||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (c) | 8,000 | 8,588 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 4.05%, tender 5/1/14 (c) | 1,800 | 1,909 | ||
| 18,363 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Washington - 1.8% | ||||
Chelan County Pub. Util. District #1 Rev. Series 2004 B, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,190 | $ 1,190 | ||
Energy Northwest Elec. Rev.: | ||||
(#3 Proj.) Series 2009 A, 5% 7/1/14 | 4,000 | 4,483 | ||
Series 2012 A, 5% 7/1/19 (b) | 30,000 | 32,896 | ||
King County Highline School District # 401 Series 2009: | ||||
5% 12/1/16 | 6,350 | 7,402 | ||
5% 12/1/17 | 2,950 | 3,443 | ||
Port of Seattle Passenger Facilities Charge Rev. Series 2010 B, 5% 12/1/16 (f) | 2,500 | 2,766 | ||
Port of Seattle Rev.: | ||||
Series 2001 D, 5.75% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 3,640 | 3,800 | ||
Series 2010 C: | ||||
5% 2/1/16 (f) | 2,000 | 2,206 | ||
5% 2/1/17 (f) | 2,500 | 2,731 | ||
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,330 | ||
Spokane County Wastewtr. Sys. Rev. Series 2009 A, 5% 12/1/15 | 1,710 | 1,970 | ||
Washington Gen. Oblig. Series A, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,000 | ||
Washington Health Care Facilities Auth. Rev. (MultiCare Health Sys. Proj.) Series 2010 A: | ||||
5% 8/15/13 | 2,000 | 2,127 | ||
5% 8/15/14 | 2,000 | 2,157 | ||
| 70,501 | |||
West Virginia - 0.2% | ||||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds Series 2011 A, 2%, tender 8/1/12 (c)(f) | 9,000 | 9,087 | ||
Wisconsin - 1.3% | ||||
Milwaukee County Arpt. Rev. Series 2010 B, 5% 12/1/15 (f) | 1,720 | 1,879 | ||
Wisconsin Gen. Oblig.: | ||||
Series 2005 1, 5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,325 | 7,230 | ||
Series 2009 C, 4% 5/1/14 | 3,365 | 3,661 | ||
Series 2010 1: | ||||
5% 5/1/14 | 5,750 | 6,415 | ||
5% 5/1/15 | 8,005 | 9,150 | ||
5% 5/1/16 | 10,000 | 11,642 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.) Series 2010, 5% 7/1/16 | $ 1,175 | $ 1,251 | ||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,585 | ||
(Marshfield Clinic Proj.) Series 2006 A, 5% 2/15/13 | 875 | 914 | ||
(Thedacare, Inc. Proj.) Series 2010: | ||||
4% 12/15/13 | 1,035 | 1,083 | ||
5% 12/15/15 | 1,105 | 1,216 | ||
5% 12/15/16 | 1,440 | 1,584 | ||
5% 12/15/17 | 1,540 | 1,673 | ||
(Wheaton Franciscan Healthcare Sys. Proj.): | ||||
Series 2002, 5.75% 8/15/11 | 1,000 | 1,004 | ||
Series 2006 A, 5% 8/15/11 | 1,315 | 1,327 | ||
| 51,614 | |||
TOTAL MUNICIPAL BONDS (Cost $3,327,958) | 3,421,059 |
Municipal Notes - 0.2% | |||
|
|
|
|
Florida - 0.2% | |||
Cape Coral Wtr. & Swr. Rev. BAN Series 2009, 6% 10/1/11 | 7,600 | 7,669 | |
Money Market Funds - 5.3% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.09% (d)(e) | 201,913,900 | 201,914 | |
TOTAL INVESTMENT PORTFOLIO - 94.4% (Cost $3,537,472) | 3,630,642 | ||
NET OTHER ASSETS (LIABILITIES) - 5.6% | 215,986 | ||
NET ASSETS - 100% | $ 3,846,628 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
Legend |
(a) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(g) Security collateralized by an amount sufficient to pay interest and principal. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 184 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Municipal Securities | $ 3,428,728 | $ - | $ 3,428,728 | $ - |
Money Market Funds | 201,914 | 201,914 | - | - |
Total Investments in Securities: | $ 3,630,642 | $ 201,914 | $ 3,428,728 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 33.3% |
Electric Utilities | 14.2% |
Special Tax | 12.6% |
Health Care | 10.7% |
Others* (Individually Less Than 5%) | 29.2% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,335,558) | $ 3,428,728 |
|
Fidelity Central Funds (cost $201,914) | 201,914 |
|
Total Investments (cost $3,537,472) |
| $ 3,630,642 |
Cash | 266,191 | |
Receivable for fund shares sold | 4,760 | |
Interest receivable | 38,235 | |
Distributions receivable from Fidelity Central Funds | 17 | |
Other receivables | 13 | |
Total assets | 3,939,858 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 2,611 | |
Delayed delivery | 83,003 | |
Payable for fund shares redeemed | 3,649 | |
Distributions payable | 1,986 | |
Accrued management fee | 1,160 | |
Distribution and service plan fees payable | 107 | |
Other affiliated payables | 686 | |
Other payables and accrued expenses | 28 | |
Total liabilities | 93,230 | |
|
|
|
Net Assets | $ 3,846,628 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,752,193 | |
Distributions in excess of net investment income | (77) | |
Accumulated undistributed net realized gain (loss) on investments | 1,342 | |
Net unrealized appreciation (depreciation) on investments | 93,170 | |
Net Assets | $ 3,846,628 |
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, 2011 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price |
| |
Class A: | $ 10.72 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.72) | $ 11.02 | |
Class T: | $ 10.70 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.70) | $ 11.00 | |
Class B: | $ 10.72 | |
|
|
|
Class C: | $ 10.70 | |
|
|
|
Short-Intermediate Municipal Income: | $ 10.70 | |
|
|
|
Institutional Class: | $ 10.71 |
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, 2011 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 51,498 |
Income from Fidelity Central Funds |
| 184 |
Total income |
| 51,682 |
|
|
|
Expenses | ||
Management fee | $ 6,789 | |
Transfer agent fees | 1,734 | |
Distribution and service plan fees | 633 | |
Accounting fees and expenses | 303 | |
Custodian fees and expenses | 21 | |
Independent trustees' compensation | 7 | |
Registration fees | 115 | |
Audit | 25 | |
Legal | 5 | |
Miscellaneous | 25 | |
Total expenses before reductions | 9,657 | |
Expense reductions | (49) | 9,608 |
Net investment income (loss) | 42,074 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 1,357 |
Change in net unrealized appreciation (depreciation) on investment securities | 33,416 | |
Net gain (loss) | 34,773 | |
Net increase (decrease) in net assets resulting from operations | $ 76,847 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2011 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 42,074 | $ 87,857 |
Net realized gain (loss) | 1,357 | 4,561 |
Change in net unrealized appreciation (depreciation) | 33,416 | (16,570) |
Net increase (decrease) in net assets resulting | 76,847 | 75,848 |
Distributions to shareholders from net investment income | (42,072) | (87,839) |
Distributions to shareholders from net realized gain | (696) | (1,494) |
Total distributions | (42,768) | (89,333) |
Share transactions - net increase (decrease) | (89,420) | 419,774 |
Redemption fees | 22 | 105 |
Total increase (decrease) in net assets | (55,319) | 406,394 |
|
|
|
Net Assets | ||
Beginning of period | 3,901,947 | 3,495,553 |
End of period (including distributions in excess of net investment income of $77 and distributions in excess of net investment income of $79, respectively) | $ 3,846,628 | $ 3,901,947 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.62 | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 | $ 10.21 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .107 | .209 | .254 | .298 | .302 | .292 |
Net realized and unrealized gain (loss) | .102 | (.016) | .294 | .021 | .118 | (.001) |
Total from investment operations | .209 | .193 | .548 | .319 | .420 | .291 |
Distributions from net investment income | (.107) | (.209) | (.258) | (.300) | (.300) | (.291) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.109) | (.213) | (.258) | (.300) | (.300) | (.291) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.72 | $ 10.62 | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 |
Total Return B, C, D | 1.98% | 1.81% | 5.34% | 3.13% | 4.19% | 2.89% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .77% A | .78% | .79% | .75% | .71% | .65% |
Expenses net of fee waivers, if any | .77% A | .78% | .78% | .75% | .71% | .65% |
Expenses net of all reductions | .77% A | .77% | .78% | .72% | .64% | .56% |
Net investment income (loss) | 2.03% A | 1.95% | 2.41% | 2.90% | 2.95% | 2.86% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 210 | $ 200 | $ 169 | $ 58 | $ 12 | $ 10 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .107 | .211 | .255 | .300 | .297 | .281 |
Net realized and unrealized gain (loss) | .102 | (.026) | .294 | .029 | .120 | (.011) |
Total from investment operations | .209 | .185 | .549 | .329 | .417 | .270 |
Distributions from net investment income | (.107) | (.211) | (.259) | (.300) | (.297) | (.280) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.109) | (.215) | (.259) | (.300) | (.297) | (.280) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.70 | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 |
Total Return B, C, D | 1.99% | 1.74% | 5.36% | 3.24% | 4.17% | 2.69% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .76% A | .76% | .77% | .74% | .74% | .75% |
Expenses net of fee waivers, if any | .76% A | .76% | .77% | .74% | .74% | .75% |
Expenses net of all reductions | .76% A | .75% | .77% | .72% | .69% | .66% |
Net investment income (loss) | 2.04% A | 1.97% | 2.42% | 2.90% | 2.91% | 2.76% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 25 | $ 24 | $ 23 | $ 15 | $ 10 | $ 13 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.61 | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 | $ 10.21 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .073 | .139 | .186 | .230 | .228 | .215 |
Net realized and unrealized gain (loss) | .111 | (.026) | .293 | .029 | .121 | (.012) |
Total from investment operations | .184 | .113 | .479 | .259 | .349 | .203 |
Distributions from net investment income | (.072) | (.139) | (.189) | (.230) | (.229) | (.213) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.074) | (.143) | (.189) | (.230) | (.229) | (.213) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.72 | $ 10.61 | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 |
Total Return B, C, D | 1.74% | 1.06% | 4.66% | 2.54% | 3.47% | 2.02% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.44% A | 1.44% | 1.46% | 1.43% | 1.41% | 1.41% |
Expenses net of fee waivers, if any | 1.42% A | 1.43% | 1.43% | 1.43% | 1.41% | 1.41% |
Expenses net of all reductions | 1.42% A | 1.42% | 1.43% | 1.40% | 1.36% | 1.31% |
Net investment income (loss) | 1.37% A | 1.30% | 1.77% | 2.22% | 2.23% | 2.11% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 2 | $ 2 | $ 3 | $ 2 | $ 1 | $ 2 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.60 | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .067 | .129 | .175 | .220 | .219 | .204 |
Net realized and unrealized gain (loss) | .102 | (.026) | .303 | .020 | .120 | (.011) |
Total from investment operations | .169 | .103 | .478 | .240 | .339 | .193 |
Distributions from net investment income | (.067) | (.129) | (.178) | (.221) | (.219) | (.203) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.069) | (.133) | (.178) | (.221) | (.219) | (.203) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.70 | $ 10.60 | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 |
Total Return B, C, D | 1.60% | .96% | 4.66% | 2.35% | 3.37% | 1.92% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.54% A | 1.52% | 1.53% | 1.50% | 1.51% | 1.51% |
Expenses net of fee waivers, if any | 1.53% A | 1.52% | 1.53% | 1.50% | 1.51% | 1.51% |
Expenses net of all reductions | 1.53% A | 1.52% | 1.53% | 1.48% | 1.45% | 1.41% |
Net investment income (loss) | 1.27% A | 1.20% | 1.67% | 2.14% | 2.14% | 2.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 70 | $ 77 | $ 56 | $ 20 | $ 6 | $ 7 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Short-Intermediate Municipal Income
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .122 | .240 | .284 | .326 | .323 | .307 |
Net realized and unrealized gain (loss) | .102 | (.026) | .293 | .029 | .120 | (.010) |
Total from investment operations | .224 | .214 | .577 | .355 | .443 | .297 |
Distributions from net investment income | (.122) | (.240) | (.287) | (.326) | (.323) | (.307) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.124) | (.244) | (.287) | (.326) | (.323) | (.307) |
Redemption fees added to paid in capital D | - H | - H | - H | .001 | - H | - H |
Net asset value, end of period | $ 10.70 | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 |
Total Return B, C | 2.13% | 2.02% | 5.64% | 3.50% | 4.43% | 2.95% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .48% A | .48% | .50% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .48% A | .48% | .50% | .49% | .49% | .49% |
Expenses net of all reductions | .48% A | .48% | .50% | .47% | .43% | .41% |
Net investment income (loss) | 2.31% A | 2.24% | 2.69% | 3.15% | 3.17% | 3.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,395 | $ 3,456 | $ 3,153 | $ 1,870 | $ 1,650 | $ 1,485 |
Portfolio turnover rate F | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.61 | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .120 | .235 | .281 | .321 | .320 | .306 |
Net realized and unrealized gain (loss) | .102 | (.015) | .293 | .022 | .120 | - H |
Total from investment operations | .222 | .220 | .574 | .343 | .440 | .306 |
Distributions from net investment income | (.120) | (.236) | (.284) | (.324) | (.320) | (.306) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.122) | (.240) | (.284) | (.324) | (.320) | (.306) |
Redemption fees added to paid in capital D | - H | - H | - H | .001 | - H | - H |
Net asset value, end of period | $ 10.71 | $ 10.61 | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 |
Total Return B, C | 2.10% | 2.07% | 5.61% | 3.38% | 4.39% | 3.05% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .53% A | .53% | .55% | .51% | .52% | .50% |
Expenses net of fee waivers, if any | .52% A | .53% | .53% | .51% | .52% | .50% |
Expenses net of all reductions | .52% A | .52% | .53% | .49% | .45% | .41% |
Net investment income (loss) | 2.28% A | 2.20% | 2.66% | 3.13% | 3.14% | 3.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 144 | $ 142 | $ 92 | $ 32 | $ 5 | $ 3 |
Portfolio turnover rate F | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2011 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Short-Intermediate Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 C, Short-Intermediate Municipal Income and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments, by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of four years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.
