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)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.,
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | December 31 |
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Date of reporting period: | June 30, 2015 |
Item 1. Reports to Stockholders
Fidelity®
Limited Term
Municipal Income Fund
Semiannual Report
June 30, 2015
(Fidelity Cover Art)
Contents
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. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to June 30, 2015).
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. 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 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. 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 |
Class A | .82% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.30 | $ 4.06 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.73 | $ 4.11 |
Class T | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.50 | $ 3.87 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class B | 1.40% |
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|
|
Actual |
| $ 1,000.00 | $ 994.50 | $ 6.92 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Class C | 1.56% |
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|
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Actual |
| $ 1,000.00 | $ 994.60 | $ 7.72 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.06 | $ 7.80 |
Limited Term Municipal Income | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 999.90 | $ 2.43 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.36 | $ 2.46 |
Institutional Class | .56% |
|
|
|
Actual |
| $ 1,000.00 | $ 999.60 | $ 2.78 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.02 | $ 2.81 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 | ||
| % of fund's | % of fund's net assets |
Florida | 10.9 | 9.0 |
New York | 9.8 | 10.6 |
Texas | 8.7 | 7.3 |
Illinois | 8.5 | 8.6 |
California | 8.4 | 8.6 |
Top Five Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
General Obligations | 40.4 | 38.1 |
Electric Utilities | 10.7 | 12.5 |
Transportation | 10.1 | 9.9 |
Health Care | 8.8 | 8.7 |
Special Tax | 7.8 | 9.4 |
Weighted Average Maturity as of June 30, 2015 | ||
|
| 6 months ago |
Years | 3.3 | 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 market 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, 2015 | ||
|
| 6 months ago |
Years | 2.8 | 2.7 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | AAA 10.0% |
| ![]() | AAA 9.2% |
| ||
![]() | AA,A 70.7% |
| ![]() | AA,A 76.0% |
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![]() | BBB 7.3% |
| ![]() | BBB 6.4% |
| ||
![]() | BB and Below 0.5% |
| ![]() | BB and Below 0.0% |
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![]() | Not Rated 1.9% |
| ![]() | Not Rated 1.6% |
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![]() | 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, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 90.4% | ||||
| Principal Amount (000s) | Value (000s) | ||
Alaska - 0.6% | ||||
Anchorage Gen. Oblig.: | ||||
Series A: | ||||
5% 9/1/20 | $ 1,090 | $ 1,275 | ||
5% 9/1/22 | 1,200 | 1,433 | ||
Series B: | ||||
5% 9/1/18 | 3,685 | 4,136 | ||
5% 9/1/20 | 2,000 | 2,339 | ||
5% 9/1/22 | 1,425 | 1,701 | ||
Series C: | ||||
5% 9/1/18 | 1,000 | 1,123 | ||
5% 9/1/19 | 2,150 | 2,470 | ||
5% 9/1/20 | 1,260 | 1,474 | ||
5% 9/1/22 | 1,000 | 1,194 | ||
Series D: | ||||
5% 9/1/19 | 3,895 | 4,474 | ||
5% 9/1/20 | 2,000 | 2,339 | ||
| 23,958 | |||
Arizona - 2.3% | ||||
Arizona Ctfs. of Prtn. Series 2010 A, 5% 10/1/16 (FSA Insured) | 13,000 | 13,690 | ||
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | ||||
5% 12/1/18 | 500 | 557 | ||
5% 12/1/19 | 600 | 681 | ||
5% 12/1/20 | 820 | 942 | ||
5% 12/1/21 | 1,105 | 1,277 | ||
5% 12/1/22 | 800 | 927 | ||
5% 12/1/23 | 1,000 | 1,167 | ||
5% 12/1/24 | 1,500 | 1,758 | ||
Arizona School Facilities Board Ctfs. of Prtn.: | ||||
Series 2005 A2, 5% 9/1/16 (Pre-Refunded to 9/1/15 @ 100) | 11,000 | 11,082 | ||
Series 2008, 5.5% 9/1/16 | 1,385 | 1,462 | ||
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series | ||||
5% 10/1/18 | 1,000 | 1,125 | ||
5% 10/1/20 (Pre-Refunded to 10/1/19 @ 100) | 5,180 | 5,981 | ||
Glendale Gen. Oblig. Series 2015: | ||||
4% 7/1/19 (FSA Insured) | 600 | 652 | ||
5% 7/1/22 (FSA Insured) | 1,000 | 1,159 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Arizona - continued | ||||
Glendale Trans. Excise Tax Rev.: | ||||
5% 7/1/21 (FSA Insured) | $ 750 | $ 875 | ||
5% 7/1/22 (FSA Insured) | 1,170 | 1,370 | ||
5% 7/1/23 (FSA Insured) | 1,395 | 1,643 | ||
Maricopa County School District #28 Kyrene Elementary Series 2010 B: | ||||
1% 7/1/19 (a) | 900 | 985 | ||
1% 7/1/20 (a) | 1,360 | 1,502 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.: | ||||
Series 2009 A, 5% 7/1/15 | 5,835 | 5,835 | ||
Series 2009 B, 5% 7/1/16 | 5,090 | 5,322 | ||
Pima County Ctfs. of Prtn. Series 2014: | ||||
5% 12/1/21 | 2,210 | 2,548 | ||
5% 12/1/22 | 2,470 | 2,861 | ||
5% 12/1/23 | 3,425 | 4,000 | ||
Pima County Swr. Sys. Rev.: | ||||
Series 2011 B, 5% 7/1/19 | 3,225 | 3,684 | ||
Series 2012 A: | ||||
5% 7/1/18 | 825 | 917 | ||
5% 7/1/19 | 1,550 | 1,771 | ||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2009 A, 5% 1/1/26 | 500 | 562 | ||
Tucson Gen. Oblig. Series 2005, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250 | 1,250 | ||
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2011: | ||||
5% 7/1/16 (Escrowed to Maturity) | 3,055 | 3,192 | ||
5% 7/1/17 (Escrowed to Maturity) | 3,315 | 3,590 | ||
5% 7/1/18 (Escrowed to Maturity) | 3,365 | 3,752 | ||
| 88,119 | |||
California - 8.4% | ||||
Alameda Corridor Trans. Auth. Rev.: | ||||
Series 2004 A, 0% 10/1/19 | 3,600 | 3,204 | ||
Series 2013 A, 5% 10/1/22 | 2,190 | 2,605 | ||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds 1.5%, tender 4/2/18 (d) | 5,200 | 5,216 | ||
California Gen. Oblig.: | ||||
Bonds 3%, tender 12/1/19 (d) | 15,600 | 16,532 | ||
5% 9/1/18 | 7,500 | 8,419 | ||
5% 9/1/19 | 20,000 | 23,034 | ||
5% 9/1/20 | 20,000 | 23,415 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.) Series 2008 H, 5.125% 7/1/22 (Pre-Refunded to 7/1/15 @ 100) | $ 1,005 | $ 1,005 | ||
Bonds (Children's Hosp. of Orange County Proj.) Series 2012 A, 1.87%, tender 7/1/17 (d) | 4,000 | 4,046 | ||
California Infra Eco Dev. Bank Rev. Bonds Series | ||||
0.35%, tender 4/1/16 (d) | 17,000 | 16,999 | ||
0.35%, tender 4/1/16 (d) | 30,000 | 30,000 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2010 A, 0.5%, tender 8/3/15 (b)(d)(e) | 18,100 | 18,100 | ||
California Pub. Works Board Lease Rev.: | ||||
(Dept. of Corrections & Rehab. Proj.) Series 2011 C, 5% 10/1/18 | 1,750 | 1,962 | ||
(Riverside Campus Proj.) Series 2012 H, 5% 4/1/22 | 1,000 | 1,182 | ||
(Univ. Proj.) Series 2011 B: | ||||
5% 10/1/18 | 2,740 | 3,079 | ||
5% 10/1/19 | 1,490 | 1,718 | ||
(Various Cap. Projs.): | ||||
Series 2011 A: | ||||
5% 10/1/18 | 6,475 | 7,258 | ||
5% 10/1/19 | 5,000 | 5,747 | ||
5% 10/1/20 | 2,525 | 2,950 | ||
Series 2012 A, 5% 4/1/21 | 1,000 | 1,174 | ||
Series 2012 G, 5% 11/1/22 | 1,250 | 1,488 | ||
(Various Judicial Council Projects) Series 2011 D, 5% 12/1/19 | 4,100 | 4,728 | ||
Series 2009 J, 5% 11/1/17 | 2,300 | 2,516 | ||
Series 2010 A: | ||||
5% 3/1/16 | 2,000 | 2,061 | ||
5% 3/1/17 | 5,405 | 5,790 | ||
California Statewide Cmntys. Dev. Auth. Rev. Bonds: | ||||
Series 2002 C, 5%, tender 5/1/17 (d) | 4,000 | 4,304 | ||
Series 2009 E2, 5%, tender 5/1/17 (d) | 2,000 | 2,152 | ||
Contra Costa Trans. Auth. Sales Tax Rev. Bonds Series 2012 A, 0.493%, tender 12/12/15 (d) | 12,500 | 12,498 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2013 A, 4% 6/1/21 | 3,500 | 3,878 | ||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series 2013 A, 5% 7/1/19 | 4,400 | 5,054 | ||
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2010 A, 5% 8/1/17 | 5,000 | 5,434 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Los Angeles Gen. Oblig. Series 2011 B, 5% 9/1/18 | $ 20,960 | $ 23,521 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C: | ||||
4.625% 3/1/18 | 1,500 | 1,641 | ||
5% 3/1/19 | 2,935 | 3,330 | ||
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series 2010 A: | ||||
5% 12/1/16 | 2,025 | 2,144 | ||
5% 12/1/17 | 9,790 | 10,730 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,308 | ||
Northern California Pwr. Agcy. Rev.: | ||||
(Geothermal #3 Proj.) Series 2009 A, 5% 7/1/15 | 2,170 | 2,170 | ||
(Hydroelectric #1 Proj.) Series 2010 A: | ||||
4% 7/1/15 | 2,000 | 2,000 | ||
5% 7/1/18 | 2,000 | 2,226 | ||
Oakland Unified School District Alameda County Series 2013, 5.5% 8/1/23 | 1,000 | 1,176 | ||
Port of Oakland Rev. Series 2012 P, 5% 5/1/21 (e) | 2,500 | 2,904 | ||
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.): | ||||
5% 9/1/23 (FSA Insured) | 1,350 | 1,611 | ||
5% 9/1/24 (FSA Insured) | 2,300 | 2,766 | ||
Riverside County Asset Leasing Rev. (Riverside Cap. Proj.) Series 2012 A: | ||||
4% 6/1/17 | 1,750 | 1,854 | ||
5% 6/1/17 | 3,700 | 3,991 | ||
5% 6/1/18 | 6,470 | 7,109 | ||
Sacramento Muni. Util. District Elec. Rev. Series 2011 X, 5% 8/15/21 | 4,000 | 4,752 | ||
Sacramento Pwr. Auth. Cogeneration Proj. Rev. Series 2005 A, 5% 7/1/18 (AMBAC Insured) | 2,890 | 2,890 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | ||||
5% 8/1/16 | 5,450 | 5,698 | ||
5% 8/1/18 | 8,000 | 8,779 | ||
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 1,150 | ||
San Pablo Calif Redev. Agcy. Series 2014 A, 5% 6/15/24 (FSA Insured) | 1,380 | 1,641 | ||
Stockton Unified School District Gen. Oblig. 5% 7/1/18 (FSA Insured) | 1,035 | 1,142 | ||
| 325,081 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Colorado - 0.3% | ||||
Colorado Health Facilities Auth. Rev. Bonds (Catholic Health Initiatives Proj.) Series 2008 C4, 4%, tender 11/12/15 (d) | $ 4,200 | $ 4,253 | ||
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2014 A, 5% 6/1/23 | 3,860 | 4,563 | ||
E-470 Pub. Hwy. Auth. Rev. Series 2015 A: | ||||
5% 9/1/19 | 1,000 | 1,118 | ||
5% 9/1/20 | 1,000 | 1,132 | ||
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 541 | ||
| 11,607 | |||
Connecticut - 2.0% | ||||
Connecticut Gen. Oblig.: | ||||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/16 | 2,700 | 2,763 | ||
Series 2012 C, 5% 6/1/21 | 23,420 | 27,242 | ||
Series 2012 D, 0.36% 9/15/15 (d) | 6,000 | 6,003 | ||
Series 2013 A: | ||||
0.3% 3/1/16 (d) | 1,100 | 1,101 | ||
0.41% 3/1/17 (d) | 1,400 | 1,402 | ||
Series 2014 C, 5% 12/15/16 | 16,070 | 17,086 | ||
Series 2014 D, 2% 6/15/16 | 3,400 | 3,453 | ||
Connecticut Health & Edl. Facilities Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 1998 B, 1.55%, tender 2/1/17 (d) | 2,860 | 2,903 | ||
Connecticut Hsg. Fin. Auth. Series 2013 B2, 4% 11/15/32 | 7,225 | 7,673 | ||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2011 A, 5% 12/1/18 | 5,575 | 6,265 | ||
New Haven Gen. Oblig. Series 2013 A, 5% 8/1/15 | 1,000 | 1,004 | ||
| 76,895 | |||
Delaware, New Jersey - 0.1% | ||||
Delaware River & Bay Auth. Rev. Series 2014 C: | ||||
5% 1/1/20 | 2,500 | 2,860 | ||
5% 1/1/21 | 2,000 | 2,317 | ||
| 5,177 | |||
District Of Columbia - 0.4% | ||||
District of Columbia Gen. Oblig. Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 3,703 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
District Of Columbia - continued | ||||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/15 (FSA Insured) | $ 1,500 | $ 1,508 | ||
District of Columbia Univ. Rev. Bonds (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (d) | 8,500 | 9,229 | ||
| 14,440 | |||
Florida - 10.9% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hospitals & Clinics, Inc. Proj.) Series 2010 B, 5% 12/1/15 | 4,395 | 4,476 | ||
Brevard County School Board Ctfs. of Prtn.: | ||||
Series 2014, 5% 7/1/21 | 1,000 | 1,165 | ||
Series 2015 C: | ||||
5% 7/1/21 | 650 | 757 | ||
5% 7/1/22 | 3,725 | 4,352 | ||
5% 7/1/23 | 3,000 | 3,526 | ||
Broward County Arpt. Sys. Rev. Series 2012 Q1, 5% 10/1/21 | 1,000 | 1,161 | ||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2008 A, 5% 7/1/15 (FSA Insured) | 5,495 | 5,495 | ||
Series 2012 A: | ||||
5% 7/1/19 | 7,000 | 7,924 | ||
5% 7/1/20 | 15,070 | 17,313 | ||
Series 2015 A: | ||||
5% 7/1/19 | 2,000 | 2,264 | ||
5% 7/1/20 | 4,000 | 4,595 | ||
5% 7/1/21 | 4,500 | 5,214 | ||
5% 7/1/22 | 3,500 | 4,067 | ||
5% 7/1/23 | 2,750 | 3,212 | ||
5% 7/1/24 | 1,320 | 1,546 | ||
Series 2015 B: | ||||
5% 7/1/19 | 2,000 | 2,264 | ||
5% 7/1/20 | 3,000 | 3,447 | ||
5% 7/1/21 | 6,235 | 7,224 | ||
5% 7/1/22 | 1,275 | 1,482 | ||
5% 7/1/23 | 2,750 | 3,212 | ||
5% 7/1/24 | 1,145 | 1,341 | ||
Clay County Infrastructure Sales Surtax Rev. 5% 10/1/15 (Assured Guaranty Corp. Insured) | 7,745 | 7,833 | ||
Clearwater Wtr. and Swr. Rev. Series 2011: | ||||
4% 12/1/16 | 1,265 | 1,325 | ||
5% 12/1/17 | 1,685 | 1,847 | ||
5% 12/1/18 | 685 | 772 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Clearwater Wtr. and Swr. Rev. Series 2011: - continued | ||||
5% 12/1/19 | $ 1,820 | $ 2,101 | ||
5% 12/1/20 | 1,000 | 1,167 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011: | ||||
5% 10/1/16 | 1,530 | 1,602 | ||
5% 10/1/17 | 1,455 | 1,563 | ||
Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20 | 8,600 | 10,005 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2009 C: | ||||
5% 6/1/16 | 3,000 | 3,126 | ||
5% 6/1/20 | 3,625 | 4,146 | ||
Series 2012 C, 5% 6/1/16 | 3,585 | 3,736 | ||
Florida Dept. of Envir. Protection Rev. Series 2012 A, 5% 7/1/19 | 15,800 | 17,873 | ||
Florida Dev. Fin. Corp. Healthcare Facility Rev. (Univ. Health Proj.) Series 2013 A: | ||||
5% 2/1/17 | 700 | 732 | ||
5% 2/1/18 | 1,790 | 1,908 | ||
5% 2/1/19 | 1,450 | 1,569 | ||
5% 2/1/20 | 2,025 | 2,210 | ||
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Series 2010 A, 5% 7/1/15 (Escrowed to Maturity) | 20,010 | 20,010 | ||
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A: | ||||
5% 10/1/21 | 1,030 | 1,164 | ||
5% 10/1/22 | 2,000 | 2,271 | ||
5% 10/1/23 | 1,270 | 1,444 | ||
5% 10/1/24 | 2,000 | 2,267 | ||
5% 10/1/25 | 1,750 | 1,981 | ||
5% 10/1/26 | 2,000 | 2,229 | ||
Florida Muni. Pwr. Agcy. Rev. (Stanton II Proj.) Series 2012 A, 5% 10/1/18 | 2,850 | 3,183 | ||
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2011 C: | ||||
5% 10/1/19 | 1,705 | 1,966 | ||
5% 10/1/20 | 1,000 | 1,172 | ||
Halifax Hosp. Med. Ctr. Rev. 5% 6/1/23 | 1,325 | 1,515 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.) Series 2009 E, 5% 11/15/15 | 2,345 | 2,385 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Indian River County School Board Ctfs. of Prtn. Series 2014: | ||||
5% 7/1/20 | $ 935 | $ 1,073 | ||
5% 7/1/22 | 2,000 | 2,321 | ||
5% 7/1/23 | 2,000 | 2,332 | ||
Indian River County Wtr. & Swr. Rev.: | ||||
5% 9/1/15 | 1,000 | 1,008 | ||
5% 9/1/17 | 1,000 | 1,071 | ||
JEA Wtr. & Swr. Sys. Rev. Series 2010 D, 5% 10/1/21 | 1,945 | 2,243 | ||
Kissimmee Util. Auth. Elec. Sys. Rev. Series 2003, 5.25% 10/1/15 | 3,525 | 3,566 | ||
Manatee County Rev. Series 2013: | ||||
5% 10/1/19 | 1,250 | 1,433 | ||
5% 10/1/20 | 2,000 | 2,330 | ||
5% 10/1/21 | 2,000 | 2,350 | ||
5% 10/1/22 | 1,000 | 1,180 | ||
Miami Beach Health Facilities Auth. Hosp. Rev. (Mount Sinai Med. Ctr. of Florida Proj.) Series 2012: | ||||
5% 11/15/21 | 1,000 | 1,154 | ||
5% 11/15/22 | 485 | 562 | ||
Miami-Dade County Expressway Auth.: | ||||
(Waste Mgmt., Inc. of Florida Proj.): | ||||
Series 2013, 5% 7/1/19 | 2,000 | 2,275 | ||
5% 7/1/20 | 1,000 | 1,156 | ||
5% 7/1/21 | 2,000 | 2,334 | ||
5% 7/1/22 | 2,000 | 2,345 | ||
5% 7/1/23 | 2,000 | 2,334 | ||
Series 2014 A, 5% 7/1/24 | 625 | 737 | ||
Series 2014 B: | ||||
5% 7/1/22 | 1,500 | 1,758 | ||
5% 7/1/23 | 3,250 | 3,825 | ||
Miami-Dade County Gen. Oblig. (Parks Prog.) Series 2015 A, 5% 11/1/22 | 3,880 | 4,602 | ||
Miami-Dade County Pub. Facilities Rev. (Jackson Health Sys. Proj.) Series 2005 B, 5% 6/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,875 | 3,887 | ||
Miami-Dade County School Board Ctfs. of Prtn.: | ||||
Series 2014 D: | ||||
5% 11/1/20 | 4,875 | 5,639 | ||
5% 11/1/21 | 6,275 | 7,334 | ||
5% 11/1/22 | 2,915 | 3,410 | ||
5% 11/1/23 | 7,650 | 9,009 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Miami-Dade County School Board Ctfs. of Prtn.: - continued | ||||
Series 2015 A: | ||||
5% 5/1/19 | $ 1,000 | $ 1,133 | ||
5% 5/1/20 | 2,095 | 2,409 | ||
5% 5/1/21 | 4,000 | 4,644 | ||
5% 5/1/22 | 3,720 | 4,333 | ||
5% 5/1/23 | 6,500 | 7,632 | ||
Series 2015 B, 5% 5/1/24 (c) | 29,560 | 34,451 | ||
Series 2016 A, 5% 8/1/27 (c) | 5,560 | 6,169 | ||
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/19 | 1,250 | 1,425 | ||
Orange County Health Facilities Auth.: | ||||
(Orlando Health, Inc.) Series 2009: | ||||
5% 10/1/15 | 2,210 | 2,234 | ||
5% 10/1/16 | 1,325 | 1,394 | ||
Series 2009, 5.25% 10/1/19 | 1,245 | 1,412 | ||
Orange County Health Facilities Auth. Rev. (Orlando Reg'l. Healthcare Sys. Proj.) Series 2008 A, 5% 11/1/15 (FSA Insured) | 1,825 | 1,852 | ||
Orlando & Orange County Expressway Auth. Rev.: | ||||
Series 2010 B, 5% 7/1/15 (FSA Insured) | 1,430 | 1,430 | ||
Series 2012, 5% 7/1/19 | 1,000 | 1,139 | ||
Orlando Utils. Commission Util. Sys. Rev.: | ||||
Series 2009 C, 5% 10/1/17 | 1,500 | 1,640 | ||
Series 2010 C, 5% 10/1/17 | 1,895 | 2,071 | ||
Series 2011 B: | ||||
5% 10/1/18 | 2,250 | 2,531 | ||
5% 10/1/19 | 2,325 | 2,680 | ||
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | ||||
4% 12/1/19 | 1,000 | 1,088 | ||
5% 12/1/20 | 880 | 1,001 | ||
5% 12/1/21 | 1,100 | 1,253 | ||
Palm Beach County School Board Ctfs. of Prtn.: | ||||
Series 2014 B: | ||||
4% 8/1/19 | 4,000 | 4,367 | ||
4% 8/1/21 | 4,040 | 4,451 | ||
5% 8/1/19 | 3,000 | 3,399 | ||
5% 8/1/21 | 4,000 | 4,638 | ||
Series 2015 B: | ||||
5% 8/1/19 | 2,735 | 3,099 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Palm Beach County School Board Ctfs. of Prtn.: - continued | ||||
Series 2015 B: | ||||
5% 8/1/20 | $ 1,750 | $ 2,015 | ||
Pasco County School District Sales Tax Rev. Series 2013: | ||||
5% 10/1/18 | 1,250 | 1,398 | ||
5% 10/1/19 | 1,100 | 1,257 | ||
5% 10/1/20 | 1,000 | 1,156 | ||
5% 10/1/21 | 1,000 | 1,162 | ||
5% 10/1/22 | 1,000 | 1,165 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | ||||
Series 2011: | ||||
5% 10/1/17 (e) | 4,465 | 4,838 | ||
5% 10/1/19 (e) | 2,025 | 2,301 | ||
5% 10/1/18 (e) | 2,745 | 3,051 | ||
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev.: | ||||
Series 2011 B: | ||||
5% 10/1/18 (Escrowed to Maturity) | 2,440 | 2,739 | ||
5% 10/1/18 (Escrowed to Maturity) | 2,260 | 2,537 | ||
Series 2011, 5% 10/1/19 | 5,590 | 6,447 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | ||||
5% 11/15/16 | 2,500 | 2,649 | ||
5% 11/15/17 | 1,515 | 1,656 | ||
Tampa Solid Waste Sys. Rev. Series 2010: | ||||
5% 10/1/15 (FSA Insured) (e) | 2,920 | 2,952 | ||
5% 10/1/16 (FSA Insured) (e) | 6,000 | 6,322 | ||
5% 10/1/17 (FSA Insured) (e) | 5,000 | 5,412 | ||
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/20 | 1,800 | 2,075 | ||
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,229 | ||
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B: | ||||
5% 8/1/18 | 300 | 334 | ||
5% 8/1/19 | 310 | 353 | ||
| 421,330 | |||
Georgia - 3.0% | ||||
Atlanta Arpt. Rev.: | ||||
5% 1/1/22 | 1,000 | 1,169 | ||
5% 1/1/23 | 1,000 | 1,179 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Georgia - continued | ||||
Atlanta Arpt. Rev.: - continued | ||||
5% 1/1/24 | $ 1,150 | $ 1,366 | ||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | ||||
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (d) | 12,500 | 12,640 | ||
2.2%, tender 4/2/19 (d) | 9,700 | 9,896 | ||
Fulton County Wtr. & Swr. Rev. Series 2011: | ||||
5% 1/1/19 | 4,000 | 4,513 | ||
5% 1/1/20 | 4,000 | 4,609 | ||
Georgia Gen. Oblig. Series 2014 D, 5% 7/1/16 | 23,900 | 24,996 | ||
Georgia Muni. Elec. Auth. Pwr. Rev.: | ||||
(Combined Cycle Proj.) Series A, 5% 11/1/18 | 2,000 | 2,244 | ||
(Proj. One): | ||||
Series 2008 A, 5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 8,451 | ||
Series 2008 D: | ||||
5.75% 1/1/19 | 14,890 | 16,886 | ||
5.75% 1/1/20 | 3,555 | 4,030 | ||
Series B, 5% 1/1/17 | 2,750 | 2,922 | ||
Series GG: | ||||
5% 1/1/16 | 680 | 695 | ||
5% 1/1/20 | 675 | 774 | ||
5% 1/1/21 | 1,670 | 1,942 | ||
Georgia Muni. Gas Auth. Rev.: | ||||
(Gas Portfolio III Proj.) Series 2014 U: | ||||
5% 10/1/19 | 1,500 | 1,712 | ||
5% 10/1/22 | 1,000 | 1,171 | ||
(Gas Portfolio III Proj.) Series 2014 U, 5% 10/1/23 | 2,420 | 2,854 | ||
(Gas Portfolio III Proj.) Series R, 5% 10/1/21 | 5,000 | 5,840 | ||
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014, 5% 4/1/21 | 2,000 | 2,252 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | ||||
5% 1/1/16 | 2,415 | 2,470 | ||
5% 1/1/18 | 1,530 | 1,609 | ||
| 116,220 | |||
Hawaii - 0.5% | ||||
Hawaii Arpts. Sys. Rev.: | ||||
Series 2010 B, 5% 7/1/15 (e) | 3,900 | 3,900 | ||
Series 2011, 5% 7/1/19 (e) | 4,000 | 4,498 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Hawaii - continued | ||||
Hawaii Gen. Oblig. Series DR, 5% 6/1/16 (Escrowed to Maturity) | $ 2,895 | $ 3,015 | ||
State of Hawaii Dept. of Trans. Series 2013: | ||||
5% 8/1/19 (e) | 1,400 | 1,572 | ||
5% 8/1/20 (e) | 3,050 | 3,472 | ||
5% 8/1/21 (e) | 550 | 632 | ||
5% 8/1/22 (e) | 2,075 | 2,389 | ||
5% 8/1/23 (e) | 1,435 | 1,658 | ||
| 21,136 | |||
Illinois - 8.5% | ||||
Chicago Board of Ed.: | ||||
Series 1998 B1, 0% 12/1/21 (FGIC Insured) | 10,000 | 7,507 | ||
Series 2009 D: | ||||
4% 12/1/16 (Assured Guaranty Corp. Insured) | 950 | 970 | ||
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,345 | ||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,501 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.) Series 1999: | ||||
0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 6,868 | ||
0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,753 | ||
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,805 | 8,638 | ||
0% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,755 | 12,375 | ||
Series 2009 A, 5% 1/1/22 | 2,500 | 2,525 | ||
Series 2012 C, 5% 1/1/23 | 3,220 | 3,236 | ||
4.5% 1/1/20 | 1,150 | 1,163 | ||
5% 1/1/21 | 4,875 | 4,999 | ||
5% 1/1/21 | 1,500 | 1,538 | ||
5% 1/1/23 | 2,920 | 2,936 | ||
Chicago Midway Arpt. Rev.: | ||||
Series 2014 B: | ||||
5% 1/1/20 | 625 | 711 | ||
5% 1/1/21 | 400 | 459 | ||
5% 1/1/23 | 2,500 | 2,913 | ||
5% 1/1/22 | 5,000 | 5,790 | ||
5% 1/1/23 | 5,900 | 6,875 | ||
Chicago Motor Fuel Tax Rev. Series 2013: | ||||
5% 1/1/19 | 250 | 265 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Chicago Motor Fuel Tax Rev. Series 2013: - continued | ||||
5% 1/1/20 | $ 300 | $ 320 | ||
5% 1/1/21 | 400 | 426 | ||
5% 1/1/22 | 300 | 318 | ||
5% 1/1/23 | 535 | 565 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2010 D, 5.25% 1/1/17 (e) | 1,000 | 1,060 | ||
Series 2010 E, 5% 1/1/16 (e) | 1,500 | 1,533 | ||
Series 2011 B, 5% 1/1/18 | 6,500 | 7,068 | ||
Series 2012 A, 5% 1/1/21 | 1,400 | 1,598 | ||
Series 2012 B, 5% 1/1/21 (e) | 4,605 | 5,167 | ||
Series 2013 B, 5% 1/1/22 | 4,000 | 4,593 | ||
Series 2013 D, 5% 1/1/22 | 3,220 | 3,697 | ||
Chicago Park District Gen. Oblig. Series 2014 D: | ||||
4% 1/1/17 | 1,050 | 1,076 | ||
4% 1/1/18 | 2,255 | 2,332 | ||
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,745 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
5% 6/1/19 (Assured Guaranty Corp. Insured) | 2,085 | 2,152 | ||
5% 6/1/19 (Pre-Refunded to 12/1/16 @ 100) | 415 | 441 | ||
Chicago Wastewtr. Transmission Rev. Series 2012: | ||||
5% 1/1/19 | 1,310 | 1,415 | ||
5% 1/1/23 | 1,200 | 1,304 | ||
Cook County Gen. Oblig.: | ||||
Series 2009 C, 5% 11/15/21 | 8,575 | 9,133 | ||
Series 2010 A, 5.25% 11/15/22 | 4,960 | 5,370 | ||
Series 2011 A, 5.25% 11/15/22 | 1,000 | 1,089 | ||
Series 2012 C: | ||||
5% 11/15/19 | 3,200 | 3,469 | ||
5% 11/15/20 | 7,210 | 7,855 | ||
5% 11/15/21 | 4,970 | 5,415 | ||
5% 11/15/22 | 1,250 | 1,357 | ||
Series 2014 A: | ||||
5% 11/15/20 | 1,000 | 1,089 | ||
5% 11/15/21 | 500 | 545 | ||
5% 11/15/22 | 1,000 | 1,086 | ||
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,662 | ||
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B2, 1.55%, tender 2/13/30 (d) | 10,000 | 9,873 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Fin. Auth. Gas Supply Rev. Bonds (The Peoples Gas Lt. and Coke Co. Proj.) Series 2010 B, 2.625%, tender 8/1/15 (d) | $ 9,500 | $ 9,514 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.25% 10/1/15 | 2,220 | 2,245 | ||
Illinois Fin. Auth. Rev.: | ||||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5% 7/1/15 | 1,000 | 1,000 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5% 5/15/16 | 2,060 | 2,137 | ||
5% 5/15/17 | 3,520 | 3,781 | ||
(Provena Health Proj.) Series 2010 A, 5.75% 5/1/19 | 2,650 | 3,031 | ||
(Rush Univ. Med. Ctr. Proj.) Series 2006 B: | ||||
5% 11/1/15 (Escrowed to Maturity) | 3,075 | 3,122 | ||
5% 11/1/16 (Escrowed to Maturity) | 1,700 | 1,801 | ||
Bonds Series E, 2.25%, tender 4/29/22 (d) | 22,930 | 22,530 | ||
Series 2012 A, 5% 5/15/23 | 1,300 | 1,478 | ||
Series 2012: | ||||
5% 9/1/18 | 1,160 | 1,272 | ||
5% 9/1/19 | 1,115 | 1,242 | ||
5% 9/1/20 | 1,470 | 1,651 | ||
5% 9/1/21 | 2,045 | 2,298 | ||
5% 9/1/22 | 3,530 | 3,976 | ||
5% 11/15/20 | 1,650 | 1,907 | ||
5% 11/15/22 | 500 | 578 | ||
5% 11/15/24 | 1,955 | 2,281 | ||
Illinois Gen. Oblig.: | ||||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,495 | 1,501 | ||
Series 2004, 5% 11/1/16 | 11,000 | 11,516 | ||
Series 2005, 5% 4/1/17 (AMBAC Insured) | 8,050 | 8,075 | ||
Series 2007 B, 5% 1/1/17 | 9,835 | 10,293 | ||
Series 2010: | ||||
5% 1/1/16 (FSA Insured) | 3,200 | 3,264 | ||
5% 1/1/21 (FSA Insured) | 1,600 | 1,715 | ||
Series 2012: | ||||
5% 3/1/19 | 5,500 | 5,897 | ||
5% 8/1/19 | 2,660 | 2,864 | ||
5% 8/1/20 | 6,900 | 7,487 | ||
5% 8/1/21 | 1,400 | 1,520 | ||
5% 8/1/22 | 5,800 | 6,254 | ||
Series 2013, 5% 7/1/22 | 1,265 | 1,365 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2014, 5% 2/1/22 | $ 3,000 | $ 3,235 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A, 5% 5/15/16 (FSA Insured) | 2,325 | 2,415 | ||
Series 2003 A, 5% 5/15/17 (FSA Insured) | 2,150 | 2,315 | ||
Illinois Sales Tax Rev. Series 2009 B: | ||||
4.5% 6/15/16 | 5,000 | 5,185 | ||
4.5% 6/15/17 | 6,075 | 6,485 | ||
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2006 A2, 5% 1/1/31 (Pre-Refunded to 7/1/16 @ 100) | 2,100 | 2,194 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/15 (Escrowed to Maturity) | 580 | 579 | ||
0% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,520 | 1,516 | ||
McHenry County Conservation District Gen. Oblig.: | ||||
Series 2014: | ||||
5% 2/1/19 | 2,285 | 2,580 | ||
5% 2/1/20 | 2,275 | 2,617 | ||
Series 2014. 5% 2/1/23 | 2,225 | 2,630 | ||
Will County Cmnty. Unit School District #365-U: | ||||
0% 11/1/16 (Escrowed to Maturity) | 740 | 735 | ||
0% 11/1/16 (FSA Insured) | 2,235 | 2,204 | ||
| 327,405 | |||
Indiana - 2.0% | ||||
Indiana Fin. Auth. Econ. Dev. Rev. Bonds (Republic Svcs., Inc. Proj.): | ||||
Series 2012, 0.48%, tender 9/1/15 (d)(e) | 6,300 | 6,300 | ||
Series A, 0.48%, tender 5/1/34 (d)(e) | 2,100 | 2,100 | ||
Indiana Fin. Auth. Hosp. Rev. Series 2013: | ||||
5% 8/15/22 | 700 | 813 | ||
5% 8/15/23 | 1,000 | 1,166 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A, 5% 12/1/15 | 2,135 | 2,175 | ||
(Wabash Valley Correctional Facilities Proj.) Series 2009 A, 5% 7/1/15 | 8,025 | 8,025 | ||
Series 2010 A, 5% 2/1/17 | 2,800 | 2,991 | ||
Series 2012: | ||||
5% 3/1/20 | 650 | 727 | ||
5% 3/1/21 | 1,225 | 1,383 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | ||||
Series 2012 A: | ||||
5% 10/1/20 | $ 825 | $ 959 | ||
5% 10/1/22 | 1,600 | 1,886 | ||
Series 2014 A: | ||||
5% 10/1/20 | 375 | 436 | ||
5% 10/1/21 | 380 | 445 | ||
5% 10/1/22 | 675 | 794 | ||
Series 2015 A: | ||||
5% 10/1/24 | 1,495 | 1,788 | ||
5% 10/1/25 | 1,625 | 1,926 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (d) | 4,000 | 4,176 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (d) | 2,200 | 2,235 | ||
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A: | ||||
5% 1/1/19 | 1,470 | 1,656 | ||
5% 1/1/20 | 1,250 | 1,435 | ||
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series F, 5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 515 | 515 | ||
Indianapolis Thermal Energy Sys. Series 2010 B: | ||||
5% 10/1/16 | 5,000 | 5,262 | ||
5% 10/1/17 | 5,000 | 5,433 | ||
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | ||||
4% 1/15/19 | 1,000 | 1,087 | ||
4% 1/15/20 | 1,345 | 1,481 | ||
4% 1/15/21 | 1,250 | 1,376 | ||
5% 7/15/19 | 1,680 | 1,912 | ||
5% 7/15/20 | 1,170 | 1,357 | ||
5% 7/15/21 | 1,000 | 1,169 | ||
Purdue Univ. Rev.: | ||||
(Student Facilities Sys. Proj.) Series 2009 B: | ||||
4% 7/1/17 | 500 | 532 | ||
5% 7/1/15 | 315 | 315 | ||
5% 7/1/16 | 500 | 523 | ||
Series Z-1: | ||||
5% 7/1/16 | 1,215 | 1,270 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Purdue Univ. Rev.: - continued | ||||
Series Z-1: | ||||
5% 7/1/17 | $ 1,000 | $ 1,083 | ||
5% 7/1/18 | 1,500 | 1,676 | ||
Rockport Poll. Cont. Rev. Bonds (Indiana Michigan Pwr. Co. Proj. Series 2009 B, 1.75%, tender 6/1/18 (d) | 8,500 | 8,498 | ||
Univ. of Southern Indiana Rev. Series J: | ||||
5% 10/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,011 | ||
5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,227 | ||
| 79,143 | |||
Iowa - 0.0% | ||||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,749 | ||
Kansas - 0.6% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D: | ||||
5% 11/15/15 | 625 | 636 | ||
5% 11/15/16 | 875 | 927 | ||
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 3,100 | 3,098 | ||
Wichita Hosp. Facilities Rev.: | ||||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A: | ||||
5% 11/15/15 (Escrowed to Maturity) | 6,245 | 6,353 | ||
5% 11/15/16 (Escrowed to Maturity) | 5,410 | 5,744 | ||
Series 2011 IV A: | ||||
5% 11/15/18 (Escrowed to Maturity) | 2,250 | 2,540 | ||
5% 11/15/20 (Escrowed to Maturity) | 2,745 | 3,233 | ||
| 22,531 | |||
Kentucky - 0.8% | ||||
Kentucky Econ. Dev. Fin. Auth. Bonds Series 2009 B, 2.7%, tender 11/10/21 (d) | 9,000 | 9,005 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/15 | 4,000 | 4,021 | ||
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,682 | ||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): | ||||
Series 2003 A, 1.65%, tender 4/3/17 (d) | 6,000 | 6,062 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Kentucky - continued | ||||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): - continued | ||||
Series 2007 B: | ||||
1.15%, tender 6/1/17 (d) | $ 2,600 | $ 2,600 | ||
1.6%, tender 6/1/17 (d) | 8,000 | 8,052 | ||
| 32,422 | |||
Louisiana - 1.1% | ||||
Louisiana Gas & Fuel Tax Rev. Bonds Series 2013 B, 0.599%, tender 5/1/17 (d) | 25,000 | 25,080 | ||
Louisiana Pub. Facilities Auth. Rev.: | ||||
(Christus Health Proj.) Series 2009 A, 5% 7/1/16 | 2,000 | 2,084 | ||
(Entergy Gulf States Louisiana LLC Proj.) Series 2010 B, 2.875% 11/1/15 | 3,000 | 3,024 | ||
Louisiana Stadium and Exposition District Series 2013 A: | ||||
5% 7/1/21 | 1,500 | 1,748 | ||
5% 7/1/22 | 1,000 | 1,172 | ||
New Orleans Gen. Oblig. Series 2012, 5% 12/1/20 | 2,800 | 3,159 | ||
Reg'l. Transit Auth. Louisiana Sales Tax Rev. 4% 12/1/16 (FSA Insured) | 1,000 | 1,041 | ||
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 | 4,500 | 5,129 | ||
| 42,437 | |||
Maine - 0.2% | ||||
Maine Tpk. Auth. Tpk. Rev. Series 2015: | ||||
5% 7/1/21 | 2,400 | 2,837 | ||
5% 7/1/22 | 1,850 | 2,206 | ||
5% 7/1/24 | 2,350 | 2,839 | ||
| 7,882 | |||
Maryland - 1.7% | ||||
Maryland Gen. Oblig.: | ||||
Series 2008 2, 5% 7/15/22 (Pre-Refunded to 7/15/18 @ 100) | 5,500 | 6,140 | ||
Series 2012 B, 5% 8/1/16 | 6,400 | 6,716 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
Bonds: | ||||
Series 2012 D, 0.953%, tender 11/15/17 (d) | 14,000 | 14,116 | ||
Series 2013 A: | ||||
0.703%, tender 5/15/18 (d) | 4,700 | 4,703 | ||
0.723%, tender 5/15/18 (d) | 7,100 | 7,101 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Maryland - continued | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: - continued | ||||
Series 2015: | ||||
5% 7/1/19 (c) | $ 400 | $ 444 | ||
5% 7/1/22 (c) | 900 | 1,014 | ||
5% 7/1/23 (c) | 1,000 | 1,128 | ||
5% 7/1/24 (c) | 2,000 | 2,251 | ||
5% 7/1/25 (c) | 1,770 | 1,990 | ||
Montgomery County Gen. Oblig. Series 2011 A, 5% 7/1/20 | 16,000 | 18,380 | ||
| 63,983 | |||
Massachusetts - 1.4% | ||||
Braintree Gen. Oblig. Series 2009, 5% 5/15/16 | 4,400 | 4,577 | ||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2006 B, 5.25% 7/1/18 | 2,300 | 2,591 | ||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston College Proj.): | ||||
Series Q1: | ||||
4% 7/1/15 | 1,500 | 1,500 | ||
4% 7/1/16 | 1,000 | 1,036 | ||
Series Q2: | ||||
4% 7/1/15 | 1,170 | 1,170 | ||
4% 7/1/16 | 1,000 | 1,036 | ||
5% 7/1/17 | 1,370 | 1,485 | ||
(Tufts Med. Ctr. Proj.) Series I, 5% 1/1/16 | 1,300 | 1,326 | ||
Bonds Series 2013 U-6E, 0.62%, tender 9/30/16 (d) | 5,900 | 5,908 | ||
4.5% 11/15/18 (b) | 5,000 | 5,005 | ||
Massachusetts Edl. Fing. Auth. Rev. Series 2013, 5% 7/1/19 (e) | 4,725 | 5,237 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2004 B, 5.25% 8/1/20 | 12,700 | 15,037 | ||
Series 2006 D, 5% 8/1/22 (Pre-Refunded to 8/1/16 @ 100) | 4,500 | 4,722 | ||
Medford Gen. Oblig. Series 2011 B, 4% 3/1/19 | 3,570 | 3,866 | ||
| 54,496 | |||
Michigan - 2.7% | ||||
Detroit Swr. Disp. Rev. Series 2006 D, 0.784% 7/1/32 (d) | 4,070 | 3,558 | ||
Grand Blanc Cmnty. Schools Series 2013: | ||||
5% 5/1/19 | 1,225 | 1,382 | ||
5% 5/1/20 | 2,635 | 3,025 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Grand Blanc Cmnty. Schools Series 2013: - continued | ||||
5% 5/1/21 | $ 2,150 | $ 2,492 | ||
5% 5/1/22 | 1,850 | 2,158 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,399 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A: | ||||
5% 11/15/18 | 1,250 | 1,394 | ||
5% 11/15/19 | 1,000 | 1,134 | ||
Michigan Fin. Auth. Rev.: | ||||
Series 2012 A: | ||||
5% 6/1/16 | 2,290 | 2,367 | ||
5% 6/1/17 | 1,410 | 1,507 | ||
5% 6/1/18 | 2,430 | 2,660 | ||
Series 2015 A: | ||||
5% 8/1/22 | 2,400 | 2,785 | ||
5% 8/1/23 | 3,800 | 4,406 | ||
Michigan Hosp. Fin. Auth. Rev. Bonds: | ||||
Series 1999 B3, 0.3%, tender 2/3/16 (d) | 25,000 | 25,009 | ||
Series 2005 A4, 1.625%, tender 11/1/19 (d) | 9,215 | 9,107 | ||
Series 2010 F3, 1.4%, tender 6/29/18 (d) | 1,900 | 1,917 | ||
Series 2010 F4, 1.95%, tender 4/1/20 (d) | 6,545 | 6,628 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010: | ||||
5% 10/1/15 | 1,750 | 1,770 | ||
5% 10/1/15 | 3,250 | 3,287 | ||
(Local Govt. Ln. Prog.) Series 2009 C, 5% 5/1/16 | 1,865 | 1,927 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev.: | ||||
(William Beaumont Hosp. Oblig. Group Proj.) Series 2009 W, 5% 8/1/15 (Escrowed to Maturity) | 2,070 | 2,077 | ||
Series 2014 D: | ||||
5% 9/1/21 | 1,500 | 1,739 | ||
5% 9/1/23 | 500 | 580 | ||
Spring Lake Pub. Schools: | ||||
Series 2014, 5% 5/1/19 | 2,300 | 2,595 | ||
5% 11/1/19 | 2,775 | 3,163 | ||
5% 5/1/20 | 3,630 | 4,167 | ||
5% 11/1/20 | 1,745 | 2,020 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Spring Lake Pub. Schools: - continued | ||||
5% 5/1/21 | $ 4,110 | $ 4,764 | ||
Western Michigan Univ. Rev. 5.25% 11/15/15 (Assured Guaranty Corp. Insured) | 3,275 | 3,333 | ||
| 104,350 | |||
Minnesota - 0.4% | ||||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | ||||
Series 2014 A: | ||||
5% 1/1/22 | 1,000 | 1,163 | ||
5% 1/1/23 | 1,000 | 1,172 | ||
Series 2014 B: | ||||
5% 1/1/21 (e) | 2,290 | 2,623 | ||
5% 1/1/22 (e) | 2,000 | 2,311 | ||
5% 1/1/23 (e) | 1,000 | 1,159 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 581 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,023 | ||
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A: | ||||
5% 1/1/22 | 1,000 | 1,178 | ||
5% 1/1/23 | 1,500 | 1,783 | ||
5% 1/1/24 | 1,000 | 1,199 | ||
| 14,192 | |||
Mississippi - 0.2% | ||||
Mississippi Gen. Oblig. (Cap. Impts. Proj.) Series 2012 D, 0.6% 9/1/17 (d) | 3,295 | 3,298 | ||
Mississippi Hosp. Equip. & Facilities Auth. Bonds (Baptist Memorial Health Care Proj.) Series 2004 B2, 0.5%, tender 7/9/15 (d)(f) | 6,100 | 6,100 | ||
| 9,398 | |||
Missouri - 0.0% | ||||
Saint Louis Arpt. Rev. Series 2013, 5% 7/1/18 | 765 | 845 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Nebraska - 0.1% | ||||
Nebraska Pub. Pwr. District Rev.: | ||||
Series 2012 C, 5% 1/1/22 (Pre-Refunded to 1/1/18 @ 100) | $ 1,100 | $ 1,210 | ||
Series C, 4% 1/1/16 | 2,195 | 2,234 | ||
| 3,444 | |||
Nevada - 1.9% | ||||
Clark County Arpt. Rev.: | ||||
Series 2008 E, 5% 7/1/15 | 3,500 | 3,500 | ||
Series 2013 C1, 2.5% 7/1/15 (e) | 12,400 | 12,400 | ||
Clark County School District: | ||||
Series 2012 A, 5% 6/15/19 | 24,610 | 27,965 | ||
Series 2014 A, 5.5% 6/15/16 | 2,700 | 2,830 | ||
Nevada Gen. Oblig.: | ||||
Series 2010 C, 5% 6/1/19 | 12,140 | 13,839 | ||
Series 2012 B, 5% 8/1/20 | 2,230 | 2,597 | ||
Series 2013 D1: | ||||
5% 3/1/23 | 4,500 | 5,362 | ||
5% 3/1/24 | 2,700 | 3,211 | ||
| 71,704 | |||
New Hampshire - 0.3% | ||||
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2012: | ||||
4% 7/1/20 | 2,705 | 2,837 | ||
4% 7/1/21 | 1,520 | 1,590 | ||
New Hampshire Tpk. Sys. Rev. Series 2012 B: | ||||
5% 2/1/17 | 3,000 | 3,200 | ||
5% 2/1/18 | 2,500 | 2,742 | ||
| 10,369 | |||
New Jersey - 5.4% | ||||
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | ||||
5% 2/15/20 | 3,000 | 3,397 | ||
5% 2/15/21 | 2,500 | 2,852 | ||
5% 2/15/22 | 2,500 | 2,867 | ||
5% 2/15/23 | 2,750 | 3,172 | ||
New Jersey Ctfs. of Prtn. Series 2009 A, 5% 6/15/16 | 6,500 | 6,761 | ||
New Jersey Econ. Dev. Auth. Rev.: | ||||
Series 2005 K, 5.5% 12/15/19 | 8,030 | 8,912 | ||
Series 2009 BB, 5% 9/1/15 (Escrowed to Maturity) | 3,390 | 3,415 | ||
Series 2011 EE, 5% 9/1/20 | 5,000 | 5,434 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. Rev.: - continued | ||||
Series 2012 II: | ||||
5% 3/1/21 | $ 6,800 | $ 7,391 | ||
5% 3/1/22 | 6,290 | 6,803 | ||
Series 2012, 5% 6/15/18 | 5,600 | 6,033 | ||
Series 2013 NN, 5% 3/1/19 | 8,165 | 8,808 | ||
Series 2014 PP, 5% 6/15/19 | 17,000 | 18,413 | ||
New Jersey Edl. Facility Series 2014: | ||||
5% 6/15/20 | 11,000 | 11,924 | ||
5% 6/15/21 | 11,000 | 11,946 | ||
New Jersey Gen. Oblig. Series O, 5.25% 8/1/22 | 3,930 | 4,508 | ||
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | ||||
Series 2010 1A, 5% 12/1/15 | 4,500 | 4,580 | ||
Series 2013: | ||||
5% 12/1/18 (e) | 6,000 | 6,595 | ||
5% 12/1/19 (e) | 3,850 | 4,291 | ||
New Jersey Tpk. Auth. Tpk. Rev.: | ||||
Bonds Series 2013 D, 0.6%, tender 1/1/16 (d) | 5,000 | 5,001 | ||
Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) | 200 | 206 | ||
Series 2013 A, 5% 1/1/24 | 4,345 | 5,065 | ||
Series 2013 C, 0.55% 1/1/17 (d) | 16,000 | 16,010 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,281 | ||
Series 2003 B, 5.25% 12/15/19 | 3,870 | 4,250 | ||
Series 2003 B. 5.25% 12/15/19 | 5,500 | 6,040 | ||
Series 2012 AA, 5% 6/15/19 | 1,500 | 1,619 | ||
Series 2013 A: | ||||
5% 12/15/19 | 6,455 | 7,022 | ||
5% 6/15/20 | 18,000 | 19,556 | ||
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A: | ||||
5% 9/15/15 | 5,250 | 5,297 | ||
5% 9/15/21 | 4,900 | 5,562 | ||
| 209,011 | |||
New Mexico - 1.0% | ||||
Farmington Poll. Cont. Rev. Bonds (Southern California Edison Co. Four Corners Proj.): | ||||
Series 2005 B, 1.875%, tender 4/1/20 (d) | 11,000 | 10,923 | ||
Series 2011, 1.875%, tender 4/1/20 (d) | 6,290 | 6,260 | ||
New Mexico Edl. Assistance Foundation: | ||||
Series 2009 B, 4% 9/1/16 | 7,000 | 7,270 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Mexico - continued | ||||
New Mexico Edl. Assistance Foundation: - continued | ||||
Series 2010 A1: | ||||
4% 12/1/15 | $ 3,700 | $ 3,756 | ||
4% 12/1/16 | 6,750 | 7,068 | ||
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 4,822 | ||
| 40,099 | |||
New York - 9.1% | ||||
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 | 1,205 | ||
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 640 | 711 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,463 | ||
New York City Gen. Oblig.: | ||||
Series 2005 F1, 5% 9/1/15 | 3,560 | 3,589 | ||
Series 2014 J, 3% 8/1/16 | 5,600 | 5,755 | ||
Series 2014 K, 3% 8/1/16 | 3,900 | 4,008 | ||
Series 2015 C: | ||||
5% 8/1/23 | 10,000 | 11,881 | ||
5% 8/1/24 | 5,000 | 5,973 | ||
5% 8/1/25 | 1,700 | 2,026 | ||
Series J8, 0.45% 8/1/21 (d) | 7,500 | 7,502 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 B, 5% 2/1/20 | 3,000 | 3,462 | ||
Series 2010 B: | ||||
5% 11/1/17 | 11,740 | 12,851 | ||
5% 11/1/17 (Escrowed to Maturity) | 18,260 | 20,019 | ||
5% 11/1/20 | 5,950 | 6,872 | ||
Series 2010 D: | ||||
5% 11/1/15 (Escrowed to Maturity) | 890 | 904 | ||
5% 11/1/17 | 8,015 | 8,771 | ||
5% 11/1/17 (Escrowed to Maturity) | 2,100 | 2,300 | ||
Series 2012 A: | ||||
5% 11/1/17 | 6,180 | 6,772 | ||
5% 11/1/17 (Escrowed to Maturity) | 820 | 898 | ||
5% 11/1/20 | 4,500 | 5,267 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | ||||
(State Univ. Proj.) Series 2012 A, 5% 5/15/20 | $ 4,000 | $ 4,651 | ||
Series 2012 A, 4% 5/15/20 | 8,000 | 8,922 | ||
New York Dorm. Auth. Personal Income Tax Rev. Series 2012 A, 5% 12/15/20 | 8,500 | 9,971 | ||
New York Dorm. Auth. Revs.: | ||||
Series 2008 B, 5% 7/1/15 | 30,000 | 30,000 | ||
Series 2008 D, 5.25% 8/15/17 (FSA Insured) | 7,000 | 7,647 | ||
Series 2009 A: | ||||
5% 7/1/15 | 12,850 | 12,850 | ||
5% 7/1/16 | 8,390 | 8,757 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B, 5% 11/15/15 | 2,325 | 2,365 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Bonds Series 2012 G2, 0.653%, tender 11/1/15 (d) | 13,300 | 13,303 | ||
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,200 | 6,027 | ||
Series 2008 B2: | ||||
5% 11/15/19 | 6,185 | 7,103 | ||
5% 11/15/20 | 5,500 | 6,413 | ||
5% 11/15/21 | 4,000 | 4,697 | ||
Series 2012 B, 5% 11/15/22 | 2,000 | 2,355 | ||
Series 2012 D, 5% 11/15/18 | 2,515 | 2,829 | ||
Series 2012 E: | ||||
4% 11/15/19 | 4,000 | 4,426 | ||
5% 11/15/21 | 2,435 | 2,860 | ||
Series 2012 F, 5% 11/15/19 | 5,000 | 5,742 | ||
New York Thruway Auth. Gen. Rev. Series 2013 A, 5% 5/1/19 | 20,400 | 23,049 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,074 | ||
Series 2011 A1: | ||||
5% 4/1/17 | 1,500 | 1,612 | ||
5% 4/1/18 | 3,500 | 3,877 | ||
New York Urban Dev. Corp. Rev.: | ||||
Series 2009 C, 5% 12/15/16 | 17,000 | 18,085 | ||
Series 2011 A, 5% 3/15/21 | 18,425 | 21,568 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2011, 5% 6/1/16 | 20,000 | 20,824 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2013 B, 5% 6/1/21 | $ 3,400 | $ 3,546 | ||
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) | 2,930 | 3,031 | ||
| 353,813 | |||
North Carolina - 1.3% | ||||
Dare County Ctfs. of Prtn. Series 2012 B: | ||||
4% 6/1/17 | 1,000 | 1,063 | ||
4% 6/1/18 | 1,280 | 1,383 | ||
4% 6/1/20 | 1,000 | 1,108 | ||
5% 6/1/19 | 1,305 | 1,483 | ||
Mecklenburg County Pub. Facilities Corp. Series 2009: | ||||
5% 3/1/16 | 5,870 | 6,052 | ||
5% 3/1/18 | 1,500 | 1,654 | ||
Nash Health Care Sys. Health Care Facilities Rev. Series 2003, 5% 11/1/15 (FSA Insured) | 1,600 | 1,624 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A, 5% 1/1/16 | 6,035 | 6,167 | ||
North Carolina Gen. Oblig. Series 2014 A, 5% 6/1/16 | 8,095 | 8,437 | ||
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | ||||
5% 6/1/16 | 1,000 | 1,040 | ||
5% 6/1/17 | 3,220 | 3,470 | ||
5% 6/1/18 | 3,820 | 4,209 | ||
Univ. of North Carolina at Chapel Hill Rev. Bonds Series 2012 A, 0.573%, tender 12/1/15 (d) | 11,500 | 11,495 | ||
| 49,185 | |||
North Dakota - 0.1% | ||||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.) Series 2005, 5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,825 | 1,852 | ||
Ohio - 3.5% | ||||
American Muni. Pwr., Inc. Rev. Bonds Series B, 5%, tender 8/15/20 (d) | 35,000 | 39,752 | ||
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | ||||
5% 6/1/16 | 3,035 | 3,147 | ||
5% 6/1/17 | 3,500 | 3,751 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
Cincinnati City School District 5.25% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,555 | $ 4,027 | ||
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | 1,000 | 1,048 | ||
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013: | ||||
5% 6/15/22 | 2,145 | 2,401 | ||
5% 6/15/23 | 1,855 | 2,085 | ||
Hamilton County Convention Facilities Auth. Rev. Series 2014: | ||||
5% 12/1/19 | 1,910 | 2,159 | ||
5% 12/1/20 | 2,205 | 2,518 | ||
5% 12/1/21 | 2,045 | 2,347 | ||
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010: | ||||
5% 6/1/16 (FSA Insured) | 1,105 | 1,149 | ||
5% 6/1/17 (FSA Insured) | 1,160 | 1,249 | ||
Ohio Air Quality Dev. Auth. Rev.: | ||||
Bonds (First Energy Nuclear Generation Proj.) Series 2006 A, 3.75%, tender 12/3/18 (d) | 13,300 | 13,982 | ||
Series 2009 C, 5.625% 6/1/18 | 1,395 | 1,529 | ||
Ohio Bldg. Auth.: | ||||
(Administrative Bldg. Fund Proj.): | ||||
Series 2009 B, 5% 10/1/15 | 6,505 | 6,579 | ||
Series 2010 C: | ||||
4% 10/1/15 | 3,200 | 3,229 | ||
5% 10/1/16 | 1,250 | 1,320 | ||
(Adult Correctional Bldg. Fund Proj.): | ||||
Series 2009 B, 5% 10/1/15 | 4,535 | 4,587 | ||
Series 2010 A, 5% 10/1/15 | 1,185 | 1,199 | ||
Ohio Gen. Oblig.: | ||||
(Common Schools Proj.) Series 2010 A, 5% 9/15/17 | 2,600 | 2,837 | ||
(Higher Ed. Proj.) Series 2010 A, 5% 8/1/17 | 3,290 | 3,575 | ||
Series 2011 A, 5% 8/1/17 | 3,070 | 3,336 | ||
Series 2012 C, 5% 9/15/21 | 4,350 | 5,156 | ||
Series 2013 B, 4% 6/15/16 | 2,200 | 2,276 | ||
Ohio Higher Edl. Facility Commission Rev. (Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5% 1/15/17 | 1,000 | 1,061 | ||
Ohio State Univ. Gen. Receipts Series 2010 A: | ||||
5% 12/1/16 | 4,720 | 5,010 | ||
5% 12/1/16 (Escrowed to Maturity) | 280 | 297 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds: | ||||
(FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (d) | $ 10,225 | $ 10,648 | ||
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 B, 3.375%, tender 7/1/15 (d) | 5,000 | 5,000 | ||
| 137,254 | |||
Oklahoma - 0.3% | ||||
Oklahoma Dev. Fin. Auth. Rev.: | ||||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/23 | 2,600 | 2,994 | ||
Series 2004 A, 2.375% 12/1/21 | 1,350 | 1,363 | ||
Series 2012, 5% 2/15/21 | 1,600 | 1,847 | ||
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 5,886 | ||
| 12,090 | |||
Oregon - 0.1% | ||||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/16 | 1,750 | 1,806 | ||
Pennsylvania - 4.3% | ||||
Allegheny County Arpt. Auth. Rev. Series A, 5% 1/1/16 (FSA Insured) (e) | 1,000 | 1,022 | ||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 4% 8/15/15 | 1,385 | 1,391 | ||
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.): | ||||
Series 2005 A, 3.375%, tender 7/1/15 (d) | 2,000 | 2,000 | ||
Series 2006 A, 3.5%, tender 6/1/20 (d) | 5,250 | 5,376 | ||
Series 2006 B, 3.5%, tender 6/1/20 (d) | 6,000 | 6,144 | ||
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | ||||
5% 7/1/16 | 1,000 | 1,044 | ||
5% 7/1/17 | 1,255 | 1,352 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,366 | ||
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A: | ||||
4% 10/1/18 | 1,000 | 1,070 | ||
4% 10/1/19 | 660 | 711 | ||
5% 10/1/20 | 1,260 | 1,414 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | ||||
5% 3/1/18 | $ 2,455 | $ 2,662 | ||
5% 3/1/19 | 2,310 | 2,555 | ||
5% 3/1/20 | 2,140 | 2,405 | ||
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B: | ||||
5% 1/1/22 | 5,000 | 5,414 | ||
5% 7/1/22 | 5,200 | 5,425 | ||
5% 1/1/23 | 3,000 | 3,068 | ||
5% 7/1/23 | 1,650 | 1,653 | ||
Pennsylvania Gen. Oblig.: | ||||
Series 2006 1, 5% 10/1/19 (Pre-Refunded to 10/1/16 @ 100) | 7,000 | 7,398 | ||
Series 2010 A3, 5% 7/15/16 | 3,900 | 4,081 | ||
Series 2011, 5% 7/1/21 | 1,900 | 2,196 | ||
Series 2013 1, 5% 4/1/16 | 2,655 | 2,747 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2014: | ||||
5% 12/1/19 | 340 | 391 | ||
5% 12/1/21 | 275 | 325 | ||
5% 12/1/22 | 855 | 1,017 | ||
Pennsylvania Tpk. Commission Tpk. Rev.: | ||||
Series 2009 B, 5% 12/1/17 | 12,500 | 13,675 | ||
Series 2013 A, 0.67% 12/1/17 (d) | 6,400 | 6,419 | ||
Philadelphia Gas Works Rev.: | ||||
(1998 Gen. Ordinance Proj.) Eighth Series A, 5% 8/1/15 | 2,100 | 2,108 | ||
Eighth Series A, 5% 8/1/16 | 1,000 | 1,041 | ||
Seventeenth Series: | ||||
5.375% 7/1/15 (FSA Insured) | 2,000 | 2,000 | ||
5.375% 7/1/16 (FSA Insured) | 2,300 | 2,399 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2008 A: | ||||
5% 12/15/15 (FSA Insured) | 5,000 | 5,103 | ||
5% 12/15/16 (FSA Insured) | 7,275 | 7,722 | ||
Series 2011: | ||||
5.25% 8/1/17 | 6,165 | 6,694 | ||
5.25% 8/1/18 | 5,515 | 6,145 | ||
Philadelphia Muni. Auth. Rev. Series 2013 A: | ||||
5% 11/15/17 | 6,635 | 7,206 | ||
5% 11/15/18 | 3,430 | 3,811 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Philadelphia School District Series 2010 C, 5% 9/1/16 | $ 13,610 | $ 14,247 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A, 5% 6/15/16 | 6,000 | 6,256 | ||
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2010, 5% 2/1/16 (FSA Insured) | 5,620 | 5,767 | ||
Pittsburgh School District Series 2010 A: | ||||
4% 9/1/15 | 1,405 | 1,413 | ||
4% 9/1/15 (Escrowed to Maturity) | 45 | 45 | ||
5% 9/1/16 (FSA Insured) | 1,685 | 1,769 | ||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B, 5% 11/15/15 | 2,420 | 2,460 | ||
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011: | ||||
5% 6/1/18 | 1,000 | 1,099 | ||
5% 6/1/19 | 200 | 224 | ||
State Pub. School Bldg. Auth. Lease Rev. (Philadelphia School District Proj.) Series 2012: | ||||
5% 4/1/19 | 1,305 | 1,453 | ||
5% 4/1/20 | 1,250 | 1,407 | ||
5% 4/1/21 | 1,000 | 1,128 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,354 | ||
| 168,172 | |||
Rhode Island - 0.6% | ||||
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A, 5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 6,902 | ||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2013 A: | ||||
5% 5/15/18 | 1,000 | 1,083 | ||
5% 5/15/19 | 1,500 | 1,650 | ||
Rhode Island Health & Edl. Bldg. Corp. Pub. Schools Rev. Series 2015, 5% 5/15/25 (FSA Insured) | 6,040 | 7,019 | ||
Tobacco Setlement Fing. Corp. Series 2015 A: | ||||
5% 6/1/26 | 3,500 | 3,887 | ||
5% 6/1/27 | 1,000 | 1,095 | ||
| 21,636 | |||
South Carolina - 1.7% | ||||
Lexington County Health Svcs. District, Inc. Hosp. Rev. Series 2011, 5% 11/1/19 | 1,190 | 1,358 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
South Carolina - continued | ||||
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | ||||
5% 12/1/23 | $ 4,440 | $ 5,131 | ||
5% 12/1/26 | 1,100 | 1,256 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
Series 2012 B: | ||||
5% 12/1/17 | 2,000 | 2,185 | ||
5% 12/1/20 | 1,000 | 1,165 | ||
Series 2012 C, 5% 12/1/17 | 10,535 | 11,512 | ||
Series 2014 C: | ||||
5% 12/1/22 | 1,100 | 1,301 | ||
5% 12/1/23 | 5,000 | 5,905 | ||
Series 2015 C: | ||||
5% 12/1/18 (c) | 15,000 | 16,547 | ||
5% 12/1/19 (c) | 18,690 | 21,025 | ||
| 67,385 | |||
South Dakota - 0.2% | ||||
South Dakota Health & Edl. Facilities Auth. Rev.: | ||||
(Reg'l. Health Proj.) Series 2010: | ||||
5% 9/1/15 | 680 | 685 | ||
5% 9/1/16 | 500 | 524 | ||
5% 9/1/17 | 490 | 530 | ||
Series 2011: | ||||
5% 9/1/17 | 1,100 | 1,190 | ||
5% 9/1/18 | 1,200 | 1,330 | ||
5% 9/1/19 | 1,255 | 1,420 | ||
Series 2014 B: | ||||
4% 11/1/19 | 400 | 442 | ||
4% 11/1/20 | 625 | 694 | ||
4% 11/1/21 | 500 | 556 | ||
5% 11/1/22 | 375 | 440 | ||
| 7,811 | |||
Tennessee - 0.4% | ||||
Knox County Health Edl. & Hsg. Facilities Series 2012 A: | ||||
5% 1/1/19 | 1,925 | 2,150 | ||
5% 1/1/20 | 2,500 | 2,841 | ||
5% 1/1/21 | 2,500 | 2,874 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (e) | 1,730 | 1,802 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Tennessee - continued | ||||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | ||||
5% 7/1/16 | $ 1,815 | $ 1,894 | ||
5% 7/1/17 | 1,100 | 1,190 | ||
Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2004 A, 5% 9/1/15 | 3,125 | 3,148 | ||
| 15,899 | |||
Texas - 8.6% | ||||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/15 (Escrowed to Maturity) | 2,585 | 2,594 | ||
Austin Elec. Util. Sys. Rev.: | ||||
Series A, 5% 11/15/15 | 1,000 | 1,017 | ||
0% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,500 | 4,352 | ||
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,576 | ||
Austin Wtr. & Wastewtr. Sys. Rev. Series 2009 A, 5% 11/15/15 | 2,250 | 2,287 | ||
Brownsville Util. Sys. Rev. Series 2008 A, 5% 9/1/15 (FSA Insured) | 2,665 | 2,685 | ||
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,135 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2009 A, 5% 11/1/15 | 5,000 | 5,075 | ||
Series 2013 F: | ||||
5% 11/1/19 | 2,000 | 2,296 | ||
5% 11/1/20 | 1,500 | 1,747 | ||
5% 11/1/21 | 3,000 | 3,506 | ||
5% 11/1/22 | 5,000 | 5,871 | ||
Dallas Independent School District Series 2014 A, 4% 8/15/16 | 9,280 | 9,645 | ||
Dallas Wtrwks. & Swr. Sys. Rev. Series 2011, 5% 10/1/18 | 1,600 | 1,801 | ||
Fort Worth Independent School District Series 2009, 5% 2/15/16 | 3,690 | 3,797 | ||
Grapevine Gen. Oblig. Series 2009, 5% 2/15/16 | 1,375 | 1,415 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Memorial Hermann Health Sys. Proj.) Series 2013 B, 0.47% 6/1/16 (d) | 1,590 | 1,592 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A, 5% 11/15/16 | 500 | 530 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Harris County Gen. Oblig.: | ||||
Bonds Series 2012 B, 0.66%, tender 8/15/15 (d) | $ 10,470 | $ 10,472 | ||
Series 2012 A, 0.5% 8/15/15 (d) | 1,300 | 1,300 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A, 5% 7/1/17 (e) | 7,380 | 7,967 | ||
Series 2012 A, 5% 7/1/23 (e) | 2,000 | 2,279 | ||
Series A: | ||||
5% 7/1/15 | 2,070 | 2,070 | ||
5% 7/1/16 | 1,080 | 1,128 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 4,483 | ||
Houston Util. Sys. Rev.: | ||||
Bonds Series 2012 C, 0.67%, tender 8/1/16 (d) | 9,200 | 9,197 | ||
5% 5/15/22 | 5,000 | 5,908 | ||
5% 5/15/23 | 7,000 | 8,357 | ||
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,301 | ||
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,274 | ||
Lower Colorado River Auth. Rev.: | ||||
(LCRA Transmission Svcs. Corp. Proj.) Series 2010, 5% 5/15/18 | 3,140 | 3,478 | ||
Series 2010, 5% 5/15/17 | 2,805 | 3,022 | ||
5% 5/15/16 | 2,355 | 2,446 | ||
5% 5/15/16 (Escrowed to Maturity) | 5 | 5 | ||
Lubbock Health Facilities Dev. Corp. Rev. (St. Joseph Health Sys. Proj.) Series 2008 B: | ||||
5% 7/1/17 | 2,800 | 3,022 | ||
5% 7/1/18 | 3,030 | 3,359 | ||
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 1,939 | ||
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2008 A, 0.5%, tender 8/3/15 (d)(e) | 12,700 | 12,700 | ||
North Harris County Reg'l. Wtr. Auth. Series 2013, 4% 12/15/22 | 1,580 | 1,754 | ||
North Texas Tollway Auth. Rev. Bonds Series 2012 C, 1.95%, tender 1/1/19 (d) | 8,500 | 8,583 | ||
Northside Independent School District Bonds: | ||||
Series 2011 A, 2%, tender 6/1/19 (d) | 6,365 | 6,453 | ||
1%, tender 6/1/16 (d) | 20,000 | 20,074 | ||
1.2%, tender 8/1/17 (d) | 29,415 | 29,493 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Sam Rayburn Muni. Pwr. Agcy. Series 2012, 5% 10/1/20 | $ 1,000 | $ 1,148 | ||
San Antonio Elec. & Gas Sys. Rev. Series 2006 A, 5% 2/1/25 (Pre-Refunded to 2/1/16 @ 100) | 3,400 | 3,491 | ||
San Antonio Pub. Facilities Corp. and Rfdg. Lease (Convention Ctr. Proj.) Series 2012: | ||||
5% 9/15/20 | 1,000 | 1,150 | ||
5% 9/15/21 | 1,000 | 1,164 | ||
5% 9/15/22 | 3,440 | 4,003 | ||
San Antonio Wtr. Sys. Rev. Series 2012: | ||||
4% 5/15/19 | 1,500 | 1,655 | ||
5% 5/15/20 | 6,000 | 6,977 | ||
5% 5/15/21 | 5,000 | 5,874 | ||
San Jacinto Cmnty. College District Series 2009, 5% 2/15/16 | 2,000 | 2,058 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 6,112 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Scott & White Healthcare Proj.) Series 2013 A: | ||||
5% 8/15/21 | 750 | 873 | ||
5% 8/15/23 | 1,000 | 1,165 | ||
Series 2013: | ||||
4% 9/1/18 | 400 | 430 | ||
5% 9/1/19 | 655 | 740 | ||
5% 9/1/20 | 915 | 1,049 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.: | ||||
5.75% 7/1/18 | 2,600 | 2,820 | ||
5.75% 7/1/18 (Pre-Refunded to 7/1/16 @ 100) | 810 | 845 | ||
Texas Gen. Oblig.: | ||||
Series 2006, 5% 4/1/27 (Pre-Refunded to 4/1/16 @ 100) | 3,700 | 3,829 | ||
Series 2009 A, 5% 10/1/16 | 3,400 | 3,588 | ||
Series 2014, 5% 10/1/16 | 10,645 | 11,235 | ||
Texas Muni. Pwr. Agcy. Rev. Series 2010: | ||||
5% 9/1/15 | 835 | 841 | ||
5% 9/1/16 | 750 | 787 | ||
Texas Pub. Fin. Auth. Rev. Series 2014 B: | ||||
4% 7/1/17 | 2,100 | 2,206 | ||
4% 7/1/18 | 2,200 | 2,239 | ||
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2015 A, 5%, tender 4/1/20 (d) | 10,700 | 12,242 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Texas Trans. Commission State Hwy. Fund Rev.: | ||||
Series 2007, 5% 4/1/25 | $ 2,200 | $ 2,350 | ||
3% 10/1/17 (c) | 34,000 | 35,600 | ||
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,182 | ||
Univ. of Texas Board of Regents Sys. Rev.: | ||||
Series 2006 B, 5% 8/15/24 (Pre-Refunded to 8/15/16 @ 100) | 5,975 | 6,280 | ||
Series 2010 B, 5% 8/15/21 | 1,800 | 2,131 | ||
| 332,049 | |||
Utah - 0.2% | ||||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/17 | 1,090 | 1,179 | ||
Utah Gen. Oblig. Series 2009 C, 5% 7/1/16 | 5,555 | 5,810 | ||
| 6,989 | |||
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 | 2,263 | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/15 | 5,000 | 5,047 | ||
Virginia - 0.9% | ||||
Chesapeake Trans. Sys. Toll Road Rev. Series 2012 A: | ||||
4% 7/15/20 | 605 | 657 | ||
5% 7/15/21 | 400 | 457 | ||
Fairfax County Gen. Oblig.: | ||||
5% 10/1/19 (c) | 8,000 | 9,251 | ||
5% 10/1/20 (c) | 6,710 | 7,906 | ||
5% 10/1/21 (c) | 3,000 | 3,581 | ||
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24 | 2,340 | 2,656 | ||
Virginia Commonwealth Trans. Board Rev. (U.S. Route 58 Corridor Dev. Prog.) Series 2014 B, 5% 5/15/16 | 2,100 | 2,185 | ||
Virginia Pub. School Auth.: | ||||
Series ll, 5% 4/15/16 | 2,600 | 2,695 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Virginia - continued | ||||
Virginia Pub. School Auth.: - continued | ||||
Series Xll, 5% 4/15/16 | $ 3,940 | $ 4,084 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.875%, tender 5/16/19 (d) | 2,500 | 2,538 | ||
| 36,010 | |||
Washington - 1.1% | ||||
Grant County Pub. Util. District #2 Series 2012 A: | ||||
5% 1/1/20 | 1,375 | 1,584 | ||
5% 1/1/21 | 1,865 | 2,185 | ||
King County Highline School District # 401 Series 2009: | ||||
5% 12/1/16 | 6,350 | 6,741 | ||
5% 12/1/17 | 2,950 | 3,230 | ||
Port of Seattle Passenger Facilities Charge Rev. Series 2010 B, 5% 12/1/16 (e) | 2,500 | 2,643 | ||
Port of Seattle Rev. Series 2010 C: | ||||
5% 2/1/16 (e) | 2,000 | 2,052 | ||
5% 2/1/17 (e) | 2,500 | 2,661 | ||
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,136 | ||
Spokane County Wastewtr. Sys. Rev. Series 2009 A, 5% 12/1/15 | 1,710 | 1,743 | ||
Tacoma Elec. Sys. Rev. Series 2013 A: | ||||
4% 1/1/20 | 5,000 | 5,527 | ||
4% 1/1/21 | 2,000 | 2,231 | ||
5% 1/1/20 | 3,000 | 3,445 | ||
5% 1/1/21 | 1,770 | 2,067 | ||
Washington Gen. Oblig. Series 2012 AR, 5% 7/1/18 | 5,000 | 5,582 | ||
| 43,827 | |||
West Virginia - 0.3% | ||||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | ||||
Series 2011 A, 2.25%, tender 9/1/16 (d)(e) | 7,000 | 7,071 | ||
1.9%, tender 4/1/19 (d) | 5,990 | 5,966 | ||
| 13,037 | |||
Wisconsin - 0.7% | ||||
Madison Gen. Oblig. Series 2014 A, 5% 10/1/21 | 3,215 | 3,809 | ||
Milwaukee County Arpt. Rev.: | ||||
Series 2010 B, 5% 12/1/15 (e) | 1,720 | 1,752 | ||
Series 2013 A: | ||||
5% 12/1/20 (e) | 1,330 | 1,525 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Wisconsin - continued | ||||
Milwaukee County Arpt. Rev.: - continued | ||||
Series 2013 A: | ||||
5% 12/1/22 (e) | $ 1,470 | $ 1,692 | ||
5.25% 12/1/23 (e) | 1,540 | 1,812 | ||
Wisconsin Gen. Oblig.: | ||||
Series 2005 D, 5% 5/1/19 (Pre-Refunded to 5/1/16 @ 100) | 2,260 | 2,346 | ||
Series 2014 B, 5% 5/1/16 | 2,600 | 2,700 | ||
Wisconsin Health & Edl. Facilities Series 2014: | ||||
4% 5/1/18 | 375 | 398 | ||
4% 5/1/19 | 285 | 304 | ||
5% 5/1/20 | 410 | 454 | ||
5% 5/1/21 | 640 | 709 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.) Series 2010, 5% 7/1/16 | 1,175 | 1,221 | ||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,607 | ||
(Thedacare, Inc. Proj.) Series 2010: | ||||
5% 12/15/15 | 1,105 | 1,128 | ||
5% 12/15/16 | 1,440 | 1,529 | ||
5% 12/15/17 | 1,540 | 1,684 | ||
Series 2012, 5% 10/1/21 | 1,400 | 1,627 | ||
| 26,297 | |||
TOTAL MUNICIPAL BONDS (Cost $3,458,149) |
|
Municipal Notes - 3.4% | |||
|
|
|
|
Connecticut - 1.1% | |||
Hartford Gen. Oblig. BAN 2% 10/27/15 | 16,000 | 16,083 | |
New Britain Gen. Oblig. BAN 2.5% 3/25/16 | 24,000 | 24,350 | |
New London BAN 2% 3/24/16 | 3,155 | 3,189 | |
| 43,622 | ||
Louisiana - 1.0% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.36% 7/7/15, VRDN (d) | 4,300 | 4,300 | |
Series 2010 B1, 0.27% 7/7/15, VRDN (d) | 35,600 | 35,600 | |
| 39,900 | ||
Municipal Notes - continued | |||
Principal Amount (000s) | Value (000s) | ||
New Jersey - 0.3% | |||
Newark Gen. Oblig. TAN Series 2015 A, 1.75% 2/19/16 | 10,400 | $ 10,422 | |
New York - 0.7% | |||
Monroe County Gen. Oblig. BAN Series 2014, 1% 7/1/15 | 17,700 | 17,700 | |
Rockland County Gen. Oblig. TAN 2% 3/16/16 | 9,800 | 9,887 | |
| 27,587 | ||
North Carolina - 0.2% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 0.35% 7/7/15, VRDN (d)(e) | 5,900 | 5,900 | |
Ohio - 0.0% | |||
Marietta BAN Series 2015, 1% 5/13/16 | 1,750 | 1,755 | |
Texas - 0.1% | |||
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) Series 2009 C, 0.21% 7/1/15, VRDN (d) | 5,100 | 5,100 | |
TOTAL MUNICIPAL NOTES (Cost $134,301) |
| ||
TOTAL INVESTMENT PORTFOLIO - 93.8% (Cost $3,592,450) | 3,636,131 | ||
NET OTHER ASSETS (LIABILITIES) - 6.2% | 238,279 | ||
NET ASSETS - 100% | $ 3,874,410 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
TAN | - | TAX ANTICIPATION NOTE |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $23,105,000 or 0.6% of net assets. |
(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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,100,000 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Mississippi Hosp. Equip. & Facilities Auth. Bonds (Baptist Memorial Health Care Proj.) Series 2004 B2, 0.5%, tender 7/9/15 | 1/7/15 | $ 6,100 |
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 Investment 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 | 40.4% |
Electric Utilities | 10.7% |
Transportation | 10.1% |
Health Care | 8.8% |
Special Tax | 7.8% |
Others (Individually Less Than 5%) | 16.0% |
Net Other Assets (Liabilities) | 6.2% |
| 100.0% |
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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,592,450) |
| $ 3,636,131 |
Cash |
| 310,240 |
Receivable for investments sold |
| 22,714 |
Receivable for fund shares sold | 22,529 | |
Interest receivable | 37,352 | |
Other receivables | 16 | |
Total assets | 4,028,982 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 141,320 | |
Payable for fund shares redeemed | 10,372 | |
Distributions payable | 1,126 | |
Accrued management fee | 1,163 | |
Distribution and service plan fees payable | 139 | |
Other affiliated payables | 411 | |
Other payables and accrued expenses | 41 | |
Total liabilities | 154,572 | |
|
|
|
Net Assets | $ 3,874,410 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,826,825 | |
Distributions in excess of net investment income | (75) | |
Accumulated undistributed net realized gain (loss) on investments | 3,979 | |
Net unrealized appreciation (depreciation) on investments | 43,681 | |
Net Assets | $ 3,874,410 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2015 (Unaudited) | |
Calculation of Maximum Offering Price | ||
Class A: | $ 10.62 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.62) | $ 10.92 | |
Class T: | $ 10.60 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.60) | $ 10.90 | |
Class B: | $ 10.61 | |
|
|
|
Class C: | $ 10.60 | |
|
|
|
Limited Term Municipal Income: | $ 10.60 | |
|
|
|
Institutional Class: | $ 10.61 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands Six months ended June 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 41,175 |
|
|
|
Expenses | ||
Management fee | $ 7,165 | |
Transfer agent fees | 2,189 | |
Distribution and service plan fees | 868 | |
Accounting fees and expenses | 309 | |
Custodian fees and expenses | 25 | |
Independent trustees' compensation | 8 | |
Registration fees | 106 | |
Audit | 27 | |
Legal | 11 | |
Miscellaneous | 15 | |
Total expenses before reductions | 10,723 | |
Expense reductions | (24) | 10,699 |
Net investment income (loss) | 30,476 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 4,372 |
Change in net unrealized appreciation (depreciation) on investment securities | (38,211) | |
Net gain (loss) | (33,839) | |
Net increase (decrease) in net assets resulting from operations | $ (3,363) |
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, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 30,476 | $ 64,659 |
Net realized gain (loss) | 4,372 | 4,731 |
Change in net unrealized appreciation (depreciation) | (38,211) | 12,153 |
Net increase (decrease) in net assets resulting from operations | (3,363) | 81,543 |
Distributions to shareholders from net investment income | (30,663) | (64,660) |
Distributions to shareholders from net realized gain | (1,502) | (5,775) |
Total distributions | (32,165) | (70,435) |
Share transactions - net increase (decrease) | (66,281) | 176,760 |
Redemption fees | 27 | 43 |
Total increase (decrease) in net assets | (101,782) | 187,911 |
|
|
|
Net Assets | ||
Beginning of period | 3,976,192 | 3,788,281 |
End of period (including distributions in excess of net investment income of $75 and undistributed net investment income of $112, respectively) | $ 3,874,410 | $ 3,976,192 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.71 | $ 10.68 | $ 10.86 | $ 10.83 | $ 10.62 | $ 10.64 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) E | .068 | .153 | .158 | .164 | .198 | .209 |
Net realized and unrealized gain (loss) | (.086) | .046 | (.170) | .034 | .225 | (.016) |
Total from investment operations | (.018) | .199 | (.012) | .198 | .423 | .193 |
Distributions from net investment income | (.068) | (.153) | (.158) | (.156) | (.205) | (.209) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.072) | (.169) | (.168) | (.168) | (.213) | (.213) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.62 | $ 10.71 | $ 10.68 | $ 10.86 | $ 10.83 | $ 10.62 |
Total ReturnB, C, D | (.17)% | 1.87% | (.11)% | 1.84% | 4.03% | 1.81% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .82%A | .79% | .78% | .79% | .77% | .78% |
Expenses net of fee waivers, if any | .82%A | .79% | .78% | .79% | .77% | .78% |
Expenses net of all reductions | .81%A | .79% | .78% | .78% | .77% | .77% |
Net investment income (loss) | 1.27%A | 1.42% | 1.47% | 1.51% | 1.85% | 1.95% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 390 | $ 397 | $ 318 | $ 394 | $ 336 | $ 200 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 | $ 10.63 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) E | .069 | .157 | .162 | .166 | .199 | .211 |
Net realized and unrealized gain (loss) | (.085) | .046 | (.180) | .044 | .226 | (.026) |
Total from investment operations | (.016) | .203 | (.018) | .210 | .425 | .185 |
Distributions from net investment income | (.070) | (.157) | (.162) | (.158) | (.207) | (.211) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.074) | (.173) | (.172) | (.170) | (.215) | (.215) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.60 | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 |
Total ReturnB, C, D | (.15)% | 1.91% | (.17)% | 1.95% | 4.05% | 1.74% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .78%A | .76% | .75% | .77% | .76% | .76% |
Expenses net of fee waivers, if any | .78%A | .76% | .75% | .77% | .76% | .76% |
Expenses net of all reductions | .78%A | .75% | .75% | .76% | .76% | .75% |
Net investment income (loss) | 1.31%A | 1.46% | 1.50% | 1.52% | 1.86% | 1.97% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 22 | $ 25 | $ 24 | $ 25 | $ 26 | $ 24 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.71 | $ 10.67 | $ 10.86 | $ 10.82 | $ 10.61 | $ 10.64 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .036 | .086 | .089 | .093 | .128 | .139 |
Net realized and unrealized gain (loss) | (.095) | .056 | (.180) | .045 | .226 | (.026) |
Total from investment operations | (.059) | .142 | (.091) | .138 | .354 | .113 |
Distributions from net investment income | (.037) | (.086) | (.089) | (.086) | (.136) | (.139) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.041) | (.102) | (.099) | (.098) | (.144) | (.143) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.61 | $ 10.71 | $ 10.67 | $ 10.86 | $ 10.82 | $ 10.61 |
Total ReturnB, C, D | (.55)% | 1.33% | (.84)% | 1.27% | 3.36% | 1.06% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.40%A | 1.42% | 1.43% | 1.44% | 1.43% | 1.44% |
Expenses net of fee waivers, if any | 1.40%A | 1.42% | 1.43% | 1.44% | 1.42% | 1.43% |
Expenses net of all reductions | 1.40%A | 1.42% | 1.43% | 1.43% | 1.42% | 1.42% |
Net investment income (loss) | .69%A | .80% | .82% | .85% | 1.19% | 1.30% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ - | $ - | $ 1 | $ 1 | $ 2 | $ 2 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.69 | $ 10.66 | $ 10.84 | $ 10.81 | $ 10.60 | $ 10.63 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .028 | .072 | .077 | .082 | .117 | .129 |
Net realized and unrealized gain (loss) | (.086) | .046 | (.169) | .035 | .226 | (.026) |
Total from investment operations | (.058) | .118 | (.092) | .117 | .343 | .103 |
Distributions from net investment income | (.028) | (.072) | (.078) | (.075) | (.125) | (.129) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.032) | (.088) | (.088) | (.087) | (.133) | (.133) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.60 | $ 10.69 | $ 10.66 | $ 10.84 | $ 10.81 | $ 10.60 |
Total ReturnB, C, D | (.54)% | 1.11% | (.86)% | 1.08% | 3.25% | .96% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.56%A | 1.54% | 1.54% | 1.53% | 1.53% | 1.52% |
Expenses net of fee waivers, if any | 1.56%A | 1.54% | 1.54% | 1.53% | 1.53% | 1.52% |
Expenses net of all reductions | 1.56%A | 1.54% | 1.53% | 1.53% | 1.52% | 1.52% |
Net investment income (loss) | .53%A | .67% | .72% | .76% | 1.09% | 1.20% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 62 | $ 65 | $ 71 | $ 92 | $ 79 | $ 77 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 - Limited Term Municipal Income
| Six months ended June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 | $ 10.63 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .085 | .186 | .191 | .197 | .228 | .240 |
Net realized and unrealized gain (loss) | (.086) | .046 | (.180) | .045 | .227 | (.026) |
Total from investment operations | (.001) | .232 | .011 | .242 | .455 | .214 |
Distributions from net investment income | (.085) | (.186) | (.191) | (.190) | (.237) | (.240) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.089) | (.202) | (.201) | (.202) | (.245) | (.244) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 10.60 | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 |
Total ReturnB, C | (.01)% | 2.19% | .10% | 2.25% | 4.34% | 2.02% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .49%A | .48% | .48% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .49%A | .48% | .48% | .48% | .48% | .48% |
Expenses net of all reductions | .48%A | .48% | .48% | .47% | .48% | .48% |
Net investment income (loss) | 1.60%A | 1.73% | 1.78% | 1.81% | 2.14% | 2.24% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,136 | $ 3,225 | $ 3,168 | $ 3,624 | $ 3,523 | $ 3,456 |
Portfolio turnover rateF | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.70 | $ 10.67 | $ 10.85 | $ 10.81 | $ 10.61 | $ 10.63 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .081 | .179 | .184 | .191 | .224 | .235 |
Net realized and unrealized gain (loss) | (.085) | .046 | (.169) | .045 | .216 | (.015) |
Total from investment operations | (.004) | .225 | .015 | .236 | .440 | .220 |
Distributions from net investment income | (.082) | (.179) | (.185) | (.184) | (.232) | (.236) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.086) | (.195) | (.195) | (.196) | (.240) | (.240) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 10.61 | $ 10.70 | $ 10.67 | $ 10.85 | $ 10.81 | $ 10.61 |
Total ReturnB, C | (.04)% | 2.12% | .14% | 2.19% | 4.19% | 2.07% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .56%A | .55% | .54% | .54% | .52% | .53% |
Expenses net of fee waivers, if any | .56%A | .55% | .54% | .54% | .52% | .53% |
Expenses net of all reductions | .56%A | .54% | .54% | .53% | .52% | .52% |
Net investment income (loss) | 1.53%A | 1.67% | 1.71% | 1.76% | 2.09% | 2.20% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 264 | $ 263 | $ 207 | $ 206 | $ 152 | $ 142 |
Portfolio turnover rateF | 26% A | 21% | 20% | 21% | 22% | 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 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, 2015 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® Limited Term 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, Limited Term Municipal Income and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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.