Semiannual Report
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2011, for the Fund's investments, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to market discount, deferred trustees compensation and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 96,657 |
Gross unrealized depreciation | (3,487) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 93,170 |
|
|
Tax cost | $ 3,537,472 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be December 31, 2011.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to .50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $379,859 and $399,236, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan Fees. 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, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 237 | $ 38 |
Class T | -% | .25% | 28 | -* |
Class B | .65% | .25% | 10 | 7 |
Class C | .75% | .25% | 358 | 118 |
|
|
| $ 633 | $ 163 |
* Amount represents two hundred twelve dollars.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 3% to 1% for Class B, 1% for Class C,.75% or .50% for certain purchases of Class A shares (75% prior to February 18, 2011) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 32 |
Class T | 1 |
Class B* | 3 |
Class C* | 17 |
| $ 53 |
* 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 servicing agent for the Fund's Class A, Class T, Class B, Class C, Short-Intermediate Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 115 | .12 |
Class T | 12 | .11 |
Class B | 2 | .14 |
Class C | 50 | .14 |
Short-Intermediate Municipal Income | 1,464 | .09 |
Institutional Class | 91 | .13 |
| $ 1,734 |
|
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class A | .78% | $ 1 |
Class T | .78% | -* |
Class B | 1.43% | -* |
Class C | 1.53% | 6 |
Institutional Class | .53% | 4 |
|
| $ 11 |
* Amount of reimbursement for Class T totaled twenty-three dollars; Class B totaled one hundred seventy-five dollars
** Effective March 1, 2011 the expense limitations were eliminated.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $19 and $19, respectively.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
|
|
Class A | $ 1,908 | $ 4,283 |
Class T | 227 | 469 |
Class B | 15 | 37 |
Class C | 452 | 856 |
Short-Intermediate Municipal Income | 37,924 | 79,576 |
Institutional Class | 1,546 | 2,618 |
Total | $ 42,072 | $ 87,839 |
From net realized gain |
|
|
Class A | $ 35 | $ 83 |
Class T | 4 | 9 |
Class B | -* | 1 |
Class C | 14 | 29 |
Short-Intermediate Municipal Income | 618 | 1,318 |
Institutional Class | 25 | 54 |
Total | $ 696 | $ 1,494 |
* Amount represents four hundred forty-three dollars.
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class A |
|
|
|
|
Shares sold | 6,018 | 15,494 | $ 64,177 | $ 165,921 |
Reinvestment of distributions | 127 | 294 | 1,348 | 3,153 |
Shares redeemed | (5,359) | (12,806) | (56,911) | (137,046) |
Net increase (decrease) | 786 | 2,982 | $ 8,614 | $ 32,028 |
Class T |
|
|
|
|
Shares sold | 492 | 579 | $ 5,252 | $ 6,203 |
Reinvestment of distributions | 17 | 32 | 178 | 346 |
Shares redeemed | (490) | (500) | (5,190) | (5,341) |
Net increase (decrease) | 19 | 111 | $ 240 | $ 1,208 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class B |
|
|
|
|
Shares sold | 7 | 66 | $ 68 | $ 702 |
Reinvestment of distributions | 1 | 2 | 10 | 26 |
Shares redeemed | (48) | (117) | (511) | (1,248) |
Net increase (decrease) | (40) | (49) | $ (433) | $ (520) |
Class C |
|
|
|
|
Shares sold | 794 | 3,620 | $ 8,434 | $ 38,700 |
Reinvestment of distributions | 32 | 60 | 338 | 637 |
Shares redeemed | (1,537) | (1,682) | (16,301) | (17,979) |
Net increase (decrease) | (711) | 1,998 | $ (7,529) | $ 21,358 |
Short-Intermediate Municipal Income |
|
|
|
|
Shares sold | 61,025 | 146,127 | $ 648,420 | $ 1,562,445 |
Reinvestment of distributions | 2,626 | 5,652 | 27,897 | 60,463 |
Shares redeemed | (72,455) | (122,431) | (768,011) | (1,307,777) |
Net increase (decrease) | (8,804) | 29,348 | $ (91,694) | $ 315,131 |
Institutional Class |
|
|
|
|
Shares sold | 4,373 | 11,870 | $ 46,463 | $ 126,978 |
Reinvestment of distributions | 55 | 94 | 583 | 1,007 |
Shares redeemed | (4,307) | (7,242) | (45,664) | (77,416) |
Net increase (decrease) | 121 | 4,722 | $ 1,382 | $ 50,569 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
ASTM-USAN-0811
1.803547.107
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Short-Intermediate
Municipal Income
Fund - Institutional Class
Semiannual Report
June 30, 2011
Institutional Class is a class of
Fidelity® Short-Intermediate
Municipal Income Fund
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
Despite bouts of short-term volatility, U.S. equities gained ground in the first half of 2011, buoyed by solid corporate earnings and modest improvement in employment. A strong start had the market up more than 100% off its March 2009 low, but investors were unnerved by this past March's natural disaster in Japan, while weaker economic data and new concern about Greek debt hurt performance during May and June. The longer-term outlook remains clouded by the impact of inflationary pressure and persistently high unemployment. Financial markets are always unpredictable, of course, but there are several time-tested investment principles that can help put the odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
(The chairman's signature appears here.)
Abigail P. Johnson
Semiannual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2011 to June 30, 2011).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Class A | .77% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,019.80 | $ 3.86 |
Hypothetical A |
| $ 1,000.00 | $ 1,020.98 | $ 3.86 |
Class T | .76% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,019.90 | $ 3.81 |
Hypothetical A |
| $ 1,000.00 | $ 1,021.03 | $ 3.81 |
Class B | 1.42% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,017.40 | $ 7.10 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.75 | $ 7.10 |
Class C | 1.53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,016.00 | $ 7.65 |
Hypothetical A |
| $ 1,000.00 | $ 1,017.21 | $ 7.65 |
Short-Intermediate Municipal Income | .48% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,021.30 | $ 2.41 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.41 | $ 2.41 |
Institutional Class | .52% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,021.00 | $ 2.61 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.22 | $ 2.61 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Top Five States as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
New York | 16.3 | 18.1 |
California | 8.9 | 9.2 |
Illinois | 7.7 | 8.7 |
Florida | 7.0 | 6.5 |
Texas | 6.1 | 6.6 |
Top Five Sectors as of June 30, 2011 | ||
| % of fund's | % of fund's net assets |
General Obligations | 33.3 | 35.8 |
Electric Utilities | 14.2 | 11.4 |
Special Tax | 12.6 | 13.5 |
Health Care | 10.7 | 12.0 |
Other | 5.6 | 3.9 |
Weighted Average Maturity as of June 30, 2011 | ||
|
| 6 months ago |
Years | 3.1 | 3.3 |
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and markets changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
Duration as of June 30, 2011 | ||
|
| 6 months ago |
Years | 2.7 | 2.7 |
Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-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. Duration takes into account any call or put option embedded in the bonds. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2011 | As of December 31, 2010 | ||||||
![]() | AAA 9.7% |
| ![]() | AAA 10.4% |
| ||
![]() | AA,A 72.5% |
| ![]() | AA,A 71.1% |
| ||
![]() | BBB 5.3% |
| ![]() | BBB 5.1% |
| ||
![]() | BB and Below 0.1% |
| ![]() | BB and Below 0.1% |
| ||
![]() | Not Rated 1.3% |
| ![]() | Not Rated 1.4% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments June 30, 2011 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 88.9% | ||||
| Principal Amount (000s) | Value (000s) | ||
Alabama - 0.5% | ||||
Alabama 21st Century Auth. Tobacco Settlement Rev. Series 2001, 5.75% 12/1/15 | $ 1,000 | $ 1,021 | ||
Health Care Auth. for Baptist Health: | ||||
Bonds Series 2009 A, 6.125%, tender 5/15/12 (c) | 4,000 | 4,094 | ||
Series 2006 D, 5% 11/15/11 | 1,540 | 1,557 | ||
Jefferson County Swr. Rev. Series 2002 B, 5% 2/1/41 (Pre-Refunded to 8/1/12 @ 100) (g) | 2,070 | 2,167 | ||
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 A, 4.75%, tender 3/19/12 (c) | 8,240 | 8,459 | ||
Pell City Spl. Care Facilities Rev. (Noland Health Svcs., Inc. Proj.) Series 2007 A, 5% 12/1/12 | 750 | 769 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5% 9/1/13 | 1,175 | 1,245 | ||
| 19,312 | |||
Arizona - 2.8% | ||||
Arizona Ctfs. of Prtn. Series 2010 A: | ||||
5% 10/1/14 (FSA Insured) | 5,000 | 5,476 | ||
5% 10/1/16 (FSA Insured) | 13,000 | 14,558 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.): | ||||
Series 2008 A, 5% 1/1/13 | 2,000 | 2,106 | ||
Series 2008 D: | ||||
5% 1/1/13 | 3,250 | 3,423 | ||
5% 1/1/14 | 2,000 | 2,158 | ||
Arizona School Facilities Board Ctfs. of Prtn.: | ||||
Series 2004 B, 5.25% 9/1/15 (FSA Insured) | 6,470 | 7,026 | ||
Series 2005 A2, 5% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,000 | 11,947 | ||
Series 2008: | ||||
5.5% 9/1/13 | 18,780 | 20,228 | ||
5.5% 9/1/16 | 1,385 | 1,550 | ||
Series A, 5% 9/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,280 | 3,430 | ||
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series 2009 A: | ||||
5% 10/1/18 | 1,000 | 1,185 | ||
5% 10/1/20 | 5,180 | 5,963 | ||
Coconino County Poll. Cont. Corp. Rev. Bonds (Arizona Pub. Svc. Co. Navajo Proj.) Series 2009 A, 5.5%, tender 6/1/14 (c) | 6,000 | 6,527 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Arizona - continued | ||||
Maricopa County Poll. Cont. Rev. Bonds (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 6%, tender 5/1/14 (c) | $ 4,800 | $ 5,275 | ||
Phoenix Civic Impt. Corp. Excise Tax Rev. Series 2003 A, 5% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 750 | 783 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.: | ||||
Series 2009 A, 5% 7/1/15 | 5,835 | 6,637 | ||
Series 2009 B, 5% 7/1/16 | 5,090 | 5,882 | ||
Tucson Gen. Oblig. Series 2005, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250 | 1,400 | ||
Tucson Wtr. Rev. Series 2001 A: | ||||
5% 7/1/11 | 1,175 | 1,175 | ||
5% 7/1/15 (FGIC Insured) | 1,645 | 1,778 | ||
| 108,507 | |||
California - 8.9% | ||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: | ||||
Series 2002 A, 5.25% 5/1/12 | 6,000 | 6,243 | ||
Series 2010 L, 5% 5/1/17 | 12,000 | 13,982 | ||
Series 2010 M, 5% 5/1/16 | 8,000 | 9,273 | ||
California Econ. Recovery: | ||||
Bonds Series B, 5%, tender 7/1/14 (c) | 5,000 | 5,598 | ||
Series 2004 A, 5.25% 7/1/12 | 6,010 | 6,294 | ||
Series 2009 A: | ||||
5% 7/1/15 | 3,660 | 4,076 | ||
5% 7/1/15 (Pre-Refunded to 7/1/14 @ 100) (g) | 2,540 | 2,870 | ||
5.25% 7/1/13 (Escrowed to Maturity) (g) | 1,185 | 1,300 | ||
5.25% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,255 | 1,369 | ||
5.25% 7/1/14 | 1,780 | 2,006 | ||
5.25% 7/1/14 (Escrowed to Maturity) (g) | 520 | 591 | ||
California Gen. Oblig.: | ||||
5% 10/1/11 | 1,650 | 1,667 | ||
5% 2/1/12 | 1,650 | 1,691 | ||
5% 3/1/12 | 15,000 | 15,430 | ||
5% 9/1/12 | 1,700 | 1,787 | ||
5% 10/1/12 | 12,600 | 13,270 | ||
5% 11/1/13 | 9,060 | 9,865 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.) Series 2008 H, 5.125% 7/1/22 | 2,850 | 2,955 | ||
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/13 | 1,100 | 1,159 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Health Facilities Fing. Auth. Rev.: - continued | ||||
(Sutter Health Proj.) Series 2008 A, 5% 8/15/12 | $ 1,325 | $ 1,391 | ||
Bonds: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2009 D, 5%, tender 7/1/14 (c) | 2,900 | 3,145 | ||
Series 2009 F, 5%, tender 7/1/14 (c) | 3,200 | 3,470 | ||
(St. Joseph Health Sys. Proj.) Series 2009 C, 5%, tender 10/16/14 (c) | 4,300 | 4,660 | ||
California Infrastructure & Econ. Dev. Bank Rev. Bonds (The J. Paul Getty Trust Proj.): | ||||
Series 2003 C, 3.9%, tender 12/1/11 (c) | 2,100 | 2,131 | ||
Series 2007 A3, 2.25%, tender 4/1/12 (c) | 6,500 | 6,595 | ||
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 34,000 | 38,017 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds: | ||||
(Republic Svcs., Inc. Proj.) Series 2010 A, 1.625%, tender 8/1/11 (c)(f) | 10,000 | 10,003 | ||
(Waste Mgmt., Inc. Proj.) Series 2003 A, 5%, tender 5/1/13 (c)(f) | 2,300 | 2,424 | ||
California Pub. Works Board Lease Rev.: | ||||
Series 2009 J, 5% 11/1/17 | 2,300 | 2,557 | ||
Series 2010 A: | ||||
5% 3/1/16 | 2,000 | 2,219 | ||
5% 3/1/17 | 5,405 | 5,987 | ||
California State Univ. Rev. Series 2007 C, 5% 11/1/13 (FSA Insured) | 1,335 | 1,459 | ||
California Statewide Cmntys. Dev. Auth. Rev. (State of California Proposition 1A Receivables Prog.) Series 2009: | ||||
4% 6/15/13 | 1,000 | 1,057 | ||
5% 6/15/13 | 16,650 | 17,911 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: | ||||
Series 2003 B: | ||||
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (g) | 2,000 | 2,186 | ||
5.625% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (g) | 3,030 | 3,318 | ||
Series 2007 A1, 5% 6/1/12 | 2,570 | 2,621 | ||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.: | ||||
Series 2009 A, 5% 7/1/13 | 4,155 | 4,515 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.: - continued | ||||
Series 2009 B, 5% 7/1/17 | $ 12,905 | $ 15,039 | ||
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2010 A, 5% 8/1/17 | 5,000 | 5,616 | ||
Los Angeles Unified School District: | ||||
Series 2009 KRY, 5% 7/1/13 | 10,740 | 11,652 | ||
Series E, 5% 7/1/11 | 6,075 | 6,075 | ||
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series 2010 A: | ||||
5% 12/1/16 | 2,025 | 2,238 | ||
5% 12/1/17 | 9,790 | 10,643 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5% 6/1/15 | 12,240 | 13,863 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,381 | ||
Newport Beach Rev. Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (c) | 2,500 | 2,660 | ||
Northern California Pwr. Agcy. Rev.: | ||||
(Geothermal #3 Proj.) Series 2009 A: | ||||
5% 7/1/13 | 1,020 | 1,096 | ||
5% 7/1/14 | 1,120 | 1,233 | ||
5% 7/1/15 | 2,170 | 2,439 | ||
(Hydroelectric #1 Proj.) Series 2010 A: | ||||
4% 7/1/15 | 2,000 | 2,167 | ||
5% 7/1/18 | 2,000 | 2,272 | ||
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) | 7,115 | 6,538 | ||
Sacramento Pwr. Auth. Cogeneration Proj. Rev. Series 2005 A, 5% 7/1/18 (AMBAC Insured) | 2,890 | 2,993 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | ||||
5% 8/1/16 | 5,450 | 5,869 | ||
5% 8/1/18 | 8,000 | 8,473 | ||
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 998 | ||
San Diego Pub. Facilities Fing. Auth. Swr. Rev.: | ||||
Series 2009 A: | ||||
5% 5/15/13 | 5,415 | 5,843 | ||
5% 5/15/15 | 1,845 | 2,105 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
San Diego Pub. Facilities Fing. Auth. Swr. Rev.: - continued | ||||
Series 2009 B, 5% 5/15/14 | $ 7,000 | $ 7,766 | ||
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series A, 0% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,513 | ||
| 340,564 | |||
Colorado - 0.3% | ||||
Colorado Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt Proj.): | ||||
Series 2006 E: | ||||
5% 11/15/11 | 2,110 | 2,143 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 120 | 122 | ||
Series 2006 F: | ||||
5% 11/15/12 | 380 | 401 | ||
5% 11/15/12 (Escrowed to Maturity) (g) | 845 | 898 | ||
Bonds (Catholic Health Initiatives Proj.) Series 2008 C4, 4%, tender 11/12/15 (c) | 4,200 | 4,603 | ||
Denver City & County Arpt. Rev. Series 2001 A, 5.625% 11/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 2,000 | 2,037 | ||
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 584 | ||
| 10,788 | |||
Connecticut - 3.1% | ||||
Connecticut Dev. Auth. Poll. Cont. Rev. Bonds (Connecticut Lt. & Pwr. Co. Proj.) Series 1996 A, 1.25%, tender 4/2/12 (c)(f) | 27,000 | 27,033 | ||
Connecticut Gen. Oblig.: | ||||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/15 | 29,500 | 33,381 | ||
Series 2001 D, 5.125% 11/15/18 (Pre-Refunded to 11/15/11 @ 100) (g) | 5,000 | 5,085 | ||
Series 2006 F, 5% 12/1/11 | 23,100 | 23,550 | ||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | ||||
Series 1998 A, 5.5% 10/1/13 (FGIC Insured) | 4,300 | 4,732 | ||
Series 2009 1: | ||||
5% 2/1/14 | 2,500 | 2,749 | ||
5% 2/1/15 | 11,995 | 13,547 | ||
Connecticut Transmission Muni. Elec. Energy Bonds Series 2011 A, 0.95%, tender 5/15/12 (c) | 5,900 | 5,901 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Connecticut - continued | ||||
Hartford Gen. Oblig. Series A: | ||||
5% 8/15/11 (Assured Guaranty Corp. Insured) | $ 1,870 | $ 1,879 | ||
5% 8/15/12 (Assured Guaranty Corp. Insured) | 1,000 | 1,046 | ||
| 118,903 | |||
Delaware - 0.1% | ||||
Delaware Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr. & Lt. Co. Proj.) Series 2001 C, 0.75%, tender 6/1/12 (c) | 5,500 | 5,501 | ||
District Of Columbia - 0.7% | ||||
District of Columbia Gen. Oblig.: | ||||
Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 4,074 | ||
Series B, 0% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,600 | 3,559 | ||
District of Columbia Income Tax Rev. Series 2009 C, 5% 12/1/13 | 5,500 | 6,044 | ||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/15 (FSA Insured) | 1,500 | 1,637 | ||
District of Columbia Univ. Rev. Bonds (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (c) | 8,500 | 9,107 | ||
Washington DC Metropolitan Transit Auth. Rev. Series 2009 A, 5% 7/1/14 | 1,000 | 1,107 | ||
| 25,528 | |||
Florida - 6.8% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hospitals & Clinics, Inc. Proj.) Series 2010 B: | ||||
5% 12/1/14 | 4,000 | 4,284 | ||
5% 12/1/15 | 4,395 | 4,730 | ||
Broward County School Board Ctfs. of Prtn. Series 2008 A, 5% 7/1/15 (FSA Insured) | 5,495 | 6,024 | ||
Citizens Property Ins. Corp. Series 2010 A1, 5% 6/1/15 (FSA Insured) | 14,000 | 15,002 | ||
Clay County Infrastructure Sales Surtax Rev. 5% 10/1/15 (Assured Guaranty Corp. Insured) | 7,745 | 8,518 | ||
Clearwater Wtr. and Swr. Rev. Series 2009 B, 5% 12/1/14 | 2,000 | 2,214 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011: | ||||
5% 10/1/14 | 1,355 | 1,465 | ||
5% 10/1/16 | 1,530 | 1,661 | ||
5% 10/1/17 | 1,455 | 1,564 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2003 A, 5.25% 11/15/13 | $ 4,265 | $ 4,696 | ||
Florida Board of Ed. Series 2005 B, 5% 1/1/18 | 21,080 | 23,283 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay Series 2009 D, 5.5% 6/1/16 | 7,910 | 9,343 | ||
Florida Gen. Oblig. (Dept. of Trans. Right-of-Way and Bridge Construction Proj.) Series 2005 B, 6.375% 7/1/13 | 8,020 | 8,889 | ||
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Series 2010 A, 5% 7/1/15 | 20,000 | 22,005 | ||
Highlands County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2001 A, 6% 11/15/31 (Pre-Refunded to 11/15/11 @ 101) (g) | 4,600 | 4,738 | ||
Series 2006 G: | ||||
5% 11/15/11 | 675 | 686 | ||
5% 11/15/11 (Escrowed to Maturity) (g) | 25 | 25 | ||
Series 2009 E, 5% 11/15/15 | 2,345 | 2,640 | ||
Bonds (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2002, 3.95%, tender 9/1/12 (c) | 16,650 | 17,231 | ||
Series 2008 A, 6.1%, tender 11/14/13 (c) | 1,000 | 1,113 | ||
Hillsborough County Indl. Dev. (H Lee Moffitt Cancer Ctr. Proj.) Series 2007 A, 5% 7/1/12 | 1,310 | 1,351 | ||
Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Tampa Elec. Co. Proj.): | ||||
Series 2006, 5%, tender 3/15/12 (AMBAC Insured) (c) | 1,500 | 1,542 | ||
Series 2007 B, 5.15%, tender 9/1/13 (c) | 1,750 | 1,866 | ||
Indian River County Wtr. & Swr. Rev.: | ||||
5% 9/1/15 | 1,000 | 1,135 | ||
5% 9/1/17 | 1,000 | 1,151 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev. Series 2009 B: | ||||
5% 10/1/11 | 2,500 | 2,527 | ||
5% 10/1/12 | 7,350 | 7,736 | ||
Kissimmee Util. Auth. Elec. Sys. Rev.: | ||||
Series 2003: | ||||
5.25% 10/1/14 | 775 | 866 | ||
5.25% 10/1/15 | 3,525 | 4,011 | ||
Series 2011, 2% 10/1/12 (b) | 2,195 | 2,231 | ||
Lakeland Hosp. Sys. Rev. (Reg'l. Health Systems Proj.) 5% 11/15/11 | 2,545 | 2,576 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Lee Memorial Health Sys. Board of Directors Hosp. Rev. Series A, 5.75% 4/1/12 (FSA Insured) | $ 1,980 | $ 2,049 | ||
Miami-Dade County Cap. Asset Acquisition Series 2002 A, 5% 4/1/12 (AMBAC Insured) | 2,800 | 2,885 | ||
Miami-Dade County Health Facilities Auth. Hosp. Rev. Bonds (Miami Children's Hosp. Proj.) Series 2006 A, 4.125%, tender 8/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 2,000 | 2,005 | ||
Miami-Dade County Pub. Facilities Rev. (Jackson Health Sys. Proj.) Series 2005 B: | ||||
5% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,790 | 5,112 | ||
5% 6/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,058 | ||
Miami-Dade County Wtr. & Swr. Rev. Series 2008 A, 5% 10/1/14 (FSA Insured) | 4,000 | 4,441 | ||
North Brevard County Hosp. District Rev. (Parrish Med. Ctr. Proj.) Series 2008, 4.625% 10/1/12 | 1,110 | 1,145 | ||
Orange County Health Facilities Auth. (Orlando Health, Inc.) Series 2009: | ||||
5% 10/1/15 | 2,210 | 2,401 | ||
5% 10/1/16 | 1,000 | 1,087 | ||
Orange County Health Facilities Auth. Rev.: | ||||
(Adventist Health Sys. - Sunbelt Proj.) 5.625% 11/15/32 (Pre-Refunded to 11/15/12 @ 101) (g) | 2,500 | 2,691 | ||
(Orlando Reg'l. Healthcare Sys. Proj.) Series 2008 A: | ||||
5% 11/1/13 (FSA Insured) | 1,000 | 1,060 | ||
5% 11/1/15 (FSA Insured) | 1,825 | 1,979 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2010 B, 5% 7/1/15 (FSA Insured) | 1,430 | 1,589 | ||
Orlando Utils. Commission Util. Sys. Rev.: | ||||
Series 2009 C, 5% 10/1/17 | 1,500 | 1,753 | ||
Series 2011 B: | ||||
5% 10/1/18 (b) | 2,250 | 2,620 | ||
5% 10/1/19 (b) | 2,325 | 2,701 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | ||||
5% 10/1/17 (f) | 4,465 | 4,796 | ||
5% 10/1/18 (f) | 2,745 | 2,919 | ||
5% 10/1/19 (f) | 2,025 | 2,124 | ||
Polk County Cap. Impt. Rev. Series 2002, 5.5% 12/1/11 (FGIC Insured) | 3,470 | 3,530 | ||
Polk County School District Sales Tax Rev. Series 2007, 5% 10/1/12 (FSA Insured) | 6,080 | 6,380 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Sarasota County School Board Ctfs. of Prtn. (Master Lease Prog.): | ||||
5% 7/1/13 | $ 3,435 | $ 3,681 | ||
5% 7/1/14 | 2,000 | 2,162 | ||
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev. Series 2011, 5% 10/1/19 (b) | 5,590 | 6,458 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | ||||
5% 11/15/16 | 2,500 | 2,836 | ||
5% 11/15/17 | 1,500 | 1,699 | ||
Tampa Solid Waste Sys. Rev. Series 2010: | ||||
4% 10/1/14 (FSA Insured) (f) | 3,000 | 3,146 | ||
5% 10/1/15 (FSA Insured) (f) | 2,920 | 3,186 | ||
5% 10/1/16 (FSA Insured) (f) | 6,000 | 6,580 | ||
5% 10/1/17 (FSA Insured) (f) | 5,000 | 5,452 | ||
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,289 | ||
| 260,917 | |||
Georgia - 2.9% | ||||
Appling County Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Hatch Proj.) Series 2011 A, 2.5%, tender 3/1/13 (c) | 5,000 | 5,023 | ||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | ||||
(Georgia Pwr. Co. Plant Vogtle Proj.): | ||||
Fifth Series 1994, 2.3%, tender 4/1/14 (c) | 6,600 | 6,720 | ||
Series 2008: | ||||
0.8%, tender 6/21/12 (c) | 13,855 | 13,859 | ||
5.05%, tender 1/12/12 (c) | 1,500 | 1,533 | ||
(Oglethorpe Pwr. Corp. Vogtle Proj.): | ||||
Series 2008 D, 6.75%, tender 4/1/12 (c) | 7,600 | 7,884 | ||
Series 2011 A, 2.5%, tender 3/1/13 (c) | 3,500 | 3,516 | ||
Fulton County Facilities Corp. Ctfs. of Prtn. (Gen. Purp. Proj.) Series 2009: | ||||
5% 11/1/12 | 1,555 | 1,631 | ||
5% 11/1/13 | 7,550 | 8,105 | ||
5% 11/1/14 | 7,490 | 8,195 | ||
Georgia Road & Thruway Auth. Rev. Series 2009 A, 5% 6/1/12 | 8,100 | 8,446 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series 2007 A, 5% 9/15/12 | 1,195 | 1,227 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Georgia - continued | ||||
Monroe County Dev. Auth. Poll. Cont. Rev. Bonds (Oglethorpe Pwr. Corp. Scherer Proj.) Series 2011 A, 2.5%, tender 3/1/13 (c) | $ 11,500 | $ 11,554 | ||
Muni. Elec. Auth. of Georgia (Proj. One): | ||||
Series 2008 A: | ||||
5% 1/1/13 | 2,000 | 2,118 | ||
5% 1/1/14 | 3,000 | 3,283 | ||
5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 9,159 | ||
Series 2008 D, 5.75% 1/1/19 | 9,000 | 10,439 | ||
Pub. Gas Partners, Inc. Rev. (Gas Supply Pool No. 1 Proj.) Series A: | ||||
5% 10/1/11 | 1,500 | 1,515 | ||
5% 10/1/12 | 1,000 | 1,049 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | ||||
5% 1/1/14 | 1,305 | 1,398 | ||
5% 1/1/15 | 1,040 | 1,117 | ||
5% 1/1/16 | 2,415 | 2,599 | ||
5% 1/1/18 | 1,530 | 1,612 | ||
| 111,982 | |||
Hawaii - 0.7% | ||||
Hawaii Arpts. Sys. Rev. Series 2010 B, 5% 7/1/15 (f) | 3,900 | 4,268 | ||
Hawaii Gen. Oblig.: | ||||
Series DR: | ||||
5% 6/1/16 | 7,645 | 8,878 | ||
5% 6/1/16 (Escrowed to Maturity) (g) | 2,895 | 3,408 | ||
Series DY: | ||||
5% 2/1/15 | 3,500 | 3,961 | ||
5% 2/1/16 | 4,000 | 4,610 | ||
| 25,125 | |||
Illinois - 7.7% | ||||
Chicago Board of Ed. Series 2009 D: | ||||
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,558 | ||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,543 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.) Series 1999, 0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 5,838 | ||
Series A: | ||||
5% 1/1/17 (FSA Insured) | 3,465 | 3,743 | ||
5.25% 1/1/12 (Escrowed to Maturity) (g) | 825 | 845 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Chicago Gen. Oblig.: - continued | ||||
Series A: | ||||
5.25% 1/1/12 (FSA Insured) | $ 175 | $ 178 | ||
Series B: | ||||
5% 1/1/17 (FSA Insured) | 5,115 | 5,449 | ||
5.125% 1/1/15 (AMBAC Insured) | 3,995 | 4,306 | ||
Chicago Hsg. Auth. Rev. (Cap. Prog.) Series 2001, 5.5% 7/1/18 (Pre-Refunded to 7/1/12 @ 100) (g) | 3,300 | 3,423 | ||
Chicago Midway Arpt. Rev. Bonds Series 2010 B, 5%, tender 1/1/15 (c) | 5,000 | 5,415 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2008 A: | ||||
5% 1/1/12 (FSA Insured) | 3,500 | 3,572 | ||
5% 1/1/13 (FSA Insured) | 4,000 | 4,237 | ||
Series 2010 D, 5.25% 1/1/17 (f) | 1,000 | 1,082 | ||
Series 2010 E: | ||||