During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.
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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
Semiannual Report
2. Significant Accounting Policies - continued
Investment 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)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
2. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to wash sales 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 | $ 57,123 |
Gross unrealized depreciation | (13,425) |
Net unrealized appreciation (depreciation) on securities | $ 43,698 |
|
|
Tax cost | $ 3,592,433 |
Semiannual Report
2. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV 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.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in 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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $487,295 and $612,869, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% 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 the investment adviser, 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% | $ 512 | $ - |
Class T | -% | .25% | 30 | -* |
Class B | .65% | .25% | 2 | 1 |
Class C | .75% | .25% | 324 | 54 |
|
|
| $ 868 | $ 55 |
* Amount represents three hundred and six dollars.
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 3.00% to 1.00% for Class B shares, 1.00% for Class C shares, .75% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 5 |
Class T | 9 |
Class B* | -** |
Class C* | 4 |
| $ 18 |
* 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.
** Amount represents one hundred sixty-six dollars.
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. 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. 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 | $ 355 | .18 |
Class T | 17 | .14 |
Class B | -** | .11 |
Class C | 54 | .17 |
Limited Term Municipal Income | 1,533 | .10 |
Institutional Class | 230 | .17 |
| $ 2,189 |
|
* Annualized
** Amount represents two hundred two dollars.
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Fees and Other Transactions with Affiliates - continued
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
5. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $24.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Class A | $ 2,603 | $ 4,673 |
Class T | 157 | 347 |
Class B | 1 | 3 |
Class C | 172 | 452 |
Limited Term Municipal Income | 25,643 | 55,470 |
Institutional Class | 2,087 | 3,715 |
Total | $ 30,663 | $ 64,660 |
From net realized gain |
|
|
Class A | $ 154 | $ 518 |
Class T | 9 | 36 |
Class B | -* | 1 |
Class C | 25 | 101 |
Limited Term Municipal Income | 1,211 | 4,778 |
Institutional Class | 103 | 341 |
Total | $ 1,502 | $ 5,775 |
* Amount represents one hundred fifty-four dollars.
Semiannual Report
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
| Six months ended June 30, | Year ended | Six months ended June 30, | Year ended |
Class A |
|
|
|
|
Shares sold | 10,125 | 21,930 | $ 108,416 | $ 235,729 |
Reinvestment of distributions | 236 | 419 | 2,529 | 4,497 |
Shares redeemed | (10,702) | (15,005) | (114,234) | (161,198) |
Net increase (decrease) | (341) | 7,344 | $ (3,289) | $ 79,028 |
Class T |
|
|
|
|
Shares sold | 356 | 936 | $ 3,819 | $ 10,041 |
Reinvestment of distributions | 15 | 34 | 158 | 360 |
Shares redeemed | (615) | (932) | (6,563) | (9,993) |
Net increase (decrease) | (244) | 38 | $ (2,586) | $ 408 |
Class B |
|
|
|
|
Shares sold | 1 | 5 | $ 5 | $ 58 |
Reinvestment of distributions | -** | -* | 1 | 4 |
Shares redeemed | (9) | (17) | (101) | (183) |
Net increase (decrease) | (8) | (12) | $ (95) | $ (121) |
Class C |
|
|
|
|
Shares sold | 459 | 1,064 | $ 4,905 | $ 11,413 |
Reinvestment of distributions | 16 | 42 | 167 | 454 |
Shares redeemed | (751) | (1,668) | (8,004) | (17,881) |
Net increase (decrease) | (276) | (562) | $ (2,932) | $ (6,014) |
Limited Term Municipal Income |
|
|
|
|
Shares sold | 37,841 | 76,270 | $ 404,284 | $ 818,051 |
Reinvestment of distributions | 1,879 | 4,133 | 20,067 | 44,337 |
Shares redeemed | (45,420) | (75,997) | (484,722) | (815,047) |
Net increase (decrease) | (5,700) | 4,406 | $ (60,371) | $ 47,341 |
Institutional Class |
|
|
|
|
Shares sold | 7,251 | 13,740 | $ 77,528 | $ 147,453 |
Reinvestment of distributions | 161 | 270 | 1,717 | 2,893 |
Shares redeemed | (7,145) | (8,783) | (76,253) | (94,228) |
Net increase (decrease) | 267 | 5,227 | $ 2,992 | $ 56,118 |
* Amount represents three hundred sixty-two shares.
** Amount represents one hundred thirty-one shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments Money
Management, Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank, 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
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
STM-USAN-0815 1.787790.112
Fidelity®
Municipal Income
Fund
Semiannual Report
June 30, 2015
(Fidelity Cover Art)
Contents
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. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to June 30, 2015).
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 | Beginning | Ending | Expenses Paid |
Actual | .48% | $ 1,000.00 | $ 999.20 | $ 2.38 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.41 | $ 2.41 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 | ||
| % of fund's | % of fund's net assets |
Illinois | 17.3 | 17.1 |
California | 16.4 | 17.8 |
Florida | 13.0 | 9.8 |
Texas | 9.1 | 9.9 |
New York | 7.5 | 7.5 |
Top Five Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
General Obligations | 34.2 | 33.5 |
Health Care | 18.8 | 21.0 |
Transportation | 12.7 | 12.1 |
Escrowed/Pre-Refunded | 9.7 | 5.4 |
Electric Utilities | 8.3 | 7.1 |
Weighted Average Maturity as of June 30, 2015 | ||
|
| 6 months ago |
Years | 6.0 | 5.8 |
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 market 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, 2015 | ||
|
| 6 months ago |
Years | 6.9 | 6.7 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | AAA 3.9% |
| ![]() | AAA 4.9% |
| ||
![]() | AA,A 82.2% |
| ![]() | AA,A 80.4% |
| ||
![]() | BBB 8.2% |
| ![]() | BBB 9.5% |
| ||
![]() | BB and Below 2.1% |
| ![]() | BB and Below 0.5% |
| ||
![]() | Not Rated 4.5% |
| ![]() | Not Rated 2.4% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
* Short-Term Investments and Net Other Assets are not included in the pie chart |
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, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 100.7% | ||||
| Principal Amount (000s) | Value (000s) | ||
Alabama - 0.2% | ||||
Birmingham Gen. Oblig. Series 2013 A, 0% 3/1/32 (a) | $ 3,500 | $ 3,525 | ||
Jefferson County Ltd. Oblig. School Warrants Series 2004 A, 5.5% 1/1/22 | 5,600 | 5,673 | ||
Univ. of Alabama at Birmingham Hosp. Rev. Series 2008 A, 5.75% 9/1/22 | 3,000 | 3,394 | ||
| 12,592 | |||
Arizona - 2.0% | ||||
Arizona Ctfs. of Prtn. Series 2010 A: | ||||
5% 10/1/18 (FSA Insured) | 2,670 | 2,984 | ||
5.25% 10/1/20 (FSA Insured) | 8,000 | 9,202 | ||
5.25% 10/1/26 (FSA Insured) | 2,570 | 2,940 | ||
5.25% 10/1/28 (FSA Insured) | 8,345 | 9,496 | ||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.): | ||||
Series 2007 A, 5% 1/1/21 | 2,000 | 2,119 | ||
Series 2007 B, 0.994% 1/1/37 (d) | 3,000 | 2,688 | ||
Series 2008 D: | ||||
5.5% 1/1/38 | 12,000 | 12,947 | ||
6% 1/1/27 | 2,600 | 2,868 | ||
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) | 5,800 | 6,661 | ||
Glendale Gen. Oblig. Series 2015, 4% 7/1/20 (FSA Insured) | 2,600 | 2,843 | ||
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/18 (AMBAC Insured) | 1,660 | 1,762 | ||
Marana Muni. Property Corp. Facilities Rev. Series 2008 A, 5% 7/1/21 | 1,580 | 1,757 | ||
Maricopa County Indl. Dev. Auth. Hosp. Facilities Rev. (Samaritan Health Svcs. Proj.) Series 1990 A, 7% 12/1/16 (Escrowed to Maturity) | 1,165 | 1,208 | ||
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 | 3,600 | 3,983 | ||
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5.25% 7/1/39 | 4,800 | 5,253 | ||
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 5.5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,000 | 14,772 | ||
Phoenix Civic Impt. Corp. Excise Tax Rev. Series 2011 C: | ||||
5% 7/1/22 | 1,000 | 1,172 | ||
5% 7/1/23 | 2,000 | 2,337 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Arizona - continued | ||||
Pima County Swr. Sys. Rev.: | ||||
Series 2011 B, 5% 7/1/22 | $ 1,500 | $ 1,746 | ||
Series 2012 A: | ||||
5% 7/1/24 | 1,140 | 1,339 | ||
5% 7/1/26 | 1,000 | 1,160 | ||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2009 A, 5% 1/1/26 | 700 | 786 | ||
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007: | ||||
5.25% 12/1/21 | 3,500 | 3,982 | ||
5.5% 12/1/29 | 7,900 | 9,350 | ||
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.) Series 2006 C, 5% 9/1/35 (FSA Insured) | 845 | 928 | ||
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2011, 6% 7/1/39 (Pre-Refunded to 7/1/21 @ 100) | 3,000 | 3,716 | ||
| 109,999 | |||
California - 16.4% | ||||
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Sharp HealthCare Proj.) Series 2009 B, 6.25% 8/1/39 | 2,800 | 3,254 | ||
ABC Unified School District Series 1997 C, 0% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,925 | 2,418 | ||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 (Pre-Refunded to 4/1/19 @ 100) | 6,350 | 7,384 | ||
Cabrillo Unified School District Series A, 0% 8/1/20 (AMBAC Insured) | 4,275 | 3,634 | ||
California Econ. Recovery Series 2009 A, 5% 7/1/22 | 7,500 | 7,836 | ||
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 | 2,121 | ||
0% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,050 | 2,002 | ||
0% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675 | 1,601 | ||
0% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 4,130 | ||
California Gen. Oblig.: | ||||
Bonds 3%, tender 12/1/19 (d) | 22,700 | 24,057 | ||
Series 2007, 5.625% 5/1/20 | 120 | 120 | ||
5% 3/1/19 | 1,800 | 1,988 | ||
5% 8/1/19 | 8,310 | 8,874 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Gen. Oblig.: - continued | ||||
5% 8/1/20 | $ 5,355 | $ 5,715 | ||
5% 10/1/22 | 2,300 | 2,638 | ||
5% 11/1/22 | 3,100 | 3,399 | ||
5% 12/1/22 | 6,800 | 7,478 | ||
5% 11/1/24 | 1,600 | 1,751 | ||
5% 3/1/26 | 5,100 | 5,248 | ||
5% 9/1/27 | 10,500 | 11,034 | ||
5% 9/1/31 | 22,500 | 23,611 | ||
5% 9/1/32 | 24,995 | 26,215 | ||
5% 9/1/33 | 19,115 | 20,037 | ||
5% 9/1/35 | 4,050 | 4,243 | ||
5.25% 9/1/23 | 24,300 | 29,146 | ||
5.25% 12/1/33 | 160 | 161 | ||
5.25% 4/1/35 | 12,000 | 13,667 | ||
5.25% 3/1/38 | 9,000 | 9,801 | ||
5.25% 11/1/40 | 3,200 | 3,675 | ||
5.5% 8/1/27 | 14,700 | 16,632 | ||
5.5% 4/1/28 | 10 | 10 | ||
5.5% 8/1/29 | 9,850 | 11,142 | ||
5.5% 4/1/30 | 5 | 5 | ||
5.5% 3/1/40 | 5,900 | 6,816 | ||
5.6% 3/1/36 | 2,550 | 2,963 | ||
5.75% 4/1/31 | 5,020 | 5,784 | ||
6% 3/1/33 | 23,800 | 28,560 | ||
6% 4/1/38 | 19,600 | 22,847 | ||
6% 11/1/39 | 10,020 | 11,913 | ||
6.5% 4/1/33 | 7,900 | 9,377 | ||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.): | ||||
Series 2008 H, 5.125% 7/1/22 (Pre-Refunded to 7/1/15 @ 100) | 1,115 | 1,115 | ||
Series 2008 L, 5.125% 7/1/22 (Pre-Refunded to 7/1/15 @ 100) | 2,555 | 2,555 | ||
Series 2009 E, 5.625% 7/1/25 | 10,000 | 11,407 | ||
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 | 6,800 | 7,697 | ||
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31 | 12,500 | 14,676 | ||
California Pub. Works Board Lease Rev.: | ||||
(Coalinga State Hosp. Proj.) Series 2013 E: | ||||
5% 6/1/27 | 6,730 | 7,737 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Pub. Works Board Lease Rev.: - continued | ||||
(Coalinga State Hosp. Proj.) Series 2013 E: | ||||
5% 6/1/28 | $ 6,175 | $ 7,057 | ||
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23 | 4,575 | 4,639 | ||
(Monterey Bay Campus Library Proj.) Series 2009 D, 6.25% 4/1/34 | 7,280 | 8,535 | ||
(Office of Emergency Svcs. Proj.) Series 2007 A: | ||||
5% 3/1/21 | 3,515 | 3,765 | ||
5% 3/1/22 | 1,695 | 1,814 | ||
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 | 2,825 | 3,306 | ||
(Univ. Proj.) Series 2011 B, 5.25% 10/1/26 | 2,515 | 2,953 | ||
(Various Cap. Projs.): | ||||
Series 2011 A: | ||||
5% 10/1/27 | 10,000 | 11,460 | ||
5.25% 10/1/26 | 5,000 | 5,874 | ||
Series 2012 A: | ||||
5% 4/1/25 | 4,700 | 5,481 | ||
5% 4/1/26 | 13,495 | 15,520 | ||
Series 2012 G, 5% 11/1/25 | 4,000 | 4,677 | ||
(Various Judicial Council Projects) Series 2011 D: | ||||
5% 12/1/22 | 4,100 | 4,806 | ||
5% 12/1/23 | 7,355 | 8,602 | ||
Series 2005 B: | ||||
5.25% 11/1/24 (XL Cap. Assurance, Inc. Insured) | 1,575 | 1,598 | ||
5.25% 11/1/26 (XL Cap. Assurance, Inc. Insured) | 2,860 | 2,902 | ||
Series 2009 G1, 5.75% 10/1/30 | 2,500 | 2,917 | ||
Series 2009 I: | ||||
6.125% 11/1/29 | 1,600 | 1,902 | ||
6.375% 11/1/34 | 4,600 | 5,502 | ||
Series 2010 A, 5.75% 3/1/30 | 4,900 | 5,712 | ||
California State Univ. Rev. Series 2009 A, 6% 11/1/40 | 5,000 | 5,834 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) | 5,000 | 5,509 | ||
(Sutter Health Proj.) Series 2011 A, 6% 8/15/42 | 11,700 | 13,609 | ||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,380 | 9,402 | ||
Encinitas Union School District Series 1996: | ||||
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,500 | 3,147 | ||
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,810 | 2,425 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Fontana Unified School District Gen. Oblig. 5% 5/1/19 (Assured Guaranty Corp. Insured) | $ 1,300 | $ 1,487 | ||
Long Beach Unified School District Series A: | ||||
5.5% 8/1/28 | 3,810 | 4,383 | ||
5.5% 8/1/29 | 2,000 | 2,297 | ||
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005: | ||||
5% 9/1/18 (AMBAC Insured) | 1,000 | 1,006 | ||
5% 9/1/19 (AMBAC Insured) | 2,545 | 2,561 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C: | ||||
5% 3/1/23 | 5,335 | 6,204 | ||
5% 3/1/27 | 2,000 | 2,252 | ||
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 (Pre-Refunded to 6/1/34 @ 100) | 9,715 | 11,234 | ||
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 | 3,000 | 3,323 | ||
Monrovia Unified School District Series B, 0% 8/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,525 | 2,528 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. Series 2007, 5% 8/1/19 (AMBAC Insured) | 2,320 | 2,499 | ||
North City West School Facilities Fing. Auth. Spl. Tax Series C, 5% 9/1/19 (AMBAC Insured) | 3,015 | 3,344 | ||
Oakland Gen. Oblig.: | ||||
Series 2009 B, 6% 1/15/34 (Pre-Refunded to 1/15/19 @ 100) | 2,500 | 2,921 | ||
Series 2012: | ||||
5% 1/15/26 | 4,535 | 5,164 | ||
5% 1/15/28 | 4,345 | 4,921 | ||
5% 1/15/29 | 5,370 | 6,053 | ||
Oakland Unified School District Alameda County Series 2009 A, 6.5% 8/1/22 | 2,320 | 2,682 | ||
Oakland-Alameda County Coliseum Auth. (Oakland Coliseum Proj.) Series 2012 A: | ||||
5% 2/1/19 | 4,190 | 4,701 | ||
5% 2/1/24 | 8,200 | 9,371 | ||
Port of Oakland Rev.: | ||||
Series 2007 B, 5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,000 | 7,652 | ||
Series 2012 P: | ||||
5% 5/1/23 (g) | 6,455 | 7,474 | ||
5% 5/1/24 (g) | 9,900 | 11,376 | ||
Series C, 5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,650 | 7,265 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Poway Unified School District: | ||||
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 | $ 4,900 | $ 2,358 | ||
Series B: | ||||
0% 8/1/37 | 7,800 | 2,828 | ||
0% 8/1/38 | 10,200 | 3,501 | ||
0% 8/1/39 | 20,100 | 6,524 | ||
0% 8/1/40 | 3,000 | 920 | ||
0% 8/1/41 | 13,610 | 3,942 | ||
Poway Unified School District Pub. Fing.: | ||||
5% 9/1/26 | 1,275 | 1,428 | ||
5% 9/1/29 | 2,650 | 2,920 | ||
5% 9/1/31 | 1,200 | 1,304 | ||
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (FGIC Insured) | 4,200 | 2,659 | ||
Sacramento Muni. Util. District Elec. Rev. Series 2012 Y, 5% 8/15/26 | 10,000 | 11,891 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 | 2,800 | 3,134 | ||
San Diego Convention Ctr. Expansion Series 2012 A, 5% 4/15/25 | 10,425 | 11,970 | ||
San Diego Unified School District: | ||||
Series 2008 C: | ||||
0% 7/1/34 | 3,600 | 1,599 | ||
0% 7/1/39 | 9,650 | 3,280 | ||
0% 7/1/41 | 21,370 | 6,505 | ||
Series 2008 E: | ||||
0% 7/1/47 (a) | 7,400 | 3,567 | ||
0% 7/1/49 | 25,500 | 5,139 | ||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2014 A, 5% 5/1/44 (g) | 12,800 | 13,723 | ||
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 | 3,818 | ||
San Jose Fing. Auth. Lease Rev. (Civic Ctr. Proj.) Series 2013 A: | ||||
5% 6/1/27 | 4,610 | 5,346 | ||
5% 6/1/30 | 16,190 | 18,477 | ||
5% 6/1/31 | 11,785 | 13,397 | ||
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (Pre-Refunded to 8/1/18 @ 100) | 6,375 | 7,388 | ||
San Marcos Unified School District: | ||||
Series 2010 A, 5% 8/1/38 | 5,150 | 5,700 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
San Marcos Unified School District: - continued | ||||
Series 2010 B, 0% 8/1/47 | $ 18,400 | $ 4,154 | ||
San Mateo County Cmnty. College District Series A, 0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,430 | 3,853 | ||
Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.) Series 2007 C, 5.75% 2/1/41 (Pre-Refunded to 8/1/17 @ 100) | 10,000 | 11,038 | ||
Santa Monica-Malibu Unified School District Series 1999, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,815 | 2,559 | ||
Sonoma County Jr. College District Rev. Series 2002, 5% 8/1/28 (FSA Insured) | 490 | 492 | ||
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) | 45,225 | 49,165 | ||
Union Elementary School District: | ||||
Series A, 0% 9/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,750 | 1,616 | ||
Series B, 0% 9/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500 | 1,219 | ||
Univ. of California Regents Med. Ctr. Pool Rev. Series 2013 J, 5% 5/15/48 | 4,000 | 4,335 | ||
Univ. of California Revs.: | ||||
(UCLA Med. Ctr. Proj.) Series B, 5.5% 5/15/17 (AMBAC Insured) | 2,545 | 2,547 | ||
Series O: | ||||
5.25% 5/15/39 | 2,010 | 2,263 | ||
5.25% 5/15/39 (Pre-Refunded to 5/15/19 @ 100) | 390 | 449 | ||
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 (Pre-Refunded to 8/1/18 @ 100) | 5,100 | 5,795 | ||
Washington Township Health Care District Gen. Oblig. Series 2013 A, 5.5% 8/1/38 | 4,500 | 5,175 | ||
Washington Township Health Care District Rev.: | ||||
Series 2007 A: | ||||
5% 7/1/18 | 1,185 | 1,265 | ||
5% 7/1/27 | 1,840 | 1,947 | ||
Series 2009 A, 5.75% 7/1/24 | 1,750 | 1,977 | ||
Series 2010 A, 5.5% 7/1/38 | 3,815 | 4,055 | ||
West Contra Costa Unified School District: | ||||
(Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) | 3,850 | 4,347 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
West Contra Costa Unified School District: - continued | ||||
Series 2012: | ||||
5% 8/1/24 | $ 3,625 | $ 4,268 | ||
5% 8/1/25 | 10,000 | 11,674 | ||
| 927,631 | |||
Colorado - 0.8% | ||||
Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.): | ||||
Series B, 0% 7/15/20 (Escrowed to Maturity) | 5,800 | 5,306 | ||
0% 7/15/22 (Escrowed to Maturity) | 15,700 | 13,241 | ||
Colorado Health Facilities Auth. Rev. (Parkview Episcopal Med. Ctr. Proj.) Series B: | ||||
5% 9/1/19 | 1,115 | 1,207 | ||
5% 9/1/22 | 1,500 | 1,616 | ||
Denver City & County Arpt. Rev.: | ||||
Series 2007 E, 5% 11/15/32 (AMBAC Insured) | 2,500 | 2,686 | ||
Series 2011 A, 5% 11/15/15 (g) | 3,000 | 3,050 | ||
E-470 Pub. Hwy. Auth. Rev.: | ||||
Series 1997 B, 0% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,500 | 3,497 | ||
Series 2000 B, 0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,075 | 10,549 | ||
Series 2010 A, 0% 9/1/41 | 9,600 | 3,099 | ||
Series 2010 C, 5.375% 9/1/26 | 1,000 | 1,135 | ||
| 45,386 | |||
District Of Columbia - 0.9% | ||||
District of Columbia Hosp. Rev. (Sibley Memorial Hosp. Proj.) Series 2009, 6.375% 10/1/39 (Pre-Refunded to 10/1/19 @ 100) | 8,140 | 9,860 | ||
District of Columbia Rev.: | ||||
(Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/17 (FSA Insured) | 1,700 | 1,852 | ||
Series B, 4.75% 6/1/32 | 2,200 | 2,366 | ||
Metropolitan Washington Arpts. Auth. Dulles Toll Road Rev. Series 2009 B: | ||||
0% 10/1/33 (Assured Guaranty Corp. Insured) | 15,000 | 6,510 | ||
0% 10/1/34 (Assured Guaranty Corp. Insured) | 15,000 | 6,172 | ||
0% 10/1/35 (Assured Guaranty Corp. Insured) | 33,975 | 13,244 | ||
0% 10/1/39 (Assured Guaranty Corp. Insured) | 5,030 | 1,567 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
District Of Columbia - continued | ||||
Washington D.C. Metropolitan Transit Auth. Rev. Series 2009 A: | ||||
5.125% 7/1/32 | $ 1,000 | $ 1,109 | ||
5.25% 7/1/27 | 4,390 | 4,959 | ||
5.25% 7/1/28 | 3,000 | 3,382 | ||
| 51,021 | |||
Florida - 13.0% | ||||
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) | 2,045 | 2,086 | ||
Boynton Beach Util. Sys. Rev. Series 2002, 5.5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,300 | 3,711 | ||
Brevard County School Board Ctfs. of Prtn.: | ||||
Series 2007 B: | ||||
5% 7/1/24 (Pre-Refunded to 7/1/17 @ 100) | 1,365 | 1,480 | ||
5% 7/1/25 (Pre-Refunded to 7/1/17 @ 100) | 3,540 | 3,838 | ||
Series 2015 C: | ||||
5% 7/1/25 | 2,000 | 2,373 | ||
5% 7/1/26 | 1,000 | 1,177 | ||
5% 7/1/28 | 1,745 | 2,015 | ||
Broward County Arpt. Sys. Rev. Series 2012 Q1, 5% 10/1/25 | 5,215 | 5,958 | ||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2007 A: | ||||
5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,660 | 3,953 | ||
5% 7/1/19 (Pre-Refunded to 7/3/17 @ 100) | 3,700 | 3,996 | ||
Series 2012 A: | ||||
5% 7/1/23 | 21,020 | 24,428 | ||
5% 7/1/27 | 5,695 | 6,397 | ||
Series 2015 A: | ||||
5% 7/1/24 | 1,915 | 2,243 | ||
5% 7/1/26 | 7,200 | 8,347 | ||
Series 2015 B: | ||||
5% 7/1/24 | 1,940 | 2,272 | ||
5% 7/1/25 | 2,355 | 2,759 | ||
Broward County Wtr. & Swr. Util. Rev. Series 2009 A, 5.25% 10/1/34 (Pre-Refunded to 10/1/18 @ 100) | 8,500 | 9,639 | ||
Citizens Property Ins. Corp.: | ||||
Series 2010 A1, 5% 6/1/16 (FSA Insured) | 7,500 | 7,797 | ||
Series 2011 A1: | ||||
5% 6/1/19 | 1,715 | 1,929 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Citizens Property Ins. Corp.: - continued | ||||
Series 2011 A1: | ||||
5% 6/1/20 | $ 3,000 | $ 3,429 | ||
Series 2012 A1, 5% 6/1/21 | 8,400 | 9,660 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011, 6.25% 10/1/39 | 24,450 | 28,495 | ||
Emerald Coast Utils. Auth. Rev.: | ||||
5.25% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,022 | ||
5.25% 1/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,310 | 1,334 | ||
Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20 | 12,400 | 14,426 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2006 C, 5% 6/1/29 | 4,500 | 4,870 | ||
Series 2011 E, 5% 6/1/24 | 6,600 | 7,661 | ||
Series 2011 F, 5% 6/1/23 | 6,070 | 7,097 | ||
Series A, 5.5% 6/1/38 | 2,000 | 2,226 | ||
Florida Dept. of Children and Family Svcs. Ctfs. of Prtn. (South Florida Evaluation Treatment Ctr. Proj.): | ||||
5% 10/1/16 | 2,025 | 2,046 | ||
5% 10/1/17 | 2,130 | 2,154 | ||
Florida Dept. of Trans. Rev. Series 2005 A: | ||||
5% 7/1/17 | 3,360 | 3,371 | ||
5% 7/1/18 | 3,320 | 3,331 | ||
Florida Dev. Fin. Corp. Healthcare Facility Rev. 6% 2/1/33 | 5,700 | 6,350 | ||
Florida Gen. Oblig.: | ||||
Series 2008 A, 5.25% 7/1/37 | 3,000 | 3,263 | ||
Series 2011 B, 5% 7/1/23 | 10,175 | 12,009 | ||
Florida Mid-Bay Bridge Auth. Rev.: | ||||
Series 2015 A, 5% 10/1/35 | 5,400 | 5,751 | ||
Series 2015 C: | ||||
5% 10/1/30 | 3,270 | 3,474 | ||
5% 10/1/40 | 1,000 | 1,040 | ||
Florida Muni. Pwr. Agcy. Rev.: | ||||
(St. Lucie Proj.) Series 2012 A, 5% 10/1/26 | 3,100 | 3,546 | ||
Series 2009 A, 6.25% 10/1/31 | 3,000 | 3,573 | ||
Series 2015 B: | ||||
5% 10/1/28 | 1,000 | 1,147 | ||
5% 10/1/30 | 1,800 | 2,042 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Florida Wtr. Poll. Cont. Fing. Corp. Rev. Series 2003, 5.25% 1/15/20 | $ 1,950 | $ 1,957 | ||
Gulf Breeze Util. Sys. Rev. Series 2004, 5% 10/1/16 (AMBAC Insured) | 1,010 | 1,013 | ||
Halifax Hosp. Med. Ctr. Rev.: | ||||
4% 6/1/27 | 1,200 | 1,232 | ||
5% 6/1/25 | 1,285 | 1,469 | ||
5% 6/1/26 | 1,375 | 1,537 | ||
5% 6/1/46 | 2,510 | 2,628 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.): | ||||
Series 2005 B: | ||||
5% 11/15/15 (Escrowed to Maturity) | 125 | 127 | ||
5% 11/15/15 (Escrowed to Maturity) | 875 | 890 | ||
5% 11/15/16 (Pre-Refunded to 11/15/15 @ 100) | 150 | 153 | ||
5% 11/15/30 (Pre-Refunded to 11/15/15 @ 100) | 485 | 493 | ||
Series 2006 G: | ||||
5% 11/15/15 | 965 | 982 | ||
5% 11/15/15 (Escrowed to Maturity) | 35 | 36 | ||
5.125% 11/15/17 | 2,750 | 2,917 | ||
5.125% 11/15/17 (Pre-Refunded to 11/15/16 @ 100) | 95 | 101 | ||
5.125% 11/15/18 | 965 | 1,023 | ||
5.125% 11/15/19 | 1,930 | 2,045 | ||
5.125% 11/15/19 (Pre-Refunded to 11/15/16 @ 100) | 70 | 74 | ||
Series 2008 B, 6% 11/15/37 | 11,000 | 12,698 | ||
Hillsborough County Indl. Dev.: | ||||
(H Lee Moffitt Cancer Ctr. Proj.) Series A: | ||||
5% 7/1/17 | 1,930 | 2,069 | ||
5% 7/1/18 | 2,125 | 2,284 | ||
(Tampa Gen. Hosp. Proj.) Series 2006, 5.25% 10/1/41 | 8,525 | 8,858 | ||
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) | 4,900 | 6,235 | ||
Jacksonville Sales Tax Rev. Series 2012, 5% 10/1/24 | 5,500 | 6,421 | ||
Lake County School Board Ctfs. of Prtn. Series 2014 A: | ||||
5% 6/1/27 (FSA Insured) | 1,000 | 1,139 | ||
5% 6/1/28 (FSA Insured) | 1,000 | 1,131 | ||
5% 6/1/30 (FSA Insured) | 1,650 | 1,843 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Lee County Arpt. Rev. Series 2011 A, 5.375% 10/1/32 (g) | $ 5,260 | $ 5,946 | ||
Miami Beach Health Facilities Auth. Hosp. Rev. (Mount Sinai Med. Ctr. of Florida Proj.) Series 2012, 5% 11/15/23 | 2,000 | 2,282 | ||
Miami Beach Wtr. & Swr. Rev. 5.5% 9/1/27 (AMBAC Insured) | 6,000 | 6,020 | ||
Miami-Dade County Aviation Rev.: | ||||
Series 2010 A: | ||||
5.375% 10/1/41 | 5,800 | 6,339 | ||
5.5% 10/1/30 | 3,000 | 3,493 | ||
Series 2012 A: | ||||
5% 10/1/23 (g) | 7,500 | 8,558 | ||
5% 10/1/24 (g) | 9,050 | 10,307 | ||
5% 10/1/30 (g) | 6,095 | 6,695 | ||
5% 10/1/31 (g) | 2,500 | 2,731 | ||
Series 2014 A: | ||||
5% 10/1/28 (g) | 4,000 | 4,483 | ||
5% 10/1/36 (g) | 12,000 | 12,957 | ||
5% 10/1/37 | 11,100 | 12,220 | ||
Series 2015 A: | ||||
5% 10/1/29 (c)(g) | 1,585 | 1,772 | ||
5% 10/1/31 (c)(g) | 1,330 | 1,471 | ||
Miami-Dade County Cap. Asset Acquisition Series 2012 A, 5% 10/1/26 | 3,750 | 4,279 | ||
Miami-Dade County Expressway Auth.: | ||||
Series 2014 A, 5% 7/1/44 | 1,900 | 2,044 | ||
Series 2014 B: | ||||
5% 7/1/26 | 2,500 | 2,891 | ||
5% 7/1/27 | 1,750 | 2,005 | ||
Miami-Dade County School Board Ctfs. of Prtn.: | ||||
Series 2008 A: | ||||
5% 8/1/17 (AMBAC Insured) | 3,500 | 3,788 | ||
5% 8/1/18 (AMBAC Insured) | 4,000 | 4,440 | ||
5% 8/1/20 (AMBAC Insured) | 2,500 | 2,762 | ||
5% 8/1/21 (AMBAC Insured) | 5,095 | 5,628 | ||
5% 8/1/22 (AMBAC Insured) | 3,325 | 3,670 | ||
Series 2011 B, 5.625% 5/1/31 | 6,600 | 7,691 | ||
Series 2015 A: | ||||
5% 5/1/26 | 5,500 | 6,394 | ||
5% 5/1/28 | 17,710 | 20,233 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Miami-Dade County School Board Ctfs. of Prtn.: - continued | ||||
Series 2015 B: | ||||
5% 5/1/26 (c) | $ 8,500 | $ 9,873 | ||
5% 5/1/27 (c) | 17,480 | 20,097 | ||
5% 5/1/28 (c) | 14,465 | 16,514 | ||
Series 2016 A: | ||||
5% 5/1/30 (c) | 3,900 | 4,225 | ||
5% 5/1/32 (c) | 16,860 | 18,147 | ||
Series 2016 B, 5% 8/1/26 (c) | 9,230 | 10,334 | ||
Miami-Dade County Transit Sales Surtax Rev. Series 2012: | ||||
5% 7/1/24 | 2,255 | 2,624 | ||
5% 7/1/42 | 1,900 | 2,063 | ||
Ocala Util. Sys. Rev. Series B, 5.25% 10/1/22 (Pre-Refunded to 10/1/15 @ 100) | 1,000 | 1,012 | ||
Orange County Edl. Facilities Auth. Ed. Rev. (Rollins College Proj.): | ||||
5.25% 12/1/32 (AMBAC Insured) | 1,350 | 1,461 | ||
5.25% 12/1/37 (AMBAC Insured) | 1,365 | 1,471 | ||
Orange County Health Facilities Auth.: | ||||
(Orlando Health, Inc.) Series 2009, 5.125% 10/1/26 | 5,030 | 5,641 | ||
Series 2012 A, 5% 10/1/42 | 14,700 | 15,217 | ||
Series 2012 B, 5% 10/1/42 | 5,900 | 6,108 | ||
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 | 5,013 | ||
Orange County School Board Ctfs. of Prtn.: | ||||
Series 2015 C, 5% 8/1/30 | 8,500 | 9,698 | ||
Series A, 5% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,940 | 2,950 | ||
Orlando & Orange County Expressway Auth. Rev. Series 2012, 5% 7/1/22 | 2,500 | 2,935 | ||
Orlando Utils. Commission Util. Sys. Rev.: | ||||
Series 2009 B, 5% 10/1/33 | 3,700 | 4,123 | ||
Series 2012 A: | ||||
5% 10/1/23 | 2,300 | 2,758 | ||
5% 10/1/25 | 1,100 | 1,337 | ||
Series 2013 A, 5% 10/1/25 | 4,800 | 5,834 | ||
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | ||||
5% 12/1/22 | 670 | 764 | ||
5% 12/1/23 | 1,000 | 1,141 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: - continued | ||||
5% 12/1/24 | $ 750 | $ 859 | ||
5% 12/1/25 | 500 | 567 | ||
Palm Beach County School Board Ctfs. of Prtn.: | ||||
Series 2014 B: | ||||
4% 8/1/20 | 5,000 | 5,515 | ||
5% 8/1/20 | 6,010 | 6,919 | ||
5% 8/1/24 | 3,500 | 4,119 | ||
Series 2015 D: | ||||
5% 8/1/28 | 4,035 | 4,630 | ||
5% 8/1/29 | 13,665 | 15,578 | ||
5% 8/1/30 | 14,105 | 15,990 | ||
5% 8/1/31 | 14,165 | 15,980 | ||
Palm Beach County Solid Waste Auth. Rev. Series 2011, 5% 10/1/24 | 11,100 | 13,186 | ||
Peace River/Manasota Reg'l. Wtr. Supply Auth. Rev.: | ||||
5% 10/1/30 (Pre-Refunded to 10/1/15 @ 100) | 900 | 910 | ||
5% 10/1/30 (Pre-Refunded to 10/1/15 @ 100) | 2,205 | 2,230 | ||
Plant City Util. Sys. Rev. 6% 10/1/15 (Escrowed to Maturity) | 495 | 502 | ||
Port Orange Gen. Oblig. 5% 4/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,015 | 2,077 | ||
Seminole County School Board Ctfs. of Prtn. | ||||
5% 7/1/16 | 1,645 | 1,645 | ||
5% 7/1/20 | 1,745 | 1,745 | ||
South Lake County Hosp. District (South Lake Hosp., Inc.): | ||||
Series 2009 A, 6.25% 4/1/39 | 3,300 | 3,748 | ||
Series 2010: | ||||
5% 10/1/25 | 4,140 | 4,625 | ||
5.25% 10/1/34 | 3,500 | 3,850 | ||
St. Johns County School Board 5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,400 | 1,465 | ||
St. Petersburg Pub. Util. Rev. Series 2009 A, 5.5% 10/1/37 | 7,000 | 8,142 | ||
Sumter County School District Rev. (Multi-District Ln. Prog.) 7.15% 11/1/15 (Escrowed to Maturity) | 985 | 1,007 | ||
Tallahassee Health Facilities Rev. Series 2015 A: | ||||
4% 12/1/35 | 3,300 | 3,136 | ||
5% 12/1/40 | 1,900 | 1,986 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010, 5% 11/15/23 | $ 8,080 | $ 9,177 | ||
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/22 | 2,300 | 2,674 | ||
USF Fing. Corp. Ctfs. of Prtn. (Master Lease Prog.) | ||||
5.25% 7/1/15 (Escrowed to Maturity) | 2,690 | 2,690 | ||
5.25% 7/1/16 (AMBAC Insured) | 2,830 | 2,830 | ||
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B, 5% 8/1/25 | 1,775 | 2,078 | ||
Walton County School Board Ctfs. of Prtn. 5.25% 7/1/18 (FSA Insured) | 1,865 | 2,025 | ||
| 735,394 | |||
Georgia - 3.4% | ||||
Atlanta Wtr. & Wastewtr. Rev.: | ||||
Series 2009 A: | ||||
6% 11/1/25 (Pre-Refunded to 11/1/19 @ 100) | 9,785 | 11,715 | ||
6.25% 11/1/39 (Pre-Refunded to 11/1/19 @ 100) | 10,800 | 13,043 | ||
5% 11/1/27 | 1,000 | 1,170 | ||
5% 11/1/30 | 2,500 | 2,883 | ||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | ||||
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (d) | 8,100 | 8,191 | ||
2.2%, tender 4/2/19 (d) | 3,000 | 3,061 | ||
2.2%, tender 4/2/19 (d) | 300 | 306 | ||
2.2%, tender 4/2/19 (d) | 6,500 | 6,634 | ||
2.2%, tender 4/2/19 (d) | 4,100 | 4,183 | ||
Colquitt County Dev. Auth. Rev. Series C, 0% 12/1/21 (Escrowed to Maturity) | 10,200 | 9,025 | ||
DeKalb County Hosp. Auth. Rev. (DeKalb Med. Ctr., Inc. Proj.) Series 2010: | ||||
6% 9/1/30 | 7,745 | 8,566 | ||
6.125% 9/1/40 | 9,310 | 10,132 | ||
DeKalb County Wtr. & Swr. Rev. Series 2011 A: | ||||
5.25% 10/1/36 | 3,000 | 3,416 | ||
5.25% 10/1/41 | 5,600 | 6,271 | ||
Fulton County Wtr. & Swr. Rev. Series 2011: | ||||
5% 1/1/23 | 1,500 | 1,737 | ||
5% 1/1/24 | 6,500 | 7,490 | ||
Georgia Gen. Oblig. Series 2007 E, 5% 8/1/22 | 575 | 624 | ||
Georgia Muni. Elec. Auth. Pwr. Rev.: | ||||
Series C, 5% 1/1/22 | 7,700 | 8,976 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Georgia - continued | ||||
Georgia Muni. Elec. Auth. Pwr. Rev.: - continued | ||||
Series GG, 5% 1/1/22 | $ 4,000 | $ 4,689 | ||
Georgia Muni. Gas Auth. Rev. (Gas Portfolio III Proj.) Series S: | ||||
5% 10/1/22 | 3,425 | 3,944 | ||
5% 10/1/23 | 4,000 | 4,667 | ||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Series A, 5.25% 9/15/19 | 1,915 | 2,133 | ||
Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Third Series 2009 A, 5.25% 7/1/36 | 8,500 | 9,616 | ||
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014: | ||||
5% 4/1/25 | 3,500 | 3,892 | ||
5% 4/1/30 | 1,200 | 1,301 | ||
Richmond County Dev. Auth. Rev. (Southern Care Corp. Facility Proj.): | ||||
Series A, 0% 12/1/21 (Escrowed to Maturity) | 5,615 | 4,968 | ||
Series C, 0% 12/1/21 (Escrowed to Maturity) | 19,400 | 17,166 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009, 5.5% 1/1/36 | 13,550 | 14,971 | ||
Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) | 18,045 | 15,967 | ||
Valdosta & Lowndes County Hosp. (South Georgia Med. Ctr. Proj.) 5% 10/1/20 | 1,570 | 1,704 | ||
| 192,441 | |||
Hawaii - 0.1% | ||||
Honolulu City & County Board of Wtr. Supply Wtr. Sys. Rev. Series B, 5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 1,430 | 1,430 | ||
State of Hawaii Dept. of Trans. Series 2013: | ||||
5.25% 8/1/24 (g) | 2,000 | 2,322 | ||
5.25% 8/1/25 (g) | 2,500 | 2,877 | ||
| 6,629 | |||
Idaho - 0.3% | ||||
Idaho Health Facilities Auth. Rev.: | ||||
(St. Luke's Health Sys. Proj.) Series 2008 A: | ||||
6.5% 11/1/28 | 4,355 | 4,992 | ||
6.75% 11/1/37 | 4,300 | 4,920 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Idaho - continued | ||||
Idaho Health Facilities Auth. Rev.: - continued | ||||
(Trinity Health Group Proj.) 2008 B, 6.25% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | $ 2,190 | $ 2,562 | ||
Series 2015 ID, 5% 12/1/25 | 2,750 | 3,257 | ||
| 15,731 | |||
Illinois - 17.3% | ||||
Boone & Winnebago County Cmnty. Unit School District 200: | ||||
0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,810 | 1,550 | ||
0% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,950 | 1,592 | ||
Chicago Board of Ed.: | ||||
Series 1999 A, 0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,200 | 3,056 | ||
Series 2009 D, 4% 12/1/16 (Assured Guaranty Corp. Insured) | 1,390 | 1,419 | ||
Series 2011 A, 5.5% 12/1/39 | 7,900 | 7,513 | ||
Chicago Gen. Oblig.: | ||||
(Cap. Impt. Proj.) Series 1999: | ||||
0% 1/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,700 | 2,583 | ||
0% 1/1/39 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 15,200 | 3,757 | ||
(Neighborhoods Alive 21 Prog.) Series 2003, 5% 1/1/33 (AMBAC Insured) | 2,100 | 2,043 | ||
Series 2003 C, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,445 | 1,445 | ||
Series 2004 A, 5.25% 1/1/29 (FSA Insured) | 435 | 436 | ||
Series 2007 C, 5% 1/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,950 | 13,061 | ||
Series 2008 C, 5% 1/1/34 | 1,500 | 1,425 | ||
Series 2009 A, 5% 1/1/22 | 3,400 | 3,434 | ||
Series 2011 A, 5% 1/1/40 | 11,260 | 10,351 | ||
Series 2012 A: | ||||
5% 1/1/33 | 15,200 | 14,534 | ||
5% 1/1/34 | 2,440 | 2,319 | ||
Series 2012 C, 5% 1/1/23 | 4,570 | 4,593 | ||
Series A, 5% 1/1/42 (AMBAC Insured) | 40 | 37 | ||
5% 1/1/26 | 1,405 | 1,384 | ||
5% 1/1/27 | 3,305 | 3,232 | ||
5% 1/1/34 | 3,000 | 2,851 | ||
5% 1/1/35 | 15,000 | 14,161 | ||
5% 1/1/36 | 11,555 | 10,837 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Chicago Midway Arpt. Rev. Series 2014 A: | ||||
5% 1/1/27 (g) | $ 10,330 | $ 11,292 | ||
5% 1/1/28 (g) | 14,950 | 16,207 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2008 A, 5% 1/1/16 (FSA Insured) | 6,800 | 6,950 | ||
Series 2011 C, 6.5% 1/1/41 | 19,600 | 23,166 | ||
Series 2013 B, 5% 1/1/27 | 11,275 | 12,720 | ||
Series 2013 D, 5% 1/1/27 | 1,000 | 1,128 | ||
Chicago Park District Gen. Oblig.: | ||||
Series 2010 C, 5.25% 1/1/40 | 7,700 | 7,839 | ||
Series 2013 A: | ||||
5.5% 1/1/33 | 2,500 | 2,623 | ||
5.75% 1/1/38 | 5,600 | 5,971 | ||
Series 2014 B: | ||||
5% 1/1/26 | 1,500 | 1,592 | ||
5% 1/1/27 | 3,210 | 3,380 | ||
5% 1/1/28 | 2,500 | 2,614 | ||
Series 2014 C, 5% 1/1/26 | 1,865 | 1,979 | ||
Chicago Transit Auth. Series 2014, 5.25% 12/1/49 | 13,000 | 13,659 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
(Fed. Transit Administration Section 5307 Proj.): | ||||
Series 2006 A, 5% 6/1/21 | 2,600 | 2,666 | ||
Series 2008 A: | ||||
5.25% 6/1/23 (Assured Guaranty Corp. Insured) | 2,425 | 2,538 | ||
5.25% 6/1/25 (Assured Guaranty Corp. Insured) | 3,495 | 3,634 | ||
5% 6/1/20 (AMBAC Insured) | 5,610 | 5,771 | ||
5% 6/1/20 (Pre-Refunded to 12/1/16 @ 100) | 1,390 | 1,476 | ||
Chicago Wtr. Rev. Series 2000, 0% 11/1/16 (AMBAC Insured) | 7,555 | 7,357 | ||
Cook County Forest Preservation District: | ||||
(Ltd. Tax Proj.) Series 2012 B, 5% 12/15/37 | 2,500 | 2,596 | ||
Series 2012 A, 5% 11/15/22 | 2,000 | 2,233 | ||
Series 2012 C, 5% 12/15/37 | 1,000 | 1,039 | ||
Cook County Gen. Oblig.: | ||||
Series 2010 A, 5.25% 11/15/33 | 19,775 | 20,445 | ||
Series 2010 G, 5% 11/15/25 | 3,400 | 3,576 | ||
Series 2012 C: | ||||
5% 11/15/24 | 9,400 | 10,049 | ||
5% 11/15/25 (FSA Insured) | 15,070 | 16,191 | ||
DuPage County Forest Preserve District Rev. Series 2000, 0% 11/1/17 | 6,665 | 6,496 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig.: | ||||
Series 2006 A, 5.25% 5/1/25 (Pre-Refunded to 5/1/16 @ 100) | $ 1,050 | $ 1,093 | ||
Series 2006: | ||||
5.25% 5/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,950 | 4,079 | ||
5.5% 5/1/23 | 2,565 | 2,658 | ||
Illinois Dedicated Tax Rev. Series B, 0% 12/15/18 (AMBAC Insured) | 4,500 | 4,022 | ||
Illinois Dev. Fin. Auth. Retirement Hsg. Regency Park Rev. 0% 7/15/23 (Escrowed to Maturity) | 29,680 | 24,450 | ||
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 | 3,986 | ||
Illinois Fin. Auth. Rev.: | ||||
(Advocate Health Care Proj.): | ||||
Series 2008 D, 6.5% 11/1/38 (Pre-Refunded to 11/1/18 @ 100) | 4,300 | 5,035 | ||
Series 2010 A, 5.5% 4/1/44 | 3,000 | 3,330 | ||
(Central DuPage Health Proj.) Series 2009 B, 5.375% 11/1/39 | 6,500 | 7,252 | ||
(Children's Memorial Hosp. Proj.) Series 2008 A: | ||||
5.25% 8/15/33 (Assured Guaranty Corp. Insured) | 7,800 | 8,484 | ||
5.25% 8/15/47 (Assured Guaranty Corp. Insured) | 2,000 | 2,102 | ||
(Edward Hosp. Obligated Group Proj.) Series 2008 A: | ||||
5.5% 2/1/40 (AMBAC Insured) | 3,165 | 3,411 | ||
6% 2/1/28 (AMBAC Insured) | 2,855 | 3,149 | ||
(Newman Foundation Proj.): | ||||
5% 2/1/32 (Radian Asset Assurance, Inc. Insured) | 1,300 | 1,317 | ||
5% 2/1/37 (Radian Asset Assurance, Inc. Insured) | 10,000 | 10,097 | ||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5.5% 7/1/38 | 12,615 | 13,777 | ||
(Northwestern Memorial Hosp. Proj.) Series 2009 A, 6% 8/15/39 | 4,020 | 4,622 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5.375% 5/15/25 | 25,230 | 29,014 | ||
5.375% 5/15/30 | 6,160 | 6,971 | ||
(Provena Health Proj.) Series 2010 A, 6% 5/1/28 | 13,500 | 15,214 | ||
(Rush Univ. Med. Ctr. Proj.): | ||||
Series 2009 C, 6.625% 11/1/39 (Pre-Refunded to 5/1/19 @ 100) | 8,200 | 9,818 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Fin. Auth. Rev.: - continued | ||||
(Rush Univ. Med. Ctr. Proj.): | ||||
Series 2009 D, 6.625% 11/1/39 (Pre-Refunded to 5/1/19 @ 100) | $ 8,000 | $ 9,579 | ||
(Sherman Health Systems Proj.) Series 2007 A, 5.5% 8/1/37 (Pre-Refunded to 8/1/17 @ 100) | 19,325 | 21,110 | ||
(Silver Cross Hosp. and Med. Ctr. Proj.) Series 2008 A, 5.5% 8/15/30 | 1,645 | 1,782 | ||
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2005, 5.25% 3/1/30 | 5,900 | 6,575 | ||
(The Carle Foundation Proj.) Series 2009 A, 5.5% 2/15/16 (Assured Guaranty Corp. Insured) | 5,385 | 5,544 | ||
(The Univ. of Chicago Med. Ctr. Proj.) Series 2009 B, 5% 8/15/23 | 5,550 | 6,291 | ||
Series 2008 A: | ||||
5.625% 1/1/37 | 27,960 | 30,032 | ||
6% 2/1/24 | 300 | 332 | ||
6.25% 2/1/33 (AMBAC Insured) | 300 | 331 | ||
Series 2009 A, 7.25% 11/1/38 (Pre-Refunded to 11/1/18 @ 100) | 7,605 | 9,089 | ||
Series 2009: | ||||
6.875% 8/15/38 (Pre-Refunded to 8/15/19 @ 100) | 430 | 524 | ||
7% 8/15/44 (Pre-Refunded to 8/15/19 @ 100) | 15,955 | 19,517 | ||
Series 2010 A: | ||||
5.5% 8/15/24 | 2,900 | 3,248 | ||
5.75% 8/15/29 | 2,320 | 2,581 | ||
Series 2010: | ||||
5.25% 5/1/25 | 7,000 | 8,026 | ||
5.25% 8/15/36 | 695 | 732 | ||
Series 2012 A, 5% 5/15/22 | 2,120 | 2,423 | ||
Series 2012: | ||||
4% 9/1/32 | 7,460 | 6,941 | ||
5% 9/1/38 | 23,950 | 25,243 | ||
5% 11/15/43 | 4,395 | 4,610 | ||
Series 2013: | ||||
5% 11/15/28 | 2,875 | 3,234 | ||
5% 11/15/29 | 1,400 | 1,559 | ||
5% 5/15/43 | 10,000 | 10,478 | ||
5% 11/15/23 | 500 | 581 | ||
5% 11/15/27 | 3,160 | 3,583 | ||
5% 8/15/35 | 4,625 | 4,900 | ||
5% 8/15/44 | 26,250 | 27,349 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: | ||||
Series 2006: | ||||
5% 1/1/19 | $ 4,200 | $ 4,495 | ||
5.5% 1/1/31 | 3,000 | 3,318 | ||
Series 2010: | ||||
5% 1/1/21 (FSA Insured) | 2,600 | 2,787 | ||
5% 1/1/23 (FSA Insured) | 6,600 | 6,971 | ||
Series 2012 A, 5% 1/1/33 | 4,700 | 4,768 | ||
Series 2012: | ||||
5% 8/1/19 | 2,500 | 2,692 | ||
5% 8/1/21 | 2,000 | 2,172 | ||
5% 3/1/23 | 4,000 | 4,260 | ||
5% 8/1/23 | 3,900 | 4,206 | ||
5% 3/1/35 | 2,000 | 2,018 | ||
5% 3/1/37 | 1,000 | 1,005 | ||
Series 2014: | ||||
5% 2/1/23 | 4,400 | 4,744 | ||
5.25% 2/1/30 | 9,000 | 9,410 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2002 D, 5.25% 5/15/32 (FSA Insured) | 3,000 | 3,256 | ||
(Lutheran Gen. Health Care Sys. Proj.) Series C, 6% 4/1/18 | 2,520 | 2,660 | ||
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2015 A: | ||||
5% 2/1/25 | 8,110 | 9,472 | ||
5% 2/1/26 | 4,370 | 5,083 | ||
Illinois Reg'l. Trans. Auth. Series A, 8% 6/1/17 (AMBAC Insured) | 4,500 | 4,893 | ||
Illinois Sales Tax Rev. Series 2010, 5% 6/15/17 | 13,500 | 14,541 | ||
Kane & DeKalb Counties Cmnty. Unit School District #302 5.5% 2/1/25 (FSA Insured) | 3,000 | 3,079 | ||
Kane, McHenry, Cook & DeKalb Counties Unit School District #300: | ||||
0% 12/1/17 (AMBAC Insured) | 3,350 | 3,228 | ||
0% 12/1/17 (Escrowed to Maturity) | 350 | 340 | ||
0% 12/1/21 (AMBAC Insured) | 3,095 | 2,576 | ||
0% 12/1/21 (Escrowed to Maturity) | 1,905 | 1,670 | ||
6.5% 1/1/20 (AMBAC Insured) | 2,755 | 3,329 | ||
6.5% 1/1/20 (Escrowed to Maturity) | 4,645 | 5,649 | ||
6.5% 1/1/20 (Escrowed to Maturity) | 465 | 566 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/16 (Escrowed to Maturity) | $ 585 | $ 579 | ||
0% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,905 | 1,875 | ||
Lake County Cmnty. High School District #117, Antioch Series B, 0% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,240 | 6,750 | ||
McHenry & Kane Counties Cmnty. Consolidated School District #158: | ||||
Series 2004, 0% 1/1/24 (FSA Insured) | 4,300 | 3,166 | ||
0% 1/1/19 | 2,955 | 2,730 | ||
0% 1/1/19 (Escrowed to Maturity) | 45 | 43 | ||
Metropolitan Pier & Exposition: | ||||
(McCormick Place Expansion Proj.): | ||||
Series 1992 A, 0% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,610 | 3,201 | ||
Series 1994 A, 0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,935 | 2,724 | ||
Series 1996 A, 0% 6/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,300 | 4,122 | ||
Series 2002 A: | ||||
0% 12/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 32,600 | 16,497 | ||
0% 6/15/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,445 | 1,587 | ||
Series 2002 B, 5.5% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000 | 2,175 | ||
Series 2010 B1: | ||||
0% 6/15/43 (FSA Insured) | 45,400 | 10,876 | ||
0% 6/15/44 (FSA Insured) | 53,800 | 12,212 | ||
0% 6/15/45 (FSA Insured) | 27,900 | 5,999 | ||
0% 6/15/47 (FSA Insured) | 16,540 | 3,199 | ||
Series 2012 B: | ||||
0% 12/15/51 | 16,200 | 2,457 | ||
5% 6/15/52 | 17,900 | 18,151 | ||
Series A, 0% 6/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,345 | 3,095 | ||
Series 1996 A, 0% 6/15/24 | 3,060 | 2,244 | ||
Series A, 0% 12/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,155 | 1,957 | ||
Quincy Hosp. Rev. Series 2007: | ||||
5% 11/15/16 | 1,200 | 1,262 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Quincy Hosp. Rev. Series 2007: - continued | ||||
5% 11/15/18 | $ 1,000 | $ 1,089 | ||
Univ. of Illinois Board of Trustees Ctfs. of Prtn. Series 2009 A: | ||||
5% 10/1/17 | 555 | 601 | ||
5% 10/1/17 (Escrowed to Maturity) | 745 | 815 | ||
5% 10/1/18 | 615 | 671 | ||
5% 10/1/18 (Pre-Refunded to 10/1/17 @ 100) | 820 | 897 | ||
5% 10/1/20 | 550 | 600 | ||
5% 10/1/20 (Pre-Refunded to 10/1/17 @ 100) | 740 | 809 | ||
Univ. of Illinois Rev.: | ||||
(Auxiliary Facilities Sys. Proj.): | ||||
Series 1991: | ||||
0% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 16,270 | 15,851 | ||
0% 4/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,000 | 7,119 | ||
Series 1999 A, 0% 4/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,965 | 4,235 | ||
Series 2009 A, 5.75% 4/1/38 (Pre-Refunded to 4/1/19 @ 100) | 7,805 | 9,080 | ||
Series 2010 A: | ||||
5% 4/1/25 | 5,125 | 5,774 | ||
5.25% 4/1/30 | 3,200 | 3,637 | ||
Series 2013: | ||||
6% 10/1/42 | 4,600 | 5,243 | ||
6.25% 10/1/38 | 4,530 | 5,113 | ||
Will County Cmnty. Unit School District #365-U: | ||||
0% 11/1/16 (Escrowed to Maturity) | 1,615 | 1,605 | ||
0% 11/1/16 (FSA Insured) | 4,885 | 4,817 | ||
0% 11/1/17 (FSA Insured) | 3,200 | 3,095 | ||
0% 11/1/19 (Escrowed to Maturity) | 675 | 636 | ||
0% 11/1/19 (FSA Insured) | 4,325 | 3,943 | ||
| 980,594 | |||
Indiana - 3.5% | ||||
Crown Point Multi-School Bldg. Corp. 0% 1/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,480 | 6,581 | ||
Hobart Bldg. Corp. Series 2006, 6.5% 1/15/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 25,900 | 31,481 | ||
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 | 3,536 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
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 | $ 8,615 | ||
Series 2009 A, 5.25% 11/1/39 | 5,300 | 5,875 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A, 5.25% 12/1/38 | 8,000 | 8,866 | ||
Series 2012: | ||||
5% 3/1/30 | 3,900 | 4,271 | ||
5% 3/1/41 | 7,070 | 7,496 | ||
Series 2015 A, 5.25% 2/1/32 | 6,020 | 6,913 | ||
Indiana Fin. Auth. Wastewtr. Util. Rev.: | ||||
(CWA Auth. Proj.): | ||||
Series 2012 A, 5% 10/1/26 | 2,545 | 2,947 | ||
Series 2015 A: | ||||
5% 10/1/30 | 4,820 | 5,496 | ||
5% 10/1/45 | 25,600 | 27,994 | ||
Series 2011 A, 5.25% 10/1/25 | 1,750 | 2,050 | ||
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 | 11,692 | ||
Indiana Health Facilities Fing. Auth. Hosp. Rev. (Columbus Reg'l. Hosp. Proj.) Series 1993, 7% 8/15/15 (FSA Insured) | 435 | 439 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (d) | 7,700 | 7,821 | ||
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A: | ||||
5% 1/1/22 | 2,000 | 2,323 | ||
5% 1/1/23 | 1,800 | 2,080 | ||
Indiana Trans. Fin. Auth. Hwy. Rev. Series 1993 A: | ||||
0% 6/1/16 (AMBAC Insured) | 6,470 | 6,423 | ||
0% 6/1/18 (AMBAC Insured) | 1,700 | 1,627 | ||
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/17 (AMBAC Insured) (g) | 1,700 | 1,771 | ||
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 | 4,240 | ||
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | ||||
4% 7/15/18 | 400 | 433 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Lake Central Multi-District School Bldg. Corp. Series 2012 B: - continued | ||||
5% 1/15/30 | $ 24,540 | $ 27,369 | ||
Purdue Univ. Rev. (Student Facilities Sys. Proj.) Series 2009 B: | ||||
5% 7/1/24 | 1,150 | 1,320 | ||
5% 7/1/25 | 1,000 | 1,146 | ||
5% 7/1/26 | 1,325 | 1,515 | ||
5% 7/1/29 | 670 | 761 | ||
Zionsville Cmnty. Schools Bldg. Series 2005, 5% 7/15/20 (FSA Insured) | 1,945 | 2,219 | ||
| 195,300 | |||
Iowa - 0.1% | ||||
Iowa Fin. Auth. Health Facilities Rev. Series 2008 A, 5.625% 8/15/37 (Assured Guaranty Corp. Insured) | 4,800 | 5,414 | ||
Kansas - 0.5% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 C, 5.75% 11/15/38 | 10,600 | 12,113 | ||
Leavenworth County Unified School District #453 Gen. Oblig. Series 2009 A, 5.25% 9/1/24 (Pre-Refunded to 9/1/19 @ 100) | 1,575 | 1,830 | ||
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 4,700 | 4,697 | ||
Wichita Hosp. Facilities Rev. (Via Christi Health Sys., Inc. Proj.) Series 2009 X: | ||||
4% 11/15/18 (Escrowed to Maturity) | 1,300 | 1,425 | ||
5% 11/15/17 (Escrowed to Maturity) | 2,500 | 2,746 | ||
Wyandotte County/Kansas City Unified Govt. Util. Sys. Rev. Series 2012 A: | ||||
5% 9/1/23 | 1,860 | 2,140 | ||
5% 9/1/25 | 4,000 | 4,558 | ||
| 29,509 | |||
Kentucky - 0.7% | ||||
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 | 1,483 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: | ||||
(Baptist Healthcare Sys. Proj.) Series A: | ||||
5% 8/15/16 | 9,410 | 9,824 | ||
5% 8/15/17 | 3,650 | 3,928 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Kentucky - continued | ||||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev.: - continued | ||||
(St. Elizabeth Med. Ctr., Inc. Proj.) Series 2009 A, 5.5% 5/1/39 | $ 4,000 | $ 4,462 | ||
Kentucky Econ. Dev. Fin. Auth. Rev. (Ashland Hosp. Corp. d/b/a King's Daughters Med. Ctr. Proj.) Series 2010 A, 5% 2/1/30 | 5,000 | 5,391 | ||
Louisville & Jefferson County Series 2013 A: | ||||
5.5% 10/1/33 | 2,900 | 3,303 | ||
5.75% 10/1/38 | 7,410 | 8,576 | ||
Pikeville Hosp. Rev. (Pikeville Med. Ctr., Inc. Proj.) Series 2011, 6.5% 3/1/41 | 3,000 | 3,535 | ||
| 40,502 | |||
Louisiana - 1.1% | ||||
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 2009, 6.75% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | 2,100 | 2,535 | ||
Louisiana Pub. Facilities Auth. Rev. (Nineteenth Judicial District Court Proj.) Series 2007: | ||||
5.375% 6/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000 | 1,081 | ||
5.375% 6/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,900 | 2,035 | ||
5.5% 6/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 15,500 | 16,634 | ||
New Orleans Aviation Board Rev.: | ||||
(North Term. Proj.) Series 2015 B: | ||||
5% 1/1/29 (g) | 2,400 | 2,664 | ||
5% 1/1/30 (g) | 2,000 | 2,206 | ||
5% 1/1/31 (g) | 2,500 | 2,743 | ||
Series 2007 A, 5% 1/1/17 (FSA Insured) (g) | 1,420 | 1,502 | ||
Series 2007 B2, 5% 1/1/16 (FSA Insured) (g) | 1,000 | 1,021 | ||
New Orleans Gen. Oblig.: | ||||
Series 2005: | ||||
5% 12/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,690 | 4,767 | ||
5.25% 12/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,450 | 3,514 | ||
Series 2012: | ||||
5% 12/1/22 | 8,645 | 9,543 | ||
5% 12/1/30 | 2,000 | 2,185 | ||
5% 12/1/31 | 1,000 | 1,066 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Louisiana - continued | ||||
New Orleans Gen. Oblig.: - continued | ||||
Series 2012: | ||||
5% 12/1/32 | $ 1,500 | $ 1,598 | ||
Tobacco Settlement Fing. Corp. Series 2013 A: | ||||
5% 5/15/22 | 5,000 | 5,675 | ||
5% 5/15/23 | 1,300 | 1,482 | ||
| 62,251 | |||
Maine - 0.1% | ||||
Maine Tpk. Auth. Tpk. Rev.: | ||||
Series 2009, 6% 7/1/38 (Pre-Refunded to 7/1/19 @ 100) | 2,700 | 3,198 | ||
Series 2015: | ||||
5% 7/1/32 | 1,050 | 1,209 | ||
5% 7/1/36 | 2,600 | 2,952 | ||
| 7,359 | |||
Maryland - 0.7% | ||||
Baltimore Convention Ctr. Hotel Rev. Series A, 5.25% 9/1/39 (XL Cap. Assurance, Inc. Insured) | 4,710 | 4,791 | ||
Baltimore Proj. Rev. (Wtr. Proj.) Series 2009 A, 5.75% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | 1,250 | 1,469 | ||
Maryland Econ. Dev. Corp. Student Hsg. Rev. (Univ. of Maryland, Baltimore County Student Hsg. Proj.) Series 2006: | ||||
5% 6/1/16 (CIFG North America Insured) | 1,000 | 1,037 | ||
5% 6/1/19 (CIFG North America Insured) | 1,500 | 1,557 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
(Anne Arundel Health Sys. Proj.) Series 2010, 5% 7/1/40 | 2,000 | 2,145 | ||
(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38 | 5,090 | 5,406 | ||
(Univ. of Maryland Med. Sys. Proj.) Series 2010, 5.125% 7/1/39 | 4,400 | 4,773 | ||
(Upper Chesapeake Hosp. Proj.) Series 2008 C, 6% 1/1/38 (Pre-Refunded to 1/1/18 @ 100) | 3,000 | 3,375 | ||
(Washington County Health Sys. Proj.) Series 2008: | ||||
6% 1/1/28 | 5,000 | 5,473 | ||
6% 1/1/43 | 1,500 | 1,634 | ||
Series 2010, 5.625% 7/1/30 | 2,865 | 3,074 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Maryland - continued | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: - continued | ||||
Series 2015: | ||||
5% 7/1/40 (c) | $ 1,000 | $ 1,058 | ||
5% 7/1/45 (c) | 5,000 | 5,257 | ||
| 41,049 | |||
Massachusetts - 0.9% | ||||
Massachusetts Bay Trans. Auth. Series 1992 B, 6.2% 3/1/16 | 440 | 457 | ||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston Univ. Proj.) Series U4, 5.7% 10/1/40 | 7,500 | 8,572 | ||
Series 2011 I, 6.75% 1/1/36 | 3,000 | 3,525 | ||
Series 2013 B1, 4.75% 11/15/20 (b) | 6,660 | 6,667 | ||
Series 2015 D, 5% 7/1/44 | 5,205 | 5,477 | ||
5.5% 7/1/44 | 6,300 | 6,790 | ||
Massachusetts Gen. Oblig. Series 2007 C, 5.25% 8/1/24 (Pre-Refunded to 8/1/17 @ 100) | 9,000 | 9,815 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (h) | 2,165 | 2,174 | ||
(South Shore Hosp. Proj.) Series F, 5.75% 7/1/29 | 4,455 | 4,461 | ||
| 47,938 | |||
Michigan - 2.1% | ||||
Detroit School District Series 2012 A, 5% 5/1/23 | 4,000 | 4,548 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 4,000 | 4,325 | ||
Series 2006 B, 5% 7/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 20,700 | 20,852 | ||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 2004 A: | ||||
5.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,380 | 2,380 | ||
5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,685 | 1,753 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 4,900 | 5,425 | ||
DeWitt Pub. Schools Gen. Oblig. 5% 5/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,650 | 1,819 | ||
Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41 | 2,500 | 2,897 | ||
Lapeer Cmnty. Schools Series 2007, 5% 5/1/33 (FSA Insured) | 2,600 | 2,816 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Michigan Fin. Auth. Rev.: | ||||
Series 2012 A: | ||||
4.125% 6/1/32 | $ 6,325 | $ 6,200 | ||
5% 6/1/20 | 2,050 | 2,302 | ||
5% 6/1/27 | 3,000 | 3,272 | ||
5% 6/1/39 | 6,350 | 6,710 | ||
Series 2012, 5% 11/15/42 | 11,825 | 12,587 | ||
Series 2015 MI, 5% 12/1/24 | 4,445 | 5,269 | ||
Series MI: | ||||
5.5% 12/1/26 | 4,500 | 5,466 | ||
5.5% 12/1/27 | 4,750 | 5,711 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(McLaren Health Care Corp. Proj.) Series 2008 A, 5.75% 5/15/38 (Pre-Refunded to 5/15/18 @ 100) | 3,000 | 3,391 | ||
Series 2008 A1: | ||||
6.5% 12/1/33 | 825 | 949 | ||
6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 3,175 | 3,741 | ||
Series 2012 A: | ||||
5% 6/1/23 | 2,395 | 2,787 | ||
5% 6/1/26 | 2,000 | 2,282 | ||
Portage Pub. Schools 5% 5/1/21 (FSA Insured) | 6,300 | 6,951 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. (William Beaumont Hosp. Proj.) Series 2009 V, 8.25% 9/1/39 (Pre-Refunded to 9/1/18 @ 100) | 3,400 | 4,154 | ||
Three Rivers Cmnty. Schools 5% 5/1/21 (FSA Insured) | 1,710 | 1,886 | ||
| 120,473 | |||
Minnesota - 0.9% | ||||
Maple Grove Health Care Sys. Rev.: | ||||
(Maple Grove Hosp. Corp. Proj.) Series 2007, 5.25% 5/1/28 | 3,500 | 3,699 | ||
5% 5/1/20 | 1,000 | 1,061 | ||
Minnesota 911 Rev. (Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/20 (Assured Guaranty Corp. Insured) | 3,835 | 4,397 | ||
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. Hosp. Rev. (HealthEast Care Sys. Proj.) Series 2015 A, 5% 11/15/44 | 1,515 | 1,566 | ||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): | ||||
Series 2008 C, 5.5% 7/1/18 (Escrowed to Maturity) | 5,600 | 6,325 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Minnesota - continued | ||||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): - continued | ||||
Series 2009, 5.75% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | $ 20,700 | $ 24,276 | ||
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) Series 2006: | ||||
5.25% 5/15/18 (Pre-Refunded to 11/15/16 @ 100) | 1,650 | 1,753 | ||
5.25% 5/15/23 (Pre-Refunded to 11/15/16 @ 100) | 2,000 | 2,125 | ||
5.25% 5/15/36 (Pre-Refunded to 11/15/16 @ 100) | 4,250 | 4,515 | ||
| 49,928 | |||
Missouri - 0.2% | ||||
Kansas City Spl. Oblig.: | ||||
5% 9/1/26 | 1,185 | 1,340 | ||
5% 9/1/27 | 490 | 553 | ||
5% 9/1/28 | 1,000 | 1,126 | ||
5% 9/1/29 | 1,000 | 1,124 | ||
5% 9/1/30 | 1,390 | 1,559 | ||
Metropolitan St. Louis Swr. District Wastewtr. Sys. Rev. Series 2008 A, 5.75% 5/1/38 | 1,000 | 1,085 | ||
Missouri Dev. Fin. Board Infrastructure Facilities Rev. (City of Branson-Branson Landing Proj.) Series 2005 A, 6% 6/1/20 | 1,750 | 1,907 | ||
| 8,694 | |||
Nebraska - 0.4% | ||||
Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) Series 2007 B, 0.689% 12/1/17 (d) | 7,900 | 7,752 | ||
Douglas County Hosp. Auth. #2 Health Facilities Rev.: | ||||
6% 8/15/23 | 1,210 | 1,328 | ||
6% 8/15/23 (Pre-Refunded to 8/15/17 @ 100) | 920 | 1,020 | ||
6% 8/15/28 | 1,980 | 2,165 | ||
6% 8/15/28 (Pre-Refunded to 8/15/17 @ 100) | 1,520 | 1,686 | ||
6.125% 8/15/31 | 1,275 | 1,392 | ||
6.125% 8/15/31 (Pre-Refunded to 8/15/17 @ 100) | 975 | 1,084 | ||
Nebraska Pub. Pwr. District Rev. Series 2012 C: | ||||
5% 1/1/23 (Pre-Refunded to 1/1/18 @ 100) | 2,250 | 2,476 | ||
5% 1/1/24 (Pre-Refunded to 1/1/18 @ 100) | 1,000 | 1,100 | ||
| 20,003 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Nevada - 0.2% | ||||
Clark County Wtr. Reclamation District Series 2009 A, 5.25% 7/1/29 (Berkshire Hathaway Assurance Corp. Insured) | $ 4,300 | $ 4,907 | ||
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig. Series 2011 C, 5% 6/1/24 | 5,415 | 6,292 | ||
| 11,199 | |||
New Hampshire - 0.6% | ||||
New Hampshire Bus. Fin. Auth. Rev. Series 2009 A, 6.125% 10/1/39 | 9,300 | 10,361 | ||
New Hampshire Health & Ed. Facilities Auth. Rev.: | ||||
(Dartmouth College Proj.) Series 2009, 5.25% 6/1/39 | 4,000 | 4,476 | ||
Series 2007 A, 5% 10/1/37 | 6,100 | 6,444 | ||
Series 2012: | ||||
4% 7/1/32 | 2,370 | 2,321 | ||
5% 7/1/24 | 1,000 | 1,105 | ||
5% 7/1/25 | 1,185 | 1,303 | ||
New Hampshire Tpk. Sys. Rev. Series 2012 B: | ||||
5% 10/1/18 | 4,315 | 4,825 | ||
5% 2/1/19 | 2,000 | 2,251 | ||
5% 2/1/24 | 1,775 | 2,050 | ||
| 35,136 | |||
New Jersey - 2.9% | ||||
New Jersey Econ. Dev. Auth. Rev.: | ||||
Series 2009 AA, 5.5% 12/15/29 | 4,000 | 4,303 | ||
Series 2013 NN, 5% 3/1/27 | 69,700 | 72,761 | ||
Series 2013: | ||||
5% 3/1/23 | 12,200 | 13,155 | ||
5% 3/1/24 | 17,000 | 18,168 | ||
5% 3/1/25 | 1,900 | 2,015 | ||
New Jersey Health Care Facilities Fing. Auth. Rev. Series 2008, 6.625% 7/1/38 | 9,930 | 11,005 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2001 A, 6% 6/15/35 | 3,900 | 4,500 | ||
Series 2005 B, 5.5% 12/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 5,655 | ||
Series 2014 AA: | ||||
5% 6/15/23 | 20,645 | 22,270 | ||
5% 6/15/24 | 10,000 | 10,808 | ||
| 164,640 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Mexico - 0.1% | ||||
New Mexico Edl. Assistance Foundation | ||||
4% 12/1/17 | $ 5,000 | $ 5,363 | ||
5% 12/1/18 | 2,000 | 2,239 | ||
| 7,602 | |||
New York - 7.5% | ||||
Albany Indl. Dev. Agcy. Civic Facility Rev. (St. Peters Hosp. Proj.) Series 2008 A, 5.25% 11/15/17 (St. Peters Hosp. NY Insured) (Escrowed to Maturity) | 1,500 | 1,650 | ||
Hudson Yards Infrastructure Corp. New York Rev. Series 2012 A, 5.75% 2/15/47 | 14,600 | 16,545 | ||
Long Island Pwr. Auth. Elec. Sys. Rev. Series 2012 A, 5% 9/1/42 | 13,000 | 13,876 | ||
New York City Gen. Oblig.: | ||||
Series 2003 A, 5.5% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5 | 5 | ||
Series 2008 A1, 5.25% 8/15/27 | 9,940 | 11,100 | ||
Series 2008 D1, 5.125% 12/1/22 | 5,000 | 5,514 | ||
Series 2009 I1, 5.625% 4/1/29 | 3,600 | 4,132 | ||
Series 2012 A1, 5% 8/1/24 | 7,400 | 8,621 | ||
Series 2012 G1, 5% 4/1/25 | 13,700 | 15,912 | ||
New York City Indl. Dev. Agcy. Civic Facility Rev. (Polytechnic Univ. NY Proj.) 5.25% 11/1/27 (ACA Finl. Guaranty Corp. Insured) | 3,100 | 3,407 | ||
New York City Indl. Dev. Agcy. Rev.: | ||||
(Queens Baseball Stadium Proj.) 5% 1/1/19 (AMBAC Insured) | 3,735 | 3,933 | ||
(Yankee Stadium Proj.) Series 2006, 5% 3/1/31 | 4,725 | 4,855 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.: | ||||
Series 2009 A, 5.75% 6/15/40 | 1,500 | 1,680 | ||
Series 2009 EE, 5.25% 6/15/40 | 11,600 | 13,092 | ||
Series 2009 FF 2, 5.5% 6/15/40 | 17,800 | 20,405 | ||
Series 2011 EE, 5.375% 6/15/43 | 42,080 | 48,896 | ||
Series 2012 EE, 5.25% 6/15/30 | 17,200 | 19,900 | ||
Series 2013 BB, 5% 6/15/47 | 8,985 | 9,830 | ||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: | ||||
Series 2009 S1: | ||||
5.5% 7/15/31 | 4,000 | 4,515 | ||
5.5% 7/15/38 | 1,600 | 1,797 | ||
5.625% 7/15/38 | 2,825 | 3,184 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York City Transitional Fin. Auth. Bldg. Aid Rev.: - continued | ||||
Series 2009 S3: | ||||
5.25% 1/15/34 | $ 21,000 | $ 23,617 | ||
5.25% 1/15/39 | 3,400 | 3,805 | ||
5.375% 1/15/34 | 2,750 | 3,104 | ||
Series 2009 S4: | ||||
5.5% 1/15/39 | 8,800 | 10,007 | ||
5.75% 1/15/39 | 4,100 | 4,713 | ||
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | ||||
(State Univ. Proj.) Series 2012 A: | ||||
5% 5/15/21 | 10,710 | 12,614 | ||
5% 5/15/22 | 4,300 | 5,090 | ||
Series 2012 A: | ||||
4% 5/15/21 | 3,500 | 3,922 | ||
5% 5/15/23 | 5,600 | 6,605 | ||
New York Dorm. Auth. Personal Income Tax Rev.: | ||||
(Ed. Proj.) Series 2008 B, 5.75% 3/15/36 | 3,400 | 3,906 | ||
Series 2014 A: | ||||
5% 2/15/39 | 3,995 | 4,459 | ||
5% 2/15/39 (Pre-Refunded to 2/15/19 @ 100) | 5 | 6 | ||
New York Dorm. Auth. Revs.: | ||||
(New York Univ. Hosp. Ctr. Proj.) Series 2007 B, 5.25% 7/1/24 (Pre-Refunded to 7/1/17 @ 100) | 1,800 | 1,925 | ||
(State Univ. Edl. Facilities Proj.) Series A, 5.875% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,865 | 7,312 | ||
Series 2010 A, 5% 7/1/26 | 4,000 | 4,486 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series 2009 B, 5% 11/15/34 | 11,800 | 13,392 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2008 A, 5.25% 11/15/36 | 26,700 | 28,959 | ||
Series 2010 D, 5.25% 11/15/40 | 6,600 | 7,378 | ||
Series 2012 D, 5% 11/15/25 | 25,900 | 30,189 | ||
Series 2012 F, 5% 11/15/24 | 12,400 | 14,535 | ||
Niagara Falls City Niagara County Pub. Impt. 7.5% 3/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 460 | 514 | ||
Rockland County Gen. Oblig. Series 2014 A, 4% 3/1/24 (FSA Insured) | 1,375 | 1,482 | ||
Tobacco Settlement Fing. Corp. Series 2013 B: | ||||
5% 6/1/20 | 11,000 | 11,473 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp. Series 2013 B: - continued | ||||
5% 6/1/21 | $ 4,600 | $ 4,797 | ||
Triborough Bridge & Tunnel Auth. Revs. Series 2015 A, 5.25% 11/15/45 | 4,000 | 4,572 | ||
| 425,711 | |||
North Carolina - 0.7% | ||||
Charlotte Int'l. Arpt. Rev. (Charlotte Douglas Int'l. Arpt. Proj.) Series 2010 B, 5.5% 7/1/23 (g) | 1,200 | 1,365 | ||
Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Series A, 5% 1/15/20 (FSA Insured) | 960 | 1,019 | ||
Nash Health Care Sys. Health Care Facilities Rev. Series 2012, 5% 11/1/41 | 4,625 | 4,921 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2009 B, 5% 1/1/26 | 11,600 | 12,861 | ||
North Carolina Med. Care Cmnty. Health: | ||||
(Memorial Mission Hosp. Proj.) 5% 10/1/21 (Pre-Refunded to 10/1/17 @ 100) | 5,690 | 6,201 | ||
Series 2012 A, 5% 11/15/26 | 1,295 | 1,474 | ||
North Carolina Med. Care Commission Health Care Facilities Rev. (Rex Healthcare Proj.) Series 2010 A, 5% 7/1/30 | 7,830 | 8,754 | ||
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev.: | ||||
Series 2009 A, 5% 1/1/30 | 2,300 | 2,546 | ||
| 39,141 | |||
North Dakota - 0.2% | ||||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008, 5.125% 2/15/37 (Assured Guaranty Corp. Insured) | 4,600 | 4,867 | ||
Fargo Health Sys. Rev. (Sanford Proj.) Series 2011, 6% 11/1/28 | 1,500 | 1,805 | ||
Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.): | ||||
5.125% 7/1/19 | 2,765 | 2,831 | ||
5.25% 7/1/15 | 1,300 | 1,300 | ||
| 10,803 | |||
Ohio - 1.7% | ||||
American Muni. Pwr., Inc. Rev.: | ||||
(Freemont Energy Ctr. Proj.) Series 2012 B, 5% 2/15/42 | 2,500 | 2,697 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
American Muni. Pwr., Inc. Rev.: - continued | ||||
(Prairie State Energy Campus Proj.) Series 2015, 5% 2/15/28 | $ 12,100 | $ 13,727 | ||
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | ||||
5% 6/1/16 | 4,400 | 4,562 | ||
5% 6/1/17 | 5,045 | 5,407 | ||
Cleveland Parking Facilities Rev.: | ||||
5.25% 9/15/18 (Escrowed to Maturity) | 640 | 723 | ||
5.25% 9/15/18 (FSA Insured) | 1,360 | 1,497 | ||
Franklin County Hosp. Rev. (Nationwide Children's Hosp. Proj.) Series 2009, 5.25% 11/1/40 | 1,500 | 1,663 | ||
Hamilton County Convention Facilities Auth. Rev. Series 2014, 5% 12/1/25 | 3,595 | 4,085 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C, 6% 8/15/43 | 5,000 | 5,544 | ||
Lucas County Hosp. Rev. (ProMedica Healthcare Oblig. Group Proj.) Series 2011 A, 6.5% 11/15/37 | 6,000 | 7,328 | ||
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48 | 11,600 | 11,827 | ||
Ohio Air Quality Dev. Auth. Rev.: | ||||
Bonds (First Energy Nuclear Generation Proj.) Series 2006 A, 3.75%, tender 12/3/18 (d) | 18,800 | 19,764 | ||
Series 2009 C, 5.625% 6/1/18 | 2,000 | 2,193 | ||
Ohio Higher Edl. Facility Commission Rev. (Cleveland Clinic Foundation Proj.) Series 2008 A, 5.5% 1/1/43 | 1,500 | 1,614 | ||
Ohio Tpk. Commission Tpk. Rev. (Infastructure Proj.) Series 2005 A, 0% 2/15/43 | 15,000 | 4,017 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (d) | 8,500 | 8,852 | ||
| 95,500 | |||
Oklahoma - 0.6% | ||||
Oklahoma City Pub. Property Auth. Hotel Tax Rev.: | ||||
5.5% 10/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,845 | 2,879 | ||
5.5% 10/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,005 | 3,041 | ||
5.5% 10/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,175 | 3,213 | ||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. (Integris Baptist Med. Ctr. Proj.) Series C, 5.5% 8/15/20 (Pre-Refunded to 8/15/18 @ 100) | 5,000 | 5,665 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Oklahoma - continued | ||||
Oklahoma Dev. Fin. Auth. Rev.: | ||||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/42 | $ 9,640 | $ 10,363 | ||
Series 2012: | ||||
5% 2/15/21 | 2,200 | 2,540 | ||
5% 2/15/24 | 4,190 | 4,789 | ||
Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/19 | 1,680 | 1,789 | ||
| 34,279 | |||
Oregon - 0.4% | ||||
Clackamas County School District #7J: | ||||
5.25% 6/1/23 | 2,000 | 2,431 | ||
5.25% 6/1/24 (FSA Insured) | 2,605 | 3,206 | ||
Multnomah County Hosp. Facilities Auth. Rev. (Adventist Health Sys./West Proj.) Series 2009 A, 5.125% 9/1/40 | 2,500 | 2,643 | ||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/30 | 1,000 | 1,106 | ||
Oregon State Dept. of Administrative Svcs. Lottery Rev. Series 2011 A, 5.25% 4/1/31 | 5,600 | 6,545 | ||
Port Morrow Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series 1998 A, 5% 5/1/33 | 5,000 | 5,404 | ||
Washington County School District #15: | ||||
5.5% 6/15/20 (FSA Insured) | 1,770 | 2,096 | ||
5.5% 6/15/21 (FSA Insured) | 1,060 | 1,279 | ||
| 24,710 | |||
Pennsylvania - 2.2% | ||||
Allegheny County Arpt. Auth. Rev. (Pittsburgh Int'l. Arpt. Proj.) Series B, 5% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (g) | 3,000 | 3,064 | ||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.): | ||||
Series 2008 B, 5% 6/15/16 | 1,365 | 1,424 | ||
Series 2009 A, 5.625% 8/15/39 | 6,225 | 6,995 | ||
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 A, 3.375%, tender 7/1/15 (d) | 7,800 | 7,800 | ||
Centre County Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2011, 7% 11/15/46 | 2,600 | 3,010 | ||
Mifflin County School District Series 2007, 7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 3,400 | 3,857 | ||
Monroeville Fin. Auth. UPMC Rev. Series 2012, 5% 2/15/25 | 4,680 | 5,516 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | ||||
Series 1993 A, 6% 6/1/22 (AMBAC Insured) | $ 2,000 | $ 2,365 | ||
Series 2012 A, 5% 6/1/27 | 4,105 | 4,600 | ||
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A: | ||||
5% 10/1/21 | 1,320 | 1,476 | ||
5% 10/1/22 | 1,380 | 1,540 | ||
5% 10/1/24 | 1,165 | 1,309 | ||
Pennsylvania Convention Ctr. Auth. Rev. Series A, 6.7% 9/1/16 (Escrowed to Maturity) | 600 | 623 | ||
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B: | ||||
5% 7/1/21 | 5,300 | 5,789 | ||
5% 1/1/23 | 2,000 | 2,045 | ||
Pennsylvania Gen. Oblig.: | ||||
Series 2015 1, 5% 3/15/29 | 16,370 | 18,632 | ||
Series 2015, 5% 3/15/33 | 4,975 | 5,553 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev. (Univ. of Pennsylvania Health Sys. Proj.): | ||||
Series 2009 A, 5.25% 8/15/21 | 2,900 | 3,309 | ||
Series A, 5% 8/15/16 | 3,600 | 3,619 | ||
Pennsylvania Tpk. Commission Tpk. Rev. Series 2009 D, 5.5% 12/1/41 | 12,600 | 14,172 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.) Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 4,000 | 4,012 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1, 5% 9/1/33 (FSA Insured) | 1,095 | 1,097 | ||
Ninth Series, 5.25% 8/1/40 | 3,750 | 4,120 | ||
Seventh Series, 5% 10/1/37 (AMBAC Insured) | 8,900 | 9,451 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2008 A, 5.25% 12/15/32 (FSA Insured) | 2,500 | 2,745 | ||
Series 2008 B, 7.125% 7/15/38 (Pre-Refunded to 7/15/16 @ 100) | 3,200 | 3,421 | ||
Philadelphia School District: | ||||
Series 2015 A, 5% 8/1/22 (Pre-Refunded to 8/1/15 @ 100) | 10 | 10 | ||
5% 8/1/22 (Pre-Refunded to 8/1/15 @ 100) | 75 | 75 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011: | ||||
5% 6/1/22 | $ 1,000 | $ 1,143 | ||
5% 6/1/23 | 2,500 | 2,835 | ||
| 125,607 | |||
South Carolina - 3.2% | ||||
Greenwood Fifty School Facilities Installment: | ||||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 3,930 | 4,310 | ||
5% 12/1/19 (Assured Guaranty Corp. Insured) | 2,375 | 2,605 | ||
Lexington County Health Svcs. District, Inc. Hosp. Rev.: | ||||
5% 11/1/18 | 1,090 | 1,191 | ||
5% 11/1/19 | 1,000 | 1,091 | ||
Richland County Hosp. Facilities Rev. (Cmnty. Provider Pooled Ln. Prog.) Series A, 7.125% 7/1/17 (Escrowed to Maturity) | 385 | 398 | ||
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | ||||
5% 12/1/25 | 2,745 | 3,172 | ||
5% 12/1/28 | 5,665 | 6,381 | ||
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. Series 2013, 5% 11/1/27 | 7,700 | 8,624 | ||
South Carolina Jobs-Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) 5% 4/1/24 | 4,000 | 4,103 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
(Santee Cooper Proj.) Series 2009 B: | ||||