5% 1/1/15 (f) | 4,000 | 4,332 | ||
5% 1/1/16 (f) | 1,500 | 1,644 | ||
Series 2011 B, 5% 1/1/18 | 6,500 | 7,148 | ||
Series A, 5% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,165 | 1,189 | ||
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,947 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
(Fed. Transit Administration Section 5307 Proj.) Series 2006 A, 5% 6/1/19 (AMBAC Insured) (Assured Guaranty Corp. Insured) | 2,500 | 2,582 | ||
(Fed. Transit Administration Section 5309 Proj.) Series 2008 A, 5% 6/1/13 | 3,765 | 3,949 | ||
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,919 | ||
Illinois Edl. Facilities Auth. Revs. Bonds (Field Museum of Natural History Proj.) Series 2002, 4.05%, tender 11/1/11 (c) | 2,785 | 2,806 | ||
Illinois Fin. Auth. Gas Supply Rev. Bonds (The Peoples Gas Lt. and Coke Co. Proj.): | ||||
Series 2010 B, 2.625%, tender 8/1/15 (c) | 9,500 | 9,656 | ||
Series 2010, 2.125%, tender 7/1/14 (c) | 11,500 | 11,488 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.25% 10/1/15 | 2,220 | 2,391 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.) Series 2010 D, 5% 4/1/15 | 550 | 611 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Alexian Brothers Health Sys. Proj.) Series 2010, 4.5% 2/15/16 | $ 3,000 | $ 3,119 | ||
(DePaul Univ. Proj.) Series 2005 A, 5% 10/1/11 | 1,450 | 1,464 | ||
(Memorial Health Sys. Proj.) Series 2009, 5% 4/1/19 | 1,600 | 1,679 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A: | ||||
5% 7/1/12 | 750 | 779 | ||
5% 7/1/13 | 415 | 444 | ||
5% 7/1/15 | 1,000 | 1,107 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5% 5/15/16 | 2,060 | 2,244 | ||
5% 5/15/17 | 3,520 | 3,805 | ||
(Provena Health Proj.) Series 2010 A: | ||||
5% 5/1/13 | 2,000 | 2,081 | ||
5% 5/1/14 | 2,000 | 2,102 | ||
5.75% 5/1/19 | 2,650 | 2,832 | ||
(Rush Univ. Med. Ctr. Proj.) Series 2006 B: | ||||
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,075 | 3,322 | ||
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,700 | 1,817 | ||
(The Carle Foundation Proj.) Series 2009 A, 5% 2/15/12 (Assured Guaranty Corp. Insured) | 4,965 | 5,050 | ||
Bonds (Advocate Health Care Proj.): | ||||
Series 2008 A3, 3.875%, tender 5/1/12 (c) | 4,000 | 4,110 | ||
Series 2008 C B3, 4.375%, tender 7/1/14 (c) | 4,000 | 4,252 | ||
Illinois Gen. Oblig.: | ||||
(Illinois FIRST Proj.) Series 2001, 5% 11/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,511 | ||
Series 1, 5.25% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,865 | 2,987 | ||
Series 2002: | ||||
5% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,515 | 3,613 | ||
5.375% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,745 | 6,745 | ||
5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,495 | 1,664 | ||
Series 2004 B, 5% 3/1/14 | 15,500 | 16,666 | ||
Series 2004, 5% 11/1/16 | 11,000 | 12,096 | ||
Series 2005: | ||||
5% 4/1/13 (AMBAC Insured) | 5,000 | 5,289 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2005: | ||||
5% 4/1/17 (AMBAC Insured) | $ 8,050 | $ 8,541 | ||
Series 2007 A, 5.5% 6/1/15 | 1,000 | 1,110 | ||
Series 2007 B, 5% 1/1/17 | 9,835 | 10,678 | ||
Series 2010: | ||||
4% 1/1/13 | 3,695 | 3,827 | ||
5% 1/1/15 (FSA Insured) | 20,000 | 21,701 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A: | ||||
5% 5/15/15 (FSA Insured) | 2,250 | 2,408 | ||
5% 5/15/16 (FSA Insured) | 2,325 | 2,496 | ||
Series 2003 A, 5% 5/15/17 (FSA Insured) | 2,150 | 2,350 | ||
Illinois Sales Tax Rev.: | ||||
Series 2009 B: | ||||
4.5% 6/15/16 | 5,000 | 5,521 | ||
4.5% 6/15/17 | 6,075 | 6,675 | ||
Series 2010, 5% 6/15/15 | 8,800 | 9,690 | ||
Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series 2002 B, 5.5% 1/1/12 (FSA Insured) | 2,270 | 2,320 | ||
Kane County School District #129, Aurora West Side Series 2002 A, 5.75% 2/1/14 (Pre-Refunded to 2/1/12 @ 100) (g) | 1,600 | 1,650 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/15 (Escrowed to Maturity) (g) | 580 | 547 | ||
0% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,520 | 1,318 | ||
Madison County Cmnty. United School District #007 Series 2007 A, 5% 12/1/11 (FSA Insured) | 2,965 | 3,016 | ||
Metropolitan Pier & Exposition: | ||||
(McCormick Place Expansion Proj.) Series 1996 A: | ||||
0% 6/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,410 | 1,385 | ||
0% 12/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,725 | 2,561 | ||
Series A, 0% 6/15/14 (Escrowed to Maturity) (g) | 8,625 | 8,388 | ||
0% 6/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 700 | 637 | ||
Rosemont Gen. Oblig. Series 1993 A, 0% 12/1/11 (FGIC Insured) | 3,695 | 3,679 | ||
Univ. of Illinois Ctfs. of Prtn. (Util. Infrastructure Proj.) Series 2003, 5% 8/15/11 (AMBAC Insured) | 1,360 | 1,365 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Univ. of Illinois Rev. 0% 4/1/14 | $ 2,350 | $ 2,211 | ||
Will County Cmnty. Unit School District #365-U: | ||||
Series 2002, 0% 11/1/16 (FSA Insured) | 2,975 | 2,468 | ||
0% 11/1/14 (Escrowed to Maturity) (g) | 1,025 | 995 | ||
0% 11/1/14 (FSA Insured) | 875 | 799 | ||
| 296,965 | |||
Indiana - 2.6% | ||||
Hamilton Southeastern Consolidated School Bldg. Corp.: | ||||
Series 2004, 5% 1/15/12 (FSA Insured) | 1,990 | 2,036 | ||
Series 2005 A: | ||||
5.25% 7/10/11 (FSA Insured) | 2,295 | 2,296 | ||
5.25% 1/10/12 (FSA Insured) | 1,355 | 1,387 | ||
Indiana Fin. Auth. Health Sys. Rev. (Sisters of Saint Francis Health Svcs., Inc. Obligated Group Proj.) Series 2008 C, 5% 11/1/13 | 3,000 | 3,264 | ||
Indiana Fin. Auth. Hosp. Rev.: | ||||
(Jackson County Schneck Memorial Hosp. Proj.) Series 2010, 5% 2/15/18 | 1,475 | 1,547 | ||
(Parkview Health Sys. Oblig. Group Proj.) Series 2009 A: | ||||
5% 5/1/14 | 3,500 | 3,751 | ||
5% 5/1/15 | 6,420 | 6,957 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A: | ||||
5% 12/1/14 | 1,250 | 1,400 | ||
5% 12/1/15 | 2,135 | 2,430 | ||
(Wabash Valley Correctional Facilities Proj.) Series 2009 A, 5% 7/1/15 | 8,025 | 8,920 | ||
(Wabash Valley Correctional Facility Proj.) Series 2009 A, 5% 7/1/14 | 2,500 | 2,730 | ||
Series 2010 A, 5% 2/1/17 | 2,800 | 3,250 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (c) | 4,000 | 4,418 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Subordinate Cr. Proj.): | ||||
Series 2005 A3, 5%, tender 7/1/11 (c) | 4,100 | 4,100 | ||
Series A2, 3.75%, tender 2/1/12 (c) | 7,500 | 7,647 | ||
Indiana Port Commission Port Rev. (Cargill, Inc. Proj.) 4.1% 5/1/12 | 4,100 | 4,214 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series 2002 A, 5.5% 7/1/16 (Pre-Refunded to 7/1/12 @ 100) (g) | $ 5,000 | $ 5,259 | ||
Indianapolis Thermal Energy Sys. Series 2010 B: | ||||
5% 10/1/16 | 5,000 | 5,649 | ||
5% 10/1/17 | 5,000 | 5,589 | ||
Jasper County Indl. Poll. Ctl. Rev. (Northern Indiana Pub. Svc. Co. Proj.) Series 1988 B, 5.2% 6/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,171 | ||
Logansport High School Bldg. Corp. Series 2005: | ||||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,020 | 1,021 | ||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,045 | 1,071 | ||
5.25% 7/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,075 | 1,126 | ||
Muncie School Bldg. Corp. Series 2005, 5.25% 7/10/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,585 | 1,659 | ||
Purdue Univ. Rev.: | ||||
(Student Facilities Sys. Proj.) Series 2009 B: | ||||
4% 7/1/17 | 500 | 557 | ||
5% 7/1/15 | 315 | 362 | ||
5% 7/1/16 | 500 | 583 | ||
Series Z-1: | ||||
5% 7/1/16 | 1,215 | 1,416 | ||
5% 7/1/17 | 1,000 | 1,170 | ||
5% 7/1/18 | 1,500 | 1,753 | ||
Rockport Poll. Cont. Rev. Bonds (AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (c) | 1,600 | 1,601 | ||
Univ. of Southern Indiana Rev. Series J: | ||||
5% 10/1/14 (Assured Guaranty Corp. Insured) | 1,985 | 2,178 | ||
5% 10/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,113 | ||
5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,308 | ||
West Clark 2000 School Bldg. Corp. Series 2005: | ||||
5.25% 7/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,125 | 1,126 | ||
5.25% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,150 | 1,178 | ||
| 99,237 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Iowa - 0.2% | ||||
Iowa Fin. Auth. Health Care Facilities Rev. (Genesis Health Sys. Proj.) Series 2010: | ||||
5% 7/1/15 | $ 2,165 | $ 2,363 | ||
5% 7/1/16 | 1,335 | 1,462 | ||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,840 | ||
Iowa Higher Ed. Ln. Auth. Rev. (Grinnell College Proj.) Series 2001, 2.1% 12/1/11 (Escrowed to Maturity) (g) | 3,200 | 3,224 | ||
| 8,889 | |||
Kansas - 0.6% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D: | ||||
5% 11/15/14 | 575 | 639 | ||
5% 11/15/15 | 625 | 705 | ||
5% 11/15/16 | 875 | 998 | ||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L, 5.25% 11/15/12 | 680 | 717 | ||
Lawrence Hosp. Rev. (The Lawrence Memorial Hosp.) Series 2006, 5% 7/1/11 | 560 | 560 | ||
Olathe Health Facilities Rev. Bonds (Olathe Med. Ctr. Proj.) Series 2008 A, 4.125%, tender 3/1/13 (c) | 1,600 | 1,626 | ||
Wichita Hosp. Facilities Rev.: | ||||
(Via Christi Health Sys., Inc. Proj.) Series 2009 X, 5% 11/15/14 | 2,000 | 2,179 | ||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A: | ||||
5% 11/15/14 | 2,405 | 2,620 | ||
5% 11/15/15 | 6,245 | 6,869 | ||
5% 11/15/16 | 5,410 | 5,956 | ||
| 22,869 | |||
Kentucky - 1.1% | ||||
Ashland Med. Ctr. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 B: | ||||
4% 2/1/14 | 750 | 798 | ||
4% 2/1/15 | 1,495 | 1,599 | ||
Jefferson County School District Fin. Corp. School Bldg. Rev. Series 2009 A, 5.25% 1/1/13 (FSA Insured) | 2,170 | 2,314 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/15 | 4,000 | 4,474 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a/ King's Daughters Med. Ctr. Proj.) Series 2010 A, 4% 2/1/13 | 500 | 525 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Kentucky - continued | ||||
Kentucky Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series B, 1%, tender 9/1/11 (c) | $ 1,700 | $ 1,700 | ||
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,857 | ||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Electronic Co. Proj.): | ||||
Series 2003 A, 1.9%, tender 4/2/12 (c) | 10,900 | 10,978 | ||
Series 2005 A, 5.75%, tender 12/2/13 (c) | 6,000 | 6,504 | ||
Series 2007 B, 1.9%, tender 6/1/12 (c) | 10,900 | 10,992 | ||
| 42,741 | |||
Louisiana - 0.3% | ||||
East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series ST-2005 B, 5% 2/1/12 (AMBAC Insured) | 1,000 | 1,023 | ||
Ernest N. Morial-New Orleans Exhibit Hall Auth. Spl. Tax Series 2003 A, 5.25% 7/15/11 (Escrowed to Maturity) (g) | 2,060 | 2,063 | ||
Louisiana Pub. Facilities Auth. Rev.: | ||||
(Christus Health Proj.) Series 2009 A: | ||||
5% 7/1/13 | 3,500 | 3,694 | ||
5% 7/1/16 | 2,000 | 2,168 | ||
(Entergy Gulf States Louisiana LLC Proj.) Series 2010 B, 2.875% 11/1/15 | 3,000 | 3,031 | ||
Reg'l. Transit Auth. Louisiana Sales Tax Rev. 4% 12/1/16 (FSA Insured) | 1,000 | 1,090 | ||
| 13,069 | |||
Maryland - 0.8% | ||||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2007 D, 5% 7/1/11 (AMBAC Insured) | 1,985 | 1,985 | ||
Maryland Gen. Oblig. Second Series B, 5.25% 8/15/16 | 16,100 | 19,233 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Univ. of Maryland Med. Sys. Proj.) Series 2008 F: | ||||
5% 7/1/13 | 2,400 | 2,555 | ||
5% 7/1/14 | 3,500 | 3,800 | ||
Bonds (Johns Hopkins Health Sys. Obligated Group Proj.) Series 2008 B, 5%, tender 5/15/15 (c) | 2,225 | 2,479 | ||
Montgomery County Gen. Oblig. (Dept. of Liquor Cont. Proj.) Series 2009 A, 5% 4/1/15 | 1,725 | 1,947 | ||
| 31,999 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Massachusetts - 1.9% | ||||
Braintree Gen. Oblig. Series 2009: | ||||
5% 5/15/14 | $ 1,000 | $ 1,117 | ||
5% 5/15/16 | 4,400 | 5,132 | ||
Lynn Gen. Oblig. 5% 12/1/11 | 1,500 | 1,527 | ||
Massachusetts Bay Trans. Auth. Series 1993 A, 5.5% 3/1/12 | 95 | 98 | ||
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B, 5% 1/1/15 | 12,400 | 13,647 | ||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston College Proj.): | ||||
Series Q1: | ||||
4% 7/1/15 | 1,500 | 1,646 | ||
4% 7/1/16 | 1,000 | 1,107 | ||
5% 7/1/13 | 1,000 | 1,082 | ||
Series Q2: | ||||
4% 7/1/15 | 1,170 | 1,284 | ||
4% 7/1/16 | 1,000 | 1,107 | ||
5% 7/1/13 | 1,100 | 1,190 | ||
5% 7/1/14 | 1,080 | 1,199 | ||
5% 7/1/17 | 1,370 | 1,599 | ||
(Tufts Med. Ctr. Proj.) Series I: | ||||
5% 1/1/14 | 1,550 | 1,633 | ||
5% 1/1/16 | 1,300 | 1,378 | ||
Massachusetts Gen. Oblig. Series 2002 C: | ||||
5% 11/1/21 (Pre-Refunded to 11/1/12 @ 100) (g) | 8,100 | 8,591 | ||
5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (g) | 2,495 | 2,654 | ||
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds: | ||||
(Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/13 (c) | 7,000 | 7,496 | ||
(Northeastern Univ. Proj.): | ||||
Series 2008 T2, 4.1%, tender 4/19/12 (c) | 1,200 | 1,236 | ||
Series 2009 T1, 4.125%, tender 2/16/12 (c) | 2,100 | 2,149 | ||
Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series 2001 A, 5.5% 1/1/12 (AMBAC Insured) (f) | 1,000 | 995 | ||
Massachusetts Spl. Oblig. Rev. (Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A: | ||||
5% 12/15/12 (FSA Insured) | 3,300 | 3,520 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Massachusetts - continued | ||||
Massachusetts Spl. Oblig. Rev. (Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A: - continued | ||||
5% 12/15/13 (FSA Insured) | $ 2,000 | $ 2,199 | ||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series B, 5.2% 8/1/22 (Pre-Refunded to 8/1/11 @ 101) (g) | 8,350 | 8,462 | ||
| 72,048 | |||
Michigan - 2.4% | ||||
Allegan Pub. School District Series 2008, 5% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,590 | 1,645 | ||
Big Rapids Pub. School District: | ||||
5% 5/1/13 (Assured Guaranty Corp. Insured) | 1,195 | 1,268 | ||
5% 5/1/14 (Assured Guaranty Corp. Insured) | 1,190 | 1,297 | ||
Chelsea School District 5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,750 | 1,867 | ||
Clarkston Cmnty. Schools Series 2008, 5% 5/1/12 (FSA Insured) | 3,000 | 3,096 | ||
Detroit Swr. Disp. Rev. Series 2006 D, 0.804% 7/1/32 (c) | 4,080 | 2,785 | ||
Grand Haven Area Pub. Schools 5% 5/1/12 (FSA Insured) | 2,965 | 3,070 | ||
Grand Rapids Cmnty. College: | ||||
5% 5/1/12 (FSA Insured) | 1,305 | 1,352 | ||
5% 5/1/13 (FSA Insured) | 1,305 | 1,399 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,499 | ||
Kalamazoo Pub. Schools 5% 5/1/13 (Assured Guaranty Corp. Insured) | 2,940 | 3,118 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | ||||
(Spectrum Health Sys. Proj.) Series 2011 A: | ||||
5% 11/15/18 | 1,250 | 1,410 | ||
5% 11/15/19 | 1,000 | 1,119 | ||
Bonds (Spectrum Health Sys. Proj.) Series 2008 A, 5.25%, tender 1/15/14 (c) | 2,200 | 2,393 | ||
Lincoln Consolidated School District 5% 5/1/12 (FSA Insured) | 1,485 | 1,534 | ||
Michigan Bldg. Auth. Rev. (Facilities Prog.) Series I: | ||||
5.5% 10/15/13 | 2,075 | 2,101 | ||
5.5% 10/15/13 (Pre-Refunded to 10/15/11 @ 100) (g) | 125 | 127 | ||
Michigan Gen. Oblig. (Envir. Protection Prog.) Series 1992, 6.25% 11/1/12 | 1,445 | 1,466 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.25% 5/15/14 | $ 4,160 | $ 4,579 | ||
(Oakwood Hosp. Proj.) Series 2007 A, 5% 7/15/11 | 2,700 | 2,703 | ||
Bonds (Ascension Health Cr. Group Proj.) Series 1999 B3, 2%, tender 8/1/14 (c) | 11,000 | 11,174 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010: | ||||
5% 10/1/14 | 6,045 | 6,766 | ||
5% 10/1/15 | 1,750 | 1,999 | ||
5% 10/1/15 | 3,250 | 3,712 | ||
(Local Govt. Ln. Prog.) Series 2009 C: | ||||
5% 5/1/13 | 1,645 | 1,740 | ||
5% 5/1/14 | 2,140 | 2,296 | ||
5% 5/1/15 | 1,845 | 2,008 | ||
5% 5/1/16 | 1,865 | 2,042 | ||
Michigan Strategic Fund Ltd. Oblig. Rev. Bonds (Detroit Edison Co. Proj.) Series 1995 CC, 4.85%, tender 9/1/11 (AMBAC Insured) (c) | 2,000 | 2,010 | ||
Plymouth-Canton Cmnty. School District 5% 5/1/12 (FSA Insured) | 4,000 | 4,134 | ||
Pontiac Tax Increment Fin. Auth. Series 2002, 6.25% 6/1/22 (Pre-Refunded to 6/1/12 @ 101) (g) | 2,260 | 2,404 | ||
Royal Oak City School District 5% 5/1/12 | 2,000 | 2,068 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Oblig. Group Proj.) Series 2009 W, 5% 8/1/15 | 2,070 | 2,243 | ||
West Bloomfield School District 5% 5/1/15 (Assured Guaranty Corp. Insured) | 1,400 | 1,529 | ||
Western Michigan Univ. Rev.: | ||||
5.25% 11/15/14 (Assured Guaranty Corp. Insured) | 2,135 | 2,372 | ||
5.25% 11/15/15 (Assured Guaranty Corp. Insured) | 3,275 | 3,679 | ||
Western Townships Utils. Auth. Swr. Disp. Sys. Rev. Series 2009, 3% 1/1/12 | 1,000 | 1,010 | ||
| 93,014 | |||
Minnesota - 0.2% | ||||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2008 A, 5% 1/1/13 (f) | 1,000 | 1,057 | ||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/14 (Assured Guaranty Corp. Insured) | 2,225 | 2,474 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Minnesota - continued | ||||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1: | ||||
5% 2/15/15 (Assured Guaranty Corp. Insured) | $ 1,335 | $ 1,471 | ||
5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 628 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2009 A, 5% 1/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,105 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,137 | ||
| 7,872 | |||
Mississippi - 0.2% | ||||
Mississippi Dev. Bank Spl. Oblig. (Marshall County Correctional Facility Proj.) Series 2008 C, 5% 8/1/11 | 1,050 | 1,053 | ||
Mississippi Hosp. Equip. & Facilities Auth. (Mississippi Baptist Med. Ctr. Proj.) Series 2007 A, 5% 8/15/11 | 1,000 | 1,004 | ||
Mississippi Hsg. Fin. Corp. Single Family Mtg. Rev. Series 1983, 0% 6/1/15 (Escrowed to Maturity) (g) | 4,000 | 3,774 | ||
| 5,831 | |||
Missouri - 0.2% | ||||
Lees Summit Indl. Dev. Auth. Sr. Living Facilities Rev. (John Knox Village Proj.) Series 2007 A, 5% 8/15/11 | 1,485 | 1,491 | ||
Saint Louis Arpt. Rev.: | ||||
Series 2003 A, 5.25% 7/1/11 (FSA Insured) | 1,000 | 1,000 | ||
Series 2011 B, 3% 7/1/12 | 1,000 | 1,014 | ||
Saint Louis County Indl. Dev. Auth. Sr. Living Facilities Rev. (Friendship Village West County Proj.) Series 2007 A, 5% 9/1/11 | 1,000 | 1,002 | ||
Saint Louis Muni. Fin. Corp. Leasehold Rev. (Callahan Courthouse Proj.) Series 2002 A, 5.75% 2/15/14 (Pre-Refunded to 2/15/12 @ 100) (g) | 1,050 | 1,085 | ||
| 5,592 | |||
Nebraska - 0.5% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 A, 5% 12/1/11 | 6,500 | 6,599 | ||
Nebraska Pub. Pwr. District Rev.: | ||||
Series B, 5% 1/1/12 (FSA Insured) | 3,500 | 3,582 | ||
Series C: | ||||
4% 1/1/15 | 2,360 | 2,561 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Nebraska - continued | ||||
Nebraska Pub. Pwr. District Rev.: - continued | ||||
Series C: | ||||
4% 1/1/16 | $ 2,195 | $ 2,402 | ||
Univ. of Nebraska Facilities Corp. Lease Rental Rev. (UNMC Health Professions Futures Proj.) Series 2009, 5% 8/15/13 | 4,000 | 4,311 | ||
| 19,455 | |||
Nevada - 2.0% | ||||
Clark County Arpt. Rev.: | ||||
Series 2003 C, 5% 7/1/11 (AMBAC Insured) (f) | 1,790 | 1,790 | ||
Series 2008 E: | ||||
5% 7/1/14 | 2,905 | 3,161 | ||
5% 7/1/15 | 3,500 | 3,865 | ||
Series A1, 5% 7/1/12 (AMBAC Insured) (f) | 2,000 | 2,078 | ||
Clark County Fuel Tax Series 2008, 5% 6/1/13 | 5,815 | 6,217 | ||
Clark County Hwy. Impt. Rev. (Motor Vehicle Fuel Tax) Series 2003, 5% 7/1/11 (AMBAC Insured) | 3,230 | 3,230 | ||
Clark County School District: | ||||
(Bldg. Proj.) Series 2008 A, 5% 6/15/12 | 10,000 | 10,434 | ||
Series 1998, 5.5% 6/15/13 (FSA Insured) | 5,000 | 5,445 | ||
Series 2005 A, 5% 6/15/16 (FGIC Insured) | 21,215 | 23,751 | ||
Nevada Dept. of Bus. & Industry (Waste Mgmt., Inc. Proj.) Series 2001, 2.75% 10/1/14 (f) | 3,000 | 3,017 | ||
Nevada Gen. Oblig. Series 2010 C, 5% 6/1/19 | 12,140 | 13,574 | ||
| 76,562 | |||
New Hampshire - 0.0% | ||||
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2011, 3% 10/1/12 | 1,050 | 1,067 | ||
New Jersey - 2.6% | ||||
Garden State Preservation Trust Open Space & Farmland Preservation Series B, 6.375% 11/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,470 | 7,613 | ||
New Jersey Ctfs. of Prtn. Series 2009 A: | ||||
5% 6/15/15 | 11,285 | 12,373 | ||
5% 6/15/16 | 6,500 | 7,121 | ||
New Jersey Econ. Dev. Auth. Exempt Facilities Rev. Bonds (Pub. Svc. Elec. and Gas Co. Proj.) Series 2010 A, 1.2%, tender 12/1/11 (c)(f) | 8,200 | 8,216 | ||
New Jersey Econ. Dev. Auth. Poll. Cont. Rev. (Pub. Svc. Elec. & Gas Pwr. LLC Proj.) 5% 3/1/12 | 3,275 | 3,347 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: | ||||
Bonds Series 2008 J4, 5%, tender 9/1/14 (FSA Insured) (c) | $ 7,000 | $ 7,567 | ||
Series 2001 A, 5.5% 6/15/13 (AMBAC Insured) | 1,090 | 1,197 | ||
Series 2005 K, 5.25% 12/15/14 (FGIC Insured) | 1,790 | 1,980 | ||
Series 2008 W: | ||||
5% 3/1/12 (Escrowed to Maturity) (g) | 5,545 | 5,718 | ||
5% 3/1/15 | 10,400 | 11,428 | ||
Series 2009 BB, 5% 9/1/15 | 3,390 | 3,762 | ||
New Jersey Gen. Oblig. Series H: | ||||
5.25% 7/1/12 (FGIC Insured) | 5,000 | 5,239 | ||
5.25% 7/1/15 (FSA Insured) | 5,000 | 5,738 | ||
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Series 2010 1A, 5% 12/1/15 | 4,500 | 4,943 | ||
New Jersey Tpk. Auth. Tpk. Rev. Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) (g) | 4,300 | 4,828 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,701 | ||
Series A, 5.25% 12/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 3,332 | ||
| 100,103 | |||
New Mexico - 1.2% | ||||
Albuquerque Joint Wtr. & Swr. Sys. Rev. Series 1999 A, 5.25% 7/1/11 | 1,135 | 1,135 | ||
Farmington Poll. Cont. Rev. Bonds (Southern California Edison Co. Four Corners Proj.) Series 2005 B, 2.875%, tender 4/1/15 (c) | 22,100 | 22,672 | ||
New Mexico Edl. Assistance Foundation: | ||||
Series 2009 B, 4% 9/1/16 | 7,000 | 7,543 | ||
Series 2010 A1: | ||||
4% 12/1/15 | 3,700 | 3,997 | ||
4% 12/1/16 | 6,750 | 7,298 | ||
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 5,129 | ||
| 47,774 | |||
New York - 16.3% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.5% 11/15/12 | 1,000 | 1,051 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Dutchess County Local Dev. Corp. Rev. (Health Quest Systems, Inc. Proj.) Series 2010 A: | ||||
5% 7/1/18 (Assured Guaranty Corp. Insured) (FSA Insured) | $ 1,100 | $ 1,156 | ||
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 640 | 663 | ||
Grand Central District Mgmt. Assoc., Inc. Series 2004, 5% 1/1/12 | 1,175 | 1,199 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2010 A, 5% 5/1/15 | 5,000 | 5,627 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,863 | ||
New York City Gen. Oblig.: | ||||
Series 1997 H, 6% 8/1/12 (FGIC Insured) | 1,000 | 1,059 | ||
Series 2002 A1, 5.25% 11/1/14 (Pre-Refunded to 11/1/11 @ 101) (g) | 600 | 616 | ||
Series 2003 F, 5.5% 12/15/11 | 6,725 | 6,880 | ||
Series 2005 C, 5% 8/1/12 | 19,770 | 20,729 | ||
Series 2005 D, 5% 8/1/12 (Escrowed to Maturity) (g) | 4,925 | 5,177 | ||
Series 2005 F1, 5% 9/1/15 | 3,560 | 4,058 | ||
Series 2005 G, 5.625% 8/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,075 | 5,339 | ||
Series 2008 E, 5% 8/1/12 | 5,000 | 5,242 | ||
Series 2010 C, 5% 8/1/13 | 7,000 | 7,617 | ||
Series B: | ||||
5% 8/1/14 | 10,000 | 11,184 | ||
5% 8/1/15 | 10,000 | 11,381 | ||
Series K: | ||||
5% 8/1/11 | 2,150 | 2,157 | ||
5% 8/1/11 (Escrowed to Maturity) (g) | 1,130 | 1,134 | ||
5% 8/1/12 | 2,335 | 2,448 | ||
5% 8/1/12 (Escrowed to Maturity) (g) | 2,025 | 2,129 | ||
Series O: | ||||
5% 6/1/12 | 1,745 | 1,817 | ||
5% 6/1/12 (Escrowed to Maturity) (g) | 5,780 | 6,027 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 A: | ||||
5.5% 11/1/26 (a) | 25,445 | 25,850 | ||
6% 11/1/28 (a) | 44,755 | 45,539 | ||
Series 2007 C1, 5% 11/1/15 | 15,200 | 17,589 | ||
Series 2010 B, 5% 11/1/17 | 30,000 | 35,259 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Rev.: - continued | ||||
Series 2010 D: | ||||
5% 11/1/15 | $ 8,300 | $ 9,605 | ||
5% 11/1/17 | 10,115 | 11,888 | ||
Series B: | ||||
5% 11/1/11 | 11,060 | 11,229 | ||
5% 11/1/11 (Escrowed to Maturity) (g) | 1,520 | 1,543 | ||
Series E, 4% 11/1/12 | 6,790 | 7,115 | ||
New York City Trust Cultural Resources Rev. Bonds (The Juilliard School Proj.) Series 2009 B, 2.75%, tender 7/1/12 (c) | 3,500 | 3,560 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2009 A: | ||||
5% 3/15/12 | 3,900 | 4,029 | ||
5% 3/15/13 | 3,545 | 3,816 | ||
5% 3/15/14 | 3,745 | 4,166 | ||
5% 3/15/15 | 4,000 | 4,558 | ||
Series 2009 D: | ||||
5% 6/15/14 | 9,890 | 11,095 | ||
5% 6/15/15 | 16,075 | 18,453 | ||
5% 6/15/16 | 9,330 | 10,884 | ||
Series 2010 A: | ||||
5% 2/15/14 | 9,850 | 10,927 | ||
5% 2/15/15 | 8,780 | 9,981 | ||
New York Dorm. Auth. Revs.: | ||||
(City Univ. Sys. Consolidation Proj.) Series A: | ||||
5.75% 7/1/13 | 2,800 | 2,913 | ||
5.75% 7/1/13 (AMBAC Insured) | 795 | 827 | ||
(Mental Health Svcs. Facilities Proj.): | ||||
Series 2008 D: | ||||
5% 2/15/14 | 7,295 | 7,973 | ||
5% 8/15/14 | 7,755 | 8,561 | ||
Series 2009 A1, 5% 2/15/15 | 9,000 | 10,015 | ||
(New York Univ. Hosp. Ctr. Proj.) Series 2011 A, 5% 7/1/18 | 3,240 | 3,598 | ||
(St. Lawrence Univ.) Series 2008, 5% 7/1/14 | 3,700 | 4,026 | ||
Bonds Series 2002 B, 5.25%, tender 5/15/12 (c) | 16,055 | 16,686 | ||
Series 2008 B, 5% 7/1/15 | 30,000 | 33,800 | ||
Series 2009 A: | ||||
5% 7/1/15 | 12,850 | 14,414 | ||
5% 7/1/16 | 8,390 | 9,515 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Local Govt. Assistance Corp. Series 2003 A, 5% 4/1/18 | $ 12,400 | $ 14,503 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B: | ||||
5% 11/15/14 | 1,350 | 1,518 | ||
5% 11/15/15 | 2,325 | 2,634 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Bonds Series 2008 B2, 5%, tender 11/15/12 (c) | 7,300 | 7,717 | ||
Series 2003 B: | ||||
5.25% 11/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,040 | 1,101 | ||
5.25% 11/15/19 (FGIC Insured) | 5,200 | 5,834 | ||
Series 2005 C, 5% 11/15/11 | 2,750 | 2,794 | ||
Series 2010 B2, 4% 11/15/14 | 2,830 | 3,056 | ||
New York State Energy Research & Dev. Auth. Facilities Rev. Bonds (Consolidated Edison Co. of New York, Inc. Proj.) Series 2010 A, 1.45%, tender 11/1/12 (c)(f) | 26,400 | 26,458 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2008 A, 5% 4/1/13 | 2,600 | 2,799 | ||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,154 | ||