5.25% 1/1/34 | 6,000 | 6,696 | ||
5.25% 1/1/39 | 2,800 | 3,100 | ||
Series 2005 B, 5% 1/1/19 (Pre-Refunded to 1/1/16 @ 100) | 2,500 | 2,557 | ||
Series 2012 B, 5% 12/1/20 | 1,500 | 1,748 | ||
Series 2013 E, 5.5% 12/1/53 | 34,335 | 37,978 | ||
Series 2014 A: | ||||
5% 12/1/49 | 6,500 | 6,927 | ||
5.5% 12/1/54 | 13,185 | 14,508 | ||
Series 2014 C, 5% 12/1/46 | 3,900 | 4,206 | ||
Series 2015 A, 5% 12/1/50 | 13,210 | 14,158 | ||
Series 2015 C: | ||||
5% 12/1/20 (c) | 18,545 | 21,109 | ||
5% 12/1/21 (c) | 15,000 | 17,181 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
South Carolina - continued | ||||
South Carolina Pub. Svc. Auth. Rev.: - continued | ||||
Series 2015 C: | ||||
5% 12/1/22 (c) | $ 8,440 | $ 9,689 | ||
Univ. of South Carolina Athletic Facilities Rev. Series 2008 A, 5.5% 5/1/38 | 6,900 | 7,687 | ||
| 179,419 | |||
South Dakota - 0.1% | ||||
South Dakota Health & Edl. Facilities Auth. Rev. (Reg'l. Health Proj.) Series 2010: | ||||
4.625% 9/1/27 | 1,000 | 1,091 | ||
5% 9/1/28 | 3,000 | 3,368 | ||
| 4,459 | |||
Tennessee - 0.3% | ||||
Jackson Hosp. Rev.: | ||||
5.75% 4/1/41 | 1,785 | 1,948 | ||
5.75% 4/1/41 (Pre-Refunded to 4/1/18 @ 100) | 4,815 | 5,401 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B: | ||||
5.75% 7/1/23 (g) | 5,820 | 6,652 | ||
5.75% 7/1/24 (g) | 2,400 | 2,744 | ||
Sullivan County Health, Ed. and Hsg. Board (Wellmont Health Sys. Proj.) Series 2006 C, 5.25% 9/1/36 | 2,180 | 2,259 | ||
| 19,004 | |||
Texas - 9.1% | ||||
Aledo Independent School District (School Bldg. Proj.) Series 2006 A, 5% 2/15/43 | 6,800 | 7,244 | ||
Argyle Independent School District 5.25% 8/15/40 (FSA Insured) | 125 | 125 | ||
Austin Arpt. Sys. Rev. Series 2014: | ||||
5% 11/15/26 (g) | 1,000 | 1,147 | ||
5% 11/15/27 (g) | 1,250 | 1,420 | ||
5% 11/15/28 (g) | 1,000 | 1,126 | ||
5% 11/15/39 (g) | 9,700 | 10,474 | ||
5% 11/15/44 (g) | 21,965 | 23,558 | ||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/33 (Pre-Refunded to 8/1/18 @ 100) | 5,000 | 5,636 | ||
Austin Cmnty. College District Rev. (Convention Ctr. Proj.) Series 2002, 0% 2/1/22 (AMBAC Insured) | 2,900 | 2,441 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Austin Elec. Util. Sys. Rev.: | ||||
0% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 9,200 | $ 9,063 | ||
0% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 4,836 | ||
Austin Wtr. & Wastewtr. Sys. Rev. Series 2005 A, 5% 5/15/31 | 220 | 221 | ||
Bastrop Independent School District Series 2007, 5.25% 2/15/37 (Pre-Refunded to 2/15/17 @ 100) | 2,700 | 2,898 | ||
Canyon Reg'l. Wtr. Auth. Contract Rev. (Wells Ranch Proj.): | ||||
5% 8/1/19 (AMBAC Insured) | 1,695 | 1,832 | ||
5% 8/1/20 (AMBAC Insured) | 1,780 | 1,923 | ||
Coppell Independent School District 0% 8/15/20 | 2,000 | 1,839 | ||
Corpus Christi Util. Sys. Rev.: | ||||
5% 7/15/21 | 4,500 | 5,246 | ||
5% 7/15/22 | 2,500 | 2,932 | ||
5% 7/15/24 | 2,255 | 2,608 | ||
5.25% 7/15/18 (FSA Insured) | 3,305 | 3,595 | ||
5.25% 7/15/19 (FSA Insured) | 4,000 | 4,350 | ||
Cypress-Fairbanks Independent School District Series A, 0% 2/15/16 | 9,700 | 9,681 | ||
Dallas Area Rapid Transit Sales Tax Rev. Series 2008, 5.25% 12/1/38 | 21,000 | 23,227 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2009 A, 5% 11/1/23 | 1,250 | 1,319 | ||
Series 2010 A, 5% 11/1/42 | 14,800 | 16,146 | ||
Series 2012 D, 5% 11/1/42 (g) | 2,370 | 2,486 | ||
Series 2012 H, 5% 11/1/42 (g) | 2,740 | 2,874 | ||
Dallas Independent School District Series 2008, 6.375% 2/15/34 (Pre-Refunded to 2/15/18 @ 100) | 1,800 | 2,055 | ||
DeSoto Independent School District 0% 8/15/20 | 3,335 | 3,066 | ||
Freer Independent School District: | ||||
5.25% 8/15/37 | 2,230 | 2,413 | ||
5.25% 8/15/37 (Pre-Refunded to 8/15/17 @ 100) | 1,985 | 2,170 | ||
Gainesville Independent School District 5.25% 2/15/36 (Pre-Refunded to 2/15/16 @ 100) | 345 | 355 | ||
Grand Parkway Trans. Corp. Series 2013 B: | ||||
5% 4/1/53 | 1,290 | 1,388 | ||
5.25% 10/1/51 | 52,500 | 57,954 | ||
5.5% 4/1/53 | 5,440 | 5,948 | ||
Grand Prairie Independent School District 0% 2/15/16 | 3,775 | 3,768 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Harris County Cultural Ed. Facilities Fin. Corp. Med. Facilities Rev. (Baylor College of Medicine Proj.) Series 2012 A, 5% 11/15/37 | $ 14,050 | $ 15,160 | ||
Harris County Gen. Oblig.: | ||||
(Road Proj.) Series 2008 B, 5.25% 8/15/47 | 25,440 | 27,535 | ||
Series 2002: | ||||
0% 8/15/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,218 | ||
0% 8/15/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000 | 3,235 | ||
Houston Arpt. Sys. Rev. Series 2011 A: | ||||
5% 7/1/23 (g) | 3,000 | 3,406 | ||
5% 7/1/25 (g) | 1,500 | 1,685 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 5,500 | 5,479 | ||
Humble Independent School District Series 2000, 0% 2/15/16 | 3,000 | 2,994 | ||
Keller Independent School District Series 1996 A, 0% 8/15/17 | 2,000 | 1,965 | ||
Kermit Independent School District 5.25% 2/15/37 (Pre-Refunded to 2/15/17 @ 100) | 4,130 | 4,436 | ||
Lower Colorado River Auth. Rev. 5.25% 5/15/18 (AMBAC Insured) | 40 | 40 | ||
Mansfield Independent School District 5.5% 2/15/18 | 40 | 40 | ||
Midway Independent School District Series 2000, 0% 8/15/19 | 3,600 | 3,402 | ||
New Caney Independent School District Series 2007 A, 5.25% 2/15/37 (Pre-Refunded to 8/15/17 @ 100) | 2,680 | 2,936 | ||
North Forest Independent School District Series B, 5% 8/15/18 (Pre-Refunded to 8/15/16 @ 100) | 1,470 | 1,546 | ||
North Texas Tollway Auth. Rev.: | ||||
Series 2008 I, 6.2% 1/1/42 (Assured Guaranty Corp. Insured) | 7,200 | 8,547 | ||
Series 2009 A, 6.25% 1/1/39 | 10,200 | 11,761 | ||
Series 2011 A: | ||||
5.5% 9/1/41 | 14,250 | 16,559 | ||
6% 9/1/41 | 6,200 | 7,411 | ||
Series 2011 D, 5% 9/1/28 | 13,000 | 15,011 | ||
Series 2014 A, 5% 1/1/25 | 5,000 | 5,830 | ||
6% 1/1/23 | 590 | 655 | ||
6% 1/1/23 (Pre-Refunded to 1/1/18 @ 100) | 4,210 | 4,719 | ||
6% 1/1/24 | 230 | 255 | ||
6% 1/1/24 (Pre-Refunded to 1/1/18 @ 100) | 1,770 | 1,984 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
San Antonio Arpt. Sys. Rev.: | ||||
5% 7/1/15 (FSA Insured) (g) | $ 2,510 | $ 2,510 | ||
5% 7/1/17 (FSA Insured) (g) | 2,765 | 2,984 | ||
5% 7/1/17 (FSA Insured) (g) | 2,385 | 2,571 | ||
5.25% 7/1/19 (FSA Insured) (g) | 2,635 | 2,828 | ||
5.25% 7/1/20 (FSA Insured) (g) | 3,215 | 3,455 | ||
5.25% 7/1/20 (FSA Insured) (g) | 2,775 | 2,977 | ||
San Antonio Elec. & Gas Sys. Rev.: | ||||
Series 2008, 5% 2/1/24 | 2,590 | 2,842 | ||
Series 2012, 5.25% 2/1/25 | 4,200 | 5,149 | ||
San Antonio Wtr. Sys. Rev. Series 2012, 5% 5/15/25 | 10,000 | 11,697 | ||
San Jacinto Cmnty. College District Series 2009, 5% 2/15/39 | 1,920 | 2,112 | ||
Spring Branch Independent School District Series 2008, 5.25% 2/1/38 | 2,000 | 2,120 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Hendrick Med. Ctr. Proj.) Series 2009 B: | ||||
5.25% 9/1/26 (Assured Guaranty Corp. Insured) | 1,785 | 2,010 | ||
5.25% 9/1/27 (Assured Guaranty Corp. Insured) | 2,375 | 2,666 | ||
(Scott & White Healthcare Proj.) Series 2013 A: | ||||
4% 8/15/43 | 2,900 | 2,857 | ||
5% 8/15/43 | 4,000 | 4,306 | ||
5.75% 11/15/24 (Pre-Refunded to 11/15/18 @ 100) | 3,925 | 4,507 | ||
5.75% 11/15/24 (Pre-Refunded to 11/15/18 @ 100) | 2,975 | 3,416 | ||
Texas Gen. Oblig.: | ||||
5% 4/1/25 | 3,915 | 4,321 | ||
5% 4/1/25 (Pre-Refunded to 4/1/18 @ 100) | 385 | 426 | ||
5.75% 8/1/26 | 660 | 662 | ||
Texas Muni. Pwr. Agcy. Rev. 0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 18,715 | 18,546 | ||
Texas Private Activity Bond Surface Trans. Corp.: | ||||
(LBJ Infrastructure Group LLC IH-635 Managed Lanes Proj.) Series 2010, 7% 6/30/40 | 5,200 | 6,196 | ||
Series 2013, 6.75% 6/30/43 (g) | 12,600 | 15,086 | ||
Texas Trans. Commission State Hwy. Fund Rev. Series 2007: | ||||
5% 4/1/23 | 2,320 | 2,481 | ||
5% 4/1/25 | 3,400 | 3,632 | ||
5% 4/1/26 | 4,350 | 4,642 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Trinity River Auth. Rev. (Tarrant County Wtr. Proj.) 5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 4,930 | $ 4,947 | ||
Univ. of Texas Board of Regents Sys. Rev.: | ||||
Series 2007 F, 4.75% 8/15/27 (Pre-Refunded to 2/15/17 @ 100) | 2,295 | 2,445 | ||
4.75% 8/15/27 | 3,305 | 3,498 | ||
Waller Independent School District 5.5% 2/15/37 | 4,920 | 5,366 | ||
Weatherford Independent School District 0% 2/15/33 | 6,985 | 3,625 | ||
Wylie Independent School District 0% 8/15/20 | 20 | 15 | ||
| 515,068 | |||
Utah - 0.4% | ||||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series A, 6% 7/1/16 (Escrowed to Maturity) | 4,655 | 4,672 | ||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/22 | 3,180 | 3,707 | ||
Utah State Board of Regents Rev. Series 2011 B: | ||||
5% 8/1/24 (Pre-Refunded to 8/1/20 @ 100) | 2,670 | 3,127 | ||
5% 8/1/25 (Pre-Refunded to 8/1/20 @ 100) | 2,175 | 2,548 | ||
Utah Transit Auth. Sales Tax Rev. Series 2008 A, 5.25% 6/15/38 (Pre-Refunded to 6/15/18 @ 100) | 9,070 | 10,176 | ||
| 24,230 | |||
Virginia - 0.6% | ||||
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/25 | 4,665 | 5,236 | ||
Univ. of Virginia Gen. Rev. Series 2015 A, 5% 4/1/45 | 6,000 | 6,832 | ||
Virginia College Bldg. Auth. Edl. Facilities Rev. Series 2015 A: | ||||
5% 1/1/35 | 1,000 | 1,145 | ||
5% 1/1/40 | 1,750 | 1,974 | ||
Virginia Small Bus. Fing. Auth. (95 Express Lane LLC Proj.) Series 2012: | ||||
5% 7/1/34 (g) | 6,000 | 6,287 | ||
5% 1/1/40 (g) | 4,200 | 4,370 | ||
Winchester Econ. Dev. Auth. Series 2015: | ||||
5% 1/1/31 (c) | 2,500 | 2,814 | ||
5% 1/1/34 (c) | 1,500 | 1,672 | ||
5% 1/1/35 (c) | 1,500 | 1,668 | ||
| 31,998 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Washington - 3.1% | ||||
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 | $ 7,091 | ||
Chelan County Pub. Util. District #1 Rev. Bonds Series 2005 A, 5.125%, tender 7/1/15 (FGIC Insured) (d)(g) | 2,430 | 2,430 | ||
Clark County School District #37, Vancouver Series 2001 C, 0% 12/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,030 | 1,873 | ||
Kent Spl. Events Ctr. Pub. Facilities District Rev.: | ||||
5.25% 12/1/25 (FSA Insured) | 2,575 | 2,857 | ||
5.25% 12/1/36 (FSA Insured) | 9,180 | 10,023 | ||
King County Swr. Rev.: | ||||
Series 2008, 5.75% 1/1/43 (Pre-Refunded to 1/1/18 @ 100) | 22,700 | 25,395 | ||
Series 2009, 5.25% 1/1/42 | 2,600 | 2,887 | ||
Pierce County School District #10 Tacoma Series A, 5% 12/1/18 (FSA Insured) | 4,000 | 4,077 | ||
Port of Seattle Spl. Facility Rev. Series 2013: | ||||
5% 6/1/21 (g) | 1,340 | 1,544 | ||
5% 6/1/22 (g) | 1,000 | 1,159 | ||
5% 6/1/24 (g) | 1,000 | 1,157 | ||
Spokane Pub. Facilities District Hotel/Motel Tax & Sales/Use Tax Rev. Series 2013 B: | ||||
5% 12/1/25 | 5,600 | 6,455 | ||
5% 12/1/27 | 2,625 | 2,972 | ||
Tobacco Settlement Auth. Rev. Series 2013, 5% 6/1/21 | 6,250 | 7,195 | ||
Washington Gen. Oblig.: | ||||
Series 2008 D, 5% 1/1/24 (Pre-Refunded to 1/1/18 @ 100) | 2,975 | 3,273 | ||
Series B, 5% 7/1/28 (Pre-Refunded to 7/1/15 @ 100) | 395 | 395 | ||
Series R 97A: | ||||
0% 7/1/17 (Escrowed to Maturity) | 7,045 | 6,923 | ||
0% 7/1/19 (Escrowed to Maturity) | 9,100 | 8,611 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
(Catholic Health Initiatives Proj.) Series 2008 D, 6.375% 10/1/36 | 5,000 | 5,675 | ||
(Childrens Hosp. Reg'l. Med. Ctr. Proj.) Series 2008 C, 5.5% 10/1/35 (Pre-Refunded to 10/1/18 @ 100) | 10,000 | 11,385 | ||
(MultiCare Health Sys. Proj.) Series 2010 A: | ||||
5.25% 8/15/19 | 3,850 | 4,415 | ||
5.25% 8/15/20 | 2,000 | 2,280 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Washington - continued | ||||
Washington Health Care Facilities Auth. Rev.: - continued | ||||
(Overlake Hosp. Med. Ctr.) Series 2010, 5.7% 7/1/38 | $ 11,300 | $ 12,928 | ||
(Providence Health Systems Proj.): | ||||
Series 2006 D, 5.25% 10/1/33 | 1,500 | 1,648 | ||
Series 2012 A: | ||||
5% 10/1/25 | 5,130 | 5,919 | ||
5% 10/1/26 | 13,395 | 15,369 | ||
(Seattle Children's Hosp. Proj.) Series 2009, 5.625% 10/1/38 (Pre-Refunded to 10/1/19 @ 100) | 7,550 | 8,844 | ||
Series 2009, 7% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | 3,000 | 3,644 | ||
Series 2015: | ||||
5% 1/1/25 (c) | 2,000 | 2,291 | ||
5% 1/1/27 (c) | 1,610 | 1,811 | ||
| 172,526 | |||
West Virginia - 0.3% | ||||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds 1.9%, tender 4/1/19 (d) | 8,700 | 8,666 | ||
West Virginia Hosp. Fin. Auth. Hosp. Rev.: | ||||
(West Virginia United Health Sys. Proj.) Series 2008 E, 5.625% 6/1/35 | 700 | 779 | ||
(West Virginia Univ. Hospitals, Inc. Proj.) Series 2003 D, 5.5% 6/1/33 (FSA Insured) | 2,600 | 2,886 | ||
West Virginia Univ. Revs. (West Virginia Univ. Projs.) Series 2014 A, 5% 10/1/44 | 6,500 | 7,113 | ||
| 19,444 | |||
Wisconsin - 0.7% | ||||
Wisconsin Gen. Oblig. Series 2008 D, 5.5% 5/1/26 (Pre-Refunded to 5/1/18 @ 100) | 1,245 | 1,398 | ||
Wisconsin Health & Edl. Facilities Series 2014, 4% 5/1/33 | 3,015 | 2,910 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.): | ||||
Series 2010: | ||||
5.5% 7/1/40 | 2,375 | 2,663 | ||
5.75% 7/1/30 | 2,655 | 3,049 | ||
Series 2013 B: | ||||
5% 7/1/27 | 1,205 | 1,344 | ||
5% 7/1/36 | 5,000 | 5,346 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: - continued | ||||
(Children's Hosp. of Wisconsin Proj.): | ||||
Series 2008 A, 5.25% 8/15/22 | $ 2,000 | $ 2,222 | ||
Series 2008 B, 5.375% 8/15/37 | 8,045 | 8,927 | ||
(Marshfield Clinic Proj.) Series A, 5.375% 2/15/34 | 3,250 | 3,322 | ||
Series 2012: | ||||
4% 10/1/23 | 2,500 | 2,714 | ||
5% 6/1/27 | 1,925 | 2,163 | ||
5% 6/1/39 | 2,775 | 2,949 | ||
| 39,007 | |||
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 | 9,939 | ||
TOTAL MUNICIPAL BONDS (Cost $5,365,445) |
|
Municipal Notes - 0.2% | |||
|
|
|
|
Kentucky - 0.2% | |||
Kentucky Pub. Trans. BAN Series 2013 A, 5% 7/1/17 | 8,600 |
| |
Money Market Funds - 0.0% | |||
Shares |
|
| |
Fidelity Municipal Cash Central Fund, 0.06% (e)(f) | 100,000 |
| |
TOTAL INVESTMENT PORTFOLIO - 100.9% (Cost $5,374,626) | 5,704,550 | ||
NET OTHER ASSETS (LIABILITIES) - (0.9)% | (51,286) | ||
NET ASSETS - 100% | $ 5,653,264 |
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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,667,000 or 0.1% of net assets. |
(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) 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 $2,174,000 or 0.0% 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 | $ 2,041 |
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 twenty-six dollars.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Investments (Unaudited) - continued
Other Information |
The following is a summary of the inputs used, as of June 30, 2015, 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 Investment 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 | $ 5,704,450 | $ - | $ 5,704,450 | $ - |
Money Market Funds | 100 | 100 | - | - |
Total Investments in Securities: | $ 5,704,550 | $ 100 | $ 5,704,450 | $ - |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
General Obligations | 34.2% |
Health Care | 18.8% |
Transportation | 12.7% |
Escrowed/Pre-Refunded | 9.7% |
Electric Utilities | 8.3% |
Special Tax | 7.6% |
Water & Sewer | 5.4% |
Others* (Individually Less Than 5%) | 3.3% |
| 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 amount) | June 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $5,374,526) | $ 5,704,450 |
|
Fidelity Central Funds (cost $100) | 100 |
|
Total Investments (cost $5,374,626) |
| $ 5,704,550 |
Cash |
| 30,165 |
Receivable for investments sold |
| 7,670 |
Receivable for fund shares sold | 2,249 | |
Interest receivable | 68,438 | |
Other receivables | 19 | |
Total assets | 5,813,091 | |
|
|
|
Liabilities | ||
Payable for investments purchased |
| |
Regular delivery | $ 545 |
|
Delayed delivery | 146,976 | |
Payable for fund shares redeemed | 4,641 | |
Distributions payable | 5,388 | |
Accrued management fee | 1,701 | |
Other affiliated payables | 520 | |
Other payables and accrued expenses | 56 | |
Total liabilities | 159,827 | |
|
|
|
Net Assets | $ 5,653,264 | |
Net Assets consist of: |
| |
Paid in capital | $ 5,311,521 | |
Undistributed net investment income | 1,063 | |
Accumulated undistributed net realized gain (loss) on investments | 10,756 | |
Net unrealized appreciation (depreciation) on investments | 329,924 | |
Net Assets, for 425,308 shares outstanding | $ 5,653,264 | |
Net Asset Value, offering price and redemption price per share ($5,653,264 ÷ 425,308 shares) | $ 13.29 |
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, 2015 (Unaudited) | |
|
|
|
Investment Income |
|
|
Interest |
| $ 112,624 |
|
|
|
Expenses | ||
Management fee | $ 10,428 | |
Transfer agent fees | 2,708 | |
Accounting fees and expenses | 346 | |
Custodian fees and expenses | 35 | |
Independent trustees' compensation | 12 | |
Registration fees | 77 | |
Audit | 35 | |
Legal | 61 | |
Miscellaneous | 22 | |
Total expenses before reductions | 13,724 | |
Expense reductions | (26) | 13,698 |
Net investment income (loss) | 98,926 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 14,296 | |
Change in net unrealized appreciation (depreciation) on investment securities | (118,079) | |
Net gain (loss) | (103,783) | |
Net increase (decrease) in net assets resulting from operations | $ (4,857) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
Amounts in thousands | Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 98,926 | $ 198,921 |
Net realized gain (loss) | 14,296 | (2,660) |
Change in net unrealized appreciation (depreciation) | (118,079) | 361,039 |
Net increase (decrease) in net assets resulting from operations | (4,857) | 557,300 |
Distributions to shareholders from net investment income | (98,826) | (199,449) |
Share transactions |
|
|
Proceeds from sales of shares | 482,938 | 735,870 |
Reinvestment of distributions | 65,730 | 132,068 |
Cost of shares redeemed | (536,761) | (818,143) |
Net increase (decrease) in net assets resulting from share transactions | 11,907 | 49,795 |
Redemption fees | 26 | 88 |
Total increase (decrease) in net assets | (91,750) | 407,734 |
|
|
|
Net Assets | ||
Beginning of period | 5,745,014 | 5,337,280 |
End of period (including undistributed net investment income of $1,063 and undistributed net investment income of $963, respectively) | $ 5,653,264 | $ 5,745,014 |
Other Information Shares | ||
Sold | 35,677 | 55,474 |
Issued in reinvestment of distributions | 4,868 | 9,943 |
Redeemed | (39,824) | (61,843) |
Net increase (decrease) | 721 | 3,574 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period | $ 13.53 | $ 12.68 | $ 13.57 | $ 13.03 | $ 12.27 | $ 12.46 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .231 | .475 | .479 | .483 | .513 | .516 |
Net realized and unrealized gain (loss) | (.240) | .851 | (.873) | .537 | .764 | (.189) |
Total from investment operations | (.009) | 1.326 | (.394) | 1.020 | 1.277 | .327 |
Distributions from net investment income | (.231) | (.476) | (.478) | (.479) | (.515) | (.516) |
Distributions from net realized gain | - | - | (.018) | (.001) | (.002) | (.001) |
Total distributions | (.231) | (.476) | (.496) | (.480) | (.517) | (.517) |
Redemption fees added to paid in capital D, H | - | - | - | - | - | - |
Net asset value, end of period | $ 13.29 | $ 13.53 | $ 12.68 | $ 13.57 | $ 13.03 | $ 12.27 |
Total ReturnB, C | (.08)% | 10.59% | (2.94)% | 7.92% | 10.64% | 2.58% |
Ratios to Average Net AssetsE, G |
|
|
|
|
| |
Expenses before reductions | .48%A | .47% | .46% | .46% | .46% | .46% |
Expenses net of fee waivers, if any | .48%A | .47% | .46% | .46% | .46% | .46% |
Expenses net of all reductions | .48%A | .47% | .46% | .46% | .46% | .46% |
Net investment income (loss) | 3.45%A | 3.58% | 3.65% | 3.60% | 4.08% | 4.08% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 5,653 | $ 5,745 | $ 5,337 | $ 6,792 | $ 5,917 | $ 5,655 |
Portfolio turnover rateF | 12%A | 9% | 10% | 10% | 11% | 10% |
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 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, 2015 (Unaudited)
(Amounts in thousands except percentages)
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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Investment Valuation - continued
obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.
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, 2015, is included at the end of the Fund's Schedule of Investments.
Semiannual Report
3. Significant Accounting Policies - continued
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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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. Capital accounts are not adjusted for temporary book-tax differences which 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 contracts and excise tax regulations.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 | $ 366,304 |
Gross unrealized depreciation | (36,057) |
Net unrealized appreciation (depreciation) on securities | $ 330,247 |
|
|
Tax cost | $ 5,374,303 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration |
|
Short-term | $ (466) |
Long-term | (2,988) |
Total capital loss carryforward | $ (3,454) |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV 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.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in 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. 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
Semiannual Report
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $546,123 and $340,626, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives 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 .09% of average net assets.
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and shareholder servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
6. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $26.
8. 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.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
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
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
HIY-USAN-0815 1.787789.112
Fidelity®
Ohio Municipal Income Fund
and
Fidelity
Ohio Municipal Money Market
Fund
Semiannual Report
June 30, 2015
(Fidelity Cover Art)
Contents
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 | A summary of major shifts in the fund's investments over the past six months and one year. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to June 30, 2015).
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 Ohio Municipal Income Fund | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,004.00 | $ 2.43 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.36 | $ 2.46 |
Fidelity Ohio Municipal Money Market Fund | .07% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.05 | $ .35 |
Hypothetical A |
| $ 1,000.00 | $ 1,024.45 | $ .35 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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).
Semiannual Report
Fidelity Ohio Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
General Obligations | 36.4 | 36.7 |
Education | 20.4 | 18.7 |
Health Care | 19.3 | 19.9 |
Special Tax | 6.7 | 6.8 |
Electric Utilities | 6.1 | 5.7 |
Weighted Average Maturity as of June 30, 2015 | ||
|
| 6 months ago |
Years | 6.6 | 6.4 |
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 market 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, 2015 | ||
|
| 6 months ago |
Years | 7.4 | 7.2 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | AAA 6.5% |
| ![]() | AAA 8.0% |
| ||
![]() | AA,A 87.8% |
| ![]() | AA,A 87.2% |
| ||
![]() | BBB 3.4% |
| ![]() | BBB 3.7% |
| ||
![]() | BB and Below 0.4% |
| ![]() | BB and Below 0.3% |
| ||
![]() | Not Rated 1.8% |
| ![]() | Not Rated 0.0% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P ® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Fidelity Ohio Municipal Income Fund
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 99.9% | ||||
| Principal Amount | Value | ||
Guam - 0.8% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/23 | $ 1,600,000 | $ 1,643,888 | ||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | ||||
5% 10/1/18 (c) | 950,000 | 1,038,426 | ||
6.25% 10/1/34 (c) | 900,000 | 1,060,902 | ||
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) | 1,000,000 | 1,174,310 | ||
| 4,917,526 | |||
Ohio - 98.5% | ||||
Akron Bath Copley Hosp. District Rev. (Children's Hosp. Med. Ctr. Proj.): | ||||
Series 2012 5% 11/15/22 | 1,000,000 | 1,139,730 | ||
Series 2012, 5% 11/15/23 | 3,245,000 | 3,733,437 | ||
Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2010 B, 5.25% 9/1/27 | 5,000,000 | 5,728,400 | ||
American Muni. Pwr., Inc. Rev.: | ||||
(AMP Freemont Energy Ctr. Proj.): | ||||
Series 2012 B, 5.25% 2/15/26 | 6,875,000 | 7,960,906 | ||
Series 2012: | ||||
5% 2/15/25 | 4,000,000 | 4,568,880 | ||
5.25% 2/15/28 | 8,040,000 | 9,194,544 | ||
(Prairie State Energy Campus Proj.) Series 2015: | ||||
5% 2/15/28 | 3,995,000 | 4,532,208 | ||
5% 2/15/42 | 3,000,000 | 3,262,110 | ||
5% 2/15/38 | 240,000 | 255,053 | ||
Avon Gen. Oblig. Series 2009 B: | ||||
5% 12/1/36 | 1,040,000 | 1,138,883 | ||
5% 12/1/37 | 1,095,000 | 1,197,229 | ||
Beavercreek City School District Series 2015: | ||||
5% 12/1/28 | 1,500,000 | 1,754,880 | ||
5% 12/1/29 | 1,500,000 | 1,742,835 | ||
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | ||||
5% 6/1/16 | 2,800,000 | 2,903,236 | ||
5% 6/1/17 | 3,240,000 | 3,472,178 | ||
Buckeye Valley Local School District Delaware County Series A, 6.85% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 325,000 | 333,749 | ||
Butler County Hosp. Facilities Rev.: | ||||
(Kettering Health Network Obligated Group Proj.) Series 2011, 6.375% 4/1/36 | 5,030,000 | 5,944,353 | ||
(UC Health Proj.) Series 2010, 5.5% 11/1/40 | 3,025,000 | 3,430,713 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Butler County Sales Tax (Govt. Svcs. Ctr. Proj.) Series A, 5% 12/15/16 (AMBAC Insured) | $ 2,455,000 | $ 2,462,611 | ||
Butler County Trans. Impt. District Series 2007, 5% 12/1/18 (XL Cap. Assurance, Inc. Insured) | 1,015,000 | 1,114,967 | ||
Cincinnati City School District Ctfs. of Prtn. (Cincinnati City School District School Impt. Proj.) 5% 12/15/26 | 4,000,000 | 4,625,000 | ||
Cincinnati Gen. Oblig.: | ||||
Series 2009 A: | ||||
4.5% 12/1/29 | 500,000 | 541,215 | ||
5% 12/1/20 | 1,240,000 | 1,408,454 | ||
Series 2012 F: | ||||
5% 12/1/20 | 3,045,000 | 3,546,177 | ||
5% 12/1/21 | 2,765,000 | 3,246,608 | ||
Cincinnati Wtr. Sys. Rev. Series A, 5% 12/1/36 | 1,700,000 | 1,909,321 | ||
Cleveland Arpt. Sys. Rev. Series 2000 C, 5% 1/1/20 (FSA Insured) | 3,500,000 | 3,697,435 | ||
Cleveland Gen. Oblig.: | ||||
Series 2005, 5.5% 10/1/20 (AMBAC Insured) | 7,350,000 | 8,562,897 | ||
Series 2012, 5% 12/1/25 | 2,350,000 | 2,712,112 | ||
Series C: | ||||
5.25% 11/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,100,000 | 1,271,688 | ||
5.25% 11/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,145,000 | 1,333,398 | ||
5.25% 11/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,210,000 | 1,413,740 | ||
5.25% 11/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,885,000 | 2,220,832 | ||
Cleveland Heights & Univ. Heights County School District Series 2014, 4.5% 12/1/47 | 3,000,000 | 3,090,420 | ||
Cleveland Muni. School District: | ||||
Series 2013: | ||||
5% 12/1/24 | 1,255,000 | 1,448,383 | ||
5% 12/1/26 | 4,060,000 | 4,606,882 | ||
Series 2015 A: | ||||
5% 12/1/24 | 3,725,000 | 4,319,473 | ||
5% 12/1/27 | 1,750,000 | 1,977,500 | ||
Cleveland Parking Facilities Rev. 5.25% 9/15/17 (FSA Insured) | 3,040,000 | 3,275,904 | ||
Cleveland State Univ. Gen. Receipts Series 2012: | ||||
5% 6/1/24 | 1,920,000 | 2,217,062 | ||
5% 6/1/25 | 2,500,000 | 2,883,600 | ||
5% 6/1/26 | 3,075,000 | 3,535,020 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Cleveland Wtr. Rev.: | ||||
Series 2012 X, 5% 1/1/42 | $ 5,465,000 | $ 6,010,188 | ||
Series 2015 Y: | ||||
4% 1/1/28 | 650,000 | 684,912 | ||
4% 1/1/29 | 1,040,000 | 1,084,096 | ||
4% 1/1/30 | 1,000,000 | 1,032,720 | ||
Cleveland Wtrwks. Rev. Series 2007 O, 5% 1/1/37 (Pre-Refunded to 1/1/17 @ 100) | 3,200,000 | 3,407,520 | ||
Cleveland-Cuyahoga County Port Auth. Dev. Lease Rev. (Administrative Headquarters Proj.) Series 2013, 5% 7/1/37 | 3,000,000 | 3,501,240 | ||
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 5% 12/1/29 (Pre-Refunded to 12/1/19 @ 100) | 1,000,000 | 1,132,130 | ||
Columbus Gen. Oblig.: | ||||
Series 2012 A, 4% 2/15/27 | 10,000,000 | 10,815,300 | ||
Series 2014 A, 4% 2/15/28 | 5,000,000 | 5,392,500 | ||
Columbus Metropolitan Library Facility 5% 12/1/23 | 1,000,000 | 1,165,710 | ||
Cuyahoga Cmnty. College District Gen. Oblig. Series 2009 C: | ||||
5% 8/1/25 | 1,140,000 | 1,299,862 | ||
5% 8/1/27 | 1,200,000 | 1,360,368 | ||
Cuyahoga County Gen. Oblig. Series 2012 A: | ||||
4% 12/1/27 | 1,575,000 | 1,678,887 | ||
5% 12/1/25 | 765,000 | 890,911 | ||
Dayton Gen. Oblig.: | ||||
4% 12/1/22 | 750,000 | 820,005 | ||
4% 12/1/25 | 1,540,000 | 1,654,422 | ||
Dayton School District Series 2013, 5% 11/1/22 | 5,775,000 | 6,815,424 | ||
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013, 5.25% 6/15/43 | 5,000,000 | 5,295,850 | ||
Fairview Park Gen. Oblig. Series 2012: | ||||
4% 12/1/22 | 1,225,000 | 1,338,925 | ||
4% 12/1/23 | 1,395,000 | 1,514,942 | ||
4% 12/1/24 | 1,490,000 | 1,599,485 | ||
Forest Hills Local School District Series 2015, 5% 12/1/46 | 5,000,000 | 5,507,900 | ||
Franklin County Convention Facilities Auth. Tax & Lease Rev. Series 2014: | ||||
5% 12/1/25 | 1,250,000 | 1,479,325 | ||
5% 12/1/26 | 3,045,000 | 3,565,147 | ||
5% 12/1/32 | 5,920,000 | 6,707,242 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Franklin County Hosp. Rev. (Nationwide Children's Hosp. Proj.): | ||||
Series 2009, 5.25% 11/1/40 | $ 5,000,000 | $ 5,544,350 | ||
Series A: | ||||
5% 11/1/15 | 260,000 | 263,999 | ||
5% 11/1/16 | 265,000 | 280,479 | ||
Granville Exempted Village School District: | ||||
5% 12/1/26 (a) | 1,720,000 | 1,985,276 | ||
5% 12/1/27 (a) | 1,165,000 | 1,335,917 | ||
5% 12/1/30 (a) | 1,130,000 | 1,274,810 | ||
5% 12/1/31 (a) | 600,000 | 674,142 | ||
Greater Cleveland Reg'l. Transit Auth. Series 2012: | ||||
5% 12/1/23 | 1,000,000 | 1,173,530 | ||
5% 12/1/24 | 1,800,000 | 2,112,354 | ||
5% 12/1/25 | 1,170,000 | 1,371,497 | ||
Hamilton City School District Series 2015: | ||||
3.5% 12/1/31 | 1,500,000 | 1,459,710 | ||
5% 12/1/26 | 1,500,000 | 1,768,395 | ||
5% 12/1/28 | 1,550,000 | 1,800,930 | ||
Hamilton County Convention Facilities Auth. Rev. Series 2014: | ||||
5% 12/1/26 | 1,000,000 | 1,124,620 | ||
5% 12/1/27 | 3,825,000 | 4,268,930 | ||
Hamilton County Econ. Dev. Rev. (King Highland Cmnty. Urban Redev. Corp. Proj.) Series A, 5% 6/1/17 (Pre-Refunded to 6/1/16 @ 100) | 1,070,000 | 1,114,501 | ||
Hamilton County Health Care Facilities Rev.: | ||||
(Christ Hosp. Proj.) Series 2012, 5.25% 6/1/24 | 3,000,000 | 3,462,420 | ||
(The Christ Hosp. Proj.) Series 2012, 5.25% 6/1/27 | 3,000,000 | 3,386,040 | ||
Hamilton County Hosp. Facilities Rev. (Children's Hosp. Med. Ctr. Proj.) Series 2014 S, 5% 5/15/26 | 5,000,000 | 5,848,950 | ||
Hamilton County Sales Tax Rev. Series 2011 A, 5% 12/1/24 | 4,870,000 | 5,533,635 | ||
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010, 5% 6/1/30 (FSA Insured) | 2,500,000 | 2,743,050 | ||
Hamilton Wtrwks. Rev. 5% 10/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,003,160 | ||
Hancock County Hosp. Facilities Rev. (Blanchard Valley Reg'l. Health Ctr. Proj.) Series 2011 A: | ||||
5% 12/1/21 | 1,500,000 | 1,664,565 | ||
6.25% 12/1/34 | 4,100,000 | 4,871,907 | ||
Hilliard Gen. Oblig. 5% 12/1/18 | 235,000 | 239,383 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Huber Heights City School District Unltd. Tax School Impt. Gen. Oblig. Series 2009, 5% 12/1/36 | $ 1,500,000 | $ 1,649,475 | ||
Kent State Univ. Revs.: | ||||
Series 2009 B: | ||||
5% 5/1/26 (Assured Guaranty Corp. Insured) | 4,100,000 | 4,580,479 | ||
5% 5/1/28 (Assured Guaranty Corp. Insured) | 5,000,000 | 5,556,600 | ||
5% 5/1/29 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,108,590 | ||
5% 5/1/30 (Assured Guaranty Corp. Insured) | 1,115,000 | 1,233,056 | ||
Series 2012 A: | ||||
5% 5/1/24 | 1,385,000 | 1,590,506 | ||
5% 5/1/25 | 1,500,000 | 1,714,515 | ||
5% 5/1/26 | 1,600,000 | 1,819,200 | ||
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2008 C: | ||||
5% 8/15/16 | 1,260,000 | 1,319,850 | ||
5% 8/15/17 | 1,000,000 | 1,072,350 | ||
Lakewood City School District Series 2014 C: | ||||
5% 12/1/25 | 1,300,000 | 1,550,367 | ||
5% 12/1/27 | 3,215,000 | 3,758,431 | ||
Lancaster Ohio City School District Series 2012: | ||||
5% 10/1/37 | 2,000,000 | 2,184,860 | ||
5% 10/1/49 | 3,000,000 | 3,202,230 | ||
Lucas County Hosp. Rev.: | ||||
(ProMedica Healthcare Oblig. Group Proj.): | ||||
Series 2008 D, 5% 11/15/38 | 1,090,000 | 1,175,761 | ||
Series 2011 A, 6.5% 11/15/37 | 2,800,000 | 3,419,528 | ||
Series 2011 D: | ||||
5% 11/15/22 | 1,000,000 | 1,159,480 | ||
5% 11/15/25 | 5,000,000 | 5,778,200 | ||
Lucas-Plaza Hsg. Dev. Corp. Mtg. Rev. (The Plaza Section 8 Assisted Proj.) Series 1991 A, 0% 6/1/24 (Escrowed to Maturity) | 9,000,000 | 7,176,150 | ||
Marysville Village School District 5% 12/1/29 (Pre-Refunded to 12/1/15 @ 100) | 4,000,000 | 4,077,600 | ||
Miami Univ. Series 2012, 4% 9/1/28 | 2,195,000 | 2,315,023 | ||
Miamisburg City School District: | ||||
Series 2008, 5% 12/1/33 | 2,390,000 | 2,635,477 | ||
Series 2009, 5% 12/1/23 (Assured Guaranty Corp. Insured) | 1,405,000 | 1,576,972 | ||
Middleburg Heights Hosp. Rev.: | ||||
Series 2011, 5.25% 8/1/41 | 3,000,000 | 3,220,290 | ||
Series 2012 A, 5% 8/1/47 | 10,725,000 | 10,999,882 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Milford Exempt Village School District Series 2015: | ||||
3.5% 12/1/31 | $ 500,000 | $ 484,180 | ||
5% 12/1/28 | 1,400,000 | 1,621,410 | ||
Montgomery County Rev. (Catholic Health Initiatives Proj.) Series 2008 D, 6.25% 10/1/33 | 2,500,000 | 2,828,725 | ||
Muskingum County Hosp. Facilities (Genesis Healthcare Sys. Obligated Group Proj.) Series 2013, 5% 2/15/48 | 2,000,000 | 2,039,200 | ||
North Olmsted City School District Series 2015 A: | ||||
5% 12/1/26 | 665,000 | 781,468 | ||
5% 12/1/27 | 220,000 | 256,368 | ||
5% 12/1/28 | 365,000 | 422,378 | ||
5% 12/1/29 | 500,000 | 574,975 | ||
5% 12/1/30 | 750,000 | 857,663 | ||
North Olmsted Gen. Oblig. Series D, 5.25% 12/1/20 (AMBAC Insured) | 2,075,000 | 2,212,303 | ||
Northmont City School District Series 2012 A, 5% 11/1/49 | 5,000,000 | 5,308,050 | ||
Ohio Air Quality Dev. Auth. Rev.: | ||||
Bonds (FirstEnergy Nuclear Generation Proj.) Series 2008 C, 3.95%, tender 5/1/20 (b)(c) | 2,000,000 | 2,060,120 | ||
Series 2009 C, 5.625% 6/1/18 | 2,600,000 | 2,850,562 | ||
Ohio Bldg. Auth. (Adult Correctional Bldg. Fund Proj.): | ||||
Series 2009 B, 5% 10/1/24 | 1,790,000 | 2,037,468 | ||
Series 2010 A, 5% 10/1/24 | 6,030,000 | 6,950,781 | ||
Ohio Gen. Oblig.: | ||||
(Adult Correctional Bldg. Fund Proj.) Series 2013 A: | ||||
5% 10/1/21 | 845,000 | 992,360 | ||
5% 10/1/22 | 1,090,000 | 1,288,304 | ||
(Mental Health Facilities Impt. Fund Proj.) Series 2013 A, 5% 2/1/21 | 2,085,000 | 2,422,645 | ||
Series 2011, 5.25% 9/1/23 | 2,000,000 | 2,350,980 | ||
Series 2012 A: | ||||
5% 2/1/26 | 1,000,000 | 1,167,540 | ||
5% 2/1/27 | 5,000,000 | 5,809,800 | ||
Series 2012 B: | ||||
5% 9/1/21 | 1,390,000 | 1,646,163 | ||
5% 3/15/25 | 7,500,000 | 8,799,225 | ||
Series 2012 C, 5% 9/1/23 | 1,000,000 | 1,203,770 | ||
Series 2013 A, 5% 9/15/22 | 10,000,000 | 11,940,793 | ||
Series Q, 5% 4/1/25 | 1,845,000 | 2,166,750 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Case Western Reserve Univ. Proj.) Series 1990 B, 6.5% 10/1/20 | $ 2,335,000 | $ 2,618,352 | ||
(Cleveland Clinic Foundation Proj.) Series 2008 A: | ||||
5.25% 1/1/33 | 1,635,000 | 1,760,355 | ||
5.5% 1/1/43 | 3,500,000 | 3,765,580 | ||
(Denison Univ. 2015 Proj.): | ||||
5% 11/1/28 (a) | 1,465,000 | 1,694,097 | ||
5% 11/1/29 (a) | 1,250,000 | 1,436,400 | ||
5% 11/1/30 (a) | 2,285,000 | 2,611,298 | ||
(John Carroll Univ. Proj.) 5% 4/1/17 | 1,000,000 | 1,031,660 | ||
(Kenyon College 2015 Proj.) 5% 7/1/41 | 5,000,000 | 5,477,300 | ||
(Kenyon College Proj.) Series 2010, 5.25% 7/1/44 | 2,750,000 | 2,997,308 | ||
(Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5.25% 1/15/23 | 2,500,000 | 2,820,950 | ||
(Univ. of Dayton Proj.): | ||||
Series 2009, 5.5% 12/1/36 | 5,000,000 | 5,574,550 | ||
Series 2013: | ||||
5% 12/1/23 | 540,000 | 627,934 | ||
5% 12/1/24 | 585,000 | 676,845 | ||
5% 12/1/25 | 1,000,000 | 1,150,470 | ||
5% 12/1/26 | 1,195,000 | 1,366,208 | ||
5% 12/1/27 | 2,300,000 | 2,611,443 | ||
(Xavier Univ. Proj.) Series 2015 C: | ||||
5% 5/1/26 | 1,000,000 | 1,149,700 | ||
5% 5/1/28 | 1,000,000 | 1,129,900 | ||
5% 5/1/29 | 855,000 | 959,250 | ||
5% 5/1/31 | 1,005,000 | 1,116,073 | ||
Ohio Hosp. Facilities Rev.: | ||||
(Cleveland Clinic Proj.) Series 2009 A, 5.5% 1/1/39 | 7,000,000 | 7,863,800 | ||
Series 2011 A, 5% 1/1/32 | 3,500,000 | 3,881,535 | ||
Ohio Hosp. Rev. Series 2013 A, 5% 1/15/27 | 5,000,000 | 5,611,850 | ||
Ohio Infrastructure Impt.: | ||||
Series 2014 C, 4% 3/1/25 | 7,650,000 | 8,416,530 | ||
5.375% 9/1/23 | 370,000 | 410,415 | ||
5.375% 9/1/23 (Pre-Refunded to 3/1/18 @ 100) | 800,000 | 892,280 | ||
5.375% 9/1/28 | 4,560,000 | 5,029,042 | ||
5.375% 9/1/28 (Pre-Refunded to 3/1/18 @ 100) | 2,650,000 | 2,955,678 | ||
Ohio State Univ. Gen. Receipts: | ||||
Series 2009 A, 5% 12/1/26 | 2,000,000 | 2,237,700 | ||
Series 2012 A: | ||||
4% 6/1/27 | 1,270,000 | 1,388,313 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Ohio State Univ. Gen. Receipts: - continued | ||||
Series 2012 A: | ||||
5% 6/1/24 | $ 1,690,000 | $ 2,041,807 | ||
Series 2013 A: | ||||
5% 6/1/28 | 2,000,000 | 2,297,720 | ||
5% 6/1/38 | 3,500,000 | 3,869,810 | ||
Ohio Tpk. Commission Tpk. Rev.: | ||||
(Infastructure Proj.) Series 2005 A, 0% 2/15/43 | 10,000,000 | 2,677,700 | ||
Series 1998 A, 5.5% 2/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 3,511,890 | ||
Series 2010 A, 5% 2/15/31 | 5,475,000 | 6,054,584 | ||
Ohio Univ. Gen. Receipts Athens: | ||||
Series 2013: | ||||
5% 12/1/23 | 1,000,000 | 1,172,400 | ||
5% 12/1/24 | 5,075,000 | 5,938,714 | ||
Series A, 5% 12/1/33 (FSA Insured) | 1,190,000 | 1,282,832 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (b) | 1,020,000 | 1,062,208 | ||
Ohio Wtr. Dev. Auth. Rev.: | ||||
(Fresh Wtr. Impt. Proj.) Series 2009 B, 5% 12/1/24 | 1,025,000 | 1,245,191 | ||
(Fresh Wtr. Proj.) Series 2009 B, 5% 12/1/25 | 1,950,000 | 2,381,594 | ||
(Pure Wtr. Proj.) Series I, 6% 12/1/16 (Escrowed to Maturity) | 265,000 | 271,453 | ||
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. (Wtr. Quality Proj.) Series 2010 A: | ||||
5% 12/1/29 | 2,000,000 | 2,264,260 | ||
5% 6/1/30 | 1,000,000 | 1,128,070 | ||
Princeton City School District Series 2014: | ||||
0% 12/1/40 | 4,000,000 | 1,381,200 | ||
0% 12/1/41 | 4,000,000 | 1,310,960 | ||
5% 12/1/39 | 2,750,000 | 3,054,700 | ||
Reynoldsburg City School District: | ||||
(School Facilities Construction & Impt. Proj.): | ||||
0% 12/1/17 | 1,250,000 | 1,207,925 | ||
5% 12/1/32 (Pre-Refunded to 6/1/18 @ 100) | 1,500,000 | 1,669,860 | ||
4% 12/1/30 | 4,625,000 | 4,816,984 | ||
Ross County Hosp. Facilities Rev. (Adena Health Sys. Proj.) Series 2008, 5.75% 12/1/35 | 2,600,000 | 2,904,590 | ||
South-Western City School District Franklin & Pickway County Series 2012 B, 5% 12/1/36 | 2,000,000 | 2,204,400 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Springboro Cmnty. City School District 5.25% 12/1/20 (FSA Insured) | $ 2,780,000 | $ 3,251,321 | ||
St. Marys City School District 5% 12/1/35 | 495,000 | 531,155 | ||
Strongsville Gen. Oblig. (Street Impt. Proj.) Series 2009, 5% 12/1/27 | 1,680,000 | 1,916,494 | ||
Toledo City School District (School Facilities Impt. Proj.) Series 2009, 5.375% 12/1/35 | 1,000,000 | 1,114,310 | ||
Toledo Gen. Oblig. Series 2012 A, 5% 12/1/20 | 1,635,000 | 1,859,829 | ||
Univ. of Akron Gen. Receipts Series 2015 A, 5% 1/1/31 | 4,000,000 | 4,477,320 | ||
Univ. of Cincinnati Gen. Receipts: | ||||
Series 2008 C: | ||||
5% 6/1/22 (FSA Insured) | 1,000,000 | 1,104,450 | ||
5% 6/1/23 (FSA Insured) | 2,000,000 | 2,208,300 | ||
5% 6/1/24 (FSA Insured) | 2,000,000 | 2,208,300 | ||
Series 2010 F, 5% 6/1/32 | 2,000,000 | 2,222,320 | ||
Series 2012 A: | ||||
5% 6/1/22 | 2,000,000 | 2,358,180 | ||
5% 6/1/23 | 2,000,000 | 2,351,180 | ||
Series 2012 C: | ||||
4% 6/1/28 | 2,000,000 | 2,106,020 | ||
5% 6/1/24 | 1,230,000 | 1,443,872 | ||
Series 2013 A: | ||||
5% 6/1/33 | 4,085,000 | 4,573,525 | ||
5% 6/1/34 | 5,130,000 | 5,724,618 | ||
Wood County Hosp. Facilities Rev. (Hosp. Proj.) Series 2012, 5% 12/1/27 | 3,500,000 | 3,780,385 | ||
Wright State Univ. Gen. Receipts Series 2011 A, 5% 5/1/23 | 2,665,000 | 3,042,257 | ||
| 592,011,941 | |||
Virgin Islands - 0.6% | ||||
Virgin Islands Pub. Fin. Auth.: | ||||
(Cruzan Proj.) Series 2009 A, 6% 10/1/39 | 1,000,000 | 1,107,540 | ||
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 | $ 1,141,930 | ||
Series 2009 B, 5% 10/1/25 | 1,000,000 | 1,098,840 | ||
| 3,348,310 |
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $576,560,270) | 600,277,777 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 698,112 | ||
NET ASSETS - 100% | $ 600,975,889 |
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. |
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 Investment 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 | 36.4% |
Education | 20.4% |
Health Care | 19.3% |
Special Tax | 6.7% |
Electric Utilities | 6.1% |
Others* (Individually Less Than 5%) | 11.1% |
| 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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: |
| $ 600,277,777 |
Cash |
| 7,279,968 |
Receivable for fund shares sold | 441,231 | |
Interest receivable | 5,369,429 | |
Other receivables | 1,604 | |
Total assets | 613,370,009 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 11,077,215 | |
Payable for fund shares redeemed | 433,636 | |
Distributions payable | 619,182 | |
Accrued management fee | 180,042 | |
Other affiliated payables | 54,346 | |
Other payables and accrued expenses | 29,699 | |
Total liabilities | 12,394,120 | |
|
|
|
Net Assets | $ 600,975,889 | |
Net Assets consist of: |
| |
Paid in capital | $ 572,316,738 | |
Undistributed net investment income | 111,429 | |
Accumulated undistributed net realized gain (loss) on investments | 4,830,215 | |
Net unrealized appreciation (depreciation) on investments | 23,717,507 | |
Net Assets, for 49,605,572 shares outstanding | $ 600,975,889 | |
Net Asset Value, offering price and redemption price per share ($600,975,889 ÷ 49,605,572 shares) | $ 12.12 |
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, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 10,478,211 |
|
|
|
Expenses | ||
Management fee | $ 1,092,881 | |
Transfer agent fees | 252,524 | |
Accounting fees and expenses | 73,070 | |
Custodian fees and expenses | 9,664 | |
Independent trustees' compensation | 1,220 | |
Registration fees | 14,837 | |
Audit | 24,446 | |
Legal | 1,099 | |
Miscellaneous | 2,266 | |
Total expenses before reductions | 1,472,007 | |
Expense reductions | (2,029) | 1,469,978 |
Net investment income (loss) | 9,008,233 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 5,014,644 |
Change in net unrealized appreciation (depreciation) on investment securities | (12,093,207) | |
Net gain (loss) | (7,078,563) | |
Net increase (decrease) in net assets resulting from operations | $ 1,929,670 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 9,008,233 | $ 18,153,626 |
Net realized gain (loss) | 5,014,644 | 348,994 |
Change in net unrealized appreciation (depreciation) | (12,093,207) | 36,395,153 |
Net increase (decrease) in net assets resulting from operations | 1,929,670 | 54,897,773 |
Distributions to shareholders from net investment income | (9,005,642) | (18,150,443) |
Distributions to shareholders from net realized gain | (394,147) | - |
Total distributions | (9,399,789) | (18,150,443) |
Share transactions |
|
|
Proceeds from sales of shares | 38,997,593 | 78,804,565 |
Reinvestment of distributions | 5,355,889 | 10,430,750 |
Cost of shares redeemed | (34,602,247) | (62,637,078) |
Net increase (decrease) in net assets resulting from share transactions | 9,751,235 | 26,598,237 |
Redemption fees | 926 | 886 |
Total increase (decrease) in net assets | 2,282,042 | 63,346,453 |
|
|
|
Net Assets | ||
Beginning of period | 598,693,847 | 535,347,394 |
End of period (including undistributed net investment income of $111,429 and undistributed net investment income of $108,839, respectively) | $ 600,975,889 | $ 598,693,847 |
Other Information Shares | ||
Sold | 3,170,660 | 6,573,215 |
Issued in reinvestment of distributions | 435,822 | 867,797 |
Redeemed | (2,824,708) | (5,248,709) |
Net increase (decrease) | 781,774 | 2,192,303 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.26 | $ 11.48 | $ 12.39 | $ 12.01 | $ 11.38 | $ 11.60 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .182 | .384 | .392 | .421 | .443 | .447 |
Net realized and unrealized gain (loss) | (.132) | .780 | (.779) | .426 | .630 | (.216) |
Total from investment operations | .050 | 1.164 | (.387) | .847 | 1.073 | .231 |
Distributions from net investment income | (.182) | (.384) | (.392) | (.420) | (.443) | (.447) |
Distributions from net realized gain | (.008) | - | (.131) | (.047) | - | (.004) |
Total distributions | (.190) | (.384) | (.523) | (.467) | (.443) | (.451) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 12.12 | $ 12.26 | $ 11.48 | $ 12.39 | $ 12.01 | $ 11.38 |
Total Return B, C | .40% | 10.26% | (3.16)% | 7.14% | 9.62% | 1.95% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .49%A | .48% | .48% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .49%A | .48% | .48% | .49% | .49% | .49% |
Expenses net of all reductions | .49%A | .48% | .48% | .49% | .49% | .48% |
Net investment income (loss) | 3.00%A | 3.20% | 3.28% | 3.42% | 3.81% | 3.82% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 600,976 | $ 598,694 | $ 535,347 | $ 647,324 | $ 554,942 | $ 533,024 |
Portfolio turnover rate | 20%A | 7% | 17% | 14% | 8% | 7% |
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/Performance (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
1 - 7 | 75.0 | 74.9 | 76.5 |
8 - 30 | 0.6 | 1.0 | 0.1 |
31 - 60 | 4.6 | 2.7 | 2.7 |
61 - 90 | 1.7 | 2.9 | 4.7 |
91 - 180 | 7.7 | 13.0 | 7.4 |
> 180 | 10.4 | 5.5 | 8.6 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 6/30/15 | 12/31/14 | 6/30/14 |
Fidelity Ohio Municipal Money Market Fund | 48 Days | 37 Days | 42 Days |
Ohio Tax-Free Money Market Funds Average* | 42 Days | 36 Days | 42 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 market 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 | |||
| 6/30/15 | 12/31/14 | 6/30/14 |
Fidelity Ohio Municipal Money Market Fund | 57 Days | 38 Days | 42 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. |
* Source: iMoneyNet, Inc. |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
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![]() | Other Municipal |
| ![]() | Other Municipal |
| ||
![]() | Investment |
| ![]() | Investment |
| ||
![]() | Net Other Assets (Liabilities)** (1.5)% |
| ![]() | Net Other Assets (Liabilities) 5.4% |
|
** Net Other Assets (Liabilities) are not included in the pie chart. |
Current and Historical Seven-Day Yields
| 6/30/15 | 3/31/15 | 12/31/14 | 9/30/14 | 6/30/14 |
Fidelity Ohio Municipal Money Market Fund | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Yield refers to the income paid by the Fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending June 30, 2015, the most recent period shown in the table, would have been -0.41%.
Semiannual Report
Fidelity Ohio Municipal Money Market Fund
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 65.9% | |||
Principal Amount | Value | ||
Alabama - 0.0% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.36% 7/7/15, VRDN (b)(e) | $ 700,000 | $ 700,000 | |
Arkansas - 0.1% | |||
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.33% 7/7/15, LOC Royal Bank of Scotland PLC, VRDN (b)(e) | 1,000,000 | 1,000,000 | |
Delaware - 0.1% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1994, 0.15% 7/1/15, VRDN (b)(e) | 700,000 | 700,000 | |
Louisiana - 0.3% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.36% 7/7/15, VRDN (b) | 600,000 | 600,000 | |
Series 2010 B1, 0.27% 7/7/15, VRDN (b) | 2,900,000 | 2,900,000 | |
| 3,500,000 | ||
Montana - 0.1% | |||
Forsyth Poll. Cont. Rev. Series 2008 A, 0.2% 7/7/15, VRDN (b)(e) | 750,000 | 750,000 | |
Nebraska - 0.1% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.36% 7/7/15, VRDN (b)(e) | 700,000 | 700,000 | |
Nevada - 0.1% | |||
Clark County Arpt. Rev. Series 2008 C3, 0.07% 7/7/15, LOC Sumitomo Mitsui Banking Corp., VRDN (b)(e) | 1,500,000 | 1,500,000 | |
New Jersey - 0.1% | |||
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | |||
Series 2003 B1, 0.25% 7/7/15, VRDN (b) | 400,000 | 400,000 | |
Series 2012 A, 0.21% 7/7/15, VRDN (b)(e) | 700,000 | 700,000 | |
| 1,100,000 | ||
New York - 0.4% | |||
New York Hsg. Fin. Agcy. Rev. (East 39th Street Hsg. Proj.) Series 2000 A, 0.06% 7/7/15, LOC Fannie Mae, VRDN (b)(e) | 5,300,000 | 5,300,000 | |
Ohio - 63.8% | |||
Allen County Hosp. Facilities Rev.: | |||
(Catholic Healthcare Partners Proj.): | |||
Series 2008 A, 0.04% 7/1/15, LOC Bank of America NA, VRDN (b) | 25,665,000 | 25,665,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Allen County Hosp. Facilities Rev.: - continued | |||
(Catholic Healthcare Partners Proj.): | |||
Series 2010 C, 0.03% 7/1/15, LOC MUFG Union Bank NA, VRDN (b) | $ 14,150,000 | $ 14,150,000 | |
Series 2012 B, 0.09% 7/7/15, VRDN (b) | 99,800,000 | 99,800,001 | |
Alliance Hosp. Rev. (Alliance Obligated Group Proj.) Series 2003, 0.02% 7/1/15, LOC JPMorgan Chase Bank, VRDN (b) | 13,700,000 | 13,700,000 | |
Athens County Port Auth. Hsg. 0.09% 7/7/15, LOC Barclays Bank PLC, VRDN (b) | 13,085,000 | 13,085,000 | |
Cincinnati Wtr. Sys. Rev. Participating VRDN Series MS 3280, 0.08% 7/7/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 3,330,000 | 3,330,000 | |
Cleveland Arpt. Sys. Rev.: | |||
Series 2008 D, 0.09% 7/7/15, LOC Bank of America NA, VRDN (b) | 2,985,000 | 2,985,000 | |
Series 2009 D, 0.09% 7/7/15, LOC Bank of America NA, VRDN (b) | 13,100,000 | 13,100,000 | |
Columbus Gen. Oblig. Participating VRDN Series Clipper 08 2, 0.07% 7/7/15 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 4,000,000 | 4,000,000 | |
Columbus Swr. Sys. Rev. Participating VRDN: | |||
Series BBT 08 13, 0.08% 7/7/15 (Liquidity Facility Branch Banking & Trust Co.) (b)(f) | 6,400,000 | 6,400,000 | |
Series Putters 2456, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,405,000 | 8,405,000 | |
Cuyahoga County Hosp. Facilities Rev. (Sisters of Charity of Saint Augustine Health Sys. Proj.) Series 2000, 0.07% 7/7/15, LOC PNC Bank NA, VRDN (b) | 3,200,000 | 3,200,000 | |
Franklin County Health Care Facilities Rev. (Friendship Village of Dublin, Ohio, Inc. Proj.) Series 2004 A, 0.07% 7/7/15, LOC PNC Bank NA, VRDN (b) | 7,470,000 | 7,470,000 | |
Franklin County Hosp. Facilities Rev. Participating VRDN Series 15 XF0244, 0.08% 7/7/15 (Liquidity Facility Toronto-Dominion Bank) (b)(f) | 2,000,000 | 2,000,000 | |
Franklin County Hosp. Rev.: | |||
(OhioHealth Corp. Proj.) Series D, 0.1% 7/7/15, LOC Northern Trust Co., VRDN (b) | 10,195,000 | 10,195,000 | |
(U.S. Health Corp. of Columbus Proj.): | |||
Series 1996 A, 0.09% 7/7/15, LOC Northern Trust Co., VRDN (b) | 12,135,000 | 12,135,000 | |
Series 1996 B, 0.09% 7/7/15, LOC Northern Trust Co., VRDN (b) | 11,060,000 | 11,060,000 | |
Participating VRDN Series BC 11 21B, 0.12% 7/7/15 (Liquidity Facility Barclays Bank PLC) (b)(f) | 3,315,000 | 3,315,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Franklin County Hosp. Rev.: - continued | |||
Series 1998, 0.09% 7/7/15, LOC Northern Trust Co., VRDN (b) | $ 7,125,000 | $ 7,125,000 | |
Series 2009 A, 0.09% 7/7/15 (Liquidity Facility Barclays Bank PLC), VRDN (b) | 22,300,000 | 22,300,000 | |
Series 2009 B, 0.09% 7/7/15 (Liquidity Facility Barclays Bank PLC), VRDN (b) | 10,170,000 | 10,170,000 | |
Hamilton County Health Care Facilities Rev. (The Children's Home of Cincinnati Proj.) Series 2009, 0.06% 7/7/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 3,080,000 | 3,080,000 | |
Hamilton County Hosp. Facilities Rev.: | |||
(Children's Hosp. Med. Ctr. Proj.): | |||
Series 1997 A, 0.06% 7/7/15, LOC PNC Bank NA, VRDN (b) | 8,000,000 | 8,000,000 | |
Series 2000, 0.06% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b) | 12,235,000 | 12,235,000 | |
Series 2002 I, 0.06% 7/7/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 17,745,000 | 17,745,000 | |
Series 2007 M, 0.07% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b) | 10,015,000 | 10,015,000 | |
(Elizabeth Gamble Deaconess Home Assoc. Proj.) Series 2002 B, 0.07% 7/7/15, LOC PNC Bank NA, VRDN (b) | 14,400,000 | 14,400,000 | |
Hamilton County Student Hsg. Rev. (Block 3 Proj.) Series 2004, 0.18% 7/7/15, LOC Bank of New York, New York, LOC Citizens Bank of Pennsylvania, VRDN (b) | 12,015,000 | 12,015,000 | |
Lake County Indl. Dev. Rev. (Norshar Co. Proj.) 0.27% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 1,645,000 | 1,645,000 | |
Lorain County Port Auth. Edl. Facilities Rev. (St. Ignatius High School Proj.) 0.09% 7/7/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 1,230,000 | 1,230,000 | |
Middletown Dev. Rev. (Bishop Fenwick High School Proj.) 0.14% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b) | 8,925,000 | 8,925,000 | |
Middletown Hosp. Facilities Rev.: | |||
Series 2008 A, 0.07% 7/7/15, LOC PNC Bank NA, VRDN (b) | 30,525,000 | 30,524,977 | |
Series 2008 B, 0.07% 7/7/15, LOC PNC Bank NA, VRDN (b) | 7,625,000 | 7,625,000 | |
Ohio Air Quality Dev. Auth. Rev.: | |||
(Dayton Pwr. & Lt. Co. Proj.): | |||
Series 2008 A, 0.09% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 31,600,000 | 31,600,000 | |
Series 2008 B, 0.07% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 22,400,000 | 22,400,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Ohio Air Quality Dev. Auth. Rev.: - continued | |||
(Ohio Valley Elec. Corp. Proj.): | |||
Series 2009 B, 0.08% 7/7/15, LOC Bank of Nova Scotia, VRDN (b) | $ 11,000,000 | $ 11,000,000 | |
Series 2009 C, 0.06% 7/7/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 12,150,000 | 12,150,000 | |
Series 2009 D, 0.08% 7/7/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b) | 24,400,000 | 24,400,000 | |
(TimkenSteel Proj.): | |||
Series 2001, 0.07% 7/7/15, LOC PNC Bank NA, VRDN (b) | 9,500,000 | 9,500,000 | |
Series 2003, 0.08% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b) | 8,500,000 | 8,500,000 | |
Ohio Gen. Oblig.: | |||
(Common Schools Proj.): | |||
Series 2005 A, 0.05% 7/7/15, VRDN (b) | 2,200,000 | 2,200,000 | |
Series 2005 B, 0.05% 7/7/15, VRDN (b) | 5,265,000 | 5,265,000 | |
(Infrastructure Impt. Proj.): | |||
Series 2003 B, 0.08% 7/7/15, VRDN (b) | 3,355,000 | 3,355,000 | |
Series 2003 D, 0.08% 7/7/15, VRDN (b) | 11,565,000 | 11,564,977 | |
0.08% 7/7/15, VRDN (b) | 6,390,000 | 6,390,000 | |
Ohio Higher Edl. Facility Commission Rev.: | |||
(Case Western Reserve Univ. Proj.) Series 2008 A, 0.07% 7/7/15, LOC PNC Bank NA, VRDN (b) | 46,900,000 | 46,900,000 | |
(Cleveland Clinic Foundation Proj.) Series 2008 B4, 0.03% 7/1/15 (Liquidity Facility Barclays Bank PLC), VRDN (b) | 2,000,000 | 2,000,000 | |
Ohio Hosp. Facilities Rev. Participating VRDN Series Putters 3558, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,700,000 | 2,700,000 | |
Ohio Hsg. Fin. Agcy. Mtg. Rev.: | |||
(Mtg.-Backed Securities Prog.) Series F, 0.07% 7/7/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 11,305,000 | 11,305,000 | |
Participating VRDN Series Merlots 06 A2, 0.14% 7/7/15 (Liquidity Facility Wells Fargo Bank NA) (b)(e)(f) | 240,000 | 240,000 | |
Series 2004 D, 0.1% 7/7/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 6,400,000 | 6,400,000 | |
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Pedcor Invts. Willow Lake Apts. Proj.) Series B, 0.21% 7/7/15, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (b)(e) | 325,000 | 325,000 | |
(Wingate at Belle Meadows Proj.) 0.08% 7/7/15, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (b)(e) | 8,555,000 | 8,555,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: | |||
(Mtg.-Backed Securities Prog.) Series 2008 D, 0.05% 7/7/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | $ 22,600,000 | $ 22,600,000 | |
Series 2008 B, 0.08% 7/7/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 10,875,000 | 10,875,000 | |
Series 2008 H, 0.08% 7/7/15 (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (b)(e) | 7,100,000 | 7,100,000 | |
Ohio State Univ. Gen. Receipts: | |||
Series 1997, 0.07% 7/7/15, VRDN (b) | 2,060,000 | 2,060,000 | |
Series 2001, 0.05% 7/7/15, VRDN (b) | 3,155,000 | 3,155,000 | |
Series 2005 B, 0.05% 7/7/15, VRDN (b) | 10,000,000 | 10,000,000 | |
Series 2008 B, 0.05% 7/7/15, VRDN (b) | 3,975,000 | 3,975,000 | |
Series 2010 E, 0.05% 7/7/15, VRDN (b) | 26,600,000 | 26,600,000 | |
Series 2014 B2, 0.05% 7/7/15, VRDN (b) | 6,800,000 | 6,800,000 | |
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 0.13% 7/7/15, LOC Bank of America NA, VRDN (b)(e) | 12,100,000 | 12,100,000 | |
Ohio Wtr. Dev. Auth. Rev. (TimkenSteel Proj.) Series 2001, 0.07% 7/7/15, LOC Northern Trust Co., VRDN (b) | 3,200,000 | 3,200,000 | |
Village of Indian Hill Econ. Dev. Rev. (Cincinnati Country Day School Proj.) Series 1999, 0.09% 7/7/15, LOC PNC Bank NA, VRDN (b) | 4,345,000 | 4,345,000 | |
Wood County Indl. Dev. Rev. (CMC Group Proj.) Series 2001, 0.22% 7/7/15, LOC PNC Bank NA, VRDN (b)(e) | 345,000 | 345,000 | |
Zanesville-Muskingum Port Auth. Indl. Dev. Rev. (Almana II LLC Proj.) Series 2000, 0.3% 7/1/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 350,000 | 350,000 | |
| 761,284,955 | ||
Texas - 0.6% | |||
Calhoun County Solid Waste Disp. Rev. (Formosa Plastics Corp. Proj.) Series 2001, 0.09% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 3,750,000 | 3,750,000 | |
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) Series 2012, 0.09% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 1,000,000 | 1,000,000 | |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.12% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 600,000 | 600,000 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.2% 7/1/15, VRDN (b) | 300,000 | 300,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Texas - continued | |||
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): - continued | |||
Series 2004, 0.29% 7/7/15, VRDN (b)(e) | $ 900,000 | $ 900,000 | |
Series 2010 B, 0.2% 7/1/15, VRDN (b) | 500,000 | 500,000 | |
| 7,050,000 | ||
Wyoming - 0.2% | |||
Converse County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.18% 7/7/15, VRDN (b) | 1,095,000 | 1,095,000 | |
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.18% 7/7/15, VRDN (b) | 1,500,000 | 1,500,000 | |
| 2,595,000 | ||
TOTAL VARIABLE RATE DEMAND NOTE (Cost $786,179,955) |
| ||
Other Municipal Debt - 30.9% | |||
|
|
|
|
Connecticut - 0.1% | |||
Connecticut Dev. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1999, 0.5% tender 7/10/15, CP mode | 1,000,000 | 1,000,000 | |
Georgia - 0.4% | |||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, 0.13%, tender 10/1/15 (Liquidity Facility Royal Bank of Canada) (b) | 4,300,000 | 4,300,000 | |
Kentucky - 0.0% | |||
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.24% tender 8/6/15, CP mode | 400,000 | 400,000 | |
Massachusetts - 0.2% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992, 0.45% tender 7/16/15, CP mode | 2,800,000 | 2,800,000 | |
New Hampshire - 0.2% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1990 A, 0.48% tender 7/16/15, CP mode (e) | 2,000,000 | 2,000,000 | |
Ohio - 29.9% | |||
American Muni. Pwr. Bonds (Omega Joint Venture 6 Proj.) 0.24%, tender 8/15/15 (b)(g) | 477,000 | 477,000 | |
Avon Gen. Oblig. BAN Series 2014, 1% 9/9/15 | 3,000,000 | 3,004,304 | |
Avon Lake BAN Series 2015, 2% 7/13/16 (a) | 11,711,000 | 11,888,070 | |
Bay Village Gen. Oblig. BAN Series 2015, 1% 6/10/16 | 3,311,000 | 3,329,945 | |
Other Municipal Debt - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Beachwood Gen. Oblig. BAN Series 2014, 1% 8/5/15 | $ 5,200,000 | $ 5,204,228 | |
Belmont County BAN Series 2015, 1.5% 4/22/16 | 4,402,000 | 4,439,198 | |
Berea BAN Series 2015, 1% 3/17/16 | 1,180,000 | 1,186,018 | |
Cleveland Muni. School District Bonds Series 2015 A, 2% 12/1/15 | 5,500,000 | 5,539,561 | |
Cleveland Wtr. Rev. Bonds Series 2011 W, 5% 1/1/16 | 3,035,000 | 3,108,255 | |
Columbus Gen. Oblig.: | |||
BAN Series 2014, 1% 8/28/15 | 9,000,000 | 9,012,271 | |
Bonds: | |||
Series 2011 A, 5% 7/1/15 | 1,500,000 | 1,500,000 | |
Series 2012 4, 5% 8/15/15 | 1,000,000 | 1,006,006 | |
Series 2012 A, 5% 2/15/16 | 12,915,000 | 13,298,130 | |
Series 2013 B, 4% 8/15/15 | 5,975,000 | 6,003,521 | |
Delaware Gen. Oblig. BAN Series 2015, 1% 4/18/16 | 6,070,000 | 6,106,181 | |
Dublin City School District BAN Series 2015, 1% 5/5/16 | 2,250,000 | 2,263,638 | |
Franklin County Hosp. Rev. Bonds Series 2011 C, 0.11%, tender 6/1/16 (b) | 11,500,000 | 11,500,000 | |
Franklin County Rev. Bonds Series 2013 OH, 0.14%, tender 12/12/15 (b) | 34,585,000 | 34,585,000 | |
Highland Heights Gen. Oblig. BAN 1% 6/16/16 | 4,700,000 | 4,726,909 | |
Hilliard Gen. Oblig. BAN Series 2015 B, 1% 4/22/16 | 3,000,000 | 3,018,149 | |
Independence Gen. Oblig. BAN Series 2015, 1% 4/14/16 | 2,150,000 | 2,162,655 | |
Lakewood Gen. Oblig. BAN Series 2015, 1% 4/7/16 | 10,000,000 | 10,057,358 | |
Lebanon Gen. Oblig. BAN 1% 4/14/16 | 3,000,000 | 3,017,640 | |
Lima Gen. Oblig. BAN Series 2015, 1.25% 3/16/16 | 2,100,000 | 2,114,216 | |
Lucas County Gen. Oblig. BAN 1.5% 7/13/16 (a) | 11,552,000 | 11,678,494 | |
Mason City School District BAN 1.25% 1/26/16 | 4,400,000 | 4,425,870 | |
Mason Gen. Oblig. BAN Series 2014, 1.25% 12/15/15 | 3,000,000 | 3,014,094 | |
North Olmsted Gen. Oblig. BAN Series 2015, 0.3% 2/3/16 | 1,335,000 | 1,335,000 | |
North Ridgeville Gen. Oblig. BAN Series 2015, 1% 6/2/16 | 10,090,000 | 10,151,951 | |
Ohio Bldg. Auth. Bonds Series 2011 B, 5% 10/1/15 | 3,000,000 | 3,036,598 | |
Ohio Dept. of Administrative Svcs. Ctfs. of Prtn. Bonds: | |||
(Enterprise Data Ctr. Solutions Proj.) Series 2014, 5% 9/1/15 | 1,360,000 | 1,370,939 | |
(Multi-Agcy. Radio Communications Sys. Proj.) Series 2014, 5% 9/1/15 | 455,000 | 458,660 | |
Ohio Gen. Oblig. Bonds: | |||
(Administrative Bldg. Fund Projs.) Series 2013 A, 3% 10/1/15 | 1,295,000 | 1,304,371 | |
(Higher Ed. Proj.) Series 2010 A, 5% 8/1/15 | 2,000,000 | 2,008,303 | |
Series 2009 A, 5% 11/1/15 | 2,200,000 | 2,235,465 | |
Series 2009 B, 5% 8/1/15 | 5,990,000 | 6,014,669 | |
Other Municipal Debt - continued | |||
Principal Amount | Value | ||
Ohio - continued | |||
Ohio Gen. Oblig. Bonds: - continued | |||
Series 2009 C, 5% 8/1/15 | $ 1,250,000 | $ 1,255,130 | |
Series 2012 A, 5% 9/1/15 | 3,490,000 | 3,518,458 | |
Series 2013 A, 2% 5/1/16 | 2,250,000 | 2,282,158 | |
Ohio Higher Edl. Facility Commission Rev. Bonds: | |||
(The Cleveland Clinic Foundation Proj.): | |||
Series 2008 B5: | |||
0.08% tender 7/7/15, CP mode | 12,000,000 | 12,000,000 | |
0.08% tender 8/3/15, CP mode | 12,000,000 | 12,000,000 | |
0.12% tender 10/5/15, CP mode | 11,700,000 | 11,700,000 | |
0.14% tender 12/3/15, CP mode | 12,000,000 | 12,000,000 | |
Series 2008 B6: | |||
0.08% tender 8/3/15, CP mode | 12,200,000 | 12,200,000 | |
0.09% tender 9/1/15, CP mode | 12,400,000 | 12,400,000 | |
0.12% tender 10/5/15, CP mode | 11,700,000 | 11,700,000 | |
0.13% tender 11/5/15, CP mode | 23,400,000 | 23,400,000 | |
Series 2008 A, 5% 1/1/16 | 1,750,000 | 1,792,243 | |
Series 2012 A, 4% 1/1/16 | 1,355,000 | 1,380,555 | |
Series 2013 A2, 0.37% 1/1/16 (b) | 2,015,000 | 2,017,109 | |
Ohio Infrastructure Impt. Bonds Series 2015 T, 5% 4/1/16 | 1,610,000 | 1,666,834 | |
Ohio Juvenile Correctional Bonds (Juvenile Correctional Bldg. Fund Proj.) Series 2015 B, 3% 4/1/16 | 965,000 | 984,501 | |
Ohio Mental Health Cap. Facilities Bonds (Mental Health Facilities Impt. Funds Proj.) Series 2015 A, 1% 2/1/16 | 4,320,000 | 4,339,915 | |
Ohio St Parks & Recreation Cap. Facilities Bonds (Park and Recreation Impt. Funds Proj.) Series 2015 A, 1% 2/1/16 | 2,095,000 | 2,104,658 | |
Ohio State Cultural & Sport Cap. Facilities Bonds Series 2011 A, 5% 10/1/15 | 1,500,000 | 1,518,200 | |
Ohio State Univ. Gen. Receipts Bonds Series 2010 A, 5% 12/1/15 | 5,565,000 | 5,677,070 | |
Ohio Wtr. Dev. Auth. Rev. Bonds Series 2005, 5% 12/1/15 | 1,100,000 | 1,122,196 | |
Stow Gen. Oblig. BAN Series 2015, 1% 4/29/16 | 3,300,000 | 3,319,888 | |
Strongsville Gen. Oblig. BAN: | |||
1% 10/15/15 | 2,300,000 | 2,305,331 | |
1.5% 10/15/15 | 650,000 | 652,447 | |
Union County Gen. Oblig. BAN 1% 3/30/16 | 2,950,000 | 2,965,379 | |
Univ. of Akron Gen. Receipts Bonds Series 2015 A, 1% 1/1/16 | 1,600,000 | 1,605,753 | |
Westerville Gen. Oblig. BAN 1.25% 12/1/15 | 8,000,000 | 8,036,150 | |
Willoughby BAN Series 2015, 1.25% 5/27/16 | 5,700,000 | 5,747,786 | |
| 357,274,428 | ||
Other Municipal Debt - continued | |||
Principal Amount | Value | ||
West Virginia - 0.1% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.5% tender 7/23/15, CP mode (e) | $ 400,000 | $ 400,000 | |
Grant County Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 0.45% tender 7/10/15, CP mode (e) | 900,000 | 900,000 | |
| 1,300,000 | ||
TOTAL OTHER MUNICIPAL DEBT (Cost $369,074,428) |
| ||
Investment Company - 4.7% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.06% (c)(d) | 56,151,000 |
| |
TOTAL INVESTMENT PORTFOLIO - 101.5% | 1,211,405,383 | ||
NET OTHER ASSETS (LIABILITIES) - (1.5)% | (17,725,425) |
NET ASSETS - 100% | $ 1,193,679,958 | |
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) Provides evidence of ownership in one or more underlying municipal bonds. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $477,000 or 0.0% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Cost |
American Muni. Pwr. (Omega Joint Venture 6 Proj.) 0.24%, tender 8/15/15 | 7/30/04 | $ 477,000 |
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 | $ 23,069 |
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 Investment 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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: | $ 1,155,254,383 56,151,000 |
|
Total Investments (cost $1,211,405,383) |
| $ 1,211,405,383 |
Cash |
| 6,305,887 |
Receivable for investments sold | 222 | |
Receivable for fund shares sold | 11,391,487 | |
Interest receivable | 1,459,956 | |
Distributions receivable from Fidelity Central Funds | 4,159 | |
Other receivables | 1,828 | |
Total assets | 1,230,568,922 | |
|
|
|
Liabilities | ||
Payable for investments purchased |
$ 5,539,820 23,566,565 | |
Payable for fund shares redeemed | 7,665,841 | |
Distributions payable | 680 | |
Accrued management fee | 80,653 | |
Other affiliated payables | 11,220 | |
Other payables and accrued expenses | 24,185 | |
Total liabilities | 36,888,964 | |
|
|
|
Net Assets | $ 1,193,679,958 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,193,623,408 | |
Undistributed net investment income | 111 | |
Accumulated undistributed net realized gain (loss) on investments | 56,439 | |
Net Assets, for 1,193,125,119 shares outstanding | $ 1,193,679,958 | |
Net Asset Value, offering price and redemption price per share ($1,193,679,958 ÷ 1,193,125,119 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, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 459,697 |
Income from Fidelity Central Funds |
| 23,069 |
Total income |
| 482,766 |
|
|
|
Expenses | ||
Management fee | $ 2,180,969 | |
Transfer agent fees | 816,738 | |
Accounting fees and expenses | 66,736 | |
Custodian fees and expenses | 7,536 | |
Independent trustees' compensation | 2,462 | |
Registration fees | 15,260 | |
Audit | 19,268 | |
Legal | 2,284 | |
Miscellaneous | 4,305 | |
Total expenses before reductions | 3,115,558 | |
Expense reductions | (2,701,100) | 414,458 |
Net investment income (loss) | 68,308 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 56,439 | |
Net increase in net assets resulting from operations | $ 124,747 |
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) | $ 68,308 | $ 119,194 |
Net realized gain (loss) | 56,439 | 86,075 |
Net increase in net assets resulting | 124,747 | 205,269 |
Distributions to shareholders from net investment income | (60,025) | (127,774) |
Distributions to shareholders from net realized gain | - | (76,622) |
Total distributions | (60,025) | (204,396) |
Share transactions at net asset value of $1.00 per share |
|
|
Proceeds from sales of shares | 1,442,796,429 | 3,063,824,579 |
Reinvestment of distributions | 55,779 | 191,337 |
Cost of shares redeemed | (1,586,172,610) | (3,059,401,718) |
Net increase (decrease) in net assets and shares resulting from share transactions | (143,320,402) | 4,614,198 |
Total increase (decrease) in net assets | (143,255,680) | 4,615,071 |
|
|
|
Net Assets | ||
Beginning of period | 1,336,935,638 | 1,332,320,567 |
End of period (including undistributed net investment income of $111 and distributions in excess of net investment income of $8,172, respectively) | $ 1,193,679,958 | $ 1,336,935,638 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
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 | - | - | - | - | - | - |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations F. | - | - | - | - | - | - |
Distributions from net investment income F | - | - | - | - | - | - |
Distributions from net realized gain | - | - F | - | - | - | - |
Total distributions F | - | - | - | - | - | - |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB, C | -% | .02% | .01% | .01% | .01% | .01% |
Ratios to Average Net Assets D, E |
|
|
|
| ||
Expenses before reductions | .52%A | .51% | .52% | .52% | .52% | .52% |
Expenses net of fee waivers, if any | .07%A | .08% | .12% | .19% | .24% | .37% |
Expenses net of all reductions | .07%A | .08% | .12% | .19% | .24% | .37% |
Net investment income (loss) | .01%A | .01% | .01% | .01% | .01% | .01% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 1,193,680 | $ 1,336,936 | $ 1,332,321 | $ 1,342,387 | $ 1,106,601 | $ 1,010,974 |
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.
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended June 30, 2015 (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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
day responsibility for the valuation of the Income Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.
Each 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)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
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. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and net asset value (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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to futures transactions.
The 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 cost | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Ohio Municipal Income Fund | $ 576,540,506 | $ 26,356,531 | $ (2,619,260) | $ 23,737,271 |
Fidelity Ohio Municipal Money Market Fund | 1,211,405,383 | - | - | - |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days may be subject to a redemption fee equal to .50% of the NAV 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
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities. During the period, the Funds transacted in 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. 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.
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
New Rule Issuance. In July 2014, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Money Market Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $74,207,652 and $58,523,973, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting 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% | .36% |
Fidelity Ohio Municipal Money Market Fund | .25% | .11% | .36% |
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives 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% |
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and shareholder servicing agent for the Funds. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Funds.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The fee is based on the level of average net assets for each month.
Semiannual Report
6. Committed Line of Credit.
The Income Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 | $ 475 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
The investment adviser 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 the investment adviser at any time. For the period, the amount of the waiver was $2,697,219.
In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain 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 | $ 2,029 |
Fidelity Ohio Municipal Money Market Fund | 3,881 |
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
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
FMR Investment Management
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
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
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
OFF-USAN-0815 1.787787.112
Fidelity®
Pennsylvania Municipal
Income Fund
and
Fidelity
Pennsylvania Municipal
Money Market Fund
Semiannual Report
June 30, 2015
(Fidelity Cover Art)
Contents
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 | A summary of major shifts in the fund's investments over the past six months and one year. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to June 30, 2015).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
| Annualized Expense RatioB | Beginning | Ending | Expenses Paid |
Fidelity Pennsylvania Municipal Income Fund | .50% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,004.00 | $ 2.48 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.32 | $ 2.51 |
Fidelity Pennsylvania Municipal Money Market Fund | .07% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.05 | $ .35 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.45 | $ .35 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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).
Semiannual Report
Fidelity Pennsylvania Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
General Obligations | 25.8 | 25.0 |
Health Care | 20.2 | 21.3 |
Education | 14.9 | 14.7 |
Electric Utilities | 9.1 | 9.5 |
Escrowed/Pre-Refunded | 7.4 | 3.8 |
Weighted Average Maturity as of June 30, 2015 | ||
|
| 6 months ago |
Years | 5.7 | 5.5 |
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 market 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, 2015 | ||
|
| 6 months ago |
Years | 6.3 | 6.1 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | AAA 0.6% |
| ![]() | AAA 0.6% |
| ||
![]() | AA,A 81.2% |
| ![]() | AA,A 83.7% |
| ||
![]() | BBB 11.3% |
| ![]() | BBB 9.2% |
| ||
![]() | BB and Below 0.6% |
| ![]() | BB and Below 0.7% |
| ||
![]() | Not Rated 1.6% |
| ![]() | Not Rated 1.7% |
| ||
![]() | 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, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 95.3% | ||||
| Principal Amount | Value | ||
Guam - 0.6% | ||||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | ||||
5% 10/1/17 (c) | $ 600,000 | $ 644,070 | ||
6.25% 10/1/34 (c) | 700,000 | 825,146 | ||
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/24 (FSA Insured) | 900,000 | 1,051,002 | ||
| 2,520,218 | |||
Pennsylvania - 93.2% | ||||
Adams County Indl. Dev. Auth. Rev. (Gettysburg College Proj.) Series 2010, 5% 8/15/24 | 1,000,000 | 1,138,200 | ||
Allegheny County Series C: | ||||
5% 12/1/28 | 1,000,000 | 1,141,650 | ||
5% 12/1/30 | 1,365,000 | 1,538,300 | ||
Allegheny County Arpt. Auth. Rev.: | ||||
(Pittsburgh Int'l. Arpt. Proj.) Series B, 5% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 2,545,000 | 2,599,514 | ||
Series 2006 B: | ||||
5% 1/1/21 (FGIC Insured) (c) | 3,190,000 | 3,626,233 | ||
5% 1/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,650,000 | 1,886,016 | ||
Allegheny County Port Auth. Spl. Rev. 5% 3/1/17 | 2,000,000 | 2,137,280 | ||
Allegheny County Sanitation Auth. Swr. Rev.: | ||||
Series 2010, 5% 6/1/40 (FSA Insured) | 6,690,000 | 7,307,219 | ||
Series A, 5% 12/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,725,000 | 1,750,944 | ||
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2008 A, 2.7%, tender 4/2/18 (b) | 4,000,000 | 4,054,920 | ||
Berks County Muni. Auth. Rev. Series 2012 A, 5% 11/1/40 | 3,590,000 | 3,855,409 | ||
Bethlehem Wtr. Auth. Rev. Series 2014: | ||||
5% 11/15/19 (Build America Mutual Assurance Insured) | 1,000,000 | 1,121,480 | ||
5% 11/15/20 (Build America Mutual Assurance Insured) | 1,000,000 | 1,133,200 | ||
Bucks County Cmnty. College Auth. College Bldg. Rev. 5% 6/15/28 | 250,000 | 274,403 | ||
Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.): | ||||
Series 2009 B, 7.125% 7/1/29 (Pre-Refunded to 7/1/19 @ 100) | 1,035,000 | 1,268,910 | ||
Series 2015 A: | ||||
5% 7/1/26 | 500,000 | 565,900 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Butler County Hosp. Auth. Hosp. Rev. (Butler Health Sys. Proj.): - continued | ||||
5% 7/1/27 | $ 490,000 | $ 549,300 | ||
5% 7/1/28 | 540,000 | 601,506 | ||
5% 7/1/29 | 710,000 | 785,849 | ||
5% 7/1/30 | 685,000 | 753,973 | ||
5% 7/1/35 | 1,885,000 | 2,035,706 | ||
5% 7/1/39 | 1,625,000 | 1,732,868 | ||
Central Bradford Prog. Auth. Rev. Series 2011, 5.375% 12/1/41 | 2,000,000 | 2,196,520 | ||
Centre County Hosp. Auth. Rev. (Mount Nittany Med. Ctr. Proj.) Series 2011, 7% 11/15/46 | 2,000,000 | 2,315,560 | ||
Chambersburg Area School District 5.25% 3/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,485,000 | 1,496,657 | ||
Commonwealth Fing. Auth. Rev. Series 2013 A2: | ||||
5% 6/1/24 | 800,000 | 914,608 | ||
5% 6/1/25 | 1,175,000 | 1,336,986 | ||
5% 6/1/26 | 1,250,000 | 1,414,788 | ||
5% 6/1/42 | 12,000,000 | 12,829,071 | ||
Cumberland County Muni. Auth. Rev. (Dickinson College Proj.) Series 2012: | ||||
5% 11/1/37 | 1,520,000 | 1,651,708 | ||
5% 11/1/42 | 3,000,000 | 3,228,000 | ||
Dauphin County Gen. Auth.: | ||||
(Pinnacle Health Sys. Proj.) Series 2009 A, 5.25% 6/1/17 | 2,055,000 | 2,142,666 | ||
5% 6/1/42 | 2,170,000 | 2,307,752 | ||
Delaware County Auth. College Rev. (Haverford College Proj.) Series 2010 A, 5% 11/15/31 | 4,090,000 | 4,599,696 | ||
Delaware County Auth. Univ. Rev.: | ||||
Series 2010, 5.25% 12/1/31 | 2,450,000 | 2,762,988 | ||
Series 2012: | ||||
5% 8/1/21 | 350,000 | 410,165 | ||
5% 8/1/22 | 300,000 | 353,208 | ||
Series 2014: | ||||
5% 8/1/23 | 1,050,000 | 1,245,794 | ||
5% 8/1/24 | 1,100,000 | 1,315,006 | ||
Doylestown Hosp. Auth. Hosp. Rev. Series 2013 A, 5% 7/1/27 | 2,500,000 | 2,676,500 | ||
East Stroudsburg Area School District: | ||||
Series 2007 A, 7.5% 9/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,138,300 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
East Stroudsburg Area School District: - continued | ||||
Series 2014 A: | ||||
7.75% 9/1/27 | $ 225,000 | $ 255,758 | ||
7.75% 9/1/27 (Pre-Refunded to 9/1/17 @ 100) | 4,040,000 | 4,644,626 | ||
Series A, 7.75% 9/1/27 (Pre-Refunded to 9/1/17 @ 100) | 3,935,000 | 4,523,912 | ||
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 A, 7% 7/1/27 | 2,750,000 | 2,956,195 | ||
Fox Chapel Area School District Series 2013: | ||||
4% 8/1/22 | 500,000 | 554,815 | ||
5% 8/1/31 | 3,080,000 | 3,469,866 | ||
5% 8/1/34 | 1,000,000 | 1,116,570 | ||
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | ||||
5.3% 7/1/30 | 1,770,000 | 1,990,365 | ||
5.375% 7/1/42 | 2,130,000 | 2,299,122 | ||
Geisinger Auth. Health Sys. Rev. Series 2014 A, 4% 6/1/41 | 2,000,000 | 1,968,200 | ||
Indiana County Hosp. Auth. Series 2014 A, 6% 6/1/39 | 1,625,000 | 1,821,073 | ||
Lancaster County Hosp. Auth. Health Ctr. Rev. (Masonic Homes Proj.) Series 2006, 5% 11/1/20 (Pre-Refunded to 11/1/16 @ 100) | 1,065,000 | 1,126,046 | ||
Lower Paxton Township Series 2014: | ||||
5% 4/1/40 | 3,420,000 | 3,781,391 | ||
5% 4/1/44 | 1,295,000 | 1,424,694 | ||
Luzerne County Indl. Dev. Auth. Wtr. Facilities Rev. (Pennsylvania-American Wtr. Co. Proj.) Series 2009, 5.5% 12/1/39 | 2,500,000 | 2,824,150 | ||
Lycoming County Auth. Health Sys. Rev. (Susquehanna Health Sys.) Series 2009 A, 5.5% 7/1/21 | 3,500,000 | 3,921,400 | ||
Mifflin County School District Series 2007: | ||||
7.5% 9/1/26 (XL Cap. Assurance, Inc. Insured) | 1,125,000 | 1,274,119 | ||
7.75% 9/1/30 (XL Cap. Assurance, Inc. Insured) | 1,175,000 | 1,332,920 | ||
Monroe County Hosp. Auth. Rev. (Pocono Med. Ctr. Proj.) Series 2012 A: | ||||
5% 1/1/32 | 1,400,000 | 1,505,770 | ||
5% 1/1/41 | 1,750,000 | 1,842,978 | ||
Monroeville Fin. Auth. UPMC Rev. Series 2012: | ||||
5% 2/15/26 | 1,500,000 | 1,766,325 | ||
5% 2/15/27 | 3,625,000 | 4,245,745 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): | ||||
Series 2009 A, 5% 6/1/17 | 2,000,000 | 2,151,180 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.): - continued | ||||
Series 2012 A: | ||||
5% 6/1/23 | $ 3,850,000 | $ 4,406,787 | ||
5% 6/1/24 | 1,500,000 | 1,709,820 | ||
Series A, 6% 6/1/16 (AMBAC Insured) | 1,000,000 | 1,049,290 | ||
Montgomery County Higher Ed. & Health Auth. Rev.: | ||||
(Dickinson College Proj.) Series 2006 FF1, 5% 5/1/28 (CDC IXIS Finl. Guaranty Insured) | 900,000 | 929,070 | ||
Series 2014 A: | ||||
5% 10/1/26 | 1,000,000 | 1,100,040 | ||
5% 10/1/27 | 1,000,000 | 1,091,050 | ||
Montour School District Series 2015 A: | ||||
5% 4/1/41 | 1,000,000 | 1,107,180 | ||
5% 4/1/42 | 1,000,000 | 1,105,390 | ||
Northampton County Gen. Oblig. Series 2012 B: | ||||
5% 10/1/23 | 1,000,000 | 1,186,330 | ||
5% 10/1/25 | 2,500,000 | 2,934,775 | ||
Northampton County Gen. Purp. Auth. Hosp. Rev.: | ||||
(St. Luke's Hosp. Proj.) Series 2010 A, 5.25% 8/15/16 | 1,245,000 | 1,306,428 | ||
(St. Luke's Hosp. Proj.) Series 2010 A, 5.25% 8/15/18 | 1,450,000 | 1,603,323 | ||
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | ||||
5% 3/1/24 | 1,745,000 | 1,969,704 | ||
5% 3/1/25 | 3,255,000 | 3,657,383 | ||
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B, 5% 7/1/23 | 2,600,000 | 2,605,200 | ||
Pennsylvania Econ. Dev. Fing. Auth. Health Sys. Rev. (Albert Einstein Med. Ctr. Proj.) Series 2009 A, 5.25% 10/15/15 (Escrowed to Maturity) | 2,000,000 | 2,027,980 | ||
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2009, 1.75%, tender 12/1/15 (b) | 4,000,000 | 4,016,880 | ||
Pennsylvania Gen. Oblig.: | ||||
First Series 2008, 5% 5/15/27 | 805,000 | 883,769 | ||
Second Series 2007 A, 5% 8/1/25 (Pre-Refunded to 8/1/17 @ 100) | 2,500,000 | 2,718,850 | ||
Second Series 2009, 5% 4/15/25 | 500,000 | 556,580 | ||
Series 2012, 5% 6/1/25 | 10,000,000 | 11,473,300 | ||
Series 2013, 5% 10/15/27 | 2,255,000 | 2,577,893 | ||
Series 2015 1, 5% 3/15/31 | 7,000,000 | 7,874,720 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Pennsylvania Higher Edl. Facilities Auth. Rev.: | ||||
(Slippery Rock Univ. Proj.) Series 2007 A, 5% 7/1/39 (XL Cap. Assurance, Inc. Insured) | $ 2,500,000 | $ 2,592,750 | ||
(Thomas Jefferson Univ. Proj.) Series 2012: | ||||
5% 3/1/18 | 250,000 | 273,078 | ||
5% 3/1/20 | 300,000 | 340,788 | ||
5% 3/1/22 | 275,000 | 317,617 | ||
5% 3/1/23 | 585,000 | 674,435 | ||
5% 3/1/42 | 3,950,000 | 4,244,236 | ||
(Univ. of Pennsylvania Health Sys. Proj.): | ||||
Series 2009 A, 5.25% 8/15/22 | 2,655,000 | 3,022,903 | ||
Series 2011 A, 5.75% 8/15/41 | 4,980,000 | 5,802,447 | ||
First Series 2012: | ||||
5% 4/1/20 | 750,000 | 859,568 | ||
5% 4/1/21 | 500,000 | 579,130 | ||
5% 4/1/22 | 600,000 | 697,284 | ||
5% 4/1/23 | 800,000 | 926,472 | ||
5% 4/1/24 | 1,100,000 | 1,271,688 | ||
Series 2010 E, 5% 5/15/31 | 2,500,000 | 2,767,275 | ||
Series 2010: | ||||
5% 9/1/30 | 1,150,000 | 1,303,617 | ||
5% 9/1/31 | 1,025,000 | 1,158,722 | ||
Series 2011 A, 5% 9/1/41 | 2,000,000 | 2,199,920 | ||
Pennsylvania Pub. School Bldg. Auth. School Rev. (The School District of Harrisburg Proj.) Series 2014 B2: | ||||
5% 12/1/24 (Build America Mutual Assurance Insured) | 1,250,000 | 1,456,813 | ||
5% 12/1/25 (Build America Mutual Assurance Insured) | 1,250,000 | 1,449,025 | ||
5% 12/1/26 (Build America Mutual Assurance Insured) | 1,250,000 | 1,439,088 | ||
5% 12/1/27 (Build America Mutual Assurance Insured) | 1,010,000 | 1,153,067 | ||
Pennsylvania State Univ.: | ||||
Series 2005, 5% 9/1/29 | 1,550,000 | 1,561,579 | ||
Series 2008 A, 5% 8/15/29 | 3,945,000 | 4,285,217 | ||
Series 2010, 5% 3/1/40 | 4,385,000 | 4,841,215 | ||
Series 2015 A: | ||||
5% 9/1/30 | 1,100,000 | 1,275,615 | ||
5% 9/1/31 | 1,415,000 | 1,632,924 | ||
5% 9/1/31 | 4,000,000 | 4,616,040 | ||
5% 9/1/32 | 1,500,000 | 1,723,995 | ||
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 | $ 3,328,020 | ||
Pennsylvania Tpk. Commission Tpk. Rev.: | ||||
Series 2006 A: | ||||
5% 12/1/25 (Pre-Refunded to 6/1/16 @ 100) | 4,345,000 | 4,525,709 | ||
5% 12/1/26 (Pre-Refunded to 6/1/16 @ 100) | 3,500,000 | 3,645,565 | ||
Series 2008 B1, 5.5% 6/1/33 | 4,000,000 | 4,402,360 | ||
Series 2008 C4, 6.25% 6/1/38 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,236,700 | ||
Series 2013 A2, 0% 12/1/38 (a) | 2,500,000 | 2,342,250 | ||
Series 2014 A, 5% 12/1/31 | 865,000 | 965,963 | ||
Series 2014 A2, 0% 12/1/40 (a) | 5,500,000 | 3,753,970 | ||
Philadelphia Gas Works Rev.: | ||||
(1975 Gen. Ordinance Proj.): | ||||
Eighteenth Series: | ||||
5.25% 8/1/17 (Assured Guaranty Corp. Insured) | 1,500,000 | 1,504,500 | ||
5.25% 8/1/19 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,003,010 | ||
5.25% 8/1/20 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,002,960 | ||
Seventeenth Series, 5.375% 7/1/20 (FSA Insured) | 2,700,000 | 2,708,235 | ||
(1998 Gen. Ordinance Proj.): | ||||
Fifth Series A1: | ||||
5% 9/1/33 (FSA Insured) | 2,800,000 | 2,806,188 | ||
5.25% 9/1/17 (Assured Guaranty Corp. Insured) | 3,665,000 | 3,675,995 | ||
5.25% 9/1/18 (Assured Guaranty Corp. Insured) | 3,340,000 | 3,350,053 | ||
Ninth Series, 5.25% 8/1/40 | 8,665,000 | 9,519,716 | ||
Seventh Series, 5% 10/1/37 (AMBAC Insured) | 5,245,000 | 5,569,456 | ||
Series 1998 A, 5.25% 8/1/17 | 3,555,000 | 3,824,078 | ||
Philadelphia Gen. Oblig. Series 2008 A, 5.25% 12/15/32 (FSA Insured) | 6,000,000 | 6,588,660 | ||
Philadelphia Hospitals & Higher Ed. Facilities Auth. Health Systems Rev. (Jefferson Health Sys. Proj.) Series 2010 B, 5.25% 5/15/30 (Pre-Refunded to 5/15/20 @ 100) | 4,000,000 | 4,679,760 | ||
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. (Children's Hosp. of Philadelphia Proj.) Series 2011 D, 5% 7/1/32 | 2,500,000 | 2,762,000 | ||
Philadelphia Redev. Auth. Rev.: | ||||
Series 2012: | ||||
5% 4/15/21 | 1,000,000 | 1,137,660 | ||
5% 4/15/25 | 2,230,000 | 2,510,244 | ||
Series 2015 A, 5% 4/15/29 | 3,000,000 | 3,314,700 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Philadelphia School District: | ||||
Series 2005 D, 5.5% 6/1/16 (FSA Insured) | $ 2,030,000 | $ 2,115,260 | ||
Series 2010 C, 5% 9/1/21 | 4,000,000 | 4,453,920 | ||
Series 2015 A, 5% 8/1/22 (Pre-Refunded to 8/1/15 @ 100) | 10,000 | 10,034 | ||
5% 8/1/22 (Pre-Refunded to 8/1/15 @ 100) | 125,000 | 125,424 | ||
Philadelphia Wtr. & Wastewtr. Rev.: | ||||
Series 2010 C, 5% 8/1/40 (FSA Insured) | 4,000,000 | 4,357,840 | ||
Series 2011 A, 5% 1/1/41 | 2,715,000 | 2,926,499 | ||
Series 2015 B, 5% 7/1/30 | 3,500,000 | 3,948,665 | ||
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2012, 5% 2/1/25 (FSA Insured) | 2,250,000 | 2,543,873 | ||
Pittsburgh Gen. Oblig.: | ||||
Series 2012 A, 5% 9/1/22 | 2,000,000 | 2,319,880 | ||
Series 2014: | ||||
5% 9/1/23 (Build America Mutual Assurance Insured) | 575,000 | 676,240 | ||
5% 9/1/24 (Build America Mutual Assurance Insured) | 1,000,000 | 1,183,600 | ||
5% 9/1/28 (Build America Mutual Assurance Insured) | 1,300,000 | 1,496,586 | ||
5% 9/1/29 (Build America Mutual Assurance Insured) | 1,015,000 | 1,160,663 | ||
5% 9/1/31 (Build America Mutual Assurance Insured) | 1,165,000 | 1,318,337 | ||
5% 9/1/32 (Build America Mutual Assurance Insured) | 1,000,000 | 1,127,420 | ||
Pittsburgh School District: | ||||
Series 2012 A, 5% 9/1/21 (FSA Insured) | 4,000,000 | 4,633,600 | ||
Series 2014 A, 5% 9/1/23 | 1,000,000 | 1,167,060 | ||
Series 2015: | ||||
4% 9/1/19 (FSA Insured) | 895,000 | 985,887 | ||
5% 9/1/20 (FSA Insured) | 1,050,000 | 1,216,856 | ||
5% 9/1/21 (FSA Insured) | 730,000 | 853,866 | ||
5% 9/1/22 (FSA Insured) | 885,000 | 1,040,468 | ||
5% 9/1/23 (FSA Insured) | 1,085,000 | 1,286,550 | ||
5% 9/1/24 (FSA Insured) | 1,060,000 | 1,242,384 | ||
South Fork Muni. Auth. Hosp. Rev. (Conemaugh Health Sys. Proj.) Series 2010, 5.25% 7/1/23 (Pre-Refunded to 7/1/20 @ 100) | 1,000,000 | 1,177,930 | ||
Southcentral Pennsylvania Gen. Auth. Rev.: | ||||
6% 6/1/25 | 1,080,000 | 1,212,278 | ||
6% 6/1/25 (Pre-Refunded to 6/1/18 @ 100) | 1,420,000 | 1,619,112 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Southeastern Pennsylvania Trans. Auth. Rev. Series 2010, 5% 3/1/16 | $ 1,500,000 | $ 1,545,135 | ||
State Pub. School Bldg. Auth. College Rev.: | ||||
(Delaware County Cmnty. College Proj.) Series 2008, 5% 10/1/20 (Pre-Refunded to 4/1/18 @ 100) | 1,000,000 | 1,110,260 | ||
(Montgomery County Cmnty. College Proj.) Series 2008: | ||||
5% 5/1/27 (FSA Insured) | 1,775,000 | 1,938,620 | ||
5% 5/1/28 (FSA Insured) | 1,000,000 | 1,089,290 | ||
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed. (Univ. Cap. Proj.): | ||||
Series 2000 B, 5.25% 9/15/34 | 2,000,000 | 2,258,320 | ||
Series 2000 C, 5% 9/15/35 | 2,000,000 | 2,221,300 | ||
Series 2007 B, 5.25% 9/15/28 | 2,500,000 | 2,848,825 | ||
Series 2009 B, 5% 9/15/28 | 2,000,000 | 2,232,860 | ||
West Shore Area Auth. Hosp. Rev.: | ||||
(Holy Spirit Hosp. Charity Proj.) Series 2011 B, 6% 1/1/28 | 7,375,000 | 8,838,421 | ||
Series 2011 B, 5.75% 1/1/41 | 1,500,000 | 1,721,490 | ||
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 A: | ||||
5% 7/1/19 | 1,000,000 | 1,087,940 | ||
5% 7/1/25 | 4,465,000 | 5,018,660 | ||
5.25% 7/1/20 | 1,000,000 | 1,103,960 | ||
Westmoreland County Muni. Auth. Muni. Svc. Rev. Series 2001 A: | ||||
0% 8/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,000,000 | 4,577,600 | ||
0% 8/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,500,000 | 2,194,250 | ||
0% 8/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,550,000 | 5,248,777 | ||
Wilson School District Series 2007, 5.25% 6/1/25 (XL Cap. Assurance, Inc. Insured) | 5,740,000 | 5,847,166 | ||
| 433,591,081 | |||
Pennsylvania, New Jersey - 1.5% | ||||
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev.: | ||||
Series 2012 A: | ||||
5% 7/1/22 | 500,000 | 587,015 | ||
5% 7/1/23 | 1,000,000 | 1,162,120 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania, New Jersey - continued | ||||
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev.: - continued | ||||
Series A, 5% 7/1/27 (Pre-Refunded to 7/1/17 @ 100) | $ 1,425,000 | $ 1,544,757 | ||
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2010 D, 5% 1/1/30 | 3,500,000 | 3,858,190 | ||
| 7,152,082 |
TOTAL INVESTMENT PORTFOLIO - 95.3% (Cost $424,044,170) | 443,263,381 | ||
NET OTHER ASSETS (LIABILITIES) - 4.7% | 22,063,799 | ||
NET ASSETS - 100% | $ 465,327,180 |
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) 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. |
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 Investment 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 | 25.8% |
Health Care | 20.2% |
Education | 14.9% |
Electric Utilities | 9.1% |
Escrowed/Pre-Refunded | 7.4% |
Water & Sewer | 6.9% |
Transportation | 6.3% |
Others* (Individually Less Than 5%) | 9.4% |
| 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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $424,044,170) |
| $ 443,263,381 |
Cash |
| 16,803,979 |
Receivable for fund shares sold | 645,303 | |
Interest receivable | 5,395,359 | |
Other receivables | 2,306 | |
Total assets | 466,110,328 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 153,493 | |
Distributions payable | 420,080 | |
Accrued management fee | 138,857 | |
Other affiliated payables | 41,739 | |
Other payables and accrued expenses | 28,979 | |
Total liabilities | 783,148 | |
|
|
|
Net Assets | $ 465,327,180 | |
Net Assets consist of: |
| |
Paid in capital | $ 445,200,408 | |
Undistributed net investment income | 116,908 | |
Accumulated undistributed net realized gain (loss) on investments | 790,653 | |
Net unrealized appreciation (depreciation) on investments | 19,219,211 | |
Net Assets, for 41,602,098 shares outstanding | $ 465,327,180 | |
Net Asset Value, offering price and redemption price per share ($465,327,180 ÷ 41,602,098 shares) | $ 11.19 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Pennsylvania Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 8,490,024 |
|
|
|
Expenses | ||
Management fee | $ 831,154 | |
Transfer agent fees | 187,187 | |
Accounting fees and expenses | 59,750 | |
Custodian fees and expenses | 8,668 | |
Independent trustees' compensation | 922 | |
Registration fees | 17,120 | |
Audit | 24,342 | |
Legal | 4,556 | |
Miscellaneous | 1,449 | |
Total expenses before reductions | 1,135,148 | |
Expense reductions | (3,170) | 1,131,978 |
Net investment income (loss) | 7,358,046 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 962,949 |
Change in net unrealized appreciation (depreciation) on investment securities | (6,856,409) | |
Net gain (loss) | (5,893,460) | |
Net increase (decrease) in net assets resulting from operations | $ 1,464,586 |
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, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 7,358,046 | $ 14,376,696 |
Net realized gain (loss) | 962,949 | 1,057,971 |
Change in net unrealized appreciation (depreciation) | (6,856,409) | 22,459,211 |
Net increase (decrease) in net assets resulting from operations | 1,464,586 | 37,893,878 |
Distributions to shareholders from net investment income | (7,320,172) | (14,353,300) |
Distributions to shareholders from net realized gain | (686,100) | (1,709,135) |
Total distributions | (8,006,272) | (16,062,435) |
Share transactions |
|
|
Proceeds from sales of shares | 46,054,089 | 66,661,279 |
Reinvestment of distributions | 5,241,114 | 10,533,633 |
Cost of shares redeemed | (32,272,113) | (50,675,621) |
Net increase (decrease) in net assets resulting from share transactions | 19,023,090 | 26,519,291 |
Redemption fees | 400 | 1,247 |
Total increase (decrease) in net assets | 12,481,804 | 48,351,981 |
|
|
|
Net Assets | ||
Beginning of period | 452,845,376 | 404,493,395 |
End of period (including undistributed net investment income of $116,908 and undistributed net investment income of $79,034, respectively) | $ 465,327,180 | $ 452,845,376 |
Other Information Shares | ||
Sold | 4,063,851 | 5,969,587 |
Issued in reinvestment of distributions | 462,391 | 943,284 |
Redeemed | (2,850,421) | (4,552,031) |
Net increase (decrease) | 1,675,821 | 2,360,840 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.34 | $ 10.77 | $ 11.47 | $ 11.10 | $ 10.51 | $ 10.78 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .181 | .373 | .370 | .387 | .415 | .418 |
Net realized and unrealized gain (loss) | (.134) | .615 | (.654) | .395 | .590 | (.197) |
Total from investment operations | .047 | .988 | (.284) | .782 | 1.005 | .221 |
Distributions from net investment income | (.180) | (.373) | (.370) | (.386) | (.415) | (.418) |
Distributions from net realized gain | (.017) | (.045) | (.046) | (.026) | - | (.073) |
Total distributions | (.197) | (.418) | (.416) | (.412) | (.415) | (.491) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 11.19 | $ 11.34 | $ 10.77 | $ 11.47 | $ 11.10 | $ 10.51 |
Total ReturnB, C | .40% | 9.30% | (2.50)% | 7.13% | 9.76% | 2.02% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .50%A | .49% | .49% | .49% | .50% | .50% |
Expenses net of fee waivers, if any | .50%A | .49% | .49% | .49% | .50% | .50% |
Expenses net of all reductions | .49%A | .49% | .49% | .48% | .50% | .50% |
Net investment income (loss) | 3.22% A | 3.35% | 3.33% | 3.40% | 3.87% | 3.85% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 465,327 | $ 452,845 | $ 404,493 | $ 487,622 | $ 424,693 | $ 430,961 |
Portfolio turnover rate | 11% A | 12% | 9% | 16% | 12% | 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/Performance (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
1 - 7 | 83.7 | 78.7 | 86.1 |
8 - 30 | 3.2 | 0.6 | 2.8 |
31 - 60 | 2.7 | 2.7 | 1.8 |
61 - 90 | 1.3 | 0.0 | 3.5 |
91 - 180 | 1.2 | 5.7 | 1.4 |
> 180 | 7.9 | 12.3 | 4.4 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 6/30/15 | 12/31/14 | 6/30/14 |
Fidelity Pennsylvania Municipal Money Market Fund | 32 Days | 38 Days | 26 Days |
Pennsylvania Tax-Free Money Market Funds Average* | 28 Days | 32 Days | 33 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 market 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 | |||
| 6/30/15 | 12/31/14 | 6/30/14 |
Fidelity Pennsylvania Municipal Money Market Fund | 32 Days | 38 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. |
* Source: iMoneyNet, Inc. |
Asset Allocation (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
| ||
![]() | Other Municipal |
| ![]() | Other Municipal |
| ||
![]() | Investment |
| ![]() | Investment |
| ||
![]() | Net Other |
| ![]() | Net Other |
|
* Net Other Assets (Liabilities) are not included in the pie chart |
Current and Historical Seven-Day Yields
| 6/30/15 | 3/31/15 | 12/31/14 | 9/30/14 | 6/30/14 |
Fidelity Pennsylvania Municipal Money Market Fund | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
|
Yield refers to the income paid by the Fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending June 30, 2015, the most recent period shown in the table, would have been -0.40%.
Semiannual Report
Fidelity Pennsylvania Municipal Money Market Fund
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 72.2% | |||
Principal Amount | Value | ||
Alabama - 0.1% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.36% 7/7/15, VRDN (b)(e) | $ 400,000 | $ 400,000 | |
Arkansas - 0.1% | |||
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.33% 7/7/15, LOC Royal Bank of Scotland PLC, VRDN (b)(e) | 600,000 | 600,000 | |
Colorado - 0.4% | |||
Colorado Hsg. & Fin. Auth. Solid Waste Rev. (Waste Mgmt., Inc. Proj.) 0.12% 7/7/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 3,000,000 | 3,000,000 | |
District Of Columbia - 0.1% | |||
District of Columbia Rev. (American Psychological Assoc. Proj.) Series 2003, 0.14% 7/7/15, LOC Bank of America NA, VRDN (b) | 800,000 | 800,000 | |
Florida - 0.5% | |||
Collier County Hsg. Fin. Auth. Multi-family Rev. (George Washington Carver Apts. Proj.) Series 2005, 0.18% 7/7/15, LOC PNC Bank NA, VRDN (b)(e) | 3,220,000 | 3,220,000 | |
Iowa - 0.5% | |||
Iowa Fin. Auth. Poll. Cont. Facility Rev. (MidAmerican Energy Proj.) Series 2008 B, 0.11% 7/7/15, VRDN (b) | 3,200,000 | 3,200,000 | |
Louisiana - 0.2% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.36% 7/7/15, VRDN (b) | 300,000 | 300,000 | |
Series 2010 B1, 0.27% 7/7/15, VRDN (b) | 780,000 | 780,000 | |
| 1,080,000 | ||
Nebraska - 0.1% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.36% 7/7/15, VRDN (b)(e) | 400,000 | 400,000 | |
New Jersey - 0.0% | |||
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.) Series 2012 A, 0.21% 7/7/15, VRDN (b)(e) | 300,000 | 300,000 | |
Pennsylvania, New Jersey - 1.0% | |||
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2010 B, 0.1% 7/7/15, LOC Barclays Bank PLC, VRDN (b) | 7,200,000 | 7,200,000 | |
North Carolina - 0.3% | |||
Parson County Indl. Facilities and Poll. Cont. Fing. Auth. (CertainTeed Gypsum NC, Inc. Proj.) Series 2010, 0.07% 7/7/15, LOC Cr. Industriel et Commercial, VRDN (b) | 2,200,000 | 2,200,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Pennsylvania - 68.6% | |||
Allegheny County Hosp. Dev. Auth. Rev.: | |||
(Children's Institute Pittsburgh Proj.) Series 2005 A, 0.08% 7/7/15, LOC PNC Bank NA, VRDN (b) | $ 3,080,000 | $ 3,080,000 | |
(Jefferson Reg'l. Med. Ctr.) Series 2010 A, 0.08% 7/7/15, LOC PNC Bank NA, VRDN (b) | 8,055,000 | 8,055,000 | |
(South Hills Health Sys. Proj.) Series 2000 A, 0.08% 7/7/15, LOC PNC Bank NA, VRDN (b) | 4,000,000 | 4,000,000 | |
Allegheny County Indl. Dev. Auth. Health Care Rev. (Vincentian Collaborative Sys. Proj.) Series 2008 A, 0.08% 7/7/15, LOC PNC Bank NA, VRDN (b) | 6,600,000 | 6,600,000 | |
Allegheny County Indl. Dev. Auth. Rev.: | |||
(The Watson Institute Friendship Academy Proj.) Series 2010, 0.08% 7/7/15, LOC PNC Bank NA, VRDN (b) | 3,525,000 | 3,525,000 | |
(Union Elec. Steel Co. Proj.) Series 1996 A, 0.13% 7/7/15, LOC PNC Bank NA, VRDN (b)(e) | 3,120,000 | 3,120,000 | |
(United Jewish Federation Proj.) Series 1996 A, 0.08% 7/7/15, LOC PNC Bank NA, VRDN (b) | 4,090,000 | 4,090,000 | |
BB&T Muni. Trust Participating VRDN Series BBT 08 1, 0.08% 7/7/15 (Liquidity Facility Branch Banking & Trust Co.) (b)(f) | 2,000,000 | 2,000,000 | |
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. (FirstEnergy Nuclear Generation Corp. Proj.): | |||
Series 2008 B, 0.03% 7/1/15, LOC Bank of Nova Scotia, VRDN (b) | 2,200,000 | 2,200,000 | |
Series 2008 C, 0.04% 7/1/15, LOC Bank of Nova Scotia, VRDN (b)(e) | 11,650,000 | 11,650,000 | |
Bucks County Indl. Dev. Auth. Rev.: | |||
(Lutheran Cmnty. at Telford Healthcare Ctr., Inc. Proj.) Series 2007 B, 0.27% 7/7/15, LOC Citizens Bank of Pennsylvania, VRDN (b) | 3,500,000 | 3,500,000 | |
(Snowball Real Estate LP Proj.) 0.26% 7/7/15, LOC Wells Fargo Bank NA, VRDN (b)(e) | 1,110,000 | 1,110,000 | |
Cambria County Indl. Dev. Auth. Rev. (American Nat'l. Red Cross Proj.) Series 2008, 0.09% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b) | 400,000 | 400,000 | |
Cap. Region Wtr. Swr. Rev. Series 2014 B, 0.07% 7/7/15, LOC Manufacturers & Traders Trust Co., VRDN (b) | 14,600,000 | 14,600,000 | |
Chester County Health & Ed. Auth. Rev. 0.08% 7/7/15, LOC Manufacturers & Traders Trust Co., VRDN (b) | 7,290,000 | 7,290,000 | |
Chester County Intermediate Unit Rev. Series 2003, 0.06% 7/7/15, LOC PNC Bank NA, VRDN (b) | 1,915,000 | 1,915,000 | |
Crawford County Indl. Dev. Auth. College Rev. (Allegheny College Proj.) Series 2009 B, 0.09% 7/7/15, LOC PNC Bank NA, VRDN (b) | 2,000,000 | 2,000,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Cumberland County Muni. Auth. Rev.: | |||
(Diakon Lutheran Social Ministries Proj.) Series 2014 B, 0.07% 7/7/15, LOC Manufacturers & Traders Trust Co., VRDN (b) | $ 7,355,000 | $ 7,355,000 | |
(Presbyterian Homes Proj.) Series 2008 B, 0.07% 7/7/15, LOC Bank of America NA, VRDN (b) | 9,300,000 | 9,300,000 | |
Delaware County Indl. Dev. Auth. Rev.: | |||
(Covanta Energy Proj.) Series 2014 A, 0.11% 7/1/15, LOC Bank of America NA, VRDN (a)(b) | 5,920,000 | 5,920,000 | |
Series 2013 A, 0.11% 7/7/15, LOC Bank of America NA, VRDN (b) | 14,465,000 | 14,465,000 | |
Erie County Hosp. Auth. Rev. (Saint Vincent Health Ctr. Proj.) Series 2010 B, 0.09% 7/7/15, LOC Manufacturers & Traders Trust Co., VRDN (b) | 12,900,000 | 12,900,000 | |
Geisinger Auth. Health Sys. Rev. Participating VRDN: | |||
Series 15 ZF0174, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,785,000 | 2,785,000 | |
Series Putters 0047, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,605,000 | 6,605,000 | |
Series Putters 3915 Z, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 6,285,000 | 6,285,000 | |
Haverford Township School District Series 2009, 0.06% 7/7/15, LOC TD Banknorth, NA, VRDN (b) | 9,435,000 | 9,435,000 | |
Lawrence County Gen. Oblig. Indl. Dev. Auth. 0.08% 7/7/15, LOC PNC Bank NA, VRDN (b) | 2,000,000 | 2,000,000 | |
Lower Merion School District Series 2009 B, 0.07% 7/7/15, LOC U.S. Bank NA, Cincinnati, VRDN (b) | 9,285,000 | 9,285,000 | |
Luzerne County Convention Ctr. Series 2012, 0.08% 7/7/15, LOC PNC Bank NA, VRDN (b) | 2,205,000 | 2,205,000 | |
Montgomery County Redev. Auth. Multi-family Hsg. Rev. (Kingswood Apts. Proj.) Series 2001 A, 0.07% 7/7/15, LOC Fannie Mae, VRDN (b) | 12,675,000 | 12,675,000 | |
Northeastern Pennsylvania Hosp. and Ed. Auth. Rev. (The Commonwealth Med. College Proj.) Series 2009, 0.07% 7/7/15, LOC PNC Bank NA, VRDN (b) | 2,915,000 | 2,915,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev. (Shippingport Proj.) Series 2002 A, 0.04% 7/1/15, LOC Bank of Nova Scotia, VRDN (b)(e) | 750,000 | 750,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: | |||
(Leidy's, Inc. Proj.) Series 1995 D7, 0.16% 7/7/15, LOC PNC Bank NA, VRDN (b)(e) | 600,000 | 600,000 | |
Series 2002 B5, 0.13% 7/7/15, LOC PNC Bank NA, VRDN (b)(e) | 4,300,000 | 4,300,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.: - continued | |||
Series 2004 B, 0.09% 7/7/15, LOC PNC Bank NA, VRDN (b) | $ 1,100,000 | $ 1,100,000 | |
Pennsylvania Econ. Dev. Fing. Auth. Manufacturing Facility Rev. (Dodge Realty Partners Proj.) Series 2007, 0.13% 7/7/15, LOC Citibank NA, VRDN (b)(e) | 5,400,000 | 5,400,000 | |
Pennsylvania Gen. Oblig. Participating VRDN: | |||
Series MS 3382, 0.08% 7/7/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 5,000,000 | 5,000,000 | |
Series Putters 3352Z, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 4,215,000 | 4,215,000 | |
Series Putters 4014, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,000,000 | 3,000,000 | |
Series ROC II R 11505, 0.07% 7/7/15 (Liquidity Facility Citibank NA) (b)(f) | 11,000,000 | 11,000,000 | |
Series ROC II R 14070, 0.08% 7/7/15 (Liquidity Facility Citibank NA) (b)(f) | 8,000,000 | 8,000,000 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Drexel Univ. Proj.): | |||
Second Series, 0.06% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b) | 2,015,000 | 2,015,000 | |
Series B, 0.07% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b) | 2,755,000 | 2,755,000 | |
(Point Park College Proj.) 0.1% 7/7/15, LOC PNC Bank NA, VRDN (b) | 800,000 | 800,000 | |
(Univ. of Pennsylvania Health Sys. Proj.) Series 2008 A, 0.07% 7/7/15, LOC Bank of America NA, VRDN (b) | 18,350,000 | 18,350,000 | |
Participating VRDN: | |||
ROC II R 11721, 0.08% 7/7/15 (Liquidity Facility Citibank NA) (b)(f) | 7,500,000 | 7,500,000 | |
Series MS 3252, 0.08% 7/7/15 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) | 5,840,000 | 5,840,000 | |
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. Participating VRDN Series Putters 15 XM0010, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,035,000 | 5,035,000 | |
Philadelphia Arpt. Rev.: | |||
Series 2005 C1, 0.08% 7/7/15, LOC TD Banknorth, NA, VRDN (b)(e) | 26,205,000 | 26,205,000 | |
Series 2005 C2, 0.09% 7/7/15, LOC Royal Bank of Canada, VRDN (b)(e) | 13,620,000 | 13,620,000 | |
Philadelphia Auth. For Indl. Dev. Participating VRDN: | |||
Series 15 ZF0167, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 2,500,000 | 2,500,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Philadelphia Auth. For Indl. Dev. Participating VRDN: - continued | |||
Series Putters 14 XM0005, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(f) | $ 5,000,000 | $ 5,000,000 | |
Philadelphia Auth. for Indl. Dev. Rev.: | |||
(Spl. People in Northeast, Inc. Proj.) Series 2006, 0.35% 7/7/15, LOC Citizens Bank of Pennsylvania, VRDN (b) | 1,475,000 | 1,475,000 | |
(The Franklin Institute Proj.) Series 2006, 0.1% 7/7/15, LOC Bank of America NA, VRDN (b) | 8,180,000 | 8,180,000 | |
Philadelphia Auth. Indl. Dev. Lease Rev. Series 2007 B3, 0.07% 7/7/15, LOC PNC Bank NA, VRDN (b) | 13,975,000 | 13,975,000 | |
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.): | |||
Eighth Series B, 0.08% 7/7/15, LOC Wells Fargo Bank NA, VRDN (b) | 21,350,000 | 21,350,000 | |
Eighth Series C, 0.1% 7/7/15, LOC Barclays Bank PLC, VRDN (b) | 35,100,000 | 35,100,000 | |
Eighth Series D, 0.06% 7/7/15, LOC Royal Bank of Canada, VRDN (b) | 18,900,000 | 18,900,000 | |
Fifth Series A2, 0.07% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b) | 9,450,000 | 9,450,000 | |
Philadelphia Gen. Oblig. Series 2009 B, 0.07% 7/7/15, LOC Bank of New York, New York, VRDN (b) | 4,450,000 | 4,450,000 | |
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. Participating VRDN Series 15 F0114, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,330,000 | 5,330,000 | |
Philadelphia Wtr. & Wastewtr. Rev. Series 1997 B, 0.06% 7/7/15, LOC TD Banknorth, NA, VRDN (b) | 7,900,000 | 7,900,000 | |
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.: | |||
Series 2008 B1, 0.07% 7/7/15, LOC Bank of America NA, VRDN (b) | 19,400,000 | 19,400,000 | |
Series 2008 B2, 0.06% 7/7/15, LOC Royal Bank of Canada, VRDN (b) | 1,500,000 | 1,500,000 | |
Ridley School District Series 2009, 0.06% 7/7/15, LOC TD Banknorth, NA, VRDN (b) | 4,240,000 | 4,240,000 | |
Washington County Hosp. Auth. Rev. (Monongahela Valley Hosp. Proj.) Series 2011 A, 0.08% 7/7/15, LOC PNC Bank NA, VRDN (b) | 1,380,000 | 1,380,000 | |
Westmoreland County Indl. Dev. Auth. Rev. (Excela Health Proj.) Series 2010 B, 0.08% 7/7/15, LOC PNC Bank NA, VRDN (b) | 7,040,000 | 7,040,000 | |
| 475,920,000 | ||
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Texas - 0.3% | |||
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) Series 2012, 0.09% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | $ 600,000 | $ 600,000 | |
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.12% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(e) | 300,000 | 300,000 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.2% 7/1/15, VRDN (b) | 950,000 | 950,000 | |
Series 2004, 0.29% 7/7/15, VRDN (b)(e) | 200,000 | 200,000 | |
Series 2010 B, 0.2% 7/1/15, VRDN (b) | 300,000 | 300,000 | |
| 2,350,000 | ||
TOTAL VARIABLE RATE DEMAND NOTE (Cost $500,670,000) |
| ||
Other Municipal Debt - 25.2% | |||
|
|
|
|
Arizona - 0.2% | |||
Arizona School Facilities Board Ctfs. of Prtn. Bonds Series 2005 A1, 5% 9/1/15 | 1,385,000 | 1,396,379 | |
Georgia - 0.4% | |||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, 0.13%, tender 10/1/15 (Liquidity Facility Royal Bank of Canada) (b) | 2,600,000 | 2,600,000 | |
Massachusetts - 0.3% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992, 0.45% tender 7/16/15, CP mode | 2,200,000 | 2,200,000 | |
New Hampshire - 0.2% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1990 A, 0.48% tender 7/16/15, CP mode (e) | 1,200,000 | 1,200,000 | |
Pennsylvania - 24.0% | |||
Allegheny County Hosp. Dev. Auth. Rev. Bonds Series 2008 A, 5% 9/1/15 | 875,000 | 881,928 | |
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Bonds Series 2012 A: | |||
4% 7/1/15 | 4,205,000 | 4,205,000 | |
5% 7/1/15 | 3,845,000 | 3,845,000 | |
5% 1/1/16 | 2,000,000 | 2,048,179 | |
5% 7/1/16 | 14,975,000 | 15,672,854 | |
Other Municipal Debt - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Pennsylvania Gen. Oblig. Bonds: | |||
Second Series 2005, 5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | $ 690,000 | $ 706,478 | |
Series 2005 1, 5% 7/1/15 | 3,025,000 | 3,025,000 | |
Series 2005 2, 5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 4,000,000 | 4,094,954 | |
Series 2005: | |||
5% 1/1/16 | 3,600,000 | 3,686,389 | |
5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 960,000 | 983,173 | |
5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 1,000,000 | 1,024,244 | |
Series 2006, 5% 3/1/16 | 7,300,000 | 7,531,869 | |
Series 2009 2: | |||
5% 7/1/15 | 18,325,000 | 18,325,000 | |
5% 4/15/16 | 5,000,000 | 5,187,337 | |
Series 2010 3A, 5% 7/15/15 | 5,800,000 | 5,810,893 | |
Series 2010 A: | |||
5% 5/1/16 | 1,100,000 | 1,143,056 | |
5% 6/1/16 | 2,675,000 | 2,789,889 | |
Series 2011 1, 5% 11/15/15 | 6,000,000 | 6,108,866 | |
Series 2012, 5% 7/1/15 | 8,300,000 | 8,300,000 | |
Series 2013 2, 5% 10/15/15 | 1,100,000 | 1,115,242 | |
Series 2014, 5% 7/1/15 | 5,500,000 | 5,500,000 | |
5% 10/1/15 | 1,355,000 | 1,371,608 | |
5% 1/1/16 (Pre-Refunded to 1/1/16 @ 100) | 1,000,000 | 1,023,010 | |
5% 2/15/16 | 3,500,000 | 3,604,096 | |
5.375% 7/1/16 | 4,235,000 | 4,444,294 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds: | |||
Series 2005 B, 5% 8/15/15 (Escrowed to Maturity) | 800,000 | 804,517 | |
Series WF 11 26C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) | 5,000,000 | 5,000,000 | |
Pennsylvania Infrastructure Invt. Auth. Rev. Series 2010 A: | |||
0.12% 7/1/15, LOC Bank of America NA, CP | 8,000,000 | 8,000,000 | |
0.12% 7/1/15, LOC Bank of America NA, CP | 5,000,000 | 5,000,000 | |
Pennsylvania State Univ. Bonds Series 2009 A, 5% 3/1/16 | 1,000,000 | 1,031,443 | |
Philadelphia Arpt. Rev. Series B3, 0.12% 9/9/15, LOC Wells Fargo Bank NA, CP (e) | 7,000,000 | 7,000,000 | |
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed.: | |||
BAN Series 2014, 2% 7/22/15 | 7,000,000 | 7,007,564 | |
Bonds: | |||
(Univ. Cap. Proj.) Series 2005 C: | |||
0.06% tender 7/1/15, CP mode | 2,000,000 | 2,000,000 | |
0.09% tender 8/3/15, CP mode | 7,300,000 | 7,300,000 | |
Other Municipal Debt - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Univ. of Pittsburgh Commonwealth Sys. of Higher Ed.: - continued | |||
Bonds: | |||
Series 2014 B2: | |||
0.1% tender 8/17/15, CP mode | $ 3,650,000 | $ 3,650,000 | |
0.11% tender 8/19/15, CP mode | 7,000,000 | 7,000,000 | |
| 166,221,883 | ||
Virginia - 0.1% | |||
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.45% tender 7/10/15, CP mode (e) | 500,000 | 500,000 | |
West Virginia - 0.0% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.5% tender 7/23/15, CP mode (e) | 200,000 | 200,000 | |
TOTAL OTHER MUNICIPAL DEBT (Cost $174,318,262) |
| ||
Investment Company - 3.3% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.06% (c)(d) (Cost $23,004,800) | 23,004,800 |
| |
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $697,993,062) | 697,993,062 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (4,520,235) | ||
NET ASSETS - 100% | $ 693,472,827 |
Security Type Abbreviations | ||
CP | - | COMMERCIAL PAPER |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
BAN | - | BOND ANTICIPATION NOTE |
Legend |
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,920,000 or 1.6% of net assets. |
(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) Provides evidence of ownership in one or more underlying municipal bonds. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,000,000 or 0.7% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Cost |
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series WF 11 26C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) | 5/30/13 | $ 5,000,000 |
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 | $ 11,985 |
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 Investment Valuation section in the accompanying Notes to Financial Statements. |
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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $674,988,262) | $ 674,988,262 |
|
Fidelity Central Funds (cost $23,004,800) | 23,004,800 |
|
Total Investments (cost $697,993,062) |
| $ 697,993,062 |
Cash |
| 11,495 |
Receivable for investments sold | 419 | |
Receivable for fund shares sold | 8,467,793 | |
Interest receivable | 2,330,708 | |
Distributions receivable from Fidelity Central Funds | 2,470 | |
Receivable from investment adviser for expense reductions | 5,013 | |
Other receivables | 786 | |
Total assets | 708,811,746 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 8,686,252 | |
Payable for fund shares redeemed | 6,594,714 | |
Distributions payable | 336 | |
Accrued management fee | 57,385 | |
Other affiliated payables | 225 | |
Other payables and accrued expenses | 7 | |
Total liabilities | 15,338,919 | |
|
|
|
Net Assets | $ 693,472,827 | |
Net Assets consist of: |
| |
Paid in capital | $ 693,465,096 | |
Distributions in excess of net investment income | (36) | |
Accumulated undistributed net realized gain (loss) on investments | 7,767 | |
Net Assets, for 693,254,319 shares outstanding | $ 693,472,827 | |
Net Asset Value, offering price and redemption price per share ($693,472,827 ÷ 693,254,319 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, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 284,965 |
Income from Fidelity Central Funds |
| 11,985 |
Total income |
| 296,950 |
|
|
|
Expenses | ||
Management fee | $ 1,818,146 | |
Independent trustees' compensation | 1,460 | |
Tax expense | 1,919 | |
Total expenses before reductions | 1,821,525 | |
Expense reductions | (1,560,608) | 260,917 |
Net investment income (loss) | 36,033 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (988) |
Net increase in net assets resulting from operations | $ 35,045 |
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) | $ 36,033 | $ 74,265 |
Net realized gain (loss) | (988) | 40,805 |
Net increase in net assets resulting from operations | 35,045 | 115,070 |
Distributions to shareholders from net investment income | (36,069) | (74,125) |
Share transactions at net asset value of $1.00 per share |
|
|
Proceeds from sales of shares | 819,896,740 | 1,863,275,499 |
Reinvestment of distributions | 34,022 | 70,651 |
Cost of shares redeemed | (886,924,367) | (1,892,615,443) |
Net increase (decrease) in net assets and shares resulting from share transactions | (66,993,605) | (29,269,293) |
Total increase (decrease) in net assets | (66,994,629) | (29,228,348) |
|
|
|
Net Assets | ||
Beginning of period | 760,467,456 | 789,695,804 |
End of period (including distributions in excess of net investment income of $36 and $0, respectively) | $ 693,472,827 | $ 760,467,456 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) F | - | - | - | - | - | - |
Distributions from net investment income F | - | - | - | - | - | - |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB, C | -% | .01% | .01% | .01% | .01% | .01% |
Ratios to Average Net AssetsD, E |
|
|
|
|
| |
Expenses before reductions | .50%A | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .07%A | .07% | .11% | .18% | .22% | .30% |
Expenses net of all reductions | .07%A | .07% | .11% | .18% | .22% | .30% |
Net investment income (loss) | .01% A | .01% | .01% | .01% | .01% | .01% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 693,473 | $ 760,467 | $ 789,696 | $ 788,486 | $ 686,162 | $ 670,790 |
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, 2015 (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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.
Each 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)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
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. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. During the period, the Money Market Fund incurred a corporate tax liability on undistributed long-term capital gain which is included in Tax expense on the Statement of Operations. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to 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.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized |
Fidelity Pennsylvania Municipal Income Fund | $ 423,999,158 | $ 20,718,471 | $ (1,454,248) | $ 19,264,223 |
Fidelity Pennsylvania Municipal Money Market Fund | 697,993,062 | - | - | - |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days may be subject to a redemption fee equal to .50% of the NAV 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.
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered.
Semiannual Report
3. Significant Accounting Policies - continued
Restricted Securities - continued
Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
New Rule Issuance. In July 2014, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Money Market Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $41,062,536 and $24,885,309, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
Fidelity Management & Research Company (the investment adviser) 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. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. Under the terms of the management fee contract, the investment adviser pays transfer agent fees on behalf of the Money Market Fund. FIIOC receives 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 rates expressed as a percentage of average net assets:
Fidelity Pennsylvania Municipal Income Fund | .08% |
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and shareholder servicing agent for the Funds. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Funds.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The fee is based on the level of average net assets for each month.
6. Committed Line of Credit.
The Income Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 | $ 360 |
During the period, the Income Fund did not borrow on this line of credit.
Semiannual Report
7. Expense Reductions.
The investment adviser 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 the investment adviser at any time. For the period, the amount of the waiver was $1,559,064.
Through arrangements with the Income Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.
| Custody |
|
|
Fidelity Pennsylvania Municipal Income Fund | $ 3,170 |
In addition, through an arrangement with the Money Market Fund's custodian, $1,544 of credits realized as a result of certain uninvested cash balances were used to reduce the Fund's management fee.
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
FMR Investment Management
(U.K.) Limited
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(Japan) Limited
Fidelity Management & Research
(Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
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
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
PFR-USAN-0815 1.787788.112
Fidelity®
Minnesota Municipal Income
Fund
Semiannual Report
June 30, 2015
(Fidelity Cover Art)
Contents
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. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to June 30, 2015).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio B | Beginning | Ending | Expenses Paid |
Actual | .50% | $ 1,000.00 | $ 1,002.70 | $ 2.48 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.32 | $ 2.51 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 | ||
| % of fund's | % of fund's net assets |
General Obligations | 37.8 | 40.6 |
Health Care | 21.8 | 22.4 |
Electric Utilities | 14.9 | 13.4 |
Education | 8.8 | 8.9 |
Transportation | 7.9 | 8.1 |
Weighted Average Maturity as of June 30, 2015 | ||
|
| 6 months ago |
Years | 5.3 | 5.3 |
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 market 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, 2015 | ||
|
| 6 months ago |
Years | 5.6 | 5.5 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | AAA 2.7% |
| ![]() | AAA 3.3% |
| ||
![]() | AA,A 84.4% |
| ![]() | AA,A 85.7% |
| ||
![]() | BBB 6.8% |
| ![]() | BBB 7.2% |
| ||
![]() | BB and Below 0.4% |
| ![]() | BB and Below 0.4% |
| ||
![]() | Not Rated 4.3% |
| ![]() | 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, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.6% | ||||
| Principal Amount | Value | ||
Guam - 0.9% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/23 | $ 1,500,000 | $ 1,541,145 | ||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | ||||
5% 10/1/17 (c) | 800,000 | 858,760 | ||
6.25% 10/1/34 (c) | 850,000 | 1,001,963 | ||
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) | 1,100,000 | 1,283,876 | ||
| 4,685,744 | |||
Minnesota - 97.5% | ||||
Alexandria Independent School District #206 Gen. Oblig. (Minnesota School District Cr. Enhancement Prog.) Series 2008 A, 5% 2/1/17 (FSA Insured) | 1,000,000 | 1,067,810 | ||
Anoka-Hennepin Independent School District 11 Series 2014 A: | ||||
5% 2/1/23 | 805,000 | 937,559 | ||
5% 2/1/24 | 1,110,000 | 1,296,724 | ||
5% 2/1/25 | 1,015,000 | 1,174,020 | ||
5% 2/1/26 | 1,220,000 | 1,397,193 | ||
5% 2/1/27 | 1,285,000 | 1,459,195 | ||
5% 2/1/28 | 1,345,000 | 1,514,430 | ||
5% 2/1/29 | 1,415,000 | 1,584,276 | ||
5% 2/1/34 | 1,800,000 | 1,981,566 | ||
Breckenridge Gen. Oblig. (Catholic Health Initiatives Proj.) Series 2004 A, 5% 5/1/30 | 4,575,000 | 4,584,928 | ||
Burnsville-Eagan-Savage Independent School District #191 Gen. Oblig. (Minnesota School District Cr. Enhancement Prog.) Series 2007 A, 5% 2/1/17 (FSA Insured) | 525,000 | 560,600 | ||
Chaska Independent School District #112 Gen. Oblig.: | ||||
(Cr. Enhancement Prog.): | ||||
Series 2012 A: | ||||
5% 2/1/19 | 4,090,000 | 4,614,583 | ||
5% 2/1/22 | 4,975,000 | 5,825,974 | ||
Series 2013 A, 4% 2/1/19 | 4,550,000 | 4,975,425 | ||
(School Bldg. Proj.) Series 2007 A, 5% 2/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 750,000 | 800,858 | ||
Series 2009 A, 5% 2/1/17 | 1,000,000 | 1,067,810 | ||
Cloquet Independent School District #94 Series 2015 B: | ||||
5% 2/1/28 | 3,030,000 | 3,541,767 | ||
5% 2/1/31 | 1,245,000 | 1,429,546 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Ctr. City Health Care Facilities (Hazelden Betty Ford Foundation Proj.) Series 2014: | ||||
5% 11/1/23 | $ 775,000 | $ 910,780 | ||
5% 11/1/25 | 250,000 | 291,263 | ||
5% 11/1/26 | 500,000 | 577,675 | ||
5% 11/1/27 | 400,000 | 458,300 | ||
Duluth Independent School District #709 Ctfs. of Prtn. Series 2009 B: | ||||
4% 3/1/16 | 1,445,000 | 1,460,317 | ||
4% 3/1/17 | 1,495,000 | 1,539,880 | ||
4% 3/1/18 | 1,235,000 | 1,285,141 | ||
5% 3/1/30 | 2,535,000 | 2,589,959 | ||
Hennepin County Sales Tax Rev. (Ballpark Proj.) Series 2007 A, 5% 12/15/24 | 1,000,000 | 1,099,050 | ||
Jordan Ind. School District Series 2014 A: | ||||
5% 2/1/28 | 1,000,000 | 1,159,460 | ||
5% 2/1/29 | 1,000,000 | 1,152,050 | ||
5% 2/1/30 | 1,245,000 | 1,427,891 | ||
Lakeville Independent School District #194 | ||||
5% 2/1/18 | 5,185,000 | 5,709,774 | ||
5% 2/1/20 | 1,570,000 | 1,808,781 | ||
Maple Grove Health Care Sys. Rev. (Maple Grove Hosp. Corp. Proj.) Series 2007: | ||||
5% 5/1/16 | 1,000,000 | 1,030,960 | ||
5.25% 5/1/24 | 1,500,000 | 1,593,570 | ||
5.25% 5/1/25 | 2,000,000 | 2,121,800 | ||
5.25% 5/1/28 | 3,720,000 | 3,931,408 | ||
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 | 3,392,850 | ||
Series 2010 A, 5.25% 8/15/25 | 1,000,000 | 1,150,760 | ||
(Children's Hospitals and Clinics Proj.) | 500,000 | 546,870 | ||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | ||||
Series 2007 A, 5% 1/1/21 | 5,000,000 | 5,303,500 | ||
Series 2007 B, 5% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,122,620 | ||
Series 2010 D, 5% 1/1/17 (c) | 4,155,000 | 4,405,297 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: - continued | ||||
Series 2012 B: | ||||
5% 1/1/26 | $ 1,250,000 | $ 1,446,575 | ||
5% 1/1/27 | 1,500,000 | 1,722,270 | ||
Series 2014 A: | ||||
5% 1/1/26 | 3,015,000 | 3,522,847 | ||
5% 1/1/28 | 4,000,000 | 4,553,640 | ||
5% 1/1/29 | 2,150,000 | 2,433,886 | ||
5% 1/1/30 | 2,000,000 | 2,251,440 | ||
5% 1/1/31 | 6,020,000 | 6,743,664 | ||
Series B, 5% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,830,000 | 3,001,781 | ||
Minneapolis Health Care Sys. Rev. (Fairview Health Svcs. Proj.): | ||||
Series 2005 D, 5% 11/15/34 (AMBAC Insured) | 5,120,000 | 5,180,723 | ||
Series 2008 B, 6.5% 11/15/38 (Assured Guaranty Corp. Insured) | 3,500,000 | 3,982,580 | ||
Minnesota 911 Rev.: | ||||
(Pub. Safety Radio Communications Sys. Proj.) Series 2009, 5% 6/1/21 (Assured Guaranty Corp. Insured) | 2,220,000 | 2,541,589 | ||
5% 6/1/21 | 2,000,000 | 2,289,720 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1: | ||||
5% 2/15/16 (Assured Guaranty Corp. Insured) | 415,000 | 426,458 | ||
5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,975,000 | 2,104,975 | ||
5% 2/15/30 (Assured Guaranty Corp. Insured) | 3,750,000 | 4,048,650 | ||
5.25% 2/15/23 (Assured Guaranty Corp. Insured) | 1,660,000 | 1,876,796 | ||
5.5% 2/15/25 (Assured Guaranty Corp. Insured) | 2,500,000 | 2,854,900 | ||
Minnesota Gen. Oblig.: | ||||
Series 2008 A, 5% 6/1/21 | 3,300,000 | 3,662,637 | ||
Series 2010 A, 5% 8/1/27 | 5,000,000 | 5,779,700 | ||
Series 2010 D: | ||||
5% 8/1/21 | 1,000,000 | 1,169,160 | ||
5% 8/1/22 | 5,000,000 | 5,832,500 | ||
5% 8/1/23 | 10,000,000 | 11,638,500 | ||
Series 2011 B: | ||||
5% 10/1/24 | 2,500,000 | 2,931,175 | ||
5% 10/1/30 | 3,000,000 | 3,454,800 | ||
Series 2013 A, 5% 8/1/25 | 3,780,000 | 4,564,804 | ||
Series 2013 D, 5% 10/1/23 | 3,000,000 | 3,644,640 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Minnesota Gen. Oblig.: - continued | ||||
5% 6/1/21 (Pre-Refunded to 6/1/16 @ 100) | $ 1,415,000 | $ 1,473,850 | ||
5% 8/1/22 | 2,545,000 | 2,760,638 | ||
5% 8/1/22 (Pre-Refunded to 8/1/17 @ 100) | 55,000 | 59,755 | ||
5% 8/1/24 | 4,780,000 | 5,651,776 | ||
5% 8/1/24 (Pre-Refunded to 8/1/22 @ 100) | 220,000 | 263,465 | ||
5% 11/1/26 (Pre-Refunded to 11/1/16 @ 100) | 790,000 | 837,985 | ||
Minnesota Higher Ed. Facilities Auth. Rev.: | ||||
(College of St. Scholastica, Inc. Proj.) Series Seven-H, 5.25% 12/1/35 | 1,000,000 | 1,075,870 | ||
(Gustovus Adolphus College Proj.) Series Seven-B: | ||||
5% 10/1/22 | 2,250,000 | 2,548,238 | ||
5% 10/1/23 | 1,000,000 | 1,132,110 | ||
(Hamline Univ. Proj.) Series Seven-E: | ||||
5% 10/1/17 | 1,565,000 | 1,666,772 | ||
5% 10/1/19 | 1,000,000 | 1,102,820 | ||
(Macalester College Proj.) Series Six-P: | ||||
5% 3/1/21 | 2,315,000 | 2,462,836 | ||
5% 3/1/22 | 2,535,000 | 2,696,454 | ||
(St. Olaf College Proj.) Series Six-O, 5% 10/1/15 (Pre-Refunded to 10/1/15 @ 100) | 1,000,000 | 1,011,100 | ||
(Univ. of St. Thomas Proj.): | ||||
Series Seven-A, 5% 10/1/39 | 1,650,000 | 1,811,288 | ||
Series Six-I, 5% 4/1/23 | 1,000,000 | 1,031,280 | ||
Series Six-X, 5.25% 4/1/39 | 1,500,000 | 1,585,365 | ||
Series G8, 5% 12/1/31 (a) | 1,000,000 | 1,144,840 | ||
Series Seven-Q: | ||||
5% 10/1/17 | 495,000 | 532,605 | ||
5% 10/1/18 | 400,000 | 439,392 | ||
5% 10/1/19 | 780,000 | 875,238 | ||
5% 10/1/20 | 1,140,000 | 1,287,983 | ||
Minnesota Hsg. Fin. Agcy. Series 2015 A: | ||||
5% 8/1/29 | 1,000,000 | 1,147,490 | ||
5% 8/1/30 | 1,000,000 | 1,141,550 | ||
5% 8/1/31 | 1,000,000 | 1,138,170 | ||
5% 8/1/32 | 1,000,000 | 1,144,090 | ||
5% 8/1/33 | 1,000,000 | 1,128,940 | ||
Minnesota Muni. Pwr. Agcy. Elec. Rev.: | ||||
Series 2007, 5.25% 10/1/22 | 1,000,000 | 1,087,450 | ||
Series 2014 A: | ||||
5% 10/1/25 | 200,000 | 234,872 | ||
5% 10/1/26 | 830,000 | 970,303 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Minnesota Muni. Pwr. Agcy. Elec. Rev.: - continued | ||||
Series 2014: | ||||
5% 10/1/26 | $ 630,000 | $ 736,495 | ||
5% 10/1/27 | 750,000 | 870,188 | ||
5% 10/1/30 | 1,000,000 | 1,139,470 | ||
Minnesota State Colleges & Univs. Board of Trustees Rev.: | ||||
Series 2005 A, 5% 10/1/18 (Pre-Refunded to 10/1/15 @ 100) | 1,465,000 | 1,481,906 | ||
Series 2009 A: | ||||
4% 10/1/17 | 1,445,000 | 1,542,263 | ||
4% 10/1/18 | 1,490,000 | 1,621,016 | ||
4% 10/1/19 | 1,550,000 | 1,713,138 | ||
4% 10/1/20 | 1,580,000 | 1,758,698 | ||
Series 2011 A, 5% 10/1/30 | 1,495,000 | 1,682,847 | ||
Series 2013 A: | ||||
4% 10/1/18 | 2,210,000 | 2,404,325 | ||
4% 10/1/19 | 2,300,000 | 2,542,075 | ||
4% 10/1/20 | 2,385,000 | 2,658,655 | ||
Minnesota State Gen. Fdg. Rev.: | ||||
Series 2012 B: | ||||
5% 3/1/27 | 12,840,000 | 14,812,730 | ||
5% 3/1/28 | 4,275,000 | 4,906,375 | ||
5% 3/1/29 | 2,250,000 | 2,567,543 | ||
5% 6/1/27 | 5,000,000 | 5,824,950 | ||
5% 6/1/38 | 5,000,000 | 5,510,100 | ||
North Saint Paul-Maplewood-Oakdale Independent School District 622 Series 2006 B: | ||||
5% 2/1/17 (FSA Insured) | 1,525,000 | 1,628,410 | ||
5% 8/1/17 (FSA Insured) | 1,575,000 | 1,682,053 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev.: | ||||
Series 2010 A1: | ||||
5% 1/1/19 | 3,010,000 | 3,378,514 | ||
5% 1/1/20 | 2,100,000 | 2,398,095 | ||
Series 2013 A: | ||||
5% 1/1/23 | 850,000 | 994,262 | ||
5% 1/1/24 | 650,000 | 751,673 | ||
5% 1/1/25 | 975,000 | 1,118,247 | ||
5% 1/1/31 | 1,740,000 | 1,912,973 | ||
Series A, 5% 1/1/18 (Assured Guaranty Corp. Insured) | 3,180,000 | 3,480,033 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Northfield Hosp. Rev. Series 2006: | ||||
5.375% 11/1/26 | $ 1,000,000 | $ 1,048,130 | ||
5.5% 11/1/16 | 1,025,000 | 1,068,030 | ||
Ramsey County Gen. Oblig. Series 2012 B: | ||||
5% 2/1/19 | 1,585,000 | 1,798,389 | ||
5% 2/1/20 | 1,635,000 | 1,896,208 | ||
5% 2/1/21 | 1,350,000 | 1,587,330 | ||
Rochester Elec. Util. Rev.: | ||||
Series 2007 C, 5% 12/1/30 | 2,000,000 | 2,109,980 | ||
Series 2013 B: | ||||
5% 12/1/26 | 570,000 | 667,487 | ||
5% 12/1/27 | 275,000 | 319,789 | ||
5% 12/1/28 | 275,000 | 318,230 | ||
5% 12/1/43 | 1,000,000 | 1,112,200 | ||
Rochester Gen. Oblig. Series 2012 A, 5% 2/1/23 | 4,400,000 | 5,205,816 | ||
Rochester Health Care Facilities Rev.: | ||||
(Mayo Clinic Proj.) Series 2008 E, 5% 11/15/38 | 4,000,000 | 4,468,280 | ||
(Mayo Foundation Proj.) Series 2006, 5% 11/15/36 | 2,000,000 | 2,066,260 | ||
(Olmsted Med. Ctr. Proj.) Series 2013: | ||||
5% 7/1/17 | 650,000 | 699,134 | ||
5% 7/1/18 | 685,000 | 754,966 | ||
5% 7/1/21 | 790,000 | 904,842 | ||
5% 7/1/22 | 350,000 | 399,742 | ||
5% 7/1/24 | 300,000 | 344,622 | ||
5% 7/1/27 | 245,000 | 273,849 | ||
5% 7/1/28 | 225,000 | 249,494 | ||
5% 7/1/33 | 1,225,000 | 1,332,469 | ||
Bonds: | ||||
(Mayo Clinic Proj.): | ||||
Series 2011, 4%, tender 11/15/18 (b) | 2,475,000 | 2,693,864 | ||
Series B, 4%, tender 11/15/18 (b) | 3,000,000 | 3,265,290 | ||
(Mayo Foundation Proj.) Series C, 4.5%, tender 11/15/21 (b) | 1,100,000 | 1,264,109 | ||
Saint Cloud Health Care Rev.: | ||||
(CentraCare Health Sys. Proj.) Series 2010 A, 5.125% 5/1/30 | 5,005,000 | 5,576,171 | ||
Series 2014 B, 5% 5/1/22 | 1,950,000 | 2,271,126 | ||
Saint Paul Hsg. & Redev. Auth. Hosp. Rev.: | ||||
(Healtheast Care Sys. Proj.) Series 2015 A, 5% 11/15/27 | 2,515,000 | 2,706,542 | ||
(HealthEast Care Sys. Proj.) Series 2015 A, 5% 11/15/29 | 1,750,000 | 1,863,488 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Saint Paul Hsg. & Redev. Auth. Hosp. Rev.: - continued | ||||
(HealthEast Care Sys. Proj.) Series 2015 A, 5% 11/15/30 | $ 1,585,000 | $ 1,678,230 | ||
Saint Paul Port Auth. Series 2007-2, 5% 3/1/37 | 1,500,000 | 1,583,580 | ||
Saint Paul Port Auth. Lease Rev.: | ||||
(HealthEast Midway Campus Proj.) Series 2003 A, 5.75% 5/1/25 | 2,000,000 | 2,000,000 | ||
(Regions Hosp. Package Proj.) Series 2007-1: | ||||
5% 8/1/15 | 480,000 | 480,782 | ||
5% 8/1/16 | 500,000 | 508,695 | ||
Series 2013, 5% 12/1/21 | 4,900,000 | 5,766,320 | ||
Saint Paul Sales Tax Rev. Series 2014 G: | ||||
5% 11/1/26 | 1,000,000 | 1,171,270 | ||
5% 11/1/28 | 1,000,000 | 1,149,230 | ||
Shakopee Health Care Facilities Rev. Series 2014: | ||||
5% 9/1/23 | 1,895,000 | 2,234,755 | ||
5% 9/1/24 | 1,000,000 | 1,191,640 | ||
5% 9/1/25 | 1,345,000 | 1,580,039 | ||
5% 9/1/26 | 575,000 | 669,927 | ||
5% 9/1/28 | 1,000,000 | 1,146,070 | ||
5% 9/1/34 | 1,040,000 | 1,139,882 | ||
Shakopee Independent School District #720: | ||||
Series 2012, 5% 2/1/21 | 1,000,000 | 1,169,420 | ||
Series 2013 A: | ||||
5% 2/1/19 | 2,940,000 | 3,324,787 | ||
5% 2/1/22 | 1,700,000 | 2,005,592 | ||
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 | 5,923,409 | ||
0% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,670,000 | 13,124,222 | ||
0% 1/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,165,000 | 2,282,915 | ||
Series 2009 A: | ||||
5.25% 1/1/30 | 2,000,000 | 2,222,820 | ||
5.5% 1/1/24 | 500,000 | 566,225 | ||
0% 1/1/18 (AMBAC Insured) | 125,000 | 121,728 | ||
Spring Lake Park Independent School District #16 Series 2006 A, 5% 2/1/29 (Pre-Refunded to 2/1/16 @ 100) | 4,000,000 | 4,100,600 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
St. Louis Park Health Care Facilities Rev. (Park Nicollet Health Svcs. Proj.): | ||||
Series 2008 C: | ||||
5.5% 7/1/17 (Escrowed to Maturity) | $ 535,000 | $ 584,669 | ||
5.75% 7/1/30 (Pre-Refunded to 7/1/18 @ 100) | 3,715,000 | 4,223,435 | ||
Series 2009, 5.75% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | 9,015,000 | 10,572,251 | ||
St. 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 | 244,037 | ||
5% 11/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,100,000 | 2,285,493 | ||
Series 2009 A1, 5.25% 11/15/29 | 3,000,000 | 3,388,860 | ||
(HealthPartners Oblig. Group Proj.) Series 2006: | ||||
5% 5/15/16 (Escrowed to Maturity) | 345,000 | 358,217 | ||
5.25% 5/15/17 (Pre-Refunded to 11/15/16 @ 100) | 590,000 | 626,804 | ||
5.25% 5/15/26 (Pre-Refunded to 11/15/16 @ 100) | 1,000,000 | 1,062,380 | ||
5.25% 5/15/36 (Pre-Refunded to 11/15/16 @ 100) | 1,000,000 | 1,062,380 | ||
Series 2007 A, 5% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,725,000 | 1,887,098 | ||
Series 2009 A2, 5.5% 11/15/24 | 2,000,000 | 2,318,360 | ||
Series 2015 A: | ||||
5% 7/1/29 | 5,000,000 | 5,681,650 | ||
5% 7/1/30 | 5,000,000 | 5,649,950 | ||
Univ. of Minnesota Gen. Oblig.: | ||||
Series 2009 A: | ||||
5% 4/1/23 | 200,000 | 227,054 | ||
5.125% 4/1/34 | 1,000,000 | 1,116,520 | ||
5.25% 4/1/29 | 1,000,000 | 1,136,900 | ||
Series 2009 C, 5% 12/1/21 | 1,000,000 | 1,141,980 | ||
Series 2011 D: | ||||
5% 12/1/23 | 1,180,000 | 1,391,727 | ||
5% 12/1/26 | 1,020,000 | 1,195,664 | ||
5% 12/1/36 | 1,000,000 | 1,110,160 | ||
Univ. of Minnesota Spl. Purp. Rev.: | ||||
(Biomedical Science Research Facilities Fdg. Prog.) Series 2013 C, 5% 8/1/38 | 5,275,000 | 5,870,073 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Minnesota - continued | ||||
Univ. of Minnesota Spl. Purp. Rev.: - continued | ||||
(State Supported Biomedical Science Research Facilities Fdg. Prog.) Series 2011 B, 5% 8/1/25 | $ 2,095,000 | $ 2,439,481 | ||
(State Supported Stadium Proj.) Series 2006, 5% 8/1/29 | 4,000,000 | 4,174,560 | ||
Series 2010 A, 5% 8/1/25 | 1,800,000 | 2,114,100 | ||
Virginia Hsg. & Redev. Auth. Health Care Facility Lease Rev. Series 2005, 5.25% 10/1/25 | 440,000 | 444,242 | ||
West Saint Paul Independent School District #197 Series 2012 A, 4% 2/1/24 | 3,530,000 | 3,869,092 | ||
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev.: | ||||
Series 1977 A, 6.375% 1/1/16 (Escrowed to Maturity) | 170,000 | 175,081 | ||
Series 2012 A: | ||||
5% 1/1/26 | 5,000,000 | 5,796,800 | ||
5% 1/1/27 | 2,150,000 | 2,472,135 | ||
5% 1/1/30 | 1,000,000 | 1,133,210 | ||
Series 2014 A: | ||||
5% 1/1/31 | 1,750,000 | 1,999,235 | ||
5% 1/1/35 | 1,595,000 | 1,798,028 | ||
5% 1/1/40 | 1,500,000 | 1,662,795 | ||
5% 1/1/46 | 10,000,000 | 11,000,500 | ||
| 490,729,085 | |||
Virgin Islands - 0.2% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/25 | 1,000,000 | 1,098,840 |
TOTAL INVESTMENT PORTFOLIO - 98.6% (Cost $478,384,159) | 496,513,669 | ||
NET OTHER ASSETS (LIABILITIES) - 1.4% | 6,875,343 | ||
NET ASSETS - 100% | $ 503,389,012 |
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. |
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 Investment 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 | 37.8% |
Health Care | 21.8% |
Electric Utilities | 14.9% |
Education | 8.8% |
Transportation | 7.9% |
Escrowed/Pre-Refunded | 5.3% |
Others* (Individually Less Than 5%) | 3.5% |
| 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, 2015 (Unaudited) | |
Assets |
|
|
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $478,384,159) |
| $ 496,513,669 |
Cash |
| 1,620,237 |
Receivable for fund shares sold | 83,429 | |
Interest receivable | 6,967,101 | |
Other receivables | 1,656 | |
Total assets | 505,186,092 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 1,145,950 | |
Payable for fund shares redeemed | 98,542 | |
Distributions payable | 324,379 | |
Accrued management fee | 150,947 | |
Other affiliated payables | 47,957 | |
Other payables and accrued expenses | 29,305 | |
Total liabilities | 1,797,080 | |
|
|
|
Net Assets | $ 503,389,012 | |
Net Assets consist of: |
| |
Paid in capital | $ 484,105,378 | |
Undistributed net investment income | 123,305 | |
Accumulated undistributed net realized gain (loss) on investments | 1,030,819 | |
Net unrealized appreciation (depreciation) on investments | 18,129,510 | |
Net Assets, for 43,247,648 shares outstanding | $ 503,389,012 | |
Net Asset Value, offering price and redemption price per share ($503,389,012 ÷ 43,247,648 shares) | $ 11.64 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended June 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 8,084,618 |
|
|
|
Expenses | ||
Management fee | $ 915,743 | |
Transfer agent fees | 221,106 | |
Accounting fees and expenses | 65,399 | |
Custodian fees and expenses | 9,096 | |
Independent trustees' compensation | 1,021 | |
Registration fees | 24,247 | |
Audit | 24,378 | |
Legal | 5,499 | |
Miscellaneous | 1,623 | |
Total expenses before reductions | 1,268,112 | |
Expense reductions | (1,954) | 1,266,158 |
Net investment income (loss) | 6,818,460 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 1,115,735 |
Change in net unrealized appreciation (depreciation) on investment securities | (6,660,332) | |
Net gain (loss) | (5,544,597) | |
Net increase (decrease) in net assets resulting from operations | $ 1,273,863 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 6,818,460 | $ 13,935,648 |
Net realized gain (loss) | 1,115,735 | 2,299,174 |
Change in net unrealized appreciation (depreciation) | (6,660,332) | 16,265,355 |
Net increase (decrease) in net assets resulting from operations | 1,273,863 | 32,500,177 |
Distributions to shareholders from net investment income | (6,817,353) | (13,933,894) |
Distributions to shareholders from net realized gain | (215,881) | (2,683,454) |
Total distributions | (7,033,234) | (16,617,348) |
Share transactions |
|
|
Proceeds from sales of shares | 26,966,490 | 55,468,388 |
Reinvestment of distributions | 4,981,006 | 11,837,627 |
Cost of shares redeemed | (29,114,791) | (57,891,076) |
Net increase (decrease) in net assets resulting from share transactions | 2,832,705 | 9,414,939 |
Redemption fees | 1,642 | 2,975 |
Total increase (decrease) in net assets | (2,925,024) | 25,300,743 |
|
|
|
Net Assets | ||
Beginning of period | 506,314,036 | 481,013,293 |
End of period (including undistributed net investment income of $123,305 and undistributed net investment income of $122,198, respectively) | $ 503,389,012 | $ 506,314,036 |
Other Information Shares | ||
Sold | 2,290,084 | 4,752,611 |
Issued in reinvestment of distributions | 423,760 | 1,013,005 |
Redeemed | (2,479,844) | (4,965,687) |
Net increase (decrease) | 234,000 | 799,929 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.77 | $ 11.39 | $ 11.99 | $ 11.80 | $ 11.25 | $ 11.38 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .158 | .329 | .333 | .371 | .403 | .393 |
Net realized and unrealized gain (loss) | (.125) | .443 | (.559) | .204 | .601 | (.115) |
Total from investment operations | .033 | .772 | (.226) | .575 | 1.004 | .278 |
Distributions from net investment income | (.158) | (.329) | (.333) | (.370) | (.403) | (.394) |
Distributions from net realized gain | (.005) | (.063) | (.041) | (.015) | (.051) | (.014) |
Total distributions | (.163) | (.392) | (.374) | (.385) | (.454) | (.408) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 11.64 | $ 11.77 | $ 11.39 | $ 11.99 | $ 11.80 | $ 11.25 |
Total Return B, C | .27% | 6.85% | (1.91)% | 4.91% | 9.09% | 2.42% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .50% A | .49% | .50% | .49% | .49% | .50% |
Expenses net of fee waivers, if any | .50% A | .49% | .50% | .49% | .49% | .50% |
Expenses net of all reductions | .50% A | .49% | .49% | .49% | .49% | .49% |
Net investment income (loss) | 2.71% A | 2.82% | 2.85% | 3.09% | 3.50% | 3.41% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 503,389 | $ 506,314 | $ 481,013 | $ 558,353 | $ 519,092 | $ 497,673 |
Portfolio turnover rate | 12% A | 15% | 14% | 15% | 9% | 13% |
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, 2015 (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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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)
Semiannual Report
2. Significant Accounting Policies - continued
Investment Valuation - continued
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to futures contracts.
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 | $ 19,645,847 |
Gross unrealized depreciation | (1,499,199) |
Net unrealized appreciation (depreciation) on securities | $ 18,146,648 |
|
|
Tax cost | $ 478,367,021 |
At the prior fiscal period end, the Fund was required to defer approximately $15,834 of losses on futures contracts.
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV 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.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in 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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of
Semiannual Report
2. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
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.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $37,116,904 and $29,083,492, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
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 .09% of average net assets.