Series 2011 A1: | ||||
5% 4/1/17 | 1,500 | 1,736 | ||
5% 4/1/18 | 3,500 | 4,058 | ||
New York Urban Dev. Corp. Rev.: | ||||
Series 2005 A, 5% 1/1/12 | 5,015 | 5,128 | ||
Series 2009 C: | ||||
5% 12/15/15 | 6,500 | 7,553 | ||
5% 12/15/16 | 17,000 | 20,010 | ||
Niagara County Indl. Dev. Agcy. Solid Waste Disp. Rev. Bonds Series 2001 C, 5.625%, tender 11/15/14 (c)(f) | 2,450 | 2,486 | ||
Tobacco Settlement Asset Securitization Corp. Series 2002-1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (g) | 5,760 | 6,015 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2003 A1: | ||||
5.5% 6/1/14 | 405 | 406 | ||
5.5% 6/1/17 | 6,000 | 6,018 | ||
Series 2003B 1C: | ||||
5.5% 6/1/15 | 1,300 | 1,304 | ||
5.5% 6/1/17 | 4,200 | 4,213 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2011, 5% 6/1/16 (b) | $ 20,000 | $ 22,798 | ||
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) (g) | 6,470 | 7,415 | ||
| 628,675 | |||
New York & New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey 124th Series, 5% 8/1/13 (FGIC Insured) (f) | 1,200 | 1,203 | ||
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 4,100 | 4,301 | ||
| 5,504 | |||
North Carolina - 1.0% | ||||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series 2007 A, 5% 1/15/12 | 400 | 410 | ||
Mecklenburg County Pub. Facilities Corp. Series 2009: | ||||
5% 3/1/16 | 5,870 | 6,778 | ||
5% 3/1/18 | 1,500 | 1,734 | ||
Nash Health Care Sys. Health Care Facilities Rev. Series 2003: | ||||
5% 11/1/13 (FSA Insured) | 1,500 | 1,604 | ||
5% 11/1/15 (FSA Insured) | 1,600 | 1,746 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A: | ||||
5% 1/1/15 | 4,000 | 4,445 | ||
5% 1/1/16 | 6,035 | 6,778 | ||
North Carolina Grant Anticipation Rev. Series 2009, 5% 3/1/15 | 1,250 | 1,420 | ||
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | ||||
5% 6/1/15 | 1,500 | 1,670 | ||
5% 6/1/16 | 1,000 | 1,124 | ||
5% 6/1/17 | 3,220 | 3,623 | ||
5% 6/1/18 | 3,820 | 4,280 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Series 1998 A, 5.5% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,675 | 4,147 | ||
| 39,759 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
North Dakota - 0.1% | ||||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.) Series 2005: | ||||
5% 12/1/11 (Assured Guaranty Corp. Insured) | $ 1,575 | $ 1,594 | ||
5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,825 | 1,976 | ||
| 3,570 | |||
Ohio - 2.9% | ||||
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | 1,000 | 1,104 | ||
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010: | ||||
5% 6/1/15 (FSA Insured) | 760 | 843 | ||
5% 6/1/16 (FSA Insured) | 1,105 | 1,241 | ||
5% 6/1/17 (FSA Insured) | 1,160 | 1,303 | ||
Montgomery County Rev. Bonds (Catholic Health Initiatives Proj.) Series 2008 C2, 4.1%, tender 11/10/11 (c) | 2,700 | 2,735 | ||
Ohio Air Quality Dev. Auth. Rev. Bonds: | ||||
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 C, 7.25%, tender 11/1/12 (c)(f) | 9,000 | 9,575 | ||
(Ohio Pwr. Co. Proj.) Series 2010 A, 3.25%, tender 6/2/14 (c) | 5,500 | 5,567 | ||
Ohio Bldg. Auth.: | ||||
(Administrative Bldg. Fund Proj.): | ||||
Series 2009 B: | ||||
5% 10/1/14 | 5,955 | 6,599 | ||
5% 10/1/15 | 6,505 | 7,333 | ||
Series 2010 C: | ||||
4% 10/1/15 | 3,200 | 3,505 | ||
5% 10/1/16 | 1,250 | 1,434 | ||
(Adult Correctional Bldg. Fund Proj.): | ||||
Series 2009 B: | ||||
5% 10/1/14 | 2,055 | 2,277 | ||
5% 10/1/15 | 4,535 | 5,112 | ||
Series 2010 A, 5% 10/1/15 | 1,185 | 1,346 | ||
Ohio Gen. Oblig.: | ||||
(Common Schools Proj.): | ||||
Series 2010 A, 5% 9/15/17 | 2,600 | 3,047 | ||
Series 2010 B, 5% 9/15/15 | 19,080 | 21,942 | ||
(Higher Ed. Proj.): | ||||
Series 2005 C, 5% 8/1/13 | 4,495 | 4,893 | ||
Series 2010 A, 5% 8/1/17 | 3,290 | 3,849 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Cleveland Clinic Foundation Proj.) Series 2008 A, 5% 1/1/15 | $ 2,000 | $ 2,224 | ||
(Univ. Hosp. Health Sys. Proj.) Series 2010 A: | ||||
5% 1/15/15 | 500 | 539 | ||
5% 1/15/17 | 1,000 | 1,068 | ||
Ohio State Univ. Gen. Receipts Series 2010 A, 5% 12/1/16 | 5,000 | 5,843 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds: | ||||
(First Energy Nuclear Generation Corp. Proj.) Series 2005 B, 3.375%, tender 7/1/15 (c) | 5,000 | 5,131 | ||
(FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (c) | 7,225 | 8,120 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008: | ||||
5% 12/1/12 | 1,950 | 2,034 | ||
5% 12/1/13 | 875 | 930 | ||
5% 12/1/14 | 2,275 | 2,450 | ||
| 112,044 | |||
Oklahoma - 0.3% | ||||
Cherokee County Econ. Dev. Auth. Series A, 0% 11/1/11 (Escrowed to Maturity) (g) | 1,000 | 998 | ||
Oklahoma Dev. Fin. Auth. (Pub. Svc. Co. of Oklahoma Proj.) Series 2009, 5.25% 6/1/14 | 2,700 | 2,850 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series 2008 B, 5% 8/15/14 | 1,660 | 1,829 | ||
Oklahoma Dev. Fin. Auth. Rev. (Saint John Health Sys. Proj.) Series 2007, 5% 2/15/13 | 315 | 329 | ||
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 6,027 | ||
| 12,033 | |||
Oregon - 0.4% | ||||
Clackamas County Hosp. Facility Auth. Bonds (Legacy Health Sys. Proj.) Series 2009 C, 5%, tender 7/15/14 (c) | 2,500 | 2,708 | ||
Gilliam County Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2000 A, 3.5%, tender 5/1/13 (c)(f) | 5,300 | 5,434 | ||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A: | ||||
5% 3/15/13 | 1,000 | 1,053 | ||
5% 3/15/14 | 595 | 638 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Oregon - continued | ||||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A: - continued | ||||
5% 3/15/15 | $ 2,500 | $ 2,707 | ||
5% 3/15/16 | 1,750 | 1,904 | ||
| 14,444 | |||
Pennsylvania - 5.0% | ||||
Allegheny County Arpt. Auth. Rev. Series A: | ||||
5% 1/1/14 (FSA Insured) (f) | 1,350 | 1,410 | ||
5% 1/1/15 (FSA Insured) (f) | 1,000 | 1,051 | ||
5% 1/1/16 (FSA Insured) (f) | 1,000 | 1,053 | ||
Allegheny County Arpt. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series A1, 5.75% 1/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 1,300 | 1,332 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
(Pittsburgh Med. Ctr. Proj.): | ||||
Series 2008 A, 5% 9/1/12 | 6,615 | 6,963 | ||
Series 2008 B, 5% 6/15/14 | 1,385 | 1,524 | ||
(Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A: | ||||
4% 8/15/15 | 1,385 | 1,495 | ||
5% 8/15/14 | 1,955 | 2,162 | ||
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 A, 3.375%, tender 7/1/15 (c) | 2,000 | 1,994 | ||
Delaware County Auth. Hosp. Rev. (Crozer Keystone Oblig. Group Proj.) Series B, 5% 12/15/11 | 2,835 | 2,854 | ||
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | ||||
5% 7/1/16 | 1,000 | 1,088 | ||
5% 7/1/17 | 1,255 | 1,355 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,390 | ||
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. (City of Philadelphia Fdg. Prog.) Series 2009, 5% 6/15/15 | 10,600 | 12,054 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 B, 5% 12/1/17 | 12,500 | 14,282 | ||
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series A, 5% 8/1/15 | 2,100 | 2,252 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2007 A: | ||||
5% 8/1/11 (FSA Insured) | 3,570 | 3,581 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Philadelphia Gen. Oblig.: - continued | ||||
Series 2007 A: | ||||
5% 8/1/12 (FSA Insured) | $ 5,000 | $ 5,229 | ||
Series 2008 A: | ||||
5% 12/15/14 (FSA Insured) | 5,370 | 5,845 | ||
5% 12/15/15 (FSA Insured) | 5,000 | 5,498 | ||
5% 12/15/16 (FSA Insured) | 7,275 | 8,031 | ||
Series 2011: | ||||
4% 8/1/12 | 4,325 | 4,463 | ||
5.25% 8/1/17 | 6,165 | 6,761 | ||
5.25% 8/1/18 | 5,515 | 6,003 | ||
Philadelphia Muni. Auth. Rev. Series 2003 B, 5.25% 11/15/11 (FSA Insured) | 3,400 | 3,458 | ||
Philadelphia School District: | ||||
Series 2005 D, 5.25% 6/1/12 (FSA Insured) | 1,465 | 1,520 | ||
Series 2010 C: | ||||
5% 9/1/15 | 13,200 | 14,559 | ||
5% 9/1/16 | 13,610 | 15,058 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A: | ||||
5% 6/15/15 | 15,000 | 16,697 | ||
5% 6/15/16 | 6,000 | 6,711 | ||
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2010: | ||||
5% 2/1/15 (FSA Insured) | 4,580 | 4,975 | ||
5% 2/1/16 (FSA Insured) | 5,620 | 6,167 | ||
Pittsburgh School District: | ||||
Series 2009 A: | ||||
3% 9/1/12 (Assured Guaranty Corp. Insured) | 1,300 | 1,332 | ||
3% 9/1/14 (Assured Guaranty Corp. Insured) | 1,640 | 1,707 | ||
Series 2010 A: | ||||
4% 9/1/15 (FSA Insured) | 1,450 | 1,570 | ||
5% 9/1/16 (FSA Insured) | 1,685 | 1,912 | ||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B: | ||||
5% 11/15/13 | 2,465 | 2,649 | ||
5% 11/15/14 | 4,690 | 5,129 | ||
5% 11/15/15 | 2,420 | 2,684 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,348 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series K, 0% 7/1/12 (Escrowed to Maturity) (g) | 2,355 | 2,333 | ||
| 190,479 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Puerto Rico - 0.1% | ||||
Puerto Rico Govt. Dev. Bank Series 2006 B: | ||||
5% 12/1/11 | $ 1,040 | $ 1,056 | ||
5% 12/1/12 | 1,000 | 1,040 | ||
| 2,096 | |||
Rhode Island - 0.3% | ||||
Rhode Island & Providence Plantations Series 2010 A, 5% 10/1/12 | 2,250 | 2,373 | ||
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A: | ||||
5% 6/15/15 (Assured Guaranty Corp. Insured) | 2,010 | 2,250 | ||
5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 7,482 | ||
| 12,105 | |||
South Carolina - 0.1% | ||||
South Carolina Jobs-Econ. Dev. Auth. (Anmed Health Proj.) Series 2010: | ||||
5% 2/1/16 | 2,000 | 2,204 | ||
5% 2/1/17 | 2,300 | 2,516 | ||
| 4,720 | |||
South Dakota - 0.1% | ||||
South Dakota Health & Edl. Facilities Auth. Rev. (Reg'l. Health Proj.) Series 2010: | ||||
5% 9/1/14 | 625 | 687 | ||
5% 9/1/15 | 680 | 755 | ||
5% 9/1/16 | 500 | 554 | ||
5% 9/1/17 | 490 | 538 | ||
| 2,534 | |||
Tennessee - 0.5% | ||||
Elizabethton Health & Edl. Facilities Board Rev. (First Mtg. Prog.) Series 2000 B, 6% 7/1/11 (Escrowed to Maturity) (g) | 2,005 | 2,005 | ||
Jackson Hosp. Rev. (Jackson-Madison County Gen. Hosp. Proj.) Series 2008, 5% 4/1/13 | 1,000 | 1,053 | ||
Memphis Elec. Sys. Rev. 5% 12/1/14 | 5,000 | 5,655 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (f) | 1,730 | 1,888 | ||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | ||||
5% 7/1/16 | 1,815 | 2,039 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Tennessee - continued | ||||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: - continued | ||||
5% 7/1/17 | $ 1,100 | $ 1,236 | ||
Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2004 A, 5% 9/1/15 | 3,125 | 3,498 | ||
| 17,374 | |||
Texas - 6.1% | ||||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/15 | 2,585 | 2,942 | ||
Austin Convention Enterprises, Inc. (Convention Ctr. Proj.): | ||||
Series 2006 A, 6% 1/1/14 | 1,420 | 1,465 | ||
Series 2006 B: | ||||
6% 1/1/12 | 500 | 506 | ||
6% 1/1/13 | 1,270 | 1,304 | ||
Austin Elec. Util. Sys. Rev.: | ||||
Series 2007, 5% 11/15/11 (FSA Insured) | 4,000 | 4,068 | ||
Series A, 5% 11/15/15 | 1,000 | 1,143 | ||
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,712 | ||
Austin Wtr. & Wastewtr. Sys. Rev. Series 2009 A, 5% 11/15/15 | 2,250 | 2,591 | ||
Brownsville Independent School District Series 2005, 5% 8/15/11 | 1,430 | 1,437 | ||
Brownsville Util. Sys. Rev. Series 2008 A, 5% 9/1/15 (FSA Insured) | 2,665 | 3,045 | ||
Bryan Wtrwks. & Swr. Sys. Rev. Series 2001, 5.5% 7/1/11 (FSA Insured) | 1,500 | 1,500 | ||
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,192 | ||
Corpus Christi Independent School District 4% 8/15/14 | 10,140 | 11,036 | ||
Dallas Fort Worth Int'l. Arpt. Rev. Series 2009 A: | ||||
5% 11/1/14 | 2,500 | 2,774 | ||
5% 11/1/15 | 5,000 | 5,618 | ||
Denton County Gen. Oblig. Series 2005 A, 5% 7/15/11 (FSA Insured) | 3,065 | 3,069 | ||
Fort Worth Independent School District: | ||||
Series 2005, 5% 2/15/12 | 1,500 | 1,543 | ||
Series 2009, 5% 2/15/16 | 3,690 | 4,290 | ||
Frisco Gen. Oblig. Series 2004, 5.25% 2/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,380 | 1,529 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Grapevine Gen. Oblig.: | ||||
Series 2009 A, 5% 2/15/15 | $ 2,215 | $ 2,486 | ||
Series 2009, 5% 2/15/16 | 1,375 | 1,581 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A: | ||||
5% 11/15/12 | 1,000 | 1,056 | ||
5% 11/15/14 | 1,000 | 1,111 | ||
5% 11/15/16 | 500 | 571 | ||
Harris County Gen. Oblig. (Road Proj.) Series 2008 B: | ||||
5% 8/15/13 | 1,000 | 1,085 | ||
5% 8/15/14 | 1,075 | 1,198 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A, 5% 7/1/17 (b)(f) | 7,380 | 8,040 | ||
Series 2011 B, 3% 7/1/12 (b) | 1,540 | 1,573 | ||
Series A: | ||||
5% 7/1/15 | 2,070 | 2,336 | ||
5% 7/1/16 | 1,080 | 1,238 | ||
Houston Cmnty. College Sys. Rev. Series 2005, 5.25% 4/15/12 (FSA Insured) | 2,000 | 2,077 | ||
Houston Gen. Oblig.: | ||||
Series 2004 A, 5.25% 3/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,855 | 3,181 | ||
Series 2007 B, 5% 3/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,575 | 3,683 | ||