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and shareholder servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
5. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $402 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,954.
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
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research (Japan) Limited
Fidelity Management & Research
(Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
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
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for the deaf and hearing impaired
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Telephone (FAST®)
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Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
MNF-USAN-0815 1.787786.112
Fidelity®
Michigan Municipal
Income Fund
and
Fidelity
Michigan Municipal Money Market Fund
Semiannual Report
June 30, 2015
(Fidelity Cover Art)
Contents
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 and one year. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the Financial Statements |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to June 30, 2015).
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 RatioB | Beginning | Ending | Expenses Paid |
Fidelity Michigan Municipal Income Fund | .51% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,004.60 | $ 2.53 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.27 | $ 2.56 |
Fidelity Michigan Municipal Money Market Fund | .07% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.05 | $ .35 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.45 | $ .35 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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).
Semiannual Report
Fidelity Michigan Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
General Obligations | 34.1 | 35.7 |
Health Care | 21.2 | 23.6 |
Escrowed/Pre-Refunded | 10.7 | 6.2 |
Water & Sewer | 8.6 | 10.4 |
Education | 6.3 | 7.4 |
Weighted Average Maturity as of June 30, 2015 | ||
|
| 6 months ago |
Years | 5.3 | 4.9 |
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 market 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, 2015 | ||
|
| 6 months ago |
Years | 5.6 | 5.5 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | AAA 4.3% |
| ![]() | AAA 2.8% |
| ||
![]() | AA,A 83.2% |
| ![]() | AA,A 90.5% |
| ||
![]() | BBB 4.3% |
| ![]() | BBB 4.3% |
| ||
![]() | BB and Below 0.2% |
| ![]() | BB and Below 0.2% |
| ||
![]() | Not Rated 2.1% |
| ![]() | Not Rated 0.5% |
| ||
![]() | 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, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 94.1% | ||||
| Principal Amount | Value | ||
Guam - 0.9% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn.: | ||||
(Guam Pub. School Facilities Proj.) Series 2006 A, 5% 10/1/16 | $ 1,045,000 | $ 1,086,978 | ||
Series 2006 A, 5% 10/1/23 | 1,000,000 | 1,027,430 | ||
Guam Int'l. Arpt. Auth. Rev. Series 2013 C: | ||||
5% 10/1/16 (b) | 950,000 | 992,199 | ||
6.25% 10/1/34 (b) | 1,000,000 | 1,178,780 | ||
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/23 (FSA Insured) | 1,175,000 | 1,379,814 | ||
| 5,665,201 | |||
Michigan - 92.7% | ||||
Algonac Cmnty. Schools Series 2008, 5.25% 5/1/28 (FSA Insured) | 1,575,000 | 1,737,887 | ||
Allegan Pub. School District Series 2008, 5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,545,000 | 1,600,079 | ||
Ann Arbor Econ. Dev. Corp. Ltd. Oblig. Rev. (Glacier Hills, Inc. Proj.) 8.375% 1/15/19 (Escrowed to Maturity) | 1,337,000 | 1,501,531 | ||
Bay City School District Rev.: | ||||
5% 11/1/25 | 1,000,000 | 1,151,420 | ||
5% 11/1/26 | 1,000,000 | 1,140,620 | ||
5% 11/1/27 | 700,000 | 792,099 | ||
5% 11/1/28 | 250,000 | 281,263 | ||
Charter Township of Commerce Gen. Oblig. Series 2009 B, 5.125% 12/1/38 | 970,000 | 1,081,763 | ||
Chelsea School District Series 2008, 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,675,000 | 1,847,475 | ||
Clarkston Cmnty. Schools Series 2008, 5% 5/1/16 (FSA Insured) | 1,855,000 | 1,921,131 | ||
Detroit City School District Series 2005 A, 5.25% 5/1/30 (FSA Insured) | 5,000,000 | 5,766,250 | ||
Detroit School District Series 2012 A, 5% 5/1/24 | 5,000,000 | 5,641,950 | ||
Detroit Swr. Disp. Rev.: | ||||
Series 1998, 5.5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,050,000 | 3,292,841 | ||
Series 2001 E, 5.75% 7/1/31 (Berkshire Hathaway Assurance Corp. Insured) (FGIC Insured) | 1,400,000 | 1,513,764 | ||
Series 2006 B, 5% 7/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,800,000 | 7,857,330 | ||
Series 2006, 5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,085,000 | 1,085,000 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Detroit Wtr. Supply Sys. Rev.: | ||||
Series 1993, 6.5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,310,000 | $ 3,310,000 | ||
Series 2004 A, 5.25% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,040,490 | ||
Series 2004, 5.25% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,075,140 | ||
Series 2006 B, 7% 7/1/36 (FSA Insured) | 2,700,000 | 2,989,413 | ||
Series 2006, 5% 7/1/33 (FSA Insured) | 5,000,000 | 5,051,200 | ||
Detroit/Wayne Co. Stadium Auth. Series 2012: | ||||
5% 10/1/21 (FSA Insured) | 1,000,000 | 1,103,960 | ||
5% 10/1/22 (FSA Insured) | 1,000,000 | 1,097,110 | ||
DeWitt Pub. Schools Gen. Oblig. Series 2008, 5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,550,000 | 1,658,578 | ||
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 | 1,088,450 | ||
Durand Area Schools Gen. Oblig. Series 2006: | ||||
5% 5/1/27 (Pre-Refunded to 5/1/16 @ 100) | 1,225,000 | 1,272,395 | ||
5% 5/1/28 (Pre-Refunded to 5/1/16 @ 100) | 1,250,000 | 1,298,363 | ||
5% 5/1/29 (Pre-Refunded to 5/1/16 @ 100) | 1,275,000 | 1,324,330 | ||
Farmington Pub. School District Gen. Oblig.: | ||||
Series 2005, 5% 5/1/18 (FSA Insured) | 4,500,000 | 4,512,825 | ||
5% 5/1/25 (FSA Insured) | 2,140,000 | 2,505,576 | ||
5% 5/1/26 (FSA Insured) | 1,385,000 | 1,604,980 | ||
5% 5/1/27 (FSA Insured) | 1,425,000 | 1,635,729 | ||
Forest Hills Pub. Schools: | ||||
5% 5/1/18 | 1,650,000 | 1,819,901 | ||
5% 5/1/19 | 1,375,000 | 1,550,780 | ||
5% 5/1/20 | 1,575,000 | 1,804,273 | ||
5% 5/1/21 | 1,575,000 | 1,825,803 | ||
Garden City School District: | ||||
Series 2005, 5% 5/1/17 (FSA Insured) | 1,390,000 | 1,393,795 | ||
Series 2006, 5% 5/1/19 (FSA Insured) | 1,205,000 | 1,247,657 | ||
Genesee County Gen. Oblig. Series 2005: | ||||
5% 5/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,355,000 | 1,374,742 | ||
5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,505,000 | 1,527,018 | ||
Grand Blanc Cmnty. Schools Series 2013, 4% 5/1/24 | 4,925,000 | 5,283,097 | ||
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 | 1,259,741 | ||
5% 5/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,300,000 | 1,393,262 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Grand Ledge Pub. Schools District (School Bldg. & Site Proj.) Series 2007: - continued | ||||
5% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 2,500,000 | $ 2,669,025 | ||
Grand Rapids Cmnty. College Series 2008: | ||||
5% 5/1/17 (FSA Insured) | 1,315,000 | 1,418,030 | ||
5% 5/1/19 (FSA Insured) | 1,315,000 | 1,457,743 | ||
Grand Rapids San. Swr. Sys. Rev.: | ||||
Series 2005: | ||||
5% 1/1/34 | 3,000,000 | 3,000,000 | ||
5.125% 1/1/25 | 2,000,000 | 2,000,000 | ||
Series 2008, 5% 1/1/38 | 3,320,000 | 3,582,214 | ||
Series 2012, 5% 1/1/37 | 1,250,000 | 1,389,925 | ||
Series 2014: | ||||
5% 1/1/27 | 1,300,000 | 1,518,972 | ||
5% 1/1/29 | 800,000 | 921,672 | ||
5% 1/1/30 | 2,000,000 | 2,292,880 | ||
Grand Rapids Wtr. Supply Sys. Series 2005, 5% 1/1/35 (Pre-Refunded to 1/1/16 @ 100) | 5,000,000 | 5,114,800 | ||
Grand Traverse County Hosp.: | ||||
Series 2011 A, 5.375% 7/1/35 | 2,000,000 | 2,213,440 | ||
Series 2014 A, 5% 7/1/47 | 1,400,000 | 1,478,806 | ||
Grand Valley Michigan State Univ. Rev.: | ||||
Series 2007, 5% 12/1/19 (AMBAC Insured) | 500,000 | 548,365 | ||
Series 2008, 5% 12/1/33 (FSA Insured) | 5,000,000 | 5,446,000 | ||
Series 2009, 5.625% 12/1/29 (Pre-Refunded to 12/1/16 @ 100) | 2,400,000 | 2,568,912 | ||
Series 2014 B: | ||||
5% 12/1/25 | 500,000 | 584,065 | ||
5% 12/1/26 | 1,900,000 | 2,197,483 | ||
5% 12/1/28 | 1,800,000 | 2,045,592 | ||
Grosse Ile Township School District Unltd. Tax Gen. Oblig. Series 2006: | ||||
5% 5/1/29 (Pre-Refunded to 5/1/16 @ 100) | 1,950,000 | 2,025,446 | ||
5% 5/1/32 (Pre-Refunded to 5/1/16 @ 100) | 1,950,000 | 2,025,446 | ||
Harper Creek Cmnty. School District (School Bldg. & Site Proj.) Series 2008: | ||||
4.75% 5/1/27 (FSA Insured) | 500,000 | 544,250 | ||
5.25% 5/1/21 (FSA Insured) | 2,000,000 | 2,219,140 | ||
5.25% 5/1/24 (FSA Insured) | 2,100,000 | 2,329,488 | ||
Hudsonville Pub. Schools: | ||||
4% 5/1/24 | 1,220,000 | 1,325,713 | ||
4% 5/1/25 | 500,000 | 535,325 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Hudsonville Pub. Schools: - continued | ||||
5% 5/1/20 | $ 1,000,000 | $ 1,148,060 | ||
5% 5/1/22 | 600,000 | 700,038 | ||
5.25% 5/1/41 | 1,750,000 | 1,980,703 | ||
Ingham, Eaton and Clinton Counties Lansing School District 5% 5/1/22 | 1,730,000 | 2,018,443 | ||
Jackson County Hosp. Fin. Auth. Hosp. Rev. (Allegiance Health Proj.) Series 2010 A, 5% 6/1/37 (FSA Insured) | 2,250,000 | 2,379,983 | ||
Kalamazoo Pub. Schools Series 2006: | ||||
5% 5/1/17 (FSA Insured) (Pre-Refunded to 5/1/17 @ 100) | 3,165,000 | 3,271,850 | ||
5.25% 5/1/16 (FSA Insured) | 1,500,000 | 1,557,795 | ||
Kent County Gen. Oblig. Series 2015: | ||||
5% 1/1/28 | 4,655,000 | 5,452,169 | ||
5% 1/1/29 | 4,390,000 | 5,114,131 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev.: | ||||
(Metropolitan Hosp. Proj.) Series 2005 A: | ||||
6% 7/1/35 | 1,175,000 | 1,178,431 | ||
6.25% 7/1/40 | 165,000 | 165,454 | ||
(Spectrum Health Sys. Proj.) Series 2011 A, 5.5% 11/15/25 | 5,000,000 | 5,928,250 | ||
Kentwood Pub. Schools Series 2012: | ||||
4% 5/1/21 | 1,000,000 | 1,104,700 | ||
4% 5/1/22 | 1,000,000 | 1,103,380 | ||
L'Anse Creuse Pub. Schools Series 2012: | ||||
5% 5/1/22 | 1,500,000 | 1,744,215 | ||
5% 5/1/23 | 1,500,000 | 1,740,645 | ||
Lansing Board of Wtr. & Lt. Util. Rev. 5.5% 7/1/41 | 5,000,000 | 5,793,000 | ||
Lansing Cmnty. College: | ||||
5% 5/1/23 | 1,135,000 | 1,341,502 | ||
5% 5/1/25 | 1,540,000 | 1,799,937 | ||
Lapeer Cmnty. Schools Series 2007: | ||||
5% 5/1/19 (FSA Insured) | 1,350,000 | 1,486,634 | ||
5% 5/1/20 (FSA Insured) | 1,425,000 | 1,567,144 | ||
5% 5/1/22 (FSA Insured) | 1,395,000 | 1,532,924 | ||
Lenawee Co. Hosp. Fin. Auth. Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2011 B, 6% 11/15/35 | 3,030,000 | 3,624,183 | ||
Michigan Bldg. Auth. Rev.: | ||||
(Facilities Prog.) Series 2008 I, 6% 10/15/38 | 5,000,000 | 5,683,600 | ||
Series 2009 I, 5.25% 10/15/25 (Assured Guaranty Corp. Insured) | 2,000,000 | 2,285,300 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Michigan Bldg. Auth. Rev.: - continued | ||||
Series IA: | ||||
5.375% 10/15/41 | $ 3,000,000 | $ 3,402,810 | ||
5.5% 10/15/45 | 10,000,000 | 11,389,100 | ||
Michigan Fin. Auth. Rev.: | ||||
(Holland Cmnty. Hosp. Proj.) Series 2013 A: | ||||
5% 1/1/33 | 1,250,000 | 1,350,313 | ||
5% 1/1/40 | 3,000,000 | 3,109,860 | ||
(Trinity Health Sys. Proj.) Series 2010 A, 5% 12/1/27 | 1,100,000 | 1,245,277 | ||
Series 2012 A: | ||||
4.125% 6/1/32 | 3,000,000 | 2,940,810 | ||
5% 6/1/27 | 125,000 | 136,325 | ||
5% 6/1/39 | 12,790,000 | 13,514,799 | ||
Series 2012 B, 5% 7/1/22 | 2,600,000 | 2,717,312 | ||
Series 2012: | ||||
5% 11/15/24 | 660,000 | 762,571 | ||
5% 11/15/25 | 1,000,000 | 1,147,490 | ||
5% 11/1/26 | 6,425,000 | 7,295,202 | ||
5% 11/15/26 | 800,000 | 913,416 | ||
5% 11/15/36 | 6,200,000 | 6,681,678 | ||
5% 11/1/42 | 2,000,000 | 2,142,760 | ||
5% 11/15/42 | 4,500,000 | 4,790,070 | ||
Series 2013: | ||||
5% 10/1/25 | 1,255,000 | 1,486,083 | ||
5% 8/15/30 | 4,105,000 | 4,505,894 | ||
5% 8/15/31 | 2,310,000 | 2,525,384 | ||
Series 2014 H1: | ||||
5% 10/1/22 | 1,000,000 | 1,170,560 | ||
5% 10/1/25 | 2,250,000 | 2,624,400 | ||
5% 10/1/39 | 8,600,000 | 9,383,030 | ||
Series 2014: | ||||
5% 6/1/25 | 1,000,000 | 1,158,600 | ||
5% 6/1/26 | 700,000 | 804,524 | ||
5% 6/1/27 | 700,000 | 791,133 | ||
Series 2015: | ||||
5% 11/15/26 | 2,250,000 | 2,573,640 | ||
5% 11/15/27 | 3,500,000 | 3,968,720 | ||
5% 11/15/28 | 1,835,000 | 2,067,641 | ||
Series MI, 5.5% 12/1/28 | 5,000,000 | 5,973,950 | ||
Michigan Gen. Oblig. Series 2007, 5.25% 9/15/21 (FSA Insured) | 5,000,000 | 5,454,900 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Michigan Hosp. Fin. Auth. Rev.: | ||||
(Henry Ford Health Sys. Proj.): | ||||
Series 2006 A, 5% 11/15/17 | $ 1,000,000 | $ 1,055,920 | ||
Series 2009, 5.25% 11/15/24 | 3,000,000 | 3,403,590 | ||
(McLaren Health Care Corp. Proj.): | ||||
Series 2008 A, 5.75% 5/15/38 (Pre-Refunded to 5/15/18 @ 100) | 6,890,000 | 7,786,871 | ||
Series 2012 A, 5% 6/1/24 | 2,765,000 | 3,193,105 | ||
(MidMichigan Obligated Group Proj.) Series 2009 A, 6.125% 6/1/39 (Pre-Refunded to 6/1/19 @ 100) | 3,740,000 | 4,418,212 | ||
(Oakwood Hosp. Proj.) Series 2007, 5% 7/15/17 | 1,000,000 | 1,078,520 | ||
(Sparrow Hosp. Obligated Group Proj.) Series 2007, 5% 11/15/17 | 535,000 | 583,305 | ||
(Trinity Health Sys. Proj.) 5% 12/1/26 (Pre-Refunded to 12/1/16 @ 100) | 3,725,000 | 3,954,684 | ||
Bonds: | ||||
Series 2010 F3, 1.4%, tender 6/29/18 (a) | 6,200,000 | 6,256,234 | ||
Series 2010 F4, 1.95%, tender 4/1/20 (a) | 5,500,000 | 5,569,795 | ||
Series 2008 A1: | ||||
6.5% 12/1/33 | 1,035,000 | 1,190,395 | ||
6.5% 12/1/33 (Pre-Refunded to 12/1/18 @ 100) | 3,965,000 | 4,672,277 | ||
5% 11/15/18 | 500,000 | 545,755 | ||
5% 11/15/18 (Pre-Refunded to 11/15/17 @ 100) | 1,225,000 | 1,347,071 | ||
5% 11/15/19 | 290,000 | 316,042 | ||
5% 11/15/19 (Pre-Refunded to 11/15/17 @ 100) | 710,000 | 780,752 | ||
5% 11/15/20 | 575,000 | 625,790 | ||
5% 11/15/20 (Pre-Refunded to 11/15/17 @ 100) | 1,425,000 | 1,567,001 | ||
5% 11/15/31 | 1,450,000 | 1,554,545 | ||
5% 11/15/31 (Pre-Refunded to 11/15/17 @ 100) | 3,550,000 | 3,903,758 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(State Clean Wtr. Revolving Fund Proj.) Series 2006, 5% 10/1/27 | 3,225,000 | 3,401,666 | ||
Series 2005, 5% 10/1/23 | 385,000 | 445,072 | ||
Michigan Strategic Fund Ltd. Oblig. Rev.: | ||||
(Cadillac Place Office Bldg. Proj.) Series 2011, 5.25% 10/15/26 | 3,585,000 | 4,179,035 | ||
(Detroit Edison Co. Proj.) Series BB, 7% 5/1/21 (AMBAC Insured) | 8,520,000 | 10,646,933 | ||
Michigan Technological Univ. Series 2008, 5.25% 10/1/17 (Escrowed to Maturity) | 1,875,000 | 2,062,613 | ||
Michigan Trunk Line Fund Rev.: | ||||
Series 1998 A, 5.5% 11/1/16 | 3,000,000 | 3,195,750 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Michigan Trunk Line Fund Rev.: - continued | ||||
Series 2011, 5% 11/15/36 | $ 2,000,000 | $ 2,253,340 | ||
Monroe County Hosp. Fin. Auth. Series 2006, 5.375% 6/1/26 | 3,200,000 | 3,316,896 | ||
North Kent Swr. Auth. Wtr. & Swr. Rev. Series 2006: | ||||
5% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 420,000 | 444,763 | ||
5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 490,000 | 518,827 | ||
5% 11/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,645,000 | 1,741,775 | ||
5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,290,000 | 1,365,710 | ||
Northview Pub. Schools District Series 2008, 5% 5/1/21 (FSA Insured) | 1,070,000 | 1,179,857 | ||
Northville Pub. Schools Series 2005, 5% 5/1/16 (FSA Insured) | 1,475,000 | 1,479,779 | ||
Oakland Univ. Rev.: | ||||
Series 2012: | ||||
5% 3/1/24 | 1,170,000 | 1,345,886 | ||
5% 3/1/25 | 1,225,000 | 1,401,094 | ||
5% 3/1/26 | 1,290,000 | 1,459,454 | ||
5% 3/1/37 | 4,000,000 | 4,326,040 | ||
Series 2013 A: | ||||
5% 3/1/25 | 995,000 | 1,138,917 | ||
5% 3/1/26 | 1,620,000 | 1,835,282 | ||
5% 3/1/27 | 815,000 | 917,380 | ||
5% 3/1/38 | 2,900,000 | 3,153,170 | ||
Series 2014: | ||||
5% 3/1/28 | 335,000 | 379,977 | ||
5% 3/1/29 | 525,000 | 591,680 | ||
5% 3/1/39 | 3,000,000 | 3,277,080 | ||
Olivet Cmnty. School District (School Bldg. & Site Proj.) Series 2008: | ||||
5.25% 5/1/23 (FSA Insured) | 1,010,000 | 1,126,635 | ||
5.25% 5/1/27 (FSA Insured) | 1,135,000 | 1,253,040 | ||
Plainwell Cmnty. School District: | ||||
(School Bldg. & Site Proj.) Series 2008: | ||||
5% 5/1/23 (Assured Guaranty Corp. Insured) | 1,885,000 | 2,078,533 | ||
5% 5/1/28 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,095,670 | ||
Series 2005, 5% 5/1/16 (FSA Insured) | 1,025,000 | 1,028,208 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Plymouth-Canton Cmnty. School District Series 2008, 5% 5/1/20 (FSA Insured) | $ 5,000,000 | $ 5,504,600 | ||
Portage Pub. Schools Series 2008, 5% 5/1/22 (FSA Insured) | 4,300,000 | 4,740,234 | ||
Ravenna Pub. Schools Gen. Oblig. (2008 School Bldg. and Site Proj.) Series 2008: | ||||
5% 5/1/31 (FSA Insured) | 2,080,000 | 2,263,331 | ||
5% 5/1/38 (FSA Insured) | 1,000,000 | 1,079,530 | ||
Rochester Cmnty. School District: | ||||
4% 5/1/19 | 1,375,000 | 1,501,583 | ||
5% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,475,000 | 1,642,044 | ||
Rockford Pub. Schools Gen. Oblig. (2008 School Bldg. and Site Proj.) 5% 5/1/30 (FSA Insured) | 3,975,000 | 4,363,358 | ||
Roseville Cmnty. Schools: | ||||
Series 2014: | ||||
5% 5/1/24 | 575,000 | 680,133 | ||
5% 5/1/25 | 1,000,000 | 1,189,590 | ||
5% 5/1/26 | 1,385,000 | 1,630,644 | ||
5% 5/1/24 | 570,000 | 674,219 | ||
5% 5/1/25 | 1,640,000 | 1,927,804 | ||
5% 5/1/26 | 1,715,000 | 2,019,172 | ||
5% 5/1/27 | 1,795,000 | 2,085,054 | ||
5% 5/1/28 | 1,885,000 | 2,182,660 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev.: | ||||
(William Beaumont Hosp. Proj.) Series 2009 V: | ||||
8% 9/1/29 (Pre-Refunded to 9/1/18 @ 100) | 1,945,000 | 2,361,055 | ||
8.25% 9/1/39 (Pre-Refunded to 9/1/18 @ 100) | 3,425,000 | 4,184,117 | ||
Series 2014 D: | ||||
5% 9/1/26 | 1,000,000 | 1,124,610 | ||
5% 9/1/27 | 1,000,000 | 1,114,260 | ||
5% 9/1/28 | 1,500,000 | 1,660,755 | ||
Saginaw Hosp. Fin. Auth. Hosp. Rev. (Covenant Med. Ctr., Inc.) Series 2010 H, 5% 7/1/30 | 5,000,000 | 5,433,350 | ||
Saint Clair County Gen. Oblig. 5% 4/1/26 | 1,495,000 | 1,720,326 | ||
Shepherd Pub. Schools Series 2008, 5% 5/1/17 (FSA Insured) | 1,025,000 | 1,095,838 | ||
South Haven Gen. Oblig. Series 2009, 5.125% 12/1/33 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,146,510 | ||
Three Rivers Cmnty. Schools Series 2008, 5% 5/1/16 (FSA Insured) | 1,750,000 | 1,813,858 | ||
Troy School District Series 2006, 5% 5/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,036,830 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Wayne Charter County Gen. Oblig. Series 2001 A, 5.5% 12/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 1,000,000 | $ 1,002,740 | ||
Wayne County Arpt. Auth. Rev.: | ||||
(Detroit Metropolitan Wayne County Arpt. Proj.) Series 2012 A: | ||||
5% 12/1/24 | 2,875,000 | 3,309,700 | ||
5% 12/1/25 | 5,120,000 | 5,864,602 | ||
Series 2011 A, 5% 12/1/21 (b) | 5,000,000 | 5,681,350 | ||
Series 2012 A: | ||||
5% 12/1/22 | 2,220,000 | 2,575,000 | ||
5% 12/1/23 | 2,300,000 | 2,662,779 | ||
Series 2014 C: | ||||
5% 12/1/29 (b) | 720,000 | 789,538 | ||
5% 12/1/31 (b) | 860,000 | 933,134 | ||
5% 12/1/34 (b) | 1,655,000 | 1,767,523 | ||
West Ottawa Pub. School District: | ||||
Series 2012 A: | ||||
5% 5/1/25 | 4,310,000 | 5,009,168 | ||
5% 5/1/26 | 2,000,000 | 2,314,920 | ||
Series 2014 1: | ||||
5% 5/1/30 | 725,000 | 809,789 | ||
5% 5/1/32 | 500,000 | 554,465 | ||
5% 5/1/34 | 900,000 | 991,584 | ||
5% 5/1/35 | 250,000 | 275,045 | ||
Western Michigan Univ. Rev.: | ||||
Series 2008, 5% 11/15/20 (Pre-Refunded to 5/15/18 @ 100) | 5,280,000 | 5,879,966 | ||
Series 2014: | ||||
5% 11/15/25 | 320,000 | 373,862 | ||
5% 11/15/26 | 400,000 | 462,720 | ||
5% 11/15/28 | 650,000 | 738,322 | ||
5% 11/15/29 | 750,000 | 848,033 | ||
5% 11/15/30 | 855,000 | 961,644 | ||
5% 11/15/31 | 700,000 | 780,780 | ||
Series 2015 A, 5% 11/15/28 | 2,500,000 | 2,855,075 | ||
Western Townships Utils. Auth. Swr. Disp. Sys. Rev. Series 2012, 5% 1/1/23 | 1,000,000 | 1,162,300 | ||
Williamston Cmnty. Schools Gen. Oblig. Series 2005, 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,003,100 | ||
Willow Run Cmnty. Schools County of Washtenaw Series 2005, 5% 5/1/17 (FSA Insured) | 1,875,000 | 1,881,131 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Zeeland Pub. Schools: | ||||
5% 5/1/27 (FSA Insured) | $ 1,000,000 | $ 1,142,450 | ||
5% 5/1/28 (FSA Insured) | 500,000 | 564,950 | ||
5% 5/1/29 (FSA Insured) | 1,000,000 | 1,122,810 | ||
5% 5/1/30 (FSA Insured) | 1,000,000 | 1,116,640 | ||
| 543,498,735 | |||
Virgin Islands - 0.5% | ||||
Virgin Islands Pub. Fin. Auth.: | ||||
(Cruzan Proj.) Series 2009 A, 6% 10/1/39 | 1,500,000 | 1,661,310 | ||
Series 2009 B, 5% 10/1/25 | 1,200,000 | 1,318,608 | ||
| 2,979,918 |
TOTAL INVESTMENT PORTFOLIO - 94.1% (Cost $527,140,036) | 552,143,854 | ||
NET OTHER ASSETS (LIABILITIES) - 5.9% | 34,346,240 | ||
NET ASSETS - 100% | $ 586,490,094 |
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. |
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 Investment 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 | 34.1% |
Health Care | 21.2% |
Escrowed/Pre-Refunded | 10.7% |
Water & Sewer | 8.6% |
Education | 6.3% |
Transportation | 5.3% |
Others (Individually Less Than 5%) | 7.9% |
Net Other Assets (Liabilities) | 5.9% |
| 100.0% |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $527,140,036) |
| $ 552,143,854 |
Cash |
| 29,391,847 |
Receivable for fund shares sold | 133,085 | |
Interest receivable | 5,756,024 | |
Other receivables | 2,640 | |
Total assets | 587,427,450 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 158,519 | |
Distributions payable | 522,016 | |
Accrued management fee | 175,194 | |
Other affiliated payables | 52,083 | |
Other payables and accrued expenses | 29,544 | |
Total liabilities | 937,356 | |
|
|
|
Net Assets | $ 586,490,094 | |
Net Assets consist of: |
| |
Paid in capital | $ 561,961,144 | |
Undistributed net investment income | 154,496 | |
Accumulated undistributed net realized gain (loss) on investments | (629,364) | |
Net unrealized appreciation (depreciation) on investments | 25,003,818 | |
Net Assets, for 48,122,893 shares outstanding | $ 586,490,094 | |
Net Asset Value, offering price and redemption price per share ($586,490,094 ÷ 48,122,893 shares) | $ 12.19 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended June 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 10,804,538 |
|
|
|
Expenses | ||
Management fee | $ 1,050,875 | |
Transfer agent fees | 236,110 | |
Accounting fees and expenses | 71,252 | |
Custodian fees and expenses | 9,425 | |
Independent trustees' compensation | 1,175 | |
Registration fees | 17,206 | |
Audit | 24,428 | |
Legal | 53,948 | |
Miscellaneous | 2,136 | |
Total expenses before reductions | 1,466,555 | |
Expense reductions | (3,483) | 1,463,072 |
Net investment income (loss) | 9,341,466 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 175,207 |
Change in net unrealized appreciation (depreciation) on investment securities | (7,092,672) | |
Net gain (loss) | (6,917,465) | |
Net increase (decrease) in net assets resulting from operations | $ 2,424,001 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 9,341,466 | $ 19,069,352 |
Net realized gain (loss) | 175,207 | (784,852) |
Change in net unrealized appreciation (depreciation) | (7,092,672) | 29,876,877 |
Net increase (decrease) in net assets resulting from operations | 2,424,001 | 48,161,377 |
Distributions to shareholders from net investment income | (9,326,423) | (19,039,526) |
Distributions to shareholders from net realized gain | - | (579,735) |
Total distributions | (9,326,423) | (19,619,261) |
Share transactions |
|
|
Proceeds from sales of shares | 47,123,631 | 62,013,114 |
Reinvestment of distributions | 6,043,735 | 12,624,695 |
Cost of shares redeemed | (29,571,303) | (61,673,896) |
Net increase (decrease) in net assets resulting from share transactions | 23,596,063 | 12,963,913 |
Redemption fees | 592 | 681 |
Total increase (decrease) in net assets | 16,694,233 | 41,506,710 |
|
|
|
Net Assets | ||
Beginning of period | 569,795,861 | 528,289,151 |
End of period (including undistributed net investment income of $154,496 and undistributed net investment income of $139,453, respectively) | $ 586,490,094 | $ 569,795,861 |
Other Information Shares | ||
Sold | 3,822,871 | 5,115,885 |
Issued in reinvestment of distributions | 490,498 | 1,042,579 |
Redeemed | (2,405,828) | (5,113,438) |
Net increase (decrease) | 1,907,541 | 1,045,026 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 12.33 | $ 11.70 | $ 12.54 | $ 12.24 | $ 11.66 | $ 11.85 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .197 | .422 | .437 | .445 | .463 | .462 |
Net realized and unrealized gain (loss) | (.140) | .642 | (.777) | .303 | .586 | (.184) |
Total from investment operations | .057 | 1.064 | (.340) | .748 | 1.049 | .278 |
Distributions from net investment income | (.197) | (.421) | (.436) | (.444) | (.462) | (.461) |
Distributions from net realized gain | - | (.013) | (.064) | (.004) | (.007) | (.007) |
Total distributions | (.197) | (.434) | (.500) | (.448) | (.469) | (.468) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 12.19 | $ 12.33 | $ 11.70 | $ 12.54 | $ 12.24 | $ 11.66 |
Total ReturnB, C | .46% | 9.23% | (2.75)% | 6.19% | 9.20% | 2.32% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .51%A | .48% | .48% | .49% | .49% | .49% |
Expenses net of fee waivers, if any | .51%A | .48% | .48% | .49% | .49% | .49% |
Expenses net of all reductions | .51%A | .48% | .48% | .48% | .49% | .49% |
Net investment income (loss) | 3.23% A | 3.49% | 3.59% | 3.57% | 3.90% | 3.86% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 586,490 | $ 569,796 | $ 528,289 | $ 693,682 | $ 621,994 | $ 626,752 |
Portfolio turnover rate | 17% A | 12% | 8% | 10% | 9% | 7% |
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/Performance (Unaudited)
Effective Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
1 - 7 | 62.5 | 63.1 | 72.6 |
8 - 30 | 7.1 | 5.7 | 4.5 |
31 - 60 | 11.2 | 14.2 | 12.8 |
61 - 90 | 4.4 | 3.3 | 2.8 |
91 - 180 | 4.9 | 1.7 | 2.1 |
> 180 | 9.9 | 12.0 | 5.2 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
Weighted Average Maturity | |||
| 6/30/15 | 12/31/14 | 6/30/14 |
Fidelity Michigan Municipal Money Market Fund | 41 Days | 37 Days | 26 Days |
All Tax-Free Money Market Funds Average* | 32 Days | 37 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 market 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. |
* Source: iMoneyNet, Inc. |
Weighted Average Life | |||
| 6/30/15 | 12/31/14 | 6/30/14 |
Fidelity Michigan Municipal Money Market Fund | 41 Days | 37 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, 2015 | As of December 31, 2014 | ||||||
![]() | Variable Rate Demand Notes (VRDNs) 47.5% |
| ![]() | Variable Rate Demand Notes (VRDNs) 45.5% |
| ||
![]() | Other Municipal |
| ![]() | Other Municipal |
| ||
![]() | Investment |
| ![]() | Investment |
| ||
![]() | Net Other Assets (Liabilities) 2.6% |
| ![]() | Net Other Assets (Liabilities) 11.2% |
|
Current and Historical Seven-Day Yields
| 6/30/15 | 3/31/15 | 12/31/14 | 9/30/14 | 6/30/14 |
Fidelity Michigan Municipal Money Market Fund | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Yield refers to the income paid by the Fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending June 30, 2015, the most recent period shown in the table, would have been -0.43%.
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 47.5% | |||
Principal Amount | Value | ||
Alabama - 0.0% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.36% 7/7/15, VRDN (a)(d) | $ 600,000 | $ 600,000 | |
Delaware - 0.5% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1987, 0.15% 7/1/15, VRDN (a)(d) | 2,000,000 | 2,000,000 | |
Series 1988, 0.15% 7/1/15, VRDN (a)(d) | 500,000 | 500,000 | |
Series 1994, 0.15% 7/1/15, VRDN (a)(d) | 1,900,000 | 1,900,000 | |
Series 1999 A, 0.15% 7/7/15, VRDN (a) | 400,000 | 400,000 | |
| 4,800,000 | ||
Louisiana - 0.0% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.36% 7/7/15, VRDN (a) | 300,000 | 300,000 | |
Michigan - 45.3% | |||
Central Michigan Univ. Rev. Series 2008 A, 0.07% 7/7/15, LOC JPMorgan Chase Bank, VRDN (a) | 12,670,000 | 12,670,000 | |
Grand Traverse County Hosp. Series 2011 B, 0.12% 7/7/15, LOC JPMorgan Chase Bank, VRDN (a) | 19,825,000 | 19,825,000 | |
Grand Valley Michigan State Univ. Rev. Series 2008 B, 0.07% 7/7/15, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 27,940,000 | 27,940,000 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Metropolitan Hosp. Proj.) Series 2012, 0.09% 7/7/15, LOC Bank of America NA, VRDN (a) | 18,150,000 | 18,150,000 | |
Lakewood Pub. Schools Participating VRDN Series Putters 2624Z, 0.03% 7/1/15 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 3,100,000 | 3,100,000 | |
Livonia Econ. Dev. Corp. (Madonna Univ. Proj.) Series 2009, 0.07% 7/7/15, LOC Fed. Home Ln. Bank Chicago, VRDN (a) | 21,775,000 | 21,775,000 | |
Michigan Bldg. Auth. Rev.: | |||
Series 2007 1, 0.05% 7/7/15, LOC Citibank NA, VRDN (a) | 13,420,000 | 13,420,000 | |
Series 2011 B, 0.05% 7/7/15, LOC Citibank NA, VRDN (a) | 24,895,000 | 24,895,000 | |
Michigan Fin. Auth. Rev.: | |||
Participating VRDN Series 15 XF0126, 0.08% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (a)(e) | 2,000,000 | 2,000,000 | |
Series 22 A, 0.09% 7/7/15, LOC State Street Bank & Trust Co., Boston, VRDN (a)(d) | 58,100,000 | 58,100,000 | |
Michigan Higher Ed. Rev. (Univ. of Detroit Mercy Proj.) Series 2007, 0.06% 7/1/15, LOC Comerica Bank, VRDN (a) | 5,360,000 | 5,360,000 | |
Michigan Hosp. Fin. Auth. Rev. Series B, 0.07% 7/7/15, LOC JPMorgan Chase Bank, VRDN (a) | 10,300,000 | 10,300,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Michigan Hsg. Dev. Auth. Ltd.: | |||
(Sand Creek Apts., Phase I Proj.) Series 2007 A, 0.08% 7/7/15, LOC Citibank NA, VRDN (a)(d) | $ 3,635,000 | $ 3,635,000 | |
(Sand Creek II Apts. Proj.) Series 2007 A, 0.08% 7/7/15, LOC Citibank NA, VRDN (a)(d) | 5,400,000 | 5,400,000 | |
(Teal Run I Apts. Proj.) Series 2007 A, 0.08% 7/7/15, LOC Citibank NA, VRDN (a)(d) | 6,245,000 | 6,245,000 | |
Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev.: | |||
(Canton Club East Apts. Proj.) Series 1998 A, 0.12% 7/7/15, LOC Fannie Mae, VRDN (a)(d) | 6,300,000 | 6,300,000 | |
(Hunt Club Apts. Proj.) 0.09% 7/7/15, LOC Fannie Mae, VRDN (a)(d) | 5,975,000 | 5,975,000 | |
Michigan Hsg. Dev. Ltd. Oblig. Rev. (JAS Non-Profit Hsg. Corp. VI Proj.) Series 2000, 0.07% 7/7/15, LOC JPMorgan Chase Bank, VRDN (a) | 5,300,000 | 5,300,000 | |
Michigan State Univ. Revs. Series 2000 A, 0.07% 7/7/15 (Liquidity Facility Northern Trust Co.), VRDN (a) | 28,035,000 | 28,035,000 | |
Michigan Strategic Fund Indl. Dev. Rev. (Lapeer Industries, Inc. Proj.) Series 2007, 0.17% 7/7/15, LOC Bank of America NA, VRDN (a)(d) | 780,000 | 780,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Air Products and Chemicals, Inc. Proj.) Series 2007 V1, 0.04% 7/1/15, VRDN (a) | 39,830,000 | 39,830,000 | |
(BC & C Proj.) 0.17% 7/1/15, LOC Comerica Bank, VRDN (a)(d) | 165,000 | 165,000 | |
(Consumers Energy Co. Proj.): | |||
0.07% 7/7/15, LOC JPMorgan Chase Bank, VRDN (a) | 24,500,000 | 24,500,000 | |
0.07% 7/7/15, LOC JPMorgan Chase Bank, VRDN (a)(d) | 1,900,000 | 1,900,000 | |
(Greenpath, Inc. Proj.) Series 2011, 0.08% 7/7/15, LOC PNC Bank NA, VRDN (a) | 5,145,000 | 5,145,000 | |
(Henry Ford Museum & Greenfield Village Proj.) Series 2002, 0.03% 7/1/15, LOC Comerica Bank, VRDN (a) | 21,800,000 | 21,800,000 | |
(The Kroger Co. Recovery Zone Facilities Bond Proj.) Series 2010, 0.07% 7/7/15, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | 19,000,000 | 19,000,000 | |
(The YMCA of Greater Grand Rapids Proj.) Series 2010, 0.08% 7/7/15, LOC Comerica Bank, VRDN (a) | 9,485,000 | 9,485,000 | |
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev. (Osmic, Inc. Proj.) Series 2001 A, 0.12% 7/7/15, LOC JPMorgan Chase Bank, VRDN (a)(d) | 3,300,000 | 3,300,000 | |
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Participating VRDN Series Putters 15 5000, 0.08% 7/1/15 (Liquidity Facility JPMorgan Securities LLC) (a)(e) | 7,235,000 | 7,235,000 | |
Variable Rate Demand Note - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Univ. of Michigan Rev.: | |||
Series 2012 A, 0.05% 7/7/15, VRDN (a) | $ 3,130,000 | $ 3,130,000 | |
Series 2012 D2, 0.07% 7/7/15, VRDN (a) | 43,015,000 | 43,015,000 | |
| 457,710,000 | ||
Nebraska - 0.0% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.36% 7/7/15, VRDN (a)(d) | 600,000 | 600,000 | |
New Jersey - 0.2% | |||
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | |||
Series 2003 B1, 0.25% 7/7/15, VRDN (a) | 1,400,000 | 1,400,000 | |
Series 2012 A, 0.21% 7/7/15, VRDN (a)(d) | 500,000 | 500,000 | |
| 1,900,000 | ||
New York - 1.0% | |||
New York Hsg. Fin. Agcy. Rev. (125 West 31st Street Proj.) Series 2005 A, 0.06% 7/7/15, LOC Fannie Mae, VRDN (a)(d) | 10,000,000 | 10,000,000 | |
Texas - 0.2% | |||
Calhoun Port Auth. Envir. Facilities Rev. (Formosa Plastics Corp. Proj.) Series 2012, 0.09% 7/7/15, LOC JPMorgan Chase Bank, VRDN (a)(d) | 800,000 | 800,000 | |
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2001 A, 0.2% 7/1/15, VRDN (a) | 600,000 | 600,000 | |
Series 2004, 0.29% 7/7/15, VRDN (a)(d) | 400,000 | 400,000 | |
Series 2010 C, 0.21% 7/1/15, VRDN (a) | 300,000 | 300,000 | |
| 2,100,000 | ||
Virginia - 0.2% | |||
Newport News Indl. Dev. Auth. (CNU Warwick LLC Student Apts. Proj.) 0.16% 7/7/15, LOC Bank of America NA, VRDN (a) | 1,650,000 | 1,650,000 | |
Wyoming - 0.1% | |||
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.2% 7/7/15, VRDN (a)(d) | 600,000 | 600,000 | |
TOTAL VARIABLE RATE DEMAND NOTE (Cost $480,260,000) |
| ||
Other Municipal Debt - 40.5% | |||
Principal Amount | Value | ||
Georgia - 0.4% | |||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A2, 0.13%, tender 12/1/15 (Liquidity Facility Royal Bank of Canada) (a) | $ 3,600,000 | $ 3,600,000 | |
Kentucky - 0.0% | |||
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.24% tender 8/6/15, CP mode | 300,000 | 300,000 | |
Massachusetts - 0.2% | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1992, 0.45% tender 7/23/15, CP mode | 1,400,000 | 1,400,000 | |
Series 1993 B, 0.45% tender 7/6/15, CP mode | 500,000 | 500,000 | |
| 1,900,000 | ||
Michigan - 39.1% | |||
Farmington Pub. School District Gen. Oblig. Bonds 3% 5/1/16 | 5,150,000 | 5,252,579 | |
Kalamazoo Gen. Oblig. TAN Series 2015, 1% 12/1/15 | 3,000,000 | 3,010,177 | |
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds: | |||
(Spectrum Health Sys. Proj.) Series 2015 A, 0.27%, tender 1/26/16 (a) | 27,915,000 | 27,915,000 | |
Series 2011 A, 5% 11/15/15 | 750,000 | 763,234 | |
Michigan Bldg. Auth. Rev.: | |||
Bonds (Facilities Prog.) Series 1 A, 5% 10/15/15 | 9,970,000 | 10,108,515 | |
0.11% 8/27/15, LOC State Street Bank & Trust Co., Boston, LOC U.S. Bank NA, Cincinnati, CP | 10,100,000 | 10,100,000 | |
Michigan Fin. Auth. Rev. Bonds: | |||
Series 2012 A: | |||
5% 7/1/15 | 26,410,000 | 26,410,000 | |
5% 1/1/16 | 11,000,000 | 11,264,646 | |
5% 7/1/16 | 8,225,000 | 8,608,399 | |
Series 2013 M1, 0.1%, tender 9/1/15 (a) | 10,700,000 | 10,700,000 | |
Series 2015 MI, 2% 12/1/15 | 8,960,000 | 9,029,580 | |
Michigan Gen. Oblig. Bonds: | |||
(Envir. Prog.) Series 2005 B, 5% 11/1/15 | 1,400,000 | 1,422,502 | |
Series 2001, 5.5% 12/1/15 | 2,200,000 | 2,248,720 | |
Series 2002, 5.5% 12/1/15 | 1,250,000 | 1,277,863 | |
4% 11/1/15 | 765,000 | 774,836 | |
Michigan Hosp. Fin. Auth. Rev. Bonds: | |||
(Ascension Health Sr. Cr. Group Proj.) Series 2010 F: | |||
0.25%, tender 1/26/16 (a) | 12,910,000 | 12,910,000 | |
0.25%, tender 1/26/16 (a) | 11,810,000 | 11,810,000 | |
0.25%, tender 1/26/16 (a) | 15,200,000 | 15,200,000 | |
Other Municipal Debt - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Michigan Hosp. Fin. Auth. Rev. Bonds: - continued | |||
(Trinity Health Sys. Proj.) Series 2008 C: | |||
0.06% tender 7/15/15, CP mode | $ 9,900,000 | $ 9,900,000 | |
0.07% tender 8/11/15, CP mode | 8,000,000 | 8,000,000 | |
0.08% tender 7/15/15, CP mode | 9,800,000 | 9,800,000 | |
0.08% tender 7/15/15, CP mode | 4,500,000 | 4,500,000 | |
0.08% tender 8/5/15, CP mode | 20,000,000 | 20,000,000 | |
0.08% tender 8/5/15, CP mode | 10,700,000 | 10,700,000 | |
0.08% tender 8/6/15, CP mode | 9,900,000 | 9,900,000 | |
0.09% tender 9/2/15, CP mode | 9,000,000 | 9,000,000 | |
Series 1999 B3, 0.3%, tender 2/3/16 (a) | 3,200,000 | 3,201,794 | |
Series 2012 A, 5% 6/1/16 | 1,400,000 | 1,458,130 | |
Michigan State Univ. Revs. Bonds Series WF 11 33 C, 0.15%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f) | 7,610,000 | 7,610,000 | |
Michigan Trunk Line Fund Rev. Bonds: | |||
Series 1998 A, 5.25% 11/1/15 | 1,000,000 | 1,016,813 | |
Series 2005B, 5% 9/1/15 | 9,755,000 | 9,834,864 | |
Series 2006, 5.25% 11/1/15 | 1,300,000 | 1,322,232 | |
Series 2012, 5% 11/15/15 | 2,200,000 | 2,239,749 | |
Series 2014, 2% 11/15/15 | 14,800,000 | 14,902,437 | |
Univ. of Michigan Rev.: | |||
Bonds: | |||
Series 2009 B: | |||
0.07% tender 7/16/15, CP mode | 7,000,000 | 7,000,000 | |
0.08% tender 7/7/15, CP mode | 9,500,000 | 9,500,000 | |
0.08% tender 7/8/15, CP mode | 8,900,000 | 8,900,000 | |
0.08% tender 8/5/15, CP mode | 14,000,000 | 14,000,000 | |
Series 2009, 0.08% tender 8/3/15, CP mode | 8,900,000 | 8,900,000 | |
Series J1: | |||
0.07% 7/16/15, CP | 7,445,000 | 7,445,000 | |
0.08% 8/12/15, CP | 19,250,000 | 19,250,000 | |
0.08% 8/26/15, CP | 9,000,000 | 9,000,000 | |
0.08% 9/18/15, CP | 10,300,000 | 10,300,000 | |
0.09% 7/28/15, CP | 8,850,000 | 8,850,000 | |
| 395,337,070 | ||
Other Municipal Debt - continued | |||
Principal Amount | Value | ||
New Hampshire - 0.3% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1990 A, 0.5% tender 7/23/15, CP mode (d) | $ 1,600,000 | $ 1,600,000 | |
Series 1990 A1, 0.5% tender 7/10/15, CP mode (d) | 1,500,000 | 1,500,000 | |
| 3,100,000 | ||
Virginia - 0.1% | |||
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.45% tender 7/10/15, CP mode (d) | 700,000 | 700,000 | |
Washington - 0.4% | |||
Port of Seattle Rev. Series B1, 0.12% 9/4/15, LOC Bank of America NA, CP (d) | 3,800,000 | 3,800,000 | |
West Virginia - 0.0% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.5% tender 7/23/15, CP mode (d) | 400,000 | 400,000 | |
TOTAL OTHER MUNICIPAL DEBT (Cost $409,137,070) |
| ||
Investment Company - 9.4% | |||
Shares |
| ||
Fidelity Municipal Cash Central Fund, 0.06% (b)(c) (Cost $95,018,000) | 95,018,000 |
| |
TOTAL INVESTMENT PORTFOLIO - 97.4% (Cost $984,415,070) | 984,415,070 | ||
NET OTHER ASSETS (LIABILITIES) - 2.6% | 26,362,500 | ||
NET ASSETS - 100% | $ 1,010,777,570 |
Security Type Abbreviations | ||
CP | - | COMMERCIAL PAPER |
TAN | - | TAX ANTICIPATION NOTE |
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) Provides evidence of ownership in one or more underlying municipal bonds. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,610,000 or 0.8% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Cost |
Michigan State Univ. Revs. Bonds Series WF 11 33 C, 0.15%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) | 9/24/14 | $ 7,610,000 |
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 | $ 29,915 |
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 Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| June 30, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $889,397,070) | $ 889,397,070 |
|
Fidelity Central Funds (cost $95,018,000) | 95,018,000 |
|
Total Investments (cost $984,415,070) |
| $ 984,415,070 |
Cash |
| 21,042,797 |
Receivable for fund shares sold | 10,579,831 | |
Interest receivable | 1,635,489 | |
Distributions receivable from Fidelity Central Funds | 6,645 | |
Other receivables | 4,126 | |
Total assets | 1,017,683,958 | |
|
|
|
Liabilities | ||
Payable for fund shares redeemed | $ 6,812,681 | |
Distributions payable | 342 | |
Accrued management fee | 60,074 | |
Other affiliated payables | 10,342 | |
Other payables and accrued expenses | 22,949 | |
Total liabilities | 6,906,388 | |
|
|
|
Net Assets | $ 1,010,777,570 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,010,781,943 | |
Distributions in excess of net investment income | (1,887) | |
Accumulated undistributed net realized gain (loss) on investments | (2,486) | |
Net Assets, for 1,009,642,484 shares outstanding | $ 1,010,777,570 | |
Net Asset Value, offering price and redemption price per share ($1,010,777,570 ÷ 1,009,642,484 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, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 349,370 |
Income from Fidelity Central Funds |
| 29,915 |
Total income |
| 379,285 |
|
|
|
Expenses | ||
Management fee | $ 1,814,231 | |
Transfer agent fees | 733,181 | |
Accounting fees and expenses | 58,794 | |
Custodian fees and expenses | 6,178 | |
Independent trustees' compensation | 2,005 | |
Registration fees | 22,195 | |
Audit | 19,100 | |
Legal | 5,352 | |
Miscellaneous | 3,420 | |
Total expenses before reductions | 2,664,456 | |
Expense reductions | (2,335,017) | 329,439 |
Net investment income (loss) | 49,846 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| (1,894) |
Net increase in net assets resulting from operations | $ 47,952 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Michigan Municipal Money Market Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 49,846 | $ 99,592 |
Net realized gain (loss) | (1,894) | (552) |
Net increase in net assets resulting from operations | 47,952 | 99,040 |
Distributions to shareholders from net investment income | (49,865) | (101,460) |
Share transactions at net asset value of $1.00 per share |
|
|
Proceeds from sales of shares | 1,179,693,655 | 2,312,251,944 |
Reinvestment of distributions | 47,759 | 96,902 |
Cost of shares redeemed | (1,213,187,643) | (2,345,811,798) |
Net increase (decrease) in net assets and shares resulting from share transactions | (33,446,229) | (33,462,952) |
Total increase (decrease) in net assets | (33,448,142) | (33,465,372) |
|
|
|
Net Assets | ||
Beginning of period | 1,044,225,712 | 1,077,691,084 |
End of period (including distributions in excess of net investment income of $1,887 and distributions in excess of net investment income of $1,868, respectively) | $ 1,010,777,570 | $ 1,044,225,712 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss)F | - | - | - | - | - | - |
Net realized and unrealized gain (loss)F | - | - | - | - | - | - |
Total from investment operationsF | - | - | - | - | - | - |
Distributions from net investment incomeF | - | - | - | - | - | - |
Distributions from net realized gain | - | - | - F | - | - | - |
Total distributionsF | - | - | - | - | - | - |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total ReturnB, C | -% | .01% | .02% | .01% | .01% | .01% |
Ratios to Average Net AssetsD, E |
|
|
|
|
| |
Expenses before reductions | .53%A | .53% | .54% | .55% | .55% | .55% |
Expenses net of fee waivers, if any | .07%A | .07% | .11% | .19% | .22% | .30% |
Expenses net of all reductions | .07%A | .07% | .11% | .19% | .22% | .30% |
Net investment income (loss) | .01% A | .01% | .01% | .01% | .01% | .01% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 1,010,778 | $ 1,044,226 | $ 1,077,691 | $ 985,600 | $ 875,636 | $ 890,255 |
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, 2015 (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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
day responsibility for the valuation of the Income Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.
Each 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)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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. The amortized cost of an instrument is determined by valuing it at its original
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation - continued
cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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.
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which 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 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.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized appreciation |
Fidelity Michigan Municipal Income Fund | $ 526,993,835 | $ 26,973,640 | $ (1,823,621) | $ 25,150,019 |
Fidelity Michigan Municipal Money Market Fund | 984,415,070 | - | - | - |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| No expiration |
| |
| Short-term | Long-term | Total capital loss carryforward |
Fidelity Michigan Municipal Income Fund | $ (719,374) | $ (85,197) | $ (804,571) |
Fidelity Michigan Municipal Money Market Fund | - | (592) | (592) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days may be subject to a redemption fee equal to .50% of the NAV 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.
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
New Rule Issuance. In July 2014, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Money Market Fund's financial statements and related disclosures.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $48,302,089 and $47,522,149, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows.
Fund Name | Individual Rate | Group Rate | Total |
Fidelity Michigan Municipal Income Fund | .25% | .11% | .36% |
Fidelity Michigan Municipal Money Market Fund | .25% | .11% | .36% |
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives 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 | .15% |
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and shareholder servicing agent for the Funds. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Funds.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The fee is based on the level of average net assets for each month.
6. Committed Line of Credit.
The Income Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 | $ 453 |
During the period, the Income Fund did not borrow on this line of credit.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Expense Reductions.
The investment adviser 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 the investment adviser at any time. For the period, the amount of the waiver was $2,330,502.
In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain 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 Michigan Municipal Income Fund | $ 3,483 |
Fidelity Michigan Municipal Money Market Fund | 4,515 |
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.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
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
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
MIR-USAN-0815 1.787785.112
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Limited Term
Municipal Income Fund
- Class A, Class T, Class B and
Class C
Semiannual Report
June 30, 2015
(Fidelity Cover Art)
Class A, Class T, Class B,
and Class C are classes of
Fidelity® Limited Term
Municipal Income Fund
Contents
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. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to June 30, 2015).
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. 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 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. 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 |
Class A | .82% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.30 | $ 4.06 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.73 | $ 4.11 |
Class T | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.50 | $ 3.87 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class B | 1.40% |
|
|
|
Actual |
| $ 1,000.00 | $ 994.50 | $ 6.92 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Class C | 1.56% |
|
|
|
Actual |
| $ 1,000.00 | $ 994.60 | $ 7.72 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.06 | $ 7.80 |
Limited Term Municipal Income | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 999.90 | $ 2.43 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.36 | $ 2.46 |
Institutional Class | .56% |
|
|
|
Actual |
| $ 1,000.00 | $ 999.60 | $ 2.78 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.02 | $ 2.81 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 | ||
| % of fund's | % of fund's net assets |
Florida | 10.9 | 9.0 |
New York | 9.8 | 10.6 |
Texas | 8.7 | 7.3 |
Illinois | 8.5 | 8.6 |
California | 8.4 | 8.6 |
Top Five Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
General Obligations | 40.4 | 38.1 |
Electric Utilities | 10.7 | 12.5 |
Transportation | 10.1 | 9.9 |
Health Care | 8.8 | 8.7 |
Special Tax | 7.8 | 9.4 |
Weighted Average Maturity as of June 30, 2015 | ||
|
| 6 months ago |
Years | 3.3 | 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 market 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, 2015 | ||
|
| 6 months ago |
Years | 2.8 | 2.7 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | AAA 10.0% |
| ![]() | AAA 9.2% |
| ||
![]() | AA,A 70.7% |
| ![]() | AA,A 76.0% |
| ||
![]() | BBB 7.3% |
| ![]() | BBB 6.4% |
| ||
![]() | BB and Below 0.5% |
| ![]() | BB and Below 0.0% |
| ||
![]() | Not Rated 1.9% |
| ![]() | Not Rated 1.6% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 90.4% | ||||
| Principal Amount (000s) | Value (000s) | ||
Alaska - 0.6% | ||||
Anchorage Gen. Oblig.: | ||||
Series A: | ||||
5% 9/1/20 | $ 1,090 | $ 1,275 | ||
5% 9/1/22 | 1,200 | 1,433 | ||
Series B: | ||||
5% 9/1/18 | 3,685 | 4,136 | ||
5% 9/1/20 | 2,000 | 2,339 | ||
5% 9/1/22 | 1,425 | 1,701 | ||
Series C: | ||||
5% 9/1/18 | 1,000 | 1,123 | ||
5% 9/1/19 | 2,150 | 2,470 | ||
5% 9/1/20 | 1,260 | 1,474 | ||
5% 9/1/22 | 1,000 | 1,194 | ||
Series D: | ||||
5% 9/1/19 | 3,895 | 4,474 | ||
5% 9/1/20 | 2,000 | 2,339 | ||
| 23,958 | |||
Arizona - 2.3% | ||||
Arizona Ctfs. of Prtn. Series 2010 A, 5% 10/1/16 (FSA Insured) | 13,000 | 13,690 | ||
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | ||||
5% 12/1/18 | 500 | 557 | ||
5% 12/1/19 | 600 | 681 | ||
5% 12/1/20 | 820 | 942 | ||
5% 12/1/21 | 1,105 | 1,277 | ||
5% 12/1/22 | 800 | 927 | ||
5% 12/1/23 | 1,000 | 1,167 | ||
5% 12/1/24 | 1,500 | 1,758 | ||
Arizona School Facilities Board Ctfs. of Prtn.: | ||||
Series 2005 A2, 5% 9/1/16 (Pre-Refunded to 9/1/15 @ 100) | 11,000 | 11,082 | ||
Series 2008, 5.5% 9/1/16 | 1,385 | 1,462 | ||
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series | ||||
5% 10/1/18 | 1,000 | 1,125 | ||
5% 10/1/20 (Pre-Refunded to 10/1/19 @ 100) | 5,180 | 5,981 | ||
Glendale Gen. Oblig. Series 2015: | ||||
4% 7/1/19 (FSA Insured) | 600 | 652 | ||
5% 7/1/22 (FSA Insured) | 1,000 | 1,159 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Arizona - continued | ||||
Glendale Trans. Excise Tax Rev.: | ||||
5% 7/1/21 (FSA Insured) | $ 750 | $ 875 | ||
5% 7/1/22 (FSA Insured) | 1,170 | 1,370 | ||
5% 7/1/23 (FSA Insured) | 1,395 | 1,643 | ||
Maricopa County School District #28 Kyrene Elementary Series 2010 B: | ||||
1% 7/1/19 (a) | 900 | 985 | ||
1% 7/1/20 (a) | 1,360 | 1,502 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.: | ||||
Series 2009 A, 5% 7/1/15 | 5,835 | 5,835 | ||
Series 2009 B, 5% 7/1/16 | 5,090 | 5,322 | ||
Pima County Ctfs. of Prtn. Series 2014: | ||||
5% 12/1/21 | 2,210 | 2,548 | ||
5% 12/1/22 | 2,470 | 2,861 | ||
5% 12/1/23 | 3,425 | 4,000 | ||
Pima County Swr. Sys. Rev.: | ||||
Series 2011 B, 5% 7/1/19 | 3,225 | 3,684 | ||
Series 2012 A: | ||||
5% 7/1/18 | 825 | 917 | ||
5% 7/1/19 | 1,550 | 1,771 | ||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2009 A, 5% 1/1/26 | 500 | 562 | ||
Tucson Gen. Oblig. Series 2005, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250 | 1,250 | ||
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2011: | ||||
5% 7/1/16 (Escrowed to Maturity) | 3,055 | 3,192 | ||
5% 7/1/17 (Escrowed to Maturity) | 3,315 | 3,590 | ||
5% 7/1/18 (Escrowed to Maturity) | 3,365 | 3,752 | ||
| 88,119 | |||
California - 8.4% | ||||
Alameda Corridor Trans. Auth. Rev.: | ||||
Series 2004 A, 0% 10/1/19 | 3,600 | 3,204 | ||
Series 2013 A, 5% 10/1/22 | 2,190 | 2,605 | ||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds 1.5%, tender 4/2/18 (d) | 5,200 | 5,216 | ||
California Gen. Oblig.: | ||||
Bonds 3%, tender 12/1/19 (d) | 15,600 | 16,532 | ||
5% 9/1/18 | 7,500 | 8,419 | ||
5% 9/1/19 | 20,000 | 23,034 | ||
5% 9/1/20 | 20,000 | 23,415 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.) Series 2008 H, 5.125% 7/1/22 (Pre-Refunded to 7/1/15 @ 100) | $ 1,005 | $ 1,005 | ||
Bonds (Children's Hosp. of Orange County Proj.) Series 2012 A, 1.87%, tender 7/1/17 (d) | 4,000 | 4,046 | ||
California Infra Eco Dev. Bank Rev. Bonds Series | ||||
0.35%, tender 4/1/16 (d) | 17,000 | 16,999 | ||
0.35%, tender 4/1/16 (d) | 30,000 | 30,000 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2010 A, 0.5%, tender 8/3/15 (b)(d)(e) | 18,100 | 18,100 | ||
California Pub. Works Board Lease Rev.: | ||||
(Dept. of Corrections & Rehab. Proj.) Series 2011 C, 5% 10/1/18 | 1,750 | 1,962 | ||
(Riverside Campus Proj.) Series 2012 H, 5% 4/1/22 | 1,000 | 1,182 | ||
(Univ. Proj.) Series 2011 B: | ||||
5% 10/1/18 | 2,740 | 3,079 | ||
5% 10/1/19 | 1,490 | 1,718 | ||
(Various Cap. Projs.): | ||||
Series 2011 A: | ||||
5% 10/1/18 | 6,475 | 7,258 | ||
5% 10/1/19 | 5,000 | 5,747 | ||
5% 10/1/20 | 2,525 | 2,950 | ||
Series 2012 A, 5% 4/1/21 | 1,000 | 1,174 | ||
Series 2012 G, 5% 11/1/22 | 1,250 | 1,488 | ||
(Various Judicial Council Projects) Series 2011 D, 5% 12/1/19 | 4,100 | 4,728 | ||
Series 2009 J, 5% 11/1/17 | 2,300 | 2,516 | ||
Series 2010 A: | ||||
5% 3/1/16 | 2,000 | 2,061 | ||
5% 3/1/17 | 5,405 | 5,790 | ||
California Statewide Cmntys. Dev. Auth. Rev. Bonds: | ||||
Series 2002 C, 5%, tender 5/1/17 (d) | 4,000 | 4,304 | ||
Series 2009 E2, 5%, tender 5/1/17 (d) | 2,000 | 2,152 | ||
Contra Costa Trans. Auth. Sales Tax Rev. Bonds Series 2012 A, 0.493%, tender 12/12/15 (d) | 12,500 | 12,498 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2013 A, 4% 6/1/21 | 3,500 | 3,878 | ||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series 2013 A, 5% 7/1/19 | 4,400 | 5,054 | ||
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2010 A, 5% 8/1/17 | 5,000 | 5,434 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Los Angeles Gen. Oblig. Series 2011 B, 5% 9/1/18 | $ 20,960 | $ 23,521 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C: | ||||
4.625% 3/1/18 | 1,500 | 1,641 | ||
5% 3/1/19 | 2,935 | 3,330 | ||
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series 2010 A: | ||||
5% 12/1/16 | 2,025 | 2,144 | ||
5% 12/1/17 | 9,790 | 10,730 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,308 | ||
Northern California Pwr. Agcy. Rev.: | ||||
(Geothermal #3 Proj.) Series 2009 A, 5% 7/1/15 | 2,170 | 2,170 | ||
(Hydroelectric #1 Proj.) Series 2010 A: | ||||
4% 7/1/15 | 2,000 | 2,000 | ||
5% 7/1/18 | 2,000 | 2,226 | ||
Oakland Unified School District Alameda County Series 2013, 5.5% 8/1/23 | 1,000 | 1,176 | ||
Port of Oakland Rev. Series 2012 P, 5% 5/1/21 (e) | 2,500 | 2,904 | ||
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.): | ||||
5% 9/1/23 (FSA Insured) | 1,350 | 1,611 | ||
5% 9/1/24 (FSA Insured) | 2,300 | 2,766 | ||
Riverside County Asset Leasing Rev. (Riverside Cap. Proj.) Series 2012 A: | ||||
4% 6/1/17 | 1,750 | 1,854 | ||
5% 6/1/17 | 3,700 | 3,991 | ||
5% 6/1/18 | 6,470 | 7,109 | ||
Sacramento Muni. Util. District Elec. Rev. Series 2011 X, 5% 8/15/21 | 4,000 | 4,752 | ||
Sacramento Pwr. Auth. Cogeneration Proj. Rev. Series 2005 A, 5% 7/1/18 (AMBAC Insured) | 2,890 | 2,890 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | ||||
5% 8/1/16 | 5,450 | 5,698 | ||
5% 8/1/18 | 8,000 | 8,779 | ||
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 1,150 | ||
San Pablo Calif Redev. Agcy. Series 2014 A, 5% 6/15/24 (FSA Insured) | 1,380 | 1,641 | ||
Stockton Unified School District Gen. Oblig. 5% 7/1/18 (FSA Insured) | 1,035 | 1,142 | ||
| 325,081 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Colorado - 0.3% | ||||
Colorado Health Facilities Auth. Rev. Bonds (Catholic Health Initiatives Proj.) Series 2008 C4, 4%, tender 11/12/15 (d) | $ 4,200 | $ 4,253 | ||
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2014 A, 5% 6/1/23 | 3,860 | 4,563 | ||
E-470 Pub. Hwy. Auth. Rev. Series 2015 A: | ||||
5% 9/1/19 | 1,000 | 1,118 | ||
5% 9/1/20 | 1,000 | 1,132 | ||
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 541 | ||
| 11,607 | |||
Connecticut - 2.0% | ||||
Connecticut Gen. Oblig.: | ||||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/16 | 2,700 | 2,763 | ||
Series 2012 C, 5% 6/1/21 | 23,420 | 27,242 | ||
Series 2012 D, 0.36% 9/15/15 (d) | 6,000 | 6,003 | ||
Series 2013 A: | ||||
0.3% 3/1/16 (d) | 1,100 | 1,101 | ||
0.41% 3/1/17 (d) | 1,400 | 1,402 | ||
Series 2014 C, 5% 12/15/16 | 16,070 | 17,086 | ||
Series 2014 D, 2% 6/15/16 | 3,400 | 3,453 | ||
Connecticut Health & Edl. Facilities Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 1998 B, 1.55%, tender 2/1/17 (d) | 2,860 | 2,903 | ||
Connecticut Hsg. Fin. Auth. Series 2013 B2, 4% 11/15/32 | 7,225 | 7,673 | ||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2011 A, 5% 12/1/18 | 5,575 | 6,265 | ||
New Haven Gen. Oblig. Series 2013 A, 5% 8/1/15 | 1,000 | 1,004 | ||
| 76,895 | |||
Delaware, New Jersey - 0.1% | ||||
Delaware River & Bay Auth. Rev. Series 2014 C: | ||||
5% 1/1/20 | 2,500 | 2,860 | ||
5% 1/1/21 | 2,000 | 2,317 | ||
| 5,177 | |||
District Of Columbia - 0.4% | ||||
District of Columbia Gen. Oblig. Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 3,703 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
District Of Columbia - continued | ||||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/15 (FSA Insured) | $ 1,500 | $ 1,508 | ||
District of Columbia Univ. Rev. Bonds (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (d) | 8,500 | 9,229 | ||
| 14,440 | |||
Florida - 10.9% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hospitals & Clinics, Inc. Proj.) Series 2010 B, 5% 12/1/15 | 4,395 | 4,476 | ||
Brevard County School Board Ctfs. of Prtn.: | ||||
Series 2014, 5% 7/1/21 | 1,000 | 1,165 | ||
Series 2015 C: | ||||
5% 7/1/21 | 650 | 757 | ||
5% 7/1/22 | 3,725 | 4,352 | ||
5% 7/1/23 | 3,000 | 3,526 | ||
Broward County Arpt. Sys. Rev. Series 2012 Q1, 5% 10/1/21 | 1,000 | 1,161 | ||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2008 A, 5% 7/1/15 (FSA Insured) | 5,495 | 5,495 | ||
Series 2012 A: | ||||
5% 7/1/19 | 7,000 | 7,924 | ||
5% 7/1/20 | 15,070 | 17,313 | ||
Series 2015 A: | ||||
5% 7/1/19 | 2,000 | 2,264 | ||
5% 7/1/20 | 4,000 | 4,595 | ||
5% 7/1/21 | 4,500 | 5,214 | ||
5% 7/1/22 | 3,500 | 4,067 | ||
5% 7/1/23 | 2,750 | 3,212 | ||
5% 7/1/24 | 1,320 | 1,546 | ||
Series 2015 B: | ||||
5% 7/1/19 | 2,000 | 2,264 | ||
5% 7/1/20 | 3,000 | 3,447 | ||
5% 7/1/21 | 6,235 | 7,224 | ||
5% 7/1/22 | 1,275 | 1,482 | ||
5% 7/1/23 | 2,750 | 3,212 | ||
5% 7/1/24 | 1,145 | 1,341 | ||
Clay County Infrastructure Sales Surtax Rev. 5% 10/1/15 (Assured Guaranty Corp. Insured) | 7,745 | 7,833 | ||
Clearwater Wtr. and Swr. Rev. Series 2011: | ||||
4% 12/1/16 | 1,265 | 1,325 | ||
5% 12/1/17 | 1,685 | 1,847 | ||
5% 12/1/18 | 685 | 772 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Clearwater Wtr. and Swr. Rev. Series 2011: - continued | ||||
5% 12/1/19 | $ 1,820 | $ 2,101 | ||
5% 12/1/20 | 1,000 | 1,167 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011: | ||||
5% 10/1/16 | 1,530 | 1,602 | ||
5% 10/1/17 | 1,455 | 1,563 | ||
Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20 | 8,600 | 10,005 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2009 C: | ||||
5% 6/1/16 | 3,000 | 3,126 | ||
5% 6/1/20 | 3,625 | 4,146 | ||
Series 2012 C, 5% 6/1/16 | 3,585 | 3,736 | ||
Florida Dept. of Envir. Protection Rev. Series 2012 A, 5% 7/1/19 | 15,800 | 17,873 | ||
Florida Dev. Fin. Corp. Healthcare Facility Rev. (Univ. Health Proj.) Series 2013 A: | ||||
5% 2/1/17 | 700 | 732 | ||
5% 2/1/18 | 1,790 | 1,908 | ||
5% 2/1/19 | 1,450 | 1,569 | ||
5% 2/1/20 | 2,025 | 2,210 | ||
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Series 2010 A, 5% 7/1/15 (Escrowed to Maturity) | 20,010 | 20,010 | ||
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A: | ||||
5% 10/1/21 | 1,030 | 1,164 | ||
5% 10/1/22 | 2,000 | 2,271 | ||
5% 10/1/23 | 1,270 | 1,444 | ||
5% 10/1/24 | 2,000 | 2,267 | ||
5% 10/1/25 | 1,750 | 1,981 | ||
5% 10/1/26 | 2,000 | 2,229 | ||
Florida Muni. Pwr. Agcy. Rev. (Stanton II Proj.) Series 2012 A, 5% 10/1/18 | 2,850 | 3,183 | ||
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2011 C: | ||||
5% 10/1/19 | 1,705 | 1,966 | ||
5% 10/1/20 | 1,000 | 1,172 | ||
Halifax Hosp. Med. Ctr. Rev. 5% 6/1/23 | 1,325 | 1,515 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.) Series 2009 E, 5% 11/15/15 | 2,345 | 2,385 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Indian River County School Board Ctfs. of Prtn. Series 2014: | ||||
5% 7/1/20 | $ 935 | $ 1,073 | ||
5% 7/1/22 | 2,000 | 2,321 | ||
5% 7/1/23 | 2,000 | 2,332 | ||
Indian River County Wtr. & Swr. Rev.: | ||||
5% 9/1/15 | 1,000 | 1,008 | ||
5% 9/1/17 | 1,000 | 1,071 | ||
JEA Wtr. & Swr. Sys. Rev. Series 2010 D, 5% 10/1/21 | 1,945 | 2,243 | ||
Kissimmee Util. Auth. Elec. Sys. Rev. Series 2003, 5.25% 10/1/15 | 3,525 | 3,566 | ||
Manatee County Rev. Series 2013: | ||||
5% 10/1/19 | 1,250 | 1,433 | ||
5% 10/1/20 | 2,000 | 2,330 | ||
5% 10/1/21 | 2,000 | 2,350 | ||
5% 10/1/22 | 1,000 | 1,180 | ||
Miami Beach Health Facilities Auth. Hosp. Rev. (Mount Sinai Med. Ctr. of Florida Proj.) Series 2012: | ||||
5% 11/15/21 | 1,000 | 1,154 | ||
5% 11/15/22 | 485 | 562 | ||
Miami-Dade County Expressway Auth.: | ||||
(Waste Mgmt., Inc. of Florida Proj.): | ||||
Series 2013, 5% 7/1/19 | 2,000 | 2,275 | ||
5% 7/1/20 | 1,000 | 1,156 | ||
5% 7/1/21 | 2,000 | 2,334 | ||
5% 7/1/22 | 2,000 | 2,345 | ||
5% 7/1/23 | 2,000 | 2,334 | ||
Series 2014 A, 5% 7/1/24 | 625 | 737 | ||
Series 2014 B: | ||||
5% 7/1/22 | 1,500 | 1,758 | ||
5% 7/1/23 | 3,250 | 3,825 | ||
Miami-Dade County Gen. Oblig. (Parks Prog.) Series 2015 A, 5% 11/1/22 | 3,880 | 4,602 | ||
Miami-Dade County Pub. Facilities Rev. (Jackson Health Sys. Proj.) Series 2005 B, 5% 6/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,875 | 3,887 | ||
Miami-Dade County School Board Ctfs. of Prtn.: | ||||
Series 2014 D: | ||||
5% 11/1/20 | 4,875 | 5,639 | ||
5% 11/1/21 | 6,275 | 7,334 | ||
5% 11/1/22 | 2,915 | 3,410 | ||
5% 11/1/23 | 7,650 | 9,009 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Miami-Dade County School Board Ctfs. of Prtn.: - continued | ||||