Series A, 5% 3/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,500 | 8,041 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 4,157 | ||
Houston Util. Sys. Rev. Series 2005 A, 5.25% 11/15/11 (FSA Insured) | 4,430 | 4,510 | ||
Humble Independent School District Series 2009, 4% 2/15/13 | 400 | 422 | ||
Katy Independent School District Series A, 5.25% 2/15/12 | 2,000 | 2,061 | ||
Keller Independent School District 5% 2/15/14 | 3,750 | 4,132 | ||
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,578 | ||
Leander Independent School District Series 2001, 6% 8/15/14 | 1,850 | 2,139 | ||
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,368 | ||
Lone Star College Sys. Gen. Oblig. Series 2010 A, 5% 8/15/22 | 2,500 | 2,584 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Lower Colorado River Auth. Rev. Series 2010: | ||||
5% 5/15/15 | $ 2,125 | $ 2,410 | ||
5% 5/15/16 | 2,360 | 2,717 | ||
5% 5/15/17 | 2,805 | 3,234 | ||
Lower Colorado River Auth. Transmission Contract Rev. (LCRA Transmission Svcs. Corp. Proj.) Series 2010, 5% 5/15/18 | 3,140 | 3,558 | ||
Lubbock Gen. Oblig. Series 2005, 5% 2/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,850 | 1,984 | ||
Magnolia Independent School District Series 2005, 8% 8/15/11 (FGIC Insured) | 1,210 | 1,219 | ||
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 2,029 | ||
North Texas Tollway Auth. Rev. Bonds Series 2008 H2, 5%, tender 1/1/13 (c) | 5,000 | 5,294 | ||
Northside Independent School District Bonds 1.5%, tender 8/1/12 (c) | 12,500 | 12,618 | ||
San Antonio Muni. Drainage Util. Sys. Rev. Series 2005, 5.25% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,545 | 1,588 | ||
San Jacinto Cmnty. College District Series 2009: | ||||
5% 2/15/15 | 2,500 | 2,802 | ||
5% 2/15/16 | 2,000 | 2,272 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 6,689 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev. (Baylor Health Care Sys. Proj.) Series 2009: | ||||
5% 11/15/11 | 1,665 | 1,692 | ||
5% 11/15/12 | 1,950 | 2,063 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. (Christus Health Proj.) Series 2008 A, 5.75% 7/1/18 (Assured Guaranty Corp. Insured) | 5,000 | 5,471 | ||
Texas Gen. Oblig.: | ||||
Series 2011 B, 2% 8/1/12 (b)(f) | 3,365 | 3,421 | ||
0% 10/1/13 | 6,500 | 6,293 | ||
Texas Muni. Pwr. Agcy. Rev. Series 2010: | ||||
4% 9/1/14 | 1,000 | 1,078 | ||
5% 9/1/15 | 835 | 947 | ||
5% 9/1/16 | 750 | 856 | ||
Texas Pub. Fin. Auth. Rev. Series 2010 A, 5% 1/1/16 | 7,865 | 9,073 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007, 5% 4/1/12 | 4,000 | 4,141 | ||
Texas Wtr. Dev. Board Rev. Series 2007 B, 5% 7/15/11 | 2,780 | 2,783 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Titus County Fresh Wtr. Supply District #1 Poll. Cont. Rev. (Southwestern Elec. Pwr. Co. Proj.) Series 2008, 4.5% 7/1/11 | $ 3,000 | $ 3,000 | ||
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,276 | ||
Travis County Gen. Oblig. 5.25% 3/1/12 | 4,125 | 4,261 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev. Series 2008, 5% 8/1/13 | 6,135 | 6,688 | ||
Univ. of North Texas Univ. Rev. Series A, 5% 4/15/14 | 1,000 | 1,104 | ||
Univ. of Texas Board of Regents Sys. Rev. Series 2003 B, 5% 8/15/33 (Pre-Refunded to 8/15/13 @ 100) (g) | 15,000 | 16,401 | ||
| 234,934 | |||
Utah - 0.3% | ||||
Salt Lake County Wtr. Conservancy District Rev. Series A: | ||||
0% 10/1/11 (AMBAC Insured) | 3,800 | 3,788 | ||
0% 10/1/12 (AMBAC Insured) | 3,800 | 3,735 | ||
0% 10/1/13 (AMBAC Insured) | 3,760 | 3,616 | ||
| 11,139 | |||
Vermont - 0.1% | ||||
Vermont Edl. & Health Bldg. Fin. Agcy. Rev. (Fletcher Allen Health Care Proj.) Series 2004 B, 5% 12/1/15 (FSA Insured) | 2,225 | 2,423 | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/15 | 5,000 | 5,447 | ||
Virginia - 0.5% | ||||
Amelia County Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) 3.375%, tender 4/1/13 (c)(f) | 5,900 | 6,030 | ||
Chesapeake Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Elec. & Pwr. Co. Proj.) Series 2008 A, 3.6%, tender 2/1/13 (c) | 1,800 | 1,836 | ||
Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 2008 B, 5.375%, tender 12/2/13 (c) | 8,000 | 8,588 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 4.05%, tender 5/1/14 (c) | 1,800 | 1,909 | ||
| 18,363 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Washington - 1.8% | ||||
Chelan County Pub. Util. District #1 Rev. Series 2004 B, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,190 | $ 1,190 | ||
Energy Northwest Elec. Rev.: | ||||
(#3 Proj.) Series 2009 A, 5% 7/1/14 | 4,000 | 4,483 | ||
Series 2012 A, 5% 7/1/19 (b) | 30,000 | 32,896 | ||
King County Highline School District # 401 Series 2009: | ||||
5% 12/1/16 | 6,350 | 7,402 | ||
5% 12/1/17 | 2,950 | 3,443 | ||
Port of Seattle Passenger Facilities Charge Rev. Series 2010 B, 5% 12/1/16 (f) | 2,500 | 2,766 | ||
Port of Seattle Rev.: | ||||
Series 2001 D, 5.75% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (f) | 3,640 | 3,800 | ||
Series 2010 C: | ||||
5% 2/1/16 (f) | 2,000 | 2,206 | ||
5% 2/1/17 (f) | 2,500 | 2,731 | ||
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,330 | ||
Spokane County Wastewtr. Sys. Rev. Series 2009 A, 5% 12/1/15 | 1,710 | 1,970 | ||
Washington Gen. Oblig. Series A, 5% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,000 | ||
Washington Health Care Facilities Auth. Rev. (MultiCare Health Sys. Proj.) Series 2010 A: | ||||
5% 8/15/13 | 2,000 | 2,127 | ||
5% 8/15/14 | 2,000 | 2,157 | ||
| 70,501 | |||
West Virginia - 0.2% | ||||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds Series 2011 A, 2%, tender 8/1/12 (c)(f) | 9,000 | 9,087 | ||
Wisconsin - 1.3% | ||||
Milwaukee County Arpt. Rev. Series 2010 B, 5% 12/1/15 (f) | 1,720 | 1,879 | ||
Wisconsin Gen. Oblig.: | ||||
Series 2005 1, 5% 5/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,325 | 7,230 | ||
Series 2009 C, 4% 5/1/14 | 3,365 | 3,661 | ||
Series 2010 1: | ||||
5% 5/1/14 | 5,750 | 6,415 | ||
5% 5/1/15 | 8,005 | 9,150 | ||
5% 5/1/16 | 10,000 | 11,642 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.) Series 2010, 5% 7/1/16 | $ 1,175 | $ 1,251 | ||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,585 | ||
(Marshfield Clinic Proj.) Series 2006 A, 5% 2/15/13 | 875 | 914 | ||
(Thedacare, Inc. Proj.) Series 2010: | ||||
4% 12/15/13 | 1,035 | 1,083 | ||
5% 12/15/15 | 1,105 | 1,216 | ||
5% 12/15/16 | 1,440 | 1,584 | ||
5% 12/15/17 | 1,540 | 1,673 | ||
(Wheaton Franciscan Healthcare Sys. Proj.): | ||||
Series 2002, 5.75% 8/15/11 | 1,000 | 1,004 | ||
Series 2006 A, 5% 8/15/11 | 1,315 | 1,327 | ||
| 51,614 | |||
TOTAL MUNICIPAL BONDS (Cost $3,327,958) | 3,421,059 |
Municipal Notes - 0.2% | |||
|
|
|
|
Florida - 0.2% | |||
Cape Coral Wtr. & Swr. Rev. BAN Series 2009, 6% 10/1/11 | 7,600 | 7,669 | |
Money Market Funds - 5.3% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.09% (d)(e) | 201,913,900 | 201,914 | |
TOTAL INVESTMENT PORTFOLIO - 94.4% (Cost $3,537,472) | 3,630,642 | ||
NET OTHER ASSETS (LIABILITIES) - 5.6% | 215,986 | ||
NET ASSETS - 100% | $ 3,846,628 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
Legend |
(a) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(g) Security collateralized by an amount sufficient to pay interest and principal. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 184 |
Other Information |
The following is a summary of the inputs used, as of June 30, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
Municipal Securities | $ 3,428,728 | $ - | $ 3,428,728 | $ - |
Money Market Funds | 201,914 | 201,914 | - | - |
Total Investments in Securities: | $ 3,630,642 | $ 201,914 | $ 3,428,728 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 33.3% |
Electric Utilities | 14.2% |
Special Tax | 12.6% |
Health Care | 10.7% |
Others* (Individually Less Than 5%) | 29.2% |
| 100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | June 30, 2011 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,335,558) | $ 3,428,728 |
|
Fidelity Central Funds (cost $201,914) | 201,914 |
|
Total Investments (cost $3,537,472) |
| $ 3,630,642 |
Cash | 266,191 | |
Receivable for fund shares sold | 4,760 | |
Interest receivable | 38,235 | |
Distributions receivable from Fidelity Central Funds | 17 | |
Other receivables | 13 | |
Total assets | 3,939,858 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 2,611 | |
Delayed delivery | 83,003 | |
Payable for fund shares redeemed | 3,649 | |
Distributions payable | 1,986 | |
Accrued management fee | 1,160 | |
Distribution and service plan fees payable | 107 | |
Other affiliated payables | 686 | |
Other payables and accrued expenses | 28 | |
Total liabilities | 93,230 | |
|
|
|
Net Assets | $ 3,846,628 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,752,193 | |
Distributions in excess of net investment income | (77) | |
Accumulated undistributed net realized gain (loss) on investments | 1,342 | |
Net unrealized appreciation (depreciation) on investments | 93,170 | |
Net Assets | $ 3,846,628 |
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, 2011 (Unaudited) | |
|
|
|
Calculation of Maximum Offering Price |
| |
Class A: | $ 10.72 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.72) | $ 11.02 | |
Class T: | $ 10.70 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.70) | $ 11.00 | |
Class B: | $ 10.72 | |
|
|
|
Class C: | $ 10.70 | |
|
|
|
Short-Intermediate Municipal Income: | $ 10.70 | |
|
|
|
Institutional Class: | $ 10.71 |
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, 2011 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 51,498 |
Income from Fidelity Central Funds |
| 184 |
Total income |
| 51,682 |
|
|
|
Expenses | ||
Management fee | $ 6,789 | |
Transfer agent fees | 1,734 | |
Distribution and service plan fees | 633 | |
Accounting fees and expenses | 303 | |
Custodian fees and expenses | 21 | |
Independent trustees' compensation | 7 | |
Registration fees | 115 | |
Audit | 25 | |
Legal | 5 | |
Miscellaneous | 25 | |
Total expenses before reductions | 9,657 | |
Expense reductions | (49) | 9,608 |
Net investment income (loss) | 42,074 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 1,357 |
Change in net unrealized appreciation (depreciation) on investment securities | 33,416 | |
Net gain (loss) | 34,773 | |
Net increase (decrease) in net assets resulting from operations | $ 76,847 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended June 30, 2011 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 42,074 | $ 87,857 |
Net realized gain (loss) | 1,357 | 4,561 |
Change in net unrealized appreciation (depreciation) | 33,416 | (16,570) |
Net increase (decrease) in net assets resulting | 76,847 | 75,848 |
Distributions to shareholders from net investment income | (42,072) | (87,839) |
Distributions to shareholders from net realized gain | (696) | (1,494) |
Total distributions | (42,768) | (89,333) |
Share transactions - net increase (decrease) | (89,420) | 419,774 |
Redemption fees | 22 | 105 |
Total increase (decrease) in net assets | (55,319) | 406,394 |
|
|
|
Net Assets | ||
Beginning of period | 3,901,947 | 3,495,553 |
End of period (including distributions in excess of net investment income of $77 and distributions in excess of net investment income of $79, respectively) | $ 3,846,628 | $ 3,901,947 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.62 | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 | $ 10.21 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .107 | .209 | .254 | .298 | .302 | .292 |
Net realized and unrealized gain (loss) | .102 | (.016) | .294 | .021 | .118 | (.001) |
Total from investment operations | .209 | .193 | .548 | .319 | .420 | .291 |
Distributions from net investment income | (.107) | (.209) | (.258) | (.300) | (.300) | (.291) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.109) | (.213) | (.258) | (.300) | (.300) | (.291) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.72 | $ 10.62 | $ 10.64 | $ 10.35 | $ 10.33 | $ 10.21 |
Total Return B, C, D | 1.98% | 1.81% | 5.34% | 3.13% | 4.19% | 2.89% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .77% A | .78% | .79% | .75% | .71% | .65% |
Expenses net of fee waivers, if any | .77% A | .78% | .78% | .75% | .71% | .65% |
Expenses net of all reductions | .77% A | .77% | .78% | .72% | .64% | .56% |
Net investment income (loss) | 2.03% A | 1.95% | 2.41% | 2.90% | 2.95% | 2.86% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 210 | $ 200 | $ 169 | $ 58 | $ 12 | $ 10 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class T
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .107 | .211 | .255 | .300 | .297 | .281 |
Net realized and unrealized gain (loss) | .102 | (.026) | .294 | .029 | .120 | (.011) |
Total from investment operations | .209 | .185 | .549 | .329 | .417 | .270 |
Distributions from net investment income | (.107) | (.211) | (.259) | (.300) | (.297) | (.280) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.109) | (.215) | (.259) | (.300) | (.297) | (.280) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.70 | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 |