Series 2015 A: | ||||
5% 5/1/19 | $ 1,000 | $ 1,133 | ||
5% 5/1/20 | 2,095 | 2,409 | ||
5% 5/1/21 | 4,000 | 4,644 | ||
5% 5/1/22 | 3,720 | 4,333 | ||
5% 5/1/23 | 6,500 | 7,632 | ||
Series 2015 B, 5% 5/1/24 (c) | 29,560 | 34,451 | ||
Series 2016 A, 5% 8/1/27 (c) | 5,560 | 6,169 | ||
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/19 | 1,250 | 1,425 | ||
Orange County Health Facilities Auth.: | ||||
(Orlando Health, Inc.) Series 2009: | ||||
5% 10/1/15 | 2,210 | 2,234 | ||
5% 10/1/16 | 1,325 | 1,394 | ||
Series 2009, 5.25% 10/1/19 | 1,245 | 1,412 | ||
Orange County Health Facilities Auth. Rev. (Orlando Reg'l. Healthcare Sys. Proj.) Series 2008 A, 5% 11/1/15 (FSA Insured) | 1,825 | 1,852 | ||
Orlando & Orange County Expressway Auth. Rev.: | ||||
Series 2010 B, 5% 7/1/15 (FSA Insured) | 1,430 | 1,430 | ||
Series 2012, 5% 7/1/19 | 1,000 | 1,139 | ||
Orlando Utils. Commission Util. Sys. Rev.: | ||||
Series 2009 C, 5% 10/1/17 | 1,500 | 1,640 | ||
Series 2010 C, 5% 10/1/17 | 1,895 | 2,071 | ||
Series 2011 B: | ||||
5% 10/1/18 | 2,250 | 2,531 | ||
5% 10/1/19 | 2,325 | 2,680 | ||
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | ||||
4% 12/1/19 | 1,000 | 1,088 | ||
5% 12/1/20 | 880 | 1,001 | ||
5% 12/1/21 | 1,100 | 1,253 | ||
Palm Beach County School Board Ctfs. of Prtn.: | ||||
Series 2014 B: | ||||
4% 8/1/19 | 4,000 | 4,367 | ||
4% 8/1/21 | 4,040 | 4,451 | ||
5% 8/1/19 | 3,000 | 3,399 | ||
5% 8/1/21 | 4,000 | 4,638 | ||
Series 2015 B: | ||||
5% 8/1/19 | 2,735 | 3,099 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Palm Beach County School Board Ctfs. of Prtn.: - continued | ||||
Series 2015 B: | ||||
5% 8/1/20 | $ 1,750 | $ 2,015 | ||
Pasco County School District Sales Tax Rev. Series 2013: | ||||
5% 10/1/18 | 1,250 | 1,398 | ||
5% 10/1/19 | 1,100 | 1,257 | ||
5% 10/1/20 | 1,000 | 1,156 | ||
5% 10/1/21 | 1,000 | 1,162 | ||
5% 10/1/22 | 1,000 | 1,165 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | ||||
Series 2011: | ||||
5% 10/1/17 (e) | 4,465 | 4,838 | ||
5% 10/1/19 (e) | 2,025 | 2,301 | ||
5% 10/1/18 (e) | 2,745 | 3,051 | ||
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev.: | ||||
Series 2011 B: | ||||
5% 10/1/18 (Escrowed to Maturity) | 2,440 | 2,739 | ||
5% 10/1/18 (Escrowed to Maturity) | 2,260 | 2,537 | ||
Series 2011, 5% 10/1/19 | 5,590 | 6,447 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | ||||
5% 11/15/16 | 2,500 | 2,649 | ||
5% 11/15/17 | 1,515 | 1,656 | ||
Tampa Solid Waste Sys. Rev. Series 2010: | ||||
5% 10/1/15 (FSA Insured) (e) | 2,920 | 2,952 | ||
5% 10/1/16 (FSA Insured) (e) | 6,000 | 6,322 | ||
5% 10/1/17 (FSA Insured) (e) | 5,000 | 5,412 | ||
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/20 | 1,800 | 2,075 | ||
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,229 | ||
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B: | ||||
5% 8/1/18 | 300 | 334 | ||
5% 8/1/19 | 310 | 353 | ||
| 421,330 | |||
Georgia - 3.0% | ||||
Atlanta Arpt. Rev.: | ||||
5% 1/1/22 | 1,000 | 1,169 | ||
5% 1/1/23 | 1,000 | 1,179 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Georgia - continued | ||||
Atlanta Arpt. Rev.: - continued | ||||
5% 1/1/24 | $ 1,150 | $ 1,366 | ||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | ||||
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (d) | 12,500 | 12,640 | ||
2.2%, tender 4/2/19 (d) | 9,700 | 9,896 | ||
Fulton County Wtr. & Swr. Rev. Series 2011: | ||||
5% 1/1/19 | 4,000 | 4,513 | ||
5% 1/1/20 | 4,000 | 4,609 | ||
Georgia Gen. Oblig. Series 2014 D, 5% 7/1/16 | 23,900 | 24,996 | ||
Georgia Muni. Elec. Auth. Pwr. Rev.: | ||||
(Combined Cycle Proj.) Series A, 5% 11/1/18 | 2,000 | 2,244 | ||
(Proj. One): | ||||
Series 2008 A, 5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 8,451 | ||
Series 2008 D: | ||||
5.75% 1/1/19 | 14,890 | 16,886 | ||
5.75% 1/1/20 | 3,555 | 4,030 | ||
Series B, 5% 1/1/17 | 2,750 | 2,922 | ||
Series GG: | ||||
5% 1/1/16 | 680 | 695 | ||
5% 1/1/20 | 675 | 774 | ||
5% 1/1/21 | 1,670 | 1,942 | ||
Georgia Muni. Gas Auth. Rev.: | ||||
(Gas Portfolio III Proj.) Series 2014 U: | ||||
5% 10/1/19 | 1,500 | 1,712 | ||
5% 10/1/22 | 1,000 | 1,171 | ||
(Gas Portfolio III Proj.) Series 2014 U, 5% 10/1/23 | 2,420 | 2,854 | ||
(Gas Portfolio III Proj.) Series R, 5% 10/1/21 | 5,000 | 5,840 | ||
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014, 5% 4/1/21 | 2,000 | 2,252 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | ||||
5% 1/1/16 | 2,415 | 2,470 | ||
5% 1/1/18 | 1,530 | 1,609 | ||
| 116,220 | |||
Hawaii - 0.5% | ||||
Hawaii Arpts. Sys. Rev.: | ||||
Series 2010 B, 5% 7/1/15 (e) | 3,900 | 3,900 | ||
Series 2011, 5% 7/1/19 (e) | 4,000 | 4,498 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Hawaii - continued | ||||
Hawaii Gen. Oblig. Series DR, 5% 6/1/16 (Escrowed to Maturity) | $ 2,895 | $ 3,015 | ||
State of Hawaii Dept. of Trans. Series 2013: | ||||
5% 8/1/19 (e) | 1,400 | 1,572 | ||
5% 8/1/20 (e) | 3,050 | 3,472 | ||
5% 8/1/21 (e) | 550 | 632 | ||
5% 8/1/22 (e) | 2,075 | 2,389 | ||
5% 8/1/23 (e) | 1,435 | 1,658 | ||
| 21,136 | |||
Illinois - 8.5% | ||||
Chicago Board of Ed.: | ||||
Series 1998 B1, 0% 12/1/21 (FGIC Insured) | 10,000 | 7,507 | ||
Series 2009 D: | ||||
4% 12/1/16 (Assured Guaranty Corp. Insured) | 950 | 970 | ||
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,345 | ||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,501 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.) Series 1999: | ||||
0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 6,868 | ||
0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,753 | ||
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,805 | 8,638 | ||
0% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,755 | 12,375 | ||
Series 2009 A, 5% 1/1/22 | 2,500 | 2,525 | ||
Series 2012 C, 5% 1/1/23 | 3,220 | 3,236 | ||
4.5% 1/1/20 | 1,150 | 1,163 | ||
5% 1/1/21 | 4,875 | 4,999 | ||
5% 1/1/21 | 1,500 | 1,538 | ||
5% 1/1/23 | 2,920 | 2,936 | ||
Chicago Midway Arpt. Rev.: | ||||
Series 2014 B: | ||||
5% 1/1/20 | 625 | 711 | ||
5% 1/1/21 | 400 | 459 | ||
5% 1/1/23 | 2,500 | 2,913 | ||
5% 1/1/22 | 5,000 | 5,790 | ||
5% 1/1/23 | 5,900 | 6,875 | ||
Chicago Motor Fuel Tax Rev. Series 2013: | ||||
5% 1/1/19 | 250 | 265 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Chicago Motor Fuel Tax Rev. Series 2013: - continued | ||||
5% 1/1/20 | $ 300 | $ 320 | ||
5% 1/1/21 | 400 | 426 | ||
5% 1/1/22 | 300 | 318 | ||
5% 1/1/23 | 535 | 565 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2010 D, 5.25% 1/1/17 (e) | 1,000 | 1,060 | ||
Series 2010 E, 5% 1/1/16 (e) | 1,500 | 1,533 | ||
Series 2011 B, 5% 1/1/18 | 6,500 | 7,068 | ||
Series 2012 A, 5% 1/1/21 | 1,400 | 1,598 | ||
Series 2012 B, 5% 1/1/21 (e) | 4,605 | 5,167 | ||
Series 2013 B, 5% 1/1/22 | 4,000 | 4,593 | ||
Series 2013 D, 5% 1/1/22 | 3,220 | 3,697 | ||
Chicago Park District Gen. Oblig. Series 2014 D: | ||||
4% 1/1/17 | 1,050 | 1,076 | ||
4% 1/1/18 | 2,255 | 2,332 | ||
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,745 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
5% 6/1/19 (Assured Guaranty Corp. Insured) | 2,085 | 2,152 | ||
5% 6/1/19 (Pre-Refunded to 12/1/16 @ 100) | 415 | 441 | ||
Chicago Wastewtr. Transmission Rev. Series 2012: | ||||
5% 1/1/19 | 1,310 | 1,415 | ||
5% 1/1/23 | 1,200 | 1,304 | ||
Cook County Gen. Oblig.: | ||||
Series 2009 C, 5% 11/15/21 | 8,575 | 9,133 | ||
Series 2010 A, 5.25% 11/15/22 | 4,960 | 5,370 | ||
Series 2011 A, 5.25% 11/15/22 | 1,000 | 1,089 | ||
Series 2012 C: | ||||
5% 11/15/19 | 3,200 | 3,469 | ||
5% 11/15/20 | 7,210 | 7,855 | ||
5% 11/15/21 | 4,970 | 5,415 | ||
5% 11/15/22 | 1,250 | 1,357 | ||
Series 2014 A: | ||||
5% 11/15/20 | 1,000 | 1,089 | ||
5% 11/15/21 | 500 | 545 | ||
5% 11/15/22 | 1,000 | 1,086 | ||
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,662 | ||
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B2, 1.55%, tender 2/13/30 (d) | 10,000 | 9,873 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Fin. Auth. Gas Supply Rev. Bonds (The Peoples Gas Lt. and Coke Co. Proj.) Series 2010 B, 2.625%, tender 8/1/15 (d) | $ 9,500 | $ 9,514 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.25% 10/1/15 | 2,220 | 2,245 | ||
Illinois Fin. Auth. Rev.: | ||||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5% 7/1/15 | 1,000 | 1,000 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5% 5/15/16 | 2,060 | 2,137 | ||
5% 5/15/17 | 3,520 | 3,781 | ||
(Provena Health Proj.) Series 2010 A, 5.75% 5/1/19 | 2,650 | 3,031 | ||
(Rush Univ. Med. Ctr. Proj.) Series 2006 B: | ||||
5% 11/1/15 (Escrowed to Maturity) | 3,075 | 3,122 | ||
5% 11/1/16 (Escrowed to Maturity) | 1,700 | 1,801 | ||
Bonds Series E, 2.25%, tender 4/29/22 (d) | 22,930 | 22,530 | ||
Series 2012 A, 5% 5/15/23 | 1,300 | 1,478 | ||
Series 2012: | ||||
5% 9/1/18 | 1,160 | 1,272 | ||
5% 9/1/19 | 1,115 | 1,242 | ||
5% 9/1/20 | 1,470 | 1,651 | ||
5% 9/1/21 | 2,045 | 2,298 | ||
5% 9/1/22 | 3,530 | 3,976 | ||
5% 11/15/20 | 1,650 | 1,907 | ||
5% 11/15/22 | 500 | 578 | ||
5% 11/15/24 | 1,955 | 2,281 | ||
Illinois Gen. Oblig.: | ||||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,495 | 1,501 | ||
Series 2004, 5% 11/1/16 | 11,000 | 11,516 | ||
Series 2005, 5% 4/1/17 (AMBAC Insured) | 8,050 | 8,075 | ||
Series 2007 B, 5% 1/1/17 | 9,835 | 10,293 | ||
Series 2010: | ||||
5% 1/1/16 (FSA Insured) | 3,200 | 3,264 | ||
5% 1/1/21 (FSA Insured) | 1,600 | 1,715 | ||
Series 2012: | ||||
5% 3/1/19 | 5,500 | 5,897 | ||
5% 8/1/19 | 2,660 | 2,864 | ||
5% 8/1/20 | 6,900 | 7,487 | ||
5% 8/1/21 | 1,400 | 1,520 | ||
5% 8/1/22 | 5,800 | 6,254 | ||
Series 2013, 5% 7/1/22 | 1,265 | 1,365 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2014, 5% 2/1/22 | $ 3,000 | $ 3,235 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A, 5% 5/15/16 (FSA Insured) | 2,325 | 2,415 | ||
Series 2003 A, 5% 5/15/17 (FSA Insured) | 2,150 | 2,315 | ||
Illinois Sales Tax Rev. Series 2009 B: | ||||
4.5% 6/15/16 | 5,000 | 5,185 | ||
4.5% 6/15/17 | 6,075 | 6,485 | ||
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2006 A2, 5% 1/1/31 (Pre-Refunded to 7/1/16 @ 100) | 2,100 | 2,194 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/15 (Escrowed to Maturity) | 580 | 579 | ||
0% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,520 | 1,516 | ||
McHenry County Conservation District Gen. Oblig.: | ||||
Series 2014: | ||||
5% 2/1/19 | 2,285 | 2,580 | ||
5% 2/1/20 | 2,275 | 2,617 | ||
Series 2014. 5% 2/1/23 | 2,225 | 2,630 | ||
Will County Cmnty. Unit School District #365-U: | ||||
0% 11/1/16 (Escrowed to Maturity) | 740 | 735 | ||
0% 11/1/16 (FSA Insured) | 2,235 | 2,204 | ||
| 327,405 | |||
Indiana - 2.0% | ||||
Indiana Fin. Auth. Econ. Dev. Rev. Bonds (Republic Svcs., Inc. Proj.): | ||||
Series 2012, 0.48%, tender 9/1/15 (d)(e) | 6,300 | 6,300 | ||
Series A, 0.48%, tender 5/1/34 (d)(e) | 2,100 | 2,100 | ||
Indiana Fin. Auth. Hosp. Rev. Series 2013: | ||||
5% 8/15/22 | 700 | 813 | ||
5% 8/15/23 | 1,000 | 1,166 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A, 5% 12/1/15 | 2,135 | 2,175 | ||
(Wabash Valley Correctional Facilities Proj.) Series 2009 A, 5% 7/1/15 | 8,025 | 8,025 | ||
Series 2010 A, 5% 2/1/17 | 2,800 | 2,991 | ||
Series 2012: | ||||
5% 3/1/20 | 650 | 727 | ||
5% 3/1/21 | 1,225 | 1,383 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | ||||
Series 2012 A: | ||||
5% 10/1/20 | $ 825 | $ 959 | ||
5% 10/1/22 | 1,600 | 1,886 | ||
Series 2014 A: | ||||
5% 10/1/20 | 375 | 436 | ||
5% 10/1/21 | 380 | 445 | ||
5% 10/1/22 | 675 | 794 | ||
Series 2015 A: | ||||
5% 10/1/24 | 1,495 | 1,788 | ||
5% 10/1/25 | 1,625 | 1,926 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (d) | 4,000 | 4,176 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (d) | 2,200 | 2,235 | ||
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A: | ||||
5% 1/1/19 | 1,470 | 1,656 | ||
5% 1/1/20 | 1,250 | 1,435 | ||
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series F, 5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 515 | 515 | ||
Indianapolis Thermal Energy Sys. Series 2010 B: | ||||
5% 10/1/16 | 5,000 | 5,262 | ||
5% 10/1/17 | 5,000 | 5,433 | ||
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | ||||
4% 1/15/19 | 1,000 | 1,087 | ||
4% 1/15/20 | 1,345 | 1,481 | ||
4% 1/15/21 | 1,250 | 1,376 | ||
5% 7/15/19 | 1,680 | 1,912 | ||
5% 7/15/20 | 1,170 | 1,357 | ||
5% 7/15/21 | 1,000 | 1,169 | ||
Purdue Univ. Rev.: | ||||
(Student Facilities Sys. Proj.) Series 2009 B: | ||||
4% 7/1/17 | 500 | 532 | ||
5% 7/1/15 | 315 | 315 | ||
5% 7/1/16 | 500 | 523 | ||
Series Z-1: | ||||
5% 7/1/16 | 1,215 | 1,270 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Purdue Univ. Rev.: - continued | ||||
Series Z-1: | ||||
5% 7/1/17 | $ 1,000 | $ 1,083 | ||
5% 7/1/18 | 1,500 | 1,676 | ||
Rockport Poll. Cont. Rev. Bonds (Indiana Michigan Pwr. Co. Proj. Series 2009 B, 1.75%, tender 6/1/18 (d) | 8,500 | 8,498 | ||
Univ. of Southern Indiana Rev. Series J: | ||||
5% 10/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,011 | ||
5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,227 | ||
| 79,143 | |||
Iowa - 0.0% | ||||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,749 | ||
Kansas - 0.6% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D: | ||||
5% 11/15/15 | 625 | 636 | ||
5% 11/15/16 | 875 | 927 | ||
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 3,100 | 3,098 | ||
Wichita Hosp. Facilities Rev.: | ||||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A: | ||||
5% 11/15/15 (Escrowed to Maturity) | 6,245 | 6,353 | ||
5% 11/15/16 (Escrowed to Maturity) | 5,410 | 5,744 | ||
Series 2011 IV A: | ||||
5% 11/15/18 (Escrowed to Maturity) | 2,250 | 2,540 | ||
5% 11/15/20 (Escrowed to Maturity) | 2,745 | 3,233 | ||
| 22,531 | |||
Kentucky - 0.8% | ||||
Kentucky Econ. Dev. Fin. Auth. Bonds Series 2009 B, 2.7%, tender 11/10/21 (d) | 9,000 | 9,005 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/15 | 4,000 | 4,021 | ||
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,682 | ||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): | ||||
Series 2003 A, 1.65%, tender 4/3/17 (d) | 6,000 | 6,062 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Kentucky - continued | ||||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): - continued | ||||
Series 2007 B: | ||||
1.15%, tender 6/1/17 (d) | $ 2,600 | $ 2,600 | ||
1.6%, tender 6/1/17 (d) | 8,000 | 8,052 | ||
| 32,422 | |||
Louisiana - 1.1% | ||||
Louisiana Gas & Fuel Tax Rev. Bonds Series 2013 B, 0.599%, tender 5/1/17 (d) | 25,000 | 25,080 | ||
Louisiana Pub. Facilities Auth. Rev.: | ||||
(Christus Health Proj.) Series 2009 A, 5% 7/1/16 | 2,000 | 2,084 | ||
(Entergy Gulf States Louisiana LLC Proj.) Series 2010 B, 2.875% 11/1/15 | 3,000 | 3,024 | ||
Louisiana Stadium and Exposition District Series 2013 A: | ||||
5% 7/1/21 | 1,500 | 1,748 | ||
5% 7/1/22 | 1,000 | 1,172 | ||
New Orleans Gen. Oblig. Series 2012, 5% 12/1/20 | 2,800 | 3,159 | ||
Reg'l. Transit Auth. Louisiana Sales Tax Rev. 4% 12/1/16 (FSA Insured) | 1,000 | 1,041 | ||
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 | 4,500 | 5,129 | ||
| 42,437 | |||
Maine - 0.2% | ||||
Maine Tpk. Auth. Tpk. Rev. Series 2015: | ||||
5% 7/1/21 | 2,400 | 2,837 | ||
5% 7/1/22 | 1,850 | 2,206 | ||
5% 7/1/24 | 2,350 | 2,839 | ||
| 7,882 | |||
Maryland - 1.7% | ||||
Maryland Gen. Oblig.: | ||||
Series 2008 2, 5% 7/15/22 (Pre-Refunded to 7/15/18 @ 100) | 5,500 | 6,140 | ||
Series 2012 B, 5% 8/1/16 | 6,400 | 6,716 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
Bonds: | ||||
Series 2012 D, 0.953%, tender 11/15/17 (d) | 14,000 | 14,116 | ||
Series 2013 A: | ||||
0.703%, tender 5/15/18 (d) | 4,700 | 4,703 | ||
0.723%, tender 5/15/18 (d) | 7,100 | 7,101 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Maryland - continued | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: - continued | ||||
Series 2015: | ||||
5% 7/1/19 (c) | $ 400 | $ 444 | ||
5% 7/1/22 (c) | 900 | 1,014 | ||
5% 7/1/23 (c) | 1,000 | 1,128 | ||
5% 7/1/24 (c) | 2,000 | 2,251 | ||
5% 7/1/25 (c) | 1,770 | 1,990 | ||
Montgomery County Gen. Oblig. Series 2011 A, 5% 7/1/20 | 16,000 | 18,380 | ||
| 63,983 | |||
Massachusetts - 1.4% | ||||
Braintree Gen. Oblig. Series 2009, 5% 5/15/16 | 4,400 | 4,577 | ||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2006 B, 5.25% 7/1/18 | 2,300 | 2,591 | ||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston College Proj.): | ||||
Series Q1: | ||||
4% 7/1/15 | 1,500 | 1,500 | ||
4% 7/1/16 | 1,000 | 1,036 | ||
Series Q2: | ||||
4% 7/1/15 | 1,170 | 1,170 | ||
4% 7/1/16 | 1,000 | 1,036 | ||
5% 7/1/17 | 1,370 | 1,485 | ||
(Tufts Med. Ctr. Proj.) Series I, 5% 1/1/16 | 1,300 | 1,326 | ||
Bonds Series 2013 U-6E, 0.62%, tender 9/30/16 (d) | 5,900 | 5,908 | ||
4.5% 11/15/18 (b) | 5,000 | 5,005 | ||
Massachusetts Edl. Fing. Auth. Rev. Series 2013, 5% 7/1/19 (e) | 4,725 | 5,237 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2004 B, 5.25% 8/1/20 | 12,700 | 15,037 | ||
Series 2006 D, 5% 8/1/22 (Pre-Refunded to 8/1/16 @ 100) | 4,500 | 4,722 | ||
Medford Gen. Oblig. Series 2011 B, 4% 3/1/19 | 3,570 | 3,866 | ||
| 54,496 | |||
Michigan - 2.7% | ||||
Detroit Swr. Disp. Rev. Series 2006 D, 0.784% 7/1/32 (d) | 4,070 | 3,558 | ||
Grand Blanc Cmnty. Schools Series 2013: | ||||
5% 5/1/19 | 1,225 | 1,382 | ||
5% 5/1/20 | 2,635 | 3,025 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Grand Blanc Cmnty. Schools Series 2013: - continued | ||||
5% 5/1/21 | $ 2,150 | $ 2,492 | ||
5% 5/1/22 | 1,850 | 2,158 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,399 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A: | ||||
5% 11/15/18 | 1,250 | 1,394 | ||
5% 11/15/19 | 1,000 | 1,134 | ||
Michigan Fin. Auth. Rev.: | ||||
Series 2012 A: | ||||
5% 6/1/16 | 2,290 | 2,367 | ||
5% 6/1/17 | 1,410 | 1,507 | ||
5% 6/1/18 | 2,430 | 2,660 | ||
Series 2015 A: | ||||
5% 8/1/22 | 2,400 | 2,785 | ||
5% 8/1/23 | 3,800 | 4,406 | ||
Michigan Hosp. Fin. Auth. Rev. Bonds: | ||||
Series 1999 B3, 0.3%, tender 2/3/16 (d) | 25,000 | 25,009 | ||
Series 2005 A4, 1.625%, tender 11/1/19 (d) | 9,215 | 9,107 | ||
Series 2010 F3, 1.4%, tender 6/29/18 (d) | 1,900 | 1,917 | ||
Series 2010 F4, 1.95%, tender 4/1/20 (d) | 6,545 | 6,628 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010: | ||||
5% 10/1/15 | 1,750 | 1,770 | ||
5% 10/1/15 | 3,250 | 3,287 | ||
(Local Govt. Ln. Prog.) Series 2009 C, 5% 5/1/16 | 1,865 | 1,927 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev.: | ||||
(William Beaumont Hosp. Oblig. Group Proj.) Series 2009 W, 5% 8/1/15 (Escrowed to Maturity) | 2,070 | 2,077 | ||
Series 2014 D: | ||||
5% 9/1/21 | 1,500 | 1,739 | ||
5% 9/1/23 | 500 | 580 | ||
Spring Lake Pub. Schools: | ||||
Series 2014, 5% 5/1/19 | 2,300 | 2,595 | ||
5% 11/1/19 | 2,775 | 3,163 | ||
5% 5/1/20 | 3,630 | 4,167 | ||
5% 11/1/20 | 1,745 | 2,020 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Spring Lake Pub. Schools: - continued | ||||
5% 5/1/21 | $ 4,110 | $ 4,764 | ||
Western Michigan Univ. Rev. 5.25% 11/15/15 (Assured Guaranty Corp. Insured) | 3,275 | 3,333 | ||
| 104,350 | |||
Minnesota - 0.4% | ||||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | ||||
Series 2014 A: | ||||
5% 1/1/22 | 1,000 | 1,163 | ||
5% 1/1/23 | 1,000 | 1,172 | ||
Series 2014 B: | ||||
5% 1/1/21 (e) | 2,290 | 2,623 | ||
5% 1/1/22 (e) | 2,000 | 2,311 | ||
5% 1/1/23 (e) | 1,000 | 1,159 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 581 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,023 | ||
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A: | ||||
5% 1/1/22 | 1,000 | 1,178 | ||
5% 1/1/23 | 1,500 | 1,783 | ||
5% 1/1/24 | 1,000 | 1,199 | ||
| 14,192 | |||
Mississippi - 0.2% | ||||
Mississippi Gen. Oblig. (Cap. Impts. Proj.) Series 2012 D, 0.6% 9/1/17 (d) | 3,295 | 3,298 | ||
Mississippi Hosp. Equip. & Facilities Auth. Bonds (Baptist Memorial Health Care Proj.) Series 2004 B2, 0.5%, tender 7/9/15 (d)(f) | 6,100 | 6,100 | ||
| 9,398 | |||
Missouri - 0.0% | ||||
Saint Louis Arpt. Rev. Series 2013, 5% 7/1/18 | 765 | 845 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Nebraska - 0.1% | ||||
Nebraska Pub. Pwr. District Rev.: | ||||
Series 2012 C, 5% 1/1/22 (Pre-Refunded to 1/1/18 @ 100) | $ 1,100 | $ 1,210 | ||
Series C, 4% 1/1/16 | 2,195 | 2,234 | ||
| 3,444 | |||
Nevada - 1.9% | ||||
Clark County Arpt. Rev.: | ||||
Series 2008 E, 5% 7/1/15 | 3,500 | 3,500 | ||
Series 2013 C1, 2.5% 7/1/15 (e) | 12,400 | 12,400 | ||
Clark County School District: | ||||
Series 2012 A, 5% 6/15/19 | 24,610 | 27,965 | ||
Series 2014 A, 5.5% 6/15/16 | 2,700 | 2,830 | ||
Nevada Gen. Oblig.: | ||||
Series 2010 C, 5% 6/1/19 | 12,140 | 13,839 | ||
Series 2012 B, 5% 8/1/20 | 2,230 | 2,597 | ||
Series 2013 D1: | ||||
5% 3/1/23 | 4,500 | 5,362 | ||
5% 3/1/24 | 2,700 | 3,211 | ||
| 71,704 | |||
New Hampshire - 0.3% | ||||
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2012: | ||||
4% 7/1/20 | 2,705 | 2,837 | ||
4% 7/1/21 | 1,520 | 1,590 | ||
New Hampshire Tpk. Sys. Rev. Series 2012 B: | ||||
5% 2/1/17 | 3,000 | 3,200 | ||
5% 2/1/18 | 2,500 | 2,742 | ||
| 10,369 | |||
New Jersey - 5.4% | ||||
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | ||||
5% 2/15/20 | 3,000 | 3,397 | ||
5% 2/15/21 | 2,500 | 2,852 | ||
5% 2/15/22 | 2,500 | 2,867 | ||
5% 2/15/23 | 2,750 | 3,172 | ||
New Jersey Ctfs. of Prtn. Series 2009 A, 5% 6/15/16 | 6,500 | 6,761 | ||
New Jersey Econ. Dev. Auth. Rev.: | ||||
Series 2005 K, 5.5% 12/15/19 | 8,030 | 8,912 | ||
Series 2009 BB, 5% 9/1/15 (Escrowed to Maturity) | 3,390 | 3,415 | ||
Series 2011 EE, 5% 9/1/20 | 5,000 | 5,434 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. Rev.: - continued | ||||
Series 2012 II: | ||||
5% 3/1/21 | $ 6,800 | $ 7,391 | ||
5% 3/1/22 | 6,290 | 6,803 | ||
Series 2012, 5% 6/15/18 | 5,600 | 6,033 | ||
Series 2013 NN, 5% 3/1/19 | 8,165 | 8,808 | ||
Series 2014 PP, 5% 6/15/19 | 17,000 | 18,413 | ||
New Jersey Edl. Facility Series 2014: | ||||
5% 6/15/20 | 11,000 | 11,924 | ||
5% 6/15/21 | 11,000 | 11,946 | ||
New Jersey Gen. Oblig. Series O, 5.25% 8/1/22 | 3,930 | 4,508 | ||
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | ||||
Series 2010 1A, 5% 12/1/15 | 4,500 | 4,580 | ||
Series 2013: | ||||
5% 12/1/18 (e) | 6,000 | 6,595 | ||
5% 12/1/19 (e) | 3,850 | 4,291 | ||
New Jersey Tpk. Auth. Tpk. Rev.: | ||||
Bonds Series 2013 D, 0.6%, tender 1/1/16 (d) | 5,000 | 5,001 | ||
Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) | 200 | 206 | ||
Series 2013 A, 5% 1/1/24 | 4,345 | 5,065 | ||
Series 2013 C, 0.55% 1/1/17 (d) | 16,000 | 16,010 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,281 | ||
Series 2003 B, 5.25% 12/15/19 | 3,870 | 4,250 | ||
Series 2003 B. 5.25% 12/15/19 | 5,500 | 6,040 | ||
Series 2012 AA, 5% 6/15/19 | 1,500 | 1,619 | ||
Series 2013 A: | ||||
5% 12/15/19 | 6,455 | 7,022 | ||
5% 6/15/20 | 18,000 | 19,556 | ||
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A: | ||||
5% 9/15/15 | 5,250 | 5,297 | ||
5% 9/15/21 | 4,900 | 5,562 | ||
| 209,011 | |||
New Mexico - 1.0% | ||||
Farmington Poll. Cont. Rev. Bonds (Southern California Edison Co. Four Corners Proj.): | ||||
Series 2005 B, 1.875%, tender 4/1/20 (d) | 11,000 | 10,923 | ||
Series 2011, 1.875%, tender 4/1/20 (d) | 6,290 | 6,260 | ||
New Mexico Edl. Assistance Foundation: | ||||
Series 2009 B, 4% 9/1/16 | 7,000 | 7,270 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Mexico - continued | ||||
New Mexico Edl. Assistance Foundation: - continued | ||||
Series 2010 A1: | ||||
4% 12/1/15 | $ 3,700 | $ 3,756 | ||
4% 12/1/16 | 6,750 | 7,068 | ||
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 4,822 | ||
| 40,099 | |||
New York - 9.1% | ||||
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 | 1,205 | ||
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 640 | 711 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,463 | ||
New York City Gen. Oblig.: | ||||
Series 2005 F1, 5% 9/1/15 | 3,560 | 3,589 | ||
Series 2014 J, 3% 8/1/16 | 5,600 | 5,755 | ||
Series 2014 K, 3% 8/1/16 | 3,900 | 4,008 | ||
Series 2015 C: | ||||
5% 8/1/23 | 10,000 | 11,881 | ||
5% 8/1/24 | 5,000 | 5,973 | ||
5% 8/1/25 | 1,700 | 2,026 | ||
Series J8, 0.45% 8/1/21 (d) | 7,500 | 7,502 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 B, 5% 2/1/20 | 3,000 | 3,462 | ||
Series 2010 B: | ||||
5% 11/1/17 | 11,740 | 12,851 | ||
5% 11/1/17 (Escrowed to Maturity) | 18,260 | 20,019 | ||
5% 11/1/20 | 5,950 | 6,872 | ||
Series 2010 D: | ||||
5% 11/1/15 (Escrowed to Maturity) | 890 | 904 | ||
5% 11/1/17 | 8,015 | 8,771 | ||
5% 11/1/17 (Escrowed to Maturity) | 2,100 | 2,300 | ||
Series 2012 A: | ||||
5% 11/1/17 | 6,180 | 6,772 | ||
5% 11/1/17 (Escrowed to Maturity) | 820 | 898 | ||
5% 11/1/20 | 4,500 | 5,267 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | ||||
(State Univ. Proj.) Series 2012 A, 5% 5/15/20 | $ 4,000 | $ 4,651 | ||
Series 2012 A, 4% 5/15/20 | 8,000 | 8,922 | ||
New York Dorm. Auth. Personal Income Tax Rev. Series 2012 A, 5% 12/15/20 | 8,500 | 9,971 | ||
New York Dorm. Auth. Revs.: | ||||
Series 2008 B, 5% 7/1/15 | 30,000 | 30,000 | ||
Series 2008 D, 5.25% 8/15/17 (FSA Insured) | 7,000 | 7,647 | ||
Series 2009 A: | ||||
5% 7/1/15 | 12,850 | 12,850 | ||
5% 7/1/16 | 8,390 | 8,757 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B, 5% 11/15/15 | 2,325 | 2,365 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Bonds Series 2012 G2, 0.653%, tender 11/1/15 (d) | 13,300 | 13,303 | ||
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,200 | 6,027 | ||
Series 2008 B2: | ||||
5% 11/15/19 | 6,185 | 7,103 | ||
5% 11/15/20 | 5,500 | 6,413 | ||
5% 11/15/21 | 4,000 | 4,697 | ||
Series 2012 B, 5% 11/15/22 | 2,000 | 2,355 | ||
Series 2012 D, 5% 11/15/18 | 2,515 | 2,829 | ||
Series 2012 E: | ||||
4% 11/15/19 | 4,000 | 4,426 | ||
5% 11/15/21 | 2,435 | 2,860 | ||
Series 2012 F, 5% 11/15/19 | 5,000 | 5,742 | ||
New York Thruway Auth. Gen. Rev. Series 2013 A, 5% 5/1/19 | 20,400 | 23,049 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,074 | ||
Series 2011 A1: | ||||
5% 4/1/17 | 1,500 | 1,612 | ||
5% 4/1/18 | 3,500 | 3,877 | ||
New York Urban Dev. Corp. Rev.: | ||||
Series 2009 C, 5% 12/15/16 | 17,000 | 18,085 | ||
Series 2011 A, 5% 3/15/21 | 18,425 | 21,568 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2011, 5% 6/1/16 | 20,000 | 20,824 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2013 B, 5% 6/1/21 | $ 3,400 | $ 3,546 | ||
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) | 2,930 | 3,031 | ||
| 353,813 | |||
North Carolina - 1.3% | ||||
Dare County Ctfs. of Prtn. Series 2012 B: | ||||
4% 6/1/17 | 1,000 | 1,063 | ||
4% 6/1/18 | 1,280 | 1,383 | ||
4% 6/1/20 | 1,000 | 1,108 | ||
5% 6/1/19 | 1,305 | 1,483 | ||
Mecklenburg County Pub. Facilities Corp. Series 2009: | ||||
5% 3/1/16 | 5,870 | 6,052 | ||
5% 3/1/18 | 1,500 | 1,654 | ||
Nash Health Care Sys. Health Care Facilities Rev. Series 2003, 5% 11/1/15 (FSA Insured) | 1,600 | 1,624 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A, 5% 1/1/16 | 6,035 | 6,167 | ||
North Carolina Gen. Oblig. Series 2014 A, 5% 6/1/16 | 8,095 | 8,437 | ||
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | ||||
5% 6/1/16 | 1,000 | 1,040 | ||
5% 6/1/17 | 3,220 | 3,470 | ||
5% 6/1/18 | 3,820 | 4,209 | ||
Univ. of North Carolina at Chapel Hill Rev. Bonds Series 2012 A, 0.573%, tender 12/1/15 (d) | 11,500 | 11,495 | ||
| 49,185 | |||
North Dakota - 0.1% | ||||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.) Series 2005, 5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,825 | 1,852 | ||
Ohio - 3.5% | ||||
American Muni. Pwr., Inc. Rev. Bonds Series B, 5%, tender 8/15/20 (d) | 35,000 | 39,752 | ||
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | ||||
5% 6/1/16 | 3,035 | 3,147 | ||
5% 6/1/17 | 3,500 | 3,751 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
Cincinnati City School District 5.25% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,555 | $ 4,027 | ||
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | 1,000 | 1,048 | ||
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013: | ||||
5% 6/15/22 | 2,145 | 2,401 | ||
5% 6/15/23 | 1,855 | 2,085 | ||
Hamilton County Convention Facilities Auth. Rev. Series 2014: | ||||
5% 12/1/19 | 1,910 | 2,159 | ||
5% 12/1/20 | 2,205 | 2,518 | ||
5% 12/1/21 | 2,045 | 2,347 | ||
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010: | ||||
5% 6/1/16 (FSA Insured) | 1,105 | 1,149 | ||
5% 6/1/17 (FSA Insured) | 1,160 | 1,249 | ||
Ohio Air Quality Dev. Auth. Rev.: | ||||
Bonds (First Energy Nuclear Generation Proj.) Series 2006 A, 3.75%, tender 12/3/18 (d) | 13,300 | 13,982 | ||
Series 2009 C, 5.625% 6/1/18 | 1,395 | 1,529 | ||
Ohio Bldg. Auth.: | ||||
(Administrative Bldg. Fund Proj.): | ||||
Series 2009 B, 5% 10/1/15 | 6,505 | 6,579 | ||
Series 2010 C: | ||||
4% 10/1/15 | 3,200 | 3,229 | ||
5% 10/1/16 | 1,250 | 1,320 | ||
(Adult Correctional Bldg. Fund Proj.): | ||||
Series 2009 B, 5% 10/1/15 | 4,535 | 4,587 | ||
Series 2010 A, 5% 10/1/15 | 1,185 | 1,199 | ||
Ohio Gen. Oblig.: | ||||
(Common Schools Proj.) Series 2010 A, 5% 9/15/17 | 2,600 | 2,837 | ||
(Higher Ed. Proj.) Series 2010 A, 5% 8/1/17 | 3,290 | 3,575 | ||
Series 2011 A, 5% 8/1/17 | 3,070 | 3,336 | ||
Series 2012 C, 5% 9/15/21 | 4,350 | 5,156 | ||
Series 2013 B, 4% 6/15/16 | 2,200 | 2,276 | ||
Ohio Higher Edl. Facility Commission Rev. (Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5% 1/15/17 | 1,000 | 1,061 | ||
Ohio State Univ. Gen. Receipts Series 2010 A: | ||||
5% 12/1/16 | 4,720 | 5,010 | ||
5% 12/1/16 (Escrowed to Maturity) | 280 | 297 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds: | ||||
(FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (d) | $ 10,225 | $ 10,648 | ||
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 B, 3.375%, tender 7/1/15 (d) | 5,000 | 5,000 | ||
| 137,254 | |||
Oklahoma - 0.3% | ||||
Oklahoma Dev. Fin. Auth. Rev.: | ||||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/23 | 2,600 | 2,994 | ||
Series 2004 A, 2.375% 12/1/21 | 1,350 | 1,363 | ||
Series 2012, 5% 2/15/21 | 1,600 | 1,847 | ||
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 5,886 | ||
| 12,090 | |||
Oregon - 0.1% | ||||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/16 | 1,750 | 1,806 | ||
Pennsylvania - 4.3% | ||||
Allegheny County Arpt. Auth. Rev. Series A, 5% 1/1/16 (FSA Insured) (e) | 1,000 | 1,022 | ||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 4% 8/15/15 | 1,385 | 1,391 | ||
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.): | ||||
Series 2005 A, 3.375%, tender 7/1/15 (d) | 2,000 | 2,000 | ||
Series 2006 A, 3.5%, tender 6/1/20 (d) | 5,250 | 5,376 | ||
Series 2006 B, 3.5%, tender 6/1/20 (d) | 6,000 | 6,144 | ||
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | ||||
5% 7/1/16 | 1,000 | 1,044 | ||
5% 7/1/17 | 1,255 | 1,352 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,366 | ||
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A: | ||||
4% 10/1/18 | 1,000 | 1,070 | ||
4% 10/1/19 | 660 | 711 | ||
5% 10/1/20 | 1,260 | 1,414 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | ||||
5% 3/1/18 | $ 2,455 | $ 2,662 | ||
5% 3/1/19 | 2,310 | 2,555 | ||
5% 3/1/20 | 2,140 | 2,405 | ||
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B: | ||||
5% 1/1/22 | 5,000 | 5,414 | ||
5% 7/1/22 | 5,200 | 5,425 | ||
5% 1/1/23 | 3,000 | 3,068 | ||
5% 7/1/23 | 1,650 | 1,653 | ||
Pennsylvania Gen. Oblig.: | ||||
Series 2006 1, 5% 10/1/19 (Pre-Refunded to 10/1/16 @ 100) | 7,000 | 7,398 | ||
Series 2010 A3, 5% 7/15/16 | 3,900 | 4,081 | ||
Series 2011, 5% 7/1/21 | 1,900 | 2,196 | ||
Series 2013 1, 5% 4/1/16 | 2,655 | 2,747 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2014: | ||||
5% 12/1/19 | 340 | 391 | ||
5% 12/1/21 | 275 | 325 | ||
5% 12/1/22 | 855 | 1,017 | ||
Pennsylvania Tpk. Commission Tpk. Rev.: | ||||
Series 2009 B, 5% 12/1/17 | 12,500 | 13,675 | ||
Series 2013 A, 0.67% 12/1/17 (d) | 6,400 | 6,419 | ||
Philadelphia Gas Works Rev.: | ||||
(1998 Gen. Ordinance Proj.) Eighth Series A, 5% 8/1/15 | 2,100 | 2,108 | ||
Eighth Series A, 5% 8/1/16 | 1,000 | 1,041 | ||
Seventeenth Series: | ||||
5.375% 7/1/15 (FSA Insured) | 2,000 | 2,000 | ||
5.375% 7/1/16 (FSA Insured) | 2,300 | 2,399 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2008 A: | ||||
5% 12/15/15 (FSA Insured) | 5,000 | 5,103 | ||
5% 12/15/16 (FSA Insured) | 7,275 | 7,722 | ||
Series 2011: | ||||
5.25% 8/1/17 | 6,165 | 6,694 | ||
5.25% 8/1/18 | 5,515 | 6,145 | ||
Philadelphia Muni. Auth. Rev. Series 2013 A: | ||||
5% 11/15/17 | 6,635 | 7,206 | ||
5% 11/15/18 | 3,430 | 3,811 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Philadelphia School District Series 2010 C, 5% 9/1/16 | $ 13,610 | $ 14,247 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A, 5% 6/15/16 | 6,000 | 6,256 | ||
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2010, 5% 2/1/16 (FSA Insured) | 5,620 | 5,767 | ||
Pittsburgh School District Series 2010 A: | ||||
4% 9/1/15 | 1,405 | 1,413 | ||
4% 9/1/15 (Escrowed to Maturity) | 45 | 45 | ||
5% 9/1/16 (FSA Insured) | 1,685 | 1,769 | ||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B, 5% 11/15/15 | 2,420 | 2,460 | ||
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011: | ||||
5% 6/1/18 | 1,000 | 1,099 | ||
5% 6/1/19 | 200 | 224 | ||
State Pub. School Bldg. Auth. Lease Rev. (Philadelphia School District Proj.) Series 2012: | ||||
5% 4/1/19 | 1,305 | 1,453 | ||
5% 4/1/20 | 1,250 | 1,407 | ||
5% 4/1/21 | 1,000 | 1,128 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,354 | ||
| 168,172 | |||
Rhode Island - 0.6% | ||||
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A, 5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 6,902 | ||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2013 A: | ||||
5% 5/15/18 | 1,000 | 1,083 | ||
5% 5/15/19 | 1,500 | 1,650 | ||
Rhode Island Health & Edl. Bldg. Corp. Pub. Schools Rev. Series 2015, 5% 5/15/25 (FSA Insured) | 6,040 | 7,019 | ||
Tobacco Setlement Fing. Corp. Series 2015 A: | ||||
5% 6/1/26 | 3,500 | 3,887 | ||
5% 6/1/27 | 1,000 | 1,095 | ||
| 21,636 | |||
South Carolina - 1.7% | ||||
Lexington County Health Svcs. District, Inc. Hosp. Rev. Series 2011, 5% 11/1/19 | 1,190 | 1,358 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
South Carolina - continued | ||||
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | ||||
5% 12/1/23 | $ 4,440 | $ 5,131 | ||
5% 12/1/26 | 1,100 | 1,256 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
Series 2012 B: | ||||
5% 12/1/17 | 2,000 | 2,185 | ||
5% 12/1/20 | 1,000 | 1,165 | ||
Series 2012 C, 5% 12/1/17 | 10,535 | 11,512 | ||
Series 2014 C: | ||||
5% 12/1/22 | 1,100 | 1,301 | ||
5% 12/1/23 | 5,000 | 5,905 | ||
Series 2015 C: | ||||
5% 12/1/18 (c) | 15,000 | 16,547 | ||
5% 12/1/19 (c) | 18,690 | 21,025 | ||
| 67,385 | |||
South Dakota - 0.2% | ||||
South Dakota Health & Edl. Facilities Auth. Rev.: | ||||
(Reg'l. Health Proj.) Series 2010: | ||||
5% 9/1/15 | 680 | 685 | ||
5% 9/1/16 | 500 | 524 | ||
5% 9/1/17 | 490 | 530 | ||
Series 2011: | ||||
5% 9/1/17 | 1,100 | 1,190 | ||
5% 9/1/18 | 1,200 | 1,330 | ||
5% 9/1/19 | 1,255 | 1,420 | ||
Series 2014 B: | ||||
4% 11/1/19 | 400 | 442 | ||
4% 11/1/20 | 625 | 694 | ||
4% 11/1/21 | 500 | 556 | ||
5% 11/1/22 | 375 | 440 | ||
| 7,811 | |||
Tennessee - 0.4% | ||||
Knox County Health Edl. & Hsg. Facilities Series 2012 A: | ||||
5% 1/1/19 | 1,925 | 2,150 | ||
5% 1/1/20 | 2,500 | 2,841 | ||
5% 1/1/21 | 2,500 | 2,874 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (e) | 1,730 | 1,802 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Tennessee - continued | ||||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | ||||
5% 7/1/16 | $ 1,815 | $ 1,894 | ||
5% 7/1/17 | 1,100 | 1,190 | ||
Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2004 A, 5% 9/1/15 | 3,125 | 3,148 | ||
| 15,899 | |||
Texas - 8.6% | ||||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/15 (Escrowed to Maturity) | 2,585 | 2,594 | ||
Austin Elec. Util. Sys. Rev.: | ||||
Series A, 5% 11/15/15 | 1,000 | 1,017 | ||
0% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,500 | 4,352 | ||
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,576 | ||
Austin Wtr. & Wastewtr. Sys. Rev. Series 2009 A, 5% 11/15/15 | 2,250 | 2,287 | ||
Brownsville Util. Sys. Rev. Series 2008 A, 5% 9/1/15 (FSA Insured) | 2,665 | 2,685 | ||
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,135 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2009 A, 5% 11/1/15 | 5,000 | 5,075 | ||
Series 2013 F: | ||||
5% 11/1/19 | 2,000 | 2,296 | ||
5% 11/1/20 | 1,500 | 1,747 | ||
5% 11/1/21 | 3,000 | 3,506 | ||
5% 11/1/22 | 5,000 | 5,871 | ||
Dallas Independent School District Series 2014 A, 4% 8/15/16 | 9,280 | 9,645 | ||
Dallas Wtrwks. & Swr. Sys. Rev. Series 2011, 5% 10/1/18 | 1,600 | 1,801 | ||
Fort Worth Independent School District Series 2009, 5% 2/15/16 | 3,690 | 3,797 | ||
Grapevine Gen. Oblig. Series 2009, 5% 2/15/16 | 1,375 | 1,415 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Memorial Hermann Health Sys. Proj.) Series 2013 B, 0.47% 6/1/16 (d) | 1,590 | 1,592 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A, 5% 11/15/16 | 500 | 530 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Harris County Gen. Oblig.: | ||||
Bonds Series 2012 B, 0.66%, tender 8/15/15 (d) | $ 10,470 | $ 10,472 | ||
Series 2012 A, 0.5% 8/15/15 (d) | 1,300 | 1,300 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A, 5% 7/1/17 (e) | 7,380 | 7,967 | ||
Series 2012 A, 5% 7/1/23 (e) | 2,000 | 2,279 | ||
Series A: | ||||
5% 7/1/15 | 2,070 | 2,070 | ||
5% 7/1/16 | 1,080 | 1,128 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 4,483 | ||
Houston Util. Sys. Rev.: | ||||
Bonds Series 2012 C, 0.67%, tender 8/1/16 (d) | 9,200 | 9,197 | ||
5% 5/15/22 | 5,000 | 5,908 | ||
5% 5/15/23 | 7,000 | 8,357 | ||
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,301 | ||
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,274 | ||
Lower Colorado River Auth. Rev.: | ||||
(LCRA Transmission Svcs. Corp. Proj.) Series 2010, 5% 5/15/18 | 3,140 | 3,478 | ||
Series 2010, 5% 5/15/17 | 2,805 | 3,022 | ||
5% 5/15/16 | 2,355 | 2,446 | ||
5% 5/15/16 (Escrowed to Maturity) | 5 | 5 | ||
Lubbock Health Facilities Dev. Corp. Rev. (St. Joseph Health Sys. Proj.) Series 2008 B: | ||||
5% 7/1/17 | 2,800 | 3,022 | ||
5% 7/1/18 | 3,030 | 3,359 | ||
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 1,939 | ||
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2008 A, 0.5%, tender 8/3/15 (d)(e) | 12,700 | 12,700 | ||
North Harris County Reg'l. Wtr. Auth. Series 2013, 4% 12/15/22 | 1,580 | 1,754 | ||
North Texas Tollway Auth. Rev. Bonds Series 2012 C, 1.95%, tender 1/1/19 (d) | 8,500 | 8,583 | ||
Northside Independent School District Bonds: | ||||
Series 2011 A, 2%, tender 6/1/19 (d) | 6,365 | 6,453 | ||
1%, tender 6/1/16 (d) | 20,000 | 20,074 | ||
1.2%, tender 8/1/17 (d) | 29,415 | 29,493 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Sam Rayburn Muni. Pwr. Agcy. Series 2012, 5% 10/1/20 | $ 1,000 | $ 1,148 | ||
San Antonio Elec. & Gas Sys. Rev. Series 2006 A, 5% 2/1/25 (Pre-Refunded to 2/1/16 @ 100) | 3,400 | 3,491 | ||
San Antonio Pub. Facilities Corp. and Rfdg. Lease (Convention Ctr. Proj.) Series 2012: | ||||
5% 9/15/20 | 1,000 | 1,150 | ||
5% 9/15/21 | 1,000 | 1,164 | ||
5% 9/15/22 | 3,440 | 4,003 | ||
San Antonio Wtr. Sys. Rev. Series 2012: | ||||
4% 5/15/19 | 1,500 | 1,655 | ||
5% 5/15/20 | 6,000 | 6,977 | ||
5% 5/15/21 | 5,000 | 5,874 | ||
San Jacinto Cmnty. College District Series 2009, 5% 2/15/16 | 2,000 | 2,058 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 6,112 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Scott & White Healthcare Proj.) Series 2013 A: | ||||
5% 8/15/21 | 750 | 873 | ||
5% 8/15/23 | 1,000 | 1,165 | ||
Series 2013: | ||||
4% 9/1/18 | 400 | 430 | ||
5% 9/1/19 | 655 | 740 | ||
5% 9/1/20 | 915 | 1,049 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.: | ||||
5.75% 7/1/18 | 2,600 | 2,820 | ||
5.75% 7/1/18 (Pre-Refunded to 7/1/16 @ 100) | 810 | 845 | ||
Texas Gen. Oblig.: | ||||
Series 2006, 5% 4/1/27 (Pre-Refunded to 4/1/16 @ 100) | 3,700 | 3,829 | ||
Series 2009 A, 5% 10/1/16 | 3,400 | 3,588 | ||
Series 2014, 5% 10/1/16 | 10,645 | 11,235 | ||
Texas Muni. Pwr. Agcy. Rev. Series 2010: | ||||
5% 9/1/15 | 835 | 841 | ||
5% 9/1/16 | 750 | 787 | ||
Texas Pub. Fin. Auth. Rev. Series 2014 B: | ||||
4% 7/1/17 | 2,100 | 2,206 | ||
4% 7/1/18 | 2,200 | 2,239 | ||
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2015 A, 5%, tender 4/1/20 (d) | 10,700 | 12,242 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Texas Trans. Commission State Hwy. Fund Rev.: | ||||
Series 2007, 5% 4/1/25 | $ 2,200 | $ 2,350 | ||
3% 10/1/17 (c) | 34,000 | 35,600 | ||
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,182 | ||
Univ. of Texas Board of Regents Sys. Rev.: | ||||
Series 2006 B, 5% 8/15/24 (Pre-Refunded to 8/15/16 @ 100) | 5,975 | 6,280 | ||
Series 2010 B, 5% 8/15/21 | 1,800 | 2,131 | ||
| 332,049 | |||
Utah - 0.2% | ||||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/17 | 1,090 | 1,179 | ||
Utah Gen. Oblig. Series 2009 C, 5% 7/1/16 | 5,555 | 5,810 | ||
| 6,989 | |||
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 | 2,263 | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/15 | 5,000 | 5,047 | ||
Virginia - 0.9% | ||||
Chesapeake Trans. Sys. Toll Road Rev. Series 2012 A: | ||||
4% 7/15/20 | 605 | 657 | ||
5% 7/15/21 | 400 | 457 | ||
Fairfax County Gen. Oblig.: | ||||
5% 10/1/19 (c) | 8,000 | 9,251 | ||
5% 10/1/20 (c) | 6,710 | 7,906 | ||
5% 10/1/21 (c) | 3,000 | 3,581 | ||
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24 | 2,340 | 2,656 | ||
Virginia Commonwealth Trans. Board Rev. (U.S. Route 58 Corridor Dev. Prog.) Series 2014 B, 5% 5/15/16 | 2,100 | 2,185 | ||
Virginia Pub. School Auth.: | ||||
Series ll, 5% 4/15/16 | 2,600 | 2,695 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Virginia - continued | ||||
Virginia Pub. School Auth.: - continued | ||||
Series Xll, 5% 4/15/16 | $ 3,940 | $ 4,084 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.875%, tender 5/16/19 (d) | 2,500 | 2,538 | ||
| 36,010 | |||
Washington - 1.1% | ||||
Grant County Pub. Util. District #2 Series 2012 A: | ||||
5% 1/1/20 | 1,375 | 1,584 | ||
5% 1/1/21 | 1,865 | 2,185 | ||
King County Highline School District # 401 Series 2009: | ||||
5% 12/1/16 | 6,350 | 6,741 | ||
5% 12/1/17 | 2,950 | 3,230 | ||
Port of Seattle Passenger Facilities Charge Rev. Series 2010 B, 5% 12/1/16 (e) | 2,500 | 2,643 | ||
Port of Seattle Rev. Series 2010 C: | ||||
5% 2/1/16 (e) | 2,000 | 2,052 | ||
5% 2/1/17 (e) | 2,500 | 2,661 | ||
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,136 | ||
Spokane County Wastewtr. Sys. Rev. Series 2009 A, 5% 12/1/15 | 1,710 | 1,743 | ||
Tacoma Elec. Sys. Rev. Series 2013 A: | ||||
4% 1/1/20 | 5,000 | 5,527 | ||
4% 1/1/21 | 2,000 | 2,231 | ||
5% 1/1/20 | 3,000 | 3,445 | ||
5% 1/1/21 | 1,770 | 2,067 | ||
Washington Gen. Oblig. Series 2012 AR, 5% 7/1/18 | 5,000 | 5,582 | ||
| 43,827 | |||
West Virginia - 0.3% | ||||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | ||||
Series 2011 A, 2.25%, tender 9/1/16 (d)(e) | 7,000 | 7,071 | ||
1.9%, tender 4/1/19 (d) | 5,990 | 5,966 | ||
| 13,037 | |||
Wisconsin - 0.7% | ||||
Madison Gen. Oblig. Series 2014 A, 5% 10/1/21 | 3,215 | 3,809 | ||
Milwaukee County Arpt. Rev.: | ||||
Series 2010 B, 5% 12/1/15 (e) | 1,720 | 1,752 | ||
Series 2013 A: | ||||
5% 12/1/20 (e) | 1,330 | 1,525 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Wisconsin - continued | ||||
Milwaukee County Arpt. Rev.: - continued | ||||
Series 2013 A: | ||||
5% 12/1/22 (e) | $ 1,470 | $ 1,692 | ||
5.25% 12/1/23 (e) | 1,540 | 1,812 | ||
Wisconsin Gen. Oblig.: | ||||
Series 2005 D, 5% 5/1/19 (Pre-Refunded to 5/1/16 @ 100) | 2,260 | 2,346 | ||
Series 2014 B, 5% 5/1/16 | 2,600 | 2,700 | ||
Wisconsin Health & Edl. Facilities Series 2014: | ||||
4% 5/1/18 | 375 | 398 | ||
4% 5/1/19 | 285 | 304 | ||
5% 5/1/20 | 410 | 454 | ||
5% 5/1/21 | 640 | 709 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.) Series 2010, 5% 7/1/16 | 1,175 | 1,221 | ||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,607 | ||
(Thedacare, Inc. Proj.) Series 2010: | ||||
5% 12/15/15 | 1,105 | 1,128 | ||
5% 12/15/16 | 1,440 | 1,529 | ||
5% 12/15/17 | 1,540 | 1,684 | ||
Series 2012, 5% 10/1/21 | 1,400 | 1,627 | ||
| 26,297 | |||
TOTAL MUNICIPAL BONDS (Cost $3,458,149) |
|
Municipal Notes - 3.4% | |||
|
|
|
|
Connecticut - 1.1% | |||
Hartford Gen. Oblig. BAN 2% 10/27/15 | 16,000 | 16,083 | |
New Britain Gen. Oblig. BAN 2.5% 3/25/16 | 24,000 | 24,350 | |
New London BAN 2% 3/24/16 | 3,155 | 3,189 | |
| 43,622 | ||
Louisiana - 1.0% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.36% 7/7/15, VRDN (d) | 4,300 | 4,300 | |
Series 2010 B1, 0.27% 7/7/15, VRDN (d) | 35,600 | 35,600 | |
| 39,900 | ||
Municipal Notes - continued | |||
Principal Amount (000s) | Value (000s) | ||
New Jersey - 0.3% | |||
Newark Gen. Oblig. TAN Series 2015 A, 1.75% 2/19/16 | 10,400 | $ 10,422 | |
New York - 0.7% | |||
Monroe County Gen. Oblig. BAN Series 2014, 1% 7/1/15 | 17,700 | 17,700 | |
Rockland County Gen. Oblig. TAN 2% 3/16/16 | 9,800 | 9,887 | |
| 27,587 | ||
North Carolina - 0.2% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 0.35% 7/7/15, VRDN (d)(e) | 5,900 | 5,900 | |
Ohio - 0.0% | |||
Marietta BAN Series 2015, 1% 5/13/16 | 1,750 | 1,755 | |
Texas - 0.1% | |||
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) Series 2009 C, 0.21% 7/1/15, VRDN (d) | 5,100 | 5,100 | |
TOTAL MUNICIPAL NOTES (Cost $134,301) |
| ||
TOTAL INVESTMENT PORTFOLIO - 93.8% (Cost $3,592,450) | 3,636,131 | ||
NET OTHER ASSETS (LIABILITIES) - 6.2% | 238,279 | ||
NET ASSETS - 100% | $ 3,874,410 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
TAN | - | TAX ANTICIPATION NOTE |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $23,105,000 or 0.6% of net assets. |
(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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,100,000 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Mississippi Hosp. Equip. & Facilities Auth. Bonds (Baptist Memorial Health Care Proj.) Series 2004 B2, 0.5%, tender 7/9/15 | 1/7/15 | $ 6,100 |
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 Investment 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 | 40.4% |
Electric Utilities | 10.7% |
Transportation | 10.1% |
Health Care | 8.8% |
Special Tax | 7.8% |
Others (Individually Less Than 5%) | 16.0% |
Net Other Assets (Liabilities) | 6.2% |
| 100.0% |
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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,592,450) |
| $ 3,636,131 |
Cash |
| 310,240 |
Receivable for investments sold |
| 22,714 |
Receivable for fund shares sold | 22,529 | |
Interest receivable | 37,352 | |
Other receivables | 16 | |
Total assets | 4,028,982 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 141,320 | |
Payable for fund shares redeemed | 10,372 | |
Distributions payable | 1,126 | |
Accrued management fee | 1,163 | |
Distribution and service plan fees payable | 139 | |
Other affiliated payables | 411 | |
Other payables and accrued expenses | 41 | |
Total liabilities | 154,572 | |
|
|
|
Net Assets | $ 3,874,410 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,826,825 | |
Distributions in excess of net investment income | (75) | |
Accumulated undistributed net realized gain (loss) on investments | 3,979 | |
Net unrealized appreciation (depreciation) on investments | 43,681 | |
Net Assets | $ 3,874,410 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2015 (Unaudited) | |
Calculation of Maximum Offering Price | ||
Class A: | $ 10.62 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.62) | $ 10.92 | |
Class T: | $ 10.60 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.60) | $ 10.90 | |
Class B: | $ 10.61 | |
|
|
|
Class C: | $ 10.60 | |
|
|
|
Limited Term Municipal Income: | $ 10.60 | |
|
|
|
Institutional Class: | $ 10.61 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands Six months ended June 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 41,175 |
|
|
|
Expenses | ||
Management fee | $ 7,165 | |
Transfer agent fees | 2,189 | |
Distribution and service plan fees | 868 | |
Accounting fees and expenses | 309 | |
Custodian fees and expenses | 25 | |
Independent trustees' compensation | 8 | |
Registration fees | 106 | |
Audit | 27 | |
Legal | 11 | |
Miscellaneous | 15 | |
Total expenses before reductions | 10,723 | |
Expense reductions | (24) | 10,699 |
Net investment income (loss) | 30,476 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 4,372 |
Change in net unrealized appreciation (depreciation) on investment securities | (38,211) | |
Net gain (loss) | (33,839) | |
Net increase (decrease) in net assets resulting from operations | $ (3,363) |
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, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 30,476 | $ 64,659 |
Net realized gain (loss) | 4,372 | 4,731 |
Change in net unrealized appreciation (depreciation) | (38,211) | 12,153 |
Net increase (decrease) in net assets resulting from operations | (3,363) | 81,543 |
Distributions to shareholders from net investment income | (30,663) | (64,660) |
Distributions to shareholders from net realized gain | (1,502) | (5,775) |
Total distributions | (32,165) | (70,435) |
Share transactions - net increase (decrease) | (66,281) | 176,760 |
Redemption fees | 27 | 43 |
Total increase (decrease) in net assets | (101,782) | 187,911 |
|
|
|
Net Assets | ||
Beginning of period | 3,976,192 | 3,788,281 |
End of period (including distributions in excess of net investment income of $75 and undistributed net investment income of $112, respectively) | $ 3,874,410 | $ 3,976,192 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.71 | $ 10.68 | $ 10.86 | $ 10.83 | $ 10.62 | $ 10.64 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) E | .068 | .153 | .158 | .164 | .198 | .209 |
Net realized and unrealized gain (loss) | (.086) | .046 | (.170) | .034 | .225 | (.016) |
Total from investment operations | (.018) | .199 | (.012) | .198 | .423 | .193 |
Distributions from net investment income | (.068) | (.153) | (.158) | (.156) | (.205) | (.209) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.072) | (.169) | (.168) | (.168) | (.213) | (.213) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.62 | $ 10.71 | $ 10.68 | $ 10.86 | $ 10.83 | $ 10.62 |
Total ReturnB, C, D | (.17)% | 1.87% | (.11)% | 1.84% | 4.03% | 1.81% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .82%A | .79% | .78% | .79% | .77% | .78% |
Expenses net of fee waivers, if any | .82%A | .79% | .78% | .79% | .77% | .78% |
Expenses net of all reductions | .81%A | .79% | .78% | .78% | .77% | .77% |
Net investment income (loss) | 1.27%A | 1.42% | 1.47% | 1.51% | 1.85% | 1.95% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 390 | $ 397 | $ 318 | $ 394 | $ 336 | $ 200 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 | $ 10.63 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) E | .069 | .157 | .162 | .166 | .199 | .211 |
Net realized and unrealized gain (loss) | (.085) | .046 | (.180) | .044 | .226 | (.026) |
Total from investment operations | (.016) | .203 | (.018) | .210 | .425 | .185 |
Distributions from net investment income | (.070) | (.157) | (.162) | (.158) | (.207) | (.211) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.074) | (.173) | (.172) | (.170) | (.215) | (.215) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.60 | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 |
Total ReturnB, C, D | (.15)% | 1.91% | (.17)% | 1.95% | 4.05% | 1.74% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .78%A | .76% | .75% | .77% | .76% | .76% |
Expenses net of fee waivers, if any | .78%A | .76% | .75% | .77% | .76% | .76% |
Expenses net of all reductions | .78%A | .75% | .75% | .76% | .76% | .75% |
Net investment income (loss) | 1.31%A | 1.46% | 1.50% | 1.52% | 1.86% | 1.97% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 22 | $ 25 | $ 24 | $ 25 | $ 26 | $ 24 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.71 | $ 10.67 | $ 10.86 | $ 10.82 | $ 10.61 | $ 10.64 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .036 | .086 | .089 | .093 | .128 | .139 |
Net realized and unrealized gain (loss) | (.095) | .056 | (.180) | .045 | .226 | (.026) |
Total from investment operations | (.059) | .142 | (.091) | .138 | .354 | .113 |
Distributions from net investment income | (.037) | (.086) | (.089) | (.086) | (.136) | (.139) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.041) | (.102) | (.099) | (.098) | (.144) | (.143) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.61 | $ 10.71 | $ 10.67 | $ 10.86 | $ 10.82 | $ 10.61 |
Total ReturnB, C, D | (.55)% | 1.33% | (.84)% | 1.27% | 3.36% | 1.06% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.40%A | 1.42% | 1.43% | 1.44% | 1.43% | 1.44% |
Expenses net of fee waivers, if any | 1.40%A | 1.42% | 1.43% | 1.44% | 1.42% | 1.43% |
Expenses net of all reductions | 1.40%A | 1.42% | 1.43% | 1.43% | 1.42% | 1.42% |
Net investment income (loss) | .69%A | .80% | .82% | .85% | 1.19% | 1.30% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ - | $ - | $ 1 | $ 1 | $ 2 | $ 2 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.69 | $ 10.66 | $ 10.84 | $ 10.81 | $ 10.60 | $ 10.63 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .028 | .072 | .077 | .082 | .117 | .129 |
Net realized and unrealized gain (loss) | (.086) | .046 | (.169) | .035 | .226 | (.026) |
Total from investment operations | (.058) | .118 | (.092) | .117 | .343 | .103 |
Distributions from net investment income | (.028) | (.072) | (.078) | (.075) | (.125) | (.129) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.032) | (.088) | (.088) | (.087) | (.133) | (.133) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.60 | $ 10.69 | $ 10.66 | $ 10.84 | $ 10.81 | $ 10.60 |
Total ReturnB, C, D | (.54)% | 1.11% | (.86)% | 1.08% | 3.25% | .96% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.56%A | 1.54% | 1.54% | 1.53% | 1.53% | 1.52% |
Expenses net of fee waivers, if any | 1.56%A | 1.54% | 1.54% | 1.53% | 1.53% | 1.52% |
Expenses net of all reductions | 1.56%A | 1.54% | 1.53% | 1.53% | 1.52% | 1.52% |
Net investment income (loss) | .53%A | .67% | .72% | .76% | 1.09% | 1.20% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 62 | $ 65 | $ 71 | $ 92 | $ 79 | $ 77 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 - Limited Term Municipal Income
| Six months ended June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 | $ 10.63 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .085 | .186 | .191 | .197 | .228 | .240 |
Net realized and unrealized gain (loss) | (.086) | .046 | (.180) | .045 | .227 | (.026) |
Total from investment operations | (.001) | .232 | .011 | .242 | .455 | .214 |
Distributions from net investment income | (.085) | (.186) | (.191) | (.190) | (.237) | (.240) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.089) | (.202) | (.201) | (.202) | (.245) | (.244) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 10.60 | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 |
Total ReturnB, C | (.01)% | 2.19% | .10% | 2.25% | 4.34% | 2.02% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .49%A | .48% | .48% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .49%A | .48% | .48% | .48% | .48% | .48% |
Expenses net of all reductions | .48%A | .48% | .48% | .47% | .48% | .48% |
Net investment income (loss) | 1.60%A | 1.73% | 1.78% | 1.81% | 2.14% | 2.24% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,136 | $ 3,225 | $ 3,168 | $ 3,624 | $ 3,523 | $ 3,456 |
Portfolio turnover rateF | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.70 | $ 10.67 | $ 10.85 | $ 10.81 | $ 10.61 | $ 10.63 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .081 | .179 | .184 | .191 | .224 | .235 |
Net realized and unrealized gain (loss) | (.085) | .046 | (.169) | .045 | .216 | (.015) |
Total from investment operations | (.004) | .225 | .015 | .236 | .440 | .220 |
Distributions from net investment income | (.082) | (.179) | (.185) | (.184) | (.232) | (.236) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.086) | (.195) | (.195) | (.196) | (.240) | (.240) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 10.61 | $ 10.70 | $ 10.67 | $ 10.85 | $ 10.81 | $ 10.61 |
Total ReturnB, C | (.04)% | 2.12% | .14% | 2.19% | 4.19% | 2.07% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .56%A | .55% | .54% | .54% | .52% | .53% |
Expenses net of fee waivers, if any | .56%A | .55% | .54% | .54% | .52% | .53% |
Expenses net of all reductions | .56%A | .54% | .54% | .53% | .52% | .52% |
Net investment income (loss) | 1.53%A | 1.67% | 1.71% | 1.76% | 2.09% | 2.20% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 264 | $ 263 | $ 207 | $ 206 | $ 152 | $ 142 |
Portfolio turnover rateF | 26% A | 21% | 20% | 21% | 22% | 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 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, 2015 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® Limited Term 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, Limited Term Municipal Income and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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.
During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.
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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
Semiannual Report
2. Significant Accounting Policies - continued
Investment 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)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
2. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to wash sales 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 | $ 57,123 |
Gross unrealized depreciation | (13,425) |
Net unrealized appreciation (depreciation) on securities | $ 43,698 |
|
|
Tax cost | $ 3,592,433 |
Semiannual Report
2. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV 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.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in 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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $487,295 and $612,869, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% 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 the investment adviser, 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% | $ 512 | $ - |
Class T | -% | .25% | 30 | -* |
Class B | .65% | .25% | 2 | 1 |
Class C | .75% | .25% | 324 | 54 |
|
|
| $ 868 | $ 55 |
* Amount represents three hundred and six dollars.
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 3.00% to 1.00% for Class B shares, 1.00% for Class C shares, .75% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 5 |
Class T | 9 |
Class B* | -** |
Class C* | 4 |
| $ 18 |
* 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.
** Amount represents one hundred sixty-six dollars.
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. 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. 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 | $ 355 | .18 |
Class T | 17 | .14 |
Class B | -** | .11 |
Class C | 54 | .17 |
Limited Term Municipal Income | 1,533 | .10 |
Institutional Class | 230 | .17 |
| $ 2,189 |
|
* Annualized
** Amount represents two hundred two dollars.
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Fees and Other Transactions with Affiliates - continued
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
5. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $24.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Class A | $ 2,603 | $ 4,673 |
Class T | 157 | 347 |
Class B | 1 | 3 |
Class C | 172 | 452 |
Limited Term Municipal Income | 25,643 | 55,470 |
Institutional Class | 2,087 | 3,715 |
Total | $ 30,663 | $ 64,660 |
From net realized gain |
|
|
Class A | $ 154 | $ 518 |
Class T | 9 | 36 |
Class B | -* | 1 |
Class C | 25 | 101 |
Limited Term Municipal Income | 1,211 | 4,778 |
Institutional Class | 103 | 341 |
Total | $ 1,502 | $ 5,775 |
* Amount represents one hundred fifty-four dollars.
Semiannual Report
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
| Six months ended June 30, | Year ended | Six months ended June 30, | Year ended |
Class A |
|
|
|
|
Shares sold | 10,125 | 21,930 | $ 108,416 | $ 235,729 |
Reinvestment of distributions | 236 | 419 | 2,529 | 4,497 |
Shares redeemed | (10,702) | (15,005) | (114,234) | (161,198) |
Net increase (decrease) | (341) | 7,344 | $ (3,289) | $ 79,028 |
Class T |
|
|
|
|
Shares sold | 356 | 936 | $ 3,819 | $ 10,041 |
Reinvestment of distributions | 15 | 34 | 158 | 360 |
Shares redeemed | (615) | (932) | (6,563) | (9,993) |
Net increase (decrease) | (244) | 38 | $ (2,586) | $ 408 |
Class B |
|
|
|
|
Shares sold | 1 | 5 | $ 5 | $ 58 |
Reinvestment of distributions | -** | -* | 1 | 4 |
Shares redeemed | (9) | (17) | (101) | (183) |
Net increase (decrease) | (8) | (12) | $ (95) | $ (121) |
Class C |
|
|
|
|
Shares sold | 459 | 1,064 | $ 4,905 | $ 11,413 |
Reinvestment of distributions | 16 | 42 | 167 | 454 |
Shares redeemed | (751) | (1,668) | (8,004) | (17,881) |
Net increase (decrease) | (276) | (562) | $ (2,932) | $ (6,014) |
Limited Term Municipal Income |
|
|
|
|
Shares sold | 37,841 | 76,270 | $ 404,284 | $ 818,051 |
Reinvestment of distributions | 1,879 | 4,133 | 20,067 | 44,337 |
Shares redeemed | (45,420) | (75,997) | (484,722) | (815,047) |
Net increase (decrease) | (5,700) | 4,406 | $ (60,371) | $ 47,341 |
Institutional Class |
|
|
|
|
Shares sold | 7,251 | 13,740 | $ 77,528 | $ 147,453 |
Reinvestment of distributions | 161 | 270 | 1,717 | 2,893 |
Shares redeemed | (7,145) | (8,783) | (76,253) | (94,228) |
Net increase (decrease) | 267 | 5,227 | $ 2,992 | $ 56,118 |
* Amount represents three hundred sixty-two shares.
** Amount represents one hundred thirty-one shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank, N.A.
New York, NY
(Fidelity Investment logo)(registered trademark)
ASTM-USAN-0815 1.803547.111
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®
Limited Term
Municipal Income Fund
- Institutional Class
(To be renamed Class I
effective July 1, 2015)
Semiannual Report
June 30, 2015
(Fidelity Cover Art)
Institutional Class is a class of
Fidelity® Limited Term
Municipal Income Fund
Contents
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. © 2015 FMR LLC. All rights reserved.
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
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, 2015 to June 30, 2015).