Total Return B, C, D | 1.99% | 1.74% | 5.36% | 3.24% | 4.17% | 2.69% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .76% A | .76% | .77% | .74% | .74% | .75% |
Expenses net of fee waivers, if any | .76% A | .76% | .77% | .74% | .74% | .75% |
Expenses net of all reductions | .76% A | .75% | .77% | .72% | .69% | .66% |
Net investment income (loss) | 2.04% A | 1.97% | 2.42% | 2.90% | 2.91% | 2.76% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 25 | $ 24 | $ 23 | $ 15 | $ 10 | $ 13 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class B
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.61 | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 | $ 10.21 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .073 | .139 | .186 | .230 | .228 | .215 |
Net realized and unrealized gain (loss) | .111 | (.026) | .293 | .029 | .121 | (.012) |
Total from investment operations | .184 | .113 | .479 | .259 | .349 | .203 |
Distributions from net investment income | (.072) | (.139) | (.189) | (.230) | (.229) | (.213) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.074) | (.143) | (.189) | (.230) | (.229) | (.213) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.72 | $ 10.61 | $ 10.64 | $ 10.35 | $ 10.32 | $ 10.20 |
Total Return B, C, D | 1.74% | 1.06% | 4.66% | 2.54% | 3.47% | 2.02% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.44% A | 1.44% | 1.46% | 1.43% | 1.41% | 1.41% |
Expenses net of fee waivers, if any | 1.42% A | 1.43% | 1.43% | 1.43% | 1.41% | 1.41% |
Expenses net of all reductions | 1.42% A | 1.42% | 1.43% | 1.40% | 1.36% | 1.31% |
Net investment income (loss) | 1.37% A | 1.30% | 1.77% | 2.22% | 2.23% | 2.11% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 2 | $ 2 | $ 3 | $ 2 | $ 1 | $ 2 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class C
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.60 | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .067 | .129 | .175 | .220 | .219 | .204 |
Net realized and unrealized gain (loss) | .102 | (.026) | .303 | .020 | .120 | (.011) |
Total from investment operations | .169 | .103 | .478 | .240 | .339 | .193 |
Distributions from net investment income | (.067) | (.129) | (.178) | (.221) | (.219) | (.203) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.069) | (.133) | (.178) | (.221) | (.219) | (.203) |
Redemption fees added to paid in capital E | - I | - I | - I | .001 | - I | - I |
Net asset value, end of period | $ 10.70 | $ 10.60 | $ 10.63 | $ 10.33 | $ 10.31 | $ 10.19 |
Total Return B, C, D | 1.60% | .96% | 4.66% | 2.35% | 3.37% | 1.92% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.54% A | 1.52% | 1.53% | 1.50% | 1.51% | 1.51% |
Expenses net of fee waivers, if any | 1.53% A | 1.52% | 1.53% | 1.50% | 1.51% | 1.51% |
Expenses net of all reductions | 1.53% A | 1.52% | 1.53% | 1.48% | 1.45% | 1.41% |
Net investment income (loss) | 1.27% A | 1.20% | 1.67% | 2.14% | 2.14% | 2.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 70 | $ 77 | $ 56 | $ 20 | $ 6 | $ 7 |
Portfolio turnover rate G | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. I Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Short-Intermediate Municipal Income
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 | $ 10.20 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .122 | .240 | .284 | .326 | .323 | .307 |
Net realized and unrealized gain (loss) | .102 | (.026) | .293 | .029 | .120 | (.010) |
Total from investment operations | .224 | .214 | .577 | .355 | .443 | .297 |
Distributions from net investment income | (.122) | (.240) | (.287) | (.326) | (.323) | (.307) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.124) | (.244) | (.287) | (.326) | (.323) | (.307) |
Redemption fees added to paid in capital D | - H | - H | - H | .001 | - H | - H |
Net asset value, end of period | $ 10.70 | $ 10.60 | $ 10.63 | $ 10.34 | $ 10.31 | $ 10.19 |
Total Return B, C | 2.13% | 2.02% | 5.64% | 3.50% | 4.43% | 2.95% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .48% A | .48% | .50% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .48% A | .48% | .50% | .49% | .49% | .49% |
Expenses net of all reductions | .48% A | .48% | .50% | .47% | .43% | .41% |
Net investment income (loss) | 2.31% A | 2.24% | 2.69% | 3.15% | 3.17% | 3.01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,395 | $ 3,456 | $ 3,153 | $ 1,870 | $ 1,650 | $ 1,485 |
Portfolio turnover rate F | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
Selected Per-Share Data |
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Net asset value, beginning of period | $ 10.61 | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 | $ 10.20 |
Income from Investment Operations |
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Net investment income (loss) D | .120 | .235 | .281 | .321 | .320 | .306 |
Net realized and unrealized gain (loss) | .102 | (.015) | .293 | .022 | .120 | - H |
Total from investment operations | .222 | .220 | .574 | .343 | .440 | .306 |
Distributions from net investment income | (.120) | (.236) | (.284) | (.324) | (.320) | (.306) |
Distributions from net realized gain | (.002) | (.004) | - | - | - | - |
Total distributions | (.122) | (.240) | (.284) | (.324) | (.320) | (.306) |
Redemption fees added to paid in capital D | - H | - H | - H | .001 | - H | - H |
Net asset value, end of period | $ 10.71 | $ 10.61 | $ 10.63 | $ 10.34 | $ 10.32 | $ 10.20 |
Total Return B, C | 2.10% | 2.07% | 5.61% | 3.38% | 4.39% | 3.05% |
Ratios to Average Net Assets E, G |
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Expenses before reductions | .53% A | .53% | .55% | .51% | .52% | .50% |
Expenses net of fee waivers, if any | .52% A | .53% | .53% | .51% | .52% | .50% |
Expenses net of all reductions | .52% A | .52% | .53% | .49% | .45% | .41% |
Net investment income (loss) | 2.28% A | 2.20% | 2.66% | 3.13% | 3.14% | 3.01% |
Supplemental Data |
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Net assets, end of period (in millions) | $ 144 | $ 142 | $ 92 | $ 32 | $ 5 | $ 3 |
Portfolio turnover rate F | 23% A | 15% | 8% | 20% | 23% | 28% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown. D Calculated based on average shares outstanding during the period. E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2011 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity Short-Intermediate Municipal Income Fund (the Fund) is a fund of Fidelity Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 C, Short-Intermediate Municipal Income and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments, by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of four years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, are available on the SEC web site or upon request.
Semiannual Report
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of June 30, 2011, for the Fund's investments, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Significant Accounting Policies - continued
Security Valuation - continued
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to market discount, deferred trustees compensation and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ 96,657 |
Gross unrealized depreciation | (3,487) |
Net unrealized appreciation (depreciation) on securities and other investments | $ 93,170 |
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Tax cost | $ 3,537,472 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be December 31, 2011.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to .50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $379,859 and $399,236, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Distribution and Service Plan Fees. 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, total fees and amounts retained by FDC were as follows:
| Distribution | Service | Total Fees | Retained |
Class A | -% | .25% | $ 237 | $ 38 |
Class T | -% | .25% | 28 | -* |
Class B | .65% | .25% | 10 | 7 |
Class C | .75% | .25% | 358 | 118 |
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| $ 633 | $ 163 |
* Amount represents two hundred twelve dollars.
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
Sales Load. FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 3% to 1% for Class B, 1% for Class C,.75% or .50% for certain purchases of Class A shares (75% prior to February 18, 2011) and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 32 |
Class T | 1 |
Class B* | 3 |
Class C* | 17 |
| $ 53 |
* 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 servicing agent for the Fund's Class A, Class T, Class B, Class C, Short-Intermediate Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount | % of |
Class A | $ 115 | .12 |
Class T | 12 | .11 |
Class B | 2 | .14 |
Class C | 50 | .14 |
Short-Intermediate Municipal Income | 1,464 | .09 |
Institutional Class | 91 | .13 |
| $ 1,734 |
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* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
7. Committed Line of Credit.
The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $7 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense | Reimbursement |
Class A | .78% | $ 1 |
Class T | .78% | -* |
Class B | 1.43% | -* |
Class C | 1.53% | 6 |
Institutional Class | .53% | 4 |
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| $ 11 |
* Amount of reimbursement for Class T totaled twenty-three dollars; Class B totaled one hundred seventy-five dollars
** Effective March 1, 2011 the expense limitations were eliminated.
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $19 and $19, respectively.
Semiannual Report
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended | Year ended | |
From net investment income |
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Class A | $ 1,908 | $ 4,283 |
Class T | 227 | 469 |
Class B | 15 | 37 |
Class C | 452 | 856 |
Short-Intermediate Municipal Income | 37,924 | 79,576 |
Institutional Class | 1,546 | 2,618 |
Total | $ 42,072 | $ 87,839 |
From net realized gain |
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Class A | $ 35 | $ 83 |
Class T | 4 | 9 |
Class B | -* | 1 |
Class C | 14 | 29 |
Short-Intermediate Municipal Income | 618 | 1,318 |
Institutional Class | 25 | 54 |
Total | $ 696 | $ 1,494 |
* Amount represents four hundred forty-three dollars.
10. Share Transactions.
Transactions for each class of shares were as follows:
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class A |
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Shares sold | 6,018 | 15,494 | $ 64,177 | $ 165,921 |
Reinvestment of distributions | 127 | 294 | 1,348 | 3,153 |
Shares redeemed | (5,359) | (12,806) | (56,911) | (137,046) |
Net increase (decrease) | 786 | 2,982 | $ 8,614 | $ 32,028 |
Class T |
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Shares sold | 492 | 579 | $ 5,252 | $ 6,203 |
Reinvestment of distributions | 17 | 32 | 178 | 346 |
Shares redeemed | (490) | (500) | (5,190) | (5,341) |
Net increase (decrease) | 19 | 111 | $ 240 | $ 1,208 |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
10. Share Transactions - continued
| Shares | Dollars | ||
| Six months ended | Year ended | Six months ended | Year ended |
Class B |
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Shares sold | 7 | 66 | $ 68 | $ 702 |
Reinvestment of distributions | 1 | 2 | 10 | 26 |
Shares redeemed | (48) | (117) | (511) | (1,248) |
Net increase (decrease) | (40) | (49) | $ (433) | $ (520) |
Class C |
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Shares sold | 794 | 3,620 | $ 8,434 | $ 38,700 |
Reinvestment of distributions | 32 | 60 | 338 | 637 |
Shares redeemed | (1,537) | (1,682) | (16,301) | (17,979) |
Net increase (decrease) | (711) | 1,998 | $ (7,529) | $ 21,358 |
Short-Intermediate Municipal Income |
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Shares sold | 61,025 | 146,127 | $ 648,420 | $ 1,562,445 |
Reinvestment of distributions | 2,626 | 5,652 | 27,897 | 60,463 |
Shares redeemed | (72,455) | (122,431) | (768,011) | (1,307,777) |
Net increase (decrease) | (8,804) | 29,348 | $ (91,694) | $ 315,131 |
Institutional Class |
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Shares sold | 4,373 | 11,870 | $ 46,463 | $ 126,978 |
Reinvestment of distributions | 55 | 94 | 583 | 1,007 |
Shares redeemed | (4,307) | (7,242) | (45,664) | (77,416) |
Net increase (decrease) | 121 | 4,722 | $ 1,382 | $ 50,569 |
11. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
ASTMI-USAN-0811
1.803550.107
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Municipal Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Municipal Trust
By: | /s/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
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Date: | August 31, 2011 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
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Date: | August 31, 2011 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
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Date: | August 31, 2011 |