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. 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 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. 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 |
Class A | .82% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.30 | $ 4.06 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.73 | $ 4.11 |
Class T | .78% |
|
|
|
Actual |
| $ 1,000.00 | $ 998.50 | $ 3.87 |
HypotheticalA |
| $ 1,000.00 | $ 1,020.93 | $ 3.91 |
Class B | 1.40% |
|
|
|
Actual |
| $ 1,000.00 | $ 994.50 | $ 6.92 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.85 | $ 7.00 |
Class C | 1.56% |
|
|
|
Actual |
| $ 1,000.00 | $ 994.60 | $ 7.72 |
HypotheticalA |
| $ 1,000.00 | $ 1,017.06 | $ 7.80 |
Limited Term Municipal Income | .49% |
|
|
|
Actual |
| $ 1,000.00 | $ 999.90 | $ 2.43 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.36 | $ 2.46 |
Institutional Class | .56% |
|
|
|
Actual |
| $ 1,000.00 | $ 999.60 | $ 2.78 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.02 | $ 2.81 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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, 2015 | ||
| % of fund's | % of fund's net assets |
Florida | 10.9 | 9.0 |
New York | 9.8 | 10.6 |
Texas | 8.7 | 7.3 |
Illinois | 8.5 | 8.6 |
California | 8.4 | 8.6 |
Top Five Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
General Obligations | 40.4 | 38.1 |
Electric Utilities | 10.7 | 12.5 |
Transportation | 10.1 | 9.9 |
Health Care | 8.8 | 8.7 |
Special Tax | 7.8 | 9.4 |
Weighted Average Maturity as of June 30, 2015 | ||
|
| 6 months ago |
Years | 3.3 | 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 market 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, 2015 | ||
|
| 6 months ago |
Years | 2.8 | 2.7 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | AAA 10.0% |
| ![]() | AAA 9.2% |
| ||
![]() | AA,A 70.7% |
| ![]() | AA,A 76.0% |
| ||
![]() | BBB 7.3% |
| ![]() | BBB 6.4% |
| ||
![]() | BB and Below 0.5% |
| ![]() | BB and Below 0.0% |
| ||
![]() | Not Rated 1.9% |
| ![]() | Not Rated 1.6% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 90.4% | ||||
| Principal Amount (000s) | Value (000s) | ||
Alaska - 0.6% | ||||
Anchorage Gen. Oblig.: | ||||
Series A: | ||||
5% 9/1/20 | $ 1,090 | $ 1,275 | ||
5% 9/1/22 | 1,200 | 1,433 | ||
Series B: | ||||
5% 9/1/18 | 3,685 | 4,136 | ||
5% 9/1/20 | 2,000 | 2,339 | ||
5% 9/1/22 | 1,425 | 1,701 | ||
Series C: | ||||
5% 9/1/18 | 1,000 | 1,123 | ||
5% 9/1/19 | 2,150 | 2,470 | ||
5% 9/1/20 | 1,260 | 1,474 | ||
5% 9/1/22 | 1,000 | 1,194 | ||
Series D: | ||||
5% 9/1/19 | 3,895 | 4,474 | ||
5% 9/1/20 | 2,000 | 2,339 | ||
| 23,958 | |||
Arizona - 2.3% | ||||
Arizona Ctfs. of Prtn. Series 2010 A, 5% 10/1/16 (FSA Insured) | 13,000 | 13,690 | ||
Arizona Health Facilities Auth. Rev. (Scottsdale Lincoln Hospitals Proj.) Series 2014 A: | ||||
5% 12/1/18 | 500 | 557 | ||
5% 12/1/19 | 600 | 681 | ||
5% 12/1/20 | 820 | 942 | ||
5% 12/1/21 | 1,105 | 1,277 | ||
5% 12/1/22 | 800 | 927 | ||
5% 12/1/23 | 1,000 | 1,167 | ||
5% 12/1/24 | 1,500 | 1,758 | ||
Arizona School Facilities Board Ctfs. of Prtn.: | ||||
Series 2005 A2, 5% 9/1/16 (Pre-Refunded to 9/1/15 @ 100) | 11,000 | 11,082 | ||
Series 2008, 5.5% 9/1/16 | 1,385 | 1,462 | ||
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series | ||||
5% 10/1/18 | 1,000 | 1,125 | ||
5% 10/1/20 (Pre-Refunded to 10/1/19 @ 100) | 5,180 | 5,981 | ||
Glendale Gen. Oblig. Series 2015: | ||||
4% 7/1/19 (FSA Insured) | 600 | 652 | ||
5% 7/1/22 (FSA Insured) | 1,000 | 1,159 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Arizona - continued | ||||
Glendale Trans. Excise Tax Rev.: | ||||
5% 7/1/21 (FSA Insured) | $ 750 | $ 875 | ||
5% 7/1/22 (FSA Insured) | 1,170 | 1,370 | ||
5% 7/1/23 (FSA Insured) | 1,395 | 1,643 | ||
Maricopa County School District #28 Kyrene Elementary Series 2010 B: | ||||
1% 7/1/19 (a) | 900 | 985 | ||
1% 7/1/20 (a) | 1,360 | 1,502 | ||
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.: | ||||
Series 2009 A, 5% 7/1/15 | 5,835 | 5,835 | ||
Series 2009 B, 5% 7/1/16 | 5,090 | 5,322 | ||
Pima County Ctfs. of Prtn. Series 2014: | ||||
5% 12/1/21 | 2,210 | 2,548 | ||
5% 12/1/22 | 2,470 | 2,861 | ||
5% 12/1/23 | 3,425 | 4,000 | ||
Pima County Swr. Sys. Rev.: | ||||
Series 2011 B, 5% 7/1/19 | 3,225 | 3,684 | ||
Series 2012 A: | ||||
5% 7/1/18 | 825 | 917 | ||
5% 7/1/19 | 1,550 | 1,771 | ||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2009 A, 5% 1/1/26 | 500 | 562 | ||
Tucson Gen. Oblig. Series 2005, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,250 | 1,250 | ||
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2011: | ||||
5% 7/1/16 (Escrowed to Maturity) | 3,055 | 3,192 | ||
5% 7/1/17 (Escrowed to Maturity) | 3,315 | 3,590 | ||
5% 7/1/18 (Escrowed to Maturity) | 3,365 | 3,752 | ||
| 88,119 | |||
California - 8.4% | ||||
Alameda Corridor Trans. Auth. Rev.: | ||||
Series 2004 A, 0% 10/1/19 | 3,600 | 3,204 | ||
Series 2013 A, 5% 10/1/22 | 2,190 | 2,605 | ||
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds 1.5%, tender 4/2/18 (d) | 5,200 | 5,216 | ||
California Gen. Oblig.: | ||||
Bonds 3%, tender 12/1/19 (d) | 15,600 | 16,532 | ||
5% 9/1/18 | 7,500 | 8,419 | ||
5% 9/1/19 | 20,000 | 23,034 | ||
5% 9/1/20 | 20,000 | 23,415 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
California Health Facilities Fing. Auth. Rev.: | ||||
(Catholic Healthcare West Proj.) Series 2008 H, 5.125% 7/1/22 (Pre-Refunded to 7/1/15 @ 100) | $ 1,005 | $ 1,005 | ||
Bonds (Children's Hosp. of Orange County Proj.) Series 2012 A, 1.87%, tender 7/1/17 (d) | 4,000 | 4,046 | ||
California Infra Eco Dev. Bank Rev. Bonds Series | ||||
0.35%, tender 4/1/16 (d) | 17,000 | 16,999 | ||
0.35%, tender 4/1/16 (d) | 30,000 | 30,000 | ||
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2010 A, 0.5%, tender 8/3/15 (b)(d)(e) | 18,100 | 18,100 | ||
California Pub. Works Board Lease Rev.: | ||||
(Dept. of Corrections & Rehab. Proj.) Series 2011 C, 5% 10/1/18 | 1,750 | 1,962 | ||
(Riverside Campus Proj.) Series 2012 H, 5% 4/1/22 | 1,000 | 1,182 | ||
(Univ. Proj.) Series 2011 B: | ||||
5% 10/1/18 | 2,740 | 3,079 | ||
5% 10/1/19 | 1,490 | 1,718 | ||
(Various Cap. Projs.): | ||||
Series 2011 A: | ||||
5% 10/1/18 | 6,475 | 7,258 | ||
5% 10/1/19 | 5,000 | 5,747 | ||
5% 10/1/20 | 2,525 | 2,950 | ||
Series 2012 A, 5% 4/1/21 | 1,000 | 1,174 | ||
Series 2012 G, 5% 11/1/22 | 1,250 | 1,488 | ||
(Various Judicial Council Projects) Series 2011 D, 5% 12/1/19 | 4,100 | 4,728 | ||
Series 2009 J, 5% 11/1/17 | 2,300 | 2,516 | ||
Series 2010 A: | ||||
5% 3/1/16 | 2,000 | 2,061 | ||
5% 3/1/17 | 5,405 | 5,790 | ||
California Statewide Cmntys. Dev. Auth. Rev. Bonds: | ||||
Series 2002 C, 5%, tender 5/1/17 (d) | 4,000 | 4,304 | ||
Series 2009 E2, 5%, tender 5/1/17 (d) | 2,000 | 2,152 | ||
Contra Costa Trans. Auth. Sales Tax Rev. Bonds Series 2012 A, 0.493%, tender 12/12/15 (d) | 12,500 | 12,498 | ||
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev. Series 2013 A, 4% 6/1/21 | 3,500 | 3,878 | ||
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series 2013 A, 5% 7/1/19 | 4,400 | 5,054 | ||
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2010 A, 5% 8/1/17 | 5,000 | 5,434 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
California - continued | ||||
Los Angeles Gen. Oblig. Series 2011 B, 5% 9/1/18 | $ 20,960 | $ 23,521 | ||
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2012 C: | ||||
4.625% 3/1/18 | 1,500 | 1,641 | ||
5% 3/1/19 | 2,935 | 3,330 | ||
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series 2010 A: | ||||
5% 12/1/16 | 2,025 | 2,144 | ||
5% 12/1/17 | 9,790 | 10,730 | ||
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/17 (FSA Insured) | 2,130 | 2,308 | ||
Northern California Pwr. Agcy. Rev.: | ||||
(Geothermal #3 Proj.) Series 2009 A, 5% 7/1/15 | 2,170 | 2,170 | ||
(Hydroelectric #1 Proj.) Series 2010 A: | ||||
4% 7/1/15 | 2,000 | 2,000 | ||
5% 7/1/18 | 2,000 | 2,226 | ||
Oakland Unified School District Alameda County Series 2013, 5.5% 8/1/23 | 1,000 | 1,176 | ||
Port of Oakland Rev. Series 2012 P, 5% 5/1/21 (e) | 2,500 | 2,904 | ||
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.): | ||||
5% 9/1/23 (FSA Insured) | 1,350 | 1,611 | ||
5% 9/1/24 (FSA Insured) | 2,300 | 2,766 | ||
Riverside County Asset Leasing Rev. (Riverside Cap. Proj.) Series 2012 A: | ||||
4% 6/1/17 | 1,750 | 1,854 | ||
5% 6/1/17 | 3,700 | 3,991 | ||
5% 6/1/18 | 6,470 | 7,109 | ||
Sacramento Muni. Util. District Elec. Rev. Series 2011 X, 5% 8/15/21 | 4,000 | 4,752 | ||
Sacramento Pwr. Auth. Cogeneration Proj. Rev. Series 2005 A, 5% 7/1/18 (AMBAC Insured) | 2,890 | 2,890 | ||
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 A: | ||||
5% 8/1/16 | 5,450 | 5,698 | ||
5% 8/1/18 | 8,000 | 8,779 | ||
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) | 1,160 | 1,150 | ||
San Pablo Calif Redev. Agcy. Series 2014 A, 5% 6/15/24 (FSA Insured) | 1,380 | 1,641 | ||
Stockton Unified School District Gen. Oblig. 5% 7/1/18 (FSA Insured) | 1,035 | 1,142 | ||
| 325,081 | |||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Colorado - 0.3% | ||||
Colorado Health Facilities Auth. Rev. Bonds (Catholic Health Initiatives Proj.) Series 2008 C4, 4%, tender 11/12/15 (d) | $ 4,200 | $ 4,253 | ||
Colorado Reg'l. Trans. District Ctfs. of Prtn. Series 2014 A, 5% 6/1/23 | 3,860 | 4,563 | ||
E-470 Pub. Hwy. Auth. Rev. Series 2015 A: | ||||
5% 9/1/19 | 1,000 | 1,118 | ||
5% 9/1/20 | 1,000 | 1,132 | ||
Univ. of Colorado Enterprise Sys. Rev. Series 2009 A, 5% 6/1/17 | 500 | 541 | ||
| 11,607 | |||
Connecticut - 2.0% | ||||
Connecticut Gen. Oblig.: | ||||
(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/16 | 2,700 | 2,763 | ||
Series 2012 C, 5% 6/1/21 | 23,420 | 27,242 | ||
Series 2012 D, 0.36% 9/15/15 (d) | 6,000 | 6,003 | ||
Series 2013 A: | ||||
0.3% 3/1/16 (d) | 1,100 | 1,101 | ||
0.41% 3/1/17 (d) | 1,400 | 1,402 | ||
Series 2014 C, 5% 12/15/16 | 16,070 | 17,086 | ||
Series 2014 D, 2% 6/15/16 | 3,400 | 3,453 | ||
Connecticut Health & Edl. Facilities Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 1998 B, 1.55%, tender 2/1/17 (d) | 2,860 | 2,903 | ||
Connecticut Hsg. Fin. Auth. Series 2013 B2, 4% 11/15/32 | 7,225 | 7,673 | ||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Series 2011 A, 5% 12/1/18 | 5,575 | 6,265 | ||
New Haven Gen. Oblig. Series 2013 A, 5% 8/1/15 | 1,000 | 1,004 | ||
| 76,895 | |||
Delaware, New Jersey - 0.1% | ||||
Delaware River & Bay Auth. Rev. Series 2014 C: | ||||
5% 1/1/20 | 2,500 | 2,860 | ||
5% 1/1/21 | 2,000 | 2,317 | ||
| 5,177 | |||
District Of Columbia - 0.4% | ||||
District of Columbia Gen. Oblig. Series 2007 B, 5% 6/1/16 (AMBAC Insured) | 3,555 | 3,703 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
District Of Columbia - continued | ||||
District of Columbia Rev. (Medlantic/Helix Proj.) Series 1998 C, 5% 8/15/15 (FSA Insured) | $ 1,500 | $ 1,508 | ||
District of Columbia Univ. Rev. Bonds (Georgetown Univ. Proj.) Series 2001 B, 4.7%, tender 4/1/18 (d) | 8,500 | 9,229 | ||
| 14,440 | |||
Florida - 10.9% | ||||
Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hospitals & Clinics, Inc. Proj.) Series 2010 B, 5% 12/1/15 | 4,395 | 4,476 | ||
Brevard County School Board Ctfs. of Prtn.: | ||||
Series 2014, 5% 7/1/21 | 1,000 | 1,165 | ||
Series 2015 C: | ||||
5% 7/1/21 | 650 | 757 | ||
5% 7/1/22 | 3,725 | 4,352 | ||
5% 7/1/23 | 3,000 | 3,526 | ||
Broward County Arpt. Sys. Rev. Series 2012 Q1, 5% 10/1/21 | 1,000 | 1,161 | ||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2008 A, 5% 7/1/15 (FSA Insured) | 5,495 | 5,495 | ||
Series 2012 A: | ||||
5% 7/1/19 | 7,000 | 7,924 | ||
5% 7/1/20 | 15,070 | 17,313 | ||
Series 2015 A: | ||||
5% 7/1/19 | 2,000 | 2,264 | ||
5% 7/1/20 | 4,000 | 4,595 | ||
5% 7/1/21 | 4,500 | 5,214 | ||
5% 7/1/22 | 3,500 | 4,067 | ||
5% 7/1/23 | 2,750 | 3,212 | ||
5% 7/1/24 | 1,320 | 1,546 | ||
Series 2015 B: | ||||
5% 7/1/19 | 2,000 | 2,264 | ||
5% 7/1/20 | 3,000 | 3,447 | ||
5% 7/1/21 | 6,235 | 7,224 | ||
5% 7/1/22 | 1,275 | 1,482 | ||
5% 7/1/23 | 2,750 | 3,212 | ||
5% 7/1/24 | 1,145 | 1,341 | ||
Clay County Infrastructure Sales Surtax Rev. 5% 10/1/15 (Assured Guaranty Corp. Insured) | 7,745 | 7,833 | ||
Clearwater Wtr. and Swr. Rev. Series 2011: | ||||
4% 12/1/16 | 1,265 | 1,325 | ||
5% 12/1/17 | 1,685 | 1,847 | ||
5% 12/1/18 | 685 | 772 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Clearwater Wtr. and Swr. Rev. Series 2011: - continued | ||||
5% 12/1/19 | $ 1,820 | $ 2,101 | ||
5% 12/1/20 | 1,000 | 1,167 | ||
Collier County Indl. Dev. Auth. Healthcare Facilities Rev. (NCH Healthcare Sys. Proj.) Series 2011: | ||||
5% 10/1/16 | 1,530 | 1,602 | ||
5% 10/1/17 | 1,455 | 1,563 | ||
Florida Board of Ed. Lottery Rev. Series 2011 A, 5% 7/1/20 | 8,600 | 10,005 | ||
Florida Board of Ed. Pub. Ed. Cap. Outlay: | ||||
Series 2009 C: | ||||
5% 6/1/16 | 3,000 | 3,126 | ||
5% 6/1/20 | 3,625 | 4,146 | ||
Series 2012 C, 5% 6/1/16 | 3,585 | 3,736 | ||
Florida Dept. of Envir. Protection Rev. Series 2012 A, 5% 7/1/19 | 15,800 | 17,873 | ||
Florida Dev. Fin. Corp. Healthcare Facility Rev. (Univ. Health Proj.) Series 2013 A: | ||||
5% 2/1/17 | 700 | 732 | ||
5% 2/1/18 | 1,790 | 1,908 | ||
5% 2/1/19 | 1,450 | 1,569 | ||
5% 2/1/20 | 2,025 | 2,210 | ||
Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Series 2010 A, 5% 7/1/15 (Escrowed to Maturity) | 20,010 | 20,010 | ||
Florida Mid-Bay Bridge Auth. Rev. Series 2015 A: | ||||
5% 10/1/21 | 1,030 | 1,164 | ||
5% 10/1/22 | 2,000 | 2,271 | ||
5% 10/1/23 | 1,270 | 1,444 | ||
5% 10/1/24 | 2,000 | 2,267 | ||
5% 10/1/25 | 1,750 | 1,981 | ||
5% 10/1/26 | 2,000 | 2,229 | ||
Florida Muni. Pwr. Agcy. Rev. (Stanton II Proj.) Series 2012 A, 5% 10/1/18 | 2,850 | 3,183 | ||
Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series 2011 C: | ||||
5% 10/1/19 | 1,705 | 1,966 | ||
5% 10/1/20 | 1,000 | 1,172 | ||
Halifax Hosp. Med. Ctr. Rev. 5% 6/1/23 | 1,325 | 1,515 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.) Series 2009 E, 5% 11/15/15 | 2,345 | 2,385 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Indian River County School Board Ctfs. of Prtn. Series 2014: | ||||
5% 7/1/20 | $ 935 | $ 1,073 | ||
5% 7/1/22 | 2,000 | 2,321 | ||
5% 7/1/23 | 2,000 | 2,332 | ||
Indian River County Wtr. & Swr. Rev.: | ||||
5% 9/1/15 | 1,000 | 1,008 | ||
5% 9/1/17 | 1,000 | 1,071 | ||
JEA Wtr. & Swr. Sys. Rev. Series 2010 D, 5% 10/1/21 | 1,945 | 2,243 | ||
Kissimmee Util. Auth. Elec. Sys. Rev. Series 2003, 5.25% 10/1/15 | 3,525 | 3,566 | ||
Manatee County Rev. Series 2013: | ||||
5% 10/1/19 | 1,250 | 1,433 | ||
5% 10/1/20 | 2,000 | 2,330 | ||
5% 10/1/21 | 2,000 | 2,350 | ||
5% 10/1/22 | 1,000 | 1,180 | ||
Miami Beach Health Facilities Auth. Hosp. Rev. (Mount Sinai Med. Ctr. of Florida Proj.) Series 2012: | ||||
5% 11/15/21 | 1,000 | 1,154 | ||
5% 11/15/22 | 485 | 562 | ||
Miami-Dade County Expressway Auth.: | ||||
(Waste Mgmt., Inc. of Florida Proj.): | ||||
Series 2013, 5% 7/1/19 | 2,000 | 2,275 | ||
5% 7/1/20 | 1,000 | 1,156 | ||
5% 7/1/21 | 2,000 | 2,334 | ||
5% 7/1/22 | 2,000 | 2,345 | ||
5% 7/1/23 | 2,000 | 2,334 | ||
Series 2014 A, 5% 7/1/24 | 625 | 737 | ||
Series 2014 B: | ||||
5% 7/1/22 | 1,500 | 1,758 | ||
5% 7/1/23 | 3,250 | 3,825 | ||
Miami-Dade County Gen. Oblig. (Parks Prog.) Series 2015 A, 5% 11/1/22 | 3,880 | 4,602 | ||
Miami-Dade County Pub. Facilities Rev. (Jackson Health Sys. Proj.) Series 2005 B, 5% 6/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,875 | 3,887 | ||
Miami-Dade County School Board Ctfs. of Prtn.: | ||||
Series 2014 D: | ||||
5% 11/1/20 | 4,875 | 5,639 | ||
5% 11/1/21 | 6,275 | 7,334 | ||
5% 11/1/22 | 2,915 | 3,410 | ||
5% 11/1/23 | 7,650 | 9,009 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Miami-Dade County School Board Ctfs. of Prtn.: - continued | ||||
Series 2015 A: | ||||
5% 5/1/19 | $ 1,000 | $ 1,133 | ||
5% 5/1/20 | 2,095 | 2,409 | ||
5% 5/1/21 | 4,000 | 4,644 | ||
5% 5/1/22 | 3,720 | 4,333 | ||
5% 5/1/23 | 6,500 | 7,632 | ||
Series 2015 B, 5% 5/1/24 (c) | 29,560 | 34,451 | ||
Series 2016 A, 5% 8/1/27 (c) | 5,560 | 6,169 | ||
Miami-Dade County Transit Sales Surtax Rev. Series 2012, 5% 7/1/19 | 1,250 | 1,425 | ||
Orange County Health Facilities Auth.: | ||||
(Orlando Health, Inc.) Series 2009: | ||||
5% 10/1/15 | 2,210 | 2,234 | ||
5% 10/1/16 | 1,325 | 1,394 | ||
Series 2009, 5.25% 10/1/19 | 1,245 | 1,412 | ||
Orange County Health Facilities Auth. Rev. (Orlando Reg'l. Healthcare Sys. Proj.) Series 2008 A, 5% 11/1/15 (FSA Insured) | 1,825 | 1,852 | ||
Orlando & Orange County Expressway Auth. Rev.: | ||||
Series 2010 B, 5% 7/1/15 (FSA Insured) | 1,430 | 1,430 | ||
Series 2012, 5% 7/1/19 | 1,000 | 1,139 | ||
Orlando Utils. Commission Util. Sys. Rev.: | ||||
Series 2009 C, 5% 10/1/17 | 1,500 | 1,640 | ||
Series 2010 C, 5% 10/1/17 | 1,895 | 2,071 | ||
Series 2011 B: | ||||
5% 10/1/18 | 2,250 | 2,531 | ||
5% 10/1/19 | 2,325 | 2,680 | ||
Palm Beach County Health Facilities Auth. Hosp. Rev. Series 2014: | ||||
4% 12/1/19 | 1,000 | 1,088 | ||
5% 12/1/20 | 880 | 1,001 | ||
5% 12/1/21 | 1,100 | 1,253 | ||
Palm Beach County School Board Ctfs. of Prtn.: | ||||
Series 2014 B: | ||||
4% 8/1/19 | 4,000 | 4,367 | ||
4% 8/1/21 | 4,040 | 4,451 | ||
5% 8/1/19 | 3,000 | 3,399 | ||
5% 8/1/21 | 4,000 | 4,638 | ||
Series 2015 B: | ||||
5% 8/1/19 | 2,735 | 3,099 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Florida - continued | ||||
Palm Beach County School Board Ctfs. of Prtn.: - continued | ||||
Series 2015 B: | ||||
5% 8/1/20 | $ 1,750 | $ 2,015 | ||
Pasco County School District Sales Tax Rev. Series 2013: | ||||
5% 10/1/18 | 1,250 | 1,398 | ||
5% 10/1/19 | 1,100 | 1,257 | ||
5% 10/1/20 | 1,000 | 1,156 | ||
5% 10/1/21 | 1,000 | 1,162 | ||
5% 10/1/22 | 1,000 | 1,165 | ||
Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.: | ||||
Series 2011: | ||||
5% 10/1/17 (e) | 4,465 | 4,838 | ||
5% 10/1/19 (e) | 2,025 | 2,301 | ||
5% 10/1/18 (e) | 2,745 | 3,051 | ||
Tampa Bay Wtr. Reg'l. Wtr. Supply Auth. Util. Sys. Rev.: | ||||
Series 2011 B: | ||||
5% 10/1/18 (Escrowed to Maturity) | 2,440 | 2,739 | ||
5% 10/1/18 (Escrowed to Maturity) | 2,260 | 2,537 | ||
Series 2011, 5% 10/1/19 | 5,590 | 6,447 | ||
Tampa Health Sys. Rev. (Baycare Health Sys. Proj.) Series 2010: | ||||
5% 11/15/16 | 2,500 | 2,649 | ||
5% 11/15/17 | 1,515 | 1,656 | ||
Tampa Solid Waste Sys. Rev. Series 2010: | ||||
5% 10/1/15 (FSA Insured) (e) | 2,920 | 2,952 | ||
5% 10/1/16 (FSA Insured) (e) | 6,000 | 6,322 | ||
5% 10/1/17 (FSA Insured) (e) | 5,000 | 5,412 | ||
Tampa Tax Allocation (H. Lee Moffitt Cancer Ctr. Proj.) Series 2012 A, 5% 9/1/20 | 1,800 | 2,075 | ||
Titusville Wtr. & Swr. Rev. Series 2010, 5% 10/1/17 (Assured Guaranty Corp. Insured) | 1,135 | 1,229 | ||
Volusia County School Board Ctfs. of Prtn. (Master Lease Prog.) Series 2014 B: | ||||
5% 8/1/18 | 300 | 334 | ||
5% 8/1/19 | 310 | 353 | ||
| 421,330 | |||
Georgia - 3.0% | ||||
Atlanta Arpt. Rev.: | ||||
5% 1/1/22 | 1,000 | 1,169 | ||
5% 1/1/23 | 1,000 | 1,179 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Georgia - continued | ||||
Atlanta Arpt. Rev.: - continued | ||||
5% 1/1/24 | $ 1,150 | $ 1,366 | ||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds: | ||||
(Oglethorpe Pwr. Corp. Vogtle Proj.) Series 2013 A, 2.4%, tender 4/1/20 (d) | 12,500 | 12,640 | ||
2.2%, tender 4/2/19 (d) | 9,700 | 9,896 | ||
Fulton County Wtr. & Swr. Rev. Series 2011: | ||||
5% 1/1/19 | 4,000 | 4,513 | ||
5% 1/1/20 | 4,000 | 4,609 | ||
Georgia Gen. Oblig. Series 2014 D, 5% 7/1/16 | 23,900 | 24,996 | ||
Georgia Muni. Elec. Auth. Pwr. Rev.: | ||||
(Combined Cycle Proj.) Series A, 5% 11/1/18 | 2,000 | 2,244 | ||
(Proj. One): | ||||
Series 2008 A, 5.25% 1/1/17 (Berkshire Hathaway Assurance Corp. Insured) | 7,925 | 8,451 | ||
Series 2008 D: | ||||
5.75% 1/1/19 | 14,890 | 16,886 | ||
5.75% 1/1/20 | 3,555 | 4,030 | ||
Series B, 5% 1/1/17 | 2,750 | 2,922 | ||
Series GG: | ||||
5% 1/1/16 | 680 | 695 | ||
5% 1/1/20 | 675 | 774 | ||
5% 1/1/21 | 1,670 | 1,942 | ||
Georgia Muni. Gas Auth. Rev.: | ||||
(Gas Portfolio III Proj.) Series 2014 U: | ||||
5% 10/1/19 | 1,500 | 1,712 | ||
5% 10/1/22 | 1,000 | 1,171 | ||
(Gas Portfolio III Proj.) Series 2014 U, 5% 10/1/23 | 2,420 | 2,854 | ||
(Gas Portfolio III Proj.) Series R, 5% 10/1/21 | 5,000 | 5,840 | ||
Private Colleges & Univs. Auth. Rev. (The Savannah College of Arts and Design Projs.) Series 2014, 5% 4/1/21 | 2,000 | 2,252 | ||
Richmond County Hosp. Auth. (Univ. Health Svcs., Inc. Proj.) Series 2009: | ||||
5% 1/1/16 | 2,415 | 2,470 | ||
5% 1/1/18 | 1,530 | 1,609 | ||
| 116,220 | |||
Hawaii - 0.5% | ||||
Hawaii Arpts. Sys. Rev.: | ||||
Series 2010 B, 5% 7/1/15 (e) | 3,900 | 3,900 | ||
Series 2011, 5% 7/1/19 (e) | 4,000 | 4,498 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Hawaii - continued | ||||
Hawaii Gen. Oblig. Series DR, 5% 6/1/16 (Escrowed to Maturity) | $ 2,895 | $ 3,015 | ||
State of Hawaii Dept. of Trans. Series 2013: | ||||
5% 8/1/19 (e) | 1,400 | 1,572 | ||
5% 8/1/20 (e) | 3,050 | 3,472 | ||
5% 8/1/21 (e) | 550 | 632 | ||
5% 8/1/22 (e) | 2,075 | 2,389 | ||
5% 8/1/23 (e) | 1,435 | 1,658 | ||
| 21,136 | |||
Illinois - 8.5% | ||||
Chicago Board of Ed.: | ||||
Series 1998 B1, 0% 12/1/21 (FGIC Insured) | 10,000 | 7,507 | ||
Series 2009 D: | ||||
4% 12/1/16 (Assured Guaranty Corp. Insured) | 950 | 970 | ||
5% 12/1/17 (Assured Guaranty Corp. Insured) | 4,115 | 4,345 | ||
5% 12/1/18 (Assured Guaranty Corp. Insured) | 2,335 | 2,501 | ||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.) Series 1999: | ||||
0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,200 | 6,868 | ||
0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000 | 2,753 | ||
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,805 | 8,638 | ||
0% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 14,755 | 12,375 | ||
Series 2009 A, 5% 1/1/22 | 2,500 | 2,525 | ||
Series 2012 C, 5% 1/1/23 | 3,220 | 3,236 | ||
4.5% 1/1/20 | 1,150 | 1,163 | ||
5% 1/1/21 | 4,875 | 4,999 | ||
5% 1/1/21 | 1,500 | 1,538 | ||
5% 1/1/23 | 2,920 | 2,936 | ||
Chicago Midway Arpt. Rev.: | ||||
Series 2014 B: | ||||
5% 1/1/20 | 625 | 711 | ||
5% 1/1/21 | 400 | 459 | ||
5% 1/1/23 | 2,500 | 2,913 | ||
5% 1/1/22 | 5,000 | 5,790 | ||
5% 1/1/23 | 5,900 | 6,875 | ||
Chicago Motor Fuel Tax Rev. Series 2013: | ||||
5% 1/1/19 | 250 | 265 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Chicago Motor Fuel Tax Rev. Series 2013: - continued | ||||
5% 1/1/20 | $ 300 | $ 320 | ||
5% 1/1/21 | 400 | 426 | ||
5% 1/1/22 | 300 | 318 | ||
5% 1/1/23 | 535 | 565 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2010 D, 5.25% 1/1/17 (e) | 1,000 | 1,060 | ||
Series 2010 E, 5% 1/1/16 (e) | 1,500 | 1,533 | ||
Series 2011 B, 5% 1/1/18 | 6,500 | 7,068 | ||
Series 2012 A, 5% 1/1/21 | 1,400 | 1,598 | ||
Series 2012 B, 5% 1/1/21 (e) | 4,605 | 5,167 | ||
Series 2013 B, 5% 1/1/22 | 4,000 | 4,593 | ||
Series 2013 D, 5% 1/1/22 | 3,220 | 3,697 | ||
Chicago Park District Gen. Oblig. Series 2014 D: | ||||
4% 1/1/17 | 1,050 | 1,076 | ||
4% 1/1/18 | 2,255 | 2,332 | ||
Chicago Sales Tax Rev. Series 1998, 5.5% 1/1/16 (FGIC Insured) (FSA Insured) | 1,710 | 1,745 | ||
Chicago Transit Auth. Cap. Grant Receipts Rev.: | ||||
5% 6/1/19 (Assured Guaranty Corp. Insured) | 2,085 | 2,152 | ||
5% 6/1/19 (Pre-Refunded to 12/1/16 @ 100) | 415 | 441 | ||
Chicago Wastewtr. Transmission Rev. Series 2012: | ||||
5% 1/1/19 | 1,310 | 1,415 | ||
5% 1/1/23 | 1,200 | 1,304 | ||
Cook County Gen. Oblig.: | ||||
Series 2009 C, 5% 11/15/21 | 8,575 | 9,133 | ||
Series 2010 A, 5.25% 11/15/22 | 4,960 | 5,370 | ||
Series 2011 A, 5.25% 11/15/22 | 1,000 | 1,089 | ||
Series 2012 C: | ||||
5% 11/15/19 | 3,200 | 3,469 | ||
5% 11/15/20 | 7,210 | 7,855 | ||
5% 11/15/21 | 4,970 | 5,415 | ||
5% 11/15/22 | 1,250 | 1,357 | ||
Series 2014 A: | ||||
5% 11/15/20 | 1,000 | 1,089 | ||
5% 11/15/21 | 500 | 545 | ||
5% 11/15/22 | 1,000 | 1,086 | ||
Cook County Thorton Township High School District #205 5.5% 12/1/16 (Assured Guaranty Corp. Insured) | 2,500 | 2,662 | ||
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B2, 1.55%, tender 2/13/30 (d) | 10,000 | 9,873 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Fin. Auth. Gas Supply Rev. Bonds (The Peoples Gas Lt. and Coke Co. Proj.) Series 2010 B, 2.625%, tender 8/1/15 (d) | $ 9,500 | $ 9,514 | ||
Illinois Fin. Auth. Hosp. Rev. (KishHealth Sys. Proj.) Series 2008, 5.25% 10/1/15 | 2,220 | 2,245 | ||
Illinois Fin. Auth. Rev.: | ||||
(Northwest Cmnty. Hosp. Proj.) Series 2008 A, 5% 7/1/15 | 1,000 | 1,000 | ||
(Palos Cmnty. Hosp. Proj.) Series 2010 C: | ||||
5% 5/15/16 | 2,060 | 2,137 | ||
5% 5/15/17 | 3,520 | 3,781 | ||
(Provena Health Proj.) Series 2010 A, 5.75% 5/1/19 | 2,650 | 3,031 | ||
(Rush Univ. Med. Ctr. Proj.) Series 2006 B: | ||||
5% 11/1/15 (Escrowed to Maturity) | 3,075 | 3,122 | ||
5% 11/1/16 (Escrowed to Maturity) | 1,700 | 1,801 | ||
Bonds Series E, 2.25%, tender 4/29/22 (d) | 22,930 | 22,530 | ||
Series 2012 A, 5% 5/15/23 | 1,300 | 1,478 | ||
Series 2012: | ||||
5% 9/1/18 | 1,160 | 1,272 | ||
5% 9/1/19 | 1,115 | 1,242 | ||
5% 9/1/20 | 1,470 | 1,651 | ||
5% 9/1/21 | 2,045 | 2,298 | ||
5% 9/1/22 | 3,530 | 3,976 | ||
5% 11/15/20 | 1,650 | 1,907 | ||
5% 11/15/22 | 500 | 578 | ||
5% 11/15/24 | 1,955 | 2,281 | ||
Illinois Gen. Oblig.: | ||||
Series 2002, 5.5% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,495 | 1,501 | ||
Series 2004, 5% 11/1/16 | 11,000 | 11,516 | ||
Series 2005, 5% 4/1/17 (AMBAC Insured) | 8,050 | 8,075 | ||
Series 2007 B, 5% 1/1/17 | 9,835 | 10,293 | ||
Series 2010: | ||||
5% 1/1/16 (FSA Insured) | 3,200 | 3,264 | ||
5% 1/1/21 (FSA Insured) | 1,600 | 1,715 | ||
Series 2012: | ||||
5% 3/1/19 | 5,500 | 5,897 | ||
5% 8/1/19 | 2,660 | 2,864 | ||
5% 8/1/20 | 6,900 | 7,487 | ||
5% 8/1/21 | 1,400 | 1,520 | ||
5% 8/1/22 | 5,800 | 6,254 | ||
Series 2013, 5% 7/1/22 | 1,265 | 1,365 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2014, 5% 2/1/22 | $ 3,000 | $ 3,235 | ||
Illinois Health Facilities Auth. Rev.: | ||||
(Delnor-Cmnty. Hosp. Proj.) Series 2003 A, 5% 5/15/16 (FSA Insured) | 2,325 | 2,415 | ||
Series 2003 A, 5% 5/15/17 (FSA Insured) | 2,150 | 2,315 | ||
Illinois Sales Tax Rev. Series 2009 B: | ||||
4.5% 6/15/16 | 5,000 | 5,185 | ||
4.5% 6/15/17 | 6,075 | 6,485 | ||
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2006 A2, 5% 1/1/31 (Pre-Refunded to 7/1/16 @ 100) | 2,100 | 2,194 | ||
Lake County Cmnty. Consolidated School District #73 Gen. Oblig.: | ||||
0% 12/1/15 (Escrowed to Maturity) | 580 | 579 | ||
0% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,520 | 1,516 | ||
McHenry County Conservation District Gen. Oblig.: | ||||
Series 2014: | ||||
5% 2/1/19 | 2,285 | 2,580 | ||
5% 2/1/20 | 2,275 | 2,617 | ||
Series 2014. 5% 2/1/23 | 2,225 | 2,630 | ||
Will County Cmnty. Unit School District #365-U: | ||||
0% 11/1/16 (Escrowed to Maturity) | 740 | 735 | ||
0% 11/1/16 (FSA Insured) | 2,235 | 2,204 | ||
| 327,405 | |||
Indiana - 2.0% | ||||
Indiana Fin. Auth. Econ. Dev. Rev. Bonds (Republic Svcs., Inc. Proj.): | ||||
Series 2012, 0.48%, tender 9/1/15 (d)(e) | 6,300 | 6,300 | ||
Series A, 0.48%, tender 5/1/34 (d)(e) | 2,100 | 2,100 | ||
Indiana Fin. Auth. Hosp. Rev. Series 2013: | ||||
5% 8/15/22 | 700 | 813 | ||
5% 8/15/23 | 1,000 | 1,166 | ||
Indiana Fin. Auth. Rev.: | ||||
(Trinity Health Cr. Group Proj.) Series 2009 A, 5% 12/1/15 | 2,135 | 2,175 | ||
(Wabash Valley Correctional Facilities Proj.) Series 2009 A, 5% 7/1/15 | 8,025 | 8,025 | ||
Series 2010 A, 5% 2/1/17 | 2,800 | 2,991 | ||
Series 2012: | ||||
5% 3/1/20 | 650 | 727 | ||
5% 3/1/21 | 1,225 | 1,383 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | ||||
Series 2012 A: | ||||
5% 10/1/20 | $ 825 | $ 959 | ||
5% 10/1/22 | 1,600 | 1,886 | ||
Series 2014 A: | ||||
5% 10/1/20 | 375 | 436 | ||
5% 10/1/21 | 380 | 445 | ||
5% 10/1/22 | 675 | 794 | ||
Series 2015 A: | ||||
5% 10/1/24 | 1,495 | 1,788 | ||
5% 10/1/25 | 1,625 | 1,926 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds (Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (d) | 4,000 | 4,176 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (d) | 2,200 | 2,235 | ||
Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2011 A: | ||||
5% 1/1/19 | 1,470 | 1,656 | ||
5% 1/1/20 | 1,250 | 1,435 | ||
Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series F, 5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 515 | 515 | ||
Indianapolis Thermal Energy Sys. Series 2010 B: | ||||
5% 10/1/16 | 5,000 | 5,262 | ||
5% 10/1/17 | 5,000 | 5,433 | ||
Lake Central Multi-District School Bldg. Corp. Series 2012 B: | ||||
4% 1/15/19 | 1,000 | 1,087 | ||
4% 1/15/20 | 1,345 | 1,481 | ||
4% 1/15/21 | 1,250 | 1,376 | ||
5% 7/15/19 | 1,680 | 1,912 | ||
5% 7/15/20 | 1,170 | 1,357 | ||
5% 7/15/21 | 1,000 | 1,169 | ||
Purdue Univ. Rev.: | ||||
(Student Facilities Sys. Proj.) Series 2009 B: | ||||
4% 7/1/17 | 500 | 532 | ||
5% 7/1/15 | 315 | 315 | ||
5% 7/1/16 | 500 | 523 | ||
Series Z-1: | ||||
5% 7/1/16 | 1,215 | 1,270 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Indiana - continued | ||||
Purdue Univ. Rev.: - continued | ||||
Series Z-1: | ||||
5% 7/1/17 | $ 1,000 | $ 1,083 | ||
5% 7/1/18 | 1,500 | 1,676 | ||
Rockport Poll. Cont. Rev. Bonds (Indiana Michigan Pwr. Co. Proj. Series 2009 B, 1.75%, tender 6/1/18 (d) | 8,500 | 8,498 | ||
Univ. of Southern Indiana Rev. Series J: | ||||
5% 10/1/15 (Assured Guaranty Corp. Insured) | 1,000 | 1,011 | ||
5% 10/1/16 (Assured Guaranty Corp. Insured) | 1,165 | 1,227 | ||
| 79,143 | |||
Iowa - 0.0% | ||||
Iowa Fin. Auth. Health Facilities Rev. Series 2005 A, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 1,700 | 1,749 | ||
Kansas - 0.6% | ||||
Kansas Dev. Fin. Agcy. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series 2009 D: | ||||
5% 11/15/15 | 625 | 636 | ||
5% 11/15/16 | 875 | 927 | ||
Overland Park Sales Tax Spl. Oblig. Rev. Series 2012, 4.375% 12/15/23 | 3,100 | 3,098 | ||
Wichita Hosp. Facilities Rev.: | ||||
(Via Christi Health Sys., Inc. Proj.) Series 2009 III A: | ||||
5% 11/15/15 (Escrowed to Maturity) | 6,245 | 6,353 | ||
5% 11/15/16 (Escrowed to Maturity) | 5,410 | 5,744 | ||
Series 2011 IV A: | ||||
5% 11/15/18 (Escrowed to Maturity) | 2,250 | 2,540 | ||
5% 11/15/20 (Escrowed to Maturity) | 2,745 | 3,233 | ||
| 22,531 | |||
Kentucky - 0.8% | ||||
Kentucky Econ. Dev. Fin. Auth. Bonds Series 2009 B, 2.7%, tender 11/10/21 (d) | 9,000 | 9,005 | ||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A, 5% 8/15/15 | 4,000 | 4,021 | ||
Kentucky State Property & Buildings Commission Rev. (#82 Proj.) 5.25% 10/1/17 (FSA Insured) | 2,450 | 2,682 | ||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): | ||||
Series 2003 A, 1.65%, tender 4/3/17 (d) | 6,000 | 6,062 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Kentucky - continued | ||||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): - continued | ||||
Series 2007 B: | ||||
1.15%, tender 6/1/17 (d) | $ 2,600 | $ 2,600 | ||
1.6%, tender 6/1/17 (d) | 8,000 | 8,052 | ||
| 32,422 | |||
Louisiana - 1.1% | ||||
Louisiana Gas & Fuel Tax Rev. Bonds Series 2013 B, 0.599%, tender 5/1/17 (d) | 25,000 | 25,080 | ||
Louisiana Pub. Facilities Auth. Rev.: | ||||
(Christus Health Proj.) Series 2009 A, 5% 7/1/16 | 2,000 | 2,084 | ||
(Entergy Gulf States Louisiana LLC Proj.) Series 2010 B, 2.875% 11/1/15 | 3,000 | 3,024 | ||
Louisiana Stadium and Exposition District Series 2013 A: | ||||
5% 7/1/21 | 1,500 | 1,748 | ||
5% 7/1/22 | 1,000 | 1,172 | ||
New Orleans Gen. Oblig. Series 2012, 5% 12/1/20 | 2,800 | 3,159 | ||
Reg'l. Transit Auth. Louisiana Sales Tax Rev. 4% 12/1/16 (FSA Insured) | 1,000 | 1,041 | ||
Tobacco Settlement Fing. Corp. Series 2013 A, 5% 5/15/23 | 4,500 | 5,129 | ||
| 42,437 | |||
Maine - 0.2% | ||||
Maine Tpk. Auth. Tpk. Rev. Series 2015: | ||||
5% 7/1/21 | 2,400 | 2,837 | ||
5% 7/1/22 | 1,850 | 2,206 | ||
5% 7/1/24 | 2,350 | 2,839 | ||
| 7,882 | |||
Maryland - 1.7% | ||||
Maryland Gen. Oblig.: | ||||
Series 2008 2, 5% 7/15/22 (Pre-Refunded to 7/15/18 @ 100) | 5,500 | 6,140 | ||
Series 2012 B, 5% 8/1/16 | 6,400 | 6,716 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
Bonds: | ||||
Series 2012 D, 0.953%, tender 11/15/17 (d) | 14,000 | 14,116 | ||
Series 2013 A: | ||||
0.703%, tender 5/15/18 (d) | 4,700 | 4,703 | ||
0.723%, tender 5/15/18 (d) | 7,100 | 7,101 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Maryland - continued | ||||
Maryland Health & Higher Edl. Facilities Auth. Rev.: - continued | ||||
Series 2015: | ||||
5% 7/1/19 (c) | $ 400 | $ 444 | ||
5% 7/1/22 (c) | 900 | 1,014 | ||
5% 7/1/23 (c) | 1,000 | 1,128 | ||
5% 7/1/24 (c) | 2,000 | 2,251 | ||
5% 7/1/25 (c) | 1,770 | 1,990 | ||
Montgomery County Gen. Oblig. Series 2011 A, 5% 7/1/20 | 16,000 | 18,380 | ||
| 63,983 | |||
Massachusetts - 1.4% | ||||
Braintree Gen. Oblig. Series 2009, 5% 5/15/16 | 4,400 | 4,577 | ||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2006 B, 5.25% 7/1/18 | 2,300 | 2,591 | ||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Boston College Proj.): | ||||
Series Q1: | ||||
4% 7/1/15 | 1,500 | 1,500 | ||
4% 7/1/16 | 1,000 | 1,036 | ||
Series Q2: | ||||
4% 7/1/15 | 1,170 | 1,170 | ||
4% 7/1/16 | 1,000 | 1,036 | ||
5% 7/1/17 | 1,370 | 1,485 | ||
(Tufts Med. Ctr. Proj.) Series I, 5% 1/1/16 | 1,300 | 1,326 | ||
Bonds Series 2013 U-6E, 0.62%, tender 9/30/16 (d) | 5,900 | 5,908 | ||
4.5% 11/15/18 (b) | 5,000 | 5,005 | ||
Massachusetts Edl. Fing. Auth. Rev. Series 2013, 5% 7/1/19 (e) | 4,725 | 5,237 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2004 B, 5.25% 8/1/20 | 12,700 | 15,037 | ||
Series 2006 D, 5% 8/1/22 (Pre-Refunded to 8/1/16 @ 100) | 4,500 | 4,722 | ||
Medford Gen. Oblig. Series 2011 B, 4% 3/1/19 | 3,570 | 3,866 | ||
| 54,496 | |||
Michigan - 2.7% | ||||
Detroit Swr. Disp. Rev. Series 2006 D, 0.784% 7/1/32 (d) | 4,070 | 3,558 | ||
Grand Blanc Cmnty. Schools Series 2013: | ||||
5% 5/1/19 | 1,225 | 1,382 | ||
5% 5/1/20 | 2,635 | 3,025 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Grand Blanc Cmnty. Schools Series 2013: - continued | ||||
5% 5/1/21 | $ 2,150 | $ 2,492 | ||
5% 5/1/22 | 1,850 | 2,158 | ||
Grand Valley Michigan State Univ. Rev. Series 2009, 5% 12/1/16 | 1,320 | 1,399 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.) Series 2011 A: | ||||
5% 11/15/18 | 1,250 | 1,394 | ||
5% 11/15/19 | 1,000 | 1,134 | ||
Michigan Fin. Auth. Rev.: | ||||
Series 2012 A: | ||||
5% 6/1/16 | 2,290 | 2,367 | ||
5% 6/1/17 | 1,410 | 1,507 | ||
5% 6/1/18 | 2,430 | 2,660 | ||
Series 2015 A: | ||||
5% 8/1/22 | 2,400 | 2,785 | ||
5% 8/1/23 | 3,800 | 4,406 | ||
Michigan Hosp. Fin. Auth. Rev. Bonds: | ||||
Series 1999 B3, 0.3%, tender 2/3/16 (d) | 25,000 | 25,009 | ||
Series 2005 A4, 1.625%, tender 11/1/19 (d) | 9,215 | 9,107 | ||
Series 2010 F3, 1.4%, tender 6/29/18 (d) | 1,900 | 1,917 | ||
Series 2010 F4, 1.95%, tender 4/1/20 (d) | 6,545 | 6,628 | ||
Michigan Muni. Bond Auth. Rev.: | ||||
(Clean Wtr. Pooled Proj.) Series 2010: | ||||
5% 10/1/15 | 1,750 | 1,770 | ||
5% 10/1/15 | 3,250 | 3,287 | ||
(Local Govt. Ln. Prog.) Series 2009 C, 5% 5/1/16 | 1,865 | 1,927 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev.: | ||||
(William Beaumont Hosp. Oblig. Group Proj.) Series 2009 W, 5% 8/1/15 (Escrowed to Maturity) | 2,070 | 2,077 | ||
Series 2014 D: | ||||
5% 9/1/21 | 1,500 | 1,739 | ||
5% 9/1/23 | 500 | 580 | ||
Spring Lake Pub. Schools: | ||||
Series 2014, 5% 5/1/19 | 2,300 | 2,595 | ||
5% 11/1/19 | 2,775 | 3,163 | ||
5% 5/1/20 | 3,630 | 4,167 | ||
5% 11/1/20 | 1,745 | 2,020 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Michigan - continued | ||||
Spring Lake Pub. Schools: - continued | ||||
5% 5/1/21 | $ 4,110 | $ 4,764 | ||
Western Michigan Univ. Rev. 5.25% 11/15/15 (Assured Guaranty Corp. Insured) | 3,275 | 3,333 | ||
| 104,350 | |||
Minnesota - 0.4% | ||||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.: | ||||
Series 2014 A: | ||||
5% 1/1/22 | 1,000 | 1,163 | ||
5% 1/1/23 | 1,000 | 1,172 | ||
Series 2014 B: | ||||
5% 1/1/21 (e) | 2,290 | 2,623 | ||
5% 1/1/22 (e) | 2,000 | 2,311 | ||
5% 1/1/23 (e) | 1,000 | 1,159 | ||
Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C1, 5% 2/15/16 (Assured Guaranty Corp. Insured) | 565 | 581 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series 2009 A, 5% 1/1/16 | 1,000 | 1,023 | ||
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2014 A: | ||||
5% 1/1/22 | 1,000 | 1,178 | ||
5% 1/1/23 | 1,500 | 1,783 | ||
5% 1/1/24 | 1,000 | 1,199 | ||
| 14,192 | |||
Mississippi - 0.2% | ||||
Mississippi Gen. Oblig. (Cap. Impts. Proj.) Series 2012 D, 0.6% 9/1/17 (d) | 3,295 | 3,298 | ||
Mississippi Hosp. Equip. & Facilities Auth. Bonds (Baptist Memorial Health Care Proj.) Series 2004 B2, 0.5%, tender 7/9/15 (d)(f) | 6,100 | 6,100 | ||
| 9,398 | |||
Missouri - 0.0% | ||||
Saint Louis Arpt. Rev. Series 2013, 5% 7/1/18 | 765 | 845 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Nebraska - 0.1% | ||||
Nebraska Pub. Pwr. District Rev.: | ||||
Series 2012 C, 5% 1/1/22 (Pre-Refunded to 1/1/18 @ 100) | $ 1,100 | $ 1,210 | ||
Series C, 4% 1/1/16 | 2,195 | 2,234 | ||
| 3,444 | |||
Nevada - 1.9% | ||||
Clark County Arpt. Rev.: | ||||
Series 2008 E, 5% 7/1/15 | 3,500 | 3,500 | ||
Series 2013 C1, 2.5% 7/1/15 (e) | 12,400 | 12,400 | ||
Clark County School District: | ||||
Series 2012 A, 5% 6/15/19 | 24,610 | 27,965 | ||
Series 2014 A, 5.5% 6/15/16 | 2,700 | 2,830 | ||
Nevada Gen. Oblig.: | ||||
Series 2010 C, 5% 6/1/19 | 12,140 | 13,839 | ||
Series 2012 B, 5% 8/1/20 | 2,230 | 2,597 | ||
Series 2013 D1: | ||||
5% 3/1/23 | 4,500 | 5,362 | ||
5% 3/1/24 | 2,700 | 3,211 | ||
| 71,704 | |||
New Hampshire - 0.3% | ||||
New Hampshire Health & Ed. Facilities Auth. Rev. Series 2012: | ||||
4% 7/1/20 | 2,705 | 2,837 | ||
4% 7/1/21 | 1,520 | 1,590 | ||
New Hampshire Tpk. Sys. Rev. Series 2012 B: | ||||
5% 2/1/17 | 3,000 | 3,200 | ||
5% 2/1/18 | 2,500 | 2,742 | ||
| 10,369 | |||
New Jersey - 5.4% | ||||
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | ||||
5% 2/15/20 | 3,000 | 3,397 | ||
5% 2/15/21 | 2,500 | 2,852 | ||
5% 2/15/22 | 2,500 | 2,867 | ||
5% 2/15/23 | 2,750 | 3,172 | ||
New Jersey Ctfs. of Prtn. Series 2009 A, 5% 6/15/16 | 6,500 | 6,761 | ||
New Jersey Econ. Dev. Auth. Rev.: | ||||
Series 2005 K, 5.5% 12/15/19 | 8,030 | 8,912 | ||
Series 2009 BB, 5% 9/1/15 (Escrowed to Maturity) | 3,390 | 3,415 | ||
Series 2011 EE, 5% 9/1/20 | 5,000 | 5,434 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Jersey - continued | ||||
New Jersey Econ. Dev. Auth. Rev.: - continued | ||||
Series 2012 II: | ||||
5% 3/1/21 | $ 6,800 | $ 7,391 | ||
5% 3/1/22 | 6,290 | 6,803 | ||
Series 2012, 5% 6/15/18 | 5,600 | 6,033 | ||
Series 2013 NN, 5% 3/1/19 | 8,165 | 8,808 | ||
Series 2014 PP, 5% 6/15/19 | 17,000 | 18,413 | ||
New Jersey Edl. Facility Series 2014: | ||||
5% 6/15/20 | 11,000 | 11,924 | ||
5% 6/15/21 | 11,000 | 11,946 | ||
New Jersey Gen. Oblig. Series O, 5.25% 8/1/22 | 3,930 | 4,508 | ||
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | ||||
Series 2010 1A, 5% 12/1/15 | 4,500 | 4,580 | ||
Series 2013: | ||||
5% 12/1/18 (e) | 6,000 | 6,595 | ||
5% 12/1/19 (e) | 3,850 | 4,291 | ||
New Jersey Tpk. Auth. Tpk. Rev.: | ||||
Bonds Series 2013 D, 0.6%, tender 1/1/16 (d) | 5,000 | 5,001 | ||
Series 1991 C, 6.5% 1/1/16 (Escrowed to Maturity) | 200 | 206 | ||
Series 2013 A, 5% 1/1/24 | 4,345 | 5,065 | ||
Series 2013 C, 0.55% 1/1/17 (d) | 16,000 | 16,010 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 A, 5.5% 12/15/16 (FSA Insured) | 5,000 | 5,281 | ||
Series 2003 B, 5.25% 12/15/19 | 3,870 | 4,250 | ||
Series 2003 B. 5.25% 12/15/19 | 5,500 | 6,040 | ||
Series 2012 AA, 5% 6/15/19 | 1,500 | 1,619 | ||
Series 2013 A: | ||||
5% 12/15/19 | 6,455 | 7,022 | ||
5% 6/15/20 | 18,000 | 19,556 | ||
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A: | ||||
5% 9/15/15 | 5,250 | 5,297 | ||
5% 9/15/21 | 4,900 | 5,562 | ||
| 209,011 | |||
New Mexico - 1.0% | ||||
Farmington Poll. Cont. Rev. Bonds (Southern California Edison Co. Four Corners Proj.): | ||||
Series 2005 B, 1.875%, tender 4/1/20 (d) | 11,000 | 10,923 | ||
Series 2011, 1.875%, tender 4/1/20 (d) | 6,290 | 6,260 | ||
New Mexico Edl. Assistance Foundation: | ||||
Series 2009 B, 4% 9/1/16 | 7,000 | 7,270 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New Mexico - continued | ||||
New Mexico Edl. Assistance Foundation: - continued | ||||
Series 2010 A1: | ||||
4% 12/1/15 | $ 3,700 | $ 3,756 | ||
4% 12/1/16 | 6,750 | 7,068 | ||
Rio Rancho Wtr. & Wastewtr. Sys. Rev. Series 2009, 5% 5/15/17 (FSA Insured) | 4,480 | 4,822 | ||
| 40,099 | |||
New York - 9.1% | ||||
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 | 1,205 | ||
5% 7/1/19 (Assured Guaranty Corp. Insured) (FSA Insured) | 640 | 711 | ||
Metropolitan Trans. Auth. Svc. Contract Rev. Series 2002 A, 5.5% 7/1/17 | 5,000 | 5,463 | ||
New York City Gen. Oblig.: | ||||
Series 2005 F1, 5% 9/1/15 | 3,560 | 3,589 | ||
Series 2014 J, 3% 8/1/16 | 5,600 | 5,755 | ||
Series 2014 K, 3% 8/1/16 | 3,900 | 4,008 | ||
Series 2015 C: | ||||
5% 8/1/23 | 10,000 | 11,881 | ||
5% 8/1/24 | 5,000 | 5,973 | ||
5% 8/1/25 | 1,700 | 2,026 | ||
Series J8, 0.45% 8/1/21 (d) | 7,500 | 7,502 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2003 B, 5% 2/1/20 | 3,000 | 3,462 | ||
Series 2010 B: | ||||
5% 11/1/17 | 11,740 | 12,851 | ||
5% 11/1/17 (Escrowed to Maturity) | 18,260 | 20,019 | ||
5% 11/1/20 | 5,950 | 6,872 | ||
Series 2010 D: | ||||
5% 11/1/15 (Escrowed to Maturity) | 890 | 904 | ||
5% 11/1/17 | 8,015 | 8,771 | ||
5% 11/1/17 (Escrowed to Maturity) | 2,100 | 2,300 | ||
Series 2012 A: | ||||
5% 11/1/17 | 6,180 | 6,772 | ||
5% 11/1/17 (Escrowed to Maturity) | 820 | 898 | ||
5% 11/1/20 | 4,500 | 5,267 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
New York Dorm. Auth. Mental Health Svcs. Facilities Impt. Rev.: | ||||
(State Univ. Proj.) Series 2012 A, 5% 5/15/20 | $ 4,000 | $ 4,651 | ||
Series 2012 A, 4% 5/15/20 | 8,000 | 8,922 | ||
New York Dorm. Auth. Personal Income Tax Rev. Series 2012 A, 5% 12/15/20 | 8,500 | 9,971 | ||
New York Dorm. Auth. Revs.: | ||||
Series 2008 B, 5% 7/1/15 | 30,000 | 30,000 | ||
Series 2008 D, 5.25% 8/15/17 (FSA Insured) | 7,000 | 7,647 | ||
Series 2009 A: | ||||
5% 7/1/15 | 12,850 | 12,850 | ||
5% 7/1/16 | 8,390 | 8,757 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series B, 5% 11/15/15 | 2,325 | 2,365 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Bonds Series 2012 G2, 0.653%, tender 11/1/15 (d) | 13,300 | 13,303 | ||
Series 2003 B, 5.25% 11/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,200 | 6,027 | ||
Series 2008 B2: | ||||
5% 11/15/19 | 6,185 | 7,103 | ||
5% 11/15/20 | 5,500 | 6,413 | ||
5% 11/15/21 | 4,000 | 4,697 | ||
Series 2012 B, 5% 11/15/22 | 2,000 | 2,355 | ||
Series 2012 D, 5% 11/15/18 | 2,515 | 2,829 | ||
Series 2012 E: | ||||
4% 11/15/19 | 4,000 | 4,426 | ||
5% 11/15/21 | 2,435 | 2,860 | ||
Series 2012 F, 5% 11/15/19 | 5,000 | 5,742 | ||
New York Thruway Auth. Gen. Rev. Series 2013 A, 5% 5/1/19 | 20,400 | 23,049 | ||
New York Thruway Auth. Second Gen. Hwy. & Bridge Trust Fund: | ||||
Series 2010 A, 5% 4/1/17 | 1,000 | 1,074 | ||
Series 2011 A1: | ||||
5% 4/1/17 | 1,500 | 1,612 | ||
5% 4/1/18 | 3,500 | 3,877 | ||
New York Urban Dev. Corp. Rev.: | ||||
Series 2009 C, 5% 12/15/16 | 17,000 | 18,085 | ||
Series 2011 A, 5% 3/15/21 | 18,425 | 21,568 | ||
Tobacco Settlement Fing. Corp.: | ||||
Series 2011, 5% 6/1/16 | 20,000 | 20,824 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
New York - continued | ||||
Tobacco Settlement Fing. Corp.: - continued | ||||
Series 2013 B, 5% 6/1/21 | $ 3,400 | $ 3,546 | ||
Triborough Bridge & Tunnel Auth. Revs. Series Y, 5.5% 1/1/17 (Escrowed to Maturity) | 2,930 | 3,031 | ||
| 353,813 | |||
North Carolina - 1.3% | ||||
Dare County Ctfs. of Prtn. Series 2012 B: | ||||
4% 6/1/17 | 1,000 | 1,063 | ||
4% 6/1/18 | 1,280 | 1,383 | ||
4% 6/1/20 | 1,000 | 1,108 | ||
5% 6/1/19 | 1,305 | 1,483 | ||
Mecklenburg County Pub. Facilities Corp. Series 2009: | ||||
5% 3/1/16 | 5,870 | 6,052 | ||
5% 3/1/18 | 1,500 | 1,654 | ||
Nash Health Care Sys. Health Care Facilities Rev. Series 2003, 5% 11/1/15 (FSA Insured) | 1,600 | 1,624 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Series 2010 A, 5% 1/1/16 | 6,035 | 6,167 | ||
North Carolina Gen. Oblig. Series 2014 A, 5% 6/1/16 | 8,095 | 8,437 | ||
North Carolina Med. Care Commission Hosp. Rev. (North Carolina Baptist Hosp. Proj.) Series 2010: | ||||
5% 6/1/16 | 1,000 | 1,040 | ||
5% 6/1/17 | 3,220 | 3,470 | ||
5% 6/1/18 | 3,820 | 4,209 | ||
Univ. of North Carolina at Chapel Hill Rev. Bonds Series 2012 A, 0.573%, tender 12/1/15 (d) | 11,500 | 11,495 | ||
| 49,185 | |||
North Dakota - 0.1% | ||||
Grand Forks Health Care Sys. Rev. (Altru Health Sys. Proj.) Series 2005, 5% 12/1/15 (Assured Guaranty Corp. Insured) | 1,825 | 1,852 | ||
Ohio - 3.5% | ||||
American Muni. Pwr., Inc. Rev. Bonds Series B, 5%, tender 8/15/20 (d) | 35,000 | 39,752 | ||
Buckeye Tobacco Settlement Fing. Auth. Series 2007 A1: | ||||
5% 6/1/16 | 3,035 | 3,147 | ||
5% 6/1/17 | 3,500 | 3,751 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
Cincinnati City School District 5.25% 12/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 3,555 | $ 4,027 | ||
Columbus City School District (School Facilities Construction and Impt. Proj.) Series 2009 B, 4% 12/1/16 | 1,000 | 1,048 | ||
Fairfield County Hosp. Facilities Rev. (Fairfield Med. Ctr. Proj.) Series 2013: | ||||
5% 6/15/22 | 2,145 | 2,401 | ||
5% 6/15/23 | 1,855 | 2,085 | ||
Hamilton County Convention Facilities Auth. Rev. Series 2014: | ||||
5% 12/1/19 | 1,910 | 2,159 | ||
5% 12/1/20 | 2,205 | 2,518 | ||
5% 12/1/21 | 2,045 | 2,347 | ||
Hamilton County Student Hsg. Rev. (Stratford Heights Proj.) Series 2010: | ||||
5% 6/1/16 (FSA Insured) | 1,105 | 1,149 | ||
5% 6/1/17 (FSA Insured) | 1,160 | 1,249 | ||
Ohio Air Quality Dev. Auth. Rev.: | ||||
Bonds (First Energy Nuclear Generation Proj.) Series 2006 A, 3.75%, tender 12/3/18 (d) | 13,300 | 13,982 | ||
Series 2009 C, 5.625% 6/1/18 | 1,395 | 1,529 | ||
Ohio Bldg. Auth.: | ||||
(Administrative Bldg. Fund Proj.): | ||||
Series 2009 B, 5% 10/1/15 | 6,505 | 6,579 | ||
Series 2010 C: | ||||
4% 10/1/15 | 3,200 | 3,229 | ||
5% 10/1/16 | 1,250 | 1,320 | ||
(Adult Correctional Bldg. Fund Proj.): | ||||
Series 2009 B, 5% 10/1/15 | 4,535 | 4,587 | ||
Series 2010 A, 5% 10/1/15 | 1,185 | 1,199 | ||
Ohio Gen. Oblig.: | ||||
(Common Schools Proj.) Series 2010 A, 5% 9/15/17 | 2,600 | 2,837 | ||
(Higher Ed. Proj.) Series 2010 A, 5% 8/1/17 | 3,290 | 3,575 | ||
Series 2011 A, 5% 8/1/17 | 3,070 | 3,336 | ||
Series 2012 C, 5% 9/15/21 | 4,350 | 5,156 | ||
Series 2013 B, 4% 6/15/16 | 2,200 | 2,276 | ||
Ohio Higher Edl. Facility Commission Rev. (Univ. Hosp. Health Sys. Proj.) Series 2010 A, 5% 1/15/17 | 1,000 | 1,061 | ||
Ohio State Univ. Gen. Receipts Series 2010 A: | ||||
5% 12/1/16 | 4,720 | 5,010 | ||
5% 12/1/16 (Escrowed to Maturity) | 280 | 297 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Ohio - continued | ||||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds: | ||||
(FirstEnergy Corp. Proj.) Series 2009 A, 5.875%, tender 6/1/16 (d) | $ 10,225 | $ 10,648 | ||
(FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 B, 3.375%, tender 7/1/15 (d) | 5,000 | 5,000 | ||
| 137,254 | |||
Oklahoma - 0.3% | ||||
Oklahoma Dev. Fin. Auth. Rev.: | ||||
(Saint John Health Sys. Proj.) Series 2012, 5% 2/15/23 | 2,600 | 2,994 | ||
Series 2004 A, 2.375% 12/1/21 | 1,350 | 1,363 | ||
Series 2012, 5% 2/15/21 | 1,600 | 1,847 | ||
Tulsa County Indl. Auth. Edl. Facilities Lease Rev. (Jenks Pub. Schools Proj.) Series 2009, 5.5% 9/1/18 | 5,215 | 5,886 | ||
| 12,090 | |||
Oregon - 0.1% | ||||
Oregon Facilities Auth. Rev. (Legacy Health Sys. Proj.) Series 2009 A, 5% 3/15/16 | 1,750 | 1,806 | ||
Pennsylvania - 4.3% | ||||
Allegheny County Arpt. Auth. Rev. Series A, 5% 1/1/16 (FSA Insured) (e) | 1,000 | 1,022 | ||
Allegheny County Hosp. Dev. Auth. Rev. (Univ. of Pittsburgh Med. Ctr. Proj.) Series 2009 A, 4% 8/15/15 | 1,385 | 1,391 | ||
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.): | ||||
Series 2005 A, 3.375%, tender 7/1/15 (d) | 2,000 | 2,000 | ||
Series 2006 A, 3.5%, tender 6/1/20 (d) | 5,250 | 5,376 | ||
Series 2006 B, 3.5%, tender 6/1/20 (d) | 6,000 | 6,144 | ||
Franklin County Indl. Dev. Auth. (The Chambersburg Hosp. Proj.) Series 2010: | ||||
5% 7/1/16 | 1,000 | 1,044 | ||
5% 7/1/17 | 1,255 | 1,352 | ||
Montgomery County Higher Ed. & Health Auth. Hosp. Rev. (Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | 2,200 | 2,366 | ||
Montgomery County Higher Ed. & Health Auth. Rev. Series 2014 A: | ||||
4% 10/1/18 | 1,000 | 1,070 | ||
4% 10/1/19 | 660 | 711 | ||
5% 10/1/20 | 1,260 | 1,414 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Pennsylvania Econ. Dev. Auth. Governmental Lease (Forum Place Proj.) Series 2012: | ||||
5% 3/1/18 | $ 2,455 | $ 2,662 | ||
5% 3/1/19 | 2,310 | 2,555 | ||
5% 3/1/20 | 2,140 | 2,405 | ||
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 B: | ||||
5% 1/1/22 | 5,000 | 5,414 | ||
5% 7/1/22 | 5,200 | 5,425 | ||
5% 1/1/23 | 3,000 | 3,068 | ||
5% 7/1/23 | 1,650 | 1,653 | ||
Pennsylvania Gen. Oblig.: | ||||
Series 2006 1, 5% 10/1/19 (Pre-Refunded to 10/1/16 @ 100) | 7,000 | 7,398 | ||
Series 2010 A3, 5% 7/15/16 | 3,900 | 4,081 | ||
Series 2011, 5% 7/1/21 | 1,900 | 2,196 | ||
Series 2013 1, 5% 4/1/16 | 2,655 | 2,747 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev. Series 2014: | ||||
5% 12/1/19 | 340 | 391 | ||
5% 12/1/21 | 275 | 325 | ||
5% 12/1/22 | 855 | 1,017 | ||
Pennsylvania Tpk. Commission Tpk. Rev.: | ||||
Series 2009 B, 5% 12/1/17 | 12,500 | 13,675 | ||
Series 2013 A, 0.67% 12/1/17 (d) | 6,400 | 6,419 | ||
Philadelphia Gas Works Rev.: | ||||
(1998 Gen. Ordinance Proj.) Eighth Series A, 5% 8/1/15 | 2,100 | 2,108 | ||
Eighth Series A, 5% 8/1/16 | 1,000 | 1,041 | ||
Seventeenth Series: | ||||
5.375% 7/1/15 (FSA Insured) | 2,000 | 2,000 | ||
5.375% 7/1/16 (FSA Insured) | 2,300 | 2,399 | ||
Philadelphia Gen. Oblig.: | ||||
Series 2008 A: | ||||
5% 12/15/15 (FSA Insured) | 5,000 | 5,103 | ||
5% 12/15/16 (FSA Insured) | 7,275 | 7,722 | ||
Series 2011: | ||||
5.25% 8/1/17 | 6,165 | 6,694 | ||
5.25% 8/1/18 | 5,515 | 6,145 | ||
Philadelphia Muni. Auth. Rev. Series 2013 A: | ||||
5% 11/15/17 | 6,635 | 7,206 | ||
5% 11/15/18 | 3,430 | 3,811 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Pennsylvania - continued | ||||
Philadelphia School District Series 2010 C, 5% 9/1/16 | $ 13,610 | $ 14,247 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A, 5% 6/15/16 | 6,000 | 6,256 | ||
Pittsburgh & Allegheny County Sports & Exhibition Auth. Series 2010, 5% 2/1/16 (FSA Insured) | 5,620 | 5,767 | ||
Pittsburgh School District Series 2010 A: | ||||
4% 9/1/15 | 1,405 | 1,413 | ||
4% 9/1/15 (Escrowed to Maturity) | 45 | 45 | ||
5% 9/1/16 (FSA Insured) | 1,685 | 1,769 | ||
Saint Mary Hosp. Auth. Health Sys. Rev. (Catholic Health East Proj.) Series 2010 B, 5% 11/15/15 | 2,420 | 2,460 | ||
Southeastern Pennsylvania Trans. Auth. Rev. Series 2011: | ||||
5% 6/1/18 | 1,000 | 1,099 | ||
5% 6/1/19 | 200 | 224 | ||
State Pub. School Bldg. Auth. Lease Rev. (Philadelphia School District Proj.) Series 2012: | ||||
5% 4/1/19 | 1,305 | 1,453 | ||
5% 4/1/20 | 1,250 | 1,407 | ||
5% 4/1/21 | 1,000 | 1,128 | ||
Unionville-Chadds Ford School District Gen. Oblig. Series 2009, 5% 6/1/20 | 1,190 | 1,354 | ||
| 168,172 | |||
Rhode Island - 0.6% | ||||
Rhode Island Econ. Dev. Corp. Rev. (Dept. of Trans. Proj.) Series 2009 A, 5% 6/15/16 (Assured Guaranty Corp. Insured) | 6,625 | 6,902 | ||
Rhode Island Health & Edl. Bldg. Corp. Higher Ed. Facilities Rev. Series 2013 A: | ||||
5% 5/15/18 | 1,000 | 1,083 | ||
5% 5/15/19 | 1,500 | 1,650 | ||
Rhode Island Health & Edl. Bldg. Corp. Pub. Schools Rev. Series 2015, 5% 5/15/25 (FSA Insured) | 6,040 | 7,019 | ||
Tobacco Setlement Fing. Corp. Series 2015 A: | ||||
5% 6/1/26 | 3,500 | 3,887 | ||
5% 6/1/27 | 1,000 | 1,095 | ||
| 21,636 | |||
South Carolina - 1.7% | ||||
Lexington County Health Svcs. District, Inc. Hosp. Rev. Series 2011, 5% 11/1/19 | 1,190 | 1,358 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
South Carolina - continued | ||||
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015: | ||||
5% 12/1/23 | $ 4,440 | $ 5,131 | ||
5% 12/1/26 | 1,100 | 1,256 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
Series 2012 B: | ||||
5% 12/1/17 | 2,000 | 2,185 | ||
5% 12/1/20 | 1,000 | 1,165 | ||
Series 2012 C, 5% 12/1/17 | 10,535 | 11,512 | ||
Series 2014 C: | ||||
5% 12/1/22 | 1,100 | 1,301 | ||
5% 12/1/23 | 5,000 | 5,905 | ||
Series 2015 C: | ||||
5% 12/1/18 (c) | 15,000 | 16,547 | ||
5% 12/1/19 (c) | 18,690 | 21,025 | ||
| 67,385 | |||
South Dakota - 0.2% | ||||
South Dakota Health & Edl. Facilities Auth. Rev.: | ||||
(Reg'l. Health Proj.) Series 2010: | ||||
5% 9/1/15 | 680 | 685 | ||
5% 9/1/16 | 500 | 524 | ||
5% 9/1/17 | 490 | 530 | ||
Series 2011: | ||||
5% 9/1/17 | 1,100 | 1,190 | ||
5% 9/1/18 | 1,200 | 1,330 | ||
5% 9/1/19 | 1,255 | 1,420 | ||
Series 2014 B: | ||||
4% 11/1/19 | 400 | 442 | ||
4% 11/1/20 | 625 | 694 | ||
4% 11/1/21 | 500 | 556 | ||
5% 11/1/22 | 375 | 440 | ||
| 7,811 | |||
Tennessee - 0.4% | ||||
Knox County Health Edl. & Hsg. Facilities Series 2012 A: | ||||
5% 1/1/19 | 1,925 | 2,150 | ||
5% 1/1/20 | 2,500 | 2,841 | ||
5% 1/1/21 | 2,500 | 2,874 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2010 B, 5% 7/1/16 (e) | 1,730 | 1,802 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Tennessee - continued | ||||
Metropolitan Nashville Arpt. Auth. Rev. Series 2010 A: | ||||
5% 7/1/16 | $ 1,815 | $ 1,894 | ||
5% 7/1/17 | 1,100 | 1,190 | ||
Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2004 A, 5% 9/1/15 | 3,125 | 3,148 | ||
| 15,899 | |||
Texas - 8.6% | ||||
Austin Cmnty. College District Pub. Facilities Lease Rev. (Round Rock Campus Proj.) Series 2008, 5.25% 8/1/15 (Escrowed to Maturity) | 2,585 | 2,594 | ||
Austin Elec. Util. Sys. Rev.: | ||||
Series A, 5% 11/15/15 | 1,000 | 1,017 | ||
0% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,500 | 4,352 | ||
Austin Independent School District Series 2004, 5% 8/1/17 | 1,450 | 1,576 | ||
Austin Wtr. & Wastewtr. Sys. Rev. Series 2009 A, 5% 11/15/15 | 2,250 | 2,287 | ||
Brownsville Util. Sys. Rev. Series 2008 A, 5% 9/1/15 (FSA Insured) | 2,665 | 2,685 | ||
Carroll Independent School District Series 2009 C, 5.25% 2/15/19 | 1,000 | 1,135 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2009 A, 5% 11/1/15 | 5,000 | 5,075 | ||
Series 2013 F: | ||||
5% 11/1/19 | 2,000 | 2,296 | ||
5% 11/1/20 | 1,500 | 1,747 | ||
5% 11/1/21 | 3,000 | 3,506 | ||
5% 11/1/22 | 5,000 | 5,871 | ||
Dallas Independent School District Series 2014 A, 4% 8/15/16 | 9,280 | 9,645 | ||
Dallas Wtrwks. & Swr. Sys. Rev. Series 2011, 5% 10/1/18 | 1,600 | 1,801 | ||
Fort Worth Independent School District Series 2009, 5% 2/15/16 | 3,690 | 3,797 | ||
Grapevine Gen. Oblig. Series 2009, 5% 2/15/16 | 1,375 | 1,415 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Rev. (Memorial Hermann Health Sys. Proj.) Series 2013 B, 0.47% 6/1/16 (d) | 1,590 | 1,592 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Thermal Util. Rev. (TECO Proj.) Series 2009 A, 5% 11/15/16 | 500 | 530 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Harris County Gen. Oblig.: | ||||
Bonds Series 2012 B, 0.66%, tender 8/15/15 (d) | $ 10,470 | $ 10,472 | ||
Series 2012 A, 0.5% 8/15/15 (d) | 1,300 | 1,300 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2011 A, 5% 7/1/17 (e) | 7,380 | 7,967 | ||
Series 2012 A, 5% 7/1/23 (e) | 2,000 | 2,279 | ||
Series A: | ||||
5% 7/1/15 | 2,070 | 2,070 | ||
5% 7/1/16 | 1,080 | 1,128 | ||
Houston Independent School District Series 2005 A, 0% 2/15/16 | 4,500 | 4,483 | ||
Houston Util. Sys. Rev.: | ||||
Bonds Series 2012 C, 0.67%, tender 8/1/16 (d) | 9,200 | 9,197 | ||
5% 5/15/22 | 5,000 | 5,908 | ||
5% 5/15/23 | 7,000 | 8,357 | ||
Klein Independent School District Series 2009 A, 5% 8/1/16 | 2,195 | 2,301 | ||
Lewisville Independent School District Series 2009, 5% 8/15/17 | 1,170 | 1,274 | ||
Lower Colorado River Auth. Rev.: | ||||
(LCRA Transmission Svcs. Corp. Proj.) Series 2010, 5% 5/15/18 | 3,140 | 3,478 | ||
Series 2010, 5% 5/15/17 | 2,805 | 3,022 | ||
5% 5/15/16 | 2,355 | 2,446 | ||
5% 5/15/16 (Escrowed to Maturity) | 5 | 5 | ||
Lubbock Health Facilities Dev. Corp. Rev. (St. Joseph Health Sys. Proj.) Series 2008 B: | ||||
5% 7/1/17 | 2,800 | 3,022 | ||
5% 7/1/18 | 3,030 | 3,359 | ||
Mansfield Independent School District Series 2009, 4% 2/15/17 | 1,840 | 1,939 | ||
Mission Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2008 A, 0.5%, tender 8/3/15 (d)(e) | 12,700 | 12,700 | ||
North Harris County Reg'l. Wtr. Auth. Series 2013, 4% 12/15/22 | 1,580 | 1,754 | ||
North Texas Tollway Auth. Rev. Bonds Series 2012 C, 1.95%, tender 1/1/19 (d) | 8,500 | 8,583 | ||
Northside Independent School District Bonds: | ||||
Series 2011 A, 2%, tender 6/1/19 (d) | 6,365 | 6,453 | ||
1%, tender 6/1/16 (d) | 20,000 | 20,074 | ||
1.2%, tender 8/1/17 (d) | 29,415 | 29,493 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Sam Rayburn Muni. Pwr. Agcy. Series 2012, 5% 10/1/20 | $ 1,000 | $ 1,148 | ||
San Antonio Elec. & Gas Sys. Rev. Series 2006 A, 5% 2/1/25 (Pre-Refunded to 2/1/16 @ 100) | 3,400 | 3,491 | ||
San Antonio Pub. Facilities Corp. and Rfdg. Lease (Convention Ctr. Proj.) Series 2012: | ||||
5% 9/15/20 | 1,000 | 1,150 | ||
5% 9/15/21 | 1,000 | 1,164 | ||
5% 9/15/22 | 3,440 | 4,003 | ||
San Antonio Wtr. Sys. Rev. Series 2012: | ||||
4% 5/15/19 | 1,500 | 1,655 | ||
5% 5/15/20 | 6,000 | 6,977 | ||
5% 5/15/21 | 5,000 | 5,874 | ||
San Jacinto Cmnty. College District Series 2009, 5% 2/15/16 | 2,000 | 2,058 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/16 | 5,795 | 6,112 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Hosp. Rev.: | ||||
(Scott & White Healthcare Proj.) Series 2013 A: | ||||
5% 8/15/21 | 750 | 873 | ||
5% 8/15/23 | 1,000 | 1,165 | ||
Series 2013: | ||||
4% 9/1/18 | 400 | 430 | ||
5% 9/1/19 | 655 | 740 | ||
5% 9/1/20 | 915 | 1,049 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. Rev.: | ||||
5.75% 7/1/18 | 2,600 | 2,820 | ||
5.75% 7/1/18 (Pre-Refunded to 7/1/16 @ 100) | 810 | 845 | ||
Texas Gen. Oblig.: | ||||
Series 2006, 5% 4/1/27 (Pre-Refunded to 4/1/16 @ 100) | 3,700 | 3,829 | ||
Series 2009 A, 5% 10/1/16 | 3,400 | 3,588 | ||
Series 2014, 5% 10/1/16 | 10,645 | 11,235 | ||
Texas Muni. Pwr. Agcy. Rev. Series 2010: | ||||
5% 9/1/15 | 835 | 841 | ||
5% 9/1/16 | 750 | 787 | ||
Texas Pub. Fin. Auth. Rev. Series 2014 B: | ||||
4% 7/1/17 | 2,100 | 2,206 | ||
4% 7/1/18 | 2,200 | 2,239 | ||
Texas Trans. Commission Central Texas Tpk. Sys. Rev. Bonds Series 2015 A, 5%, tender 4/1/20 (d) | 10,700 | 12,242 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Texas - continued | ||||
Texas Trans. Commission State Hwy. Fund Rev.: | ||||
Series 2007, 5% 4/1/25 | $ 2,200 | $ 2,350 | ||
3% 10/1/17 (c) | 34,000 | 35,600 | ||
Tomball Independent School District 5% 2/15/17 (Assured Guaranty Corp. Insured) | 1,105 | 1,182 | ||
Univ. of Texas Board of Regents Sys. Rev.: | ||||
Series 2006 B, 5% 8/15/24 (Pre-Refunded to 8/15/16 @ 100) | 5,975 | 6,280 | ||
Series 2010 B, 5% 8/15/21 | 1,800 | 2,131 | ||
| 332,049 | |||
Utah - 0.2% | ||||
Utah Associated Muni. Pwr. Sys. Rev. (Payson Pwr. Proj.) 5% 9/1/17 | 1,090 | 1,179 | ||
Utah Gen. Oblig. Series 2009 C, 5% 7/1/16 | 5,555 | 5,810 | ||
| 6,989 | |||
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 | 2,263 | ||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/15 | 5,000 | 5,047 | ||
Virginia - 0.9% | ||||
Chesapeake Trans. Sys. Toll Road Rev. Series 2012 A: | ||||
4% 7/15/20 | 605 | 657 | ||
5% 7/15/21 | 400 | 457 | ||
Fairfax County Gen. Oblig.: | ||||
5% 10/1/19 (c) | 8,000 | 9,251 | ||
5% 10/1/20 (c) | 6,710 | 7,906 | ||
5% 10/1/21 (c) | 3,000 | 3,581 | ||
Fredericksburg Econ. Dev. Auth. Rev. Series 2014, 5% 6/15/24 | 2,340 | 2,656 | ||
Virginia Commonwealth Trans. Board Rev. (U.S. Route 58 Corridor Dev. Prog.) Series 2014 B, 5% 5/15/16 | 2,100 | 2,185 | ||
Virginia Pub. School Auth.: | ||||
Series ll, 5% 4/15/16 | 2,600 | 2,695 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Virginia - continued | ||||
Virginia Pub. School Auth.: - continued | ||||
Series Xll, 5% 4/15/16 | $ 3,940 | $ 4,084 | ||
York County Econ. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2009 A, 1.875%, tender 5/16/19 (d) | 2,500 | 2,538 | ||
| 36,010 | |||
Washington - 1.1% | ||||
Grant County Pub. Util. District #2 Series 2012 A: | ||||
5% 1/1/20 | 1,375 | 1,584 | ||
5% 1/1/21 | 1,865 | 2,185 | ||
King County Highline School District # 401 Series 2009: | ||||
5% 12/1/16 | 6,350 | 6,741 | ||
5% 12/1/17 | 2,950 | 3,230 | ||
Port of Seattle Passenger Facilities Charge Rev. Series 2010 B, 5% 12/1/16 (e) | 2,500 | 2,643 | ||
Port of Seattle Rev. Series 2010 C: | ||||
5% 2/1/16 (e) | 2,000 | 2,052 | ||
5% 2/1/17 (e) | 2,500 | 2,661 | ||
Seattle Muni. Lt. & Pwr. Rev. Series 2010 B, 5% 2/1/17 | 2,000 | 2,136 | ||
Spokane County Wastewtr. Sys. Rev. Series 2009 A, 5% 12/1/15 | 1,710 | 1,743 | ||
Tacoma Elec. Sys. Rev. Series 2013 A: | ||||
4% 1/1/20 | 5,000 | 5,527 | ||
4% 1/1/21 | 2,000 | 2,231 | ||
5% 1/1/20 | 3,000 | 3,445 | ||
5% 1/1/21 | 1,770 | 2,067 | ||
Washington Gen. Oblig. Series 2012 AR, 5% 7/1/18 | 5,000 | 5,582 | ||
| 43,827 | |||
West Virginia - 0.3% | ||||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds: | ||||
Series 2011 A, 2.25%, tender 9/1/16 (d)(e) | 7,000 | 7,071 | ||
1.9%, tender 4/1/19 (d) | 5,990 | 5,966 | ||
| 13,037 | |||
Wisconsin - 0.7% | ||||
Madison Gen. Oblig. Series 2014 A, 5% 10/1/21 | 3,215 | 3,809 | ||
Milwaukee County Arpt. Rev.: | ||||
Series 2010 B, 5% 12/1/15 (e) | 1,720 | 1,752 | ||
Series 2013 A: | ||||
5% 12/1/20 (e) | 1,330 | 1,525 | ||
Municipal Bonds - continued | ||||
| Principal Amount (000s) | Value (000s) | ||
Wisconsin - continued | ||||
Milwaukee County Arpt. Rev.: - continued | ||||
Series 2013 A: | ||||
5% 12/1/22 (e) | $ 1,470 | $ 1,692 | ||
5.25% 12/1/23 (e) | 1,540 | 1,812 | ||
Wisconsin Gen. Oblig.: | ||||
Series 2005 D, 5% 5/1/19 (Pre-Refunded to 5/1/16 @ 100) | 2,260 | 2,346 | ||
Series 2014 B, 5% 5/1/16 | 2,600 | 2,700 | ||
Wisconsin Health & Edl. Facilities Series 2014: | ||||
4% 5/1/18 | 375 | 398 | ||
4% 5/1/19 | 285 | 304 | ||
5% 5/1/20 | 410 | 454 | ||
5% 5/1/21 | 640 | 709 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Agnesian HealthCare, Inc. Proj.) Series 2010, 5% 7/1/16 | 1,175 | 1,221 | ||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 1,500 | 1,607 | ||
(Thedacare, Inc. Proj.) Series 2010: | ||||
5% 12/15/15 | 1,105 | 1,128 | ||
5% 12/15/16 | 1,440 | 1,529 | ||
5% 12/15/17 | 1,540 | 1,684 | ||
Series 2012, 5% 10/1/21 | 1,400 | 1,627 | ||
| 26,297 | |||
TOTAL MUNICIPAL BONDS (Cost $3,458,149) |
|
Municipal Notes - 3.4% | |||
|
|
|
|
Connecticut - 1.1% | |||
Hartford Gen. Oblig. BAN 2% 10/27/15 | 16,000 | 16,083 | |
New Britain Gen. Oblig. BAN 2.5% 3/25/16 | 24,000 | 24,350 | |
New London BAN 2% 3/24/16 | 3,155 | 3,189 | |
| 43,622 | ||
Louisiana - 1.0% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.36% 7/7/15, VRDN (d) | 4,300 | 4,300 | |
Series 2010 B1, 0.27% 7/7/15, VRDN (d) | 35,600 | 35,600 | |
| 39,900 | ||
Municipal Notes - continued | |||
Principal Amount (000s) | Value (000s) | ||
New Jersey - 0.3% | |||
Newark Gen. Oblig. TAN Series 2015 A, 1.75% 2/19/16 | 10,400 | $ 10,422 | |
New York - 0.7% | |||
Monroe County Gen. Oblig. BAN Series 2014, 1% 7/1/15 | 17,700 | 17,700 | |
Rockland County Gen. Oblig. TAN 2% 3/16/16 | 9,800 | 9,887 | |
| 27,587 | ||
North Carolina - 0.2% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 0.35% 7/7/15, VRDN (d)(e) | 5,900 | 5,900 | |
Ohio - 0.0% | |||
Marietta BAN Series 2015, 1% 5/13/16 | 1,750 | 1,755 | |
Texas - 0.1% | |||
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) Series 2009 C, 0.21% 7/1/15, VRDN (d) | 5,100 | 5,100 | |
TOTAL MUNICIPAL NOTES (Cost $134,301) |
| ||
TOTAL INVESTMENT PORTFOLIO - 93.8% (Cost $3,592,450) | 3,636,131 | ||
NET OTHER ASSETS (LIABILITIES) - 6.2% | 238,279 | ||
NET ASSETS - 100% | $ 3,874,410 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
TAN | - | TAX ANTICIPATION NOTE |
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $23,105,000 or 0.6% of net assets. |
(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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,100,000 or 0.2% of net assets. |
Additional information on each restricted holding is as follows: |
Security | Acquisition Date | Acquisition Cost (000s) |
Mississippi Hosp. Equip. & Facilities Auth. Bonds (Baptist Memorial Health Care Proj.) Series 2004 B2, 0.5%, tender 7/9/15 | 1/7/15 | $ 6,100 |
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 Investment 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 | 40.4% |
Electric Utilities | 10.7% |
Transportation | 10.1% |
Health Care | 8.8% |
Special Tax | 7.8% |
Others (Individually Less Than 5%) | 16.0% |
Net Other Assets (Liabilities) | 6.2% |
| 100.0% |
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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,592,450) |
| $ 3,636,131 |
Cash |
| 310,240 |
Receivable for investments sold |
| 22,714 |
Receivable for fund shares sold | 22,529 | |
Interest receivable | 37,352 | |
Other receivables | 16 | |
Total assets | 4,028,982 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 141,320 | |
Payable for fund shares redeemed | 10,372 | |
Distributions payable | 1,126 | |
Accrued management fee | 1,163 | |
Distribution and service plan fees payable | 139 | |
Other affiliated payables | 411 | |
Other payables and accrued expenses | 41 | |
Total liabilities | 154,572 | |
|
|
|
Net Assets | $ 3,874,410 | |
Net Assets consist of: |
| |
Paid in capital | $ 3,826,825 | |
Distributions in excess of net investment income | (75) | |
Accumulated undistributed net realized gain (loss) on investments | 3,979 | |
Net unrealized appreciation (depreciation) on investments | 43,681 | |
Net Assets | $ 3,874,410 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Assets and Liabilities - continued
Amounts in thousands (except per-share amounts) | June 30, 2015 (Unaudited) | |
Calculation of Maximum Offering Price | ||
Class A: | $ 10.62 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.62) | $ 10.92 | |
Class T: | $ 10.60 | |
|
|
|
Maximum offering price per share (100/97.25 of $10.60) | $ 10.90 | |
Class B: | $ 10.61 | |
|
|
|
Class C: | $ 10.60 | |
|
|
|
Limited Term Municipal Income: | $ 10.60 | |
|
|
|
Institutional Class: | $ 10.61 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
Amounts in thousands Six months ended June 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 41,175 |
|
|
|
Expenses | ||
Management fee | $ 7,165 | |
Transfer agent fees | 2,189 | |
Distribution and service plan fees | 868 | |
Accounting fees and expenses | 309 | |
Custodian fees and expenses | 25 | |
Independent trustees' compensation | 8 | |
Registration fees | 106 | |
Audit | 27 | |
Legal | 11 | |
Miscellaneous | 15 | |
Total expenses before reductions | 10,723 | |
Expense reductions | (24) | 10,699 |
Net investment income (loss) | 30,476 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 4,372 |
Change in net unrealized appreciation (depreciation) on investment securities | (38,211) | |
Net gain (loss) | (33,839) | |
Net increase (decrease) in net assets resulting from operations | $ (3,363) |
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, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 30,476 | $ 64,659 |
Net realized gain (loss) | 4,372 | 4,731 |
Change in net unrealized appreciation (depreciation) | (38,211) | 12,153 |
Net increase (decrease) in net assets resulting from operations | (3,363) | 81,543 |
Distributions to shareholders from net investment income | (30,663) | (64,660) |
Distributions to shareholders from net realized gain | (1,502) | (5,775) |
Total distributions | (32,165) | (70,435) |
Share transactions - net increase (decrease) | (66,281) | 176,760 |
Redemption fees | 27 | 43 |
Total increase (decrease) in net assets | (101,782) | 187,911 |
|
|
|
Net Assets | ||
Beginning of period | 3,976,192 | 3,788,281 |
End of period (including distributions in excess of net investment income of $75 and undistributed net investment income of $112, respectively) | $ 3,874,410 | $ 3,976,192 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Class A
| Six months ended June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.71 | $ 10.68 | $ 10.86 | $ 10.83 | $ 10.62 | $ 10.64 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) E | .068 | .153 | .158 | .164 | .198 | .209 |
Net realized and unrealized gain (loss) | (.086) | .046 | (.170) | .034 | .225 | (.016) |
Total from investment operations | (.018) | .199 | (.012) | .198 | .423 | .193 |
Distributions from net investment income | (.068) | (.153) | (.158) | (.156) | (.205) | (.209) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.072) | (.169) | (.168) | (.168) | (.213) | (.213) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.62 | $ 10.71 | $ 10.68 | $ 10.86 | $ 10.83 | $ 10.62 |
Total ReturnB, C, D | (.17)% | 1.87% | (.11)% | 1.84% | 4.03% | 1.81% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .82%A | .79% | .78% | .79% | .77% | .78% |
Expenses net of fee waivers, if any | .82%A | .79% | .78% | .79% | .77% | .78% |
Expenses net of all reductions | .81%A | .79% | .78% | .78% | .77% | .77% |
Net investment income (loss) | 1.27%A | 1.42% | 1.47% | 1.51% | 1.85% | 1.95% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 390 | $ 397 | $ 318 | $ 394 | $ 336 | $ 200 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 | $ 10.63 |
Income from Investment |
|
|
|
|
| |
Net investment income (loss) E | .069 | .157 | .162 | .166 | .199 | .211 |
Net realized and unrealized gain (loss) | (.085) | .046 | (.180) | .044 | .226 | (.026) |
Total from investment operations | (.016) | .203 | (.018) | .210 | .425 | .185 |
Distributions from net investment income | (.070) | (.157) | (.162) | (.158) | (.207) | (.211) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.074) | (.173) | (.172) | (.170) | (.215) | (.215) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.60 | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 |
Total ReturnB, C, D | (.15)% | 1.91% | (.17)% | 1.95% | 4.05% | 1.74% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | .78%A | .76% | .75% | .77% | .76% | .76% |
Expenses net of fee waivers, if any | .78%A | .76% | .75% | .77% | .76% | .76% |
Expenses net of all reductions | .78%A | .75% | .75% | .76% | .76% | .75% |
Net investment income (loss) | 1.31%A | 1.46% | 1.50% | 1.52% | 1.86% | 1.97% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 22 | $ 25 | $ 24 | $ 25 | $ 26 | $ 24 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.71 | $ 10.67 | $ 10.86 | $ 10.82 | $ 10.61 | $ 10.64 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .036 | .086 | .089 | .093 | .128 | .139 |
Net realized and unrealized gain (loss) | (.095) | .056 | (.180) | .045 | .226 | (.026) |
Total from investment operations | (.059) | .142 | (.091) | .138 | .354 | .113 |
Distributions from net investment income | (.037) | (.086) | (.089) | (.086) | (.136) | (.139) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.041) | (.102) | (.099) | (.098) | (.144) | (.143) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.61 | $ 10.71 | $ 10.67 | $ 10.86 | $ 10.82 | $ 10.61 |
Total ReturnB, C, D | (.55)% | 1.33% | (.84)% | 1.27% | 3.36% | 1.06% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.40%A | 1.42% | 1.43% | 1.44% | 1.43% | 1.44% |
Expenses net of fee waivers, if any | 1.40%A | 1.42% | 1.43% | 1.44% | 1.42% | 1.43% |
Expenses net of all reductions | 1.40%A | 1.42% | 1.43% | 1.43% | 1.42% | 1.42% |
Net investment income (loss) | .69%A | .80% | .82% | .85% | 1.19% | 1.30% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ - | $ - | $ 1 | $ 1 | $ 2 | $ 2 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.69 | $ 10.66 | $ 10.84 | $ 10.81 | $ 10.60 | $ 10.63 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) E | .028 | .072 | .077 | .082 | .117 | .129 |
Net realized and unrealized gain (loss) | (.086) | .046 | (.169) | .035 | .226 | (.026) |
Total from investment operations | (.058) | .118 | (.092) | .117 | .343 | .103 |
Distributions from net investment income | (.028) | (.072) | (.078) | (.075) | (.125) | (.129) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.032) | (.088) | (.088) | (.087) | (.133) | (.133) |
Redemption fees added to paid in capital E,I | - | - | - | - | - | - |
Net asset value, end of period | $ 10.60 | $ 10.69 | $ 10.66 | $ 10.84 | $ 10.81 | $ 10.60 |
Total ReturnB, C, D | (.54)% | 1.11% | (.86)% | 1.08% | 3.25% | .96% |
Ratios to Average Net Assets F, H |
|
|
|
|
| |
Expenses before reductions | 1.56%A | 1.54% | 1.54% | 1.53% | 1.53% | 1.52% |
Expenses net of fee waivers, if any | 1.56%A | 1.54% | 1.54% | 1.53% | 1.53% | 1.52% |
Expenses net of all reductions | 1.56%A | 1.54% | 1.53% | 1.53% | 1.52% | 1.52% |
Net investment income (loss) | .53%A | .67% | .72% | .76% | 1.09% | 1.20% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 62 | $ 65 | $ 71 | $ 92 | $ 79 | $ 77 |
Portfolio turnover rateG | 26% A | 21% | 20% | 21% | 22% | 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 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 - Limited Term Municipal Income
| Six months ended June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 | $ 10.63 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .085 | .186 | .191 | .197 | .228 | .240 |
Net realized and unrealized gain (loss) | (.086) | .046 | (.180) | .045 | .227 | (.026) |
Total from investment operations | (.001) | .232 | .011 | .242 | .455 | .214 |
Distributions from net investment income | (.085) | (.186) | (.191) | (.190) | (.237) | (.240) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.089) | (.202) | (.201) | (.202) | (.245) | (.244) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 10.60 | $ 10.69 | $ 10.66 | $ 10.85 | $ 10.81 | $ 10.60 |
Total ReturnB, C | (.01)% | 2.19% | .10% | 2.25% | 4.34% | 2.02% |
Ratios to Average Net Assets E, G |
|
|
|
|
| |
Expenses before reductions | .49%A | .48% | .48% | .48% | .48% | .48% |
Expenses net of fee waivers, if any | .49%A | .48% | .48% | .48% | .48% | .48% |
Expenses net of all reductions | .48%A | .48% | .48% | .47% | .48% | .48% |
Net investment income (loss) | 1.60%A | 1.73% | 1.78% | 1.81% | 2.14% | 2.24% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 3,136 | $ 3,225 | $ 3,168 | $ 3,624 | $ 3,523 | $ 3,456 |
Portfolio turnover rateF | 26% A | 21% | 20% | 21% | 22% | 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 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 June 30, 2015 | Years ended December 31, | ||||
| (Unaudited) | 2014 | 2013 | 2012 | 2011 | 2010 |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 10.70 | $ 10.67 | $ 10.85 | $ 10.81 | $ 10.61 | $ 10.63 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income (loss) D | .081 | .179 | .184 | .191 | .224 | .235 |
Net realized and unrealized gain (loss) | (.085) | .046 | (.169) | .045 | .216 | (.015) |
Total from investment operations | (.004) | .225 | .015 | .236 | .440 | .220 |
Distributions from net investment income | (.082) | (.179) | (.185) | (.184) | (.232) | (.236) |
Distributions from net realized gain | (.004) | (.016) | (.010) | (.012) | (.008) | (.004) |
Total distributions | (.086) | (.195) | (.195) | (.196) | (.240) | (.240) |
Redemption fees added to paid in capital D,H | - | - | - | - | - | - |
Net asset value, end of period | $ 10.61 | $ 10.70 | $ 10.67 | $ 10.85 | $ 10.81 | $ 10.61 |
Total ReturnB, C | (.04)% | 2.12% | .14% | 2.19% | 4.19% | 2.07% |
Ratios to Average Net Assets E, G |
|
|
|
|
|
|
Expenses before reductions | .56%A | .55% | .54% | .54% | .52% | .53% |
Expenses net of fee waivers, if any | .56%A | .55% | .54% | .54% | .52% | .53% |
Expenses net of all reductions | .56%A | .54% | .54% | .53% | .52% | .52% |
Net investment income (loss) | 1.53%A | 1.67% | 1.71% | 1.76% | 2.09% | 2.20% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) | $ 264 | $ 263 | $ 207 | $ 206 | $ 152 | $ 142 |
Portfolio turnover rateF | 26% A | 21% | 20% | 21% | 22% | 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 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, 2015 (Unaudited)
(Amounts in thousands except percentages)
1. Organization.
Fidelity® Limited Term 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, Limited Term Municipal Income and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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.
During the period, the Board of Trustees approved a change in the name of Institutional Class to Class I effective July 1, 2015.
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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
Semiannual Report
2. Significant Accounting Policies - continued
Investment 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)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
2. Significant Accounting Policies - continued
Class Allocations and Expenses - continued
and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to wash sales 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 | $ 57,123 |
Gross unrealized depreciation | (13,425) |
Net unrealized appreciation (depreciation) on securities | $ 43,698 |
|
|
Tax cost | $ 3,592,433 |
Semiannual Report
2. Significant Accounting Policies - continued
Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to .50% of the NAV 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.
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in 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. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $487,295 and $612,869, respectively.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% 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 the investment adviser, 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% | $ 512 | $ - |
Class T | -% | .25% | 30 | -* |
Class B | .65% | .25% | 2 | 1 |
Class C | .75% | .25% | 324 | 54 |
|
|
| $ 868 | $ 55 |
* Amount represents three hundred and six dollars.
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 3.00% to 1.00% for Class B shares, 1.00% for Class C shares, .75% or .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Sales Load - continued
For the period, sales charge amounts retained by FDC were as follows:
| Retained |
Class A | $ 5 |
Class T | 9 |
Class B* | -** |
Class C* | 4 |
| $ 18 |
* 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.
** Amount represents one hundred sixty-six dollars.
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. 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. 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 | $ 355 | .18 |
Class T | 17 | .14 |
Class B | -** | .11 |
Class C | 54 | .17 |
Limited Term Municipal Income | 1,533 | .10 |
Institutional Class | 230 | .17 |
| $ 2,189 |
|
* Annualized
** Amount represents two hundred two dollars.
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
4. Fees and Other Transactions with Affiliates - continued
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.
5. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $24.
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Class A | $ 2,603 | $ 4,673 |
Class T | 157 | 347 |
Class B | 1 | 3 |
Class C | 172 | 452 |
Limited Term Municipal Income | 25,643 | 55,470 |
Institutional Class | 2,087 | 3,715 |
Total | $ 30,663 | $ 64,660 |
From net realized gain |
|
|
Class A | $ 154 | $ 518 |
Class T | 9 | 36 |
Class B | -* | 1 |
Class C | 25 | 101 |
Limited Term Municipal Income | 1,211 | 4,778 |
Institutional Class | 103 | 341 |
Total | $ 1,502 | $ 5,775 |
* Amount represents one hundred fifty-four dollars.
Semiannual Report
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
| Six months ended June 30, | Year ended | Six months ended June 30, | Year ended |
Class A |
|
|
|
|
Shares sold | 10,125 | 21,930 | $ 108,416 | $ 235,729 |
Reinvestment of distributions | 236 | 419 | 2,529 | 4,497 |
Shares redeemed | (10,702) | (15,005) | (114,234) | (161,198) |
Net increase (decrease) | (341) | 7,344 | $ (3,289) | $ 79,028 |
Class T |
|
|
|
|
Shares sold | 356 | 936 | $ 3,819 | $ 10,041 |
Reinvestment of distributions | 15 | 34 | 158 | 360 |
Shares redeemed | (615) | (932) | (6,563) | (9,993) |
Net increase (decrease) | (244) | 38 | $ (2,586) | $ 408 |
Class B |
|
|
|
|
Shares sold | 1 | 5 | $ 5 | $ 58 |
Reinvestment of distributions | -** | -* | 1 | 4 |
Shares redeemed | (9) | (17) | (101) | (183) |
Net increase (decrease) | (8) | (12) | $ (95) | $ (121) |
Class C |
|
|
|
|
Shares sold | 459 | 1,064 | $ 4,905 | $ 11,413 |
Reinvestment of distributions | 16 | 42 | 167 | 454 |
Shares redeemed | (751) | (1,668) | (8,004) | (17,881) |
Net increase (decrease) | (276) | (562) | $ (2,932) | $ (6,014) |
Limited Term Municipal Income |
|
|
|
|
Shares sold | 37,841 | 76,270 | $ 404,284 | $ 818,051 |
Reinvestment of distributions | 1,879 | 4,133 | 20,067 | 44,337 |
Shares redeemed | (45,420) | (75,997) | (484,722) | (815,047) |
Net increase (decrease) | (5,700) | 4,406 | $ (60,371) | $ 47,341 |
Institutional Class |
|
|
|
|
Shares sold | 7,251 | 13,740 | $ 77,528 | $ 147,453 |
Reinvestment of distributions | 161 | 270 | 1,717 | 2,893 |
Shares redeemed | (7,145) | (8,783) | (76,253) | (94,228) |
Net increase (decrease) | 267 | 5,227 | $ 2,992 | $ 56,118 |
* Amount represents three hundred sixty-two shares.
** Amount represents one hundred thirty-one shares.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except percentages)
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
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments Money
Management, Inc.
FMR Investment Management
(U.K.) Limited
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank, N.A.
New York, NY
(Fidelity Investment logo)(registered trademark)
ASTMI-USAN-0815 1.803550.111
Fidelity®
Conservative Income Municipal Bond
Fund -
Fidelity Conservative Income Municipal Bond
Fund
Institutional Class
Semiannual Report
June 30, 2015
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes | A summary of the fund's holdings. | |
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. © 2015 FMR LLC. All rights reserved.
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
Shareholder Expense Example
As a shareholder of the 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 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, 2015 to June 30, 2015).
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. 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 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. 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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Conservative Income Municipal Bond | .40% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.40 | $ 1.98 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.81 | $ 2.01 |
Institutional Class | .30% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.90 | $ 1.49 |
HypotheticalA |
| $ 1,000.00 | $ 1,023.31 | $ 1.51 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* 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)
Effective Maturity Diversification as of June 30, 2015 | ||
Days | % of fund's investments | % of fund's investments |
1 - 7 | 37.3 | 44.6 |
8 - 30 | 0.4 | 0.3 |
31 - 60 | 3.7 | 4.1 |
61 - 90 | 1.6 | 0.4 |
91 - 180 | 6.6 | 7.9 |
> 180 | 50.4 | 42.7 |
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 permissible maturity shortening features other than interest rate resets.
Top Five States as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
Illinois | 19.2 | 16.1 |
Texas | 14.2 | 15.8 |
Florida | 6.9 | 7.1 |
New Jersey | 5.7 | 5.0 |
Michigan | 5.3 | 3.2 |
Top Five Sectors as of June 30, 2015 | ||
| % of fund's | % of fund's net assets |
Health Care | 22.2 | 17.7 |
Industrial Development | 17.8 | 17.0 |
General Obligations | 14.8 | 14.5 |
Electric Utilities | 12.9 | 16.1 |
Transportation | 11.1 | 11.3 |
Weighted Average Maturity as of June 30, 2015 | ||
|
| 6 months ago |
Years | 0.9 | 0.9 |
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 market 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, 2015 | ||
|
| 6 months ago |
Years | 0.9 | 0.8 |
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
Quality Diversification (% of fund's net assets) | |||||||
As of June 30, 2015 | As of December 31, 2014 | ||||||
![]() | AAA 1.1% |
| ![]() | AAA 1.0% |
| ||
![]() | AA,A 66.0% |
| ![]() | AA,A 52.7% |
| ||
![]() | BBB 3.5% |
| ![]() | BBB 3.0% |
| ||
![]() | BB and Below 0.9% |
| ![]() | BB and Below 0.1% |
| ||
![]() | Not Rated 0.2% |
| ![]() | Not Rated 3.1% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Investments June 30, 2015 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 71.6% | ||||
| Principal Amount | Value | ||
Alabama - 0.1% | ||||
Mobile Indl. Dev. Board Poll. Cont. Rev. Bonds Series 2009 E, 1.65%, tender 3/20/17 (b) | $ 350,000 | $ 353,479 | ||
Arizona - 3.9% | ||||
Arizona Board of Regents Arizona State Univ. Rev.: | ||||
(Polytechnic Campus Proj.) Series 2008 C, 5.25% 7/1/16 | 85,000 | 89,062 | ||
Series 2011, 3% 8/1/17 | 125,000 | 130,186 | ||
Series 2012 A, 2% 7/1/15 | 100,000 | 100,000 | ||
Series 2013 A, 4% 7/1/16 | 100,000 | 103,550 | ||
Series B, 4% 8/1/16 | 150,000 | 155,478 | ||
Arizona Board of Regents Ctfs. of Prtn. Series 2006, 5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 100,000 | 100,000 | ||
Arizona Ctfs. of Prtn.: | ||||
Series 2008 A: | ||||
4% 9/1/16 (FSA Insured) | 350,000 | 363,440 | ||
4% 9/1/17 (FSA Insured) | 145,000 | 154,176 | ||
5% 9/1/16 (FSA Insured) | 225,000 | 236,221 | ||
Series 2010 A: | ||||
5% 10/1/17 (FSA Insured) | 150,000 | 163,233 | ||
5% 10/1/18 (FSA Insured) | 140,000 | 156,456 | ||
Series 2013 A, 3% 10/1/17 | 100,000 | 104,139 | ||
Series 2013 B, 5% 10/1/16 | 635,000 | 668,706 | ||
Arizona Health Facilities Auth. Rev.: | ||||
(Scottsdale Lincoln Hospitals Proj.) Series 2014 A, 5% 12/1/17 | 500,000 | 545,860 | ||
Series 2007 A: | ||||
5% 1/1/16 | 760,000 | 776,135 | ||
5% 1/1/17 | 125,000 | 132,434 | ||
Series 2008 D, 5% 1/1/17 | 1,025,000 | 1,085,957 | ||
5% 1/1/19 | 175,000 | 186,079 | ||
Arizona School Facilities Board Ctfs. of Prtn.: | ||||
Series 2005 A1, 5% 9/1/17 (Pre-Refunded to 9/1/15 @ 100) | 250,000 | 251,868 | ||
Series 2008: | ||||
4.375% 9/1/16 | 55,000 | 57,349 | ||
5.5% 9/1/15 | 110,000 | 110,930 | ||
5.5% 9/1/16 | 120,000 | 126,672 | ||
Series 2013 A2, 5% 9/1/17 | 235,000 | 254,653 | ||
5% 9/1/15 | 100,000 | 100,766 | ||
Arizona State Lottery Rev. Series 2010 A: | ||||
3% 7/1/16 (FSA Insured) | 175,000 | 179,316 | ||
5% 7/1/16 | 125,000 | 130,628 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Arizona - continued | ||||
Arizona State Univ. Ctfs. of Partnership (Downtown Campus/Mercado Proj.) Series 2011 A, 3% 7/1/15 | $ 250,000 | $ 250,000 | ||
Glendale Gen. Oblig. Series 2015, 4% 7/1/18 (FSA Insured) | 370,000 | 396,914 | ||
Maricopa County Indl. Dev. Auth. Health Facilities Rev. Series 2007 A, 4.125% 7/1/15 | 270,000 | 270,000 | ||
Mesa Gen. Oblig. Series 2012, 3% 7/1/15 | 250,000 | 250,000 | ||
Navajo County Poll. Cont. Corp. Rev. Bonds (Arizona Pub. Svc. Co. Cholla Proj.) Series 2009 A, 0.45%, tender 11/17/15 (b) | 1,000,000 | 999,270 | ||
Phoenix Civic Impt. Board Arpt. Rev. Series 2010 A: | ||||
4% 7/1/15 | 100,000 | 100,000 | ||
5% 7/1/15 | 50,000 | 50,000 | ||
5% 7/1/16 | 100,000 | 104,330 | ||
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2008 A, 5% 1/1/16 | 135,000 | 138,154 | ||
Scottsdale Gen. Oblig. (2000 and 2004 Projs.) Series 2008, 3.5% 7/1/15 | 75,000 | 75,000 | ||
Tucson Gen. Oblig. Series 2005 E, 3.75% 7/1/16 (FGIC Insured) | 55,000 | 55,129 | ||
Tucson Street & Hwy. User Rev. Series 2013 A, 3% 7/1/15 | 315,000 | 315,000 | ||
Univ. Med. Ctr. Corp. Hosp. Rev. Series 2013, 4% 7/1/15 (Escrowed to Maturity) | 125,000 | 125,000 | ||
Univ. of Arizona Univ. Revs. Series 2008 A, 4% 6/1/16 | 100,000 | 103,305 | ||
| 9,695,396 | |||
California - 1.2% | ||||
California Health Facilities Fing. Auth. Rev.: | ||||
Series 2011 A, 5% 3/1/16 | 325,000 | 334,562 | ||
Series 2014 A, 2% 10/1/15 | 155,000 | 155,577 | ||
4% 3/1/17 | 375,000 | 394,598 | ||
California State Univ. Rev.: | ||||
Series 2005 C, 4.5% 11/1/15 | 250,000 | 253,455 | ||
Series 2012 A, 4% 11/1/15 | 150,000 | 151,833 | ||
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. Bonds: | ||||
Series 2006 A, 1.375%, tender 4/2/18 (b) | 325,000 | 324,087 | ||
Series 2006 C, 4.25%, tender 11/1/16 (FGIC Insured) (b) | 725,000 | 758,734 | ||
California Statewide Cmntys. Dev. Auth. Rev.: | ||||
Series 2007 F, 5.25% 7/1/16 (FSA Insured) | 100,000 | 104,646 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
California - continued | ||||
California Statewide Cmntys. Dev. Auth. Rev.: - continued | ||||
Series 2015 A, 3% 3/1/18 | $ 500,000 | $ 520,890 | ||
Los Angeles Cmnty. College District 5% 8/1/16 (FSA Insured) | 110,000 | 110,376 | ||
| 3,108,758 | |||
Colorado - 2.5% | ||||
Colorado Health Facilities Auth. Rev.: | ||||
(Parkview Med. Ctr., Inc. Proj.) Series 2012, 4% 9/1/16 | 635,000 | 657,219 | ||
Bonds Series 2008 C2, 4%, tender 11/12/15 (b) | 675,000 | 683,465 | ||
Series 2008 D1, 5% 10/1/16 | 75,000 | 78,809 | ||
Series 2009 A: | ||||
5% 7/1/15 | 2,080,000 | 2,080,000 | ||
5% 7/1/16 | 375,000 | 390,589 | ||
Series 2011 A: | ||||
5% 2/1/16 | 200,000 | 205,052 | ||
5% 2/1/17 | 150,000 | 159,125 | ||
5% 2/1/18 | 70,000 | 76,841 | ||
5.125% 10/1/17 | 50,000 | 54,526 | ||
5.125% 11/15/17 | 390,000 | 413,669 | ||
5.125%, tender 11/15/18 (b) | 275,000 | 291,497 | ||
Denver City & County Arpt. Rev.: | ||||
Series 2005 A: | ||||
5% 11/15/17 (XL Cap. Assurance, Inc. Insured) | 195,000 | 198,136 | ||
5% 11/15/18 (XL Cap. Assurance, Inc. Insured) | 100,000 | 101,608 | ||
Series 2011 A, 4% 11/15/17 (c) | 50,000 | 53,270 | ||
Series 2011 B, 5% 11/15/16 (c) | 250,000 | 264,120 | ||
Series 2012 A, 4% 11/15/17 (c) | 75,000 | 79,904 | ||
Series 2012 B, 5% 11/15/16 | 325,000 | 343,811 | ||
| 6,131,641 | |||
Connecticut - 1.2% | ||||
Connecticut Gen. Oblig.: | ||||
Series 2008 C, 4.1% 11/1/15 | 125,000 | 126,556 | ||
Series 2012 D, 0.84% 9/15/18 (b) | 445,000 | 444,195 | ||
Series 2013 A, 0.62% 3/1/19 (b) | 175,000 | 173,626 | ||
Connecticut Health & Edl. Facilities Auth. Rev.: | ||||
Bonds: | ||||
(Ascension Health Cr. Group Proj.) Series 1998 B, 1.55%, tender 2/1/17 (b) | 470,000 | 477,036 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Connecticut - continued | ||||
Connecticut Health & Edl. Facilities Auth. Rev.: - continued | ||||
Bonds: | ||||
Series 2010 A2, 1.2%, tender 2/1/19 (b) | $ 100,000 | $ 98,823 | ||
Series 2008 M, 5% 7/1/15 | 125,000 | 125,000 | ||
Series 2012 D, 5% 7/1/18 | 225,000 | 247,151 | ||
Series 2012 I, 4% 7/1/15 | 180,000 | 180,000 | ||
Series A: | ||||
4% 7/1/16 | 280,000 | 289,486 | ||
4% 7/1/17 | 150,000 | 158,798 | ||
Series N, 4% 7/1/17 | 90,000 | 94,840 | ||
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | ||||
Series 2004 B, 5.25% 7/1/16 | 140,000 | 146,733 | ||
Series 2005 A, 5% 7/1/15 | 75,000 | 75,000 | ||
Series 2009 A, 5% 12/1/15 | 100,000 | 101,927 | ||
New Haven Gen. Oblig. Series 2013 B, 3% 9/1/16 (FSA Insured) | 200,000 | 204,734 | ||
| 2,943,905 | |||
District Of Columbia - 0.5% | ||||
District of Columbia Ctfs. of Prtn. 5.25% 1/1/17 (Pre-Refunded to 1/1/16 @ 100) | 165,000 | 168,990 | ||
District of Columbia Rev. (Hsg. Production Trust Fund-New Cmntys. Proj.) Series 2007 A, 5% 6/1/16 | 250,000 | 260,098 | ||
Metropolitan Washington DC Arpts. Auth. Sys. Rev.: | ||||
Series 2010 B: | ||||
5% 10/1/15 (c) | 200,000 | 202,220 | ||
5% 10/1/16 (c) | 410,000 | 432,443 | ||
Series 2012 A, 5% 10/1/18 (c) | 200,000 | 222,094 | ||
| 1,285,845 | |||
Florida - 6.2% | ||||
Broward County Arpt. Sys. Rev.: | ||||
Series 2012 P1, 4% 10/1/15 (c) | 200,000 | 201,726 | ||
Series 2012 Q2, 5% 10/1/15 (c) | 150,000 | 151,647 | ||
Series 2013 B, 3% 10/1/15 | 265,000 | 266,693 | ||
5% 10/1/16 | 250,000 | 263,110 | ||
Broward County School Board Ctfs. of Prtn.: | ||||
Series 2004 A, 5.25% 7/1/16 (AMBAC Insured) | 100,000 | 104,453 | ||
Series 2004 C, 5.25% 7/1/15 (FSA Insured) | 125,000 | 125,000 | ||
Series 2006 A, 4.25% 7/1/16 (FSA Insured) | 60,000 | 62,186 | ||
Series 2008 A, 5% 7/1/16 (FSA Insured) | 75,000 | 78,285 | ||
5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 200,000 | 200,000 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Citizens Property Ins. Corp.: | ||||
Series 2007 A: | ||||
5% 3/1/16 (Escrowed to Maturity) | $ 115,000 | $ 118,506 | ||
5% 3/1/17 (Escrowed to Maturity) | 320,000 | 342,790 | ||
Series 2009 A1: | ||||
5.375% 6/1/16 | 340,000 | 354,623 | ||
5.5% 6/1/16 (Assured Guaranty Corp. Insured) | 260,000 | 271,476 | ||
5.5% 6/1/17 | 665,000 | 720,468 | ||
6% 6/1/16 | 590,000 | 618,692 | ||
Series 2010 A1: | ||||
4% 6/1/17 (FSA Insured) | 435,000 | 459,025 | ||
4.25% 6/1/17 | 1,005,000 | 1,064,436 | ||
5% 6/1/16 | 230,000 | 239,117 | ||
5% 6/1/16 (FSA Insured) | 100,000 | 103,964 | ||
5% 6/1/17 (FSA Insured) | 375,000 | 402,754 | ||
5.25% 6/1/17 | 640,000 | 690,374 | ||
Series 2011 A1, 5% 6/1/18 | 530,000 | 584,399 | ||
Series 2012 A1, 5% 6/1/17 | 180,000 | 193,322 | ||
Series 2015 A2, 0.92% 6/1/18 (b) | 1,000,000 | 1,000,210 | ||
5.25% 6/1/17 (FSA Insured) | 410,000 | 441,947 | ||
Florida Board of Ed. Lottery Rev. Series 2006 B, 5% 7/1/16 (AMBAC Insured) | 230,000 | 240,495 | ||
Florida Dept. of Envir. Protection Rev. Series 2010 A, 5% 7/1/15 | 125,000 | 125,000 | ||
Florida Higher Edl. Facilities Fing. Auth. (Rollins College Proj.) Series 2012 A, 4% 12/1/16 | 65,000 | 67,951 | ||
Florida Mid-Bay Bridge Auth. Rev. Series 2015 C: | ||||
5% 10/1/17 | 250,000 | 267,335 | ||
5% 10/1/18 | 275,000 | 299,274 | ||
Florida Muni. Pwr. Agcy. Rev. Series 2008 A, 4% 10/1/15 | 365,000 | 368,150 | ||
Gainesville Utils. Sys. Rev. Series 2010 C, 5% 10/1/15 | 100,000 | 101,142 | ||
Greater Orlando Aviation Auth. Arpt. Facilities Rev.: | ||||
Series 2010 A, 4% 10/1/16 | 200,000 | 208,284 | ||
Series 2010 B, 4.25% 10/1/18 (c) | 70,000 | 75,872 | ||
6% 10/1/17 (c) | 50,000 | 55,232 | ||
Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt, Inc. Prog.) Series 2006 G, 5.125% 11/15/17 | 200,000 | 212,138 | ||
Jacksonville Elec. Auth. Elec. Sys. Rev.: | ||||
Series 2010 A, 4% 10/1/15 | 125,000 | 126,133 | ||
Series 2010 D1, 4% 10/1/15 | 200,000 | 201,812 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Florida - continued | ||||
Jacksonville Elec. Auth. Elec. Sys. Rev.: - continued | ||||
Series 2012 B, 5% 10/1/15 | $ 100,000 | $ 101,135 | ||
JEA Saint Johns River Pwr. Park Sys. Rev.: | ||||
Series 23, 5% 10/1/15 | 100,000 | 101,142 | ||
Series 6, 5% 10/1/15 | 120,000 | 121,370 | ||
JEA Wtr. & Swr. Sys. Rev. Series 2013 A, 3% 10/1/15 | 100,000 | 100,670 | ||
Lake County School Board Ctfs. of Prtn.: | ||||
(The School Board of Lake County Florida, Master Lease Prog.) Series 2005 C, 5.25% 6/1/16 (AMBAC Insured) | 125,000 | 130,248 | ||
Series 2014 A: | ||||
4% 6/1/18 (FSA Insured) | 75,000 | 80,951 | ||
5% 6/1/17 (FSA Insured) | 140,000 | 150,721 | ||
Lee County Arpt. Rev. Series 2010 A, 5% 10/1/15 (FSA Insured) (c) | 60,000 | 60,652 | ||
Miami-Dade County Aviation Rev.: | ||||
Series 2008 E, 5.375% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 115,000 | 125,667 | ||
Series 2010 B, 5% 10/1/17 | 205,000 | 223,897 | ||
Miami-Dade County Expressway Auth.: | ||||
Series 2013 A, 4% 7/1/16 | 450,000 | 464,976 | ||
Series 2014 B: | ||||
5% 7/1/17 | 300,000 | 324,591 | ||
5% 7/1/18 | 525,000 | 583,837 | ||
Miami-Dade County School Board Ctfs. of Prtn. Series 2008 B, 5% 5/1/17 | 175,000 | 188,083 | ||
Orlando Utils. Commission Util. Sys. Rev. Series 2009 C, 5% 10/1/15 | 125,000 | 126,428 | ||
Reedy Creek Impt. District Utils. Rev.: | ||||
Series 2, 5% 10/1/15 (Escrowed to Maturity) | 100,000 | 101,154 | ||
Series 2013 1, 5% 10/1/17 | 100,000 | 109,032 | ||
Tampa Health Sys. Rev.: | ||||
(Baycare Health Sys. Proj.) Series 2010, 5% 11/15/17 | 95,000 | 103,834 | ||
Series 2010, 5% 11/15/15 | 675,000 | 686,651 | ||
| 15,293,060 | |||
Georgia - 1.2% | ||||
Atlanta Arpt. Rev.: | ||||
Series 2011 A, 5% 1/1/17 | 275,000 | 292,410 | ||
Series 2012 C: | ||||
5% 1/1/16 (c) | 100,000 | 102,242 | ||
5% 1/1/17 (c) | 100,000 | 106,177 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Georgia - continued | ||||
Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds 1.375%, tender 4/4/17 (b) | $ 825,000 | $ 826,766 | ||
DeKalb County Wtr. & Swr. Rev. Series 2011 A, 3% 10/1/15 | 100,000 | 100,663 | ||
Georgia Muni. Elec. Auth. Pwr. Rev.: | ||||
(Gen. Resolutions Proj.) Series 2011 B. 4% 1/1/16 | 100,000 | 101,751 | ||
(Proj. One) Series 2008 A, 5.25% 1/1/18 | 40,000 | 44,102 | ||
Series B: | ||||
5% 1/1/17 | 100,000 | 106,269 | ||
6.25% 1/1/17 | 420,000 | 454,075 | ||
6.375% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 540,000 | 555,817 | ||
4.25% 1/1/18 | 100,000 | 107,807 | ||
5% 11/1/17 | 80,000 | 87,356 | ||
| 2,885,435 | |||
Hawaii - 0.3% | ||||
Hawaii Arpts. Sys. Rev. Series 2010 B, 5% 7/1/18 (c) | 155,000 | 171,024 | ||
Hawaii Gen. Oblig. Series 2009 DR, 4% 6/1/16 | 100,000 | 103,305 | ||
State of Hawaii Dept. of Trans. Series 2013, 3% 8/1/16 (c) | 380,000 | 388,064 | ||
| 662,393 | |||
Illinois - 11.5% | ||||
Chicago Gen. Oblig.: | ||||
(City Colleges Proj.) Series 1999, 0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 200,000 | 197,268 | ||
(Modern Schools Across Chicago Prog.) Series 2007 D, 5% 12/1/15 (AMBAC Insured) | 125,000 | 126,544 | ||
Series 2007 A, 5% 12/1/16 | 100,000 | 103,115 | ||
Series 2008 A, 5% 1/1/18 | 75,000 | 77,439 | ||
Series 2009 A, 4% 1/1/18 | 100,000 | 100,895 | ||
4% 1/1/16 | 100,000 | 101,240 | ||
5% 1/1/18 | 205,000 | 211,667 | ||
Chicago Metropolitan Wtr. Reclamation District Greater Chicago Series A, 4% 12/1/15 | 75,000 | 76,091 | ||
Chicago Midway Arpt. Rev. Series 2004 A, 4.5% 1/1/18 (AMBAC Finl. Group, Inc. Insured) (c) | 50,000 | 50,124 | ||
Chicago O'Hare Int'l. Arpt. Rev.: | ||||
Series 2005 B: | ||||
5.25% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 65,000 | 66,565 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Chicago O'Hare Int'l. Arpt. Rev.: - continued | ||||
Series 2005 B: | ||||
5.25% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 340,000 | $ 371,698 | ||
Series 2010 A: | ||||
5% 1/1/16 | 370,000 | 378,166 | ||
5% 1/1/17 | 120,000 | 126,990 | ||
Series 2010 E, 4.5% 1/1/16 (c) | 400,000 | 407,760 | ||
Series 2011 B: | ||||
4% 1/1/17 | 100,000 | 104,354 | ||
5% 1/1/17 (c) | 90,000 | 95,105 | ||
5% 1/1/17 | 360,000 | 380,970 | ||
5% 1/1/18 (c) | 60,000 | 64,571 | ||
Series B, 5% 1/1/18 (FSA Insured) | 150,000 | 159,128 | ||
Chicago Park District Gen. Oblig.: | ||||
Series 2008 H, 5% 1/1/17 | 250,000 | 259,805 | ||
Series 2011 D: | ||||
4% 1/1/18 | 120,000 | 124,106 | ||
5% 1/1/16 | 425,000 | 431,800 | ||
5% 1/1/17 | 200,000 | 207,844 | ||
Series 2014 D, 4% 1/1/18 | 500,000 | 517,110 | ||
5% 1/1/17 | 300,000 | 311,766 | ||
Chicago Wastewtr. Transmission Rev.: | ||||
Series 2004 B, 5.25% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 470,000 | 479,710 | ||
Series 2006 B, 5% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 145,000 | 151,729 | ||
Series 2010 A: | ||||
3% 1/1/18 | 60,000 | 60,835 | ||
4% 1/1/16 | 1,000,000 | 1,013,380 | ||
Series 2012, 3% 1/1/16 | 850,000 | 857,268 | ||
Chicago Wtr. Rev.: | ||||
Series 2006 A, 5% 11/1/16 (AMBAC Insured) | 585,000 | 609,675 | ||
Series 2008, 5% 11/1/15 (FSA Insured) | 650,000 | 658,639 | ||
Series 2012: | ||||
4% 11/1/16 | 255,000 | 262,446 | ||
5% 11/1/16 | 275,000 | 286,600 | ||
5% 11/1/17 (FSA Insured) | 230,000 | 246,641 | ||
Cook County Gen. Oblig.: | ||||
Series 2009 A: | ||||
4% 11/15/16 | 235,000 | 244,550 | ||
5% 11/15/15 | 1,105,000 | 1,122,492 | ||
Series 2009 D, 5% 11/15/15 | 530,000 | 538,390 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Cook County Gen. Oblig.: - continued | ||||
Series 2014 A: | ||||
5% 11/15/16 | $ 60,000 | $ 63,246 | ||
5% 11/15/17 | 400,000 | 424,644 | ||
Series B, 5% 11/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 710,000 | 753,743 | ||
Illinois Edl. Facilities Auth. Rev. Bonds (Univ. of Chicago Proj.) Series B1, 1.1%, tender 2/15/18 (b) | 1,625,000 | 1,617,103 | ||
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) (b) | 665,000 | 686,626 | ||
(The Peoples Gas Lt. and Coke Co. Proj.) Series 2010 B, 2.625%, tender 8/1/15 (b) | 1,125,000 | 1,126,620 | ||
Illinois Fin. Auth. Rev.: | ||||
Series 2007, 5% 7/1/15 | 150,000 | 150,000 | ||
Series 2008 B, 5.25% 8/15/15 | 175,000 | 175,963 | ||
Series 2009 B: | ||||
4.25% 7/1/16 | 250,000 | 259,185 | ||
5% 8/15/15 | 400,000 | 402,264 | ||
Series 2010 A, 5.5% 5/1/17 | 100,000 | 107,469 | ||
Series 2010, 5% 2/15/17 | 70,000 | 74,537 | ||
Series 2012 A: | ||||
4% 5/15/16 | 265,000 | 272,492 | ||
5% 8/15/16 | 100,000 | 104,830 | ||
5% 5/15/17 | 105,000 | 112,611 | ||
5% 5/15/18 | 105,000 | 115,274 | ||
Series 2012 C, 5% 8/15/15 | 620,000 | 623,546 | ||
Series 2015 A: | ||||
5% 11/15/16 | 1,000,000 | 1,056,480 | ||
5% 11/15/17 | 125,000 | 136,531 | ||
5% 11/15/18 | 250,000 | 279,945 | ||
5% 7/1/15 | 115,000 | 115,000 | ||
5% 4/1/16 | 385,000 | 397,886 | ||
5% 8/15/17 | 225,000 | 243,826 | ||
Illinois Gen. Oblig.: | ||||
Series 2004 A, 5% 3/1/17 | 75,000 | 75,236 | ||
Series 2006: | ||||
5% 1/1/17 | 100,000 | 102,098 | ||
5% 1/1/18 | 250,000 | 253,843 | ||
Series 2007 A, 5% 6/1/18 (FSA Insured) | 435,000 | 459,238 | ||
Series 2007 B: | ||||
5% 1/1/17 | 150,000 | 156,984 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Illinois Gen. Oblig.: - continued | ||||
Series 2007 B: | ||||
5.25% 1/1/18 | $ 315,000 | $ 335,204 | ||
Series 2009 A: | ||||
3.5% 9/1/15 | 125,000 | 125,509 | ||
3.5% 9/1/15 (Assured Guaranty Corp. Insured) | 100,000 | 100,407 | ||
Series 2010, 5% 1/1/16 | 350,000 | 356,944 | ||
Series 2012, 5% 8/1/15 | 165,000 | 165,541 | ||
Series 2014: | ||||
3% 2/1/16 | 120,000 | 121,408 | ||
4% 2/1/18 | 300,000 | 310,446 | ||
Illinois Muni. Elec. Agcy. Pwr. Supply Series 2007 A, 5.25% 2/1/16 (FGIC Insured) | 360,000 | 369,688 | ||
Illinois Sales Tax Rev. Series 2013, 5% 6/15/17 | 75,000 | 80,784 | ||
Illinois Unemployment Ins. Fund Bldg. Receipts: | ||||
Series 2012 A: | ||||
5% 12/15/15 | 65,000 | 66,288 | ||
5% 6/15/16 | 220,000 | 228,778 | ||
5% 12/15/16 | 200,000 | 211,658 | ||
Series 2012 B, 5% 6/15/18 | 535,000 | 566,586 | ||
Metropolitan Pier & Exposition: | ||||
(McCormick Place Expansion Proj.) Series 1996 A: | ||||
0% 12/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 65,000 | 63,870 | ||
0% 12/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 75,000 | 72,418 | ||
0% 6/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 150,000 | 148,014 | ||
0% 6/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 55,000 | 53,170 | ||
0% 6/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 105,000 | 100,191 | ||
Quincy Hosp. Rev. Series 2007, 5% 11/15/16 | 115,000 | 120,981 | ||
Railsplitter Tobacco Settlement Auth. Rev. Series 2010: | ||||
5% 6/1/16 | 100,000 | 103,640 | ||
5% 6/1/17 | 570,000 | 606,833 | ||
5% 6/1/18 | 590,000 | 640,534 | ||
Univ. of Illinois Board of Trustees Ctfs. of Prtn.: | ||||
Series 2008 A, 5% 10/1/16 (Escrowed to Maturity) | 5,000 | 5,285 | ||
Series 2009 A: | ||||
4% 10/1/15 | 115,000 | 116,020 | ||
4% 10/1/15 (Escrowed to Maturity) | 160,000 | 161,450 | ||
Series 2014 A, 5% 10/1/18 | 500,000 | 554,060 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Illinois - continued | ||||
Univ. of Illinois Board of Trustees Ctfs. of Prtn.: - continued | ||||
5% 10/1/16 (FSA Insured) | $ 130,000 | $ 136,734 | ||
Univ. of Illinois Rev.: | ||||
Series 2001 A, 5.5% 4/1/16 (AMBAC Insured) | 65,000 | 67,404 | ||
Series 2006: | ||||
5% 4/1/16 | 250,000 | 258,330 | ||
5% 4/1/17 (Nat'l. Reinsurance Co. Insured) | 425,000 | 439,097 | ||
| 28,618,968 | |||
Indiana - 2.2% | ||||
Indiana Fin. Auth. Health Sys. Rev. Series 2008 C, 5.5% 11/1/17 | 125,000 | 137,590 | ||
Indiana Fin. Auth. Hosp. Rev.: | ||||
Series 2011 N: | ||||
5% 3/1/16 | 150,000 | 154,584 | ||
5% 3/1/17 | 300,000 | 320,850 | ||
Series 2013 A, 5% 8/15/16 | 100,000 | 104,624 | ||
Series 2014 A, 3% 12/1/16 | 175,000 | 180,633 | ||
Indiana Fin. Auth. Rev. (l-69 Section 5 Proj.) Series 2014, 4% 3/1/17 (c) | 800,000 | 829,576 | ||
Indiana Fin. Auth. Wastewtr. Util. Rev. (CWA Auth. Proj.): | ||||
Series 2011 B, 5% 10/1/16 | 75,000 | 79,076 | ||
Series 2012 A: | ||||
4% 10/1/16 | 355,000 | 369,931 | ||
5% 10/1/18 | 200,000 | 223,574 | ||
Series 2014 A, 4% 10/1/16 | 150,000 | 156,309 | ||
Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. Series 2006 B, 5% 2/15/17 | 350,000 | 359,618 | ||
Indiana Health & Edl. Facilities Fing. Auth. Rev. Bonds: | ||||
(Ascension Health Sr. Cr. Group Proj.) Series 2006 B1, 4.1%, tender 11/3/16 (b) | 350,000 | 365,379 | ||
Series 2006 B8, 4.1%, tender 11/3/16 (b) | 1,445,000 | 1,508,493 | ||
Indiana Health Facility Fing. Auth. Rev. Bonds (Ascension Health Cr. Group Proj.) Series 2001 A2, 1.6%, tender 2/1/17 (b) | 95,000 | 96,496 | ||
Indianapolis Gas Util. Sys. Rev. 3.5% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 175,000 | 183,258 | ||
Indianapolis Local Pub. Impt. Bond Bank (Indianapolis Arpt. Auth. Proj.) Series 2006 F, 5% 1/1/17 (AMBAC Insured) (c) | 150,000 | 156,282 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Indiana - continued | ||||
Purdue Univ. Rev.: | ||||
Series 2005 U, 5% 7/1/15 | $ 100,000 | $ 100,000 | ||
Series A, 5% 7/1/15 | 175,000 | 175,000 | ||
| 5,501,273 | |||
Kansas - 0.5% | ||||
Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L, 5.25% 11/15/16 | 955,000 | 971,350 | ||
Wyandotte County/Kansas City Unified Govt. Util. | ||||
Series 2012 A, 4% 9/1/17 | 175,000 | 185,882 | ||
Series 2014 A, 4% 9/1/16 | 100,000 | 103,923 | ||
| 1,261,155 | |||
Kentucky - 0.6% | ||||
Kentucky Econ. Dev. Fin. Auth. Hosp. Rev. (Baptist Healthcare Sys. Proj.) Series A: | ||||
5% 8/15/15 | 300,000 | 301,542 | ||
5% 8/15/17 | 450,000 | 484,218 | ||
Louisville/Jefferson County Metropolitan Govt. Poll. Cont. Rev. Bonds (Louisville Gas and Elec. Co. Proj.): | ||||
Series 2001 B, 1.35%, tender 5/1/18 (b)(c) | 500,000 | 497,250 | ||
Series 2003 A, 1.65%, tender 4/3/17 (b) | 170,000 | 171,754 | ||
Series 2007 B, 1.15%, tender 6/1/17 (b) | 100,000 | 99,981 | ||
| 1,554,745 | |||
Louisiana - 0.1% | ||||
Louisiana Pub. Facilities Auth. Hosp. Rev. (Franciscan Missionaries of Our Lady Health Sys. Proj.) Series 1998 B, 5% 7/1/16 | 140,000 | 146,062 | ||
Louisiana Pub. Facilities Auth. Rev. Series 2009 A, 5% 7/1/17 | 125,000 | 134,576 | ||
| 280,638 | |||
Maryland - 0.6% | ||||
Maryland Gen. Oblig. Series 2010 B, 5% 8/1/15 | 100,000 | 100,404 | ||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | ||||
Series 2008, 5% 7/1/15 | 360,000 | 360,000 | ||
Series 2013 A, 3% 8/15/16 | 185,000 | 190,063 | ||
Series 2014, 2% 7/1/15 | 700,000 | 700,000 | ||
0% 7/1/15 | 50,000 | 50,000 | ||
| 1,400,467 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - 4.5% | ||||
Berkshire Wind Pwr. Coop. Corp. (Wind Proj.): | ||||
Series 1, 5% 7/1/16 | $ 420,000 | $ 438,396 | ||
Series 2010 1, 5% 7/1/15 | 300,000 | 300,000 | ||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Series 2006 B, 5% 7/1/15 | 140,000 | 140,000 | ||
Massachusetts Clean Wtr. Trust: | ||||
Series 14, 4% 8/1/15 | 20,000 | 20,063 | ||
Series 15 A, 4% 8/1/15 | 125,000 | 125,393 | ||
Series 2004 A, 5.25% 8/1/15 | 175,000 | 175,728 | ||
Series 2009 A, 5% 8/1/15 | 125,000 | 125,494 | ||
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B, 5% 1/1/18 | 100,000 | 109,616 | ||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
Bonds: | ||||
(Partners HealthCare Sys. Proj.) Series K4, 5%, tender 1/14/16 (b) | 400,000 | 409,996 | ||
0.62%, tender 1/30/18 (b) | 2,585,000 | 2,590,273 | ||
Series 2005 A, 5% 10/1/15 | 125,000 | 126,358 | ||
Series 2011 H, 5% 7/1/15 | 330,000 | 330,000 | ||
Series 2011 K6, 5% 7/1/15 | 75,000 | 75,000 | ||
Series 2013 B, 3% 7/1/15 | 100,000 | 100,000 | ||
Series 2013 F: | ||||
3% 7/1/15 | 200,000 | 200,000 | ||
4% 7/1/18 | 405,000 | 432,252 | ||
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2002, 1.6%, tender 5/1/17 (b)(c) | 150,000 | 150,806 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2002 C, 5.5% 11/1/15 | 125,000 | 127,130 | ||
Series 2005 C, 5% 9/1/15 | 100,000 | 100,806 | ||
Series 2012 D, 0.5% 1/1/18 (b) | 1,500,000 | 1,498,725 | ||
Series B, 5.25% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 110,000 | 110,466 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Partners HealthCare Sys., Inc. Proj.) Series 2007 G, 5% 7/1/18 | 100,000 | 108,591 | ||
Series 2004 D, 5% 11/15/16 | 275,000 | 290,417 | ||
Series 2007 G, 5% 7/1/15 | 445,000 | 445,000 | ||
Series 2008 D, 4.5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 345,000 | 345,000 | ||
Series 2008 E2: | ||||
5% 7/1/15 | 195,000 | 195,000 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | ||||
Series 2008 E2: | ||||
5% 7/1/17 | $ 120,000 | $ 129,440 | ||
Series 2009 D, 5% 7/1/16 | 520,000 | 540,410 | ||
Series 2010 H, 5% 7/1/16 | 125,000 | 130,045 | ||
Series 2010 J2, 5% 7/1/15 | 285,000 | 285,000 | ||
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.: | ||||
(Nuclear Proj. 4) Series 2011, 5% 7/1/16 | 150,000 | 156,570 | ||
(Nuclear Proj. 3) Series 2011, 5% 7/1/15 | 300,000 | 300,000 | ||
(Nuclear Proj. 4) Series 2011, 5% 7/1/15 | 100,000 | 100,000 | ||
4% 7/1/16 | 200,000 | 206,796 | ||
Massachusetts Port Auth. Rev. Series 2008 C, 5% 7/1/15 | 100,000 | 100,000 | ||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 2010 B, 5% 8/1/15 | 75,000 | 75,301 | ||
| 11,094,072 | |||
Michigan - 4.1% | ||||
Forest Hills Pub. Schools 4% 5/1/17 | 580,000 | 611,506 | ||
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Series 2011 A, 5% 11/15/15 | 85,000 | 86,392 | ||
Michigan Fin. Auth. Rev.: | ||||
Bonds Series 2015 D1, 0.726%, tender 10/15/18 (b) | 2,000,000 | 2,000,380 | ||
Series 2010 A: | ||||
5% 12/1/16 | 200,000 | 211,924 | ||
5% 12/1/18 | 275,000 | 308,173 | ||
Series 2012 A, 5% 7/1/15 | 165,000 | 165,000 | ||
Series 2014, 4% 6/1/18 | 300,000 | 322,554 | ||
Michigan Hosp. Fin. Auth. Rev.: | ||||
Bonds: | ||||
(Ascension Health Cr. Group Proj.) 1.5%, tender 3/15/17 (b) | 900,000 | 910,260 | ||
Series 2010 F1, 2%, tender 5/30/18 (b) | 500,000 | 513,240 | ||
Series 2010 F3, 1.4%, tender 6/29/18 (b) | 875,000 | 882,936 | ||
Series 2008 A, 5.25% 5/15/17 (Escrowed to Maturity) | 225,000 | 243,387 | ||
Series 2012 A, 5% 6/1/17 | 100,000 | 107,756 | ||
Michigan State Univ. Revs. Series 2007 A, 5% 2/15/16 (AMBAC Insured) | 150,000 | 154,310 | ||
Michigan Trunk Line Fund Rev. Series 2005B, 5% 9/1/15 | 285,000 | 287,197 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Michigan - continued | ||||
Oakland Univ. Rev.: | ||||
Series 2012: | ||||
3% 3/1/16 | $ 265,000 | $ 269,433 | ||
4% 3/1/17 | 335,000 | 352,792 | ||
4% 3/1/18 | 130,000 | 139,510 | ||
Series 2013 A, 4% 3/1/18 | 400,000 | 429,260 | ||
Roseville Cmnty. Schools Series 2014, 5% 5/1/18 | 350,000 | 385,014 | ||
Royal Oak Hosp. Fin. Auth. Hosp. Rev. Series 2014 D: | ||||
5% 9/1/17 | 345,000 | 373,235 | ||
5% 9/1/18 | 200,000 | 222,324 | ||
Wayne County Arpt. Auth. Rev. 5% 12/1/15 (FGIC Insured) | 100,000 | 101,759 | ||
Wayne-Westland Cmnty. Schools Series 2014, 5% 5/1/18 | 250,000 | 275,155 | ||
Western Michigan Univ. Rev.: | ||||
Series 2013, 4% 11/15/16 | 100,000 | 104,508 | ||
Series 2014, 5% 11/15/17 | 100,000 | 109,250 | ||
Zeeland Pub. Schools: | ||||
4% 5/1/18 | 360,000 | 386,093 | ||
4% 5/1/18 (FSA Insured) | 290,000 | 311,019 | ||
| 10,264,367 | |||
Minnesota - 1.2% | ||||
Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev. Series 2014 B, 5% 1/1/18 (c) | 600,000 | 654,444 | ||
Minnesota Gen. Oblig. Series 2012 B, 5% 8/1/15 | 450,000 | 451,823 | ||
Northern Muni. Pwr. Agcy. Elec. Sys. Rev. Series 2008 A, 5% 1/1/19 (Assured Guaranty Corp. Insured) | 150,000 | 164,502 | ||
Shakopee Health Care Facilities Rev. Series 2014: | ||||
4% 9/1/16 | 295,000 | 306,260 | ||
5% 9/1/17 | 450,000 | 488,943 | ||
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply | ||||
Series 2002 A: | ||||
5.25% 1/1/16 (AMBAC Insured) | 390,000 | 399,274 | ||
5.25% 1/1/17 | 30,000 | 32,010 | ||
0% 1/1/18 (AMBAC Insured) | 205,000 | 199,633 | ||
St. Paul Hsg. & Redev. Auth. Health Care Facilities Rev. Series 2009 A, 4% 11/15/15 | 100,000 | 101,211 | ||
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev. Series 2006 A, 5% 1/1/17 (FSA Insured) | 135,000 | 143,755 | ||
| 2,941,855 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Mississippi - 0.2% | ||||
Mississippi Gen. Oblig. (Cap. Impts. Proj.) Series 2012 D, 0.6% 9/1/17 (b) | $ 490,000 | $ 490,407 | ||
Missouri - 0.4% | ||||
Saint Louis Arpt. Rev. Series 2007 B, 5% 7/1/16 (FSA Insured) (c) | 1,000,000 | 1,042,280 | ||
Nebraska - 0.5% | ||||
Nebraska Pub. Pwr. District Rev.: | ||||
Series 2005 C, 5% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 200,000 | 204,512 | ||
Series 2010 C: | ||||
5% 1/1/16 | 350,000 | 357,896 | ||
5% 1/1/17 | 120,000 | 127,633 | ||
Series 2011 A, 3% 1/1/16 | 100,000 | 101,286 | ||
Series 2012 B, 3% 1/1/16 | 100,000 | 101,286 | ||
Series 2014, 4% 1/1/17 | 125,000 | 131,106 | ||
Series B, 5% 1/1/16 (FSA Insured) | 150,000 | 153,384 | ||
Omaha Pub. Pwr. District Elec. Rev. Series 2007 A, 4% 2/1/18 (Pre-Refunded to 2/1/17 @ 100) | 90,000 | 94,758 | ||
| 1,271,861 | |||
Nevada - 2.2% | ||||
Clark County Arpt. Rev.: | ||||
Series 2008 E, 5% 7/1/15 | 75,000 | 75,000 | ||
Series 2013 C1, 2.5% 7/1/15 (c) | 140,000 | 140,000 | ||
Series 2015 B, 5% 7/1/17 (a)(c) | 1,000,000 | 1,072,720 | ||
5% 7/1/17 (AMBAC Insured) (c) | 120,000 | 128,972 | ||
Clark County Fuel Tax: | ||||
Series 2009 A, 3% 12/1/16 | 75,000 | 77,553 | ||
Series 2010 B, 3% 7/1/15 | 100,000 | 100,000 | ||
Clark County School District: | ||||
Series 2005 C, 5% 6/15/16 (Pre-Refunded to 12/15/15 @ 100) | 75,000 | 76,595 | ||
Series 2006 B, 4.5% 6/15/16 (AMBAC Insured) | 205,000 | 212,970 | ||
Series 2006 C, 5% 6/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 235,000 | 245,241 | ||
Series 2007 A, 4.5% 6/15/17 (FGIC Insured) | 555,000 | 593,928 | ||
Series 2007 C: | ||||
5% 6/15/16 | 720,000 | 749,628 | ||
5% 6/15/18 | 300,000 | 327,729 | ||
Series 2008 A, 5% 6/15/17 | 140,000 | 151,164 | ||
Series 2011 B, 5% 6/15/16 | 150,000 | 156,537 | ||
Series 2012 A, 5% 6/15/18 | 250,000 | 277,145 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Nevada - continued | ||||
Clark County School District: - continued | ||||
Series 2013 B, 5% 6/15/17 | $ 380,000 | $ 410,301 | ||
Series 2014 A, 5.5% 6/15/17 | 75,000 | 81,701 | ||
Series 2014 B, 5.5% 6/15/17 | 175,000 | 190,636 | ||
Las Vegas Valley Wtr. District Wtr. Impt. Gen. Oblig.: | ||||
Series 2010 B, 4% 3/1/17 | 55,000 | 58,005 | ||
Series 2012 B, 5% 6/1/18 | 70,000 | 77,629 | ||
Nevada Lease Rev. Ctfs. Prtn. (Bldg. 1 Proj.) Series 2013, 5% 4/1/17 | 350,000 | 374,787 | ||
| 5,578,241 | |||
New Hampshire - 0.0% | ||||
New Hampshire Health & Ed. Facilities Auth. Rev. 4% 7/1/15 | 60,000 | 60,000 | ||
New Jersey - 4.8% | ||||
New Brunswick Hsg. Auth. Rev. (Rutgers Univ. Easton Avenue Proj.) Series 2011: | ||||
5% 7/1/16 | 200,000 | 208,862 | ||
5% 7/1/17 | 100,000 | 107,805 | ||
New Jersey Ctfs. of Prtn. Series 2009 A, 5% 6/15/16 | 90,000 | 93,617 | ||
New Jersey Econ. Dev. Auth. Rev.: | ||||
Series 2003 A, 0% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 70,000 | 70,000 | ||
Series 2008, 5% 3/1/17 | 180,000 | 187,952 | ||
Series 2010 DD1 5% 12/15/17 | 155,000 | 164,804 | ||
Series 2011 EE: | ||||
5% 9/1/16 | 100,000 | 103,761 | ||
5% 9/1/18 | 165,000 | 177,218 | ||
Series 2012, 5% 6/15/17 | 500,000 | 529,505 | ||
5.25% 12/15/15 | 285,000 | 290,783 | ||
5.25% 12/15/15 (Escrowed to Maturity) | 150,000 | 153,356 | ||
New Jersey Edl. Facilities Auth. Rev.: | ||||
Series 2005 D, 5% 7/1/15 | 100,000 | 100,000 | ||
Series 2007 B, 5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 235,000 | 235,000 | ||
Series 2011 A, 5% 7/1/15 | 650,000 | 650,000 | ||
Series 2011 C, 4% 7/1/15 | 250,000 | 250,000 | ||
Series 2013 A, 5% 7/1/17 | 80,000 | 86,261 | ||
New Jersey Gen. Oblig.: | ||||
Series 2005 L, 5.25% 7/15/15 | 450,000 | 450,851 | ||
Series 2009 O, 5% 8/1/15 | 695,000 | 697,676 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New Jersey - continued | ||||
New Jersey Gen. Oblig.: - continued | ||||
Series 2010 Q, 5% 8/15/15 | $ 150,000 | $ 150,848 | ||
Series H, 5.25% 7/1/15 (FSA Insured) | 615,000 | 615,000 | ||
Series N, 5.5% 7/15/15 (AMBAC Insured) | 100,000 | 100,199 | ||
New Jersey Health Care Facilities Fing. Auth. Rev.: | ||||
(Virtua Health Proj.) Series A, 5.25% 7/1/17 (Assured Guaranty Corp. Insured) | 75,000 | 81,222 | ||
Series 2009 A, 5.25% 7/1/16 | 150,000 | 156,741 | ||
Series 2010, 5% 11/15/15 | 340,000 | 345,681 | ||
Series 2011: | ||||
4% 7/1/15 | 550,000 | 550,000 | ||
4% 7/1/16 | 250,000 | 258,270 | ||
5% 7/1/15 | 200,000 | 200,000 | ||
5% 7/1/16 | 1,150,000 | 1,198,047 | ||
5% 7/1/17 | 125,000 | 134,680 | ||
Series 2013 A: | ||||
3% 7/1/16 | 115,000 | 117,206 | ||
5% 7/1/18 | 100,000 | 110,430 | ||
4% 7/1/17 | 330,000 | 349,018 | ||
New Jersey Trans. Trust Fund Auth.: | ||||
Series 2003 A, 5.5% 12/15/15 (AMBAC Insured) | 525,000 | 534,676 | ||
Series 2004 B, 5.5% 12/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 175,000 | 178,287 | ||
Series 2011 B, 5% 6/15/18 | 130,000 | 139,199 | ||
Series 2012 AA, 4% 6/15/18 | 980,000 | 1,020,298 | ||
New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/17 | 1,000,000 | 1,072,470 | ||
| 11,869,723 | |||
New Mexico - 0.1% | ||||
New Mexico Severance Tax Rev. Series 2009 A, 5% 7/1/15 | 145,000 | 145,000 | ||
New York - 2.2% | ||||
Hempstead Town Gen. Oblig. Series 2008 A, 5% 8/15/15 | 80,000 | 80,462 | ||
New York City Gen. Oblig.: | ||||
Series 2006 A, 5% 8/1/15 (FSA Insured) | 275,000 | 276,114 | ||
Series 2006 E, 5% 8/1/15 | 100,000 | 100,405 | ||
Series 2008 G, 5% 8/1/15 | 185,000 | 185,749 | ||
Series 2008 J1, 5% 8/1/15 | 125,000 | 125,506 | ||
Series 2010 E, 5% 8/1/15 | 135,000 | 135,547 | ||
Series 2011 G, 3% 8/1/15 | 100,000 | 100,238 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York - continued | ||||
New York City Gen. Oblig.: - continued | ||||
Series 2013 E, 5% 8/1/15 | $ 130,000 | $ 130,527 | ||
Series 2015 F, 0.72% 2/15/19 (b) | 1,000,000 | 999,820 | ||
4% 8/1/15 | 70,000 | 70,225 | ||
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Series 2006 BB, 4% 6/15/17 (Pre-Refunded to 6/15/16 @ 100) | 115,000 | 118,942 | ||
New York City Transitional Fin. Auth. Rev.: | ||||
Series 2005 A1, 5% 11/1/15 | 150,000 | 152,322 | ||
Series 2010 B, 5% 11/1/15 | 180,000 | 182,781 | ||
Series 2011 A3, 4% 8/1/15 | 215,000 | 215,688 | ||
Series 2011 E, 5% 11/1/15 | 175,000 | 177,686 | ||
New York Dorm. Auth. Revs.: | ||||
(New York Univ. Proj.) Series A, 5.75% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 75,000 | 75,000 | ||
Series 2006 A, 5% 7/1/15 (AMBAC Insured) | 340,000 | 340,000 | ||
Series 2011 A, 5% 7/1/15 | 100,000 | 100,000 | ||
New York Envir. Facilities Corp. State Personal Income Tax Rev. Series 2004 A, 5.25% 12/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 100,000 | 102,233 | ||
New York Metropolitan Trans. Auth. Dedicated Tax Fund Rev. Series 2002 B2, 4% 11/1/15 | 100,000 | 101,222 | ||
New York Metropolitan Trans. Auth. Rev.: | ||||
Series 2002 G1, 0.953% 11/1/17 (b) | 115,000 | 116,188 | ||
Series 2005 C, 5% 11/15/15 | 150,000 | 152,550 | ||
Series 2007 B, 5% 11/15/15 | 125,000 | 127,125 | ||
Series 2008 B1, 5% 11/15/15 | 125,000 | 127,125 | ||
Series 2012 C, 5% 11/15/15 | 165,000 | 167,805 | ||
Series 2012 D, 4% 11/15/15 | 200,000 | 202,684 | ||
New York State Gen. Oblig. Series 2011 C, 4% 9/1/15 | 110,000 | 110,674 | ||
New York Thruway Auth. Gen. Rev.: | ||||
Series 2007 H, 4% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 65,000 | 69,859 | ||
Series II, 5% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 150,000 | 159,450 | ||
Rochester Gen. Oblig. Series 2012 I, 4% 8/15/15 | 125,000 | 125,568 | ||
Triborough Bridge & Tunnel Auth. Revs. Series 2002 B: | ||||
5.25% 11/15/15 | 110,000 | 111,980 | ||
5.25% 11/15/15 | 120,000 | 122,160 | ||
| 5,363,635 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
New York And New Jersey - 0.1% | ||||
Port Auth. of New York & New Jersey Series 148, 5% 8/15/15 | $ 175,000 | $ 176,006 | ||
North Carolina - 2.3% | ||||
Charlotte Ctfs. of Prtn. Series 2014 A, 4% 12/1/15 | 175,000 | 177,697 | ||
Charlotte Int'l. Arpt. Rev.: | ||||
Series 2007 A, 4% 7/1/15 (AMBAC Insured) | 100,000 | 100,000 | ||
Series 2009 B, 5% 7/1/15 | 155,000 | 155,000 | ||
Series 2011 A, 2.5% 7/1/16 | 100,000 | 101,975 | ||
Charlotte-Mecklenburg Hosp. Auth. Health Care | ||||
Series 2007 A: | ||||
4.5% 1/15/16 | 100,000 | 102,111 | ||
5% 1/15/18 | 420,000 | 447,548 | ||
Series 2009 A, 4% 1/15/17 | 150,000 | 157,238 | ||
Series 2011 A, 3% 1/15/17 | 100,000 | 103,312 | ||
Series 2012 A, 5% 1/15/17 | 100,000 | 106,337 | ||
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.: | ||||
Series 1991 A, 6.5% 1/1/18 (Assured Guaranty Corp. Insured) | 50,000 | 56,446 | ||
Series 2005 A: | ||||
4% 1/1/16 (AMBAC Insured) | 300,000 | 305,121 | ||
5% 1/1/16 | 390,000 | 398,549 | ||
Series 2008 A: | ||||
5% 1/1/16 | 165,000 | 168,617 | ||
5.25% 1/1/19 (Assured Guaranty Corp. Insured) | 605,000 | 664,841 | ||
Series 2009 A, 5% 1/1/18 | 125,000 | 136,375 | ||
Series 2009 B: | ||||
5% 1/1/16 | 185,000 | 189,055 | ||
5% 1/1/17 | 535,000 | 568,047 | ||
Series 2012 A, 3% 1/1/16 | 80,000 | 80,978 | ||
Series 2012 B, 5% 1/1/16 | 245,000 | 250,370 | ||
North Carolina Med. Care Cmnty. Health Series 2010, 3% 11/15/16 | 115,000 | 118,601 | ||
North Carolina Med. Care Commission Health Care Facilities Rev. 4% 12/1/15 | 500,000 | 507,295 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
North Carolina - continued | ||||
Raleigh Durham Arpt. Auth. Arpt. Rev.: | ||||
Series 2007, 5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | $ 190,000 | 203,595 | ||
Series 2010 A, 5% 5/1/17 | 100,000 | 107,570 | ||
Series 2010 B, 4% 11/1/15 | 415,000 | 420,034 | ||
| 5,626,712 | |||
Ohio - 2.7% | ||||
Cleveland Ctfs. of Prtn. (Cleveland Stadium Proj.) Series 2010 A, 5% 11/15/17 | 200,000 | 215,286 | ||
Franklin County Hosp. Facilities Rev. (Nationwide Children's Hosp. Proj.) Series 2012 A, 5% 11/1/16 | 100,000 | 105,841 | ||
Franklin County Hosp. Rev. Bonds Series 2011 D, 4%, tender 8/1/16 (b) | 1,480,000 | 1,535,012 | ||
Hamilton County Health Care Facilities Rev. 5% 6/1/17 | 65,000 | 69,734 | ||
Kent State Univ. Revs.: | ||||
Series 2009 B, 5% 5/1/17 (Assured Guaranty Corp. Insured) | 60,000 | 64,497 | ||
Series 2014 A, 3% 5/1/16 | 175,000 | 178,544 | ||
Lucas County Hosp. Rev. Series 2011 D, 3% 11/15/16 | 100,000 | 102,952 | ||
Miami Univ.: | ||||
Series 2007, 5% 9/1/15 (AMBAC Insured) | 100,000 | 100,757 | ||
Series 2011, 4% 9/1/15 | 170,000 | 171,018 | ||
Ohio Bldg. Auth. (Juvenille Correctional Bldg. Fund Projs.) Series 2007 A, 5.5% 4/1/16 (FSA Insured) | 75,000 | 77,865 | ||
Ohio Gen. Oblig.: | ||||
Series 2006 A, 5% 9/15/15 | 125,000 | 126,188 | ||
Series 2009 C, 5% 9/15/15 | 200,000 | 201,900 | ||
Series 2010 A, 4% 8/1/15 | 140,000 | 140,449 | ||
Series 2010 C, 4% 9/1/15 | 110,000 | 110,674 | ||
Ohio Higher Edl. Facility Commission Rev.: | ||||
(Univ. of Dayton 2009 Proj.) 5% 12/1/17 | 155,000 | 168,598 | ||
(Univ. of Dayton 2011 Proj.) Series 2011 A, 5% 12/1/15 | 720,000 | 733,428 | ||
Series 2010 A: | ||||
3.5% 1/15/16 | 50,000 | 50,754 | ||
5% 1/15/18 | 360,000 | 393,358 | ||
Ohio Hosp. Rev.: | ||||
Series 2012 A: | ||||
5% 1/15/16 | 470,000 | 480,772 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Ohio - continued | ||||
Ohio Hosp. Rev.: - continued | ||||
Series 2012 A: | ||||
5% 1/15/17 | $ 220,000 | $ 233,422 | ||
Series 2013 A, 5% 1/15/17 | 210,000 | 222,812 | ||
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2010 A, 3.375%, tender 7/1/15 (b) | 850,000 | 850,000 | ||
Univ. of Akron Gen. Receipts Series 2010 A, 5% 1/1/19 (FSA Insured) | 400,000 | 447,812 | ||
| 6,781,673 | |||
Oklahoma - 0.1% | ||||
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Series 2008 C, 5% 8/15/16 (Escrowed to Maturity) | 215,000 | 225,974 | ||
Oregon - 0.3% | ||||
Clackamas County Hosp. Facility Auth. Series 2009 A, 4% 7/15/15 | 255,000 | 255,347 | ||
Oregon Facilities Auth. Rev.: | ||||
(Legacy Health Proj.) Series 2011 A, 5.25% 5/1/19 | 100,000 | 114,068 | ||
Series 2011 C, 5% 10/1/15 | 170,000 | 171,875 | ||
Oregon Gen. Oblig. Series 2005 B, 3.875% 8/1/15 | 100,000 | 100,310 | ||
Port of Portland Arpt. Rev. 5% 7/1/18 (c) | 80,000 | 88,344 | ||
| 729,944 | |||
Pennsylvania - 3.6% | ||||
Allegheny County Arpt. Auth. Rev.: | ||||
Series 2007 A, 5% 1/1/16 (FSA Insured) (c) | 680,000 | 694,736 | ||
Series 2007 B: | ||||
5% 1/1/17 (FSA Insured) | 435,000 | 460,869 | ||
5% 1/1/18 (FSA Insured) | 805,000 | 878,666 | ||
Series 2010 A, 5% 1/1/17 (FSA Insured) (c) | 190,000 | 201,009 | ||
Allegheny County Hosp. Dev. Auth. Rev.: | ||||
Series 2008 A, 5% 9/1/17 | 120,000 | 130,600 | ||
Series 2010 A, 5% 5/15/18 | 120,000 | 133,096 | ||
Bucks Co. Indl. Dev. Auth. Solid Waste Rev. Bonds 1.375%, tender 2/1/17 (b) | 350,000 | 349,108 | ||
Monroeville Fin. Auth. UPMC Rev.: | ||||
Series 2012: | ||||
4% 2/15/17 | 75,000 | 78,914 | ||
4% 2/15/18 | 130,000 | 139,876 | ||
Series 2014 B, 3% 2/1/19 | 195,000 | 206,035 | ||
Montgomery County Indl. Dev. 4% 10/1/17 | 200,000 | 213,554 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Pennsylvania - continued | ||||
Montgomery County Higher Ed. & Health Auth. | ||||
(Abington Memorial Hosp. Proj.) Series 2009 A, 5% 6/1/17 | $ 75,000 | $ 80,669 | ||
Series 2009 A, 5% 6/1/18 | 130,000 | 143,148 | ||
Pennsylvania Econ. Dev. Fin. Auth. Unemployment Compensation Rev. Series 2012 A, 4% 7/1/15 | 75,000 | 75,000 | ||
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev. Series 2014 A: | ||||
4% 2/1/17 | 350,000 | 367,826 | ||
4% 2/1/18 | 200,000 | 214,970 | ||
4% 2/1/19 | 100,000 | 109,130 | ||
Pennsylvania Gen. Oblig.: | ||||
Series 2005, 5% 1/1/16 | 155,000 | 158,613 | ||
Series 2007 A, 5% 11/1/15 | 125,000 | 126,928 | ||
Series 2009 1, 5% 3/15/18 | 120,000 | 131,738 | ||
Series 2012, 5% 6/1/18 | 300,000 | 330,975 | ||
Pennsylvania Higher Edl. Facilities Auth. Rev.: | ||||
(Univ. of Pennsylvania Health Sys. Proj.) Series 2005 A, 5% 8/15/15 (Escrowed to Maturity) | 395,000 | 397,090 | ||
Series 2006 1, 5% 4/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 250,000 | 258,255 | ||
Series 2010 1, 5% 4/1/18 | 230,000 | 253,124 | ||
Series 2010 E, 5% 5/15/18 | 100,000 | 110,913 | ||
Series 2012 1, 4% 4/1/16 | 60,000 | 61,541 | ||
5% 4/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 115,000 | 118,762 | ||
Philadelphia Arpt. Rev.: | ||||
Series 2010 A, 4% 6/15/16 | 105,000 | 108,337 | ||
Series 2010 C, 5% 6/15/18 (c) | 445,000 | 491,956 | ||
Series 2010 D, 5% 6/15/16 (c) | 500,000 | 519,850 | ||
Series 2011 A, 5% 6/15/18 (c) | 100,000 | 110,552 | ||
Philadelphia Gas Works Rev.: | ||||
Eighth Series A, 5% 8/1/16 | 100,000 | 104,145 | ||
Tenth Series 1998, 5% 7/1/15 | 150,000 | 150,000 | ||
Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. (The Children's Hosp. of Philadelphia Proj.) Series 2007 A, 4.25% 7/1/16 | 250,000 | 258,555 | ||
Philadelphia Wtr. & Wastewtr. Rev. Series 2010 A, 5% 6/15/16 | 345,000 | 359,700 | ||
Southeastern Pennsylvania Trans. Auth. Rev. Series 2010, 4% 3/1/17 | 285,000 | 299,894 | ||
| 8,828,134 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
South Carolina - 0.8% | ||||
Scago Edl. Facilities Corp. for Colleton School District (School District of Colleton County Proj.) Series 2015, 5% 12/1/18 | $ 1,000,000 | $ 1,110,390 | ||
South Carolina Gen. Oblig. Series 2005 C, 5.25% 8/1/15 | 175,000 | 175,728 | ||
South Carolina Pub. Svc. Auth. Rev.: | ||||
Series 2006 C: | ||||
5% 1/1/17 (FSA Insured) | 135,000 | 143,651 | ||
5% 1/1/18 (FSA Insured) | 125,000 | 132,071 | ||
Series 2007 A, 5% 1/1/18 (Pre-Refunded to 1/1/17 @ 100) | 50,000 | 53,243 | ||
Series 2010 B, 5% 1/1/18 | 175,000 | 192,236 | ||
Series 2015 A, 5% 1/1/19 (FSA Insured) | 150,000 | 158,462 | ||
Series B, 5% 1/1/16 | 110,000 | 112,564 | ||
| 2,078,345 | |||
Tennessee - 0.3% | ||||
Jackson Hosp. Rev.: | ||||
5.5% 4/1/16 | 50,000 | 51,865 | ||
5.5% 4/1/16 (Escrowed to Maturity) | 140,000 | 145,061 | ||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Series 2011 A1, 5% 7/1/17 (c) | 30,000 | 32,268 | ||
Shelby County Health Edl. & Hsg. Facilities Board Rev. Series 2004 A, 5% 9/1/15 | 475,000 | 478,472 | ||
| 707,666 | |||
Texas - 3.9% | ||||
Corpus Christi Util. Sys. Rev.: | ||||
Bonds Series 2015 B, 2%, tender 7/15/17 (b) | 1,500,000 | 1,522,185 | ||
Series 2012, 4% 7/15/15 | 320,000 | 320,438 | ||
Dallas Fort Worth Int'l. Arpt. Rev.: | ||||
Series 2009 A: | ||||
4% 11/1/17 | 200,000 | 214,868 | ||
5% 11/1/15 | 100,000 | 101,509 | ||
5% 11/1/16 | 290,000 | 306,820 | ||
Series 2012 G, 4% 11/1/15 | 160,000 | 161,904 | ||
Series 2013 D, 5% 11/1/15 | 225,000 | 228,395 | ||
Series 2013 E, 5% 11/1/17 (c) | 100,000 | 109,123 | ||
Series 2014 A: | ||||
3% 11/1/16 (c) | 180,000 | 185,476 | ||
3% 11/1/17 (c) | 185,000 | 193,373 | ||
Dallas Independent School District Series 2006, 4% 8/15/15 | 75,000 | 75,353 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Dallas Wtrwks. & Swr. Sys. Rev. Series 2008, 4% 10/1/15 | $ 100,000 | $ 100,908 | ||
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Series 2013 A: | ||||
4% 12/1/16 | 200,000 | 209,024 | ||
4% 12/1/18 | 145,000 | 157,938 | ||
Harris County Health Facilities Dev. Corp. Rev.: | ||||
Series 2005 A5, 5% 7/1/16 (FSA Insured) | 500,000 | 521,040 | ||
Series 2005 A6, 5% 7/1/16 (FSA Insured) | 100,000 | 104,208 | ||
5% 7/1/15 (FSA Insured) | 230,000 | 230,000 | ||
Houston Arpt. Sys. Rev.: | ||||
Series 2007 B, 5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 175,000 | 182,453 | ||
Series 2012 A, 5% 7/1/18 (c) | 90,000 | 99,082 | ||
Houston Cmnty. College Sys. Rev. Series 2011, 5% 2/15/18 | 80,000 | 88,196 | ||
Lower Colorado River Auth. Rev.: | ||||
Series 2008, 5% 5/15/18 | 205,000 | 226,699 | ||
Series 2012 B, 5% 5/15/17 | 100,000 | 107,750 | ||
Series 2012, 3.5% 5/15/16 | 115,000 | 117,991 | ||
5% 5/15/16 | 100,000 | 103,884 | ||
5% 5/15/17 | 165,000 | 177,788 | ||
North East Texas Independent School District Series 2007 A, 0% 8/1/15 | 110,000 | 109,966 | ||
San Antonio Elec. & Gas Sys. Rev. Series 2006 B, 5% 2/1/18 | 85,000 | 90,653 | ||
San Antonio Gen. Oblig. (Hsg. Production Trust Fund - New Cmntys. Proj.) Series 2007 A, 5% 8/1/15 | 200,000 | 200,800 | ||
Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) Series 2009, 5% 10/1/17 | 60,000 | 65,377 | ||
Tarrant County Cultural Ed. Facilities Fin. Corp. | ||||
(Baylor Health Care Sys. Proj.) Series 2011 A, 5% 11/15/15 | 475,000 | 482,847 | ||
Series 2011 A, 5% 11/15/16 | 200,000 | 211,632 | ||
Series 2014, 5% 12/1/16 | 125,000 | 132,616 | ||
Texas Gen. Oblig.: | ||||
Series 2007 A, 5% 8/1/15 | 125,000 | 125,491 | ||
Series 2008 C, 5.25% 8/1/15 | 100,000 | 100,413 | ||
Series 2010, 4.25% 8/1/15 (c) | 50,000 | 50,166 | ||
Series 2013 A, 2% 8/1/15 | 175,000 | 175,261 | ||
Texas Muni. Pwr. Agcy. Rev.: | ||||
0% 9/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,160,000 | 1,159,397 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Texas - continued | ||||
Texas Muni. Pwr. Agcy. Rev.: - continued | ||||
0% 9/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 625,000 | $ 619,344 | ||
Texas Pub. Fin. Auth. Rev. Series 2010 A, 5% 7/1/15 | 80,000 | 80,000 | ||
Trinity River Auth. Reg'l. Wastewtr. Sys. Rev. Series 2013, 5% 8/1/15 | 100,000 | 100,394 | ||
Univ. of Texas Board of Regents Sys. Rev. Series 2008 A, 4% 8/15/15 | 175,000 | 175,800 | ||
| 9,726,562 | |||
Utah - 0.1% | ||||
Intermountain Pwr. Agcy. Pwr. Supply Rev. Series 2009 A, 5% 7/1/15 | 110,000 | 110,000 | ||
Utah Gen. Oblig.: | ||||
Series 2004 A, 5% 7/1/15 | 125,000 | 125,000 | ||
Series 2009 C, 5% 7/1/15 | 40,000 | 40,000 | ||
| 275,000 | |||
Virginia - 0.4% | ||||
Virginia Small Bus. Fing. Auth. Health Care Facilities Rev. Series 2010, 4% 11/1/15 | 240,000 | 242,926 | ||
Wise County Indl. Dev. Auth. Waste & Sewage Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 2010 A, 2.375%, tender 11/1/15 (b) | 815,000 | 820,110 | ||
| 1,063,036 | |||
Washington - 2.1% | ||||
Chelan County Pub. Util. District #1 Rev. Series 2011 B, 5% 7/1/18 (c) | 100,000 | 110,183 | ||
Clark County Pub. Util. District #1 Generating Sys. Rev. Series 2010, 5% 1/1/16 | 260,000 | 265,634 | ||
Energy Northwest Elec. Rev.: | ||||
(Proj. #3): | ||||
Series 2005 A, 5% 7/1/15 | 115,000 | 115,000 | ||
Series 2007 A: | ||||
5% 7/1/15 | 255,000 | 255,000 | ||
5% 7/1/15 (Escrowed to Maturity) | 55,000 | 55,000 | ||
(Proj. 1) Series 2010 A, 3% 7/1/15 (Escrowed to Maturity) | 160,000 | 160,000 | ||
Series 2003 A, 5.5% 7/1/15 | 230,000 | 230,000 | ||
Series 2007 C, 5% 7/1/15 (Escrowed to Maturity) | 245,000 | 245,000 | ||
Series 2008 A, 5% 7/1/15 | 415,000 | 415,000 | ||
Series 2009 A, 4% 7/1/15 | 190,000 | 190,000 | ||
Series 2011 A, 4% 7/1/15 | 140,000 | 140,000 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Washington - continued | ||||
Port of Seattle Rev.: | ||||
Series 2005 A, 5% 3/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 125,000 | $ 126,631 | ||
Series 2010 A, 4% 6/1/16 | 125,000 | 128,981 | ||
Series 2010 C, 5% 2/1/18 (c) | 625,000 | 684,413 | ||
Series 2012 A: | ||||
4% 8/1/17 | 100,000 | 106,256 | ||
5% 8/1/16 | 250,000 | 261,790 | ||
Series 2012 B, 4% 8/1/17 (c) | 115,000 | 121,877 | ||
Seattle Wtr. Sys. Rev. Series 2005, 5% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 400,000 | 402,988 | ||
Washington Ctfs. of Prtn. Series 2013 D, 4% 7/1/17 | 240,000 | 254,614 | ||
Washington Gen. Oblig.: | ||||
Series 2004 C, 0% 6/1/18 | 185,000 | 178,582 | ||
Series 2006 RA, 5% 7/1/15 | 170,000 | 170,000 | ||
Series 2009 A, 5% 7/1/15 | 160,000 | 160,000 | ||
Series 2010 B, 5% 1/1/16 | 95,000 | 97,172 | ||
Washington Health Care Facilities Auth. Rev.: | ||||
Series 2010 B, 5% 10/1/15 | 100,000 | 101,139 | ||
Series 2014, 5% 3/1/18 | 225,000 | 245,032 | ||
Washington Pub. Pwr. Supply Sys. Nuclear Proj. #3 Rev. Series 1993 C, 0% 7/1/18 | 100,000 | 95,749 | ||
| 5,316,041 | |||
West Virginia - 0.2% | ||||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. Bonds 1.9%, tender 4/1/19 (b) | 500,000 | 498,025 | ||
Wisconsin - 1.9% | ||||
Milwaukee County Arpt. Rev.: | ||||
Series 2005 A, 5.25% 12/1/16 (FSA Insured) (c) | 480,000 | 509,107 | ||
Series 2007 A, 5% 12/1/17 (c) | 200,000 | 211,576 | ||
Series 2010 B, 5% 12/1/16 (c) | 550,000 | 581,438 | ||
Series 2013 A, 5% 12/1/15 (c) | 250,000 | 254,643 | ||
Wisconsin Health & Edl. Facilities: | ||||
Bonds Series 2013 B: | ||||
4%, tender 3/1/18 (b) | 1,075,000 | 1,158,033 | ||
4%, tender 5/30/19 (b) | 150,000 | 164,691 | ||
Series 2013 A, 5% 11/15/18 | 160,000 | 179,221 | ||
4% 12/15/16 | 250,000 | 261,850 | ||
Wisconsin Health & Edl. Facilities Auth. Rev.: | ||||
(Aurora Health Care, Inc. Proj.) Series 2010 A, 5% 4/15/17 | 55,000 | 58,941 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Wisconsin - continued | ||||
Wisconsin Health & Edl. Facilities Auth. Rev.: - continued | ||||
Series 2012 B: | ||||
4% 8/15/15 | $ 555,000 | $ 557,514 | ||
5% 8/15/16 | 175,000 | 183,013 | ||
Series 2012 C, 4% 8/15/15 | 300,000 | 301,311 | ||
5% 10/1/16 | 100,000 | 105,371 | ||
Wisconsin Trans. Rev. Series 2010 A, 5% 7/1/15 | 100,000 | 100,000 | ||
| 4,626,709 | |||
TOTAL MUNICIPAL BONDS (Cost $177,884,947) |
|
Municipal Notes - 32.3% | |||
|
|
|
|
Florida - 0.7% | |||
Austin Trust Various States Participating VRDN Series BA 08 1145, 0.39% 7/7/15 (Liquidity Facility Bank of America NA) (b)(c)(d) | 1,700,000 | 1,700,000 | |
Georgia - 0.1% | |||
Atlanta Urban Residential Fin. Auth. Multi-family Hsg. Rev. (West End Hsg. Dev. Proj.) 0.21% 7/7/15, LOC Fannie Mae, VRDN (b)(c) | 300,000 | 300,000 | |
Idaho - 0.6% | |||
Deutsche Spears/Lifers Trust Participating VRDN Series DB 1102, 0.39% 7/7/15 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d) | 1,500,000 | 1,500,000 | |
Illinois - 7.7% | |||
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series DB 1056X, 0.32% 7/7/15 (Liquidity Facility Deutsche Bank AG) (b)(d) | 5,000,000 | 5,000,000 | |
Cook County Gen. Oblig. Participating VRDN Series 2015 XF0124, 0.49% 7/7/15 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | 5,000,000 | 5,000,000 | |
Deutsche Spears/Lifers Trust Participating VRDN Series DB 1212, 0.37% 7/7/15 (Liquidity Facility Deutsche Bank AG) (b)(d) | 3,200,000 | 3,200,000 | |
Glendale Heights Indl. Dev. Rev. (Hudapack Metal Treating of Illinois, Inc. Proj.) 0.52% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(c) | 210,000 | 210,000 | |
Illinois Dev. Fin. Auth. Indl. Dev. Rev. (Indl. Steel Construction, Inc. Proj.) 0.32% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(c) | 1,645,000 | 1,645,000 | |
Municipal Notes - continued | |||
Principal Amount | Value | ||
Illinois - continued | |||
Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 1998 B, 0.35% 7/2/15 (FSA Insured), VRDN (b) | 1,500,000 | $ 1,500,000 | |
Village of Woodridge, DuPage, Will & Cook Counties (Home Run Inn Frozen Foods Corp. Proj.) Series 2005, 0.32% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(c) | 1,880,000 | 1,880,000 | |
West Chicago Indl. Dev. Auth. Indl. Dev. Rev. (Royal Gold Ribbon Foods Proj.) Series 1999, 0.47% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(c) | 700,000 | 700,000 | |
| 19,135,000 | ||
Indiana - 2.6% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 0.35% 7/7/15, VRDN (b)(c) | 6,000,000 | 6,000,000 | |
Vigo County Econ. Dev. Rev. (Wabash Valley Packaging Corp. Proj.) Series 2000, 0.26% 7/1/15, LOC Wells Fargo Bank NA, VRDN (b)(c) | 500,000 | 500,000 | |
| 6,500,000 | ||
Kentucky - 0.3% | |||
Bardstown Indl. Rev. (JAV Invt. LLC Proj.) Series 2001, 0.52% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(c) | 300,000 | 300,000 | |
Kentucky Pub. Trans. BAN Series 2013 A, 5% 7/1/17 | 300,000 | 320,592 | |
| 620,592 | ||
Maryland - 0.7% | |||
Maryland Health & Higher Edl. Facilities Auth. Rev.: | |||
Series 1995, 0.28% 7/7/15 (Liquidity Facility Manufacturers & Traders Trust Co.), VRDN (b) | 1,750,000 | 1,750,000 | |
Series 2002, 0.13% 7/7/15, LOC SunTrust Banks, Inc., VRDN (b) | 100,000 | 100,000 | |
| 1,850,000 | ||
Michigan - 1.2% | |||
Lowell Mich Ltd. Oblig. Indl. Dev. (Litehouse, Inc. Proj.) Series 2003, 0.46% 7/7/15, LOC Fifth Third Bank, Cincinnati, VRDN (b)(c) | 1,055,000 | 1,055,000 | |
Michigan Strategic Fund Ltd. Oblig. Rev.: | |||
(Crest Industries, Inc. Proj.) Series 2000 A, 0.52% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(c) | 555,000 | 555,000 | |
(Kay Screen Printing, Inc. Proj.) Series 2000, 0.32% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(c) | 200,000 | 200,000 | |
Municipal Notes - continued | |||
Principal Amount | Value | ||
Michigan - continued | |||
Michigan Strategic Fund Ltd. Oblig. Rev.: - continued | |||
(Press-Way, Inc. Proj.) Series 1998, 0.52% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(c) | 1,000,000 | $ 1,000,000 | |
0.52% 7/7/15, LOC JPMorgan Chase Bank, VRDN (b)(c) | 200,000 | 200,000 | |
| 3,010,000 | ||
Mississippi - 0.4% | |||
Mississippi Bus. Fin. Corp. Rev. (Utils. Optimization LLC Proj.) Series 2002 A, 0.26% 7/7/15, LOC Cap. One Bank, VRDN (b)(c) | 900,000 | 900,000 | |
New Jersey - 0.9% | |||
New Jersey Health Care Facilities Fing. Auth. Rev. Participating VRDN Series Floaters 3018, 0.46% 7/7/15 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d) | 1,750,725 | 1,750,725 | |
Newark Gen. Oblig. TAN Series 2015 A, 1.75% 2/19/16 | 500,000 | 501,045 | |
| 2,251,770 | ||
New York - 1.6% | |||
East Rochester Hsg. Auth. Rev. (Home Good Sheperd Proj.) Series A, 0.34% 7/7/15, LOC RBS Citizens NA, VRDN (b) | 3,685,000 | 3,685,000 | |
Ulster County Indl. Dev. Agcy. I (Selux Corp. Proj.) Series A, 0.32% 7/7/15, LOC Manufacturers & Traders Trust Co., VRDN (b)(c) | 365,000 | 365,000 | |
| 4,050,000 | ||
North Carolina - 2.9% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth.: | |||
(Nucor Corp. Proj.) Series 2000 A, 0.35% 7/7/15, VRDN (b)(c) | 5,800,000 | 5,800,000 | |
Series 2000 B, 0.23% 7/7/15, VRDN (b)(c) | 800,000 | 800,000 | |
North Carolina Cap. Facilities Fin. Agcy. Edl. Facilities Rev. Series 2003, 0.18% 7/7/15, LOC Branch Banking & Trust Co., VRDN (b) | 500,000 | 500,000 | |
| 7,100,000 | ||
Ohio - 0.0% | |||
Franklin County Indl. Dev. Rev. (Girl Scout Council Proj.) 0.44% 7/7/15, LOC PNC Bank NA, VRDN (b) | 90,000 | 90,000 | |
Pennsylvania - 0.9% | |||
Adams County Indl. Dev. Auth. Rev. (SAY Plastics, Inc. Proj.) Series A, 0.26% 7/7/15, LOC Wells Fargo Bank NA, VRDN (b)(c) | 1,700,000 | 1,700,000 | |
Municipal Notes - continued | |||
Principal Amount | Value | ||
Pennsylvania - continued | |||
Butler County Hosp. Auth. Hosp. Rev. Series 2012 A, 0.27% 7/7/15, LOC Citizens Bank of Pennsylvania, VRDN (b) | 300,000 | $ 300,000 | |
Philadelphia Auth. For Indl. Dev. (I. Rice Assoc. L.P. Proj.) Series 1997, 0.26% 7/7/15, LOC Wells Fargo Bank NA, VRDN (b)(c) | 100,000 | 100,000 | |
| 2,100,000 | ||
Tennessee - 0.2% | |||
Union City Indl. Dev. (Kohler Co. Proj.) Series 1995, 0.26% 7/7/15, LOC Wells Fargo Bank NA, VRDN (b)(c) | 500,000 | 500,000 | |
Texas - 10.3% | |||
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | |||
Series 2009 A, 0.2% 7/1/15, VRDN (b) | 3,700,000 | 3,700,000 | |
Series 2009 C, 0.21% 7/1/15, VRDN (b) | 4,405,000 | 4,405,000 | |
Series 2010 B, 0.2% 7/1/15, VRDN (b) | 6,680,000 | 6,680,000 | |
Series 2010 C, 0.21% 7/1/15, VRDN (b) | 760,000 | 760,000 | |
Series 2010 D, 0.2% 7/1/15, VRDN (b) | 9,700,000 | 9,699,978 | |
Texas Gen. Oblig. TRAN Series 2014, 1.5% 8/31/15 | 275,000 | 275,630 | |
| 25,520,608 | ||
Washington - 0.8% | |||
Kitsap County Indl. Dev. Corpre (Cara Land Co., L.L.C. Proj.) Series 2006, 0.26% 7/7/15, LOC Wells Fargo Bank NA, VRDN (b)(c) | 190,000 | 190,000 | |
Seattle Hsg. Auth. Rev. (Douglas Apts. Proj.) 0.23% 7/7/15, LOC KeyBank NA, VRDN (b) | 1,840,000 | 1,840,000 | |
| 2,030,000 | ||
Wisconsin - 0.1% | |||
Kimberly Dev. Rev. (Fox Cities YMCA Proj.) Series 2002, 0.47% 7/7/15, LOC BMO Harris Bank NA, VRDN (b) | 200,000 | 200,000 | |
Municipal Notes - continued | |||
Principal Amount | Value | ||
Wyoming - 0.3% | |||
Converse County Envir. Impt. Rev. Series 1995, 0.28% 7/7/15, VRDN (b)(c) | 800,000 | $ 800,000 | |
TOTAL MUNICIPAL NOTES (Cost $80,154,088) |
| ||
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $258,039,035) | 257,916,396 | ||
NET OTHER ASSETS (LIABILITIES) - (3.9)% | (9,788,239) | ||
NET ASSETS - 100% | $ 248,128,157 |
Security Type Abbreviations | ||
BAN | - | BOND ANTICIPATION NOTE |
TAN | - | TAX ANTICIPATION NOTE |
TRAN | - | TAX AND REVENUE ANTICIPATION NOTE |
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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Provides evidence of ownership in one or more underlying municipal bonds. |
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 Investment Valuation section in the accompanying Notes to Financial Statements. |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
Health Care | 22.2% |
Industrial Development | 17.8% |
General Obligations | 14.8% |
Electric Utilities | 12.9% |
Transportation | 11.1% |
Synthetics | 7.3% |
Special Tax | 5.2% |
Education | 5.0% |
Others* (Individually Less Than 5%) | 3.7% |
| 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, 2015 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $258,039,035) |
| $ 257,916,396 |
Cash |
| 41,747 |
Receivable for investment sold | 1,833,170 | |
Receivable for fund shares sold | 680,159 | |
Interest receivable | 2,238,123 | |
Receivable from investment adviser for expense reductions | 8,897 | |
Other receivables | 141 | |
Total assets | 262,718,633 | |
|
|
|
Liabilities | ||
Payable for investments purchased |
| |
Regular delivery | $ 13,094,046 |
|
Delayed delivery | 1,073,840 | |
Payable for fund shares redeemed | 330,320 | |
Distributions payable | 19,155 | |
Accrued management fee | 60,858 | |
Other affiliated payables | 12,257 | |
Total liabilities | 14,590,476 | |
|
|
|
Net Assets | $ 248,128,157 | |
Net Assets consist of: |
| |
Paid in capital | $ 248,247,653 | |
Distributions in excess of net investment income | (5) | |
Accumulated undistributed net realized gain (loss) on investments | 3,148 | |
Net unrealized appreciation (depreciation) on investments | (122,639) | |
Net Assets | $ 248,128,157 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| June 30, 2015 (Unaudited) | |
|
|
|
Conservative Income Municipal Bond: | $ 10.03 | |
|
|
|
Institutional Class: | $ 10.03 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Operations
Six months ended June 30, 2015 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 722,678 |
|
|
|
Expenses | ||
Management fee | $ 319,629 | |
Transfer agent fees | 64,616 | |
Independent trustees' compensation | 397 | |
Miscellaneous | 146 | |
Total expenses before reductions | 384,788 | |
Expense reductions | (44,509) | 340,279 |
Net investment income (loss) | 382,399 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 3,148 |
Change in net unrealized appreciation (depreciation) on investment securities | (243,817) | |
Net gain (loss) | (240,669) | |
Net increase (decrease) in net assets resulting from operations | $ 141,730 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended June 30, 2015 (Unaudited) | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 382,399 | $ 272,120 |
Net realized gain (loss) | 3,148 | 14,750 |
Change in net unrealized appreciation (depreciation) | (243,817) | 89,733 |
Net increase (decrease) in net assets resulting from operations | 141,730 | 376,603 |
Distributions to shareholders from net investment income | (382,304) | (272,095) |
Distributions to shareholders from net realized gain | - | (19,173) |
Total distributions | (382,304) | (291,268) |
Share transactions - net increase (decrease) | 59,771,031 | 138,343,926 |
Total increase (decrease) in net assets | 59,530,457 | 138,429,261 |
|
|
|
Net Assets | ||
Beginning of period | 188,597,700 | 50,168,439 |
End of period (including distributions in excess of net investment income of $5 and distributions in excess of net investment income of $100, respectively) | $ 248,128,157 | $ 188,597,700 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Conservative Income Municipal Bond
| Six months ended June 30, 2015 | Years ended | |
| (Unaudited) | 2014 | 2013 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period | $ 10.04 | $ 10.02 | $ 10.00 |
Income from Investment Operations |
|
|
|
Net investment income (loss) D | .014 | .015 | .002 |
Net realized and unrealized gain (loss) | (.010) | .021 | .020 |
Total from investment operations | .004 | .036 | .022 |
Distributions from net investment income | (.014) | (.015) | (.002) |
Distributions from net realized gain | - | (.001) | - |
Total distributions | (.014) | (.016) | (.002) |
Net asset value, end of period | $ 10.03 | $ 10.04 | $ 10.02 |
Total ReturnB, C | .04% | .36% | .22% |
Ratios to Average Net Assets G, I |
|
|
|
Expenses before reductions | .40%A | .40% | .40%A |
Expenses net of fee waivers, if any | .40%A | .40% | .40%A |
Expenses net of all reductions | .40%A | .40% | .40%A |
Net investment income (loss) | .28%A | .15% | .11%A |
Supplemental Data |
|
|
|
Net assets, end of period (000 omitted) | $ 50,831 | $ 45,107 | $ 22,205 |
Portfolio turnover rate J | 56%A | 51% | -%E, H |
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 Amount represents less than 1%.
F For the period October 15, 2013 (commencement of operations) to December 31, 2013.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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 class.
H Amount not annualized.
I 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.
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended June 30, 2015 | Years ended | |
| (Unaudited) | 2014 | 2013 F |
Selected Per-Share Data |
|
|
|
Net asset value, beginning of period | $ 10.04 | $ 10.02 | $ 10.00 |
Income from Investment Operations |
|
|
|
Net investment income (loss) D | .019 | .025 | .004 |
Net realized and unrealized gain (loss) | (.010) | .021 | .020 |
Total from investment operations | .009 | .046 | .024 |
Distributions from net investment income | (.019) | (.025) | (.004) |
Distributions from net realized gain | - | (.001) | - |
Total distributions | (.019) | (.026) | (.004) |
Net asset value, end of period | $ 10.03 | $ 10.04 | $ 10.02 |
Total ReturnB, C | .09% | .46% | .24% |
Ratios to Average Net Assets G, I |
|
|
|
Expenses before reductions | .35%A | .35% | .35%A |
Expenses net of fee waivers, if any | .30%A | .30% | .30%A |
Expenses net of all reductions | .30%A | .30% | .30%A |
Net investment income (loss) | .38%A | .25% | .22%A |
Supplemental Data |
|
|
|
Net assets, end of period (000 omitted) | $ 197,297 | $ 143,491 | $ 27,963 |
Portfolio turnover rate J | 56% A | 51% | -%E, H |
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 Amount represents less than 1%.
F For the period October 15, 2013 (commencement of operations) to December 31, 2013.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of 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 class.
H Amount not annualized.
I 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.
J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended June 30, 2015 (Unaudited)
1. Organization.
Fidelity® Conservative Income Municipal Bond 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 Conservative Income Municipal Bond and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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.)
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Investment Valuation - continued
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and net asset value (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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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 fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the 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 | $ 162,946 |
Gross unrealized depreciation | (285,348) |
Net unrealized appreciation (depreciation) on securities | $ (122,402) |
|
|
Tax cost | $ 258,038,798 |
Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in 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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
paid for are fixed at the time the transaction is negotiated. 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.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $68,885,941 and $28,762,282, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .30% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense, including commitment fees.
Transfer Agent Fees. Pursuant to the transfer agent contract approved by the Board of Trustees effective May 1, 2015, Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives asset-based fees of .10% and .05% of average net assets for Conservative Income Municipal Bond and Institutional Class, respectively. FIIOC pays for typesetting, printing and mailing of shareholder
Semiannual Report
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees - continued
reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| Amount |
Conservative Income Municipal Bond | $ 22,692 |
Institutional Class | 41,924 |
| $ 64,616 |
Prior to May 1, 2015, Citibank, N.A. was the transfer, dividend disbursing and shareholder servicing agent for the Fund. Prior to May 8, 2015, Citibank, N.A. was the custodian for the Fund.
5. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $146 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
6. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through February 29, 2016. 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 |
Institutional Class | .30% | $ 44,298 |
In addition, through arrangements with the Fund's custodian , credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $211.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
7. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Conservative Income Municipal Bond | $ 62,587 | $ 58,697 |
Institutional Class | 319,717 | 213,398 |
Total | $ 382,304 | $ 272,095 |
From net realized gain |
|
|
Conservative Income Municipal Bond | $ - | $ 4,693 |
Institutional Class | - | 14,480 |
Total | $ - | $ 19,173 |
8. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between funds:
| Shares | Dollars | ||
| Six months ended June 30, | Year ended | Six months ended June 30, | Year ended |
Conservative Income Municipal Bond |
|
|
|
|
Shares sold | 1,790,527 | 5,731,977 | $ 17,969,646 | $ 57,532,962 |
Reinvestment of distributions | 4,566 | 5,099 | 45,832 | 51,191 |
Shares redeemed | (1,220,200) | (3,459,068) | (12,250,058) | (34,727,886) |
Net increase (decrease) | 574,893 | 2,278,008 | $ 5,765,420 | $ 22,856,267 |
Institutional Class |
|
|
|
|
Shares sold | 9,175,769 | 15,995,878 | $ 92,122,086 | $ 160,570,529 |
Reinvestment of distributions | 25,482 | 19,610 | 255,791 | 196,896 |
Shares redeemed | (3,822,342) | (4,509,814) | (38,372,266) | (45,279,766) |
Net increase (decrease) | 5,378,909 | 11,505,674 | $ 54,005,611 | $ 115,487,659 |
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
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Management & Research
(Japan) Limited
Fidelity Management & Research
(Hong Kong) Limited
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
JPMorgan Chase Bank
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
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
CMB-USAN-0815 1.967794.101
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/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
|
|
Date: | August 24, 2015 |
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/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
|
|
Date: | August 24, 2015 |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
|
|
Date: | August 24, 2015 |